UBS(US:UBS) Ge Long Hui·2025-10-26 05:45Group 1 - The core strategy on Wall Street has become "left hand technology, right hand gold," indicating a dual investment approach in technology stocks and gold amid market uncertainty [2] - Global hedge funds have significantly increased their exposure to AI-related hardware, reaching the highest level since 2016, with a focus on semiconductor and related chip stocks [2] - A recent survey by Bank of America revealed that 43% of investors consider "going long on gold" as the most crowded trade, surpassing the 39% for "going long on the seven tech giants" [2] Group 2 - In October, various ETFs, including gold ETFs and Hang Seng Technology ETFs, have attracted substantial capital inflows, with gold ETFs alone attracting 100.31 billion yuan [4] - UBS has upgraded its rating on global equities to "attractive," citing expected productivity gains from AI spending and favorable policy environments, with a forecast for global earnings growth to rise from 6.5% to 8% by 2025 [5] - The chief analyst at CICC believes that gold is entering a long bull market, driven by a shift in gold pricing logic from commodity attributes to financial asset safety attributes [5][6] Group 3 - Global central banks have been significant buyers of gold, with purchases exceeding 1,000 tons annually from 2022 to 2024, indicating strong demand potential [6] - If global central banks increase the gold proportion in their foreign reserves to 15%, the demand could reach 5,000 tons, equivalent to one and a half years of global gold supply [6] - Financial institutions in Europe and the U.S. are increasingly purchasing gold, recognizing its resilience against interest rate fluctuations, which is expected to support rising gold prices [6]