CITIC Securities: Technology and scarcity resonate together, strategic metals and new materials welcome strong growth.

CITIC Securities' research report stated that the US dollar credit cycle combined with the Kondratieff cycle support a significant increase in the prices of non-ferrous metals. However, this current cycle of non-ferrous metals also has its distinct characteristics: first, due to supply rigidity and demand resilience, this cycle of non-ferrous metals has significantly weakened cyclicality, with greatly improved profitability stability, and equity asset valuations should increase. Second, driven by a surge in technological demand, this cycle of minor metals has great elasticity, and new material enterprises with global competitiveness are experiencing explosive growth. At the current juncture, in addition to precious metals and industrial metals, attention should also be focused on new productivity elements, especially rhenium, uranium, tin, nickel, etc., while also paying attention to new material enterprises with global competitive advantages in niche areas, such as AI chip inductors, AI chip capacitors, MIM, and powder metallurgy processes bringing investment opportunities in the robot industry explosion.