周大福(01929)发布公告，王静瑛女士将获委任为独立非执行董事以及公司审核委员会及可持续发展委 员会成员，自2025年9月1日起生效。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHOW TAI FOOK JEWELLERY GROUP LIMITED 王 女 士 現 任 加 拿 大 英 屬 哥 倫 比 亞 大 學 尚 德 商 學 院(Sauder School of Business)教 職 顧 問 委 員 會 成 員。她 畢 業 於 加 拿 大 英 屬 哥 倫 比 亞 大 學，獲 得 商 學 學 士 學 位， 主 修 金 融。 ক๔⺼⤍ᄣ䯳ᰶ䭽ڙथ 喍䪸ᰩ㓑ሣ㽨ڷ⮱⿸ᰶ䭽ڙथ喎 㗎ЪА㮌: 1929 委 任 獨 立 非 執 行 董 事 及 董 事 會 委 員 會 組 成 變 動 周大福珠寶集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董 事 會」）宣 佈，王 靜 瑛 女 士（「王 女 士」）將 獲 委 任 為 獨 立 非 執 ...

Core Insights - The gold jewelry industry is undergoing significant transformation in 2025, with rising gold prices leading to a shift in consumer preferences from traditional value preservation to emotional and cultural significance [3][4][5] - Major brands like Chow Tai Fook are focusing on product innovation and cultural integration to maintain market relevance and appeal to younger consumers [4][9][14] Industry Trends - The market is experiencing a "K-shaped" differentiation, where high-end custom and light luxury segments thrive, while smaller brands struggle under high gold prices [3][11][12] - The proportion of consumers under 35 years old in the gold and silver jewelry market has increased from 38% in 2020 to 55% in 2025, with over 60% of this demographic purchasing for themselves [5][7] Company Strategies - Chow Tai Fook reported a 9.8% increase in operating profit for the fiscal year 2025, reaching HKD 14.746 billion, despite the challenges posed by high gold prices [4][15] - The company has successfully launched innovative product lines, such as the "Chuanfu" and "Chow Tai Fook Palace" series, generating approximately HKD 4 billion each in sales [4][16] Consumer Behavior - Younger consumers are increasingly viewing gold jewelry as a form of social currency, with a focus on cultural significance and design innovation rather than mere investment [5][8][14] - The rise of digital channels, including live e-commerce and social media, has become crucial for brands to engage with younger audiences, with jewelry live sales accounting for 35% of the category in 2025 [7][8] Competitive Landscape - The industry is witnessing a polarization, where leading brands leverage their innovation and brand equity to capture market share, while smaller brands face significant operational challenges [9][11] - The new consumer formula for gold value incorporates design premium, cultural significance, and social relevance, shifting away from traditional weight and price metrics [8][9] Future Outlook - The future of gold brands hinges on their ability to become cultural symbols rather than mere commodity suppliers, with a focus on integrating culture, technology, and consumer experiences [14][17] - Companies are encouraged to enhance their brand positioning and operational efficiency to navigate the evolving market landscape and consumer expectations [13][17]

