2月10日，市场传出周大福春节后将对黄金产品调价的消息，引发行业及消费者广泛关注。21快讯记者以消费者身份致电多 家周大福门店核实获悉，此次调价或于3月中旬正式启动，目前部分门店已收到相关通知，涨价重点集中在一口价产品，预 计涨幅或为15%-30%，但具体调价细节及执行时间仍以到店价格标签调整为准。 记者注意到，已有周大福店员在朋友圈发布调价预告，明确此次调价背景为"近期国际国内市场因素影响，黄金及原材料价 格持续上涨"，公司为实现产品定价与市场行情动态匹配，计划于春节后对定价黄金类、黄金镶钻类等部分产品价格进行调 整，要求各部门及门店提前做好经营衔接与价格管理工作，确保调价有序推进。 公开资料显示，周大福成立于1929年，于2011年在港股上市，是我国规模最大的黄金珠宝品牌之一，截至2025年底门店总数 达5813家。 此次调价并非周大福近期首次动作。回顾2025年，周大福曾先后于3月、10月、12月完成三轮黄金产品提价，其中10月底的 提价针对定价黄金产品，多数产品涨幅在12%-18%，此次若顺利落地，将成为其近一年内的第四次价格调整。 与此同时，黄金珠宝行业的调价潮已悄然蔓延，2026年1月底，品牌琳朝 ...

2月10日，市场传出周大福春节后将对黄金产品调价的消息，引发行业及消费者广泛关注。21快讯记者以消费者身份致电多 家周大福门店核实获悉，此次调价或于3月中旬正式启动，目前部分门店已收到相关通知，涨价重点集中在一口价产品，预 计涨幅或为15%-30%，但具体调价细节及执行时间仍以到店价格标签调整为准。 记者注意到，已有周大福店员在朋友圈发布调价预告，明确此次调价背景为"近期国际国内市场因素影响，黄金及原材料价 格持续上涨"，公司为实现产品定价与市场行情动态匹配，计划于春节后对定价黄金类、黄金镶钻类等部分产品价格进行调 整，要求各部门及门店提前做好经营衔接与价格管理工作，确保调价有序推进。 此次调价并非周大福近期首次动作。回顾2025年，周大福曾先后于3月、10月、12月完成三轮黄金产品提价，其中10月底的 提价针对定价黄金产品，多数产品涨幅在12%-18%，此次若顺利落地，将成为其近一年内的第四次价格调整。 与此同时，黄金珠宝行业的调价潮已悄然蔓延，2026年1月底，品牌琳朝已率先宣布，受国际金价大幅上涨、人工成本增加 及手工作品稀缺性影响，自2月2日起对全线作品正式调价。 值得注意的是，黄金珠宝品牌密集调价的 ...

Core Insights - The article highlights the strong market entry of Chow Tai Fook Life Insurance's "Craftsmanship • Inheritance" savings insurance plan, which has gained significant attention due to its high expected returns and flexible withdrawal options [1] - The plan has been upgraded to offer a comprehensive wealth solution that includes multi-currency options, intelligent services, and innovative features [1] Product Features - The "Craftsmanship • Inheritance" 2 plan now includes five additional policy currencies: GBP, AUD, CAD, EUR, and SGD, expanding the total to eight currencies, which enhances global coverage and breaks the limitations of single currency policies [2] - The premium payment process has been upgraded, allowing customers to use a dedicated Citibank account for seamless transactions without the need for currency exchange or reconciliation [2] - The new "ePay" feature allows customers to pay premiums directly via Alipay Hong Kong, significantly improving payment convenience [4] - The plan includes a "currency conversion option" that allows policyholders to switch between the eight currencies after the third policy anniversary, catering to various cross-border financial needs [4] Customization and Flexibility - The plan introduces a customizable "life event option" for death benefit payments, allowing policyholders to define specific life events for beneficiaries, enhancing the emotional significance of the payout [5] - Policyholders can designate representatives to access benefits if they become mentally incapacitated, streamlining the process without complex legal procedures [7][8] Financial Performance - The plan boasts a 100% dividend payout rate over the past ten years, indicating strong reliability in expected returns [9][13] - It offers flexible premium payment options with a guaranteed return period of 13 years, and projected internal rates of return (IRR) of 4.18% over 10 years and up to 6.02% over 20 years, significantly outperforming industry averages [9][11] - A promotional period until March 31, 2026, offers a guaranteed annual interest rate of up to 7.1% for USD policies, enhancing wealth accumulation potential [9][11] Company Background - Chow Tai Fook Life Insurance, part of the Chow Tai Fook Group, has a 40-year history in the Hong Kong insurance market, emphasizing long-term trust and customer-centric values [11][13] - The company is recognized for its robust investment capabilities and risk management, ensuring customer wealth protection [13]

