Core Viewpoint - Silchester International Investors LLP has reduced its stake in Six Fortune Group (00590) by selling 635,000 shares at a price of HKD 25.8245 per share, totaling approximately HKD 16.3986 million, resulting in a new holding of 75.9126 million shares, representing 12.93% of the company [1] Group 1 - Silchester International Investors LLP sold 635,000 shares of Six Fortune Group [1] - The sale price was HKD 25.8245 per share [1] - The total amount raised from the sale was approximately HKD 16.3986 million [1] Group 2 - After the reduction, Silchester's latest holding is 75.9126 million shares [1] - The new holding percentage is 12.93% [1]

香港联交所最新资料显示，10月27日，Silchester International Investors LLP减持六福集团(00590)63.5万 股，每股作价25.8245港元，总金额约为1639.86万港元。减持后最新持股数目为7591.26万股，最新持股 比例为12.93%。 ...

Core Insights - International gold prices have declined, leading to adjustments in domestic gold jewelry retail prices [1] - Major brands such as Chow Tai Fook and Luk Fook have reduced their gold prices significantly [1][2] Price Adjustments - Chow Tai Fook's gold price is now set at 1198 CNY per gram, down by 25 CNY from the previous day [1] - Luk Fook's price has dropped to 1189 CNY per gram, a decrease of 34 CNY [1] - Other notable price changes include: - Lao Feng Xiang: 1202 CNY, down 18 CNY - Zhou Da Sheng: 1232 CNY, unchanged - Ya Yi Gold Store: 1192 CNY, down 28 CNY - Zhou Sheng Sheng: 1199 CNY, down 24 CNY - Lao Miao Gold: 1192 CNY, down 28 CNY [1][2] Brand Rankings - The ranking of gold jewelry prices among major brands is as follows: 1. Chow Tai Fook: 1198 CNY 2. Lao Feng Xiang: 1202 CNY 3. Zhou Da Sheng: 1232 CNY 4. Ya Yi Gold Store: 1192 CNY 5. Luk Fook: 1189 CNY 6. Zhou Sheng Sheng: 1199 CNY 7. Lao Miao Gold: 1192 CNY 8. Chao Hong Ji: 1223 CNY, unchanged 9. Cai Bai Jewelry: 1162 CNY, down 13 CNY 10. Xie Rui Lin: 1223 CNY, down 9 CNY [1][2]

Company Performance - The company reported a retail value growth of 18% year-on-year for 2QFY26, with retail values in mainland China, Hong Kong, Macau, and overseas increasing by 20% and 13% respectively [1] - Same-store sales in mainland China for self-operated and brand stores grew by 3% and 27%, while same-store sales in Hong Kong, Macau, and overseas markets increased by 11% [1] Retail Growth Acceleration - Retail growth in 2QFY26 accelerated compared to previous quarters, with group retail value and same-store sales increasing by 18% and 10% year-on-year respectively [1] - The growth in mainland China was primarily driven by priced gold products, which accounted for 15% of retail during the quarter [1] Gold Product Performance - Priced gold products continued to perform strongly, with same-store sales in mainland China for self-operated and brand stores growing by 3% and 28% respectively [2] - The same-store sales for priced gold products in Hong Kong, Macau, and overseas markets turned positive, increasing by 6% [2] October Sales Trends - Sales momentum continued positively in October, with same-store sales in mainland China and Hong Kong, Macau, and overseas regions growing by 16%/51% and 19% respectively during the period from October 1 to 14 [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at 2.55 and 2.99 HKD, with the current stock price corresponding to 10/9 times FY26/27 earnings [2] - The target price has been raised by 26% to 30.55 HKD, reflecting an 18% upside potential from the current stock price [2]

Core Viewpoint - The popularity of "fixed-price" gold is driven by consumers' careful selection, as its price is approaching that of weight-based gold, making it more attractive as the latter's price rises [1][2]. Price Adjustments - On October 26, Laopu Gold completed its third price adjustment of the year, with an increase of approximately 18%-25%, exceeding the previous maximum of 12% [2]. - Other brands like Chow Tai Fook are also raising retail prices for fixed-price gold products by 12%-18% by the end of October [2]. - A surge in consumer purchases occurred before these price hikes, leading to long queues at various stores [2][6]. Consumer Behavior - Consumers are increasingly favoring "fixed-price" gold due to its perceived value compared to weight-based gold, which has seen rising prices [2][8]. - A consumer reported purchasing a "fixed-price" gold bracelet at a lower price per gram than the current weight-based gold price, indicating a trend towards value-seeking behavior [4][5]. Inventory Issues - Many stores are experiencing stock shortages of "fixed-price" gold items due to high demand, with some popular styles requiring several days for restocking [6][10]. - The cash flow pressure on gold retailers is increasing, as rising gold prices lead to higher procurement costs while consumer spending remains cautious [10][14]. Financial Performance - Despite the popularity of fixed-price gold, brands like Chow Tai Fook and Luk Fook have reported overall revenue declines, with Chow Tai Fook's revenue down 17.5% to HKD 896.6 billion, despite a 105.5% increase in fixed-price gold sales [12][13]. - The financial reports indicate that while fixed-price gold has improved gross margins, the overall sales performance remains weak due to high costs and subdued market demand [14][15].

