Guotai Haitong: The metal industry welcomes the main rise after adjustment, multi-point blossoming interprets independent logic.

Guotai Haitong released a research report stating that it maintains the "shock upward" trend in the metal industry, with multiple points blooming to interpret independent logic. This round of market trends has significant differences from historical cycles, and the industry's pricing core is shifting from the traditional real estate and infrastructure demand-driven model to a comprehensive transformation towards the structural demand reshaping of "new energy H+AI" and the resonance of supply-side rigidity constraints. The five major metal sectors each have their own independent industrial logic, demonstrating a structural characteristic of "multiple points blooming." The bank believes that after a short-term adjustment, the sector as a whole will still maintain a trend of shock upward.