Core Viewpoint - Citi has initiated a 30-day upward catalyst observation for Luk Fook Holdings (00590), anticipating enhanced quarterly operational data for Q3 FY2026 to be released in January [1] Group 1: Sales Performance - Strong sales momentum observed in October and November is expected to continue into December [1] - The adjustment of the value-added tax policy is projected to positively impact gross margins in the second half of FY2026 and the first half of FY2027 due to robust sales growth [1] Group 2: Profit Forecasts - Citi has raised its net profit forecasts for Luk Fook for FY2026, FY2027, and FY2028 by 5%, 5%, and 2% respectively [1] - The current valuation at a price-to-earnings ratio of 7.3 times and a dividend yield of 6.2% is considered attractive [1] Group 3: Sales Growth Projections - An increase in fixed gold product prices in late December last year is expected to boost sales before the price hike takes effect [1] - Same-store sales growth for franchise stores is projected to exceed 20% in December, while self-operated stores are expected to exceed 5% [1] - Franchise same-store sales growth is anticipated to accelerate from 27% in Q2 to over 30%, while self-operated stores are expected to increase from 3% to over 10% [1]

Core Viewpoint - Citigroup has initiated a 30-day upward catalyst observation for Luk Fook Holdings, anticipating strong operational data for Q3 FY2026 to be announced in January [1] Group 1: Sales Performance - Strong sales momentum observed in October and November is expected to continue into December [1] - The adjustment of the value-added tax policy is projected to positively impact gross margins in the second half of FY2026 and the first half of FY2027 due to robust sales growth [1] Group 2: Financial Forecasts - Citigroup has raised its net profit forecasts for Luk Fook for FY2026, FY2027, and FY2028 by 5%, 5%, and 2% respectively [1] - The current valuation of 7.3 times the forecasted price-to-earnings ratio and a dividend yield of 6.2% indicates that the stock remains attractive [1] Group 3: Investment Rating - Citigroup maintains a "Buy" rating for Luk Fook and has increased the target price from HKD 34.6 to HKD 35.2 [1]

Core Viewpoint - The domestic gold jewelry prices have significantly decreased, with multiple brands reporting a notable drop in their gold prices per gram [1] Group 1: Price Adjustments - Zhou Shengsheng's gold price has fallen to 1353 yuan per gram [1] - Lao Feng Xiang's price is now 1363 yuan per gram [1] - Lao Miao Gold is priced at 1359 yuan per gram [1] - Chow Tai Fook's price remains at 1363 yuan per gram [1] - Liufuk Jewelry's price is the highest at 1403 yuan per gram [1]

2026.01. 01 盘和林认为，消费者如果想要投资黄金，需要有投资黄金的对应常识。"不需要你专业，但黄金定价 的基本认知还是要有的。金店中，大部分金价是追随国际金价的，店员的误导涉嫌虚假宣传，但法律 上很难去取证，消费者要自己明白。" 微信编辑 | 七三 本文字数：1050，阅读时长大约2分钟 作者 | 第一财经 宋婕 专家呼吁消费者理性看待短期金价波动和金饰营销话术。 1月1日，元旦假期首日，各大黄金珠宝品牌的克重金价在经历了12月30日的普跌之后，在假期期间 并未出现涨幅，金价还在下跌。 公开数据显示，12月30日，国内多家品牌的金饰克价集体大跌。其中，周大福、老凤祥、周六福和 老庙黄金均跌超40元/克，周生生更是跌超50元/克。次日，多家品牌金价止跌，部分品牌的足金克价 涨幅为几块钱的回升。 元旦假期首日，各大黄金珠宝品牌的足金金价又开始下跌。周大福报价1357/克（跌6），老凤祥报 价1360元/克（跌6），老庙黄金报价1354元/克（跌11），周生生报价1345元/克（跌10），六福珠 宝报价1361元/克（跌6）。部分品牌在1月1日的足金克价，比12月30日大跌之后的价格还要低。 知名经济学家 ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Group 1 - The international gold price is reported at $4,340.8 per ounce, while international palladium is at $1,608.4 per ounce, and international silver is at $72.28 per ounce. The domestic gold price is at ¥992.9 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at the highest price of ¥1,408 per gram and China Gold at the lowest price of ¥1,312 per gram. Other notable prices include Chow Tai Fook at ¥1,405, Chow Sang Sang at ¥1,406, and Liufuk Jewelry at ¥1,405 per gram [1]

