Core Viewpoint - The demand for gold is increasing significantly, particularly among younger consumers, driven by rising gold prices and a shift towards personalized and investment-oriented gold products [1][7][25]. Group 1: Gold Price Trends - Gold prices have shown a continuous upward trend, starting from approximately $2,650 per ounce in early 2025 to $5,042 per ounce by February 13, 2026 [1][19]. - The international gold price surged from around 970 yuan to over 1,200 yuan within 20 days, indicating a rapid increase in market value [6][34]. Group 2: Consumer Behavior and Preferences - The younger generation (post-95s and post-00s) is becoming the main consumer group for gold, favoring lightweight, IP-themed, and personalized products [1][25]. - There is a notable increase in the popularity of gold nail art, with consumers willing to spend thousands on gold-infused manicures [4][22]. Group 3: Gold Recycling and Trade - The trend of gold recycling is gaining traction, with approximately 60% to 70% of gold recycling coming from jewelry, while gold bars account for 30% to 40% [6][34]. - The concept of "trading old for new" is becoming popular, as consumers shift from "hiding gold" to "wearing gold," enhancing the circulation of existing gold [33][34]. Group 4: Market Dynamics and Promotions - Major gold retailers are offering promotional discounts, such as a reduction of 200 yuan per gram on jewelry, while gold bars are sold at competitive prices without additional processing fees [26]. - The World Gold Council projects global gold demand to reach a record high of 5,002 tons in 2025, reflecting strong market interest [7][25]. Group 5: Innovations in Gold Products - There is a growing preference for unique and artistic gold products, such as the "persimmon gold bar," which combines aesthetic appeal with investment value [28][29]. - The introduction of new product lines, like the Charme bead series, aims to cater to diverse consumer needs through innovative designs and varying price points [29][32].

Core Viewpoint - The article highlights the increasing popularity of gold consumption among younger generations in China, particularly the post-95 and post-00 demographics, driven by rising gold prices and innovative product offerings that cater to their preferences for lightweight and personalized gold items [1][6][14]. Group 1: Gold Price Trends - Gold prices have shown a significant upward trend, starting from approximately $2,650 per ounce in early 2025 to $5,042 per ounce by February 13, 2026 [1]. - The recent surge in gold prices has led to a notable increase in consumer interest in both purchasing and holding gold, with many viewing it as a valuable gift for the New Year [6][17]. Group 2: Consumer Behavior and Preferences - Younger consumers are increasingly favoring lightweight, IP-themed, and scenario-based gold products, with small-weight gold jewelry becoming more popular [1][6]. - The trend of "golden nails" or gold-infused nail art has emerged, with consumers willing to spend thousands on such services, indicating a shift in how gold is perceived and utilized [4][6]. Group 3: Gold Recycling and Trade - The demand for gold recycling and trade has surged, with approximately 60% to 70% of gold recycling coming from jewelry, while gold bars account for 30% to 40% [7][17]. - The concept of recycling gold is becoming more accepted, with over 80% of consumers planning to recycle or exchange old gold in the next 1-2 years, reflecting a shift from "hiding gold" to "wearing gold" [16][17]. Group 4: Market Dynamics and Promotions - Major gold retailers are actively promoting their products, with discounts on jewelry prices and special offers on gold bars, making them more attractive for investment purposes [8][10]. - The article notes that the current market conditions, influenced by geopolitical factors, present a favorable opportunity for consumers to invest in gold [8][10].

Core Viewpoint - The gold market in 2025 is experiencing a paradox where international gold prices soar to a historical high of $4,584 per ounce, yet domestic gold jewelry sales are plummeting, leading to a wave of store closures among major brands like Chow Tai Fook and Chow Sang Sang [1][3][5]. Group 1: Market Dynamics - In December 2025, Chow Tai Fook raised its gold product prices for the third time, causing consumer reluctance to purchase due to high costs, with some items costing a month's salary for an average worker [3]. - The gold jewelry consumption volume in China decreased by 32.5% year-on-year in the first three quarters of 2025, while gold bar and coin consumption increased by 24.55% [5]. - The domestic gold price was $31.6 lower than the international price per ounce by the end of Q3 2025, indicating a rare discount and reflecting a decline in domestic demand [10]. Group 2: Consumer Behavior - A significant shift in consumer perception has occurred, with 70% viewing gold as an investment rather than for decoration or gifts, leading to more cautious purchasing decisions [16]. - Complaints about high processing fees, purity issues, and fraudulent certificates have surged, with purity concerns being the most prevalent [14]. - The trend of consumers opting for gold ETFs instead of physical gold jewelry has emerged, with inflows into gold ETFs reaching a record high of 112 billion yuan in 2025 [10][18]. Group 3: Industry Challenges - The industry is facing a trust crisis, with reports of counterfeit gold and high processing fees damaging consumer confidence [5][11]. - Major brands are closing stores, with Chow Tai Fook shutting down 397 locations, reflecting the impact of high gold prices on consumer spending [6]. - Regulatory gaps in the gold industry have led to rampant issues, as different regulatory bodies oversee production, sales, and trading, creating a lack of accountability [8][18]. Group 4: Emerging Trends - Traditional retail is declining, while ancient gold craftsmanship is gaining traction, with brands like Baolan and Linchao receiving significant investments [8]. - The demand for customized gold products is rising, particularly among younger consumers who prioritize design over weight [8]. - The market is witnessing a polarization in brand performance, with some companies like Chao Hong Ji experiencing a profit increase of 125.75%, while others like China Gold face a 62.96% profit decline [16].

