Group 1 - Gold stocks have strengthened again, with Shandong Gold rising by 5.25% to HKD 38.06, Zhaojin Mining up by 3.72% to HKD 33.48, Lingbao Gold increasing by 3.54% to HKD 19.57, and Chifeng Jilong Gold up by 2.95% to HKD 32.78 [1] - On December 22, COMEX gold prices broke through USD 4450, reaching a new high [1] - Federal Reserve Governor Milan warned that if the Fed does not continue to lower interest rates next year, it may increase the risk of an economic recession, indicating a potential shift towards a more dovish policy [1] Group 2 - Xinyuan Fund stated that the foundation for a gold bull market remains unchanged, although short-term volatility may increase [2] - If the US core PCE continues to decline, it will solidify expectations for two 25 basis point rate cuts in the first half of 2026, with gold prices likely to test the USD 4400 level [2] - The upcoming nomination of a new Fed chairman by Trump is expected to lean more dovish, alongside expanding US fiscal deficits and high debt levels, which will enhance the long-term value of gold [2]