题图 / 周大福、老凤祥、潮宏基珠宝 受全球市场影响，金价连创新高。就在最近，黄金价格突破800元，金饰克价超过了千元。在有关黄金的投资、消费话题里，不难听到二次元爱好者的声 音："当初买黄金谷子还真是买对了。" 老凤祥x崩坏：星穹铁道 这里说的黄金谷子，是指黄金品牌和ACG IP的联名衍生品。国人黄金购买力向来可观，中国长期位列全球黄金消费市场榜首，让二次元吃上纯金谷子的 情形或许只有国内市场才会上演。在近几年里，不仅黄金品牌与ACG IP联动频次有所提升，更有越来越多黄金品牌加入联名队伍，吸引一批批吃谷人走 进金店。 当买金的风吹到二次元 乘着中国衍生品热潮的东风，黄金品牌与ACG IP联名在近两年已成趋势。ACGx统计了国内主要黄金品牌近五六年的ACG IP联名案例（案例表格置于文 末）： 老凤祥从2024年至今接连公布了5个联名系列，全球限量的《机动战士高达》《圣斗士星矢》的大克重黄金手办闪耀得让人挪不开眼； 老凤祥x机动战士高达 图源@瑞禧黄金小助理 潮宏基在去年与三丽鸥合作后，持续上新库洛米、大耳狗、丑鱼、布丁狗等联名款，期间还与《蜡笔小新》进行了联动； 港金福x小狗蛇点点 图源小红书@小小榆 买 ...

Group 1 - The core viewpoint of the article highlights the significant rise in gold prices, with spot gold reaching an all-time high of $3,406.653 per ounce, marking a year-to-date increase of over 29% [1][9][23] - The surge in gold prices is attributed to a weakening trust in the US dollar and the international monetary system, driven by US fiscal policies and rising debt levels [9][10] - Central banks in countries like China and India are increasing their gold reserves, contributing to the bullish market for gold [9][10] Group 2 - The price of gold jewelry in China has also seen a historic increase, with major brands like Chow Tai Fook and Lao Miao Gold surpassing 1,000 yuan per gram [5][7] - The volatility in gold prices has led to several ETFs suspending large purchases to manage risks associated with rapid price increases [17][18] - Financial institutions are warning investors about the heightened risks in the gold market, advising caution and rational investment strategies [16][18][19]

金融界4月21日消息，上证指数低开高走，中证港股通自由现金流指数 (港股通现金流，932457)报 1257.00点。 数据统计显示，中证港股通自由现金流指数近一个月下跌11.01%，近三个月上涨0.54%。 作者：行情君 从中证港股通自由现金流指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通自由现金流指数持仓样本的行业来看，能源占比34.31%、可选消费占比26.62%、原材料 占比12.84%、工业占比10.39%、通信服务占比6.96%、医药卫生占比4.19%、主要消费占比2.60%、公用 事业占比1.73%、信息技术占比0.35%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通证券范 围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 据了 ...

金饰价半个月涨122元/克 智通财经4月21日电，查询发现，周生生足金饰品标价已达1034元/克，相比4月7日黄金低位912元/克， 14日内累计涨122元。老庙、周大福足金饰品标价则分别攀升至1038元/克、1039元/克，克价纷纷逼近 1040元。 (中新经纬) ...

Group 1 - The Hang Seng Index rose over 1%, indicating a positive market trend [1] - Chow Tai Fook (01929.HK) led the gainers among constituent stocks with an increase of nearly 5% [1] - The Hang Seng Tech Index also saw a rise of 1.4%, reflecting growth in the technology sector [1]

