Investment Rating - The report maintains a "Buy" rating for several companies in the textile and apparel sector, including Anta Sports, Li Ning, and Shenzhou International, with specific price-to-earnings (PE) ratios for FY2026 [9][30]. Core Insights - Fast Retailing's FY2026 Q1 results exceeded expectations, with revenue increasing by 14.8% to 1,027.7 billion JPY, operating profit up 31% to 205.6 billion JPY, and net profit rising 11.7% to 147.4 billion JPY. The company has revised its FY2026 earnings forecast, expecting revenue growth of 11.7% to 3,800 billion JPY and operating profit growth of 17.9% to 650 billion JPY [1][12]. - The sports footwear and apparel sector shows strong resilience amid a volatile environment, with long-term growth potential. Recommended stocks include Anta Sports and Li Ning, with current PE ratios of 14 and 18, respectively [3][18]. - The apparel manufacturing sector is expected to see improved orders in 2026, with recommendations for Shenzhou International and Huayi Group, which are entering a capacity release cycle [3][30]. Summary by Sections Weekly Topic - Fast Retailing's FY2026 Q1 report shows significant growth across all regions, particularly in the Uniqlo division, which has seen revenue and operating profit increases [1][12]. Weekly Viewpoint - The report emphasizes the resilience of the sports footwear and apparel sector, recommending high-quality stocks such as Anta Sports and Li Ning, while also highlighting the potential for recovery in manufacturing stocks like Shenzhou International and Huayi Group [3][18]. Weekly Market Performance - The textile and apparel sector outperformed the market, with the textile manufacturing sector up 2.9% and brand apparel up 2.88% [22]. Recent Reports - The report anticipates stable retail demand in 2025, with a focus on the performance of key companies in the textile and apparel sector [27][28]. Key Company Announcements - The report includes updates on share buybacks and other corporate actions from companies like Jian Sheng Group, indicating ongoing strategic financial management [31]. Industry News - ASICS and FILA have launched new marketing campaigns, reflecting the industry's focus on brand engagement and consumer connection [32]. Raw Material Trends - Cotton prices have shown a year-on-year increase, with domestic cotton prices higher than international prices, indicating potential cost pressures for manufacturers [33][34].

Group 1 - The international gold price is reported at $4509.3 per ounce, while palladium is at $1815.5 per ounce and silver at $79.9 per ounce as of January 11 [1] - Domestic gold prices are quoted at ¥1011.5 per gram [1] Group 2 - Major domestic gold retailers have varying prices, with Chow Sang Sang at ¥1410 per gram being the highest and China Gold at ¥1372 per gram being the lowest [1] - Other notable prices include: - Chow Tai Fook, Liufuk Jewelry, and King of Gold all at ¥1406 per gram - Lao Miao at ¥1407 per gram - Lao Feng Xiang at ¥1399 per gram - Zhou Sixi at ¥1391 per gram [1]

Price Adjustments in Jewelry Industry - The price of the "Sheng Sheng You Xi" series pearl four-leaf clover necklace by Chow Sang Sang was raised to 136,000 yuan from 120,800 yuan, an increase of 15,200 yuan in just one day [1] - The necklace weighs 53.1 grams, resulting in a new price of 2,560 yuan per gram, and has seen an increase of nearly 100,000 yuan over the past year, and approximately 7 times over the last decade [8] - Chow Sang Sang's price adjustments are attributed to rising material costs, design fees, and patent fees due to the increase in gold prices [5] Market Trends and Future Projections - The international gold price has been on a significant upward trend, with February gold futures reaching $4,500.90 per ounce, reflecting a 0.90% increase [12] - Analysts predict that gold prices will continue to rise, with Goldman Sachs forecasting a price of $4,900 per ounce by 2026, driven by strong demand from central banks [13] - The World Gold Council's report outlines four potential scenarios for the gold market in 2026, ranging from a 5% decrease to a 30% increase in gold prices depending on economic conditions [14] Competitor Price Changes - Other brands, such as Chow Tai Fook, are also expected to raise prices, with some products seeing increases of nearly 20,000 yuan [10] - Store employees have confirmed that price adjustments will take effect on January 15, indicating a broader trend in the jewelry market [10]