Core Viewpoint - The article discusses the recent significant decline in domestic gold jewelry prices and analyzes the potential for a continued bull market in gold for 2026, influenced by various economic factors and investor behavior [1][3]. Price Comparison - As of December 30, 2025, several gold jewelry brands reported a notable price drop for domestic 24K gold jewelry, with Lao Feng Xiang and Chow Tai Fook both priced at 1363 CNY per gram, while Lao Miao Gold was at 1359 CNY per gram, and Chow Sang Sang at 1353 CNY per gram. Liufu Jewelry maintained a price of 1403 CNY per gram [1][2]. Market Dynamics - The international gold price has seen fluctuations, dropping from a previous high of 4550 USD to around 4350 USD. The article raises the question of whether the gold bull market can continue into 2026 [2][3]. Support for Gold Market - Key factors supporting the gold market include expectations of interest rate cuts by the Federal Reserve, with three cuts totaling 75 basis points in 2025 and an anticipated 2-3 cuts in 2026. Additionally, global central bank gold purchases are expanding beyond geopolitical nations, with the share of dollar assets in global reserves decreasing from 72% to 56%, while gold reserves have increased to 25% [3]. Investor Behavior - Gold investment returns and capital inflows are positively correlated, with significant demand for gold observed in 2025, totaling 551.5 tons, 477.5 tons, and 537.2 tons in the first three quarters, respectively. Gold ETF and derivatives investments also showed strong performance, with figures of 226.6 tons, 170.5 tons, and 221.7 tons, all higher than the previous year. Despite a decline in gold jewelry consumption compared to the previous year, quarterly consumption remains high at nearly 400 tons [3]. Potential Risks - Possible negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically led to declines in gold prices during periods of high inflation retreat. Additionally, liquidity pressures could prompt central banks to sell gold, as seen during the 1997 Asian financial crisis when global central banks sold gold, leading to significant price drops [4].

FY26H1业绩 FY26H1(截至2025年9月30日)，六福集团业绩超预期。期内实现收入68.4亿港元(同比+25.6%)，归母净 利润6.2亿港元(同比+42.5%)，毛利率同比提升2个百分点至34.7%，达历史新高。从季度表现来看，业 绩持续改善，恢复动能强劲。FY26Q1集团零售值同比增长13%，同店销售上升5%;FY26Q2零售值进一 步提速，同比增长18%，同店销售增速升至10%。 产品端：公司持续推进高毛利产品占比，定价类产品表现突出，成为结构优化引擎 FY26H1黄金及铂金类收入40.96亿港元，同比增长11.0%占比达到64.3%，毛利率增加2.8%提升至30.3%; 定价首饰收入22.76亿港元，同比增长67.9%，占比35.7%。分季度看，FY26Q1内地自营定价黄金同店 +69%，定价首饰同店+16%;港澳定价黄金+74%，定价首饰+19%。FY26Q2内地自营定价黄金同店 +49%，定价首饰+8%;港澳定价黄金+68%，定价首饰+27%。定价黄金产品的销售占比在Q1提升至 16%-17%，结构性利好持续释放。 智通财经APP获悉，东北证券发布研报称，短期看，六福集团(00590)期 ...

东北证券发布研报称，短期看，六福集团(00590)期后双位数增长印证消费韧性，黄金增值税新政通过 提价传导消化，长期利好龙头份额提升。估值层面，海外扩张及产品高端化驱动估值修复。该行预计公 司未来三年2026/2027/2028归母净利润分别为15.6/17.8/20.1亿元，对应PE为8.3/7.2/6.4X。首次覆盖，给 予"增持"评级。 东北证券主要观点如下： FY26H1黄金及铂金类收入40.96亿港元，同比增长11.0%占比达到64.3%，毛利率增加2.8%提升至30.3%; 定价首饰收入22.76亿港元，同比增长67.9%，占比35.7%。分季度看，FY26Q1内地自营定价黄金同店 +69%，定价首饰同店+16%;港澳定价黄金+74%，定价首饰+19%。FY26Q2内地自营定价黄金同店 +49%，定价首饰+8%;港澳定价黄金+68%，定价首饰+27%。定价黄金产品的销售占比在Q1提升至 16%-17%，结构性利好持续释放。 渠道端：公司持续推进门店优化和渠道再平衡 (1)FY26H1零售、批发、品牌业务收入占比分别为76.8%、16.3%、6.9%，其中批发收入同比大幅增长 190.6%，并实现由 ...

格隆汇12月29日｜东北证券发表报告，六福集团2026财年上半年业绩超预期，期内实现收入68.4亿港 元，按年增长25.6%；归母净利润6.2亿港元，按年增长42.5%；毛利率按年提升2个百分点至34.7%，达 历史新高。从季度表现来看，业绩持续改善，恢复动能强劲。展望未来，短期看，期后双位数增长印证 消费韧性，黄金增值税新政通过提价传导消化，长期利好龙头份额提升。估值层面，海外扩张及产品高 端化驱动估值修复。该行首次覆盖该股，予其"增持"评级。 ...