Investment Rating - The report assigns a 4-star rating to the gold industry, indicating a positive outlook for investment opportunities [44]. Core Insights - The gold industry has shown significant growth, with the market size increasing from 506.36 billion yuan in 2019 to 773.40 billion yuan in 2023, reflecting a compound annual growth rate (CAGR) of 11.17%. It is projected to grow from 895.03 billion yuan in 2024 to 1,228.44 billion yuan by 2028, with a CAGR of 8.24% [37]. - The demand for gold is driven by various factors, including central bank purchases, geopolitical tensions, and inflation concerns, which enhance gold's appeal as a safe-haven asset [39][40]. Industry Definition - Gold (chemical symbol Au) is a yellow metal known for its excellent physical properties, stable chemical nature, high ductility, and scarcity. It serves as a special currency for reserves and investments and is widely used in jewelry, electronics, communications, and aerospace [5][6]. Industry Classification - Gold can be classified based on its source and refining methods into raw gold (mined gold and river gold) and refined gold (pure gold, red gold, and various karat gold types) [7][9]. Industry Characteristics - The gold industry is characterized by its pricing mechanisms, with significant influence from the London and New York markets. China is striving for greater pricing power through initiatives like the Shanghai Gold Benchmark [10][11]. - Gold possesses attributes of currency, finance, and commodity, making it a versatile asset for investment and reserve purposes [12]. Historical Development - The history of gold can be segmented into several phases, from the gold standard established in 1717 to the fluctuations in gold prices post-Bretton Woods in 1971, influenced by various geopolitical and economic events [14][17]. Industry Chain Analysis - The gold industry chain consists of upstream (gold mining), midstream (refining and trading), and downstream (jewelry, coins, and central bank reserves) segments. China leads in gold production, accounting for approximately 10% of global output [22][23][26]. Market Size - The gold market has experienced substantial growth, with a notable increase in demand from central banks and consumers. In 2023, jewelry accounted for 49.01% of global demand, while central banks contributed 23.06% [33][38]. Future Outlook - The report anticipates continued growth in the gold market, driven by central bank purchases and geopolitical uncertainties. The demand for gold is expected to remain strong, particularly in the context of rising inflation and economic instability [39][40].
企业竞争图谱：2024年贵金属：黄金 头豹词条报告系列
Tou Bao Yan Jiu Yuan·2024-09-30 11:45