AI‑driven Infrastructure Reshapes Demand Dynamics for Computing‑Power‑Critical Non‑ferrous Metals

Market expansion in artificial‑intelligence computing infrastructure is rewriting consumption patterns for copper, tungsten, molybdenum, tin, germanium and other so‑called computing‑power‑critical metals. Several A‑share‑listed enterprises active in these segments have unveiled their half‑year financial statements for 2026. Upstream resource‑focused operators register robust earnings, supported by firmer mineral prices and expanded production capacity. Mid‑stream processing businesses capture commercial opportunities brought by materials supply for AI servers, optical modules and high‑end printed‑circuit boards, lifting profitability through higher‑value‑added product portfolios.

Computing‑power‑critical metals denote essential raw materials sustaining AI servers, data centres, optical modules and semiconductor packaging workflows. Industry practitioners divide them into two distinct groups. Bulk commodities such as copper and aluminium underpin power delivery and thermal management within data‑centre physical frameworks. Minor metals including molybdenum, tin, indium, germanium and gallium function as industrial‑grade trace ingredients deployed widely across advanced packaging, optical‑communication hardware and memory‑chip manufacturing.

Widespread roll‑out of AI computing‑power infrastructure throughout 2026 has buoyed market sentiment for these metal varieties. According to statistics published by the China Non‑ferrous Metals Industry Association, tin, tantalum and indium have recorded price surges exceeding 40 per cent, 158 per cent and 60 per cent respectively across the first six months. Copper and aluminium prices have climbed by 31.4 per cent and 18.8 per cent, maintaining elevated market levels. Across the sector, 12 362 large‑scale non‑ferrous‑metal enterprises generate combined operating revenue of RMB 5.77 trillion, marking a 21.7 per cent year‑on‑year increase, while aggregate total profits reach RMB 418.39 billion, up 94 per cent against the previous corresponding period.

Leading listed concerns have released solid half‑year operating results. Zijin Mining posts first‑half operating revenue of RMB 194.18 billion, representing a 15.78 per cent year‑on‑year rise, with net profit attributable to parent‑company shareholders hitting RMB 39.17 billion, a 68.17 per cent uplift. Improved performance stems mainly from sharp price appreciation and steady output growth across gold, copper and lithium operations. The group notes copper’s rising strategic relevance amid the computing‑power era, with supply‑side shortfalls and tariff‑related disruptions pushing copper prices to all‑time highs.

CMOC, whose product portfolio covers copper, cobalt, gold, molybdenum and tungsten, achieves operating revenue of RMB 135.32 billion in the reporting period, 42.78 per cent higher year‑on‑year. Net profit attributable to parent‑company shareholders totals RMB 16.15 billion, rising by 86.27 per cent, setting fresh all‑time benchmarks for core operational metrics.

Xiamen Tungsten generates half‑year operating revenue of RMB 35.01 billion, a year‑on‑year advance of 81.70 per cent. Its attributable net profit comes to RMB 2.20 billion, up 127.04 per cent. Tungsten acts as a vital feedstock for PCB drill bits and tungsten hexafluoride, sustaining robust downstream demand. Sales volumes of hard‑alloy bars manufactured for PCB drill‑bit production surge by 386 per cent year‑on‑year. Against upward price movements for tungsten, cobalt and lithium carbonate, the enterprise aligns product pricing with raw‑material shifts and delivers markedly improved profit margins.

Yunnan Tin commands the world’s largest indium‑resource reserves and operates China’s primary primary‑indium production base. Capitalising on expanded tin and indium consumption fuelled by AI computing‑power expansion, the firm records operating revenue of RMB 31.57 billion, a 49.68 per cent year‑on‑year increase, alongside attributable net profit of RMB 1.50 billion, up 41.60 per cent.

Yunnan Germanium secures first‑half operating revenue of RMB 732 million, 38.21 per cent higher than one year earlier. Attributable net profit reaches RMB 74.27 million, marking a 235.31 per cent year‑on‑cent increase, whilst non‑recurring‑item‑adjusted attributable net profit rises by 770.09 per cent to RMB 66.90 million. Strong demand originating from data‑centre and optical‑communication applications drives higher gross margins and sales turnover for compound‑semiconductor, material‑grade germanium and optical‑fibre‑grade germanium products.

