Group 1 - The non-ferrous metal sector experienced a broad increase, with notable stock performances including Jiangxi Copper rising by 5.84% to HKD 18.49, and Luoyang Molybdenum increasing by 5.26% to HKD 10.6 [1] - The U.S. Labor Department reported a 0.2% month-on-month increase in the Consumer Price Index (CPI) for July, aligning with expectations and showing a deceleration of 0.1 percentage points from the previous month [1] - Following the CPI data release, traders are betting on a high probability (over 90%) that the Federal Reserve will cut interest rates by 25 basis points in September [1] Group 2 - CITIC Securities noted that poor U.S. economic and employment data, combined with Trump's nomination of Stephen Moore to the Federal Reserve, has strengthened market expectations for a rate cut in September, leading to a rally in the non-ferrous sector [2] - The ongoing domestic "anti-involution" policy aims to optimize production factors and enhance profitability across various segments, which is favorable for the transmission of rising metal prices to downstream markets [2] - The valuation of the industrial metals sector is currently low, indicating potential for upward correction, with a bullish market for non-ferrous metals beginning to emerge as both EPS and PE metrics show promise [2]

Group 1 - The non-ferrous metal sector experienced a broad increase, with notable stock price rises for companies such as Jiangxi Copper (+5.84%), Luoyang Molybdenum (+5.26%), and Lingbao Gold (+4.27%) [1] - The U.S. Labor Department reported a 0.2% month-on-month increase in the Consumer Price Index (CPI) for July, aligning with expectations and showing a slowdown of 0.1 percentage points from the previous month [1] - Following the CPI data release, traders increased bets on the Federal Reserve lowering interest rates in the remaining three meetings of the year, with the probability of a 25 basis point cut in September rising above 90% [1] Group 2 - Citic Securities highlighted poor performance in U.S. economic and employment data, alongside the nomination of Stephen Moore as a Federal Reserve governor, which reinforced market expectations for a rate cut in September [2] - The ongoing domestic policy of "anti-involution" aims to optimize production factors and enhance profitability across various sectors, positively impacting metal price transmission to downstream markets [2] - The industrial metals sector is currently undervalued, indicating potential for upward correction, with a bullish market for non-ferrous metals beginning to take shape driven by both EPS and PE improvements [2]

截至8月12日11:15，大成有色ETF（159980.SZ）上涨0.18%。ETF所踪的标的指数上期有色金属指数 （IMCI.SHF）再次确立日线级别看涨，形成日、周线级别看涨共振。指数包含的6个成分商品中，铜 （占比约50%）、铝（占比约16%）、镍（占比约11%）、锡（占比约8%）、铅（占比约8%）同样形 成日、周线级别看涨共振。 资金流入方面，截至8月11日，大成有色ETF（159980.SZ）近5个交易日内有4日资金净流入，合计"吸 金"7962.12万元。大成有色ETF（159980.SZ）最新规模达12.07亿元，创近3月新高。 中信建投证券指出，美国经济及就业数据表现不佳，叠加特朗普提名新美联储理事，强化市场对美联储 于9月降息的预期，有色板块普涨。除却美联储处于降息通道带来的货币宽松外，国内正在推行的"反内 卷"优化生产要素，提升各环节盈利能力和改善市场预期，有利于金属价格上涨向下游的传导。此外， 工业金属板块的估值处于偏低的水平，亦有向上修复的空间。EPS与PE双击的有色牛市正在启动。 大成有色ETF（159980.SZ）底层资产配置的是上海期货交易所的铜、铝、铅、锡、锌、镍等有色金属 期 ...

中信建投研报表示，美国经济及就业数据表现不佳，叠加特朗普提名经济顾问委员会主席斯蒂芬.米兰 担美联储理事，强化市场对美联储于9月降息的预期，有色板块普涨。除却美联储处于降息通道带来的 货币宽松外，国内正在推行的"反内卷"优化生产要素，提升各环节盈利能力和改善市场预期，有利于金 属价格上涨向下游的传导。此外，工业金属板块的估值处于偏低的水平，亦有向上修复的空间。EPS与 PE双击的有色牛市正在启动。 ...