Group 1 - Recent decline in gold prices has created mixed feelings among consumers, with buyers feeling relieved and sellers concerned [2][4] - As of October 26, various brands have different gold prices, with 周生生 at 1224 CNY/g, 六福珠宝 at 1232 CNY/g, and 中国黄金 at 1125 CNY/g, indicating a significant price variation among brands [2][5] - The overall trend shows a consistent decline in gold prices, influenced by factors such as international market conditions, USD exchange rates, and seasonal demand in China [4][5] Group 2 - The price differences among brands are attributed to brand premium, craftsmanship, and product types, with investment gold generally priced closer to raw material costs [5] - For consumers considering purchases, the current lower prices may present a good opportunity for buying jewelry, while investment decisions should be made with a long-term perspective [7] - Market psychology plays a crucial role in gold price fluctuations, with consumer behavior often driven by fear of missing out during price increases and hesitation during declines [7][10] Group 3 - Platinum prices are also noted, with significant differences compared to gold, but gold remains a more favorable option for value retention [9] - The recent price drop in gold does not indicate a loss of value but rather a market adjustment, presenting opportunities for consumers and challenges for investors [10]

Core Viewpoint - The gold prices for various brands have significantly dropped, with notable declines observed across multiple retailers on October 27. Price Summary - The price of gold jewelry from 周六福 (Chow Sang Sang) is now 1144 RMB per gram, down by 20 RMB from the previous day [1] - 周大福 (Chow Tai Fook) and 六福珠宝 (Luk Fook) both report a price of 1223 RMB per gram, with a decrease of 9 RMB [1][2] - 老凤祥 (Lao Feng Xiang) and 老庙黄金 (Lao Miao Gold) have their prices at 1220 RMB per gram, down by 8 RMB [1][3] - 菜百首饰 (Cai Bai Jewelry) maintains a price of 1172 RMB per gram, showing no change [3] - 周大生 (Chow Tai Sheng) holds steady at 1232 RMB per gram, with no price change [3]

中金主要观点如下： 智通财经APP获悉，中金发布研报称，基本维持六福集团(00590)FY26、FY27 EPS预测2.55、2.99港 元，当前股价对应10/9倍FY26/27年市盈率，维持跑赢行业评级。考虑行业估值中枢提升，上调目标价 26%至30.55港元，对应12/10倍FY26/27年市盈率，较当前股价有18%的上行空间。 10月以来终端销售延续良好势头 虽然9月以来金价快速上行并高位波动，但居民对金价有所适应，10月1日-14日期间，六福集团中国内 地自营店/品牌店、中国港澳及海外地区同店分别同比增长16%/51%、19%，继续呈现良好趋势。 风险提示：金价大幅波动，行业竞争加剧，终端零售环境不及预期。 2QFY26集团零售值、同店销售分别同比增长18%、10%，环比继续加速。1)中国内地零售值同比增长 20%，主要由定价黄金产品驱动，季内零售占比达15%。内地自营/品牌店季内同店销售分别同比增长 3%/27%，自营店净增20家至216家，品牌店净减72家至2,767家;2)中国港澳及其他市场零售值同比增长 13%，同店销售同比增长11%，其中中国香港/澳门、海外市场分别同比增长10%/15%、1 ...

Core Insights - The domestic price of 24K gold jewelry remains stable, with brands like Chow Tai Fook and Luk Fook both pricing their 999 gold at 1232 yuan [1] - The international gold price has been rising, leading to a surge in demand for gold jewelry, particularly plain gold rings, which are experiencing stock shortages in major cities [3][4] Group 1 - The price of 24K gold jewelry has not changed significantly, remaining at 1232 yuan for major brands [1] - There is a notable increase in the popularity of plain gold rings, with many stores reporting stock shortages due to high demand [3] - Consumers are showing a preference for lower-priced plain gold products, indicating a shift in purchasing behavior [3] Group 2 - The gold market has experienced significant fluctuations, ending a nine-week streak of price increases [4] - The trend of exchanging old gold for new has gained traction, with consumers able to save up to 6000 yuan when trading in 60 grams of gold [4]

Group 1 - The stock of Luk Fook Holdings (00590.HK) increased by over 4% on October 24, reaching a rise of 4.39% and trading at 26.16 HKD [1] - The trading volume amounted to 19.5497 million HKD [1]