Core Viewpoint - The report from Dongfang Securities indicates that the rising gold prices have significantly suppressed domestic gold jewelry consumption, while the consumption of gold bars and coins, which have more investment attributes, has rapidly increased year-on-year, greatly exceeding that of gold jewelry [1] Group 1: Industry Trends - In 2025, China's gold consumption is projected to be 950.096 tons, a year-on-year decrease of 3.57%. Gold jewelry consumption is expected to decline to 363.836 tons, down 31.61%, while gold bars and coins are anticipated to rise to 504.238 tons, an increase of 35.14% [1] - The closing price of Au9999 gold on the Shanghai Gold Exchange at the end of December 2025 is expected to rise by 58.78% compared to the opening price at the beginning of the year [1] - The impact of high gold prices on the consumption structure of gold jewelry is expected to continue into 2026 [1] Group 2: Company Performance - In 2025, companies with strong brand operations and clear product differentiation are expected to show rapid growth despite industry pressures. Notable examples include: - Chao Hong Ji, with a projected non-recurring profit growth of 125%-175% [2] - Cai Bai Co., with a projected non-recurring profit growth of 39%-64% [2] - Man Ka Long, with a projected non-recurring profit growth of 26% [2] - Chow Tai Fook, with a 16.9% sales growth in mainland China in Q4 2025, and a 53.4% increase in same-store sales for fixed-price products [2] - Luk Fook Holdings, with a projected non-recurring profit growth of 43% for FY2026H1 [2] - Companies that rely on wholesale and franchise models, with weak brand operation and digital capabilities, are facing significant operational pressure due to the sustained rise in gold prices in 2024 and 2025 [2] Group 3: Future Outlook - The report highlights that the rise of Chinese culture and confidence presents significant opportunities for domestic gold jewelry brands to expand internationally, particularly in Southeast Asia, Australia, and North America [3] - The focus for investment opportunities in 2026 will be on companies with strong branding, differentiation, and active international expansion, such as Chao Hong Ji, Lao Pu Gold, Chow Tai Fook, and Luk Fook Holdings [4]

Core Viewpoint - The disparity between international and domestic gold prices is highlighted, with domestic prices lagging behind international trends due to different pricing mechanisms and market dynamics [3][5]. Pricing Mechanism - Domestic gold prices are not updated in real-time according to international fluctuations, as evidenced by the price of 1482 CNY per gram at Chow Tai Fook, which was based on a previous closing price before a significant international price surge [3]. - The Shanghai Gold Exchange's price on the same day was 1110 CNY per gram, reflecting a 1.5% increase, while bank gold bars were priced at 1134 CNY per gram, indicating a premium of less than 3% [3]. - The premium for branded gold jewelry compared to the base gold price is nearly 32%, revealing the true composition of jewelry pricing [3]. Market Dynamics - The international gold price surge is driven by algorithmic trading and geopolitical risks, with a significant rebound of 260 USD per ounce on February 8, following a record drop [5]. - In contrast, the domestic market is experiencing a seasonal decline in gold consumption post-Spring Festival, with stable physical delivery volumes reported by the Shanghai Gold Exchange [5]. - The difference in gold prices between domestic and international markets has attracted cross-border arbitrage, narrowing the price gap in futures and spot markets [5]. Recovery Market Insights - Gold recovery shops serve as indicators of market sentiment, with stable buyback prices despite fluctuations in branded gold jewelry prices [5][6]. - Different recovery channels present varying costs for consumers, with banks charging fees for gold bar buybacks and online platforms imposing service fees based on weight [6]. Changing Demand Dynamics - The traditional factors influencing gold prices are shifting, with central bank purchases now playing a more significant role than historical benchmarks like the 10-year U.S. Treasury yield [8]. - Central banks are projected to purchase over 1000 tons of gold annually from 2022 to 2024, constituting 23% of annual demand, altering the market's pricing logic [8]. - The consumer behavior reflects a split between gold as a safe-haven asset internationally and its role as a gift or wedding dowry domestically, as evidenced by long queues for gold jewelry purchases [8]. Regulatory and Market Adjustments - Recent regulatory measures have increased the margin requirements for gold contracts, aiming to stabilize the overheated market [10]. - The rise in "live pawn" transactions indicates a shift in consumer behavior towards pledging rather than selling gold outright [10]. - The market is navigating through various pressures, including consumer anxiety over pricing discrepancies and potential pitfalls in the recovery process [10].

