Guojin Securities: Domestic and foreign demand are beginning to resonate, and the road to re-evaluation of Chinese assets is also gathering momentum.

Guojin Securities stated that as the global AI industry cycle gradually enters the second phase, the performance of the technology chain may also be different from the past. It has become a complex question as to who will prevail in the technology sector. However, the simple question has already emerged: the trend of overseas manufacturing recovery is strengthening, and the core contradiction of AI investment has shifted towards infrastructure represented by energy, the reassessment of global physical assets that cannot be overturned by AI has quietly begun, and with the return of funds from export enterprises, domestic and external demand are beginning to resonate, and the road to reassessment of Chinese assets is also poised for action. Regarding specific allocation recommendations, firstly, the reassessment logic of physical assets has shifted from liquidity and USD credit switching to industrial low inventory and stable demand: crude oil and oil transportation, copper, aluminum, tin, lithium, rare earths; secondly, the Chinese equipment export chain with global comparative advantages and confirmation of the cyclical bottom - power grid equipment, energy storage, engineering machinery, semiconductor manufacturing, as well as domestic manufacturing bottom reversal varieties - petrochemical industry, printing and dyeing, coal chemical industry, pesticides, polyurethane, titanium dioxide, etc.; third, seizing the channel of consumption rebound propelled by fund inflows, easing balance sheet pressure, and the trend of inbound personnel - aviation, duty-free, hotels, food and beverages; fourth, benefiting from the expansion of the capital market and the bottoming out of long-term asset return rates, non-bank financial institutions.