China A-share minor‑metals theme showed selective strength: Zhangyuan Tungsten and Xianglu Tungsten rallied over 5%, with China Tungsten High‑Tech, Xiamen Tungsten and Tiangong Co. also higher. Zhangyuan Tungsten raised its long‑order procurement quote for the first half of June.

CITIC Securities says it maintains an AI + energy/chemicals allocation and advises prioritizing the value created by pullbacks in new energy, chemicals, nonferrous metals and power equipment, while overweighting low‑valuation brokerages and insurers. It highlights cyclical growth in the AIDC (AI data center) and lithium‑battery chains and recommends focusing on the most supply‑tight links: tin, tantalum, glass substrates, power semiconductors, diesel generator sets, gas turbines, carbon fiber and cables. For traditional cyclicals, it advises concentrating on products with genuine systemic capacity clearance or absolute supply constraints, such as polyester, spandex, phosphorus chemicals, MDI, dyes, glyphosate, rubber and refrigerants.

过去两年，市场集中炒芯片和算力。但当“传输、存储、算力”这三层都被交易过后，下一轮被抢的会是谁？