Core Viewpoint - The recent drop in gold prices before the Spring Festival raises questions about purchasing decisions, despite retail prices remaining high at gold stores [1][3]. Group 1: Market Trends - Gold prices fell nearly 3% to $4914 per ounce on the last trading day before the Spring Festival, while domestic gold prices dropped to 1096.99 yuan per gram [1]. - Historical data shows that gold prices often decline in the week leading up to the Spring Festival due to increased cash outflows for year-end expenses [3]. - The expectation of a stronger U.S. economy and delayed interest rate cuts by the Federal Reserve have contributed to a decrease in gold's attractiveness, as the dollar and U.S. Treasury yields rise [3]. Group 2: Investment Strategies - The long-term fundamentals for gold remain intact, with central banks continuing to buy gold and persistent geopolitical tensions sustaining demand for safe-haven assets [5]. - For those looking to invest in gold bars or through regular purchases, a strategy of dollar-cost averaging is recommended to mitigate the impact of market volatility [7]. - Investors should avoid selling immediately after the Spring Festival, as prices may be depressed due to high selling pressure; instead, a staggered selling approach is advised to lock in profits [7]. Group 3: Market Sentiment - The current market is characterized by fluctuating emotions among investors, oscillating between fear of missing out and fear of losses [10]. - Understanding historical patterns and maintaining a rational approach is crucial for navigating the gold market, especially during the typical low periods around the Spring Festival [11]. - The essence of investment in gold is not just about numbers but also about managing emotions and market sentiment effectively [11].

Group 1 - Chow Tai Fook Jewelry Group has opened a flagship store on Guangdong Road in Hong Kong, marking a significant milestone in its brand transformation, which is nearing its two-year anniversary [1] - The flagship store spans nearly 1,000 square meters and features various product lines, including iconic collections, high-end jewelry, an IP series, and a new luxury home goods series, along with interactive experience areas [1] - The company plans to open two new concept stores in Shanghai by 2025, with one store achieving an average monthly sales of over 17 million yuan from January to September 2025 [1] Group 2 - Over the past year, Chow Tai Fook has engaged in cross-industry collaborations, including a blind box series with Hong Kong Disneyland and a product line with Huawei [2] - The company is set to expand internationally, with new stores opening in Singapore and Thailand in late 2025 and early 2026, respectively, to strengthen its position in the global jewelry market [2] - By 2026, Chow Tai Fook plans to introduce more diverse jewelry products and aims to enter the Australian market by mid-2026, along with additional stores in Canada and plans to enter the Middle East within two years [2]

责任编辑：杨赐 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 据介绍，广东道旗舰店是周大福珠宝在港澳地区最大的门店，集团投资数千万元首次开设品牌旗舰店， 历经一年多时间全面筹备。该店也是集团品牌转型之旅的重要里程碑，将进一步提升品牌形象，优化营 运模式，以全球中国奢侈品品牌定位，展现品牌转型的新理念。 郑志雯表示："马年新春之际，我们非常欢迎全球和中国内地游客来到广东道旗舰店，还可以在购物之 余参观品牌历史展示区了解周大福珠宝在广州发源、在香港发迹、在全国发展，在国际立足的近百年历 史。" 广东道旗舰店面积近千平米，突破传统珠宝店经营模式。该店以更宽敞的空间展 ...

