The global energy system is currently undergoing significant restructuring due to the convergence of the artificial intelligence revolution and climate policy evolution. The latest report from BlackRock Investment Research highlights key trends and opportunities in the energy transition landscape for 2025. Some key points include: 1. **Electricity Demand Transformation:** Data center clusters are experiencing explosive growth, reshaping regional energy markets and driving a reevaluation of nuclear power assets. 2. **Climate Adaptation and Industrial Reshoring:** Cooling demand in tropical regions and industrial reshoring are increasing electricity demand, testing power grid resilience. 3. **Global Trade Patterns:** China's dominance in clean technology production is reshaping global trade, leading to price declines and industry profit margin pressures. 4. **Supply Chain Security:** Great power competition is intensifying over critical minerals like cobalt and lithium, prompting companies to secure strategic resource supplies. The report also discusses dynamic policy adjustments, such as the impact of global elections on energy policies and the institutional competition in the hydrogen economy sector. Investment opportunities and challenges are highlighted, including the emergence of alpha opportunities in the power infrastructure sector and the varying performance across different segments of the energy supply chain.