Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report. 2) Core Views - BCA Research warns that the AI bubble may burst within 6 to 12 months, advising investors to be neutral in the short - term and underweight stocks in the medium - term, and to focus on forward - looking indicators such as analyst expectations and GPU costs [2] - Morgan大通 believes the power equipment bull market is in the early to mid - stage. AI - driven power consumption growth is accelerating, and leading power equipment companies' order backlogs are 2.5 to 2.8 times their revenues, with profitability visibility locked until 2027 - 2028. Asian and Chinese companies with cost advantages and delivery capabilities may gain more market share and enjoy higher overseas profits [2][3] 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Price and Volume**: The closing price of SHFE zinc futures was 22,420 yuan/ton, up 0.49%, and the LME zinc 3M electronic trading closed at $2,990.5/ton, up 0.03%. The trading volume of SHFE zinc futures was 91,247 lots, down 2,222 lots, and the LME zinc trading volume was 14,603 lots, up 3,454 lots. The open interest of SHFE zinc futures was 67,487 lots, down 14,839 lots, and the LME zinc open interest was 224,451 lots, down 3,059 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was 30 yuan/ton, up 10 yuan/ton; the LME CASH - 3M premium was $129.76/ton, up $29.76/ton. The import bill of lading premium was $135/ton, unchanged [1] - **Inventory**: SHFE zinc futures inventory was 75,314 tons, down 1,473 tons; LME zinc inventory was 45,075 tons, up 1,550 tons. The LME zinc cancelled warrants were 3,525 tons, up 100 tons; the LME off - warrant (T + 3) was 23,736 tons, up 921 tons [1] - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,150 yuan/ton, down 7 yuan/ton. The price of Shanghai Zamak - 5 zinc alloy was 23,645 yuan/ton, up 100 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 23,095 yuan/ton, up 100 yuan/ton; the price of zinc oxide ≥99.7% was 21,500 yuan/ton, up 100 yuan/ton [1] [News] - **AI Bubble Warning**: BCA Research analyzed four capital expenditure booms and summarized five collapse rules. The current AI boom shows warning signs, and the AI bubble may burst within 6 to 12 months [2] - **Power Equipment Market**: Morgan大通 believes the power equipment bull market is in the early to mid - stage. AI drives power consumption growth, leading to supply - demand imbalance. Asian and Chinese enterprises may benefit [2][3] [Trend Intensity] - The zinc trend intensity is 0, indicating a neutral outlook [3]

美国财长贝森特：资本支出热潮将在第三、第四季度加速。 ...

美国白宫国家经济委员会主任哈塞特：欧盟、日本的协议帮助推动资本支出热潮。 ...