Key Points of the Report 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - The prices of various commodities are expected to show different trends, including short - term oscillations, short - term weakening, and short - term rebounds, depending on factors such as supply - demand relationships, cost changes, and market expectations [1][3][4]. - The stock market has potential for continuous growth in the second half of the year, while long - term bonds are expected to oscillate negatively due to factors like liquidity and the stock - bond seesaw effect [8]. 3. Summary by Commodity Coal and Related Products - **Coking Coal**: This week, the capacity utilization rate of 314 independent coal washing plants was 36.5%, with a 0.47% week - on - week increase. The daily output of clean coal was 260,000 tons, up 300 tons week - on - week, and the inventory was 2.895 million tons, down 54,000 tons week - on - week. Due to the ongoing negotiation of the eighth round of coke price increases, the downstream procurement enthusiasm has declined. It is expected that the coking coal price will oscillate in the short term [1]. - **Silicon Iron**: The operating rate of 136 independent silicon iron enterprises was 36.52%, with a 0.34% week - on - week increase. The daily output was 16,205 tons, up 0.5% week - on - week. The cost side is supported, but the downstream demand is expected to decline during the military parade, and the supply is increasing. The short - term price decline is limited, but the medium - to - long - term price will tend to decline [3]. Energy Products - **Crude Oil**: In the week ending August 22, the U.S. commercial crude oil inventory (excluding strategic reserves) decreased by 2.392 million barrels to 418 million barrels. The EIA gasoline inventory decreased by 1.236 million barrels. The U.S. domestic crude oil production increased by 57,000 barrels to 1.3439 million barrels per day. The weekly crude oil shipments from Russian ports decreased by 320,000 barrels per day to 2.72 million barrels per day. The inventory decline was slightly lower than market expectations. The short - term trend is oscillating weakly [1]. Metal Products - **Rebar**: On August 27, the domestic steel market declined weakly. The ex - factory price of billets in Qian'an, Tangshan decreased by 20 yuan to 3,010 yuan per ton. The average price of 20mm grade - III earthquake - resistant rebar in 31 major cities was 3,334 yuan per ton, down 11 yuan per ton from the previous trading day. Supply is expected to shrink due to environmental protection restrictions, and demand is currently weak but expected to improve in September. The steel price will oscillate in the short term [3]. - **Silver**: The remarks from the New York Fed President opened up the expectation of an interest rate cut in September. The overnight dollar decline boosted precious metals, and silver is still oscillating upward [7]. - **Gold**: The influence on the Fed's independence and the market's concern about stagflation in the U.S. are positive for gold. The short - term rebound is due to the expectation of an interest rate cut, but the medium - term trend needs further observation [7]. Agricultural Products - **Soybeans**: The predicted export volume of Brazilian soybeans from August 24 to 30 is 1.6307 million tons, down from 1.8459 million tons last week. The domestic soybean price is currently fluctuating within a narrow range. With the upcoming increase in new soybean supply and limited demand, the domestic soybean price will remain weakly stable in the short term [6]. - **Palm Oil**: The export volume of Malaysian palm oil from August 1 - 25 was 933,437 tons, a 36.41% increase from the same period last month. The financial market weakness and the decline in crude oil prices are suppressing the palm oil price. The short - term trend is oscillating, and it is recommended to wait and see [5]. - **Rubber**: The raw material prices in Thailand are rising steadily. The export volume of natural rubber and mixed rubber from Vietnam in the first seven months decreased by 0.8% year - on - year, but the export volume to China increased by 5% year - on - year. The domestic natural rubber social inventory decreased by 1.5 million tons, a 1.1% decline. The short - term adjustment is followed by a medium - term upward - oscillating trend [4]. - **Pig**: On August 27, the national average price of pork in agricultural product wholesale markets decreased by 0.4%. The national pig price has stopped falling and rebounded. The short - term market is expected to have a small - scale rebound, but the amplitude is limited. It is recommended to hold short - term long positions, and pig farmers can choose to sell hedging according to the slaughter rhythm [6]. Chemical Products - **Methanol**: The market price of methanol in Taicang, Jiangsu decreased by 22 yuan to 2,250 yuan per ton. The domestic methanol capacity utilization rate increased by 1.36% to 83.76%. The port inventory increased, and the expected import volume in September remains high. The methanol 01 contract is expected to oscillate in the short term, with the upper pressure at 2,395 yuan. It is recommended to hold short positions cautiously [8][9]. - **Soda Ash**: The mainstream price of heavy - duty soda ash nationwide is 1,294 yuan per ton, oscillating weakly recently. The weekly output increased by 1.33%, and the inventory increased by 0.9%. The float glass market is stable, and the domestic soda ash market is oscillating weakly. The soda ash 01 contract is expected to oscillate in the short term, with the upper pressure at 1,305 yuan. It is recommended to wait and see or short on rebounds [9]. - **Polypropylene**: The mainstream price of East China drawn - grade polypropylene decreased by 16 yuan to 6,994 yuan per ton. The capacity utilization rate increased by 0.2%. The commercial inventory decreased, but it is still higher than the same period in the previous two years. The market price is oscillating weakly. The PP 01 contract is expected to oscillate in the short term, with the upper pressure at 7,040 yuan. It is recommended to wait and see or short on a short - term basis [10]. Others - **Medium - and Long - Term Treasury Bonds**: In July, the profit of industrial enterprises above designated size decreased by 1.5% year - on - year, with the decline narrowing for two consecutive months. The profit of high - tech manufacturing increased significantly. The stock market has potential for continuous growth, and long - term bonds are expected to oscillate negatively. It is recommended to short long - term bonds at key resistance levels [8]. - **Bottle Chips**: In 2025, the bottle chip capacity is still growing, with an expected growth rate of about 9.1%. The current production is stable, and the downstream industries have stable or slightly increasing operating rates. The market is in the peak consumption season for soft drinks, and with the reduction in production by major manufacturers, the inventory is slowly decreasing. The market is expected to oscillate upward [5].

