黄金行业点评：美国关税影响及展望

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - The recent implementation of the "reciprocal tariff" policy by the U.S. government, which includes a 10% minimum baseline tariff, has led to significant volatility in global financial markets, impacting gold prices [1]. - Following the U.S. tariff announcement, gold prices initially surged to a historical high before experiencing a sharp decline, attributed to a sell-off triggered by falling global stock markets [1]. - The report highlights that the long-term outlook for gold prices remains bullish due to increasing trade tensions and rising input costs, which are expected to drive inflation in the U.S. [2]. - Yale University's budget laboratory predicts that if retaliatory measures are not taken by other countries, U.S. PCE could rise by 1.7%, with a potential decline in real GDP growth by 0.6 percentage points by 2025 [2]. - The report suggests that gold-related stocks, such as Lingbao Gold, Chifeng Jilong Gold Mining, China National Gold International, Shandong Gold, and Shandong Gold International, still hold strong investment value [2]. Summary by Sections Industry Scale - The industry comprises 233 companies, with a total market capitalization of 405.21 billion and a circulating market value of 377.45 billion [4]. Industry Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 2.9%, 21.5%, and 13.4% respectively, while the relative performance is 3.6%, 25.4%, and 5.2% [6].