Group 1 - The core point of the news is that Southbound funds have reduced their holdings in Chow Sang Sang (00116.HK) by 2,000 shares on October 20, 2025, marking a continuous trend of reduction over the past trading days [1] - Over the last 5 trading days, Southbound funds have cumulatively reduced their holdings by 55,000 shares, and over the last 20 trading days, the total reduction amounts to 335,000 shares [1] - As of now, Southbound funds hold 7.605 million shares of Chow Sang Sang, which represents 1.13% of the company's total issued ordinary shares [1] Group 2 - The trading data shows a consistent decrease in shareholding, with a total holding of 7.605 million shares on October 20, 2025, reflecting a change of -0.03% from the previous day [2] - The company operates primarily in jewelry manufacturing and retail, with four business segments including jewelry manufacturing and retail, precious metals wholesale, securities and futures brokerage, and other related businesses [2]

Core Viewpoint - Recent surges in international and domestic gold prices have led to multiple jewelry brands announcing price increases for gold products, reflecting a broader trend in the market [1][5]. Group 1: Price Increases by Companies - Lao Pu Gold announced its third price increase of the year, with retail prices expected to rise by 12% to 18% by the end of October [2]. - Chow Sang Sang has already implemented price increases for gold jewelry, with price hikes ranging from 25% to 35% since October 16 [4]. - Chow Tai Fook plans to adjust its gold jewelry prices by approximately 15% by the end of the month [4]. Group 2: Factors Driving Gold Price Increases - The rapid increase in gold prices began in late August, with a rise of over 25% in London gold spot prices from August 21 to October 15 [5]. - Key drivers include rising global risk aversion, declining confidence in the US dollar, and expectations of interest rate cuts by the Federal Reserve [5][7]. - Central banks worldwide have been increasing their gold reserves, with a reported addition of 166 tons in Q2 of this year, contributing to the upward pressure on gold prices [5]. Group 3: Future Outlook for Gold Prices - Market institutions predict that gold prices may continue to rise due to factors such as further interest rate cuts by the Federal Reserve, high US government debt, and increasing geopolitical risks [7]. - Goldman Sachs has raised its forecast for gold prices in December 2026 from $4,300 to $4,900 per ounce, citing diversification in investments as a potential driver for increased ETF holdings [7]. - Despite the bullish outlook, there are concerns about potential profit-taking and the impact of alternative investments, such as cryptocurrencies, on gold's safe-haven status [7].

本报记者 贺王娟 不过，国投安信期货提示，金银冲向此轮价格顶峰的进程远未结束，也不会一蹴而就，其短期上涨斜率过高，日度周度月 度级别均呈现显著的超买信号。当前做多贵金属交易拥挤，双向波动已经开始放大。 | 周大福 | 周六福 | 周生生 周生生 | | --- | --- | --- | | 1279.00 | 1190.00 | 1281.00 | | 金条价格 1269.00 | 金条价格 1085.00 | 1139.0( 金条价格 | | 周大堂 周大生 | 册 潮宏基 | 六福珠宝 | | 1279.00 | 1279.00 | 1279.00 | | 铂金价格 687.00 | 铂金价格 687.00 | 金条价格 1269.0( | | 秒 老凤祥 | 命 老庙黄金 | 生 中国百合 | | 1280.00 | 1279.00 | 982.50 | | 足金价格 1280.00 | 金条价格 1235.00 | 零售价 998.50 | 记者注意到，在金价上涨加速阶段，多个金饰品牌"一口价"黄金调价的节奏正在加快，如周生生门店工作人员对《证券日 报》记者表示，日前，店铺内多个"一口价"金饰产品已 ...

Core Viewpoint - The Hong Kong gold and jewelry stocks have shown significant gains, indicating a positive market sentiment in this sector [1] Group 1: Stock Performance - Lao Pu Gold (06181.HK) increased by 10.39%, reaching 765 HKD [1] - Chow Sang Sang (00116.HK) rose by 7.21%, trading at 14.58 HKD [1] - Chow Tai Fook (01929.HK) saw a gain of 5.13%, priced at 15.36 HKD [1] - Luk Fook Holdings (00590.HK) experienced a 3.35% increase, with shares at 25.28 HKD [1]

智通财经APP获悉，黄金珠宝股涨幅居前，截至发稿，老铺黄金(06181)涨10.39%，报765港元；周生生 (00116)涨7.21%，报14.58港元；周大福(01929)涨5.13%，报15.36港元；六福集团(00590)涨3.35%，报 25.28港元。 消息面上，据上证报报道，10月15日，国际国内金价再创新高。当日，多家黄金珠宝品牌公布的境内足 金饰品价格也水涨船高，其中较高的已突破1235元/克关口。具体而言，10月15日，周大福足金（饰 品、工艺品类）、六福珠宝足金999/足金、谢瑞麟足金饰品、潮宏基足金（首饰摆件）境内价格以及老 庙黄金上海区域足金饰品价格为1235元/克，周生生足金首饰境内价格为1233元/克，单克均较10月1日 上涨超100元。 ...

