Guojin Securities released a research report stating that demand for resources is a flow issue; it is a material flow network that continues to operate and is constantly adjusted. Economic development and functional demands cause demand to flow; industrial chain transmission and material substitution cause demand to converge; inventory circulation, structural adaptation, and technological progress continuously divert demand. The bank is optimistic about the direction of non-ferrous metals segments that have the ability to import demand from multiple sources, can switch adaptively, or benefit from the energy transition and technological revolution, and gives the sector a “buy” investment rating. Focus on copper with multiple terminals and strong adaptability, energy metals that continue to inject vitality from energy transition+technology iterations, and tin and tantalum, which are structurally highly elastic to AI computing power.

Guojin Securities released a research report stating that demand for resources is a flow issue; it is a material flow network that continues to operate and is constantly adjusted. Economic development and functional demands cause demand to flow; industrial chain transmission and material substitution cause demand to converge; inventory circulation, structural adaptation, and technological progress continuously divert demand. The bank is optimistic about the direction of non-ferrous metals segments that have the ability to import demand from multiple sources, can switch adaptively, or benefit from the energy transition and technological revolution, and gives the sector a “buy” investment rating. Focus on copper with multiple terminals and strong adaptability, energy metals that continue to inject vitality from energy transition+technology iterations, and tin and tantalum, which are structurally highly elastic to AI computing power.