Zhi Tong Cai Jing·2025-11-09 22:53Group 1 - The weakening of US dollar credit and the trend of de-dollarization are driving the long-term logic for gold investment, with countries like Cambodia increasing their gold reserves [1][2] - The AI industry chain is continuously extending, with opportunities in upstream storage chips and energy storage, as lithium battery demand is expected to grow over 30% [1][2] - The policy clearly supports the deep integration of AI and manufacturing, promoting "intelligent industrialization" and "industrial intelligence" [1][3] Group 2 - The recent actions of central banks to increase gold reserves reflect a strategic consideration for diversification and de-dollarization in the current global macro environment [2] - In the storage chip sector, major manufacturers have suspended DDR5 product pricing, leading to a potential supply shortage and price increases expected by the end of this year [2] - The price of key semiconductor material tungsten hexafluoride (WF6) is set to rise by 70% to 90% due to the rapid increase in tungsten raw material prices, impacting chip manufacturing costs [2] Group 3 - The Ministry of Industry and Information Technology emphasizes the need for dual empowerment of AI innovation and manufacturing applications, enhancing both technology supply and application integration [3] - Investment opportunities are identified in the AI and computing power upstream and downstream industry chains, including non-ferrous metals, energy storage, battery manufacturing, and chemical materials [3]