At the beginning of 2026, the global energy landscape is undergoing a dramatic reshuffle. OPEC+ and eight other countries just announced the continuation of production cuts in the first quarter, maintaining the output targets set in November last year. On the surface, it appears to be a cautious decision, but it actually reflects deeper anxiety—according to IEA data, this year the global crude oil market may face a historic surplus, with an additional 3.8 million barrels per day. Although the Venezuela situation has raised supply-side concerns, the country's oil production accounts for less than 1% of the global total, and its infrastructure is a mess, so short-term disruptions are unlikely. The real pressure comes from demand. Federal Reserve officials have stated that they will not initiate a new round of rate cuts in the near future, maintaining a tightening policy stance to combat inflation—this directly suppresses energy demand expectations. Meanwhile, a major event has occurred in the automotive industry: BYD delivered 2.26 million pure electric vehicles in 2025, a 28% year-over-year increase, surpassing Tesla (1.64 million) for the first time to become the world's best-selling brand. Behind this is the absolute cost advantage of the industry chain combined with precise deployment in emerging markets in Latin America and Southeast Asia. In contrast, Tesla's new models are delayed, and its pricing strategies have repeatedly stumbled, leading to two consecutive years of sales decline. The significance of this change extends far beyond the automotive sector. It marks the shift of the global industrial focus toward East Asia, and the rules of the low-carbon economy are being rewritten. China, relying on accumulated battery technology, a完善 policy system, and a massive market scale, is gaining dominance in this energy transition. Ultimately, the evolution of this industrial pattern will be reflected in capital markets and macro asset pricing.