Group 1 - The A-share market is experiencing a comprehensive recovery, with the Nonferrous Metals 50 ETF (159652) rising by 4.38% and attracting significant net subscriptions of 24 million units, translating to over 30 million yuan in net inflow [1] - The surge in nonferrous metals is attributed to multiple catalysts, including rising expectations for interest rate cuts by the Federal Reserve, which benefits precious and industrial metals, and the robust recovery of the national economy boosting demand for industrial metals [2][3] - The Nonferrous Metals 50 ETF (159652) is highlighted as a key investment vehicle, covering a broad range of metals including gold, copper, and rare earths, with a copper content of 31% [6][8] Group 2 - Recent U.S. economic data indicates a weakening labor market, reinforcing expectations for the Federal Reserve to initiate interest rate cuts, with a 96.6% probability of a 25 basis point cut in September [5] - The current interest rate cut cycle is occurring against a backdrop of high inflation, which is expected to benefit gold and other precious metals, as real interest rates are anticipated to decline rapidly [6] - The overall configuration value of nonferrous metals is emphasized, driven by supply-side contraction policies, new demand dynamics, and global deflation expectations [6][8]