--- title: "SINOLINK SECURITIES: Grasp the important main line of global physical assets VS Chinese assets" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276660276.md" description: "SINOLINK SECURITIES released a research report indicating that investment activities are expanding from a singular AI-driven focus to a broader range of real sectors. Future interest rate cuts in the United States will support the recovery of the global manufacturing cycle. The capacity value of Chinese assets is expected to be repriced, and capital inflows will promote internal consumption and inflation cycles. Specific allocation recommendations include re-evaluating physical assets, focusing on China's equipment export chain, and the recovery channel for consumption. Global asset rebalancing is still ongoing, with market performance showing divergence and significant internal differentiation in technology assets" datetime: "2026-02-24T00:05:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276660276.md) - [en](https://longbridge.com/en/news/276660276.md) - [zh-HK](https://longbridge.com/zh-HK/news/276660276.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276660276.md) | [English](https://longbridge.com/en/news/276660276.md) # SINOLINK SECURITIES: Grasp the important main line of global physical assets VS Chinese assets According to the Zhitong Finance APP, SINOLINK SECURITIES released a research report stating that investment activities have shifted from being solely AI-driven to a broader spectrum of real sectors; the relatively smooth path of future interest rate cuts in the United States is also providing a favorable environment for the important theme of global manufacturing cycle recovery. In this process, the capacity value of Chinese assets is expected to be repriced, and the return of funds will also promote internal consumption and inflation cycles. Specific allocation suggestions are as follows: **First**, the revaluation logic of physical assets shifts from liquidity and dollar credit to low inventory in industries and stabilization of demand: copper, aluminum, tin, crude oil and oil transportation, rare earths, gold; **Second**, the Chinese equipment export chain with global comparative advantages and confirmed cycle bottoms—grid equipment, energy storage, engineering machinery, wafer manufacturing, as well as domestic manufacturing varieties at the bottom reversal—petrochemicals, printing and dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide, etc.; **Third**, seize the consumption recovery channel driven by fund return + easing of balance sheet reduction pressure + trend of personnel entry: aviation, duty-free, hotels, food and beverages; **Fourth**, non-bank financials benefiting from the expansion of capital markets and the bottoming out of long-term asset returns. ## The main viewpoints of SINOLINK SECURITIES are as follows: **Global Assets: Rebalancing Continues** The bank previously pointed out that the current market's high-low establishment is based on internal and external coordinated recovery, and as AI trading gradually enters the second phase, differentiation in the technology chain may become the norm in the future. From the performance of global markets during the Spring Festival period (2026/2/16-2026/2/20), global risk assets tend to rise, but internal performance is differentiated: (1) Global equity styles continue to rebalance: sectors represented by industrials, financials, and energy continue to gain market favor, while the stock markets of resource countries represented by Brazil begin to soar as industrial metals oscillate at high levels to digest trading congestion; (2) Internal differentiation of technology assets: with the launch of AI code scanning tools, software stocks represented by cybersecurity continue to face selling pressure, while truly facing supply-demand shortages in the storage sector show strong rebounds. The market's focus is no longer on whether AI is a bubble, but on actively seeking industrial impacts and the real main contradictions and shortage links as AI shifts from a theme to macro factors. In the commodity market, crude oil performs the brightest, with short-term US-Iran tensions reigniting geopolitical premiums, while the increasing importance of the "petrodollar" cycle in the medium term may support oil price increases. **Further Rise of the Manufacturing Cycle** This week, the United States announced the 2025 Q4 GDP, and although the overall growth rate was lower than expected, the drag mainly came from government spending disturbances, while the investment side represented by AI performed brightly. More notably, the current growth rates of non-AI and residential investments have begun to show signs of bottoming out, with investment activities recovering from being solely AI-driven to a broader spectrum of real sectors. The February S&P manufacturing PMI data also echoes this: Europe exceeded expectations across the board, Germany returned to the boom-bust line for the first time in over three years and set a new high, while the US maintained an expansion range and corporate expectations for future business prospects rose to a high level not seen in over a year, indicating that signals of global manufacturing recovery are continuously accumulating. On the other hand, the US Supreme Court ruled on Friday that Trump's tariffs imposed under the IEEPA were illegal, and without considering Trump's use of other alternative tariff tools for hedging, the expected decline in effective tax rates may ease domestic inflation pressures and support global export recovery Looking ahead, the main pressure for the United States to suppress inflation is shifting from the Federal Reserve to be shared by more sectors. The path for U.S. interest rate cuts is expected to remain relatively smooth, which