Zhongtai Securities says the China tech rally has entered a right-side launch stage and recommends continued offensive exposure to tech manufacturing, small caps and non‑ferrous metals, with energy-security positions used to hedge tail risk. Medium-term focus: STAR 50, domestic semiconductor equipment, memory, the CSI 2000 and micro-cap indices. Non‑ferrous metals and gold retain allocation value. Maintain tech exposure into the holiday; a material fall in oil prices and improvement in external

Zhongtai Securities says the China tech rally has entered a right-side launch stage and recommends continued offensive exposure to tech manufacturing, small caps and non‑ferrous metals, with energy-security positions used to hedge tail risk. Medium-term focus: STAR 50, domestic semiconductor equipment, memory, the CSI 2000 and micro-cap indices. Non‑ferrous metals and gold retain allocation value. Maintain tech exposure into the holiday; a material fall in oil prices and improvement in external liquidity would further reinforce the rally. Thematic focus: AI applications and edge devices.