# CITIC Securities

Beaten-Up AI and Chip Stocks as Commodities, Oil and Gold Rally on Geopolitical Risk and Price Narratives

China’s stock market opened lower as AI, solar and semiconductor sectors pulled back while oil, natural gas and precious metals rallied, driven by price-rise narratives and renewed Middle East geopolitical risk. Brokers say the market is being steered by a combination of supply constraints and narrative-led sentiment, lifting commodity-linked names even as technology shares give back earlier gains.