中银国际：料今年平均金价升至4,800美元 明年每盎司看5,200美元

Group 1 - The core viewpoint of the article is that gold prices have risen significantly, with a 67% increase last year and a further 6% increase year-to-date, driven by central bank and insurance company purchases, as well as a shift of funds from cryptocurrencies to gold investments [1] - The report anticipates that geopolitical tensions and expectations of further interest rate cuts in the U.S. will enhance gold's appeal as a safe-haven asset, predicting an average gold price increase of 40% by 2026, with a potential rise to $5,200 per ounce next year and a long-term forecast of $5,500 per ounce [1] - The Chinese gold industry is rated "overweight," with expectations of rapid growth for all Chinese gold producers this year, highlighting Shandong Gold (01787) and Zhaojin Mining (01818) as preferred stocks with "buy" ratings and target prices of HKD 52.06 and HKD 44.78, respectively [1] Group 2 - Zijin International (02259) 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 (02899) 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]