Core Viewpoint - The price of gold varies significantly across different retailers, with a difference of over 400 yuan per gram between the Shanghai Gold Exchange and brand jewelry stores, highlighting the importance of price comparison for consumers [1][6][20]. Price Comparison - On February 12, 2026, the Shanghai Gold Exchange quoted AU9999 at 1123 yuan per gram, while major jewelry brands like Chow Tai Fook and Chow Sang Sang priced it at 1560 yuan per gram [3][20]. - The price difference between investment gold bars from banks and jewelry is substantial, with bank gold bars priced around 1135 yuan per gram compared to 1560 yuan for jewelry, resulting in a savings of over 420 yuan per gram when choosing bank gold bars [6][20]. Brand Pricing Discrepancies - The price variation among brand jewelry stores is notable, with a difference of 80 yuan per gram between the highest and lowest prices [4][20]. - The cost of jewelry includes design, operational, and store costs, leading to higher prices compared to investment gold bars, which have minimal premiums [6][7]. Regional and Store Variations - Prices differ based on location and store type, with flagship stores in prime urban areas charging more than those in smaller towns [7][16]. - In the same city, different shopping districts can have price variations of a few yuan per gram [7][16]. Consumer Behavior - Consumers exhibit varied purchasing behaviors, with some opting for bank gold bars for investment and others choosing brand jewelry for personal use [17][18]. - The demand for gold jewelry spikes during festive seasons, leading to increased sales for brand stores [12][20]. Market Dynamics - The gold recovery market shows that consumers often receive lower prices than expected when dealing with non-regulated buyers, emphasizing the importance of using transparent recovery channels [9][22]. - The gold market is influenced by international prices, with domestic prices fluctuating in response to global trends [26]. Sales Data - On February 12, 2026, the trading volume on the Shanghai Gold Exchange reached 50 tons, with significant sales reported by both banks and brand jewelry stores [20]. - Brand stores like Chow Tai Fook sold 500 kg of gold jewelry, while banks sold substantial amounts of gold bars, indicating strong consumer interest [20].

2026.02.12 本文字数：3809，阅读时长大约6分钟 作者 | 第一财经 陈杨园、陈姗姗、乐琰、宋婕 一边打折、一边涨价 2025年春节，以一杯咖啡钱就能买到0.01克黄金的"手机黄金贴"等黄金制品走红，主打情绪消费、降低 黄金消费门槛。2026年，记者发现，"黄金制品"热度不降，且在持续升级。只需百元就能买到的带 有"收款马""生日快乐""马上有钱""马道成功"等文字的金炒以及手机贴等销量持续走俏，得物数据显 示，2026年至今平台，情绪价值类黄金产品GMV销量同比增长300%。 卖着贵价黄金的品牌们也下场做起了这门小生意。天中金官方旗舰店店长告诉记者，在卖投资金币的同 时，他的店铺也在持续增加一些礼赠用途的小克重金、微小克重金，如1克、0.5克的文创金条、2毫 克、10毫克的手机贴等，迎合年轻消费者的需求。 手机黄金贴还做起了可定制化批发生意。拼多多页面信息显示，一个拼单原价为25元的手机黄金贴，包 含0.002克足金，若仅以黄金含量计算，金价已飙至1.25万元/克，而商品目前已售2.2万件。商家透露， 除了二次元等IP，"手机黄金贴"还可支持自家宠物等图片定制，下单很快就会出效果图，定稿后五天内 ...

Group 1 - AIA Group (81299), JD Health (86618), and JD Group (89618) have the highest short-selling ratios at 100.00% each [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with HKD 1.557 billion, HKD 1.404 billion, and HKD 1.183 billion respectively [1][2] - Zhaojin Mining (01818), OSL Group (00863), and Prada (01913) have the highest deviation values at 44.29%, 35.21%, and 34.72% respectively [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and JD Group (89618) at 100.00% [2] - The top ten short-selling amounts show Alibaba (09988) leading with HKD 1.557 billion, followed by Tencent Holdings (00700) with HKD 1.404 billion [2] - The top ten deviation values highlight Zhaojin Mining (01818) with a deviation of 44.29%, indicating significant short-selling activity compared to its historical average [2][3]

Core Viewpoint - Major gold brands in China are tightening their buyback policies in response to recent fluctuations in gold prices, leading to increased consumer interest in trade-in options instead of direct buybacks [3][15]. Buyback Policy Changes - Many leading brands have suspended buyback services on weekends and holidays, resulting in a surge in buyback activity on the first working day after these suspensions [3]. - Brands like Cai Bai and China Gold have implemented new buyback regulations, including limits on the amount that can be repurchased per customer per day and requiring appointments for transactions [6][9]. - Consumers must provide original purchase receipts, valid ID, and bank cards to complete buyback transactions, making the process more stringent [4][9]. Impact on Consumer Behavior - The tightening of buyback policies has led consumers to consider trade-in options, which have lower barriers to entry and are more widely available across stores [12]. - Trade-in programs often do not impose the same level of fees as direct buybacks, making them more attractive to consumers [10][14]. Fee Structures - Buyback fees vary significantly between brands, with some charging up to 5% to 8% of the buyback price, translating to deductions of 60 to 100 yuan per gram of gold based on current market prices [10][12]. - For example, Cai Bai deducts 3.8 yuan per gram for its own gold bars, while non-brand gold bars incur a deduction of 30 yuan per gram [10]. Market Dynamics - The tightening of buyback policies is seen as a risk management strategy by brands to cope with market volatility and protect their assets [15]. - Analysts suggest that while the buyback process has become less convenient, the intrinsic value of gold as a long-term asset remains intact [15][17]. Investment Recommendations - Consumers are advised to choose gold products based on their intended use, whether for decoration or as a means of asset preservation, and to be aware of the varying buyback rules across different channels [17]. - It is recommended that consumers maintain a balanced approach to gold investment, especially during periods of market volatility [17].