Citic Securities has analyzed the impact of Middle East conflicts on gold prices, noting that the medium-term trajectory of gold is influenced by the U.S. dollar's credit and liquidity factors. According to Jin10, the current conflict is expected to continue trends of liquidity easing and weakened dollar credit, which are likely to drive gold prices higher. Historically, valuation or stock price advantages have bolstered the growth potential of the gold sector. Presently, leading companies' price-to-earnings (PE) ratios have fallen to historical lows of 15-20x. Considering the recent synchronization of stock price peaks with gold price highs, Citic Securities is optimistic about new highs in gold prices leading to corresponding stock price increases.