国际黄金期货价格和现货价格29日再创新高，盘中突破每盎司5500美元。 | W | 伦敦金现 | | | | | | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | 5487.560 | 昨结 | 5417.747 | 开奖 | 5416.334 | | | +69.813 +1.29% | | 总量(kg) 0.00 | 现于 | | O | | 最高价 5598.750 | 特 仓 | 0 | 外 营 | | O | | 最低价 5416.260 | 增 仓 | 0 | R | | 0 | | 分时 日 | HK | 周K FF | | | | | 叠加 | | 均价: -- 盘口 | | | | | 5598.750 | | 3.34% | 卖1 | 5489.212 | 0 | | | | | ने 1 | 5488.888 | 0 0 | | | | 08:06 5488.000 08:06 5488.326 | | | 0 | | | | 0.00% 08:06 5488 360 | | | 0 | | 5417 ...

1、标的分析核心方向说明 ·分析方向明确：对相关公司进行观点及近况更新；明确不展开当前金价上涨的原因及未来展望，重点聚焦公司层 面内容；同时探讨2025年10月份以来黄金税改的后续影响。 天风轻工纺服 | 金饰观点更新电话会 1、标的分析核心方向说明 ·分析方向明确：对相关公司进行观点及近况更新；明确不展开当前金价上涨的原因及未来展望，重点聚焦公司层 面内容；同时探讨2025年10月份以来黄金税改的后续影响。 2、太白股份投资价值分析 ·税改后渠道优势凸显：2025年11月黄金税改实施后，以会员单位直营形式销售黄金投资金条可享受增值税减免政 策，消费者购买时仅需在金 天风轻工纺服 | 金饰观点更新电话会 2、太白股份投资价值分析 ·税改后渠道优势凸显：2025年11月黄金税改实施后，以会员单位直营形式销售黄金投资金条可享受增值税减免政 策，消费者购买时仅需在金价基础上加20-30元以内的加工费。 加盟店存在增值税抵扣问题，货金成本比直营单位高6-7个百分点，终端加价成本更高。 太白股份作为直营会员单位，渠道与成本优势充分显现。 ·投资金渠道虹吸效应：本轮黄金上涨对投资金需求带动最为直接，税改带来的6-7个百分 ...

Group 1: Federal Reserve and Currency Movements - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%, ending a three-rate cut cycle, with a focus on achieving full employment and a 2% inflation target [1][14] - The Chinese yuan's midpoint exchange rate broke the 7.0 mark against the US dollar for the first time in two and a half years, driven by a weak dollar and seasonal demand for currency settlement [1][15] Group 2: Company Developments and Financial Performance - Huadong Heavy Machinery expects a significant decline in net profit for 2025, projecting a decrease of 39.05% to 59.36% due to the divestment of its profitable CNC machine tool business and losses from its newly acquired chip subsidiary [1][18] - Agricultural University Technology listed on the Beijing Stock Exchange, becoming Shandong's first A-share company of the year, with its stock price surging by 111.56% on the first day despite concerns over its revenue and profit trends [1][20] - Seagate Technology's stock surged over 16% to a record high following a strong earnings report, with significant revenue and earnings per share exceeding market expectations [1][20] - SK Hynix reported a nearly 1.2 times increase in net profit for the previous year, driven by the AI storage market, and expects continued growth in storage demand [1][20] Group 3: Legal and Regulatory Issues - Shenzhen Water Bay Jewelry faced withdrawal difficulties, with thousands of investors unable to cash out, raising concerns about illegal gold betting practices [1][16] - Sunflower's major asset restructuring plan was terminated due to an investigation by the Securities Regulatory Commission, leading to significant losses for investors [1][21] - Dike Co., a leader in photovoltaic silver paste, initiated patent infringement lawsuits against two companies, seeking a total of 4 billion yuan in damages [1][21] Group 4: Market Trends and Consumer Behavior - The price of international spot gold reached a new high, exceeding $5,300 per ounce, prompting major jewelry brands to adapt their business strategies to focus on design and service rather than raw material value [1][23] - The price of Flying Moutai surged to 1,600 yuan per bottle, driven by seasonal demand and supply constraints, leading to a secondary market for reselling [1][24] - Industrial Fulian, an AI giant, projected a significant increase in net profit for 2025, driven by strong growth in cloud computing and AI server revenues [1][25]