❑ 二、超预期逻辑 1）周大福在品牌影响力、产品设计迭代等环节表现出极强优势，公司从 24 年开 始全力推进品牌转型，同店收入有望超预期增长。 市场担忧：周大福 24 年同店大幅下滑，在金价持续新高、行业竞争加剧背景下 公司的终端动销表现或将持续承压。 我们认为：周大福基于其极强品牌力、产品力、渠道力，24 年起推动品牌形象 升级、产品结构升级、门店效益提升，卓有成效，同店收入有望恢复快速增长。 周大福是黄金珠宝行业龙头品牌，发展历史悠久、品牌定位高端、渠道覆盖广 泛，拥有极强的品牌认知和影响力。公司 18 年起陆续推出"新城镇战略"和省 代政策，发力下沉市场和渠道扩张，23年后公司对渠道扩张策略进行调整，聚焦 品牌形象升级和门店效益提升。 24 年以来，周大福全力推进品牌转型：1）品牌形象升级：周大福全新概念店于 24 年 9 月落地香港中环，并陆续落地西安和深圳，新概念店采用展览式布局展示 各个珠宝系列，店效高于店铺平均水平，公司未来五年将陆续更新店铺形象； 2）产品结构升级：24年 4月、8月先后推出"传福"、"故宫"系列，蕴含品牌独 特印记和深厚文化寓意，主要以一口价模式销售，带动 25 财年上半年中 ...

4月10日，今日周大福珠宝集团对外公布了品牌转型一周年成效。在品牌转型亮点方面，为庆祝品牌成 立95周年，集团于2024年4月推出了周大福传福系列，截至2025财政年度第三季度，该系列的零售值已 突破24亿港元。同时，周大福珠宝天宣布推出全新的周大福传喜系列（CTF Joie Collection）。据悉， 此系列秉承了周大福传福系列的故事性寓意，两者均深受中国文化中具有深远意义的文字所启发。 在策略性品牌联乘合作方面，自2024年8月推出以来，周大福故宫系列截至2025财政年度第三季止的零 售值已录得16亿港元。同时，集团透过与《黑神话：悟空》、《鬼灭之刃》和《吉伊卡哇Chiikawa》等 人气IP联乘合作，进一步丰富其产品组合。其中，《黑神话：悟空》系列在吸引男性顾客方面表现尤为 出色，推动了自用而非送礼的购买需求，成功打入此前尚未开发的市场领域。 周大福珠宝集团副主席郑志雯表示："我们的品牌转型之旅印证了集团对创新、质量和以客为先的坚定 承诺。透过推出新形象时尚店、加强产品组合，以及与全球知名伙伴的策略性联乘合作，我们重新定义 了顾客体验。这些举措不仅巩固我们作为值得信赖的终身伙伴的地位，同时也为可持续 ...

