[CITIC Construction Investment: It is expected that there will be limited room for further upside in real interest rates in 2027 Gold prices are expected to fluctuate and rise] On November 14, CITIC Construction Investment released its gold investment outlook for 2027, stating that the core contradiction that suppresses gold prices in 2026 will come from the rise in real interest rates. Looking forward to 2027, the real interest rates will have limited room for further upward movement, and the expectation of this round of interest rate hikes has been fully priced by the market. At the same time, the continued purchase of gold by global central banks will form a successor and build a bottom support during the correction phase of gold prices. It is expected that gold prices are expected to fluctuate upward in 2027. In terms of risks, the geopolitical conflict between the United States and Iran has pushed up oil prices, thereby disturbing inflation. It will still be the main risk variable in 2027, but the impact of this factor on gold prices is expected to be marginally weakened. In terms of gold stocks, industry safety rectification will bring periodic pressure on output in 2026. In 2027, suspended mines are expected to resume production one after another, and output is expected to be restored and released. The current sector valuation safety margin is sufficient. If the gold price rises centrally, the gold sector is expected to usher in a double-click market in performance and valuation. It is recommended to give priority to targets with strong certainty of output growth, solid cost control, resource endowment, and high-quality corporate governance.