Ge Long Hui·2026-01-19 03:28Group 1 - The core viewpoint of the report is that due to escalating global geopolitical tensions and expectations of further interest rate cuts in the US, the attractiveness of gold as a safe-haven asset is increasing. The average gold price is projected to rise by 40% to $4,800 per ounce by 2026, with a potential increase to $5,200 per ounce next year and a long-term forecast of $5,500 per ounce [1] Group 2 - The report assigns an "Overweight" rating to the Chinese gold industry, anticipating rapid growth for all Chinese gold producers this year. The preferred stocks are Shandong Gold and Zhaojin Mining, both receiving "Buy" ratings with target prices of HKD 52.06 and HKD 44.78 respectively [1] - Zijin International is given a "Hold" rating, with expectations that its stock price may come under pressure after the cornerstone investor lock-up period ends in March, with a target price of HKD 152 [1] - Zijin Mining is rated "Buy," with its target price raised to HKD 46.43, as it is believed to benefit from being a multi-metal producer [1]