本报（chinatimes.net.cn）记者周梦婷 北京报道 金价走势，持续挑动市场神经。10月21日，"金价银价大反攻""金饰克价一夜大涨36元"等词条登上微博 热搜。今年以来黄金价格波动上涨，如今正值淘宝、京东双十一大促，多家黄金首饰品牌纷纷上调售 价。10月20日，《华夏时报》记者从周大福方面了解到，考虑到金价持续上涨对成本的影响，集团计划 在10月底提高定价（即一口价）黄金产品的零售价格，大多数产品的提价幅度预计在12%-18%。 周大福的黄金首饰及产品分为定价和计价，"目前我们这定价和计价产品差不多是一半一半，整体算下 来，定价产品每克金售价比计价产品贵点，但因为牵扯到月底涨价，目前买定价产品的人员也挺多 的。"10月20日，北京王府井周大福店的店员告诉本报记者。 近两年，伴随黄金价格持续高涨，消费者购金意愿趋于审慎，令周大福业绩明显承压。2025财年（截至 2025年3月31日），公司不仅营收与净利润双双下滑，零售网点数量也出现自2011年上市以来的首次负 增长。进入2026上半财年（截至2025年9月30日止6个月），其零售点较2025财年末进一步减少603家。 在此背景下，周大福于年内已两次 ...

Core Viewpoint - The continuous rise in gold prices has prompted companies like Chow Tai Fook to increase retail prices for gold products by 12%-18% by the end of October [1]. Group 1: Company Pricing Strategies - Chow Tai Fook plans to raise the retail prices of its gold products due to the impact of rising gold prices on costs, with most products seeing a price increase of 12%-18% [1]. - Lao Pu Gold has also announced a price adjustment scheduled for October 26, marking its third price change this year [4]. Group 2: Market Trends - The gold market is experiencing significant activity, with international and domestic gold prices surpassing $4,300 per ounce and 1,000 yuan per gram, respectively, reaching historical highs [5]. - There is a notable increase in demand for gold products, particularly for wedding-related items, with some products selling out [7]. - Online shopping platforms indicate a high demand for gold items, with several products showing as out of stock, including a gold bracelet from Chow Tai Fook and a nearly 30,000 yuan bracelet from Chow Sang Sang [9]. Group 3: Consumer Behavior - Due to fluctuations in gold prices, some consumers are adopting a wait-and-see approach, while others are actively purchasing gold despite differing opinions on future price movements [5][7]. - Merchants report challenges in inventory management, with gold being sold immediately upon buyback, indicating a cautious market environment [5].

Group 1 - As of October 21, 67 stocks reached their 52-week highs, with CMON (01792) leading at a high rate of 58.33% [1] - Other notable stocks include Hai Na Intelligent (01645) and Xuan Zhu Bio-B (02575), with high rates of 21.94% and 21.33% respectively [1] - The list of stocks reaching new highs includes Standard Development Group (01867) at 19.27% and XL Southern Hynix (07709) at 18.18% [1] Group 2 - The report also highlights stocks that reached their 52-week lows, with Jin Ye International Group (08549) showing a decline of 16.67% [2] - Other stocks experiencing significant declines include Ai Gao Group Equity (02952) at -12.00% and Fei Tian Yun Dong (06610) at -11.54% [2] - The lowest performing stock in this category is Shan Gao Holdings (00412), which decreased by 8.66% [2] Group 3 - The report includes various stocks with minor declines, such as Qu Zhi Group (00917) at -4.54% and Yun Kang Group (02325) at -4.46% [3] - Other stocks with slight decreases include XI Southern Samsung-U (09347) at -3.50% and Tian Hou Cultural Creation (08500) at -3.21% [3] - The overall trend indicates a mix of stocks reaching new highs and lows, reflecting market volatility [3]

Core Viewpoint - Huatai Securities reports that Chow Tai Fook's retail revenue for the second fiscal quarter of 2026 (July-September) increased by 4.1% year-on-year, driven by strong sales of gold and gold-inlaid products, alongside a low base effect [1] Group 1: Financial Performance - Chow Tai Fook's same-store sales growth turned positive across different regions and product categories during the quarter [1] - Retail revenue growth in mainland China, Hong Kong, Macau, and other markets was 3% and 11.4% year-on-year, respectively [1] Group 2: Future Outlook - The company is expected to benefit from the upcoming peak season for gold and jewelry consumption in the second half of the fiscal year [1] - Huatai Securities anticipates a continued improvement in Chow Tai Fook's fundamentals, with a projected decrease in net store closure rates by fiscal year 2027 [1] Group 3: Profit Forecast and Valuation - Huatai Securities raised its net profit forecasts for Chow Tai Fook for fiscal years 2026 to 2028 by 6%, 7%, and 7%, reaching HKD 81.2 billion, HKD 89.1 billion, and HKD 99 billion, respectively [1] - The target price for Chow Tai Fook was increased from HKD 16 to HKD 19.4, maintaining a "Buy" rating with a price-to-earnings ratio of 24 times for fiscal year 2026 [1]

