Li Xunlei: The period of gold adjustment is a buying opportunity, but never chase after the rise.

Recently, Li Xunlei, Chief Economist of Zhongtai International, once again talked about his views on gold. He pointed out that in order to deal with crises and economic issues, countries around the world are using excessive currency issuance to maintain social stability, leading to currency devaluation. Therefore, the price of gold is expected to continue to rise in the future. The adjustment period is a buying opportunity, but one must not chase after price increases. The key to any investment is to avoid chasing after price increases. The global economy is slowing down, and equity assets are in the same situation. Li Xunlei estimates that the increase in the price of gold in 2025 will not be as high as in 2024, but it should still be on an upward trend. In a situation where the increase is limited, one should not be as aggressive as in 2024, and should buy after a certain adjustment. Li Xunlei mentioned that the key to boosting the stock market lies in whether the internal circulation of economic growth can be smooth. Of course, consumption will definitely pick up in 2025, and he is confident about that. However, in 2026, 2027, and beyond, whether consumption can continue to maintain a very good development momentum requires addressing the root causes of the issue to promote consumption, rather than just replacing old products with new ones. The core issue of the current discussion on employment for university students and young people is to vigorously develop the service industry. In addition, to improve the stock market, the economy must first be strong, which requires improving the economic structure, further developing high-end manufacturing, and allowing the general manufacturing industry to adapt to market competition, which he believes is also very important. Li Xunlei stated that from the government's perspective, the upcoming private sector promotion law and adherence to the principle of "not wavering on two fronts" have provided various forms of support to private enterprises. While past policies have focused more on supporting manufacturing and the real economy, he believes there is still room for growth in the service industry, which should now be the focus. From a regulatory perspective, efforts have been made in recent years to protect the interests of investors, regulate the behavior of market participants, and many suggestions have been made by market participants in this meeting. He hopes that policies and reforms can be implemented simultaneously. In terms of policy, there is great potential for proactive fiscal policy, which should be fully utilized. Furthermore, fiscal and tax reforms should be advanced to make fiscal expenditures more rational, leading to a higher multiplier effect and more noticeable economic stimulation. 2025 appears to be a year full of promise. Regarding industries or directions to focus on in 2025 and the coming years, Li Xunlei pointed out that emerging industries such as high-end manufacturing, AI, new energy, unmanned driving, and chips continue to experience high growth. If investing, it is still advisable to invest in these emerging industries, which the government has consistently emphasized. Opportunities in the bond market are limited, with greater volatility and risk. In the A-share market, two opportunities must be recognized: first, the upward trend of emerging industries; second, seizing opportunities brought by differentiation while being mindful of risks, as the strong will keep getting stronger. In 2025, the State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission are encouraging mergers and acquisitions, which provide a top-down policy guidance.