该行认为，六福集团在未来几个季度将继续在行业中表现强劲。特别是内地以外的自营零售业务(占 2026财年上半年收入的50%以上)，使其成为黄金产品增值税政策的主要受益者。展望2026财年全年， 该行预计六福集团的业绩将受益于多重利好因素，包括较低的库存成本、可控的对冲损失，以及更重要 的香港和澳门市场销售表现的提升。这些因素将有助于支持公司估值的持续上调。 智通财经APP获悉，中银国际发布研报称，六福集团(00590)2026财年上半年净利润同比增长43%至6.19 亿元，超出该行预期，反映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。维持"买入"评 级，并将目标价上调至29.2港元。 ...

中银国际发布研报称，六福集团(00590)2026财年上半年净利润同比增长43%至6.19亿元，超出该行预 期，反映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。维持"买入"评级，并将目标价上 调至29.2港元。 该行认为，六福集团在未来几个季度将继续在行业中表现强劲。特别是内地以外的自营零售业务(占 2026财年上半年收入的50%以上)，使其成为黄金产品增值税政策的主要受益者。展望2026财年全年， 该行预计六福集团的业绩将受益于多重利好因素，包括较低的库存成本、可控的对冲损失，以及更重要 的香港和澳门市场销售表现的提升。这些因素将有助于支持公司估值的持续上调。 ...

大行评级丨中银国际：上调六福集团目标价至29.2港元 预计2026财年业绩将受益于多重利好因素 大行 评级丨海通国际：首予六福集团"跑赢大市"评级及目标价40.35港元 中银国际发表报告指，六福集团2026财年上半年净利润按年增长43%至6.19亿港元，超出该行预期，反 映出公司在扩大产品供应以及行业销售回暖的背景下表现强劲。该行认为，六福集团在未来几个季度将 继续在行业中表现强劲，特别是内地以外的自营零售业务(占2026财年上半年收入的50%以上)，使其成 为黄金产品增值税政策的主要受益者。 展望2026财年全年，该行预计六福集团的业绩将受益于多重利 好因素，包括较低的库存成本、可控的对冲损失，以及更重要的香港和澳门市场销售表现的提升。这些 因素将有助于支持公司估值的持续上调。该行维持对其"买入"评级，并将目标价上调至29.2港元。 相关事件 ...

报告指，六福集团2026上半财年收入68.43亿元，按年增长25.6%，毛利23.73亿元，按年增长33.2%，毛 利率34.7%，按年增长2个百分点；经营利润7.8亿元，按年增长45.4%，经营利润率11.4%，按年增长1.6 个百分点；净利润6.19亿元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55 元，分红率52%。 海通国际发表报告，首予六福集团(00590)"跑赢大市"评级。预测2026至2028财年净利润分别为15.78 亿、18亿及19.77亿元，参考可比公司估值，给予2026财年市盈率15倍，目标价40.35元。 ...

报告指，六福集团2026上半财年收入68.43亿元，按年增长25.6%，毛利23.73亿元，按年增长33.2%，毛 利率34.7%，按年增长2个百分点；经营利润7.8亿元，按年增长45.4%，经营利润率11.4%，按年增长1.6 个百分点；净利润6.19亿元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55 元，分红率52%。 海通国际发表报告，首予六福集团(00590)"跑赢大市"评级。预测2026至2028财年净利润分别为 15.78 亿、18亿及19.77亿元，参考可比公司估值，给予2026财年市盈率15倍，目标价40.35元。 ...

海通国际发表报告，首予六福集团"跑赢大市"评级，参考可比公司估值，给予2026财年市盈率15倍，目 标价40.35港元，预测2026至2028财年净利润分别为 15.78亿、18亿及19.77亿港元。报告指，六福集团 2026上半财年收入68.43亿港元，按年增长25.6%，毛利23.73亿港元，按年增长33.2%，毛利率34.7%， 按年增长2个百分点；经营利润7.8亿港元，按年增长45.4%，经营利润率11.4%，按年增长1.6个百分 点；净利润6.19亿港元，按年增长42.5%，净利率8.8%，按年增长1.1个百分点。中期股息每股0.55港 元，分红率52%。 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 40.35 HKD based on a 15x PE for FY2026 [5][13]. Core Insights - The company is experiencing improved same-store sales, particularly in Mainland China, and is accelerating its overseas expansion efforts [15]. - Rising gold prices and an increased share of priced jewelry are driving improvements in gross profit margin (GPM), which reached 34.7% in FY26H1, up 2.0 percentage points year-on-year [3][16]. - The company plans to open 20 new overseas stores in FY26 and aims to enter at least three new countries and add 50 overseas stores over the next three years [15]. Financial Summary - For FY26H1, total revenue was 6.84 billion HKD, a year-on-year increase of 25.6%, with gross profit of 2.37 billion HKD, up 33.2% [14]. - The net profit attributable to shareholders for FY26H1 was 619 million HKD, reflecting a 42.5% year-on-year increase, with a net profit margin of 8.8% [14]. - The company forecasts total revenue for FY2026 to be 15.56 billion HKD, with a projected net profit of 1.58 billion HKD [4][5].