Core Viewpoint - Chow Tai Fook has demonstrated a strong recovery in FY2026 Q3, with significant growth in retail value and same-store sales across various markets, driven by product optimization and high-margin offerings [1][2]. Group 1: Financial Performance - The group reported a retail value (RSV) growth of 17.8% year-on-year, with mainland China showing a 16.9% increase [1]. - Same-store sales (SSSG) for direct and franchise stores increased by 21.4% and 26.3%, respectively [1]. - Retail value in Hong Kong and overseas markets grew by 22.9%, with same-store sales increasing by 14.3% [1]. - Hong Kong's same-store sales rose by 10.1%, while Macau's saw a remarkable increase of 31.3% [1]. Group 2: Product and Pricing Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [1]. - The IP cultural series continues to perform strongly, with diamond and jadeite businesses returning to positive growth [1]. - Average selling prices have significantly increased, with the average price of gold in mainland China rising to HKD 11,000 (up 50.7% year-on-year) and priced gold reaching HKD 9,500 (up 82.6% year-on-year) [1]. Group 3: Channel and Market Expansion - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating a nearing end to structural contraction [2]. - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing events like Double Eleven [2]. - The tourism retail segment has also contributed positively, particularly with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [2]. - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value, with significant growth in same-store sales in Singapore and Malaysia [2]. Group 4: Future Outlook - The company is expected to achieve revenues of CNY 91.93 billion, 96.58 billion, and 101.67 billion for FY2026, FY2027, and FY2028, respectively, with net profits of CNY 8.53 billion, 9.53 billion, and 10.64 billion [2]. - The corresponding price-to-earnings ratios are projected at 15.0, 13.4, and 12.0 times for the respective years [2].

国际现货黄金价格再攀新高。1月28日，伦敦金现再次大涨，突破5200美元/盎司，并在下午一度突破 5300美元/盎司。与此同时，国内黄金珠宝首饰企业们足金饰品价格也都涨到了1600元/克的新高度，像 老凤祥足金饰品已经达到1620元/克。然而，黄金高涨并没有浇灭消费者买金热情，1月28日下午4点 多，记者实地走访北京王府井附近金店发现，像周大福、周大生、潮宏基等门店皆有顾客光顾，且店员 也对记者表示，"这段时间黄金首饰产品卖的挺好的。" 过去两年中，现货黄金价格持续上涨，一度给周大福等以按克计价产品为主的金饰企业带来业绩压力。 随着金价上涨逐渐常态化，如何实现可持续经营成为金饰企业面临的核心挑战。为此，行业主要企业也 积极启动了一系列变革。 黄金再创新高 黄金价格延续上行态势，屡创新高，1月28日，COMEX黄金每盎司站到了5250美元的新高点，伦敦金 现同样连创新高，并在下午一度突破5300美元/盎司。 对于金价连创新高，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏时报》记者采 访时表示，近期黄金价格持续走高，核心是全球地缘局势不确定性增加，叠加市场对美联储降息的强烈 预期，各国央行增持黄金 ...

1月28日，多家知名金饰品牌上调足金首饰价格，克价普遍突破1600元。周生生报价1614元/克，较1月 27日上涨37元；周大福报价1618元/克，上涨40元；老凤祥报价1620元/克；老庙黄金报价1612元/克。随 着贵金属价格连创历史新高，美国华尔街大型金融机构纷纷上调黄金目标价，高盛预计国际金价可能在 今年年底触及每盎司5400美元的目标。高盛指出，黄金供应增长缓慢，而全球央行与私人投资者因战略 性目标或避险目的增持黄金，推动需求增长，导致金价屡创新高。高盛指出，未来，如果私营机构增加 黄金配置，金价可能涨至其目标价上方。（央视财经） ...

