建信基金：多重积极因素共振 看好黄金资产长期配置价值

Group 1 - The core viewpoint of the articles highlights the strong performance of gold prices, which have reached historical highs, with overseas London gold prices exceeding $5000 per ounce and domestic Shanghai gold prices surpassing 1100 yuan per gram, reflecting cumulative increases of 97.41% and 85.61% respectively since 2025 [1][2] - The long-term support for gold remains solid due to its multiple attributes as a traditional store of value, especially in the context of ongoing international uncertainties [1] - Gold prices are negatively correlated with U.S. real interest rates, and with the Federal Reserve entering a rate-cutting cycle, this is expected to benefit gold performance. Historically, during the last six Fed rate-cutting cycles, the average increase in London gold prices was 24.55% [1] Group 2 - Gold is an essential part of global central bank reserves, and the ongoing "de-dollarization" process, coupled with high U.S. Treasury yields and diminishing dollar credit, has led to increased gold allocations by central banks, acting as marginal price setters for gold [2] - As of the end of Q3 2025, the global official gold reserves accounted for 28.9% of total official reserves, the highest since records began in 2000 [2] - From an asset allocation perspective, gold's low correlation with traditional asset classes like stocks and bonds can help diversify portfolio risks and improve the risk-return profile [2]