Investment Rating - The report maintains a "Positive" outlook for the gold and jewelry sector [6] Core Insights - In 2025, despite a significant increase in gold prices, domestic consumption of gold jewelry is expected to decline sharply, while the consumption of gold bars and coins is projected to grow rapidly [2][4] - The report highlights that high gold prices will continue to impact the consumption structure of gold jewelry in 2026, with a notable shift towards investment-oriented products [2] - The differentiation and branding of leading companies in the sector are expected to drive growth, even amidst market pressures [3][9] Summary by Sections - **Market Trends**: In 2025, China's total gold consumption is estimated at 950.096 tons, a decrease of 3.57% year-on-year, with gold jewelry consumption dropping by 31.61% to 363.836 tons, while gold bars and coins consumption is expected to rise by 35.14% to 504.238 tons [2] - **Company Performance**: Companies with strong branding and differentiation, such as潮宏基,菜百股份, and周大福, are projected to show significant profit growth, with潮宏基's non-net profit growth estimated at 125%-175% [9] - **Investment Recommendations**: The report recommends focusing on companies with strong branding and international expansion strategies, specifically suggesting to "buy" or "hold" stocks of潮宏基,老铺黄金,老凤祥, and周大生 [4][9]

Core Viewpoint - Multiple gold jewelry brands have raised the prices of gold jewelry, reflecting a significant increase in consumer demand and market activity amid rising gold prices [2][15]. Price Adjustments - Major brands have adjusted their gold prices as follows: - Chow Tai Fook: 1566 CNY/g (+4.75%) - Lao Feng Xiang: 1576 CNY/g (+3.82%) - Zhou Liu Fu: 1561 CNY/g (+4.77%) - Chow Sang Sang: 1570 CNY/g (+4.81%) - Liufuk Jewelry: 1564 CNY/g (+4.76%) - Wo Zhi Cao: 1564 CNY/g (+4.76%) - Lao Miao: 1571 CNY/g (+4.87%) [3][16]. Consumer Behavior - The market in Shenzhen's Shui Bei area is experiencing high foot traffic, with many consumers and dealers actively inquiring and placing orders [3][20]. - The "gold exchange" consumption method, where consumers trade in old gold for new pieces, has significantly increased, with this method accounting for about 20% of sales, up from previous years [9][22]. Seasonal Trends - The Chinese New Year is a traditional peak season for gold consumption, and despite recent price fluctuations, consumer sentiment remains optimistic about gold prices [5][18]. Market Statistics - According to the China Gold Association, gold consumption in China for 2025 is projected to be 950.096 tons, a year-on-year decrease of 3.57%. - Jewelry: 363.836 tons (-31.61%) - Gold bars and coins: 504.238 tons (+35.14%) - Industrial and other gold: 82.022 tons (+2.32%) [11][24]. - Domestic gold ETF holdings are expected to increase significantly, with a total annual increase of 133.118 tons in 2025, a 149.91% rise compared to 2024 [11][24]. Central Bank Activity - Global central banks, including China, have been consistently increasing their gold reserves, with China adding 26.75 tons in 2025, bringing total reserves to 2306.32 tons by the end of December [12][25].

Group 1 - Novo Nordisk's semaglutide sales reached 250.84 billion yuan in 2025, with a year-on-year growth of over 10% [5] - The sales breakdown includes 127.09 billion Danish kroner for Ozempic, 79.11 billion for Wegovy, and 22.09 billion for oral semaglutide [5] - In China, the total sales for all three semaglutide products amounted to 6.81 billion Danish kroner (approximately 7.49 billion yuan) [5] Group 2 - The Hong Kong High Court rejected Xu Jiayin's appeal regarding the appointment of a receiver and ordered him to pay 1.2 million HKD in legal fees by February 20 [6] - The National Healthcare Security Administration is conducting collective interviews with mental health insurance institutions to strengthen management and combat misuse of insurance funds [6][7] Group 3 - Panasonic's CFO announced potential layoffs could expand to 12,000 employees, following a previous plan to cut 10,000 jobs globally [8] - Multiple small and medium-sized banks have announced increases in deposit rates ahead of the Spring Festival, while some banks have opted to lower rates [8] Group 4 - Walmart's market capitalization surpassed 1 trillion USD, with a stock price increase of over 24% in the past year [10] - PayPal announced that Enrique Lores will take over as CEO on March 1, aiming to enhance execution efficiency and advance strategic initiatives [11] Group 5 - AMD reported a fourth-quarter net profit of 2.52 billion USD, with a year-on-year growth of 42% and revenue of 10.27 billion USD, exceeding market expectations [23] - Alphabet's fourth-quarter net profit was 34.455 billion USD, a 29.8% increase year-on-year, with total revenue of 113.83 billion USD [21]

