CITIC Securities: AI leads demand expansion, industrial upgrading drives materials growth.

CITIC Securities research report states: Looking ahead to 2027, AI capital expenditure will continue to drive the construction of global technology hardware and energy infrastructure. Combined with the demand for independent and controllable key materials and the upgrading of high-end manufacturing, this is expected to accelerate the introduction and large-scale ramp-up of new materials. We recommend focusing on AI new materials, seizing investment opportunities arising from downstream capacity expansion, material upgrades, new technology iteration, and domestic substitution, and favoring key upstream material segments in semiconductors, PCBs, optical communications, thermal management, and electronic components. At the same time, we suggest paying attention to the energy materials and equipment sector, which features steady growth and high order certainty, and favoring tracks such as nuclear power & nuclear fusion, hydrogen energy & SOFC, SAF, and gas turbines. In addition, we are optimistic about thematic investment opportunities in high-end manufacturing industries such as commercial aerospace, embodied intelligence, and defense.