Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Copper: Overnight copper fluctuated higher. US inflation pressure is controllable, strengthening the expectation of a 50 - basis - point interest rate cut in September. There are differences in views on the future of US copper. The domestic "Golden September" peak - season expectation and anti - involution policy expectations support prices, and copper maintains a relative balance between bulls and bears [1]. - Aluminum: Alumina, Shanghai aluminum, and aluminum alloy all fluctuated strongly. In August, the profit in the aluminum industry shifted from upstream to downstream. There are signs of a turn in the supply - demand of electrolytic aluminum, and the aluminum price is in a stage of trading time for space with an expectation of continued recovery. Aluminum alloy is in a tug - of - war between cost and demand, waiting for the peak - season guidance [1][2]. - Nickel: Overnight LME nickel and Shanghai nickel both rose. The overall fundamentals changed little and showed a volatile operation [2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Copper**: The US 7 - month CPI rose 2.7% year - on - year, core CPI reached 3.1%. The market has different views on US copper due to over - inventory. Domestic factors support prices, and copper is in a balanced state [1]. - **Aluminum**: AO2509 closed at 3287 yuan/ton with a 0.83% increase, AL2509 at 20800 yuan/ton with a 0.68% increase, and AD2511 at 20200 yuan/ton with a 0.55% increase. The SMM alumina price dropped to 3248 yuan/ton. There are changes in the supply - demand and profit distribution of the aluminum industry [1][2]. - **Nickel**: LME nickel rose 0.23% to 15360 dollars/ton, Shanghai nickel rose 0.2% to 122870 yuan/ton. LME inventory increased by 450 tons, and domestic SHFE warehouse receipts decreased by 30 tons. The overall fundamentals are stable [2]. 2. Daily Data Monitoring - **Aluminum**: The spot premium changed from - 50 yuan/ton to - 30 yuan/ton. The total inventory decreased by 3913 tons, and the alumina inventory increased by 3.9 tons [5]. - **Nickel**: The price of Jinchuan nickel increased by 600 yuan/ton. The total nickel inventory increased by 444 tons, and the stainless - steel warehouse receipts decreased by 253 tons [5]. - **Zinc**: The main settlement price decreased by 0.1%, and the social inventory increased by 0.77 tons [6]. - **Tin**: The main settlement price increased by 0.9%, and the LME0 - 3 premium increased by 22.16 dollars/ton [6]. 3. Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin [8][10][13]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin [16][20][21]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin [23][25][27]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin [30][32][34]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series stainless steel [36][38][40]. - **Smelting Profit**: Charts present the historical trends of the copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate [43][45][47]. Group 4: Team Introduction - Zhan Dapeng: The current director of non - ferrous research at Everbright Futures Research Institute, with over a decade of commodity research experience [50]. - Wang Heng: An analyst focusing on aluminum and silicon, providing timely policy interpretations and writing in - depth reports [50]. - Zhu Xi: An analyst focusing on lithium and nickel, focusing on the integration of non - ferrous metals and new energy [51].

Core Viewpoint - The article discusses the impact of tariffs on inflation in the U.S., suggesting that the duration of tariffs (temporary vs. long-term) is more critical than their mere existence in determining inflationary pressures [4][11]. Tariff Classification - The paper categorizes post-World War II U.S. tariffs into two types: temporary and long-term, revealing that approximately 80% of historical tariff fluctuations are temporary [5][9]. Economic Behavior - If tariffs are perceived as temporary, businesses and consumers may adjust their purchasing behavior and reduce price increase pressures, potentially leading to a more stable economic environment [7][9]. - Conversely, if tariffs are seen as permanent, businesses are likely to incorporate costs into prices, resulting in a one-time price increase followed by stabilization [8][9]. Historical Examples - Historical instances, such as Nixon's 1971 import surcharge and Ford's 1975 oil import fee, demonstrate that temporary tariffs do not significantly impact inflation or economic growth, often coinciding with interest rate cuts by the Federal Reserve [10][11]. Market Sentiment - The market's primary concern is not whether tariffs are imposed but rather their expected duration, which influences economic cycles and Federal Reserve policies [11][13]. Federal Reserve's Dilemma - The Federal Reserve faces uncertainty in its decision-making, balancing concerns over inflation from tariffs with the need to respond to early signs of economic slowdown [14][15]. Emerging Concerns - Two significant narratives are developing in the market: the impact of data revisions on perceptions of economic stability and concerns regarding attacks on central bank independence, which historically correlate with higher inflation [18][19][20].

