On January 9th, COMEX gold futures maintained a volatile trend during the day, currently trading around $2,676. The Shanghai Gold Exchange (SGE) gold 9999 slightly increased, while the performance of gold-themed ETFs showed divergence. As of 14:05, the gold ETF rose by 0.17%, while the gold stock ETF fell by 0.82%. Among the holdings, LAOPU GOLD rose over 10%, with SPM and ZHAOJIN MINING also showing significant gains, while Yimin Group, Chaohongji, and Caibai Co., Ltd. led the declines. Currently, the overall valuation of the A-share gold sector has reached the bottom area of nearly five years. With increased volatility in the recent A-share market, the enhancement of the allocation value in the gold sector is expected to drive a rebound in the gold sector. CITIC Construction Investment Securities believes that the rapid development of LAOPU GOLD is backed by supply-side innovation in gold jewelry and the brilliant display of traditional Chinese culture in the high-end market. Gold price fluctuations are merely short-term disruptive factors and do not alter the long-term development trend