全球赛重量组第九名、长期稳定盈利奖第五名顾明喆：黄金长期上涨逻辑明确，资产配置价值凸显

Group 1 - The global economy is currently in a phase of "prosperity, bubbles, and currency devaluation," with central banks having cut interest rates 312 times in the past 24 months, supporting the rise in gold prices [1] - There has been a significant increase in central bank gold purchases, with global gold reserves now exceeding those of U.S. Treasury bonds for the first time, driven by countries like China and Russia diversifying their foreign exchange reserves [1] Group 2 - From an allocation perspective, gold remains structurally underweighted, comprising only 0.5% of the asset management scale of U.S. bank private clients and 2.4% of institutional allocations, indicating substantial room for future price increases [3] - The bullish trend for gold has not yet terminated, with potential upward movements expected unless rare geopolitical events or central bank revaluation occur, such as a significant easing of global trade tensions or breakthroughs in Russia-Ukraine negotiations [3] - Historical patterns show that gold tends to rise before and after interest rate cuts, with a potential buying opportunity anticipated after the Federal Reserve's expected rate cut in December, supported by a normalizing volatility level [3]