Core Viewpoint - The Dachen Nonferrous ETF (159980.SZ) is experiencing upward momentum, supported by positive trends in the underlying nonferrous metal index and significant capital inflows, indicating a bullish outlook for the sector [1]. Group 1: Market Performance - As of August 12, 11:15, the Dachen Nonferrous ETF (159980.SZ) increased by 0.18% [1]. - The underlying index, the Nonferrous Metal Index (IMCI.SHF), has established a bullish trend on both daily and weekly levels [1]. - The ETF's latest scale reached 1.207 billion yuan, marking a three-month high [1]. Group 2: Capital Inflows - As of August 11, the Dachen Nonferrous ETF (159980.SZ) saw net capital inflows in 4 out of the last 5 trading days, totaling 79.6212 million yuan [1]. Group 3: Economic Context - Citic Construction Investment Securities noted that poor economic and employment data from the U.S., along with the nomination of a new Federal Reserve governor by Trump, has strengthened market expectations for a rate cut in September [1]. - The ongoing domestic "anti-involution" policy aims to optimize production factors, enhancing profitability across various sectors and improving market expectations, which is favorable for the transmission of rising metal prices to downstream industries [1]. - The valuation of the industrial metals sector is currently low, suggesting potential for upward correction [1].

Core Viewpoint - The report from CITIC Securities indicates that poor economic and employment data in the U.S., combined with Trump's nomination of Stephen Moore as the chairman of the Council of Economic Advisers, has strengthened market expectations for a rate cut by the Federal Reserve in September, leading to a broad rally in the non-ferrous metals sector [1] Group 1: Economic Indicators - U.S. economic and employment data are performing poorly, which is influencing market sentiment [1] - The nomination of Stephen Moore to the Federal Reserve Board is contributing to expectations of a rate cut [1] Group 2: Market Impact - The anticipated monetary easing from the Federal Reserve is expected to benefit the non-ferrous metals sector [1] - The ongoing domestic initiative to optimize production factors and improve profitability across various segments is favorable for the transmission of rising metal prices to downstream industries [1] Group 3: Valuation and Market Trends - The valuation of the industrial metals sector is currently at a relatively low level, indicating potential for upward correction [1] - A bullish market for non-ferrous metals is beginning, characterized by a dual boost in EPS and PE [1]