Core Viewpoint - JPMorgan predicts that the average gold price will reach $5,055 per ounce by Q4 2026, driven by sustained investor interest and steady central bank purchases [1] Group 1: Gold Price Forecast - The forecast is based on expectations of a Federal Reserve rate cut cycle, inflation concerns, worries about the Fed's independence, and broader devaluation risk hedging demand [1] - Gold prices have surged nearly 57% year-to-date due to geopolitical and economic uncertainties, rate cut expectations, and ongoing central bank purchases [1] Group 2: Investor Behavior - Foreign holders of U.S. assets are slightly reducing their dollar holdings and shifting towards gold, indicating a strategic reallocation [1] - A potential decrease in U.S. asset allocation from approximately 45% to 43%, with a 0.5% shift to gold, could push gold prices up to $6,000 [1] Group 3: Central Bank Activity - Goldman Sachs expects central banks to maintain stable purchasing momentum, with a potential increase in gold purchases in September and October following a seasonal lull [1] - Continuous central bank inflows, combined with ETF fund re-entry post-Fed rate cuts, create a "structurally strong demand backdrop" for gold [1]

Group 1 - The phenomenon of Japanese national university graduates increasingly choosing to work for foreign companies, particularly in consulting and investment banking, reflects deeper issues within the Japanese economy and corporate culture [1][2] - Criticism from political figures regarding this trend highlights concerns about the potential loss of talent from national universities, but simplistic solutions may exacerbate the problem rather than resolve it [1] - The preference for foreign firms is driven by a lack of innovation and risk-taking within traditional Japanese companies, which often rely on internal promotions and past successes, limiting strategic change [2][3] Group 2 - The financial sector in Japan has maintained a risk-averse approach since the economic bubble burst in the 1990s, leading to a scarcity of high-risk investment opportunities [3] - Young professionals seeking to engage in cutting-edge financial engineering or large-scale investment operations find foreign firms to be more appealing due to the conservative nature of domestic financial institutions [3] - The overall conservative environment in Japan, characterized by a lack of transformative capability in traditional enterprises and a risk-averse financial sector, serves as a warning sign for the country's economic stagnation [3]

Core Viewpoint - The gold market in 2025 is experiencing a remarkable surge, with London gold prices rising over 56% year-to-date, reaching new highs, but a recent sharp decline has raised questions about the sustainability of this trend [1][3][10]. Price Movement and Market Dynamics - As of October 22, 2025, the London gold price started at $2,650 per ounce and peaked at $4,381.48, with a year-to-date increase of 56.55% and an annualized return of 70.93% [3]. - On October 21, 2025, gold prices experienced a significant drop of 6.3%, attributed to easing geopolitical tensions and profit-taking by investors [1][3]. Institutional Outlook - Despite short-term fluctuations, institutions maintain a long-term optimistic outlook, with Goldman Sachs raising its 2026 gold price forecast from $4,300 to $4,900 per ounce [4]. Key Drivers of Gold Price Increase 1. **Central Bank Purchases**: Central banks, particularly in emerging markets, have been accumulating gold, with a net purchase of 1,037.4 tons in 2023, representing 21.2% of total demand, and this trend is expected to continue [7]. 2. **U.S. Federal Reserve Policy Shift**: Expectations of a shift in Federal Reserve policy, including a potential 100 basis point rate cut by mid-2026, are expected to lower the opportunity cost of holding gold, making it more attractive to investors [8]. 3. **Safe-Haven and Inflation Hedge Demand**: Geopolitical risks and inflation concerns have reinforced gold's dual role as a safe-haven asset and an inflation hedge, leading to robust demand [9]. Short-Term Adjustments - The recent price correction is viewed as a technical adjustment rather than a fundamental shift, providing a potential buying opportunity for long-term investors [10][11]. - Historical trends indicate that a 5%-10% correction is common during a strong upward trend, suggesting that the current pullback may be a consolidation phase [12]. Investment Strategy for Ordinary Investors - Ordinary investors are advised to view gold as a risk management tool rather than a short-term speculative asset, focusing on long-term allocation [15]. - Gold ETFs, such as the South China Gold ETF (code: 159834), are recommended for their convenience and lower costs compared to physical gold or futures [16][17]. - A systematic investment approach, such as dollar-cost averaging or incremental buying during price dips, is suggested to mitigate risks associated with market volatility [18]. Conclusion - The gold market's fundamentals remain strong despite recent price adjustments, with key drivers like central bank purchases and geopolitical tensions still in play. Investors are encouraged to focus on long-term strategies and utilize accessible investment vehicles like gold ETFs to capitalize on the ongoing market dynamics [19].

