Hong Kong Stock Market Movement | Non-ferrous stocks lead the gains in the morning session, institutions state that the improvement in domestic and international macroeconomic expectations continues to catalyze the prices of base metals

Non-ferrous stocks lead the gains in the morning session. As of the time of publication, CHINAHONGQIAO rose by 9.07% to HKD 8.06; CMOC rose by 4.23% to HKD 6.4; CHALCO rose by 4.38% to HKD 5; ZHAOJIN MINING rose by 3.48% to HKD 9.51. TF Securities pointed out that the recent improvement in macroeconomic expectations at home and abroad continues to catalyze the prices of basic metals, and the current industry is still in the off-season. If the peak season arrives, prices may have greater elasticity. The bank believes that the repeated fluctuations in short-term U.S. economic and employment data may cause gold prices to fluctuate, but as the negative impact of the high interest rate environment on the economy gradually becomes apparent, the upward trend in U.S. bond yields may be nearing its end, providing support for medium-term gold prices. CICC stated that behind the seemingly "chaotic" assets in March, there are three main themes: Bitcoin, gold, and copper driven by ample liquidity; interest rates, stock market, and gold driven by rate cut expectations; copper and oil driven by demand improvement and expectations of secondary inflation. Guotai Junan Futures previously pointed out that against the background of positive USD liquidity, a rebound in the global economic cycle at a low point, and the resonance of geopolitical risks not significantly cooling down, asset shortage trading and reflation trading may have some continuity