Understanding the Market | Non-ferrous stocks plummeted in the morning, domestic policy transmission still needs time, and overseas macroeconomic games intensify

Non-ferrous stocks plummeted in the morning session. As of the time of publication, CHALCO fell by 4.29% to HKD 4.24; CMOC fell by 3.63% to HKD 6.11; Zijin Mining fell by 3.39% to HKD 15.4; JCCL fell by 3.45% to HKD 13.44. On the news front, the Federal Reserve indicated that if the fight against inflation continues to make the desired progress, it may announce a rate cut at the September meeting. In terms of asset allocation, institutional investors believe that the short-term "rate cut trade" theme is supportive, but caution is needed regarding the "expectation gap" between market expectations for the pace and intensity of Fed rate cuts and the actual situation. CITIC Futures pointed out that the introduction of domestic policy measures may boost market sentiment, but the transmission to reality may still have a time lag. Overseas, the previous continued decline in pricing expectations for the non-ferrous sector, coupled with the approaching Fed meeting and the resilience of U.S. Q2 economic growth, has weakened the downward momentum due to intensified macroeconomic competition