Core Viewpoint - The gold and jewelry stocks have seen significant price increases, driven by new highs in international and domestic gold prices, with several brands reporting substantial price hikes for gold jewelry [1] Group 1: Stock Performance - Lao Pu Gold (06181) increased by 10.39%, reaching 765 HKD [1] - Chow Sang Sang (00116) rose by 7.21%, reaching 14.58 HKD [1] - Chow Tai Fook (01929) saw a 5.13% increase, reaching 15.36 HKD [1] - Luk Fook Holdings (00590) grew by 3.35%, reaching 25.28 HKD [1] Group 2: Gold Price Trends - On October 15, international and domestic gold prices reached new highs, with domestic gold jewelry prices also rising significantly [1] - The price of gold jewelry from various brands exceeded 1235 CNY per gram, with specific prices reported as follows: - Chow Tai Fook gold jewelry at 1235 CNY/gram - Luk Fook gold jewelry at 1235 CNY/gram - Xie Rui Lin gold jewelry at 1235 CNY/gram - Chao Hong Ji gold jewelry at 1235 CNY/gram - Lao Miao Gold in Shanghai at 1235 CNY/gram - Chow Sang Sang gold jewelry at 1233 CNY/gram [1] - The price per gram has increased by over 100 CNY since October 1 [1]

Core Viewpoint - International and domestic gold prices have reached new highs, with domestic gold jewelry brands increasing their prices significantly, surpassing 1235 CNY per gram [1] Price Changes - On October 15, 2023, several brands reported their domestic gold prices, with notable prices including: - Chow Tai Fook gold jewelry at 1235 CNY/gram - Luk Fook Jewelry gold at 1235 CNY/gram - Xie Ruilin gold jewelry at 1235 CNY/gram - Chao Hong Ji gold at 1235 CNY/gram - Lao Miao gold in Shanghai at 1235 CNY/gram - Chow Sang Sang gold jewelry at 1233 CNY/gram - These prices reflect an increase of over 100 CNY per gram compared to October 1, 2023 [1]

Core Viewpoint - The spot gold price has continued its strong upward trend, reaching a new historical high of $4168.82 per ounce, with a year-to-date increase of nearly 60%, translating to a rise of over $1500 per ounce [1] Group 1: Gold Market Performance - Spot gold has seen a significant increase, with the price hitting $4168.82 per ounce, marking a new all-time high [1] - Year-to-date, spot gold has risen by nearly 60%, which is equivalent to an increase of over $1500 per ounce [1] Group 2: Domestic Jewelry Prices - Domestic gold jewelry prices have also increased, with most brands experiencing daily price rises exceeding 2% [1] - Lao Miao gold jewelry is priced at 1218 yuan per gram, up by 29 yuan from the previous day [1] - Liufu Jewelry and Chow Tai Fook gold jewelry prices are at 1215 yuan per gram, with an increase of 25 yuan [1] - Chow Sang Sang and Lao Feng Xiang gold jewelry are priced at 1213 yuan and 1206 yuan per gram, respectively [1]

Group 1: 85 Degrees C Bakery Brand - The bakery chain "85 Degrees C" has closed multiple stores in cities like Nanjing and Hangzhou, with some locations seeing a reduction in store count by half [1] - The brand has not disclosed the exact number of closures or reasons, but industry analysis suggests declining same-store sales and competition as primary factors [1] - The brand's rapid expansion was driven by its "coffee + bread" model, peaking at over 1,000 stores nationwide, indicating a potential adjustment period for traditional bakery models [1] Group 2: Gold Jewelry Price Increase - On October 14, spot gold prices surpassed 1,210 yuan per gram, marking an increase of approximately 400 yuan per gram for the year [2] - Brands like Chow Tai Fook and Chow Sang Sang announced price hikes for their "one-price" gold jewelry, with increases ranging from 10% to 35% starting mid-October [2] - Many styles of gold rings and bracelets from established brands are sold out, indicating a supply-demand imbalance driven by rising gold prices [2] Group 3: Regulation on Low-Price Competition - The newly revised Anti-Unfair Competition Law prohibits platform operators from forcing sellers to sell below cost, aiming to curb disruptive low-price competition [3] - This regulation is expected to limit the aggressive pricing strategies of leading brands, potentially alleviating operational pressure on smaller businesses [3] - The law may help restore the pricing system and promote quality competition in the industry, highlighting the importance of compliance and product differentiation for brands [3] Group 4: "Yujian Xiaomian" IPO Application - "Yujian Xiaomian" has received approval from the China Securities Regulatory Commission for its overseas listing application, planning to issue up to 235 million shares [4] - The company aims to convert 613 million shares held by 11 shareholders into shares for overseas listing on the Hong Kong Stock Exchange [4] - A successful IPO could enable the company to accelerate store openings and upgrade its supply chain, positively impacting the restaurant sector's sentiment [4]

Core Insights - The international spot gold price has strengthened, reaching a peak of $4,179 per ounce on October 14, indicating a bullish trend in the gold market [1][2] - Domestic gold jewelry prices, specifically from Chow Sang Sang, have increased to 1,213 RMB per gram, marking a rise of 400 RMB per gram within the year [1][2] - An expert from the Ministry of Industry and Information Technology suggests that the current high gold prices are supported by market consensus, but the stability is questionable, indicating potential volatility in the short term [1][2] Market Dynamics - The short-term outlook for gold prices shows upward momentum, while the long-term perspective suggests a potential peak followed by a decline [1][2] - The primary reasons for a possible decrease in gold prices include central bank sell-offs to stabilize local currencies and high prices leading to investor hesitation [1][2] - The expert notes that while a bull market does not signal an immediate peak, a peak will eventually occur, highlighting the cyclical nature of the gold market [1][2]