Group 1 - The A-share market is experiencing increased volatility as many previously high-performing stocks are undergoing corrections, leading to pressure on investors who entered at higher prices [1] - Despite the volatility, multiple brokerages believe that the A-share bull market is likely to continue into 2026, with a consensus forming around this expectation [1] - Gold is highlighted as a key investment direction, especially with support from international giants, as it may provide a stable asset allocation for investors seeking to avoid market fluctuations [1] Group 2 - Goldman Sachs has raised its gold price target to $4,900 per ounce by the end of 2026, while UBS has also increased its mid-year target to $4,500 per ounce, indicating a significant shift in gold investment logic [1][3] - The underlying logic for the surge in gold prices extends beyond its traditional safe-haven status, as it is increasingly viewed as a super-sovereign currency amid a global trend of "de-dollarization" [3][5] - The share of the US dollar in global central bank foreign exchange reserves has decreased by 4 percentage points from 2018 to 2025, while gold's share has increased by 12 percentage points, indicating a growing preference for gold over the dollar [5] Group 3 - Central banks have been net buyers of gold for several years, with China's central bank increasing its gold reserves for 11 consecutive months, raising gold's share in China's foreign exchange reserves to 8.5% as of September 2025 [7] - The demand for gold is further supported by expectations of a Federal Reserve interest rate cut, which is anticipated to lower real interest rates and enhance gold's attractiveness as an asset [8] - Geopolitical risks, including conflicts and trade tensions, continue to drive demand for gold as a safe-haven asset, contributing to its price strength [8] Group 4 - The strong demand from central banks and gold ETFs is a key reason for the upward revision of gold price targets by major financial institutions, with central bank purchases offsetting the impact of rising interest rates on ETF holdings [9] - Historical data shows that gold prices have significant upside potential, having only increased by 2 times since 2018, compared to previous bull markets where prices surged much higher [9][11] - Emerging market central banks, including China, have gold reserve ratios below the global average, indicating a sustained long-term demand for gold that supports the price target of $4,900 [11] Group 5 - For ordinary investors, gold is recommended as a stable asset in their portfolio, with suggested allocation ratios of 10%-20% based on individual risk preferences [13] - It is advised to prioritize gold ETFs and linked funds for investment due to their lower costs and convenience, with South China Fund being a leading player in the domestic ETF market [14][15] - A strategy of dollar-cost averaging through regular investments in gold is recommended, with a holding period of at least 1-3 years to benefit from long-term price appreciation [16]