SHCF(SH:600621) Sou Hu Cai Jing·2025-11-19 05:48Core Viewpoint - The long-term advantages of gold as a safe-haven and investment asset are becoming more prominent, driven by expectations of continued interest rate cuts by the Federal Reserve and trade tensions, leading to sustained growth in gold and jewelry demand [1] Group 1: Gold and Jewelry Market Trends - The demand for gold jewelry is expected to continue growing, influenced by the rise of ancient-style gold and IP gold jewelry, which are leading new trends [1] - The consumption logic in the industry is being restructured, with a decline in wedding-related demand and a rise in self-indulgent consumption, alongside a shift in investment demand [1] - Adjustments in gold tax policies are expected to optimize the market's investment and consumption structure, encouraging regulated trading and promoting a transition from "off-market dispersion" to "on-market concentration" [1] Group 2: Economic Indicators and Price Outlook - In the non-ferrous metals sector, policies aimed at expanding domestic demand are showing effectiveness, with the Producer Price Index (PPI) in October rising by 0.1% month-on-month, marking the first increase of the year [1] - The medium to long-term outlook for gold prices remains bullish, with investors advised to consider participating in subsequent pullbacks and gradually building positions [1] Group 3: Investment Opportunities - Investors are encouraged to focus on direct investments in physical gold and tax-exempt gold fund ETFs (518800), as well as gold stock ETFs (517400) that cover the entire gold industry chain [1]