美联储降息落地，哪些资产值得关注？

Core Viewpoint - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut since December 2024, aligning with market expectations [1] Economic Background - The decision was supported by a vote of 11 in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut to more aggressively stimulate the economy [1] - The U.S. labor market showed signs of cooling, with only 22,000 non-farm jobs added in August, significantly below the expected 75,000, and the unemployment rate rising to 4.3%, the highest since November 2021 [1] - Core PCE inflation slightly increased to 2.9% year-on-year in July, but the Fed Chairman Powell emphasized that tariff-induced price increases are short-term shocks, with the focus now on the risks in the labor market [1] Investment Opportunities Gold - Following a peak, gold has seen a pullback as profits were taken, but the decline is expected to be limited due to falling real interest rates and a weakened independence of the Fed, making gold a strong support asset [2] - Investors looking for entry points during the pullback may consider gold ETFs (518800) [2] Hong Kong Stocks - Hong Kong stocks are more sensitive to external liquidity easing, and the Fed's rate cut cycle is likely to lead to a global rebalancing of funds, enhancing the attractiveness of Chinese assets to foreign investors [2] - The Hong Kong Technology ETF (513020) is recommended for investment [2] A-Shares - The easing of overseas liquidity is expected to facilitate further foreign inflows into the A-share market, with technology growth sectors, particularly AI, likely to continue leading the market [2] - The acceleration of domestic chip production is also noted, with a recommendation for the high-volatility technology chip ETF (589100) [2] Summary - The Fed's rate cut serves as a clear policy anchor, with different assets showing varied benefits: gold offers rate hedging and safe-haven attributes, Hong Kong stocks benefit from liquidity easing and policy coordination, while A-shares focus on structural opportunities amid improving liquidity [2]