中金：维持超配黄金，把握短期波段机会与流动性外溢机会

Core Viewpoint - The report from China International Capital Corporation (CICC) suggests that the current monetary policy of the Federal Reserve remains accommodative, and the U.S. economy is facing stagflation, indicating that the bull market for gold may continue until a clear turning point in U.S. policy and economy is observed [1] Group 1: Gold Market Insights - Gold has seen significant price increases this year, leading to a high valuation, with expectations that the Fed's easing will taper off by early 2026, which could pose 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 Trends - Following the substantial rise in gold prices, other commodities such as copper and silver have also shown strong performance, reflecting the liquidity spillover effect from gold [1] - Commodities can serve as a hedge against geopolitical risks and the 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 a smaller market size and lower liquidity compared to gold, which could lead to greater volatility and correction risks if gold prices fluctuate next year [1] - It is advised to implement risk control measures to avoid impulsive buying during price surges [1]