Core Viewpoint - The President of the St. Louis Federal Reserve, Musalem, expressed that Kevin Walsh, the nominee for Federal Reserve Chairman, is a very good choice and possesses the qualifications necessary for the role [1] Group 1 - Musalem's endorsement highlights the confidence in Walsh's capabilities to lead the Federal Reserve [1]

Core Viewpoint - Republican Senator Thom Tillis is refusing to advance the nomination of Kevin Warsh for the position of Federal Reserve Chairman until the investigation into current Chairman Jerome Powell is resolved [1] Group 1 - Senator Tillis stated he has "no intention" of moving forward with any Federal Reserve Board nominee until he is absolutely certain that such pressure will not cause members or the Chairman to be overly cautious [1] - When asked about Treasury Secretary Yellen's comments regarding the continuation of Warsh's hearing, Tillis suggested that perhaps they could persuade a Democrat to vote alongside them [1]

Group 1 - U.S. Treasury Secretary Scott Bessenet expects a hearing for Kevin Walsh, the nominee for Federal Reserve Chair, despite disagreements with a Republican senator [1] - Senator Tom Tillis has vowed to pause any appointments to the Federal Reserve until the Department of Justice's investigation into the Fed's $2.5 billion headquarters renovation is concluded [1] - Bessenet emphasized the importance of starting the hearing and indicated that an agreement has been reached on this matter [1] Group 2 - Bessenet declined to comment on the DOJ case but noted that a subpoena does not necessarily imply charges [2] - The current Federal Reserve Chair, Jerome Powell, is facing scrutiny as his term ends in May, with past pressures from the Trump administration regarding interest rate cuts [2] - Bessenet stated that inflation is decreasing and predicted that the U.S. could return to the Federal Reserve's 2% target by mid-year, with potential GDP growth exceeding 3% in 2025 based on Q4 data [2]

Core Viewpoint - Former President Trump admitted that his decision to appoint Jerome Powell as the Federal Reserve Chairman was a mistake, expressing a preference for Kevin Warsh instead [1][3]. Group 1: Trump's Criticism of Powell - Trump initially praised Powell as capable and smart, expecting him to maintain low interest rates to support economic growth [3]. - The relationship soured after Powell raised interest rates four times in 2018 to combat inflation, contradicting Trump's expectations [3]. - Trump publicly criticized Powell for being slow and lacking decisiveness, even threatening to dismiss him multiple times [3]. Group 2: Warsh's Nomination and Economic Projections - Trump has nominated Kevin Warsh for the next Federal Reserve Chairman, claiming that under Warsh's leadership, the U.S. economy could grow at a rate of 15% [4][5]. - Current economic growth is projected at 2.4% for the year, with historical data showing that GDP growth exceeding 15% is extremely rare [6]. - Warsh's nomination is expected to face scrutiny in the Senate, especially following the Justice Department's investigation into Powell [6][7]. Group 3: Warsh's Policy Stance - Warsh is viewed as a hawk, traditionally supporting interest rate hikes to control inflation, but has recently shifted to advocate for rate cuts [7]. - Trump has emphasized that any nominee for the Federal Reserve Chairman must agree to significantly lower interest rates, targeting a federal funds rate of 1% [7].

Group 1 - Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman is seen as a potential catalyst for a 15% growth rate in the U.S. economy, a highly optimistic target compared to the current forecast of 2.4% growth for the year [1][2] - Warsh's confirmation process may face significant challenges, particularly due to Trump's insistence on appointing a candidate who supports interest rate cuts, which raises concerns about the future direction of monetary policy [1][3] - Trump's previous choice of Jerome Powell as Fed Chairman is described as a major mistake, indicating a shift in his approach to monetary policy and the Federal Reserve's independence [3][4] Group 2 - Trump's comments suggest he is not worried about inflation, despite historical trends indicating that a growth rate near 15% typically correlates with rising inflation [3] - The current expectation among investors is for two interest rate cuts this year, contrasting with the Fed's median forecast of only one cut by 2026 [3] - Trump's ambitious prediction for the Dow Jones Industrial Average to reach 100,000 by January 2029 reflects his confidence in the stock market's performance under his policies [4]

Core Viewpoint - The U.S. Treasury Secretary Scott Basset has suggested that the Senate hold hearings on President Donald Trump's nominee for Federal Reserve Chairman, Kevin Warsh, despite opposition from a key Republican who vows to block all such nominations until the criminal investigation into current Chairman Jerome Powell is resolved [1] Group 1 - Scott Basset previously received broad support from the Senate during his tenure as a Federal Reserve Governor [1] - The nomination of Kevin Warsh was made on January 30 by President Trump to replace Jerome Powell [1] - Basset argues that despite the obstruction, hearings on his latest nomination should proceed [1]