High‑value‑added output forms a core lever for industrial participants to strengthen market positioning. Mid‑stream processing segments deliver notable operational outcomes alongside robust upstream mining earnings. Enterprises within copper‑foil and premium‑aluminium‑processing segments raise profitability materially by optimising product mixes and scaling deliveries of high‑value‑added goods.

The copper‑foil sub‑sector registers particularly prominent operational momentum. Defu Technology manufactures lithium‑battery copper foil and electronic‑circuit copper foil, inputs for lithium‑ion batteries, copper‑clad laminates and printed‑circuit‑board fabrication. It achieves half‑year operating revenue of RMB 9.20 billion, a 73.54 per cent year‑on‑year expansion. Attributable net profit stands at RMB 263 million, up 580.66 per cent, and adjusted net profit excluding non‑recurring items hits RMB 236 million, an increase of 1 916.9 per cent. Within the reporting window, its RTF‑3 and RTF‑4 reverse‑treated copper‑foil variants pass validation processes run by major copper‑clad‑laminate manufacturers and enter mass‑supply cycles. HVLP1‑4 ultra‑low‑profile copper‑foil grades deployed in high‑end AI servers, premium switches and optical‑module assemblies also move into volume production. The proportion of high‑specification electronic‑circuit copper‑foil within total shipment volumes keeps climbing.

Yihao New Materials carries out research, production and sales of high‑performance copper foil and downstream printed‑circuit‑board goods. Exponential demand growth for high‑frequency high‑speed copper foil and heavy‑duty thick copper foil, driven by AI‑server and high‑speed‑switch‑equipment deployments, returns the business to profitability, yielding attributable net profit of RMB 21.50 million for the first six months.

Baoding Technology records half‑year operating revenue of RMB 2.16 billion, rising 54.69 per cent year‑on‑year, with attributable net profit reaching RMB 136 million, an increase of 518.63 per cent. Its controlled subsidiary Jinbao Electronic undertakes design, research, manufacturing and sales for electronic copper foil and copper‑clad laminates. Sales volumes and selling prices for these product lines advance across the period, bringing in operating revenue of RMB 1.89 billion and book‑reported net profit of RMB 95.42 million, up 54.76 per cent and 665.52 per cent respectively year‑on‑year.

Fundamental supply‑and‑demand conditions remain unchanged over near‑term time horizons. AI‑computing‑power‑infrastructure construction proceeds at accelerated rates worldwide. Global copper‑demand drivers have shifted away from conventional infrastructure and real‑estate activity towards artificial‑intelligence and new‑energy industries. Overseas demand expansion for AI‑computing‑power infrastructure and energy‑storage applications during the first half of the year outpaces consensus‑market projections.

Global artificial‑intelligence industries are transitioning from model‑training workflows towards large‑scale reasoning deployments, altering hardware specifications and material‑consumption profiles for computing‑power infrastructure and restructuring metal‑demand patterns. Global AI capital expenditure enters a phase of non‑linear acceleration, extending beyond chip‑centric domains to encompass complete server units, high‑speed network components and data‑centre power‑supply infrastructure, delivering sustained demand impulses for upstream raw materials.

Supply‑side rigid constraints cannot be eased in the short run. Industry assessments confirm no fundamental shifts have taken place within near‑term supply‑demand balances for computing‑power‑critical metals, providing underlying support for price levels. Monetary‑policy signals emanating from the United States Federal Reserve and US‑dollar movements continue to create valuation pressure, while geopolitical developments introduce uncertainty. Market sentiment stays highly sensitive, and price‑volatility risks persist.

Industrial stakeholders pursue three lines of operational adjustment. Manufacturers lift product‑quality adaptation capabilities to resolve mismatches between traditional standardised supplies and exacting purity‑focused, customised material specifications required by computing‑power‑industry value chains. Enhanced upstream‑downstream communication mitigates cost pressures placed on mid‑and‑downstream operators by rising raw‑material quotations. Companies also reinforce supply‑chain resilience via accelerated merger‑and‑acquisition activity and resource‑asset deployment, given high external‑dependence ratios for non‑ferrous‑metal mineral resources linked to AI‑computing‑power applications.