Market Performance - The US stock market showed a stable trend with slight increases in major indices, with the Dow Jones up by 0.30%, S&P 500 up by 0.41%, and Nasdaq up by 0.44% [1] - Major tech stocks mostly rose, with Nvidia increasing by 1.09%, Apple by 0.95%, and Tesla by 1.46%, while Microsoft and Google saw declines of 0.44% and 0.65% respectively [1] - Among popular Chinese stocks, the Nasdaq Golden Dragon China Index rose by 0.73%, with notable increases in NIO by 10.02% and XPeng by 5.46%, while Pinduoduo fell by 3.35% [1] Trump and Federal Reserve Conflict - Trump announced the immediate dismissal of Federal Reserve Governor Lisa Cook, citing allegations of false statements in mortgage applications [2][4] - Cook responded by stating that Trump lacks the legal authority to dismiss her and plans to continue her duties, indicating a potential legal challenge against Trump's actions [5][6] - Trump expressed confidence in appointing a majority of members to the Federal Reserve Board who would support his desire for significant interest rate cuts, suggesting that this would positively impact the housing market [5][6]

Core Viewpoint - The report from CMB International raises the target price for Link REIT to HKD 49.8, indicating that the impact of interest rate cuts is expected to outweigh rental adjustments [1] Group 1: Financial Performance - In Q1 of FY2026, Link REIT's retail property portfolio sales decreased by 0.8% year-on-year, slightly underperforming compared to the overall market growth of 0.4% in Hong Kong, primarily due to the influence of e-commerce free services on non-essential goods transactions [1] - Despite the sales decline, Link REIT maintained high occupancy rates for both retail and office properties in Q1 of FY2026 [1] Group 2: Rental and Dividend Forecasts - The latest forecast for rental adjustments indicates a negative low single-digit percentage, which may lead to a slight decrease in revenue for FY2026 [1] - CMB International has slightly reduced the per unit dividend forecasts for FY2026 and FY2027 by approximately 1.5% and 2.9% respectively, while also introducing forecasts for FY2028 [1]

Group 1: Federal Reserve's Stance - Federal Reserve Chair Jerome Powell indicated a dovish tone, suggesting a potential rate cut due to a "curious balance" in the labor market with slowing hiring and a shrinking workforce [1][4] - Current market expectations are leaning towards lower rates, with nearly 87% of traders anticipating a 25-basis-point cut in September [2] Group 2: Market Reactions - Stocks experienced a rally following Powell's remarks, with the KBW Nasdaq Bank Index increasing by 3.2% and major banks like Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo showing significant gains [3][10] Group 3: Labor Market and Economic Growth - Powell highlighted rising risks in the labor market, noting that while unemployment is low, hiring and labor supply are declining, which could lead to layoffs and increased joblessness [4] - The Fed is shifting its focus from controlling inflation to protecting jobs and sustaining economic momentum, indicating a more dovish approach [5] Group 4: Financial Conditions and Credit Flows - Elevated borrowing costs are impacting households and businesses, and a rate cut is aimed at easing financing pressures to sustain economic growth [6] - The Fed's rate reductions have begun to stabilize funding costs for banks, supporting net interest income expansion, which is crucial for profitability [7] Group 5: Impact on Banks - Lower rates are expected to relieve financial stress for borrowers, making refinancing more affordable and improving credit quality for banks [8] - Increased lending activity due to lower rates could enhance bank profitability, although the full impact may take time to materialize [9]