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [2][3]. Core Views - The report indicates that the sentiment in the non-ferrous metals sector is stabilizing, with commodity prices forming a bottom [1]. - Industrial metal prices are experiencing fluctuations due to seasonal supply excess and macroeconomic factors, while energy metals like cobalt and nickel are expected to see price increases due to supply constraints [7][21][41][59]. - Precious metals are undergoing a significant price correction, but long-term support remains strong due to central bank purchases and geopolitical uncertainties [7][75]. Summary by Sections Industry and Stock Performance - The report highlights a decline in major indices, with the SW Non-ferrous Index dropping by 4.68% during the week [7]. - Key companies are recommended based on their earnings forecasts and valuations, with all listed companies receiving a "Buy" rating [2]. Base Metals - **Aluminum**: Prices have stabilized after a period of volatility, with LME aluminum prices at $3,110 per ton, down 0.81% week-on-week [13][21]. - **Copper**: The price remains under pressure due to macroeconomic factors, with a current price of $13,060 per ton, down 0.08% [13][41]. - **Zinc**: Prices are fluctuating, with LME zinc at $3,287.5 per ton, down 2.45% [13][47]. - **Lead and Tin**: Lead prices are under pressure, currently at $1,948.5 per ton, while tin prices are experiencing a downward trend due to seasonal demand [58][59]. Precious Metals and Minor Metals - **Gold and Silver**: Gold prices are at 1,110.73 CNY per gram, down 0.34%, while silver is at 25,465 CNY per kilogram, down 9.98% [75]. - **Cobalt**: The market is facing supply constraints, with prices expected to rise due to ongoing shortages [89]. Rare Earths - The report does not provide specific updates on rare earths but indicates ongoing interest in the sector due to its strategic importance [9].

Core Viewpoint - The US dollar reached a two-week high but remained stable as investors overlooked weak US employment data [1] Group 1: Employment Data - The US Labor Department reported that job openings in December fell to the lowest level in over five years [1] - The upcoming non-farm payroll data, which was delayed due to a recent government shutdown, is a key focus for the market [1] Group 2: Federal Reserve and Dollar Strength - President Trump nominated Kevin Walsh to chair the Federal Reserve, boosting the dollar as the market bets on his restrictive policy stance and commitment to central bank independence [1] - Data from the London Stock Exchange Group indicates that the market does not fully anticipate another rate cut before June [1] Group 3: Market Indicators - The DXY dollar index remained flat at 97.819 [1]

Group 1 - The core point of the news is the nomination of Kevin Walsh as the next Federal Reserve Chairman by President Trump, which requires Senate approval [1][2] - Walsh, who joined the Federal Reserve in 2006, is known for his hawkish monetary policy stance but has recently shifted to support Trump's tariff policies and a faster rate cut [1][2] - Trump has criticized the current Federal Reserve Chairman Jerome Powell for not lowering interest rates and has expressed a desire for the next chairman to align more closely with his views on monetary policy [2][8] Group 2 - Walsh has a diverse background, having worked in politics, business, and academia, and is currently a partner at Duquesne Family Office and a visiting scholar at Stanford University [5][6] - His previous experience includes serving as a special assistant to President George W. Bush and as a Federal Reserve Governor, where he played a significant role during the 2008 financial crisis [7][16] - Walsh's personal connections, including his marriage to the heir of Estée Lauder and relationships with influential figures in finance, may enhance his candidacy [10][12] Group 3 - Experts suggest that Walsh's alignment with Trump's monetary policy views and their personal relationship are key factors in his nomination [13][16] - The Senate's approval process for the Federal Reserve Chairman is crucial, especially in the current politically divided environment [13][17] - There is a consensus among analysts that the Federal Reserve is likely to cut interest rates this year, with expectations ranging from 50 to 100 basis points [18]

Group 1 - The article highlights the announcement of 2026 as the "China-Laos Friendship Year," emphasizing the strengthening of bilateral relations and cooperation between China and Laos [1] - The European Central Bank has maintained its benchmark interest rate, marking the fifth consecutive pause since June of the previous year, which reinforces market expectations for stable monetary policy [7] - The domestic commodity futures market shows a decline in crude oil and precious metals, with crude oil futures dropping by 0.73% to 460.3 yuan per barrel, and gold futures down by 1.48% to 1096.14 yuan per gram [1] Group 2 - Precious metals have experienced significant volatility due to the nomination of Kevin Warsh as the next Federal Reserve Chair, which has cooled interest rate cut expectations and led to a rebound in the US dollar index [2][19] - The crude oil market is affected by ongoing negotiations between the US and Iran, with expectations of limited progress due to fundamental disagreements [3][14] - The US stock market has seen a decline, with the three major indices retreating, while the overall market outlook for February remains positive due to various supportive factors [4][12] Group 3 - The logistics industry in China shows expansion, with the logistics business activity index for January reported at 51.2%, indicating continued growth [9] - The government has issued a plan for the high-quality development of the traditional Chinese medicine industry, aiming to establish 60 high-standard production bases by 2030 [8]