中金：大宗商品的结构行情可能尚未结束

Group 1 - The core viewpoint of the article emphasizes that commodities are benefiting from global capital diversification, with valuations in energy and chemicals potentially at a bottom range despite increased short-term volatility [1] - The report suggests that the structural demand driven by AI computational expansion and energy transition remains unchanged, indicating that the structural commodity market may not have ended [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 - Following a release of short-term emotions and a noticeable decrease in trading congestion, the resource stock market is not over, and after a short-term adjustment, there is potential for a mid-term recovery [1]