Group 1 - The article discusses the potential for interest rate cuts following a recent inflation report indicating a 0.2% increase in CPI for July and a 2.7% increase on a 12-month basis, which could benefit most stocks due to lower borrowing costs [2] - The focus of iREIT+HOYA Capital is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging opportunities [1] Group 2 - The article emphasizes the importance of performing due diligence and drawing personal conclusions before making investment decisions, highlighting that it is for informational purposes only [3] - It is noted that past performance does not guarantee future results, and no specific investment recommendations are provided [4]

Core Insights - SoFi stock has seen a significant increase, trading near $24, up 2.5x from April lows of below $10, driven initially by crypto trading announcements and supported by recent positive economic developments [2][3][7] Economic Context - The Consumer Price Index rose only 0.2% last month, down from June's 0.3%, indicating easing inflation and increasing the likelihood of a Federal Reserve rate cut in September [3][4] Business Model Impact - Rate cuts are expected to benefit SoFi's lending segment by reducing funding expenses and boosting loan demand, which is crucial as lending is SoFi's largest revenue source [4][8] - The potential for growth in student loan refinancing and personal loans is highlighted as key areas for SoFi's business [4] Competitive Landscape - SoFi faces significant competition in the fintech sector from both traditional banks and innovative startups, necessitating differentiation to capture market share [5] - Major competitors include Marcus by Goldman Sachs, LendingClub, Upstart, Avant, and Prosper in lending, as well as digital banking rivals like Chime, Varo, Axos, and Ally [5] Valuation Concerns - SoFi's stock has increased 150% from its lows, raising concerns about potential overvaluation, trading at 8.1x trailing revenues compared to a three-year average of 4.4x [6] - The premium valuation leaves little room for execution missteps, especially if growth does not meet high expectations [6] Future Outlook - The combination of crypto platform expansion and potential declining interest rates creates a favorable scenario for continued gains for SoFi [7][9] - The launch of the crypto platform is seen as a new revenue stream that could significantly enhance SoFi's growth prospects [8][9]

Economic Overview - The economy added only 73,000 jobs in July, significantly below the expected 104,000, with prior months' job gains revised down by a total of 258,000, leading to an increase in the unemployment rate to 4.2% [2] - Manufacturing activity has contracted, with factory hiring at its lowest since 2020, and consumer confidence has weakened, raising concerns about a potential economic slowdown or recession [2] - Analysts have increased the odds of interest rate cuts in September due to the combination of weak economic data [2] Federal Reserve and Interest Rate Expectations - The CME's FedWatch tool indicates an 87.4% probability of a 25-basis point rate cut in September, driven by weak data and declining consumer activity [1] - President Trump's nomination of Stephen Miran to the Federal Reserve Board is expected to reinforce dovish market expectations, potentially leading to earlier rate cuts [3] - JPMorgan has adjusted its forecast to expect the first rate cut in September, projecting a total of four cuts through early 2026 [3] Impact of Lower Interest Rates - Lower interest rates are anticipated to reduce borrowing costs, aiding business expansion and increasing profitability, which in turn stimulates economic growth and supports the stock market [4] - High dividend-yield sectors, particularly utilities and real estate, are expected to benefit significantly from rate cuts due to their sensitivity to interest rates [5] - Lower rates are likely to enhance consumer discretionary spending and encourage lending in the financial services sector, despite potential compression of net interest margins for banks [6] Sector-Specific Opportunities - Small-cap companies are expected to outperform in a lower-rate environment due to higher levels of debt, and rate cuts may boost foreign capital inflows into emerging markets like India [7] - Gold is projected to gain attractiveness as lower interest rates increase its appeal [7] Highlighted ETFs - **Vanguard Real Estate ETF (VNQ)**: Targets the real estate segment with an AUM of $33.5 billion, holding 155 stocks, and charges 13 bps in fees [9] - **Utilities Select Sector SPDR (XLU)**: AUM of $21.2 billion, focusing on utility companies, with 31 stocks and 8 bps in annual fees [10][11] - **Consumer Discretionary Select Sector SPDR Fund (XLY)**: AUM of $22.3 billion, covering the consumer discretionary space with 51 securities and 8 bps in fees [12] - **iShares Russell 2000 ETF (IWM)**: Largest small-cap ETF with an AUM of $60.4 billion, holding 1,979 stocks and charging 19 bps in fees [13] - **SPDR Gold Trust ETF (GLD)**: Tracks gold prices with an AUM of $104 billion and charges 40 bps in fees [14]

