Hunan Gold(SZ:002155) Sou Hu Cai Jing·2026-01-27 03:10Group 1: Precious Metals Market Overview - The price of spot gold has surpassed $5,070 per ounce, with a daily increase of 1.24%, while silver contracts have seen gains of over 6% [1] - Eastern Securities believes that the current U.S. long-term debt cycle is in its late stage, indicating a loss of trust in the existing fiat currency system, leading to a natural inclination to buy physical assets for wealth preservation [1][13] - The outlook for precious metals prices is optimistic, with expectations of continuous record-breaking prices through 2026 [1][13] Group 2: Industrial Metals and Market Dynamics - The logic of rising precious metal prices also applies to industrial metals, which are expected to accelerate in price due to comparative effects [1][13] - The China Securities Index focuses on the upstream mining sector of the non-ferrous metal industry, with copper, gold, and aluminum making up over 57% of the index's weight [3] Group 3: Historical Performance and Trends - The non-ferrous mining index has shown a cumulative increase of 293.80% over the past decade, with an annualized growth rate of 15.14% [7] - The index's historical performance indicates higher elasticity compared to similar indices, with a Sharpe ratio of 0.64, suggesting a favorable risk-adjusted return [9] Group 4: Central Bank Activities - Global central banks continued to net buy gold, with a total net purchase of 45 tons in November, maintaining a high level compared to earlier months [10] - The People's Bank of China reported a gold reserve of 74.15 million ounces as of the end of December, having increased its holdings for 14 consecutive months [10]