Group 1 - The core viewpoint of the report is that 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] - The demand driven by AI computational expansion and energy transition, along with structural supply-demand gaps for certain commodities, has not changed significantly, indicating that the structural market for commodities may not be over [1] - The strategy team at CICC believes that Kevin Warsh's decisions may face multiple constraints, making significant balance sheet reduction unlikely in the short term, and the Federal Reserve may not turn as hawkish as the market fears [1] Group 2 - As short-term sentiment releases and trading congestion decreases, the market for related resource stocks is not over, and after a short-term adjustment, there is potential for a mid-term rebound [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