Core Viewpoint - Hong Kong is experiencing a listing boom, with companies like Baile Tianheng preparing for their IPOs, reflecting a strong interest from Chengdu enterprises in accessing international capital markets [1][8]. Group 1: Market Activity - Baile Tianheng has passed the listing hearing on the Hong Kong Stock Exchange, with Chengdu's total number of listed companies expected to reach 28 [1]. - Numerous institutions and enterprises actively participated in the "Rongyi Shang" event, indicating a high level of interest in Hong Kong listings [3]. - The scale of participation in the event this year has significantly increased compared to last year, showcasing the enthusiasm of Chengdu enterprises for listing in Hong Kong [3]. Group 2: Sector Insights - The event featured specialized sessions for biopharmaceutical and technology/consumer sectors, with over a hundred representatives from enterprises and financial institutions attending [3][5]. - Key insights were shared regarding the opportunities and challenges faced by companies seeking to list in Hong Kong, particularly in the biopharmaceutical sector [5][7]. - Legal experts discussed critical points encountered by enterprises during the listing process, emphasizing the importance of legal support for technology and consumer companies [5]. Group 3: Investment Opportunities - Investment institutions highlighted the opportunities presented by listing in Hong Kong, particularly for Chengdu enterprises looking to expand internationally [8]. - Several Chengdu companies, including Guoxing Aerospace and Xinyue Holdings, have submitted applications for Hong Kong listings this year, indicating a trend of local firms seeking to leverage international capital markets [8]. - As of now, Chengdu has 122 A-share listed companies, 27 listed in Hong Kong, and 5 in the US, with the total expected to reach 154 following Baile Tianheng's listing [8].

Group 1 - OpenAI has recruited over 100 former investment banking employees from Wall Street to assist in training AI models for financial modeling skills [1][3] - The recruited personnel come from major firms such as JPMorgan, Morgan Stanley, and Goldman Sachs, with an hourly wage of $150 (approximately 1,070 RMB) [3] - This initiative may potentially alter the skill requirements for entry-level positions in the financial industry [3]

Core Viewpoint - The recent significant drop in gold prices has shifted market discussions towards whether gold will rebound and reach new highs, with Goldman Sachs maintaining a target of $4,900 per ounce by the end of 2026, driven by demand from central banks and institutional investors [1] Group 1: Market Dynamics - Gold prices experienced their largest single-day drop in over a decade, leading to debates on future price recovery [1] - Analysts from Goldman Sachs noted that various long-term capital allocators, including sovereign wealth funds and central banks, are planning to increase their gold holdings as a strategic diversification tool [1] - JPMorgan's strategist team believes that the recent gold price drop was primarily due to profit-taking by trend-following commodity trading advisors (CTAs), rather than retail investors exiting gold ETFs [1][2] Group 2: Investor Behavior - The surge in gold ETF purchases this year cannot be solely attributed to "devaluation trades" due to concerns over a weakening dollar; instead, there is a notable motivation to hedge against stock market risks [3] - Retail investors have been buying both stocks and gold while avoiding long-term bonds, which traditionally serve as a hedge against stock market risks [3] - The current allocation of gold by global non-bank investors stands at 2.6% of their total financial assets, suggesting that this ratio may still be too low if gold is to replace bonds as a hedge against stock risks [6] Group 3: Future Projections - JPMorgan's team hypothesizes that to increase the gold allocation from 2.6% to 4.6% by 2028, gold prices would need to rise by approximately 110% [8] - The assumption includes a projected increase in stock allocation to 54.6% and an annual increase of $7 trillion in the size of bonds and cash over the next three years [7][8]

Market Performance - On October 23, the A-share market showed a rebound with the three major indices closing in the green: the Shanghai Composite Index at 3922.41 points, up 0.22%; the Shenzhen Component Index at 13025.45 points, up 0.22%; and the ChiNext Index at 3062.16 points, up 0.09% [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.07 billion yuan, a decrease of 29.5 billion yuan compared to the previous trading day [1] International Indices - On the same day, the Nikkei 225 index in Japan closed down 1.35% at 48641.61 points, while the TOPIX index fell 0.39% to 3253.78 points. The South Korean Composite Index also declined by 0.98% to 3845.56 points [1] Bond Market - On October 23, government bond futures closed lower across the board, with the 30-year main contract down 0.34%, the 10-year contract down 0.12%, the 5-year contract down 0.07%, and the 2-year contract down 0.02% [1] Convertible Bonds - The China Convertible Bond Index rose by 0.14% to 477.97 points, with notable gainers including Tongguang Convertible Bond up 4.25% and Tianyuan Convertible Bond up 3.14%. Conversely, Huicheng Convertible Bond fell by 10.94% [1] ETF Performance - On October 23, ETF performance was mixed, with the National 2000 ETF rising by 4.97% and the Coal ETF up by 2.46%. However, the Hong Kong Stock Connect Innovative Drug ETF fell by 2.64% [2] Commodity Futures - Most domestic commodity futures contracts closed higher, with the main crude oil contract showing significant gains. As of 15:00, coking coal rose over 5%, while crude oil, coking coal, and lithium carbonate increased by over 4% [2] Institutional Insights - Goldman Sachs maintains a positive outlook on Chinese equities, projecting a potential 30% upside for both the MSCI China Index and the CSI 300 Index by the end of 2027 [3] - Morgan Stanley expresses a non-pessimistic view on the market, highlighting strong export performance and China's manufacturing advantages as key support factors [3] - BlackRock's CIO emphasizes that Chinese assets remain relatively undervalued and are likely to attract global capital as U.S. interest rates enter a downward cycle [3] - UBS Wealth Management's CIO notes that gold prices are supported by macro uncertainties and geopolitical factors, maintaining a year-end target of $4200 per ounce for gold [3]

