Sou Hu Cai Jing·2025-12-26 00:56Core Viewpoint - The report from CICC indicates that the significant rise in gold prices this year has led to high valuations, and the expectation of a phase-out of the Federal Reserve's easing policy by early 2026 may pose risks [1] Group 1: Gold Market Analysis - The expectation is that the Federal Reserve will eventually accelerate easing again next year, suggesting that a notable pullback in gold prices early next year could present a buying opportunity [1] - Following the substantial increase in gold prices, other commodities such as copper and silver have also shown strong performance, reflecting the liquidity spillover effect from gold [1] Group 2: Commodity Investment Strategy - Commodities can serve as a hedge against geopolitical risks and the overheating of the U.S. economy, leading to a recommendation to adjust commodity allocations to a benchmark level, with a particular focus on non-ferrous metals [1] - Metals like silver have a smaller market size and lower liquidity compared to gold, which increases the risk of volatility if gold prices fluctuate next year; therefore, it is advised to implement risk control measures to avoid chasing prices blindly [1]