Lianhua Asset's Hong Hao: Gold has become the global asset valuation anchor, and there are still opportunities in China's non-ferrous metal sector

Hong Hao, partner and chief investment officer of Lianhua Asset Management, recently stated that under the new credit system, gold may become the anchor for the valuation of all assets.

Hong Hao analyzed that against the backdrop of clear directions in the "14th Five-Year Plan" and orderly market rotations, China's capital market is expected to remain robust in 2026. He predicts that the commodity cycle will transmit along the path of "precious metals - non-ferrous metals - energy," thereby bringing sector rotation opportunities. In terms of allocation, he suggests that investors should build an "all-weather" portfolio by selecting low-correlated or negatively correlated asset classes such as gold, bonds, and stocks to diversify risks. (Shanghai Securities Journal)