Core Viewpoint - In the current macroeconomic environment characterized by increased volatility and declining market risk appetite, investors are adopting a "barbell" strategy, balancing high-risk Chinese tech stocks with high-dividend stocks for stable returns. The recent trade war has led to significant fluctuations in global markets, making low-risk bonds essential for defensive positioning. Chow Tai Fook Creation (0659.HK) stands out as an ideal choice for investors seeking low-risk returns due to its mature business model, stable cash flow, and diversified operations [1]. Group 1: Financial Performance and Resilience - The company reported a robust mid-year performance for the fiscal year ending December 31, 2024, with a 15% year-on-year increase in profit attributable to shareholders, reaching HKD 1.158 billion, demonstrating strong cash flow and the profitability of its diversified business portfolio [2]. - Chow Tai Fook Creation maintains a sustainable and gradual dividend policy, declaring an interim ordinary dividend of HKD 0.3 per share and a special dividend of HKD 0.3 per share, reflecting its commitment to stakeholder value creation and a solid financial foundation with 22 consecutive years of dividend payments [2]. Group 2: Debt Structure and Liquidity - As of December 31, 2024, the company had approximately HKD 18.6 billion in cash and bank deposits, with an additional HKD 11.3 billion in committed bank credit lines, providing a total available liquidity of about HKD 29.9 billion, with cash and equivalents accounting for over 60% of available assets [3]. - The company has a healthy debt maturity profile, with only about HKD 2.3 billion in short-term debt due within the next year, representing a small fraction of its total available liquidity [3]. - Chow Tai Fook Creation has strategically optimized its debt structure by replacing higher-cost foreign debt with lower-cost RMB-denominated debt, significantly reducing the impact of exchange rate fluctuations on equity [3]. Group 3: Credit Ratings and Risk Profile - Chow Tai Fook Creation has received an "AAA" long-term credit rating from United Ratings, with a stable outlook, and an "A+" rating from Japan Credit Rating Agency for both foreign currency and local currency long-term issuances, indicating strong recognition of its business and financial health in both domestic and international capital markets [5]. Group 4: Strategic Positioning and Business Diversification - The company completed a restructuring at the end of 2023, becoming directly controlled by Chow Tai Fook Enterprises, which enhances its strategic alignment with the parent company's future development plans and allows for better resource utilization and cross-selling opportunities [6][7]. - Chow Tai Fook Creation operates in various sectors, including toll roads, insurance, logistics, and construction, which helps mitigate industry risks and reduces reliance on any single business line. The insurance segment, particularly Chow Tai Fook Life, has shown exceptional growth, with a 49% year-on-year increase in operating profit, driven by rising demand for investment and medical protection [8]. - The company plans to acquire a 43.93% stake in uSmart Inlet Group Ltd, a leading fintech firm, to enhance its financial services segment and expand its client base in Hong Kong, Southeast Asia, and the U.S., creating a synergistic "insurance + asset management" model [9][10].

Core Viewpoint - The international gold price has experienced a significant decline, leading to a drop in domestic gold jewelry prices, which has sparked consumer interest and increased foot traffic in jewelry stores despite the price drop [1][3][4]. Price Movement - On April 4, the spot gold price fell by 2.47% to $3037.31 per ounce, while COMEX gold futures dropped by 2.1% to $3056.1 per ounce [1]. - Domestic gold jewelry prices saw a two-day decline, with brands like Chow Sang Sang and Lao Puhuang reporting decreases of 32 yuan and 30 yuan per gram, respectively [1][2]. Consumer Behavior - Despite the drop in gold prices, there has been a surge in consumer demand, with long queues observed at various jewelry stores in cities like Wuhan and Shenzhen [3][4]. - Stores have implemented purchase limits to prevent bulk buying by resellers, indicating strong consumer interest in gold jewelry [3]. Market Dynamics - Investors are selling off gold to cover losses in other asset classes, contributing to the recent price decline [7]. - The gold market has seen a year-to-date increase of approximately 15%, driven by central bank purchases and strong investment demand, despite recent price pressures [6][7][8]. Future Outlook - Analysts suggest that the factors driving gold's previous price increases, such as central bank buying and ETF inflows, may continue to support gold prices in the future [8].

Group 1 - Gold prices have reached historical highs, with London spot gold rising to $3070 per ounce and COMEX gold futures touching $3109 per ounce on March 28 [1] - In response to rising gold prices, Chow Tai Fook has adjusted its pricing for gold jewelry, with 24K gold jewelry priced at 932 RMB per gram and investment gold products at 818 RMB per gram [2] - The sales of "fixed-price" gold jewelry have increased significantly, with a year-on-year growth of nearly 118%, while overall sales revenue for Chow Tai Fook has decreased by 20% [2][3] Group 2 - The upcoming price increase for "fixed-price" gold jewelry is expected to be between 10% and 20%, with price hikes ranging from hundreds to thousands of RMB [2][4] - The management of Chow Tai Fook recognizes the need for product innovation, channel optimization, and precise marketing to address the challenges posed by fluctuating gold prices and weak demand [4] - Other gold retail companies, such as Chow Sang Sang and Lao Feng Xiang, are also experiencing performance pressures and have adopted price increases as a common strategy to boost revenue [5]