Hong Kong stock concept tracking | Trump's tariff action boosts demand for safe-haven assets Gold prices continue to rise (with concept stocks)

President Trump announced a 25% tariff on all imports of steel and aluminum, increasing the uncertainty in the global financial markets and pushing gold prices to new highs. After rising nearly 1.7% the previous day, as of press time, spot gold stood at $2930 per ounce, reaching a new historical high; gold futures hovered around $2955 per ounce. On February 7th, the General Office of the China Banking and Insurance Regulatory Commission issued a notice on conducting a pilot project for insurance funds to invest in gold. According to CITIC Securities research report, the theoretical upper limit of insurance companies investing in gold during the pilot phase is estimated to be around 200 billion yuan. From a strategic asset allocation perspective, gold has a high risk-return ratio in the long term, and its correlation with traditional assets has decreased in recent years. Adding gold to traditional stock and bond portfolios can significantly improve the portfolio's efficient frontier. Huatai pointed out that in 2025, the short-term rise in gold prices may mainly be driven by reflation caused by changes in US tariff policies and global economic uncertainty. Concerns about the overvaluation of US stocks may also lead some funds to shift towards gold for hedging. We expect the bottom support level for gold prices in 2025 to be between $2500-2600/oz. In the long term, the global investment demand for gold, central bank net gold purchases, and technological demand may remain strong due to anti-globalization trends and concerns about the US dollar's credit. Supply is expected to remain relatively stable. Improvements in the supply-demand balance may lead to gold prices fluctuating upwards. In addition, the launch of the pilot project for Chinese insurance funds to invest in gold may bring new marginal benefits to the demand for gold. Hong Kong stocks related to gold and precious metals include Shandong Gold Mining (01787), ZHAOJIN MINING (01818), LINGBAO GOLD (03330), CHINAGOLDINTL (02099), WANGUO GOLD GP (03939), LAOPU GOLD (06181), Zijin Mining Group (02899), among others.