Core Viewpoint - The article discusses the price adjustment of gold jewelry by Chow Sang Sang, marking the first price increase in the gold consumption market for 2026, with price hikes ranging from 200 to 1500 yuan for over 50 products [6][11][19]. Price Adjustment Details - Chow Sang Sang has increased prices for certain gold jewelry items starting January 6, 2026, with price increases between 200 yuan and 1500 yuan [6][11]. - Specific products affected include the "transit beads" and Hello Kitty collaboration items, with the highest price increase noted for a Hello Kitty hollow key pendant, which rose from 12,300 yuan to 13,500 yuan, a 1,300 yuan increase [13][11]. Market Context - The price adjustment reflects the rapid transmission of international gold price fluctuations to consumer prices, influenced by both investment and consumption attributes [16][19]. - As of January 5, 2026, international gold prices surpassed 4,400 USD per ounce, prompting domestic gold jewelry prices to rise, with Chow Sang Sang's price reaching 1,387 yuan per gram [17][18]. Consumer Behavior Changes - The rising gold prices have altered consumer purchasing preferences, shifting focus from the intrinsic value of weight to the craftsmanship and emotional significance of gold jewelry [19]. - Consumers, particularly those preparing for weddings, are feeling the impact of rising prices, with some expressing concerns about affordability [19].

Group 1 - The core viewpoint of the article indicates that the domestic prices of gold jewelry are on the rise, with several brands reporting increased prices for pure gold jewelry [1][2]. - Lao Miao's pure gold jewelry is priced at 1402 RMB per gram, which is an increase of 13 RMB per gram compared to the previous day [2]. - Other brands such as Lao Feng Xiang and Chow Tai Fook are also reporting similar price increases, with prices at 1399 RMB and 1398 RMB per gram respectively [2]. Group 2 - The article provides specific pricing details for various types of gold products, including Lao Miao's pure gold jewelry at 1402 RMB per gram, platinum jewelry at 820 RMB per gram, and craft gold bars at 1357 RMB per gram [3]. - The pricing information reflects a broader trend in the gold jewelry market, indicating a potential shift in consumer purchasing behavior due to rising prices [1][2].

Group 1: Domestic Gold Prices - Domestic gold prices have seen a significant increase, with major brands like Chow Tai Fook, Chao Hong Ji, and Zhou Da Sheng all priced at 1390 yuan per gram, leading the market [1] - Shanghai China Gold has rebounded strongly to 1360 yuan per gram, moving away from its previous low, while the price gap between the highest (Cai Bai at 1358 yuan) and lowest has narrowed to 32 yuan per gram [1] - The overall price range in the market has clearly shifted upwards, with various brands showing consistent increases in their gold prices [1] Group 2: Platinum Prices - Platinum prices have also risen, surpassing 900 yuan per gram, with Chow Tai Fook's platinum jewelry priced at 905 yuan per gram, reflecting a 36 yuan increase [1] Group 3: Gold Recycling Prices - The gold recycling prices have continued to rise, with significant discrepancies among different brands; for instance, the recycling price for gold is 993.40 yuan per gram, while Cai Bai is at 969.60 yuan per gram [2] Group 4: International Gold Prices - The spot gold price opened high and reached a peak of 4455.39 USD per ounce, closing at 4448.09 USD per ounce, marking a 2.67% increase [4] - As of the latest update, spot gold is reported at 4462.73 USD per ounce, with a 0.33% increase [4] - The surge in gold prices is attributed to rising market risk aversion due to U.S. military actions in Venezuela and weak U.S. economic data, which has bolstered expectations for a Federal Reserve rate cut [4] - The U.S. ISM manufacturing PMI fell to 47.9, below market expectations, indicating a continued contraction in the manufacturing sector [4]

