Core Viewpoint - Multiple gold jewelry brands have reported divergent prices for domestic gold jewelry, with some maintaining previous prices while others have seen price reductions, generally around 1435 CNY per gram [1] Price Summary - Liufu Jewelry's domestic price for 999 gold is 1434 CNY per gram, unchanged from the previous day [1] - Chow Tai Fook's domestic price for gold (jewelry and crafts), as well as Xie Rui Lin's gold jewelry and Chao Hong Ji's gold (ornamental pieces), is 1436 CNY per gram, also unchanged from the previous day [1] - Chow Sang Sang's domestic price for gold jewelry is 1431 CNY per gram, which is a decrease of 5 CNY per gram compared to the previous day [1] - Lao Miao Gold's domestic price for gold jewelry in the Shanghai region is 1434 CNY per gram, reflecting an increase of 5 CNY per gram from the previous day [1]

Core Viewpoint - Chow Tai Fook Jewelry Group is expanding its international presence with the opening of a new flagship store in Bangkok's Siam Paragon, marking a significant step in its brand transformation and internationalization strategy [1] Group 1: Expansion Strategy - The company aims to have over 5,000 stores globally by December 31, 2025, with a market capitalization of approximately HKD 122 billion [1] - The international expansion strategy involves a dual approach of revitalizing existing markets and exploring high-potential new markets [1] - As of the first half of the 2026 fiscal year (April to September 2025), the company has around 60 retail points in international markets, with a nearly 17% year-on-year increase in retail sales in these markets, including duty-free operations in China [1] Group 2: Regional Developments - Chow Tai Fook entered the Southeast Asian market 15 years ago with its first store in Singapore and has since opened a new design store at Changi Airport in November 2025 [1] - The Bangkok store is part of the company's ongoing efforts to establish a new brand image in the region [1] - Plans are in place to enter the Australian market by the end of June 2026, open a new store in Canada, and expand into the Middle East within two years [1]

Core Insights - Chow Tai Fook Jewelry Group has opened a strategically significant new store in Siam Paragon, Bangkok, and appointed Chinese actor Yang Yang as its global brand ambassador [1] Group 1: Expansion Strategy - The company currently operates over 5,000 stores globally, emphasizing its commitment to enhancing its presence in premium luxury locations in international markets [1] - The opening of the Bangkok store is part of the brand's transformation strategy aimed at creating an exceptional retail experience as a key component of its international expansion [1] Group 2: Brand Positioning - The appointment of Yang Yang as the global brand ambassador is a crucial aspect of the company's strategic vision, aiming to shape a fashionable and elegant image for the Chinese luxury brand on the world stage [1] Group 3: Future Plans - Chow Tai Fook Jewelry has a long history of international expansion, having opened its first overseas store in Singapore 15 years ago, and plans to enter the Australian market by June 2026 and open a new store in Canada [1] - The company also aims to enter the Middle Eastern market within the next two years [1]

Core Insights - Chow Tai Fook has officially announced Yang Yang as its global brand ambassador, marking a significant step in its marketing strategy [1] - The company is set to open a strategically important new store in Siam Paragon, Bangkok, which represents its continued expansion into the Southeast Asian market [1] - This move follows Chow Tai Fook's previous overseas ventures, including its first store in Singapore 15 years ago and the upcoming opening of a new design store at Changi Airport in Singapore in November 2025 [1] Company Strategy - The appointment of Yang Yang as the brand ambassador aims to enhance brand visibility and connect with younger consumers [1] - The new store in Bangkok is part of a broader strategy to strengthen Chow Tai Fook's presence in key international markets [1] Market Expansion - The opening of the Bangkok store is a notable event in Chow Tai Fook's international expansion, following its historical entry into Southeast Asia [1] - The company is leveraging high-profile endorsements and strategic locations to capture market share in the competitive jewelry sector [1]

