Shang Hai Zheng Quan Bao·2025-04-27 19:15Group 1 - The core viewpoint is that despite recent fluctuations in gold prices, gold remains a valuable asset for investment due to global uncertainties, with significant increases in gold stock prices and related ETFs this year [1][3] - Gold stocks have seen substantial price increases in 2023, with notable gains for companies such as Chifeng Jilong Gold Mining (up 77.13%), Western Gold (up 59.13%), and Hunan Gold (up 47.7%) as of April 24 [1] - Several funds have heavily invested in gold stocks, with examples including ICBC Credit Suisse's fund holding 8 million shares of Zhaojin Mining and Penghua China 50 fund having a 9.99% allocation to Shandong Gold [1][2] Group 2 - The manager of Penghua China 50 fund highlighted a focus on upstream resource assets, particularly gold, as they are sensitive to market changes and provide solid returns during economic downturns [2] - Gold-related ETFs have experienced both performance and share growth in 2023, with several ETFs seeing net value increases close to 30% and significant share increases, such as Huashan Gold ETF gaining 36.49 million shares [2] - From a long-term perspective, gold is seen as having significant allocation advantages due to rising risk aversion in stock markets, ongoing central bank gold purchases, and expectations of interest rate cuts by the Federal Reserve [3]