中信证券：中性假设下，模型预期2026年底国际金价有望超过5100美元/盎司

Core Viewpoint - CITIC Securities reports that gold prices are expected to rise rapidly and reach new highs by December 2025, although the current fundamentals do not support this rapid increase [1] Group 1: Market Analysis - Recent market conditions indicate that speculative funds have overflowed into the gold market due to a short squeeze in silver [1] - The company advises caution for market participants in the short term [1] Group 2: Future Outlook - For 2026, CITIC Securities sees a strong likelihood of gold price increases, driven by expectations of dual monetary and fiscal easing in the U.S. and persistent stagflation pressures [1] - The model predicts that under neutral assumptions, international gold prices could exceed $5,100 per ounce by the end of 2026 [1] - The geopolitical landscape and China-U.S. trade relations are expected to remain relatively stable through 2026 [1]