Core Insights - Chow Tai Fook Jewelry Group announced the opening of a strategically significant new store in Siam Paragon, Bangkok, on January 16, and appointed actor Yang Yang as the global brand ambassador [1][4] Company Expansion Strategy - Chow Tai Fook operates over 5,000 stores globally and has a market capitalization of approximately HKD 122 billion as of December 31, 2025 [1][4] - The company aims to enhance its international retail experience as a key part of its brand transformation strategy, emphasizing its commitment to becoming a leader in the global luxury goods sector [1][4] - The appointment of Yang Yang as the global brand ambassador is a crucial aspect of the company's strategic vision to shape a fashionable and elegant image for Chinese luxury brands on the world stage [1][4] International Market Development - Chow Tai Fook has a long history of international expansion, having opened its first overseas store in Singapore 15 years ago, marking its entry into the Southeast Asian market [1][4] - Following the opening of a newly designed store at Changi Airport in Singapore in November 2025, the Bangkok store is the next step in its international retail network expansion [1][4] - The company plans to enter the Australian market by June 2026 and open a new store in Canada, with intentions to enter the Middle Eastern market within two years [1][4]

Core Viewpoint - The report from CITIC Securities indicates a gradual recovery in high-end consumption in China since Q3 2025, driven by the wealth effect from rising stock markets, with positive signs from international luxury brands and high-end retail properties [1] Group 1: Recovery Indicators - International luxury brands have shown signs of recovery since Q2 2025, with revenue growth returning in the Asia-Pacific region by Q3 2025 [2] - High-end retail properties in China began to recover at the end of 2024 and early 2025, with improved occupancy rates and sales, particularly in top luxury malls [2] - The global luxury market also entered a recovery phase starting Q3 2025 [2] Group 2: Investment Opportunities in High-End Consumption - The recovery of high-end consumption is influenced by factors such as the proportion of VIC (Very Important Customer) groups, the sequence of consumption based on wealth increase, the elasticity of supply, and consumption trends [3] - Categories with strong initial demand, driven by social status and identity needs, are expected to recover first, while categories with a high proportion of VIC customers and good supply conditions will show more sustained growth [3] - The fastest-growing segments in the luxury market from 2019 to 2025 include luxury cruises, private jets, high-end dining, personal luxury goods, luxury hotels, and high-end home goods [3] Group 3: Recommended Investment Targets - The report recommends focusing on luxury jewelry and leather goods, high-end domestic beauty products, and high-end outdoor sports [4] - Specific companies to watch include gold and jewelry brands like Lao Pu Gold and Chow Tai Fook, beauty brands like Mao Ge Ping, and sportswear brands like Anta Sports [4] - Other areas of interest include high-end commercial real estate, high-end residential real estate, gaming, private aviation, high-end tourism and dining, and premium liquor [4]

Core Dynamics and Data - Historical Breakthrough: On December 23, 2025, COMEX gold futures first broke $4500/oz, reaching a peak of $4555.1; London spot gold also surged to $4525.83/oz, with a year-to-date increase exceeding 70%, marking the largest annual gain since 1979 [2] - Consumer Transmission: Major brands like Chow Tai Fook and Chow Sang Sang saw a daily increase of 36 yuan in gold jewelry prices, with a reported price of 1411 yuan/gram on December 24, totaling a two-day increase of 44 yuan. The cost of 60 grams of wedding "three golds" skyrocketed from under 40,000 yuan at the beginning of the year to over 80,000 yuan, leading some couples to consider rentals or "gold-plated silver" alternatives [2] Driving Forces Behind the Surge - Monetary Easing Expectations: The Federal Reserve is expected to cut rates by 75 basis points cumulatively in 2025, with the market betting on further cuts in 2026. The decline in U.S. Treasury yields diminishes the dollar's attractiveness, while lower real interest rates reduce the cost of holding gold [3] - Surge in Safe-Haven Demand: - Geopolitical Risks: U.S. sanctions on Venezuelan oil tankers and tensions in the Middle East have heightened risk aversion [4] - De-dollarization: Central banks globally purchased a net 634 tons of gold in the first three quarters, with China increasing its gold reserves for 13 consecutive months, leading to a decrease in the dollar's share of foreign exchange reserves to 56.32% [4] - Technical Buying Pressure: The gold price broke through the resistance level of $4380 set in October, triggering algorithmic trading, with gold ETFs experiencing net inflows for five consecutive weeks [4] Market Divergence and Risk Alerts - Bullish Camp: Central bank gold purchases and an ongoing rate-cut cycle support a bullish outlook, with Goldman Sachs predicting $4900 and JPMorgan forecasting $5055 [5] - Cautious Camp: Concerns over short-term overbought conditions and policy fluctuations, with Citigroup warning of a pullback to $4280-$4300 and economist Guan Qingyou cautioning that rapid price increases may not be beneficial [5] - Historical Lessons: In October, gold prices twice touched $4380 before experiencing a single-day drop of nearly $200 (a 6.3% decline), with the current RSI indicating overbought conditions in the 74-80 range [5] Practical Advice for Ordinary Users - Consumer Pitfalls: - Wedding essentials should prioritize gold jewelry priced by weight in markets like Shenzhen's Shui Bei, avoiding brand premiums of around 30% [6] - Consider refurbishing old gold or opting for "gold-plated silver" alternatives, which are priced at only one-fifth of solid gold [6] - Investment Allocation: - Tools: Gold ETFs (with fees <0.5%) and bank gold savings should be preferred, avoiding high-leverage futures due to frequent liquidations at 80x leverage in October [7] - Strategy: Maintain positions at ≤10% of liquid assets, employing dollar-cost averaging to mitigate high-price risks and avoid chasing prices [7] Future Trend Core Contradictions - Upward Momentum: The erosion of the dollar's credit system is transforming gold from an "anti-inflation tool" to the "ultimate asset against sovereign credit risk," with Morgan Stanley predicting gold prices could challenge $7000-$8000 by 2030 [8] - Downward Risks: If the Federal Reserve's independence is restored or if global economic recovery exceeds expectations, a prolonged bear market for gold similar to the 1980-2000 period could re-emerge [8]

