CITIC Securities: Continues to be optimistic about the value of gold allocation under interest rate reduction trading

Jinshi Data News on September 11th, CITIC Securities research report stated that the profitability of metal companies in the first half of 2024 has improved significantly compared to 2023, but with the main metal prices peaking and pulling back in the second quarter of 2024, the metal zone has clearly pulled back. In terms of sub-zones, copper, aluminum, and gold continue to perform well. Under the background of increasing profits and thickening of enterprises, industry valuation has further declined, especially with the outstanding valuation advantages of aluminum, copper, and lithium zones. In addition, the level of industry dividends has increased significantly in the first half of 2024. Looking ahead, it is still optimistic about the allocation value of gold under the interest rate reduction transaction, and industrial metals are expected to benefit from the moderate pump in prices brought by the recovery of demand. The lithium and rare earth zones have significant bottom characteristics and may have relative advantages during the period of market style switching. It is also recommended to follow material targets related to consumer electronics.