周大福黄金价格月度统计（1月1日-1月5日，单位：元/克） | 当日价 | 1378 | | --- | --- | | 日涨幅 | 1.55% | | 最高价 | 1378 | | 最低价 | 1357 | | 顶位差 | 0 | | 底位差 | 21 | | 平均值 | 1361 | 1月5日，周大福黄金价格报1378元/克，与本月初（1357元/克）相比，上涨了21元，涨幅1.55%。较本 月最高价相差0元/克，较本月最低价相差21元/克，均价1361元/克。 ...

Core Viewpoint - Citigroup initiates a 30-day upward catalyst observation for Chow Tai Fook (01929), anticipating strong operational performance for Q3 of FY2026 to be announced in January, along with an upward revision of same-store sales growth guidance [1] Group 1: Sales Performance - Following strong performances in October and November, Citigroup expects fixed-price gold product price increases to sustain ideal same-store sales growth in December [1] - The unexpected strong sales following the adjustment of the value-added tax policy is projected to positively impact the group's gross margin for the second half of FY2026 and the first half of FY2027 [1] Group 2: Financial Projections - Citigroup raises net profit forecasts for the group by 8%, 7%, and 6% for FY2026, FY2027, and FY2028 respectively [1] - After a stock price adjustment of over 20% in the past three months, the company is considered attractive with a projected price-to-earnings ratio of 12.8 times and a yield of 6.6% [1] Group 3: Rating and Target Price - Citigroup maintains a "Buy" rating and raises the target price from HKD 17 to HKD 18.2, reflecting the revised earnings forecast [1]

Core Viewpoint - Citigroup has initiated a 30-day upward catalyst observation for Chow Tai Fook (01929), anticipating strong operational performance for the third quarter of fiscal year 2026, along with an upward revision of same-store sales growth guidance [1] Group 1: Sales Performance - Following strong performances in October and November, Citigroup expects the increase in fixed-price gold product prices to sustain ideal same-store sales growth in December [1] - The unexpected strong sales following the adjustment of the value-added tax policy is projected to positively impact the group's gross margin for the second half of fiscal year 2026 and the first half of fiscal year 2027 [1] Group 2: Financial Projections - Citigroup has raised its net profit forecasts for the group by 8%, 7%, and 6% for fiscal years 2026, 2027, and 2028, respectively [1] - After a stock price adjustment of over 20% in the past three months, Citigroup finds the projected price-to-earnings ratio of 12.8 times and a yield of 6.6% attractive [1] Group 3: Rating and Target Price - Citigroup maintains a "Buy" rating for Chow Tai Fook, raising the target price from HKD 17 to HKD 18.2, reflecting the revised earnings forecast [1]

Core Viewpoint - Chow Tai Fook (01929) has seen a significant stock price increase, with a rise of nearly 7% during trading, closing at HKD 13.09, with a trading volume of HKD 158 million. The company announced a price increase for some products due to market factors, marking the third price adjustment this year [1]. Group 1: Price Adjustments - Chow Tai Fook's official flagship store announced that some products will see a price increase on December 19 due to market factors [1]. - This marks the third price increase for Chow Tai Fook in 2023, with the first adjustment in March affecting "fixed price" gold products by 10%-20%, and a second increase in late October by 12%-18% [1]. Group 2: Analyst Insights - Citigroup has initiated a 30-day observation period for Chow Tai Fook, predicting strong operational performance for the third quarter of fiscal year 2026, which is expected to be announced in January [1]. - Following strong performances in October and November, Citigroup anticipates that the increase in fixed price gold product prices will support same-store sales growth in December [1]. - The unexpectedly strong sales following the adjustment of the value-added tax policy are projected to positively impact the group's gross margin for the second half of fiscal year 2026 and the first half of fiscal year 2027 [1].