Core Viewpoint - The gold market has attracted global investors in 2025, with international gold prices soaring from approximately $2,600 per ounce at the beginning of the year to around $4,100 per ounce by November, marking a nearly 60% increase, prompting a reevaluation of asset allocation strategies [1][5] Group 1: Investment Strategies - Wang Lixin, CEO of the World Gold Council China, suggests that investing in gold is always timely and recommends incorporating gold into asset allocation as a strategic investment choice [1][3] - Various financial products labeled "Gold+" have emerged in China's public fund, bank wealth management, and insurance asset management markets, with gold allocations typically ranging from 5% to 10%, and some products reaching up to 30% [1][3] - The "Gold+" products leverage gold's stability to enhance overall portfolio resilience and risk management, providing investors with a steady investment experience amid market volatility [3][6] Group 2: Market Dynamics - The long-term value of gold is considered relatively certain due to multiple factors, including weakening dollar credit, sustained low interest rates, global geopolitical instability, and a surge in central bank gold purchases [3][9] - Gold's unique characteristics, such as extreme scarcity and low correlation with traditional assets like stocks and bonds, make it a valuable addition to investment portfolios [4][9] - The global annual gold production is approximately 3,600 tons, with proven reserves around 50,000 tons, indicating a slow growth in new discoveries and increasing mining difficulties due to stricter ESG requirements [4][9] Group 3: Performance and Historical Context - Despite gold's significant price increase over the past two years, many investors have missed out on substantial returns, highlighting challenges in decision-making, timing, and holding investments [5][6] - Historical data shows that gold has provided an average annual return of about 10% over the past 50 years, making it a stable long-term investment option [6][8] - The "Gold+" products are designed to mitigate risks associated with currency fluctuations and stock-bond volatility while enhancing long-term returns [6][8] Group 4: Future Outlook - The potential for "Gold+" products is vast, with historical data indicating annualized returns for gold ranging from 15% to 25% during bull markets driven by monetary cycles [8][9] - The domestic gold ETF market, currently at approximately 240 billion yuan, represents only about 5% of the global total, suggesting significant growth opportunities in China [9] - The strategic role of gold as a macro and currency hedge is emphasized, positioning "Gold+" products as essential tools for navigating uncertain economic environments [9]

Core Insights - The long-term allocation value of gold is considered "relatively certain" due to multiple positive factors in the current gold cycle [1] - The "gold+" asset combination of simple bonds and gold may face pressure in a moderately recovering economy with gradually rising interest rates, suggesting the need for diversified asset allocation [1] Market Performance - The overall performance of the gold market in 2025 has been characterized by unexpected price increases, drawing global investor attention [2] - The price movements in 2025 show similarities to 2024, with both years exhibiting clear phase characteristics and significant price increases [2] - The first wave of price increases typically starts at the beginning of the year and lasts until mid-April, followed by a correction phase, while the second wave often begins around September, driven by macro policies or unexpected international relations [2] Product Innovation - 招银理财 has proactively integrated gold into its multi-asset allocation system and launched innovative "gold+" product categories [2] - The "稳金" and "衡金" series of products highlight the strategic role of gold in asset allocation, moving beyond a simple bond and gold combination [3] - The "稳金" series includes alternative assets like commodity CTA and quantitative neutral strategies to enhance stability and diversity of returns, while the "衡金" series incorporates an "all-weather" allocation concept with stocks for comprehensive long-term market risk exposure [3] Future Considerations - The potential impact of AI-driven industrial revolutions on gold assets should be monitored, as it may challenge the pricing logic of gold [4] - A balanced allocation strategy focusing on both gold and equity assets is recommended for the current stage [4] - Historical data indicates that the annualized return rate of gold driven by monetary cycles since the 21st century ranges from 15% to 25% [4] Overall Outlook - The 2025 gold market not only exceeded expectations in terms of price increases but also provided richer allocation tools and participation methods for investors [5]