Group 1: Precious Metals Outlook - The current precious metals market is not yet over, with gold prices remaining within a reasonable range and not showing signs of overvaluation, currently around $4,500 [2] - The strong performance of gold is transmitting to silver and other precious and base metals, driven by market concerns over the credibility of the dollar credit system [2] - Many commodities and metal prices are still at relatively low levels, indicating potential for upward movement as long as gold remains stable [2][3] Group 2: Chinese Capital Market - The Chinese capital market is expected to maintain steady operation in 2026, with clear policy directions focusing on technological innovation and consumption upgrades [4] - Historical data suggests that a strong start to the year, such as a nearly 3% increase in the Hang Seng Index, correlates with a 70% to 80% probability of annual gains [4] - The market's upward trend is supported by a noticeable rotation towards large financial stocks, indicating a shift of funds towards heavyweight sectors [4] Group 3: Asset Allocation Strategy - Both A-shares and Hong Kong stocks are considered to have investment value, with Hong Kong being one of the most attractively valued markets globally [5] - The phenomenon of H-shares trading at a premium to A-shares reflects a new pricing structure in the market, suggesting significant investment opportunities in A-shares [5] - A diversified "all-weather" investment portfolio is recommended, incorporating gold, bonds, and stocks to mitigate risks, although gold and stocks may not always move inversely [6]
首席话开局 | 莲华资产洪灏：黄金成全球资产估值锚 有色金属板块仍有机会
Shang Hai Zheng Quan Bao·2026-01-23 18:21