Core Viewpoint - CICC maintains a "outperform industry" rating for Luk Fook Holdings (00590) with a target price of HKD 30.55, driven by strong growth in wholesale business in mainland China and an increase in the proportion of high-margin priced jewelry, leading to a historical high gross margin of 35% [1] Group 1: Performance Summary - For 1HFY26, the company's revenue increased by 26% year-on-year to HKD 6.8 billion, and net profit attributable to shareholders rose by 43% to HKD 620 million, aligning with market expectations [1] - The company declared an interim dividend of HKD 0.55 per share, corresponding to a payout ratio of 52% [1] Group 2: Growth in Wholesale Business - In 1HFY26, revenue from mainland China grew by 54% to HKD 3 billion, with wholesale business benefiting from a diverse product range and popular new products, resulting in a 203% increase [2] - Retail/brand business revenue in mainland China increased by 24% and 18% respectively, while the number of self-operated/brand stores in mainland China changed by +23/-202 [2] - Revenue from Hong Kong, Macau, and overseas markets grew by 10% to HKD 3.9 billion, with retail/wholesale/brand business revenues increasing by 9%/89%/4% respectively [2] Group 3: Gross Margin and Operating Leverage - The gross margin for 1HFY26 increased by 2.0 percentage points to 35%, primarily due to rising gold prices and a higher proportion of high-margin priced jewelry [3] - Operating leverage improved, with sales and management expense ratios decreasing by 1.5 percentage points and 0.8 percentage points respectively [3] - Other income was HKD 90 million, while gold hedging losses amounted to HKD 410 million, compared to HKD 230 million in 1HFY25 [3] Group 4: Expansion and Channel Optimization - The company is focused on expanding its overseas market, with management confident in achieving a net increase of 50 stores overseas ahead of schedule by FY27 [4] - In the context of rapid domestic business growth, the company continues to optimize its domestic channels, expecting to close 200 stores in mainland China by FY26 [4] - From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets all showed double-digit growth, with significant improvement in mainland China compared to 2QFY26 [4]

Core Viewpoint - CICC maintains a "outperform" rating for Luk Fook Holdings (00590) with a target price of HKD 30.55, driven by a 26% year-on-year revenue growth and a 43% increase in net profit attributable to shareholders, primarily due to strong growth in wholesale business in mainland China and an increase in the proportion of high-margin priced jewelry, pushing the gross margin to a historical high of 35% [1][2] Financial Performance - For the first half of FY26, the company's revenue increased by 26% to HKD 6.8 billion, and net profit attributable to shareholders rose by 43% to HKD 620 million, aligning with market expectations. The company declared an interim dividend of HKD 0.55 per share, corresponding to a payout ratio of 52% [2] Growth Drivers - The revenue growth in mainland China was particularly strong, with a 54% increase to HKD 3 billion, driven by a 203% increase in wholesale business revenue due to a rich product category and popular new products. Retail/brand business revenue grew by 24% and 18% respectively. During the period, the number of self-operated/brand stores in mainland China increased by 23 and decreased by 202 respectively. Revenue from Hong Kong, Macau, and overseas markets grew by 10% to HKD 3.9 billion, with retail/wholesale/brand business revenues increasing by 9%/89%/4% respectively [3] Margin Improvement - The gross margin increased by 2.0 percentage points to 35%, mainly due to rising gold prices and an increase in the proportion of high-margin priced jewelry. Operating leverage improved, with sales and management expense ratios decreasing by 1.5 percentage points and 0.8 percentage points respectively. Other income was HKD 90 million, while gold hedging losses amounted to HKD 410 million compared to HKD 230 million in 1HFY25 [4] Market Expansion and Channel Optimization - The company is actively expanding into overseas markets, with management confident in achieving a net increase of 50 stores overseas ahead of schedule by FY27 as part of a three-year plan from FY26 to FY28. Despite rapid growth in domestic business, the company continues to optimize its domestic channels, expecting to close 200 stores in mainland China in FY26. From October to November 21, same-store sales in mainland China, Hong Kong, Macau, and overseas markets all saw double-digit growth, with significant improvement in mainland same-store sales compared to Q2 FY26 [5]

Group 1 - The core viewpoint of the articles highlights a strong performance in the gold and silver sectors, driven by rising expectations for interest rate cuts by the Federal Reserve and a tightening supply-demand balance in precious metals [1][2] - The China Securities Index for gold industry stocks (931238) has seen a significant increase of 3.11%, with notable gains in individual stocks such as Silver Nonferrous (9.96%) and Hunan Silver (8.45%) [1] - The CME FedWatch tool indicates an over 80% probability of a 25 basis point rate cut in December, which, along with a weakening US dollar, has provided strong support for gold prices [1][2] Group 2 - Dongfang Securities suggests that the gold and copper sectors may experience a favorable cross-year market starting in December, with a tightening supply-demand landscape and rising inflation expectations [2] - The gold sector's performance is further emphasized by the current low inventory levels in both the Shanghai Gold Exchange and the Shanghai Futures Exchange, which are at their lowest in nearly a decade [2] - The top ten weighted stocks in the China Securities Index for gold industry stocks account for 68.26% of the index, indicating a concentrated investment in major players like Zijin Mining and Shandong Gold [2]