中泰证券：中长期来看 黄金仍具备显著配置价值

Group 1 - The core viewpoint is that the demand for safe assets will continue to exist amid the deepening multipolar landscape and accelerating de-globalization process [1] - High U.S. debt levels and historically high valuations in the U.S. stock market may pose potential risks to global financial market stability [1] - The wealth accumulation from the ongoing industrialization in emerging market countries, along with their traditional preference for gold, will provide solid support for gold prices [1] Group 2 - Although gold prices may face short-term adjustment pressures, they still possess significant allocation value in the medium to long term [1]