格隆汇9月15日｜截至今日10:30，各大银行/品牌金条价格涨少跌多，其中中国黄金、建设银行、中国 银行等金条价格上涨，中国黄金涨幅最大，较昨日上涨0.6元/克;亚一金店、周生生、老庙黄金等金条价 格下跌，老庙黄金跌幅最大，较昨日下跌4元/克。 ...

今年以来，黄金珠宝板块个股行情表现突出，而除了市场关注度普遍较高的如老铺黄金、潮宏基 （002345）等"新消费"主题范畴下标的外，周大福、六福集团及周生生等传统港资珠宝龙头的股价同样 较为突出，并在近期因板块轮动而消费行情降温背景下，实现了逆势持续上涨：截至2025/09/10，三者 涨幅分别达到151%/95%/135%。该行认为其上涨驱动远不止"补涨"这么简单，更源于企业自身基本面的 革新，其中六福集团4-6月内地同店销售进一步加速增长19%;周生生2025H1归母净利润同比增长76%。 在此基础上，伴随企业未来转型逻辑的进一步兑现和改善空间的打开，估值水平也将从低位实现持续修 复，从而呈现戴维斯双击特征。 行业变化：饰品消费底层逻辑已形成"为时尚+保值双重价值买单" 近年来，金价持续上涨，以及消费者对钻石镶嵌等高溢价品类的祛魅，黄金的保值属性认知持续强化。 但过快抬升的金价也压制了部分传统需求的释放，且成本加成定价的克重黄金产品也面临毛利压力;与 此同时，设计工艺的突破让黄金的时尚属性显著提升，悦己消费需求场景得以打开，具备强产品设计的 一口价黄金首饰实现"时尚+保值"的完美融合，多家企业24年一口价 ...

智通财经APP获悉，国信证券发布研报称，整体来看，港资珠宝企业在近年来的行业变化中虽有短期挣 扎，但也展现了自身较强应变能力，通过从产品到渠道的多维度转型变革，依托自身强品牌力基础，正 逐步重回增长轨道，并带动估值持续修复。重点推荐周大福(01929)、六福集团(00590)、周生生 (00116)。 近年来，金价持续上涨，以及消费者对钻石镶嵌等高溢价品类的祛魅，黄金的保值属性认知持续强化。 但过快抬升的金价也压制了部分传统需求的释放，且成本加成定价的克重黄金产品也面临毛利压力;与 此同时，设计工艺的突破让黄金的时尚属性显著提升，悦己消费需求场景得以打开，具备强产品设计的 一口价黄金首饰实现"时尚+保值"的完美融合，多家企业24年一口价黄金饰品增长幅度达到100%以上。 同时具备产品溢价的一口价产品毛利率达到30%-40%，确保了企业盈利水平。 港资珠宝企业自身变革：产品力+渠道力+品牌力的三重升级 1)加大产品设计及差异化布局，近年定价黄金饰品的营收贡献持续增长，如2025财年周大福中国内地黄 金饰品中，定价模式产品贡献值从7.1%提升至19.2%;六福集团定价黄金产品同店实现高双位数增长。2) 门店变革优 ...

Group 1 - The retail prices of gold in domestic jewelry stores show a divergence, with major brands like Chow Tai Fook and Chow Sang Sang maintaining a unified price of 1078 yuan per gram, while Lao Feng Xiang offers a slightly lower price of 1075 yuan per gram [1] - In terms of bank gold bar prices, Minsheng Bank's investment gold bar is priced at 844 yuan per gram, while China Construction Bank's "Jianhang Gold" gold bar is priced at 842 yuan per gram [1]

Price Increase in Gold Jewelry - Several domestic brands have raised the price of gold jewelry, approaching 1080 CNY per gram [1] - Chow Sang Sang's price for 24K gold jewelry is reported at 1079 CNY per gram, an increase of 6 CNY per gram compared to the previous day [1] - Both Chow Tai Fook and Luk Fook Jewelry have also increased their prices to 1078 CNY per gram for 24K gold jewelry [1]

