The market landscape in the first half of 2026 was marked by volatility. Initially, the non-ferrous resources sector experienced a surge, fueled by the rationale of rising prices. Then, the repercussions of the Middle East conflict began to shape market risk sentiment, prompting a capital flow towards high-growth technology sectors. This shift propelled AI hardware, including optical communications and memory chips, with tech growth stocks delivering exceptional performance. As we cast our gaze towards the latter half of the year, numerous public fund firms are of the opinion that AI will continue to be the linchpin investment theme in the market. Nevertheless, as the industry progresses into the stage of performance realization, the investment rationale will pivot from being valuation-centric to performance-oriented. Anticipations are high that AI investment opportunities will permeate both upstream and downstream segments of the industrial chain, encompassing rare earths and electricity.