Group 1 - The international gold price is reported at $4982.5 per ounce, while international palladium is at $1994.7 per ounce, and international silver is at $100.81 per ounce. The domestic gold price is at ¥1111.0 per gram [1] - Major domestic gold retailers have varying prices, with Lao Miao Gold at ¥1548 per gram as the highest and Cai Bai Jewelry at ¥1485 per gram as the lowest. Other notable prices include Chow Tai Fook at ¥1542, Chow Sang Sang at ¥1545, and Liufuk Jewelry at ¥1542 per gram [1]

Core Viewpoint - Chongqing Liufu Group is primarily engaged in the procurement, retail, and wholesale of various gold jewelry, gold decorative items, gemstone jewelry, and other accessories, with a focus on expanding its international market presence [1] Group Overview - Chongqing Liufu Jewelry operates over 300 retail stores located in Hong Kong, the United States, Canada, Macau, and mainland China [1] - The group aims to continue seeking new business opportunities in international markets to align with its core brand philosophy of "International Interpretation" [1]

Core Viewpoint - The recent surge in gold prices has led to significant adjustments in the pricing strategies of various gold jewelry brands, with many prices exceeding 1500 yuan per gram, marking a historical high. The industry is undergoing structural changes as companies adapt to these challenges and opportunities through various strategic adjustments [1][2]. Pricing Adjustments - As of January 21, the domestic gold price reached 1506 yuan per gram, with different brands adjusting their prices variably. For instance, Lao Miao's price in Shanghai was 1493 yuan per gram, up by 38 yuan, while Chow Sang Sang's price was 1495 yuan, up by 41 yuan [2]. - The pricing of gold jewelry is primarily influenced by raw material costs, which are tied to real-time quotes from the Shanghai Gold Exchange. Some brands use a "real-time tracking" mechanism for price adjustments, while others may have a delay due to internal approval processes [2][3]. Market Dynamics - Factors influencing gold jewelry prices include brand premium, operational costs, and inventory management. High-end brands tend to have a more stable pricing strategy due to their customer base's lower sensitivity to price fluctuations, while mass-market brands adjust prices more closely to raw material costs to maintain competitiveness [3]. - The rise in international gold prices has prompted some brands to increase prices for fixed-price products, with Chow Sang Sang raising prices on certain items by 200 to 1500 yuan starting January 6 [3]. Sales Performance - The share of fixed-price products has been increasing, becoming a significant growth driver for brands. For example, Chow Tai Fook reported a 59.6% year-on-year increase in retail value for fixed-price jewelry in the last quarter of 2025, contributing 40.1% to total retail value [4]. - Sixi Group reported a 15% same-store sales growth for gold products, with fixed-price products seeing a 17% increase, indicating strong performance despite high base figures [4]. Brand Expansion - Companies are focusing on high-end market positioning as part of their brand transformation strategies. Chow Tai Fook opened a new high-end store in Shanghai and plans to continue expanding in cities like Xiamen and Hangzhou [5]. - China Gold Group is set to open its first high-end stores in Beijing and Shenzhen in 2026, aiming to leverage cultural themes and collaborations to enhance brand value [5]. International Expansion - International expansion is a key strategy for growth among gold jewelry brands. Chow Tai Fook plans to enter the Australian market by mid-2026 and expand in Canada and the Middle East [6]. - Sixi Group is also increasing its overseas presence, targeting a net growth of about 20 stores in international markets by the end of the fiscal year [6]. Challenges and Recommendations - The internationalization of Chinese gold jewelry brands is still in its early stages, characterized by small scale and a focus on Southeast Asia. Brands are advised to adopt a dual strategy of product and platform to enhance their international presence [7]. - Recommendations for brands looking to expand internationally include maintaining a high-end brand image, respecting local cultures, and implementing a unified pricing strategy across markets to ensure success [7].

Group 1 - The stock of Luk Fook Holdings (00590.HK) has increased by over 5%, specifically rising by 5.83% to reach HKD 31.96 [1] - The trading volume for Luk Fook Holdings amounted to HKD 81.7036 million [1]

Group 1 - The core viewpoint of the article highlights that Luk Fook Holdings (00590) has seen a significant stock price increase of over 5%, with a cumulative rise of more than 35% within the month, currently trading at HKD 31.96 with a transaction volume of HKD 81.70 million [1] - The company reported a same-store sales growth of 15% year-on-year for the third quarter of the fiscal year ending in December 2026, with mainland China showing a growth of 7% and markets outside mainland China growing by 16%, indicating an accelerating trend compared to the previous quarter [1] - CICC noted that the growth in the last quarter exceeded expectations, while Cinda Securities attributed the faster same-store sales growth outside mainland China to the price advantage of products in Hong Kong and Macau, concert events, and the appreciation of the Renminbi, which boosted sales and tourist flow from mainland China [1] Group 2 - Despite gold prices reaching new highs in December 2025, consumer adaptation to high gold prices has not significantly impacted sales, with expectations for better same-store sales performance from January 1 to January 7, 2026, compared to the third quarter [1]

