Industrial Securities(SH:601377) Sou Hu Cai Jing·2025-12-03 05:56Group 1 - The core viewpoint is that gold remains a favorable investment due to factors such as a weak dollar driven by liquidity easing, ongoing geopolitical risks, and potential market uncertainties ahead of the 2026 U.S. midterm elections [1] - Gold is expected to benefit from the continuation of global central bank gold purchases, which will provide fundamental resilience to gold prices [1] - The relative attractiveness of U.S. Treasury bonds is increasing due to rising economic and policy uncertainties in Europe and Japan, leading to a higher proportion of gold in international reserves while the dollar's share declines [1] Group 2 - In the medium to long term, gold prices are anticipated to trend upward, suggesting that investors may consider participating in subsequent pullbacks and gradually accumulating positions [1] - Direct investment in physical gold and tax-exempt gold ETFs (518800) are recommended, along with gold stock ETFs (517400) that cover the entire gold industry chain [1]