CICC(SH:601995) Zheng Quan Shi Bao Wang·2025-12-26 00:28Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that the current monetary easing cycle by the Federal Reserve, coupled with stagflation in the U.S. economy, may continue to support a bullish trend in gold prices until a policy and economic turning point is observed [1] Group 1: Gold Market Analysis - Gold has seen significant price increases this year, leading to a high valuation, with expectations of a tapering in the Fed's easing policy by early 2026 potentially posing risks [1] - If gold prices experience a notable correction early next year, it may present a buying opportunity for investors looking to increase their allocation [1] Group 2: Broader Commodity Market Insights - Following the substantial rise in gold prices, other commodities such as copper and silver have also shown strong performance, indicating a liquidity spillover effect from the gold market [1] - Commodities are viewed as a hedge against geopolitical risks and the potential overheating of the U.S. economy, prompting a recommendation to adjust commodity allocations to benchmark levels, with a particular focus on non-ferrous metals [1] Group 3: Risk Considerations - The report highlights that metals like silver have smaller market sizes and poorer liquidity compared to gold, which could lead to greater volatility and correction risks if gold prices fluctuate [1] - It is advised to implement risk control measures to avoid impulsive buying during price surges [1]