Group 1 - The U.S. non-farm employment growth in August was only 22,000, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [1] - The non-farm employment figures for June and July were revised down by a total of 21,000, marking the first monthly decline in employment since 2020 for June, which was adjusted from an increase of 14,000 to a decrease of 13,000 [1] Group 2 - The A-share non-ferrous metals industry is expected to see high growth in performance in the first half of 2025, establishing a positive industry trend, with a GDP growth rate of 5.3% in the first half of 2025 exceeding expectations [2] - In the second quarter of 2025, the overall revenue of the A-share non-ferrous metals industry is projected to increase by 6.03% year-on-year, with performance growth of 23.80% [2] - The return on equity (ROE) for the A-share non-ferrous metals industry increased from 2.69% in Q1 2025 to 3.09% in Q2 2025, primarily due to improved asset turnover [2][3] Group 3 - The cash flow situation in the industry continues to improve, with net operating cash flow in Q2 2025 increasing by 22% year-on-year and 211% quarter-on-quarter, indicating a sustained improvement in corporate cash conditions [3] Group 4 - Weak U.S. employment data further strengthens market expectations for a Federal Reserve interest rate cut, which is likely to release global liquidity and provide upward momentum for commodity prices, particularly non-ferrous metals [4] - As non-ferrous metal prices rise, the performance of the A-share non-ferrous metals industry is expected to improve further, presenting investment opportunities in this sector [4]
国诚投顾：美联储降息预期强化，利好有色大宗价格上行
Sou Hu Cai Jing·2025-09-12 08:32