will provide a clearer macro backdrop for the recovery of the global manufacturing industry. For investors, rather than focusing on the complex question of "who will ultimately win" in the tech chain, it is better to shift the perspective to the more certain main line of the global manufacturing cycle recovery. Of course, the Trump administration still holds other alternative tools and has recently announced the use of Section 122 to impose tariffs and initiate trade investigations, meaning tariff disruptions will still exist, but the upper limit of their impact on asset pricing has already been reached. **Commodities: From Financial Overtrading to Industrial Pricing** Recently, under the multiple disturbances of macro and industrial events, the prices of commodities represented by industrial metals and precious metals have shown high volatility. For industrial metals, the asset allocation demand that previously drove and caused speculative crowding has temporarily come to an end, and price signals are expected to return to real industrial supply and demand. Looking ahead: on one hand, the geopolitical premium for industrial metals continues to exist against the backdrop of rising resource nationalism, and the tail risk of supply disruptions is unlikely to dissipate in the short term, with higher acceptable inventory remaining a long-term trend; on the other hand, from the demand side, the real investment by tech giants in AI has not shown signs of slowing down, and the capital expenditure guidance from the BIG7 for 2026 remains significantly above market expectations. Meanwhile, the upward signals from the global traditional cycle and emerging market reinvestment are becoming more apparent, likely forming new support on the demand side. Historical experience shows that the current copper-to-gold ratio and aluminum-to-gold ratio, which are relatively low compared to historical levels, indicate that during the manufacturing upcycle, metal prices will also have higher upward elasticity. For gold, the focus of Trump’s policies in 2026 is more centered on the "cost of living" issue, and the path for the U.S. to reduce inflation is increasingly shifting from the responsibilities of the Federal Reserve to the government, with the necessity of suppressing inflation through monetary tightening diminishing, which is favorable for commodities including gold. At the same time, the U.S. Supreme Court's ruling that IEEPA tariffs are illegal brings the U.S. fiscal and debt issues back into the spotlight, and the ensuing pressure for tariff refunds and potential tax cuts from the Trump administration make the sustainability of U.S. debt unlikely to improve significantly in the short term. After the volatility of gold further declines, it will be the time for allocation funds to reconfirm the upward shift of the central tendency. **Grasping the Important Main Line of Global Physical Assets vs. Chinese Assets** The core of market style rebalancing has never been about the existence of an AI bubble, but rather about the macro impact of AI combined with monetary policy and major power policy choices. The main contradictions are changing, and the tight links have shifted: investment activities are spreading from the previously singular AI-driven focus to a broader spectrum of the real sector. The relatively smooth path for future U.S. interest rate cuts is also providing a favorable environment for the recovery of the global manufacturing cycle. In this process, the capacity value of Chinese assets is expected to be re-priced, and the return of funds will also promote internal consumption and inflation cycles. For commodities, after the previous high volatility in prices returns, industrial pricing will be stronger than monetary attributes; while gold, as a risk hedging tool, is expected to provide more solid protection for portfolios as the issue of U.S. debt sustainability is once again brought to the forefront Focus: First, the revaluation logic of physical assets shifts from liquidity and US dollar credit to low inventory and demand stabilization in the industry: copper, aluminum, tin, crude oil and oil transportation, rare earths, gold; second, the Chinese equipment export chain with global comparative advantages and confirmed cyclical bottom - power grid equipment, energy storage, construction machinery, wafer manufacturing, as well as domestic manufacturing varieties at the bottom reversal - petrochemicals, printing and dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide, etc.; third, seizing the consumption recovery channel driven by capital inflow + easing of balance sheet reduction pressure + trend of personnel entry - aviation, duty-free, hotels, food and beverages; fourth, non-bank financials benefiting from the expansion of the capital market and the bottoming out of long-term asset returns. **Risk Warning**: Domestic economic recovery may be less than expected, and overseas economy may decline significantly ### 相關股票 - [GX CN CONSUME (02806.HK)](https://longbridge.com/zh-HK/quote/02806.HK.md) - [SINOLINK SECURITIES (600109.CN)](https://longbridge.com/zh-HK/quote/600109.CN.md) ## 相關資訊與研究 - [Sinolink Securities' Attributable Profit Jumps 34% in Q3](https://longbridge.com/zh-HK/news/263684694.md) - [Chinasoft International Launches Enterprise AI Platform](https://longbridge.com/zh-HK/news/279882468.md) - [Metals Creek Resources Launches AGORACOM Cashless AI Marketing Program and Verified Discussion Forum | MCREF Stock News](https://longbridge.com/zh-HK/news/279994764.md) - [DEEPSEEK IS EXPANDING ITS TECHNOLOGY AND HIRING MORE AGENTIC AI STAFF TO GROW ITS AGENTIC AI CAPABILITIES.](https://longbridge.com/zh-HK/news/280332439.md) - [AWS ACCELERATES INTERNAL AI AGENTS FOLLOWING STAFF CUTS - THE INFORMATION](https://longbridge.com/zh-HK/news/280325569.md)