Li Xunlei, Vice Chairman of the China Chief Economist Forum: Gold shows a long-term trend of prolonged bear markets and short bull markets

The latest forecast from the IMF shows that global public debt will exceed 100% of GDP by 2029, two years earlier than previously expected. The IMF Managing Director issued a rare warning, specifically naming the United States’ debt path as “unsustainable” and pointing out that fiscal consolidation in various countries is seriously lagging. What's even more dangerous is that persistent inflation may force the Federal Reserve to continue raising interest rates, increasing financing costs and creating a vicious cycle of "high debt—high interest rates—even higher debt."

Samsung is betting on AI storage chip upgrades: next year, the production of the HBM4 series may at least double, with overall HBM monthly wafer input increasing by nearly 40%. The share of high-end product shipments will jump from 40% to 80%. Glass substrate demand will increase fivefold in two years, reflecting accelerated capacity expansion of advanced stacking technology, with supply chain orders simultaneously benefiting.