黄金：降息预期持续走高，金价有望持续提升

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2] Core Viewpoints - The report highlights a sustained increase in gold prices driven by rising expectations of interest rate cuts in the U.S. and ongoing de-dollarization trends, which are expected to support long-term growth in gold prices [5][7] - The report suggests that the recent rise in market expectations for interest rate cuts, influenced by lower consumer price index (CPI) data, may lead to a rebound in gold prices after a period of fluctuation [7] - The report recommends several stocks in the gold sector, including Zijin Mining, Zhongjin Gold, Shandong Gold, and others, as potential investment opportunities due to favorable market conditions [7] Summary by Sections Market Performance - The report indicates a market performance trend for the non-ferrous metals sector, showing a range of -18% to +24% compared to the CSI 300 index from March 2024 to November 2024 [3] Related Research - The report references two related studies: "Jinhui Co.: Industry Continues to Prosper, Company Performance on the Rise" and "Electrolytic Aluminum: Rapid Profit Expansion, Industry Prosperity Expected to Continue" [4] Investment Recommendations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various stocks, all rated as "Buy," indicating strong expected performance: - Shengda Resources: EPS 0.21 (2023), PE 69.57 - Yintai Gold: EPS 0.51 (2023), PE 33.38 - Hunan Gold: EPS 0.41 (2023), PE 58.51 - Hengbang Co.: EPS 0.45 (2023), PE 24.36 - Zhongjin Gold: EPS 0.61 (2023), PE 20.89 - Shandong Gold: EPS 0.42 (2023), PE 58.26 - Chifeng Gold: EPS 0.49 (2023), PE 38.53 - Zijin Mining: EPS 0.80 (2023), PE 20.86 [7]