Core Viewpoint - The jewelry industry is experiencing a new wave of price increases due to the rising costs of gold and gemstones, with companies like Junpei, Lao Pu Gold, and Chow Tai Fook announcing price adjustments. Group 1: Junpei's Price Adjustments - Junpei announced a price increase effective October 31, marking its third price hike this year, with the last adjustment occurring just 25 days prior [1][5]. - The previous price increase on September 25 saw a rise of 15%-20%, with specific products like a pendant increasing from over 41,000 yuan [5]. - The most recent price hike for a 10.8-gram bracelet saw a 21% increase, from 18,090 yuan to 21,900 yuan [1][5]. Group 2: Industry-Wide Price Trends - The jewelry sector is witnessing a collective price increase, with other brands like Lao Pu Gold and Chow Tai Fook also adjusting prices at the end of October [4][10]. - Chow Tai Fook plans to raise prices by 12%-18% for its gold products, citing the impact of rising gold prices on costs [18]. - The average gold price among traditional jewelry brands is nearing 1,300 yuan per gram, with specific brands like Lao Pu Gold priced at 1,279 yuan per gram [15]. Group 3: Consumer Reactions and Market Dynamics - Consumers are expressing concerns over the rapid price increases, with some reporting that items purchased just before price hikes are now significantly more expensive [7][8]. - The market has seen long queues at physical stores, driven by promotional activities despite the price increases [13]. - Recent fluctuations in gold prices have led to a historic high, with spot and futures prices surpassing 1,000 yuan per gram for the first time [25].

Core Viewpoint - Chow Tai Fook (01929.HK) has seen a stock price increase of over 3%, currently trading at 16.91 HKD with a transaction volume of 186 million HKD [1] Group 1 - Chow Tai Fook's stock price rose by 3.17% [1] - The current trading price is 16.91 HKD [1] - The trading volume reached 186 million HKD [1]

消息面上，据报道，10月20日，周大福珠宝表示，考虑到金价持续上涨对成本的影响，集团计划在10月 底提高定价黄金产品的零售价格，大多数产品的提价幅度预计在12%—18%。此前10月17日，周大福披 露截至2025年9月30日止3个月未经审核主要经营数据。报告期内，集团零售值增长4.1%。其中，定价 黄金产品类别的零售值增长增速同比增长43.7%。公司期内零售值同比增长4.1%，其中内地市场零售值 同比增长3%，香港、澳门及其他市场零售值同比增长11.4%。 周大福(01929)涨超3%，截至发稿，涨3.17%，报16.91港元，成交额1.86亿港元。 华泰证券认为，季内集团不同地区及不同品类产品的同店销售增速全面转正，主因定价黄金、黄金镶嵌 等定价产品销售表现亮眼，叠加低基数效应。随着下半财年逐步进入黄金珠宝的消费旺季，以及集团在 标志性系列产品方面不断发力、渠道优化稳步推进，该行看好周大福基本面持续向好，维持"买入"评 级。 ...

Core Viewpoint - Chow Tai Fook (01929) is planning to increase retail prices of gold products by 12% to 18% due to the continuous rise in gold prices, which is expected to positively impact its financial performance [1][1][1] Group 1: Financial Performance - As of October 20, Chow Tai Fook's stock rose by 3.17%, trading at HKD 16.91 with a transaction volume of HKD 186 million [1][1][1] - For the three months ending September 30, 2025, the group reported a retail value growth of 4.1%, with retail value for priced gold products increasing by 43.7% year-on-year [1][1][1] - Retail value in mainland China grew by 3%, while retail value in Hong Kong, Macau, and other markets increased by 11.4% [1][1][1] Group 2: Market Outlook - Huatai Securities noted that same-store sales growth across different regions and product categories turned positive, driven by strong sales of priced gold and gold-inlaid products, along with a low base effect [1][1][1] - The company is expected to benefit from the upcoming peak season for gold jewelry consumption and ongoing efforts in optimizing channels and enhancing flagship product series [1][1][1] - Huatai Securities maintains a "Buy" rating on Chow Tai Fook, indicating a positive outlook on the company's fundamentals [1][1][1]

Core Viewpoint - UBS reports that Chow Tai Fook's sales for the second fiscal quarter of 2026 (July to September) increased by 4.1% year-on-year, indicating a positive trend in consumer sentiment and sales performance during the Golden Week holiday [1] Sales Performance - Same-store sales growth rates for Chow Tai Fook's retail stores in mainland China, franchised stores, and other market outlets were 7.6%, 8.6%, and 6.2% respectively [1] Earnings Forecast Adjustments - UBS has lowered its earnings per share (EPS) forecast for Chow Tai Fook for the fiscal year 2026 by 13%, while increasing its EBITDA forecast by 8% due to rising gold prices impacting related loan losses and convertible bond interest costs [1] - The strong gross margin and reduced share count partially offset these negative impacts [1] Future Projections - For fiscal years 2027 to 2028, UBS has raised its EPS forecast by 1% to 2% due to improved gross margins driven by pricing products and a lower share count [1] Target Price and Rating - UBS has increased its target price for Chow Tai Fook from HKD 16 to HKD 18.35 and maintains a "Buy" rating [1]

Core Viewpoint - Several gold jewelry brands, including Laopu Gold and Chow Tai Fook, have announced price increases for fixed-price gold jewelry products, with an increase of approximately 20% reported by Chow Tai Fook [1] Group 1: Company Actions - Laopu Gold and Chow Tai Fook are among the brands implementing price hikes on gold jewelry [1] - Chow Tai Fook's price increase is specifically noted to be around 20% [1] Group 2: Market Response - A visit to multiple gold jewelry stores in Shenzhen revealed long queues of consumers waiting to purchase gold jewelry, indicating strong demand despite the price increase [1] - Store staff mentioned that sales are robust, but they cannot guarantee product availability due to high consumer interest [1]