Group 1 - CTF Life Insurance has officially opened the "CTF Life Classroom" in collaboration with Hong Kong Heng Seng University, marking the first time a life insurance company has sponsored a classroom at the university [1] - The opening ceremony was co-hosted by senior executives from both parties, symbolizing a tangible collaboration platform in talent cultivation and a commitment to deep integration between the insurance industry and higher education [1][3] - The classroom aims to enhance teaching hardware and create a platform for deep engagement between academia and industry, helping students broaden their industry perspectives and providing continuous learning opportunities for professionals [1] Group 2 - The collaboration is rooted in shared values and development philosophies, with Hong Kong Heng Seng University focusing on a "Liberal Arts + Professional" teaching approach and CTF Life Insurance emphasizing the cultivation of industry talents with professional skills, empathy, and foresight [3] - A memorandum of cooperation was signed in May 2025, focusing on consulting and training services for family offices and related professionals in the Greater Bay Area, integrating academic resources with industry experience [3] - In January, a "CEO Certificate Course on Entrepreneurial Spirit" was launched, based on the management philosophy of Dr. Cheng Yu-tung, founder of the Chow Tai Fook Group, aimed at senior corporate managers [3] Group 3 - The partnership between CTF Life Insurance and Hong Kong Heng Seng University is seen as a new model for building a high-quality talent pool in the insurance and financial industry, actively fulfilling social responsibilities [7] - Future collaboration will expand into areas such as talent development, academic exchange, and public welfare practices, contributing to the sustainable development of the Greater Bay Area and society [8]

Core Viewpoint - Morgan Stanley's report indicates that Chow Tai Fook (01929) experienced an 18% year-on-year growth in retail value for the third fiscal quarter, surpassing expectations [1] Group 1: Financial Performance - The company's profit margin showed strong performance due to favorable factors such as improved product mix, channel optimization, rising gold prices, and cost control [1] - Management has raised the guidance for fiscal year 2026, targeting revenue growth in the low single digits, same-store sales growth in the mid to high single digits, gross margin between 31.5% and 32.5%, operating margin around 20%, and SG&A ratio approximately 13% [1] Group 2: Future Outlook - Given the current rising gold prices, there is potential for further improvement in Chow Tai Fook's profit margins [1] - Earnings estimates for 2026 to 2028 have been raised by 2% to 6%, and the target price has been adjusted from HKD 16.4 to HKD 17, maintaining a "buy" rating [1]

智通财经APP获悉，摩根大通发布研报称，周大福(01929)第三财季的零售值同比增长18%，胜于预期。 另外，受惠于产品组合改善、渠道优化、黄金价格上涨及成本控制等有利因素，公司的利润率表现强 劲。此外，管理层亦上调2026财年指引，包括目标收入升中个位数百分比; 同店销售增长中至高个位数; 毛利率31.5%至32.5%; 经营溢利率约为20%; 及SG&A比率约为13%。考虑到当前金价持续上升，小摩认 为周大福的利润率前景仍有进一步提升潜力，将公司2026至28年的盈测上调2至6%，目标价由16.4港元 上调至17港元，维持"增持"评级。 ...

1月23日早盘，现货黄金持续拉涨，盘中最高一度突破4970美元/盎司。 | COMEX更全 | | | | --- | --- | --- | | GCOOY 延 ▼ | | | | 4948 1 今天 4940.0 最高 4970.0 最低 4932.4 | | | | 总手 26238 持仓 22.49万 日增 0.71% 34.7 | | | | 更关 结算 昨结 4913.4 | | | | 分时 FF 間K 月K 更多▼ | | | | 均价:4952.8 最新:4948.1 34.7 0.71% | | | | 4970.0 1.15% 卖1 4948.9 | | | | द्मी 4948.3 2 | | | | 分时成交 | | | | 20:29 4949.71 | | | | 20:29 4949.54 | | | | 20:29 4949.71 | | | | 4913.4-- 20:29 4949.44 | | | | 20:29 4949.24 | | | | 20:29 4949.14 | | | | 20:29 4949.31 | | | | 20:29 4948.94 | 1 ...

摩根大通发表研报指，周大福第三财季的零售值按年增长18%，胜于预期。受惠于产品组合改善、渠道 优化、黄金价格上涨及成本控制等有利因素，公司的利润率表现强劲。管理层亦上调2026财年指引，包 括目标收入升中个位数百分比；同店销售增长中至高个位数；毛利率31.5%至32.5%；经营溢利率约为 20%；及SG&A比率约为13%。考虑到当前金价持续上升，该行认为周大福的利润率前景仍有进一步提 升潜力，将公司2026至28年的盈测上调2至6%，目标价由16.4港元上调至17港元，维持"增持"评级。 ...

本文源自：金融界AI电报 摩根大通发表研究报告指，周大福(01929.HK)第三财季的零售值按年增长18%，胜预期。另外，受惠于 产品组合改善、渠道优化、黄金价格上涨及成本控制等有利因素，公司的利润率表现强劲。此外，管理 层亦上调2026财年指引。考虑到当前金价持续上升，摩根认为周大福的利润率前景仍有进一步提升潜 力，将公司2026至28年的盈测上调2至6%，目标价由16.4港元上调至17港元，维持"增持"评级。 ...

