永赢基金刘庭宇：黄金回调，为何黄金股持续上涨？

Group 1 - The core viewpoint is that gold stocks have outperformed gold prices in the past six months due to two main reasons: the growth potential of gold companies and the recovery of market sentiment in A-shares [1][3] - The recent joint release of the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)" by nine departments highlights the importance of gold as a strategic mineral resource in China, which is the largest producer and consumer of gold globally [3] - In 2024, China's gold consumption is projected to be 985 tons, while gold production is only 377 tons, indicating a significant supply-demand gap that necessitates increased domestic production and importation [3] Group 2 - Domestic gold mining companies are expected to take on more responsibilities for increasing reserves and production, although their output growth may not significantly impact global gold supply and prices [3] - The stable mining costs and the potential for performance enhancement from gold mining companies suggest that their earnings capacity may further improve [3] - The current valuation of gold stocks remains low, with the CSI Gold Industry Index's TTM price-to-earnings ratio at 18.23, indicating potential for valuation recovery [4]