美联储降息预期强化，有色行情还能走多远？

Group 1 - The core viewpoint of the article highlights the expectation of a dovish monetary policy from the Federal Reserve, which is likely to support both equity markets and precious metals due to a weaker dollar and declining real interest rates [1][3][4] - The four candidates for the Federal Reserve chairmanship are analyzed, with Reed and Walsh positioned favorably for maintaining a loose monetary policy, while Hassett's potential election could raise concerns about policy stability [2][3] - The article emphasizes that the global mining sector is poised for a new cycle of capital expenditure growth, driven by improving macroeconomic conditions and increasing demand for key minerals, with a projected 39% growth in demand from 2024 to 2035 [5][6] Group 2 - The article notes that despite a structural increase in commodity prices, mining companies' capital expenditures have been volatile, with a 5.48% year-on-year decline in the first half of 2025, indicating a significant recovery potential [5] - It is projected that global mining capital expenditures will increase by 50% from 2024 to 2030, driven by declining ore grades and the need for more processing to achieve the same output [6]