Core Viewpoint - The gold jewelry industry is undergoing significant transformation, with a shift from traditional value preservation to cultural and emotional significance, driven by younger consumers seeking social currency in their purchases [2][5][11]. Group 1: Market Trends - In 2025, gold prices are high, leading to intense competition among brands, with top brands innovating while smaller brands struggle under high prices and homogenization [2][3]. - The consumer base is experiencing a "K-shaped" differentiation, where high-end customization and light luxury dominate the market, driven by younger demographics [2][8]. - The shift in consumer motivation is evident, with over 60% of consumers under 35 purchasing gold for personal enjoyment rather than traditional purposes [5][6]. Group 2: Company Strategies - Chow Tai Fook has reported a 9.8% increase in operating profit for the fiscal year 2025, reaching HKD 14.746 billion, despite high gold prices [3][12]. - The company has seen a 105.5% increase in revenue from priced gold products, with significant contributions from its "Chuanfu" and "Chow Tai Fook Palace" series, each generating approximately HKD 4 billion in sales [3][4]. - Chow Tai Fook is implementing a comprehensive brand transformation strategy, collaborating with popular IPs and launching innovative products to engage Gen Z consumers [3][4]. Group 3: Consumer Behavior - Young consumers are increasingly valuing the cultural and social attributes of gold jewelry, leading to a transformation in purchasing behavior from traditional needs to emotional expression [4][10]. - The rise of digital channels, including live e-commerce and social media, has become crucial for brands to reach younger consumers, with live sales in the jewelry category accounting for 35% of total sales in 2025 [6][8]. - The concept of gold as a "social currency" is gaining traction, with consumers sharing their purchases on social media, reflecting a shift in how gold is perceived and valued [6][10]. Group 4: Industry Dynamics - The industry is experiencing increased polarization, with leading brands leveraging innovation to maintain growth while smaller brands face significant operational challenges [7][9]. - The new consumer formula for gold value incorporates design premium and cultural significance, which are becoming essential for brand differentiation [7][9]. - The market is seeing a clear segmentation, with high-end custom markets attracting affluent consumers, while fast fashion and light luxury segments cater to younger buyers [8][9]. Group 5: Future Outlook - The future of gold brands hinges on their ability to become cultural symbols rather than mere commodity processors, emphasizing the need for innovation in cultural, technological, and experiential dimensions [11][14]. - Companies are encouraged to expand their brand matrices and optimize channel strategies to meet diverse consumer needs, while smaller brands should focus on niche markets and quality improvements [9][14].

"金饰消费持续疲软导致金饰零售商销售网点规模进一步缩减，尽管这一趋势会在短期内带来挑战，但 我们认为淘汰业绩不佳的门店最终将利好整个市场的健康发展。长期来看，行业整合也将推动市场从恶 性的价格竞争转向更加注重金饰的情感价值与设计等方面。"世界黄金协会在报告中指出，为应对金价 上涨所带来的克重购买力下降的问题，市场参与者持续推广克重更轻的各类产品。这些产品通常按件计 价，为零售商创造了更高的利润，同时也为消费者提供了独特而新颖的设计与更易承担的价格。 金价持续攀升在一定程度上抑制了消费者对金饰的购买力。世界黄金协会发布报告显示，2025年二季 度，全球金饰消费总量同比下降14%至341吨，达2020年三季度以来的最低季度需求水平。2025年二季 度，中国市场零售黄金投资与消费需求（包括金饰、金条、金币及黄金ETF）达245吨，环比下滑 10%；其中，国内市场金饰需求进一步走弱至69吨，季度环比骤降45%，同比下滑20%，是2007年以来 最疲弱的二季度表现。 单家机构的经营数据也印证了这一点。7月下旬，周大福发布了截至2025年6月30日的三个月未经审核的 主要经营数据，可以看出，该集团整体零售值同比下降1.9 ...

周大福涨幅扩大至5.1%，成交额超1.84亿港元。消息面上，公司黄金价格维持37800港币/两高位。 (本文来自第一财经) ...

Core Viewpoint - Chow Tai Fook is promoting a range of gold jewelry pieces that embody cultural significance and modern design, appealing to consumers seeking both aesthetic and meaningful adornments [1][2]. Group 1: Product Highlights - The "Lucky Star" four-leaf clover gold bracelet symbolizes eternal luck, crafted from 11.48g of gold priced at 998 RMB/g, with a final price of approximately 11,614 RMB [4][8]. - The "Fortune" character necklace features traditional Tibetan designs, combining cultural heritage with modern craftsmanship, priced at around 10,540 RMB for 10.72g of gold [9][15]. - The "Tang Dynasty" gold bracelet showcases classic Tang grass patterns, symbolizing prosperity and longevity, with a weight of 30.46g and a price of approximately 29,951 RMB [16][24]. Group 2: Cultural Significance - The jewelry pieces incorporate traditional motifs and craftsmanship, such as the "Fortune" character and Tibetan designs, reflecting a deep cultural heritage and auspicious meanings [10][12][14]. - The designs aim to convey blessings and good fortune, making them suitable for significant life events and daily wear, thus enhancing their emotional value [22][27]. Group 3: Promotional Activities - Chow Tai Fook is running a promotional event from August 5 to 11, offering discounts through their app and partnerships, encouraging consumers to take advantage of the limited-time offers [28].

