After surging 67% last year, gold prices have climbed another 6% YTD, hitting a new all-time high, according to BOCI's research report. Purchases by central banks and insurers, coupled with capital shifting from cryptocurrencies to gold, are expected to further boost gold prices.

The recently escalated global geopolitical tensions and expectations of further US interest rate cuts made gold an increasingly attractive safe-haven investment.

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BOCI forecasted gold prices to soar 40% YoY this year, and officially initiated coverage of China's gold sector, with rating at Overweight. SD GOLD (01787.HK)  +2.400 (+5.492%)    Short selling $180.17M; Ratio 13.965%   and ZHAOJIN MINING (01818.HK)  +1.820 (+4.767%)    Short selling $105.01M; Ratio 10.104%   are its top picks.

Regarding individual stock recommendations, the broker rated the H-shares of SD GOLD, ZHAOJIN MINING and ZIJIN MINING (02899.HK)  +0.940 (+2.351%)    Short selling $384.59M; Ratio 16.142%   at Buy, and rated ZIJIN GOLD INTL (02259.HK)  +8.100 (+4.515%)    Short selling $87.56M; Ratio 6.448%   at Hold. The ratings and target prices are listed below:

Stock | Rating | TP (HK$)
SD GOLD(01787.HK)  +2.400 (+5.492%)    Short selling $180.17M; Ratio 13.965%   | Buy | 52.06
ZHAOJIN MINING(01818.HK)  +1.820 (+4.767%)    Short selling $105.01M; Ratio 10.104%   | Buy | 44.78
ZIJIN GOLD INTL(02259.HK)  +8.100 (+4.515%)    Short selling $87.56M; Ratio 6.448%   | Hold | 152
ZIJIN MINING(02899.HK)  +0.940 (+2.351%)    Short selling $384.59M; Ratio 16.142%   | Buy | 46.43
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-01-21 16:25.)

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