宏观大类日报：关注稳增长政策的落地情况

Group 1: Market Analysis - The broad monetary policy includes a reduction in the reserve requirement ratio and policy interest rates, alongside a unified minimum down payment ratio for housing loans[1] - The M2 money supply reached 309.48 trillion yuan, reflecting a year-on-year growth of 6.8%[1] - The total value of imports and exports reached a record high, exceeding 10 trillion yuan in each quarter[1] Group 2: Commodity Insights - Precious metals are recommended for buying on dips, while other commodities are viewed neutrally[1] - The black and non-ferrous metals sectors are expected to be supported by policy sentiment and supply tightness, respectively[2] - Oil prices may face upward pressure due to geopolitical tensions, particularly concerning Iran's oil facilities and the Strait of Hormuz[2] Group 3: Economic Indicators - The A-share market faced volatility, with all three major indices closing down, narrowly holding above the 3200-point mark[1] - The U.S. dollar index has rebounded, influenced by stronger-than-expected non-farm payroll data and anticipated interest rate cuts by the Federal Reserve[1] - Historical analysis indicates that during interest rate cuts, commodities generally face downward pressure, but gold tends to yield positive returns[1]