Core Viewpoint - The rapid increase in gold prices has led to significant hidden costs and traps for consumers, making it essential to be aware of these pitfalls when purchasing gold jewelry and investments [1][3]. Group 1: Common Traps in Gold Consumption - High labor costs are often the main source of profit for gold retailers, with labor fees ranging from 200 to 500 yuan per gram, which can significantly inflate the total cost of gold purchases [7]. - False promotions create an illusion of savings, as prices are often raised before discounts are applied, resulting in consumers spending more than they realize [9][10]. - Some retailers misrepresent K-gold as pure gold, leading consumers to pay for solid gold while receiving lower-quality products [11]. - Depreciation fees during gold buyback can lead to significant losses, with various hidden charges such as "depreciation fee" and "cleaning fee" reducing the buyback price by dozens to hundreds of yuan [13]. - The "old for new" exchange often results in consumers losing money, as old gold is bought back at low prices while new gold is sold at high prices, along with additional service fees [15]. - Free maintenance services can lead to unexpected costs, as retailers may suggest repairs or upgrades that end up being more expensive than purchasing new items [17]. Group 2: Cost Comparison Across Purchase Channels - Brand gold stores (e.g., Chow Tai Fook) have high gram prices and labor costs, potentially including maintenance fees [17]. - Mall counters offer medium to high gram prices and labor costs, with high commission fees [17]. - Online flagship stores have medium gram prices and labor costs, possibly including shipping fees [17]. - Bank gold bars are priced close to market gold prices with no labor fees, though they may charge for pickup [17]. - Gold exchanges or regulated platforms offer prices close to market gold prices with no labor fees and may waive logistics fees [17]. Group 3: Tips to Avoid Being Overcharged - Consumers should check for proper markings such as AU999 or AU9999 to verify the authenticity of gold [19]. - Requesting a detailed invoice is crucial for consumer protection, ensuring clarity on weight, gold price, labor fees, and product type [21]. - Weighing the gold independently can help avoid discrepancies in weight that could lead to overcharging [23]. Group 4: Labor Cost Comparisons - Chow Tai Fook: Labor fees range from 260 to 450 yuan per gram, known for a wide variety of styles [23]. - Chow Sang Sang: Labor fees range from 240 to 450 yuan per gram, recognized for fine craftsmanship [23]. - Lao Feng Xiang: Labor fees range from 300 to 460 yuan per gram, noted for being a well-established brand [23]. - Chow Tai Fook: Labor fees range from 220 to 430 yuan per gram, often featuring promotions but with high labor costs [23]. - Online flagship stores: Labor fees range from 80 to 200 yuan per gram, with relatively transparent costs [23]. - Bank gold bars: No labor fees, focused purely on investment [23].

财经频道更多独家策划、专家专栏，免费查阅>> 周大福人寿与香港恒生大学合作共建的"周大福人寿教室（CTF Life Classroom）"，日前在香港恒生大 学何善衡教学大楼正式启幕，标志着双方在推动教育创新、共育行业人才方面的合作迈入全新发展阶 段。 责任编辑：山上 2025年5月，香港恒生大学与周大福人寿签署合作备忘录，聚焦大湾区家族办公室及相关从业人员的咨 询与培训服务，通过整合高校学术资源与企业行业经验，助力从业人员提升专业服务水平，赋能大湾区 财富管理行业高质量发展。2026年1月，双方进一步深化合作，联合推出"企业家精神CEO证书课程"， 该课程以周大福集团创始人郑裕彤博士"勤、诚、义"的管理哲学为核心，面向企业高层管理者开展培 训，助力提升企业管理水平。值得一提的是，该课程收益将全部用于支持公益教育项目，实现"教育赋 能+公益反哺"的良性循环，彰显了双方的社会责任感。 作为一家坚持长期发展、积极履行社会责任的企业，周大福人寿与香港恒生大学的此次深度携手，不仅 为产学研融合提供了可借鉴的新模式，也为保险及金融行业高质量人才队伍建设开辟了新路径。展望未 来，双方将继续拓展协作维度，在人才培养、学术交 ...