2025年黄金股涨幅达135% 远超人工智能驱动的芯片股涨势

Core Insights - Despite the surge in artificial intelligence and semiconductor stocks, gold mining stocks are identified as more attractive investment targets this year [1] - The global gold stock index compiled by MSCI has risen approximately 135% this year, in line with the increase in gold prices [1] - The performance of the gold mining stock index is approaching its best level ever compared to the MSCI global semiconductor index, which has only increased by 40% this year [1] Market Dynamics - The significant disparity in performance highlights a key market dynamic: while "fear of missing out" (FOMO) drives investors towards AI-related opportunities, central banks' continued accumulation of gold has created strong demand for the precious metal [1] - The valuation of precious metals is less concerning compared to the tech sector, with the expected price-to-earnings ratio for the MSCI gold mining stock index at 13 times, slightly below its five-year average [1] - In contrast, the expected price-to-earnings ratio for the semiconductor index stands at 29 times, significantly above its five-year average [1]