Group 1: Inflation Data Overview - In July, the US CPI increased by 2.7% year-on-year, matching the previous month's value and slightly below the market expectation of 2.8%[2] - The seasonally adjusted CPI rose by 0.2% month-on-month, down from 0.3% in the previous month, aligning with market expectations[2] - Core CPI increased by 3.1% year-on-year, up from 2.9% previously and above the market expectation of 3.0%[2] Group 2: Tariff Impact and Consumer Behavior - The impact of tariffs is becoming more evident, with July's goods inflation remaining stable at a month-on-month increase of 0.2%[3] - Prices in previously affected sectors like clothing and appliances are showing signs of stabilization or decline, indicating that companies may be absorbing tariff costs due to weakened consumer demand[4] - Service inflation is rebounding, with significant increases in medical services (+0.8%), vehicle maintenance (+1.0%), and airfares (+4.0%) reflecting rising labor costs[5] Group 3: Interest Rate Expectations - Following the release of weak employment data and moderate inflation figures, the expectation for a rate cut in September has risen to 94.3%, up from 85.9% the previous day[6] - The current inflation outlook suggests potential challenges for future rate cuts, as tariff impacts may continue to spread, leading to price increases that could eventually be passed on to consumers[6] - The tightening of immigration policies may also affect labor supply, potentially increasing service inflation persistence[6]

当地时间8月12日，美国劳工统计局公布的数据显示，美国7月CPI环比上升0.2%，与预期一致，前值为 0.3%；同比涨幅维持在2.7%，低于市场预期的2.8%。 CPI数据出炉，特朗普再度炮轰鲍威尔 自特朗普上任以来，几乎每次通胀报告、就业数据和美联储决议之后，他都会公开要求美联储降息，并 抨击鲍威尔。这一次当然也不例外。 在最新的帖文中，特朗普要求美联储主席鲍威尔立即降息，并指责其总是行动太迟。 他还发出威胁，正考虑允许针对鲍威尔的相关诉讼继续推进。特朗普批评鲍威尔在美联储大楼建设管理 上表现糟糕且无能，称该项目耗资30亿美元，而这本应是一个花费约5000万美元的修缮工程。 美国债务的持续膨胀，也再次给了特朗普催促降息新的口实。特朗普一直认为，由于美联储迟迟不愿再 降息，美国政府正为其债务支付巨额利息，导致财政压力巨大。他曾表示，如果美联储将基准利率下调 3个百分点，美国一年可以省下1万亿美元。 近一段时间以来，特朗普多次炮轰鲍威尔，却也丝毫不影响后者的按兵不动。 和鲍威尔站在同一阵营的还有其他的联储成员。当地时间8月12日，堪萨斯城联储主席施密德表示，他 支持美联储暂时维持利率不变，以防止强劲的经济活动加 ...

多位政府高官和美企高管近期都收到了特朗普的下台威胁。 当地时间8月12日，美国总统特朗普在社交媒体平台发文"炮轰"高盛集团首席执行官大卫·所罗门，称其 应"找个新的经济学家"或"专注当DJ而不是经营一家大型金融机构"。所罗门曾以"DJ D-Sol"的艺名在派 对和音乐节担任DJ。 美国关税大头谁掏钱？ 高盛：先美企 再美国消费者 让特朗普把高盛CEO"贬"为DJ的导火索，是高盛近日的一份报告。 高盛首席经济学家简·哈祖斯在报告中对"美国收关税是谁掏钱"的问题估算称，截至6月，美国企业承担 了64%的关税成本，消费者承担了22%的关税，而外国出口商通过降低出口价格，承担了14%的关税。 高盛警告，继续这么加关税的话，到10月，美国消费者将承担67%，外国企业承担25%，美国公司承担 8%。 除了高盛CEO 特朗普还威胁这些人下台 8月12日，特朗普发文要求高盛CEO换掉其首席经济学家或自行退出，批评高盛关于市场反应和关税效 应的判断"完全错误"。特朗普称，关税为美国带来数万亿美元收入，并未引发通胀或对经济造成其他损 害，"主要是由企业和政府——其中很多是外国政府——在买单"。 由于唱衰美国政府加关税或未能配合其 ...

Core Viewpoint - The recent fluctuations in the silver market are influenced by the U.S. economic indicators and Federal Reserve's potential interest rate decisions, with a notable increase in silver prices following the release of moderate inflation data [1][3]. Market Overview - The U.S. dollar index is trading around 98.02, while spot silver opened at $37.88/oz and is currently around $37.98/oz. The silver T+D is trading at approximately 9188 CNY/kg, and the main Shanghai silver contract is around 9215 CNY/kg [1]. - On August 12, the dollar index fell by 0.43% to close at 98.07, while spot silver rose by 0.81% to $37.91/oz. This increase is attributed to the moderate rise in U.S. inflation for July, which supports the possibility of a rate cut by the Federal Reserve next month [1]. ETF Holdings - The SLV silver ETF holdings increased to 15099.56 tons, up by 40.96 tons from the previous trading day [2]. Economic Indicators - The U.S. July CPI year-on-year remained stable at 2.7%, while the core CPI rose to a five-month high of 3.1%. Following this data, traders increased their bets on a potential rate cut by the Federal Reserve in September [3]. - Richmond Fed President Barkin noted potential pressures on inflation and unemployment, while Kansas Fed President George stated that tariffs have limited impact on inflation, suggesting a reason to maintain current policy rather than pursue rate cuts [3]. Silver Market Analysis - The silver market opened at $37.59, experienced a dip to a low of $37.486, and then saw a strong rally, reaching a high of $38.015 before closing at $37.9. The market is expected to target levels of $38.1, $38.3, and $38.5 with a stop loss at $37.5 [4].

