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.