Core Viewpoint - Luk Fook Holdings (00590) has seen a significant stock price increase of over 35% in the month, with a current rise of 5.83% to HKD 31.96, and a trading volume of HKD 81.70 million [1] Group 1: Sales Performance - For the third quarter of the fiscal year ending December 2026, the company's overall same-store sales increased by 15% year-on-year, with mainland China growing by 7% and markets outside mainland China growing by 16% [1] - The sales growth in markets outside mainland China is attributed to the price advantage of products in Hong Kong and Macau, concert events, and the appreciation of the Renminbi, which has boosted tourist flow and sales from mainland China [1] Group 2: Market Conditions - Despite gold prices reaching new highs in December 2025, consumer behavior has adapted to high gold prices, resulting in no significant impact on sales [1] - The company anticipates that overall same-store sales for the period from January 1 to January 7, 2026, will be better than those in the third quarter [1]

Core Viewpoint - Goldman Sachs released a report indicating that while gold prices are expected to rise, the sales resilience of Luk Fook Holdings (00590) needs to be observed, especially considering the high base during the Lunar New Year period. The firm maintains a "Neutral" rating with a target price of HKD 23 [1] Group 1: Sales Performance - For the third quarter of the fiscal year ending in 2026, same-store sales growth for Luk Fook's brand stores in mainland China reached 31% [1] - Same-store sales growth for self-operated stores in mainland China was 7%, which accelerated from the previous quarter's 7%, returning to pre-pandemic levels [1] - In the Hong Kong and Macau markets, same-store sales growth increased from 11% to 16% [1] Group 2: Market Context - Compared to the sales data released by the company in October and November of the previous year, Goldman Sachs believes that growth in the latter half of the last fiscal quarter has slowed, but remains in line with market expectations [1] - The report suggests that the growth was influenced by a gold rush in mainland China last October and the impact of new tax measures leading to an increase in gold prices [1]

Core Viewpoint - Goldman Sachs has issued a report indicating that while gold prices are expected to rise, the sales resilience of Luk Fook Holdings (00590) needs to be observed, especially considering the high base during the Lunar New Year period. The firm maintains a "Neutral" rating with a target price of HKD 23 [1] Group 1: Sales Performance - For the third quarter of the fiscal year ending in 2026, same-store sales growth for Luk Fook's brand stores in mainland China reached 31% [1] - Same-store sales growth for self-operated stores in mainland China was 7%, which accelerated from the previous quarter's growth of 7%, returning to pre-pandemic levels [1] - In the Hong Kong and Macau markets, same-store sales growth increased from 11% to 16% [1] Group 2: Market Context - Compared to the sales data released by the company in October to November of the previous year, Goldman Sachs notes a slowdown in growth for the latter half of the last fiscal quarter, although it remains in line with market expectations [1] - The growth is believed to be influenced by a gold rush in mainland China last October and the impact of new tax measures leading to an increase in gold prices [1]

Group 1 - The core viewpoint of the article highlights that Luk Fook Holdings (00590.HK) has seen a stock price increase of over 3%, specifically a rise of 3.53%, reaching a price of 29.9 HKD [2] - The trading volume for Luk Fook Holdings was reported at 10.82 million HKD [2]

Core Viewpoint - Luxshare Precision (00590) has seen a stock increase of over 3%, currently trading at HKD 29.9, with a transaction volume of HKD 10.82 million [1] Group 1: Sales Performance - Goldman Sachs reported that Luxshare's same-store sales growth in mainland China for the third quarter of the fiscal year ending in 2026 was 31%, with self-operated store same-store sales growth at 7%, accelerating from the previous quarter's 7% [1] - The same-store sales growth in the Hong Kong and Macau markets also increased from 11% to 16% [1] - Despite a slowdown in growth compared to the sales data released by the company in October-November last year, Goldman Sachs believes the growth in the last half of the fiscal quarter still meets market expectations [1] Group 2: Future Outlook - Guosen Securities noted that Luxshare continued to show strong growth performance from October to December 2025, and the overall same-store sales for the first seven days of January 2026 were even more favorable [1] - The company's growth is attributed to product innovation, channel optimization, and accelerated overseas development [1] - Luxshare aims to capitalize on the dual attributes of "fashion + value preservation" in jewelry consumption trends, focusing on high-quality products and store services to gain market share [1]