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【Brokerage Focus】CITIC SEC: The Golden Industrial Concept stocks have a solid rebound logic for 2025.
Jinwu Financial News | CITIC SEC stated that since early 2025, domestic gold company stock prices have significantly underperformed gold prices. The main reasons identified are: 1) Performance disruptions of gold enterprises, mainly manifested in the continuous downward revision of performance expectations since 2023; 2) The current rise in gold prices is mainly due to the risk-averse sentiment and trade factors triggered by USA tariff policies, with the market expressing doubts about the sustainability of future gold price increases, highlighting a 'fear of heights' sentiment. The company expects that the improvement in gold enterprises' performance realization and the verification of the sustainability of high gold prices will become the core logic for the rebound of Golden Industrial Concept stocks. The company pointed out that as multiple projects of domestic gold enterprises are completed and put into production, the company measures.
CITIC SEC: With high gold prices and a significant increase in production this year, Golden Industrial Concept stocks are expected to welcome a rebound.
CITIC SEC believes that with the incremental projects concentrated in production in 2025, it may become a "big year" for the performance of domestic gold companies.
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After the gold price surpassed 3,000 dollars, the "heavy" Silver began to receive more favor.
① The threat of USA tariffs and the complex geopolitical situation have led to an increase in safe-haven demand, resulting in Gold prices exceeding $3,000; ② Analysts point out that Silver has a greater potential for increase than Gold, as data shows that Silver Futures on the Cboe have risen over 16% this year, surpassing Gold; ③ Silver is currently undervalued compared to Gold, and due to its strong industrial properties and the possibility of shortages, its price is expected to rise strongly this year.
