美联储主席鲍威尔“放鸽”，关注矿业ETF（561330）、有色60ETF（159881）

Core Insights - The mining ETF (561330) rose by 5.32% and the Nonferrous 60 ETF (159881) increased by 5% on August 25, driven by dovish signals from Federal Reserve Chairman Jerome Powell at the Jackson Hole meeting, which raised expectations for a rate cut in September [1] - The new regulations on rare earth management have strengthened supply constraints, enhancing the pricing power of leading companies in the sector and increasing market expectations for profitability [1] Group 1: Industrial Metals - Powell's dovish remarks emphasized increasing risks to employment and manageable inflation pressures, boosting market sentiment towards industrial metals like copper, silver, and tin, which benefit from both industrial and financial attributes [1] - The combination of domestic fiscal and financial policies aimed at stimulating internal demand, along with signs of a soft landing for the U.S. economy, has led to an increase in market risk appetite, suggesting a strong price performance for industrial metals [1] Group 2: Rare Earths - The implementation of the "Interim Measures for Total Control of Rare Earth Mining and Separation" has significantly increased supply concentration, enhancing the scarcity of rare earths as strategic resources and stimulating profitability expectations for leading companies [1] - The processing fees for heavy rare earths have surged from 1,500 yuan/ton to 13,500 yuan/ton since early August, indicating that compliant smelting plants are gaining more bargaining power while smaller smelting enterprises are gradually exiting the market [1] - The policy is viewed as the formal beginning of supply-side reforms, combined with export recovery and price elasticity, positioning the rare earth sector for a "Davis double hit" [1]