Inflation Data - The US July CPI increased by 2.7% year-on-year, below the expected 2.8% and unchanged from the previous value[1] - Core CPI rose by 3.1% year-on-year, exceeding the expected 3.0% and the previous value of 2.9%[1] - Month-on-month, the seasonally adjusted CPI increased by 0.2%, lower than the previous 0.3%[1] Component Performance - Food prices showed a month-on-month change from 0.3% to 0%, below the 12-month average of 0.2%[2] - Energy prices decreased significantly, with a month-on-month change from 0.9% to -1.1%[2] - Core services increased by 0.4% month-on-month, higher than the 12-month average of 0.3%[2] Market Reactions - Following the CPI announcement, the S&P 500, Nasdaq, and Dow Jones indices rose by 1.1%, 1.4%, and 1.1% respectively[3] - The 10-year US Treasury yield increased by 1 basis point to 4.29%[3] - Market expectations for a September rate cut rose from approximately 88% to around 96%[3] Future Outlook - The average tariff rate in the US increased from 16.6% to 18.6% as of August 7, the highest level since 1933[4] - Inflation is expected to rise by 1.5-1.8 percentage points due to current tariff policies[4] - Market consensus anticipates a significant rise in inflation starting Q3, with Q4 PCE inflation projected at 3.0% and core PCE at 3.2%[4]

Inflation Data - July CPI year-on-year growth remained stable at 2.7%, with a month-on-month increase slowing to 0.2%[4] - Core CPI year-on-year growth rose to 3.1%, marking a six-month high, with a month-on-month increase of 0.3%[4][6] - Energy CPI recorded a year-on-year decrease of -1.6%, with gasoline prices dropping to -9.5%[11] Tariff Impact - Tariffs have a moderate impact on commodity prices, with core commodity year-on-year growth increasing to 1.2%, up 0.5 percentage points from the previous month[12] - Used car prices saw the largest increase, rising 2 percentage points to 4.8% year-on-year, influenced by tariffs[12] - Prices for furniture and clothing showed a slight month-on-month decrease, indicating a milder tariff impact[12] Service Sector - Core service year-on-year growth remained stable at 3.6%, with medical services rising to 4.3%, hindering overall service inflation reduction[15] - Housing inflation remained steady, with owner-equivalent rent year-on-year growth slightly declining to 4.1%[15] Market Expectations - Following the inflation data release, the probability of a Federal Reserve rate cut in September increased to 94%, with an average of 2.4 cuts expected for the year[18] - Consumer inflation expectations fell, with one-year expectations dropping to 4.5% and five-year expectations to 3.4%[15][20] Risks - Risks include potential unexpected downturns in the U.S. economy and tighter monetary policy from the Federal Reserve[19]

Core Insights - The July CPI in the U.S. was lower than expected at 2.7%, while the core CPI exceeded expectations at 3.1%, leading to a slight increase in the market's expectations for Federal Reserve rate cuts [1][2][3] - The inflation outlook suggests a gradual increase due to higher tariffs imposed on countries without trade agreements, with Q3 and Q4 inflation expected to rise above 3% [2][13] - The market's expectations for rate cuts have been adjusted upwards, with a nearly 100% probability of a cut in September, primarily due to concerns about a potential recession [1][11] Inflation Data Summary - The U.S. July CPI year-on-year was 2.7%, unchanged from the previous value and below the expected 2.8%. The core CPI year-on-year was 3.1%, above the expected 3.0% and previous 2.9% [1][3] - Month-on-month, the seasonally adjusted CPI was 0.2%, lower than the previous 0.3%, while the core CPI was 0.3%, higher than the previous 0.2% [1][3] - Key components showed a decline in food and energy prices, while core services saw an increase, indicating a shift in inflation dynamics [3][4] Market Reaction - Following the CPI release, U.S. stock markets rose, with the S&P 500, Nasdaq, and Dow Jones increasing by 1.1%, 1.4%, and 1.1% respectively. The 10-year Treasury yield rose by 1 basis point to 4.29% [5][11] - The implied probability of a rate cut in September increased from approximately 88% to 96%, with the expected number of cuts for the year rising from 2.3 to 2.4 [11][13] Future Outlook - The inflation outlook indicates a "slow burn" rather than a rapid increase, with tariffs expected to gradually impact inflation rates [2][13] - The Federal Reserve's rate cut expectations are influenced by recession concerns, with the likelihood of consecutive cuts being low given the limited number of FOMC meetings remaining this year [2][21]

Core Viewpoint - Recent data indicates that inflation is lower than many expected, leading to the anticipation that the Federal Reserve will begin to cut interest rates in September, with a potential 50 basis points reduction being a reasonable decision [1] Group 1 - Rick Rieder, the Global Fixed Income Investment Director at BlackRock, highlights the unexpected low inflation data [1] - The expectation is set for the Federal Reserve to initiate interest rate cuts starting in September [1] - A reduction of 50 basis points in the federal funds rate is considered a plausible action [1]