Core Viewpoint - Commodities are benefiting from global capital diversification, with current valuations in energy and chemicals potentially at the lower end of the range, despite increased short-term volatility [1] Group 1: Market Dynamics - The rigid demand driven by AI computing expansion and energy transition remains unchanged, along with structural supply-demand gaps for certain commodities [1] - The structural market trend for commodities may not be over yet [1] Group 2: Federal Reserve Insights - The decision-making of Kevin Warsh, upon taking office, may face multiple constraints, making significant balance sheet reduction unlikely in the short term [1] - The Federal Reserve may not adopt a fully hawkish stance as the market fears [1] Group 3: Investment Outlook - As short-term sentiment normalizes and trading congestion decreases, the market for related resource stocks is not over yet [1] - After a short-term adjustment, there is potential for a mid-term recovery in commodity prices [1]
中金：相关资源股行情并未结束，历经短期调整后中期有望重拾升势