北京商报讯（记者 孟凡霞 周义力）1月12日，上海黄金交易所发布《关于继续做好近期市场风险控制工 作的通知》指出，近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。请各会员单位 密切关注市场行情变化，继续做细做好风险应急预案，维护市场平稳运行。同时，提示投资者做好风险 防范工作，合理控制仓位，理性投资。 贵金属市场再迎历史性时刻。1月12日，伦敦金现、伦敦银现同步强势攀升，截至发稿，最高分别突破 4600美元/盎司关键关口、触及84.606美元/盎司，双双刷新历史新高。受火热行情传导，A股贵金属板 块亦表现亮眼，截至收盘，明牌珠宝涨超10%，盛达资源涨超8%，中国白银集团、湖南白银、晓程科 技均超5%，周大福、中国黄金国际、周生生、老铺黄金等多股纷纷跟涨。 ...

Group 1 - On January 12, the London spot gold price surged, breaking through $4600 per ounce for the first time, reaching a high of $4566.88 per ounce before slightly retreating, marking a 1.28% increase [1] - The A-share gold concept sector opened strongly on the same day, with companies like Mingpai Jewelry, Xiaocheng Technology, and Xingye Silver rising over 12%, while Shengda Resources and Hunan Silver increased by over 11% and 7% respectively [1] - Domestic gold jewelry brands also saw price increases, with Chow Tai Fook's gold price rising to 1426 yuan per gram, an increase of 20 yuan; Lao Miao's price reached 1429 yuan per gram, up by 22 yuan; and Zhou Shengsheng's price also at 1429 yuan per gram, increasing by 19 yuan [4] Group 2 - The World Gold Council's 2026 outlook suggests that gold prices could rise by 15% to 30% from current levels due to factors such as declining U.S. Treasury yields, heightened geopolitical tensions, and increased risk aversion [4] - American Bank predicts that gold prices may reach $5000 per ounce by 2026, citing sustained driving forces behind the recent price surge [8] - China International Capital Corporation (CICC) advises to focus on asset trend changes rather than specific gold price predictions, noting that current gold prices are significantly above short-term valuation models, indicating potential bubble risks [8]

Group 1 - The domestic gold jewelry market has initiated its first price increase of the year in early 2026, with brands like Chow Sang Sang and Chow Tai Fook raising prices due to rising costs [1] - The price of gold jewelry has increased significantly, with a specific example of a gold bracelet's price rising from approximately 27,000 yuan to about 31,000 yuan, reflecting a price increase of around 14.8% [1] - The current price of gold per gram has approached 1,400 yuan, with reports indicating a daily increase of 10 yuan and a total rise of at least 30 yuan within the week [1] Group 2 - The recent increase in domestic gold prices is primarily driven by the stabilization and rise of international gold prices, which have surpassed 4,500 USD per ounce as of January 9 [2] - Geopolitical risks and lower-than-expected U.S. non-farm payroll data have led to increased investment in gold, supporting a bullish trend in international gold prices [2] - Long-term expectations suggest that continued U.S. Federal Reserve interest rate cuts and central banks' increased gold reserves will sustain demand in the physical gold market [2]