SCS(SH:601555) Ge Long Hui A P P·2026-02-08 02:09Core Viewpoint - The chief economist of Dongwu Securities, Lu Zhe, indicates that gold has been in a continuous upward channel since 2020, but recent price movements have shown changes in rhythm [1] Group 1: Price Trends - Gold prices have accelerated in their upward trajectory, with the time taken to rise from $2000/oz to $3000/oz, from $3000/oz to $4000/oz, and from $4000/oz to $5000/oz decreasing [1] - This acceleration in price increase reflects a shift in the pricing mechanism of gold from "trend-based allocation" to being driven by "emotions and expectations" amid rising macroeconomic uncertainties and increased risk premiums [1] Group 2: Market Sensitivity - The faster price movement reinforces the long-term upward trend of gold, but it also indicates a higher sensitivity to external disturbances in the short term [1]