Sou Hu Cai Jing·2025-12-30 01:05Core Viewpoint - The macroeconomic trends driving the surge in gold prices this year are expected to shift towards copper pricing by 2026, indicating a transition in the global economic order [1] Group 1: Macroeconomic Trends - The "collapse of the old order" in 2025 will lead to a rise in gold prices, while 2026 will see the establishment of a new order with rising copper prices [1] - The era of tariffs 2.0 is reshaping global economic and trade orders, accelerating the restructuring of supply chains, with copper being a core industrial manufacturing raw material [1] Group 2: Geopolitical Dynamics - In 2025, the focus of major power competition will be on tariff impacts, leading to increased gold prices, while in 2026, the competition will shift towards technology and security, resulting in higher copper prices [1] - The demand for copper will grow due to new momentum from the AI industry, particularly in areas like AI data centers [1] Group 3: Domestic Demand and Monetary Policy - In 2025, major powers will concentrate on tariff disputes, which will elevate gold prices, while in 2026, they will return to stable domestic demand, positively impacting copper prices [1] - The gradual transmission of monetary easing policies to traditional industrial sectors will improve manufacturing sentiment, directly linking to a recovery in copper's old momentum demand [1]