Market Overview - U.S. stock futures increased following a strong performance last week, with the Nasdaq Composite reaching all-time highs for both closing and intraday metrics [1] - The S&P 500 is close to achieving another record high, while the Dow also advanced last week [1] Economic Indicators - Key inflation data, including the Consumer Price Index (CPI) and Producer Price Index (PPI), will be released this week, with CPI on Tuesday and PPI on Thursday [2] - Soft readings in these inflation metrics could enhance investor sentiment for a potential interest rate cut by the Federal Reserve in September [2] Federal Reserve Insights - Expectations for a rate cut have increased due to unexpectedly weak job additions in July and downward revisions of job data for June and May [3] - The upcoming Jackson Hole Symposium for Economic Policies, scheduled for August 21-23, will be influenced by the CPI and PPI data released prior to the event [3] Additional Economic Data - Retail sales data, industrial production data, and the Michigan U.S. consumer sentiment index will also be monitored by the central bank, with releases scheduled for Friday [4] Company Earnings Reports - monday.com Ltd. (MNDY) reported Q2 adjusted earnings of $1.09 per share, exceeding the Zacks Consensus Estimate of $0.84, with revenues of $299.01 million, surpassing estimates by 2% [5] - Franco-Nevada Corp. (FNV) announced Q2 adjusted earnings of $1.24 per share, a 65% increase year over year, with total revenues of $369.4 million, up 42% year over year [6] - Barrick Mining Corp. (B) reported Q2 adjusted earnings of $0.47 per share, a 47% increase year over year, with total revenues of $3.681 billion, up 16% year over year [7] - Legend Biotech Corp. (LEGN) reported a quarterly adjusted loss of $0.34 per share, wider than the consensus estimate, but revenues of $255.06 million exceeded expectations of $226.26 million [8] Upcoming Earnings Releases - After today's market close, Celanese Corp. (CE), Archer Aviation Inc. (ACHR), and Oklo Inc. (OKLO) are set to release their quarterly financial results [9]

Core Insights - A couple from Mosman purchased a two-bedroom apartment in Neutral Bay for AUD 1.52 million, surpassing the guide price of AUD 1.3 million and the reserve price of AUD 1.475 million [1][3] - The auction attracted four registered bidders, indicating strong competition in the market [1] - The apartment's last recorded sale was in 2022 for AUD 600,000, highlighting significant price appreciation [5] Market Dynamics - A total of 591 properties were auctioned in Sydney on the same day, reflecting a robust auction market [3] - The current interest rate environment has not significantly impacted buyer behavior, as pre-approval status remains unchanged despite rate adjustments [3][5] - Buyers are reportedly more confident in the market, believing that purchasing now can yield greater value [5]

澳洲房价在过去12个月上涨3.7%，但增长势头正在放缓，即使利率下调可能也不会 出现大幅上涨，因为买家的可负担能力已被推至 极限。 Cotality的数据显示，全澳房价7月上涨0.6%，与前两个月相比增长速度保持稳定。 本周公布的温和通胀数据显示，今年8月第3次降息几乎已成定局，房价可能会继续 上涨，但不会大幅上涨。 Cotality的Tim Lawless周四表示："我认为较低的利率可能有助于支撑房价温和回 升，但我认为房价大幅上涨面临阻碍，其中最大的 阻碍就是可负担性已经非常紧 张，很难看到房价大幅上涨。" （图片来源：澳洲金融评论报） （图片来源：澳洲金融评论报） 悉尼房价7月上涨0.6%，但过去12个月仅上涨1.8%。 墨尔本7月上涨0.4%，过去一年 上涨0.5%。 Lawless预计中高端市场的涨幅将较高，因为借贷能力的提升使房主能够升级换 房。 迄今为止，最强劲的涨幅出现在低端市场。 "所以我认为我们开始看到增长从更可负担市场进行转移的初步迹象......随着利 率下调和借贷能力的改善，这有助于人们进入更昂贵 的市场。" 那么，现在是卖方还是买方市场？ Lawless表示，较低的利率将有助于提振 ...