国金证券：美联储“预防式降息”或将引导新一轮全球实物需求的扩张

Group 1: Federal Reserve's Rate Cut Impact - The Federal Reserve's recent rate cut is expected to benefit Chinese companies' profitability through three main channels: increased U.S. market demand, reduced domestic financing costs, and lower overseas debt costs for Chinese enterprises, particularly in high-leverage sectors like real estate and infrastructure [1] - The Fed's "preventive rate cuts" historically lead to economic stabilization and improved stock market performance, suggesting a potential for renewed global demand expansion [3] Group 2: Economic Data and Market Sentiment - China's August economic data shows a downward trend influenced by "anti-involution" factors, but there are positive signs such as a rebound in PPI and strong performance in high-value exports [4] - The shift in China's economic model from strong supply-driven growth to a combination of supply clearing and recovering overseas demand indicates a potential recovery in corporate profitability [4] Group 3: Sector-Specific Opportunities - In the construction materials sector, the rate cut is expected to favor overseas expansion, particularly in regions like Africa and Southeast Asia, where Chinese industries can leverage their advantages [6][7] - The engineering machinery sector is anticipated to see a resurgence in global demand, especially in North America and Europe, driven by infrastructure policies and a recovery in construction activities [8][9] - The pharmaceutical sector stands to gain from lower financing costs, encouraging increased R&D investment and new drug development, which could lead to more orders for contract research organizations [10] - The petrochemical sector may benefit from macroeconomic rate cuts that could stabilize prices, despite ongoing geopolitical tensions affecting supply [11] - The metals sector is likely to experience price increases for industrial metals due to expectations of continued rate cuts, with specific optimism for aluminum and copper markets [12]