1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - As the Fed's rate - cut expectations rise, attention should be paid to precious metals [1] - The Fed is expected to restart the easing cycle, and Powell's dovish stance paves the way for a September rate cut, making the overseas inflation rise path smoother [2] - For commodities, industrial products should be bought on dips [4] 3. Summary by Related Catalogs Market Analysis - In August, there were initial signs of rising overseas inflation. China's July economic data showed mixed performance: the official manufacturing PMI fell to 49.3, exports increased by 7.2% year - on - year in dollar terms, money supply exceeded expectations, but financing and loan data were weak, and investment data faced pressure. In August, the official manufacturing PMI rose slightly to 49.4, and the non - manufacturing sector accelerated expansion. A - shares showed a volatile and differentiated trend on September 1. In the US, the August PMI continued to improve, and the "big beautiful" bill may support subsequent consumption. The US appellate court ruled that most of Trump's global tariffs were illegal [1] - The Fed is expected to restart the easing cycle. Powell's speech at the global central bank annual meeting on August 22 turned dovish, which cleared the way for a September rate cut. In the eurozone, the August manufacturing PMI reached a 38 - month high, and factory production growth was strong [2] Commodity Analysis - The black and new energy metal sectors in China are most sensitive to the supply - side. Precious metals and agricultural products can be considered due to overseas inflation expectations. The black sector is still dragged down by downstream demand expectations, and the "anti - involution" in the non - ferrous, energy, and chemical sectors is worthy of attention. Agricultural products are driven by tariffs and inflation expectations in the short term but need fundamental signals and attention to Sino - US negotiations. On September 1, the precious metals market performed well, with silver reaching its highest level since 2011 and gold rising for the fifth consecutive day [3] Strategy - For commodities and stock index futures, industrial products should be bought on dips [4] Important News - On the afternoon of September 1, the "Shanghai Cooperation Organization +" meeting was held in Tianjin. The overall stock market showed that the Shanghai Composite Index fluctuated sideways, and the ChiNext Index rose more than 2% in the afternoon. Black - series futures fell, and the eurozone's August manufacturing PMI was 50.7. Spot gold reached $3480 per ounce [6]