China National Gold (SH:600916) Jing Ji Guan Cha Bao·2025-10-09 08:53Core Viewpoint - The recent surge in gold stocks contrasts with a slight decline in international gold prices, indicating a potential shift in market dynamics where gold is increasingly viewed as a strategic asset rather than just a commodity [1][4][7]. Group 1: Market Dynamics - On October 9, several gold stocks, including Western Gold and Sichuan Gold, hit the daily limit, while gold ETFs also saw significant gains, reflecting a surge in market sentiment [1]. - Despite the rise in gold stocks, COMEX gold futures showed a slight decline, suggesting a divergence between stock performance and gold prices, raising questions about the sustainability of this trend [1][4]. - The shift in perception of gold from a commodity to a quasi-currency asset is driven by macroeconomic factors, including U.S. fiscal policies and the ongoing re-evaluation of dollar asset safety [4][5]. Group 2: Institutional Actions - China National Gold's recent share buyback, amounting to approximately 19.45 million yuan, is seen as a strong endorsement of the long-term value of the gold industry [2]. - The People's Bank of China has continued to increase its gold reserves, reaching 7.406 million ounces (approximately 2299 tons) as of September 2025, indicating a strategic commitment to gold accumulation [2]. Group 3: Future Outlook - Analysts suggest that the current high volatility in gold stocks may lead to a rapid withdrawal of funds if macroeconomic conditions stabilize, such as a slowdown in Federal Reserve rate cuts or easing geopolitical tensions [6][7]. - The long-term outlook for gold remains positive, supported by ongoing central bank purchases, geopolitical uncertainties, and a potential shift in the global monetary system [6][7]. - Investors are encouraged to reassess the value of gold in the context of its evolving role as a strategic asset amid a changing economic landscape [7].