Group 1 - The core point of the article highlights that the price of gold jewelry in China has surpassed 1070 yuan per gram, indicating a significant increase in gold prices [1] - The specific prices for various brands are as follows: Chow Sang Sang's gold jewelry is priced at 1074 yuan per gram, which is an increase of 8 yuan per gram from the previous day [1] - Other brands such as Chow Tai Fook, Lao Feng Xiang, and Luk Fook Jewelry are priced at 1073 yuan per gram, reflecting a rise of 13 yuan per gram compared to the previous day [1]

Core Points - The event "Zhou Sheng Sheng JD Super Brand Day" launched on September 8, featuring the debut of several new gold products, including the Hello Kitty gold amulet and the zodiac horse year gold charm [1][4][7] - Consumers can enjoy significant discounts, with gold products starting at 60% off and additional coupons offering up to 1500 yuan off [1][11] - The zodiac horse year gold charm is designed for everyday wear and special occasions, available at a promotional price for early buyers [4] - The Hello Kitty gold amulet combines a classic design with a blessing message, appealing to a wide range of consumers [7] - In addition to new launches, JD also offers discounts on classic Zhou Sheng Sheng products, emphasizing themes of protection, health, and prosperity [9] Product Highlights - The zodiac horse year gold charm features a rounded design suitable for various occasions, with promotional offers for early purchasers [4] - The Hello Kitty gold amulet incorporates a beloved character and a positive message, making it a fashionable and meaningful gift [7] - Classic products include the feather gold pendant inspired by Greek mythology, the traditional gourd necklace symbolizing health and longevity, and the fortune cat charm made with durable materials [9]

Core Viewpoint - The price of gold jewelry in China has surpassed 1060 CNY per gram, indicating a rising trend in gold prices within the domestic market [1] Price Movements - On September 6, the price of gold jewelry from various brands reached new highs, with Chow Sang Sang's gold jewelry priced at 1068 CNY per gram, an increase of 9 CNY from the previous day's price of 1059 CNY per gram [1] - Lao Miao's gold jewelry is reported at 1062 CNY per gram, also reflecting a 9 CNY increase from the previous day's price of 1053 CNY per gram [1] - Other brands of gold jewelry are generally maintaining prices around the high level of 1060 CNY per gram [1]

Core Viewpoint - The rising popularity of "pain gold" jewelry, which features designs inspired by anime and other pop culture elements, is driven by young consumers' willingness to pay for emotional value, but there are concerns about its long-term value retention as market hype may fade [1][9]. Group 1: Market Trends - "Pain gold" products are becoming the main attraction in gold stores, replacing traditional items like bracelets and charms [2]. - Major brands such as Chow Tai Fook, Lao Miao, and Chao Hong Ji are actively promoting "pain gold" items, with a significant portion of their displays dedicated to these collaborations [2][4]. - The emotional connection to characters from popular series like "Tian Guan Ci Fu" is a key driver for purchases, with consumers willing to spend large amounts on these items [4][5]. Group 2: Pricing and Valuation - "Pain gold" products are typically sold at fixed prices, often significantly higher than traditional gold pricing, with examples including a Chow Tai Fook Stitch bracelet priced at 5340 yuan and a Lao Miao "Tian Guan Ci Fu" bracelet at 1520 yuan [5][6]. - The pricing strategy often obscures the actual gold weight, leading to high premiums; for instance, a gold note weighing only 0.2 grams is priced at 520 yuan, equating to 2600 yuan per gram [6][10]. - The premium pricing is justified by sellers citing the complexity of production and the costs associated with IP licensing [8]. Group 3: Consumer Behavior and Risks - Consumers face significant depreciation when attempting to resell "pain gold" items, with buyback offers often being a fraction of the original price [10][11]. - The marketing of "pain gold" emphasizes emotional and investment value, but there are concerns about transparency regarding actual gold weight and resale conditions [12]. - Many consumers report feeling misled about the value retention of these products, leading to dissatisfaction when they attempt to sell them [10][12].

Group 1 - The core point of the article is that domestic gold jewelry prices in China have increased due to the continuous rise in international gold prices, with prices surpassing 1060 yuan per gram [1] - On September 4, the price of gold jewelry from Chow Tai Fook reached 1060 yuan per gram, while Chow Sang Sang's gold jewelry price rose to 1062 yuan per gram [1]