Core Insights - The US government shutdown has entered its 23rd day, with the Senate rejecting temporary funding resolutions, leading to a lack of official economic data and increased market uncertainty [3] - Gold prices have shown resilience, trading above $4100 per ounce, supported by geopolitical tensions and the ongoing government shutdown, which drives investors towards safe-haven assets [1][2] Economic Analysis - The anticipated Consumer Price Index (CPI) data may not provide the necessary insights for investors due to the absence of official data during the government shutdown [3] - Concerns are rising over a significant slowdown in job growth, with potential trend employment growth now estimated at only 25,000 jobs per month, a reduction of 125,000 jobs from earlier predictions [3] - Goldman Sachs economists have identified five key factors contributing to the rapid decline in job growth, including reduced immigration, government hiring cuts, the rise of AI, increased tariff costs, and heightened macroeconomic risks [3] Inflation and Market Sentiment - The core inflation rate is expected to remain at 3.1%, significantly above the Federal Reserve's target of 2%, with core CPI consistently above 3% for nearly five years [4] - Despite strong demand ahead of the Diwali festival in India supporting gold prices, there are rising risks of a pullback in gold and silver due to technical overbought conditions and a shift in market sentiment towards risk appetite [4] Technical Analysis - Gold's price movements have shown a more subdued volatility compared to previous days, indicating a potential stabilization after recent fluctuations [4] - Short-term moving averages are beginning to show signs of upward momentum, suggesting a possible stabilization in gold prices after recent declines [4][5] - The upward trend line in hourly charts remains intact, indicating potential for further price increases, with a focus on the $4200 resistance level [5]

Group 1 - The core viewpoint of the article emphasizes Goldman Sachs' commitment to creating a diverse and inclusive work environment, providing various internship opportunities for students to engage with professionals and gain practical skills [1][8]. - The 2026 Off-Cycle Internship Program in Investment Banking is currently accepting applications, inviting students from universities worldwide to apply [1][3]. - The internship will take place in Beijing from mid-January to early May 2026, requiring full-time commitment for five days a week [5]. Group 2 - The application deadline for the internship is November 2, 2025, at 6:00 p.m. Beijing time, highlighting the urgency for potential applicants [5]. - Eligible candidates include undergraduate and master's students graduating between June 2026 and July 2027, with no specific major requirements [5]. - Desired qualifications include a strong interest in investment banking, proactive attitude, excellent interpersonal and communication skills, strong quantitative and technical abilities, and fluency in English [5].

Core Insights - The article highlights the career journey of a professional at Goldman Sachs, emphasizing the importance of mentorship, cultural fit, and the dynamic nature of investment banking [2][3][5]. Group 1: Career Development - The individual graduated from the University of Hong Kong with a degree in Economics and Finance, influenced by family background in securities and corporate finance [2]. - After a successful internship at Goldman Sachs in Hong Kong, the individual transitioned to a full-time analyst role in the Greater China technology sector [2][3]. - A subsequent move to the investment banking division in Beijing was motivated by a desire for direct client engagement and a more fulfilling career path [3]. Group 2: Work Environment - The Beijing office emphasizes collaboration with local clients, fostering a strong team culture through social activities and events [4]. - Cultural activities in the Beijing office include team-building events like hiking and sports, contrasting with the more festive events in Hong Kong [4]. - The investment banking division provides comprehensive services related to capital markets, including customized advice for financing, strategic planning, and problem-solving for clients [5]. Group 3: Skills and Values - Key skills required in investment banking include communication, collaboration, and multitasking, essential for managing various projects and client interactions [6]. - The core values of Goldman Sachs include teamwork, excellence, client service, and integrity, which guide the company's operations and client relationships [7][8]. - The company promotes a culture of cooperation and equal opportunity, ensuring that all employees are valued based on their contributions and expertise [8].