Over the past two years, the stories of both A-shares and Hong Kong stocks have revolved around one key phrase: pro-cyclical. Especially in commodities and resource-related equities, this phrase acts like a switch—once triggered by policy or the economic cycle, the market tends to surge swiftly and fiercely. Recently, market attention has again shifted to China’s resource sectors: steel, copper & aluminum, and rare earths, all riding on policy stimulus and a global price rebound.But why should we care about these “iron lumps” and “piles of ore”? Because they are not just cold raw materials—they represent China’s confidence in breaking free from economic “involution.” Steel fuels infrastructure, copper & aluminum are the “lifeblood” of new energy vehicles, and rare earths are the “v