高盛发布研报称称，对2026年股票市场保持建设性看法，预期企业盈利将持续增长，但随着牛市扩大， 预期指数回报将低于2025年。同时，该行预期所有地区的经济将持续扩张，且美国联储局将进一步轻微 减息。因此，即使股市估值偏高，只要经济没有陷入衰退，股市亦很少显著下跌或出现熊市。 该行建议投资者保持投资，并分散资产于不同地区，尤其加强关注新兴市场。另外，投资者亦应均匀布 局增长及价值标的，以及不同行业，同时关注Alpha值较高的股份。 按地区市值加权并以美元计算下，该行料2026年股市价格回报率为13%，连同股息则为15%，主要由盈 利推动。而一般于周期后段出现的乐观阶段，估值都会有所上升，因此该行的预测仍有上行风险。 ...

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector experienced a significant rally, with stocks rising over 5% on average, driven by expectations of interest rate cuts by the Federal Reserve [1][3]. - The U.S. Labor Department reported a 0.2% increase in the Consumer Price Index (CPI) for July, which was in line with expectations and showed a slowdown from the previous month [2][3]. - Market speculation suggests a 90% probability of a 25 basis point rate cut in September, influenced by President Trump's push for rate reductions and potential legal actions against the Federal Reserve Chairman [2][3]. Group 2 - Citic Securities noted that poor U.S. economic and employment data, along with the nomination of Stephen Moore to the Federal Reserve Board, has strengthened market expectations for a rate cut in September, contributing to the rally in the non-ferrous sector [3]. - The ongoing domestic policy of "anti-involution" aims to optimize production factors and improve profitability across various segments, which is expected to positively impact metal prices [3]. - The valuation of industrial metals is currently considered low, indicating potential for upward correction, suggesting the initiation of a bullish market for non-ferrous metals driven by both earnings per share (EPS) and price-to-earnings (PE) ratio improvements [3].