CITIC Securities: In the second half of the year, it is expected that price increases for commodities with supply and demand catalyst logic will serve as the main line of investment in the energy and materials industries.

According to the research report from CITIC Securities, in the second half of 2026, it is expected that price-increasing varieties with supply and demand catalyst logic will be the main investment direction in the energy and materials industry sector. Geopolitical disturbances will bring favorable conditions for energy price-related commodities such as crude oil, coal, and battery metals. The consensus on central bank gold purchases is expected to push up gold prices, while supply-side disturbances and rigid constraints are expected to help maintain high prices for industrial metals and strategic metals. In addition, the growth of chemical product capacity is limited, and promising prospects are seen for leading companies in the fluorine chemical and chromium salt industries; potash fertilizer is benefiting from strong demand, and prices are expected to continue the upward trend.