近年来，高企的金价给黄金珠宝行业带来结构性变化。黄金珠宝企业正通过定价模式优化、产品设计创 新、服务体验迭代、品牌形象升级、销售渠道拓展等战略调整以应对挑战、捕捉机遇。 1月6日起，周生生对部分定价类黄金饰品进行调价，单件产品上涨幅度为200元至1500元，主要包括转 运珠、定价联名款以及金镶钻类饰品；1月16日起，潮宏基也对多款"一口价"金饰产品启动新一轮价格 调整。 北京时间1月21日，国际、国内金价再创新高，多家黄金珠宝品牌公布的境内足金饰品价格亦随之上 调，较高者突破1500元/克关口，刷新历史纪录。 在业内人士看来，黄金珠宝行业正处于全球化扩张与消费结构升级的交汇点。中国黄金珠宝品牌高端化 是中国消费市场发展到一定阶段的必然选择。同时，2026年中国品牌珠宝出海或呈现加速趋势。 金价高企 企业风险管控要求提高 1月21日，多家黄金珠宝品牌公布的境内足金饰品价格普遍上调，中国黄金价格更是达到1506元/克。不 同品牌调整幅度不一，例如：老庙黄金上海区域价格为1493元/克，单克较前一日上涨38元；周生生价 格为1495元/克，单克较前一日上涨41元；六福珠宝价格为1496元/克，单克较前一日上涨43元 ...

Group 1: Convertible Bond Market - The convertible bond market valuation is at a historical extreme level, with a pricing deviation indicator of 12.83% as of January 16, 2026, placing it in the 99.9th percentile since 2018 and 2021 [5][6] - The short-term drivers for the elevated valuation include a strong performance in the equity market, which has led to rising convertible bond prices and premium rates, and an influx of funds driven by demand for rights assets [5] - The current valuation is considered high, increasing systemic vulnerability, and investors are advised to be cautious and avoid high-priced and high-premium varieties, focusing instead on the sustainability of the underlying stock fundamentals [5][6] Group 2: Electric Power Equipment Industry - The electric power equipment sector is projected to focus on AIDC (Artificial Intelligence Data Center) and electricity shortages as core investment themes for 2026 [7][8] - The sector has outperformed the market, with a cumulative increase of 33.6% compared to a 17.7% rise in the CSI 300 index as of December 31, 2025 [8] - Investment recommendations include companies like Zhongheng Electric, Kehua Data, and Keda, which are expected to benefit from the growing demand for HVDC (High Voltage Direct Current) solutions and the global electricity construction backdrop [8] Group 3: Real Estate Market - The real estate market is experiencing a decline, with new home sales down 12.6% year-on-year, and related development investment indicators showing accelerated declines [9] - Predictions for 2026 include a 10% decrease in new construction area to 530 million square meters and a 10.9% drop in real estate development investment to 7.57 trillion yuan [9] - The report maintains an "overweight" rating for the sector, emphasizing the importance of policy support and the potential for recovery in specific urban markets, particularly first-tier and select second-tier cities [9] Group 4: Textile and Apparel Industry - Chow Tai Fook reported a 17.8% year-on-year increase in retail value for FY2026 Q3, indicating strong same-store sales growth [11][13] - The company is focusing on optimizing product design and channel operations, which is expected to enhance consumer engagement [13] - Profit forecasts for FY2026 to FY2028 project net profits of 7.575 billion, 8.559 billion, and 9.646 billion HKD respectively, with a PE ratio of 18 times for FY2026, maintaining a "buy" rating [13]

周大福 FY2026Q3 主要经营数据点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | [当前价格 Table_CurPrice] (港元)： | 14.12 | 本报告导读： 中国内地高毛利率定价产品占比提升。 同店销售提速，内地定价首饰高增 周大福(1929) [Table_Market] 交易数据 | 52 周内股价区间(港元) | 6.76-16.63 | | --- | --- | | 当前股本(百万股) | 9,865 | | 当前市值(百万港元) | 139,299 | [Table_PicQuote] 52周股价走势图 0% 30% 61% 91% 121% 15 ...

当足金饰品单价逼近每克1500元，传统按克计价的销售模式遭遇价格敏感考验，而以"一口价"模式为代 表、融合古法工艺与文化赋能的黄金饰品，却在年轻消费者中逆势走红。 受黄金市场因素影响，黄金饰品消费受到冲击，不乏部分企业终端门店客流减少，整体销售暂时面临阶 段性压力的情况出现。据中国黄金协会统计数据，2025年前三季度，我国黄金消费量为682.730吨，同 比下降7.95%。其中，黄金首饰为270.036吨，同比下降32.50%。 从老铺黄金门店外排起的长队，到周大福、潮宏基等品牌纷纷跟进推出定价类产品，一场从"重量计 价"到"价值计价"的消费转型正在金饰市场蔓延。与此同时，上游企业则直接受益于金价上涨，盈利有 望充分释放。 ● 本报记者 黄一灵 乔翔 "一口价"黄金产品更受青睐 在上海陆家嘴国金中心商场内的老铺黄金门店，即便是工作日下午的非客流高峰时段，现场依旧人潮涌 动，等待进店的消费者在店外排起长队。"目前排队等候时间大概需要半小时，麻烦耐心等候。需要跟 您说明的是，我们门店现阶段暂无任何促销活动。"该店工作人员一边引导排队秩序，一边向身旁驻足 询问的中国证券报记者解释道。 排队队伍中，一名90后消费者小 ...