兴业证券：本轮美联储联储降息 两类资产可能相对受益

Group 1 - The overall perspective suggests that two types of assets may benefit: precious metals and alternative currencies, as the Trump administration's monetary policy could weaken long-term confidence in the US dollar [1] - In a context of high geopolitical uncertainty, precious metals and cryptocurrencies are seen as important tools to hedge against US dollar credit risk, leading to an increase in their allocation value [1] - The Chinese yuan and related assets are also expected to benefit, as the previous widening of the China-US interest rate differential led to a weaker yuan, but the onset of the Fed's rate-cutting cycle will narrow this differential and promote yuan appreciation [1] Group 2 - The inflow of overseas funds into the Chinese market is anticipated to follow a "three-step" approach: first entering Hong Kong stocks, then the yuan foreign exchange market, and finally flowing into A-shares and other Chinese capital markets [1] - If the current Fed rate-cutting cycle is recognized as relatively long, precious metals, cryptocurrencies, and the Chinese capital market may all be relatively beneficial assets [1]