Group 1 - The core viewpoint indicates that the market's expectation for the first interest rate cut of the year remains stable at June, with a prediction of two rate cuts throughout the year [1] - The FOMC meeting this week continued the expansionary policy initiated in December last year, maintaining a scale of $40 billion per month, suggesting that market expectations for "balance sheet reduction" may be overly optimistic [1] - The policy inclination of the new candidate, Walsh, is influenced by historical statements, but there is uncertainty regarding potential adjustments due to political considerations, given his endorsement by Trump [1] Group 2 - The Cathay Pacific ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which selects listed companies involved in the mining, smelting, and processing of nonferrous metals from the Shanghai and Shenzhen markets [1] - The index aims to reflect the overall performance of listed companies related to nonferrous metals, with a balanced industry distribution structure [1]

Group 1 - The core viewpoint of the article highlights that the supply-demand dynamics in the aluminum and cobalt markets support price elasticity, with industrial metals benefiting from improved expectations of interest rate cuts by the Federal Reserve [1] - The industrial metals sector is experiencing a price increase due to a combination of historical low prices when priced in gold and supply-demand mismatches, with most metal prices showing significant year-on-year growth [1] - The demand from downstream sectors such as PCB, consumer electronics, and semiconductors is steadily growing, alongside strong demand from the energy storage and new energy sectors [1] Group 2 - The 60ETF (159881) tracks the CSI Nonferrous Metals Index (930708), which includes listed companies involved in the mining, smelting, and processing of nonferrous metals, covering key areas such as copper, aluminum, rare earths, gold, and lithium [1] - The long-term strategic attributes of the nonferrous metals industry and limited supply are expected to continuously boost industry prosperity [1] - The capital expenditure in the industry has been declining for an extended period, leading to limited capacity expansion in the short to medium term, further exacerbated by ongoing supply disruptions [1]