"金价波动不影响我们专注优化产品。"周大福珠宝集团董事总经理黄绍基面对近一年金价持续高位震荡的行情如是说。 2025年，金价高歌猛进，黄金品牌近身博弈：头部黄金品牌为创新想破头，中小品牌受高金价挤压，陷入同质化竞争。消费端呈现"K型分化"——高端定 制与轻奢时尚主导市场，年轻群体推动黄金从"保值刚需"转向"社交货币"。这些都导致黄金品牌的日子过得不如往年舒服。 当黄金褪去硬通货外衣，唯有赋予其文化符号价值才能赢得市场。"未来的黄金首饰，不仅是保值之选，更承载着深厚的文化底蕴与传统工艺的精髓。在 技术创新持续赋能、佩戴功能不断升级的当下，黄金珠宝将更自然地融入人们生活的方方面面。无论是人生重要节点，还是日常生活的点缀，都能彰显价 值与温度。"黄绍基的这句话，或许揭示了周大福的野望——在文化、科技、场景三维度重构黄金价值体系，以应对高金价时代的行业变局。 从卖黄金到卖文化 在黄金价格持续高位震荡的2025年，中国黄金珠宝行业正经历着前所未有的变革。作为行业龙头的周大福珠宝集团，近期交出了一份颇具亮点的品牌转型 成绩单。尽管面临着高金价对消费需求的抑制，该集团在2025财年仍实现了经营溢利9.8%的增长，达到147 ...

Group 1 - The core index of the CSI Hong Kong Stock Connect Textile, Apparel, and Jewelry Composite Index is reported at 1922.06 points, with a recent one-month decline of 4.00%, a three-month increase of 9.13%, and a year-to-date increase of 13.10% [1] - The index is compiled based on the classification standards of the CSI industry, reflecting the overall performance of different industry securities within the Hong Kong Stock Connect [1] - The top ten weighted stocks in the index include Li Ning (15.18%), Shenzhou International (15.11%), Anta Sports (14.03%), Lao Pu Gold (12.04%), Chow Tai Fook (9.28%), Samsonite (7.96%), Bosideng (7.29%), Jiu Xing Holdings (3.71%), Yue Yuen Industrial (3.57%), and Xtep International (3.4%) [1] Group 2 - The industry composition of the index shows that apparel accounts for 57.20%, jewelry and luxury goods account for 24.16%, and footwear and accessories account for 18.65% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In the event of special circumstances affecting the index sample, such as delisting or mergers, the sample will be adjusted accordingly [2]

这轮金饰涨价背后反映出两大结构性因素。一方面，全球避险资金涌入黄金资产。国际金价今年持续刷新纪录，单边突破每盎司 3000美元、年内涨幅超18%，推动中国现货及珠宝金价屡创新高。 另一方面，本地零售品牌库存管理趋紧，限量精品供不应求，一定程度上形成"高端、小众、收藏化"定价策略。在消费升级与文 化信仰双驱动下，高端金饰成为部分人群的资产配置选择。 近日，多家国内金店足金金饰价格已突破每克1014元，创下新高。顷刻之间价格从7月31日的991元一克上涨至今日，短短五天内 累计涨幅达23元。 周生生、老凤祥、周大福等品牌快速跟涨，成为黄金市场异动焦点。据福布斯中文网报道，主要原因包括COMEX现货金价飙涨、 国内市场避险需求升温，以及相关奢侈品品牌限量效应同步放大。 ...