（来源：江海晚报） （来源：江海晚报） 1月28日，现货黄金再创新高，首次突破5200美元/盎司。国内黄金饰品价格对比显示，多家黄金珠宝品 牌当日公布的境内足金首饰价格大幅上调，周生生报价1614元/克，周大福报价1618元/克，老凤祥报价 1620元/克，老庙黄金报价1612元/克。 来源：智通财经 编辑：王佳鑫 来源：智通财经 编辑：王佳鑫 1月28日，现货黄金再创新高，首次突破5200美元/盎司。国内黄金饰品价格对比显示，多家黄金珠宝品 牌当日公布的境内足金首饰价格大幅上调，周生生报价1614元/克，周大福报价1618元/克，老凤祥报价 1620元/克，老庙黄金报价1612元/克。 ...

1月28日，多家金饰品牌足金报价突破1600元/克。其中，周大福报1618元/克，较1月27日的1578元/克，每克上调40元。 | 品 今日金价 手机版 港澳及海外版 | | CHOW TAI FOOK | | | Q & 0 白 | | --- | --- | --- | --- | --- | --- | | | | 周 大 福 | | | | | 首页 | 全部商品 | 婚嫁 CTF for YOU定制 | 企业业务 | 礼品卡 | | | | | 今日金价 | | | | | | | 更新于2026年01月28日 09:34:37 | | | | | | (半) | 足金 ( 饰品、工艺品类 ) | 1618 元/克 | | | | | 零售金价 | 工艺金章金条类 | 1419 元/克 | | | | | 〈半〉 黄金增值服务 | 黄金增值服务金价 (金条、金章不作增值服务) | 1379 元/克 | | | | | 含 黄金回收服务 | 黄金回收服务金价 11. 11 4 montage a 11. 1 m 1 1 l r m m st of the security and the ben i ...

东北证券发布研报称，维持周大福（01929）"买入"评级，公司FY2026Q3在金价波动和宏观不确定下持 续获得增长动能，持续看好公司产品结构调整和海外版图扩充对盈利质量的提升。预计公司 FY2026/2027/2028可实现营收919.3/965.8/1016.7亿元，归母净利润85.3/95.3/106.4亿元，对应 PE15.0/13.4/12.0X。 东北证券主要观点如下： 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 周大福FY2026Q3（2025年10-12月）实现业绩强劲复苏 集团零售值（RSV）同比增长17.8%，中国内地同比上升16.9%，同店销售（SSSG）直营/加盟分别大幅 提升21.4%和26.3%，港澳及海外市场零售值同比增长22.9%，同店增幅14.3%。其中，中国香港市场同 店销售增长10.1%，中国澳门市场同店销售增长31.3%，表现亮眼。 （1）2025年末"周大福珠宝"品牌全口径门店总数达5585家，内地净关230家，结构性收缩已接近尾声， 直营占比提升有助于盈利能力改善。（2）中国内地电商业务在FY2026Q3增长25%，占内地RSV 7.4%，双十 ...

智通财经APP获悉，东北证券发布研报称，维持周大福(01929)"买入"评级，公司FY2026Q3在金价波动 和宏观不确定下持续获得增长动能，持续看好公司产品结构调整和海外版图扩充对盈利质量的提升。预 计公司FY2026/2027/2028可实现营收919.3/965.8/1016.7亿元，归母净利润85.3/95.3/106.4亿元，对应 PE15.0/13.4/12.0X。 东北证券主要观点如下： 周大福FY2026Q3(2025年10-12月)实现业绩强劲复苏 集团零售值(RSV)同比增长17.8%，中国内地同比上升16.9%，同店销售(SSSG)直营/加盟分别大幅提升 21.4%和26.3%，港澳及海外市场零售值同比增长22.9%，同店增幅14.3%。其中，中国香港市场同店销 售增长10.1%，中国澳门市场同店销售增长31.3%，表现亮眼。 产品端结构优化与高毛利产品驱动 (1)公司持续推动产品结构向高毛利定价类珠宝倾斜，Q3内地定价珠宝类同店零售值增长13.7%，贡献率 提升至40%，较去年同期提升10.7个百分点，计价黄金占比降至56.8%。(2)IP文化系列(如传福、传喜、 古法)延续强劲表现， ...