Group 1 - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, aligning with market expectations due to a weak job market and easing inflation pressures [1] - There is a widespread expectation that the Federal Reserve will cut rates twice more in October and December 2025, driven by concerns over U.S. debt and economic growth [1] - The "Big and Beautiful Act" introduced by the Trump administration has exacerbated concerns regarding the sustainability of U.S. dollar credit and government debt, leading to a more diversified global asset allocation [1] Group 2 - The AI sector continues to lead the technology market, with domestic computing power and storage emerging as standout segments, while Hong Kong internet companies are experiencing valuation recovery [1] - Huawei's Ascend announced a three-year roadmap, and DeepSeek released a model supporting domestic accelerators, reinforcing market expectations for "China's computing power independence and domestic substitution" [1] - OpenAI's significant computing power orders with Oracle and CoreWeave, along with the introduction of new AI models, are driving competition and innovation in the AI space [1] Group 3 - In the short term, the technology sector faces increased volatility due to accumulated gains, but the mid-term outlook for AI infrastructure remains strong, with a push for domestic chip replacement [2] - The energy storage sector is experiencing explosive domestic demand driven by economic factors, while the lithium battery sector is seeing a price turning point amid three years of upstream price deflation [2] - The non-ferrous metals sector is witnessing price breakthroughs due to various demand factors, with expectations for continued price support driven by supply constraints from previous capital expenditure shortages [2]