Cathay Pacific Haitong released a research report saying that there is a significant difference between the current market and the historical cycle. The pricing core of the industry is being driven by traditional real estate infrastructure demand, and the structural demand reshaping of “new energy+AI” resonates with supply-side rigid constraints. Each of the five major metal sectors has an independent industrial logic, showing the structural characteristics of “multiple flowering”. Under the influence of the dual factors of macroeconomic fluctuations and industrial sentiment, the bank believes that the overall sector will maintain a volatile upward trend.

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