2 1 Shi Ji Jing Ji Bao Dao·2025-10-09 07:29Group 1 - COMEX gold futures prices experienced a slight pullback before rising again, currently trading around $4056, with gold-related ETFs showing strong performance, including a nearly 9% increase in the gold stock ETF (159562) [1] - As of the end of September, China's gold reserves reached 74.06 million ounces, an increase of 40,000 ounces month-on-month, marking the 11th consecutive month of gold accumulation [1] - UBS forecasts a bullish trend in the gold market, predicting gold prices will rise to $4200 per ounce by mid-2026, driven by a weaker dollar, significant central bank purchases, and increased ETF investments [1] Group 2 - CITIC Securities highlights concerns regarding the valuation methods and space for domestic gold mining stocks, suggesting that the upward momentum in gold prices combined with increased production from gold mining companies could drive further PE ratio recovery [2] - The report indicates that domestic gold mining stocks are significantly undervalued in terms of cash flow and resources, and the promotion of two valuation methods domestically may facilitate a revaluation [2] - Both qualitative and quantitative analyses support a positive outlook on the allocation value of domestic gold stocks [2]