Anti-overwork culture and AI driving the dual wheels drive the public offering to decode the cycle and unveil a new view of the "old map".

Wind data shows that since reaching its low point in April, the CSI non-ferrous metals index and the CSI segmented chemical industry index have rebounded by 57% and 32% respectively, ranking at the top of the CSI secondary industry index. Stocks such as Northern Rare Earth, Shenghe Resources, and Kingfa Science & Technology have doubled. At the same time, a large amount of funds have flowed out of science and technology innovation ETFs and into chemical and non-ferrous metal ETFs, showing a trend of high cutting and low adding. Behind the market and fund flows, perhaps it is not just a simple switch of funds between different sectors, but a profound transformation of underlying logic. From the supply-side policy orientation of "anti-inner loop", to the emergence of new industries such as AI and new energy on the demand side opening up new possibilities for traditional materials, the "old map" of cyclical industries seems to be entering a completely new coordinate system. In light of this, Securities Times reporters have conducted interviews with several front-line fund managers, aiming to decode the new investment landscape of traditional cyclical sectors in this new coordinate system.