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]

小摩对老铺的春节消费表现比市场更为乐观，原因是品牌权益提升、新产品推出、吸引新客户、现有客 户重复购买及金价走势有利。集团表现稳健下，应能缓解投资者对近期高基数效应及金价波动下对消费 者行为的担忧。认为其凭借系统性发展策略(如门店扩张审慎、直销模式及由精选/培训团队提供的差异 化服务质量)最能从体验式增长中获益。 摩根大通发布研报称，将老铺黄金(06181)估值期限延展至2026年12月(原为2026年6月)，并维持以现金 流量折现法予目标价1,296港元，评级"增持";并认为潜在的短期催化剂包括：1月、2月春节期间零售销 售表现;产品价格上涨即将来临，及海外扩张。老铺是小摩在中国消费板块的首选。 小摩将老铺2025至2027年的盈利预测上调1%至7%，预计其在今年实现49%的同比盈利增长;预测老铺在 2025至2027年将实现销售额、净利润年均复合增长率达77%、82%;而老铺下一次涨价可能在2月底左 右。 ...

小摩将老铺2025至2027年的盈利预测上调1%至7%，预计其在今年实现49%的同比盈利增长; 预测老铺 在2025至2027年将实现销售额、净利润年均复合增长率达77%、82%; 而老铺下一次涨价可能在2月底左 右。 智通财经APP获悉，摩根大通发布研报称，将老铺黄金(06181)估值期限延展至2026年12月(原为2026年6 月)，并维持以现金流量折现法予目标价1,296港元，评级"增持"; 并认为潜在的短期催化剂包括：1月、2 月春节期间零售销售表现; 产品价格上涨即将来临，及海外扩张。老铺是小摩在中国消费板块的首选。 小摩对老铺的春节消费表现比市场更为乐观，原因是品牌权益提升、新产品推出、吸引新客户、现有客 户重复购买及金价走势有利。集团表现稳健下，应能缓解投资者对近期高基数效应及金价波动下对消费 者行为的担忧。认为其凭借系统性发展策略(如门店扩张审慎、直销模式及由精选/培训团队提供的差异 化服务质量)最能从体验式增长中获益。 ...

中银国际指出，尽管近期金价波动较大，但该行预计2026年首季黄金珠宝消费仍将保持强劲。股市带来 的财富效应叠加更为宽松的货币环境，将进一步推动消费者选择珠宝作为价值储存和投资的方式。在当 前市场格局下，该行预计将出现两类显着的赢家，包括能够支持高溢价的高端零售商，以老铺黄金为代 表；在中国香港和中国澳门拥有强大市场布局的零售商，自2025年11月黄金增值税上调以来，此类地区 的门店客流量显着增加。 分时图 日K线 周K线 月K线 724.50 -16.00 -2.16% 4.39% 2.93% 1.46% 0.00% 1.46% 2.93% 4.39% 708.00 718.83 729.67 740.50 751.33 762.17 773.00 09:30 10:30 12:00/13:00 14:00 16:10 0 1万 2万 3万 老铺黄金(06181)涨超3%，截至发稿，涨2.17%，报754港元，成交额1.74亿港元。 老铺黄金 中信建投（601066）发布研报称，近期，金价快速上涨后再较大回调，2月3日上海金交所黄金现货收盘 价1098元/克，较年初上涨10.5%，较老铺黄金上次宣布提价日上涨 ...

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Feb 2026 Xinyu Ruan Goldman Sachs (Asia) L.L.C. (852) 2978-7347 Xinyu.Ruan@gs.com Milder industry growth in 2026E with focus on idiosyncratic opportunities; Buy Laopu China Jewelry 2026 outlook Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment de ...

中信建投发布研报称，近期，金价快速上涨后再较大回调，2月3日上海金交所黄金现货收盘价1098元/ 克，较年初上涨10.5%，较老铺黄金上次宣布提价日上涨10.1%。1月下旬以来公司多地门店开展新春促 销活动，如SKP、杭州大厦、广州太古汇、中国香港等，折扣力度约在8.75-9折，在折扣和提价预期 下，消费者排队抢购现象突出，有别于去年，公司此次备货充足，品牌进一步破圈下有望带动26年业绩 增长提速(该行上调26年经调整净利润预测至70亿元)。 中银国际指出，尽管近期金价波动较大，但该行预计2026年首季黄金珠宝消费仍将保持强劲。股市带来 的财富效应叠加更为宽松的货币环境，将进一步推动消费者选择珠宝作为价值储存和投资的方式。在当 前市场格局下，该行预计将出现两类显着的赢家，包括能够支持高溢价的高端零售商，以老铺黄金为代 表；在中国香港和中国澳门拥有强大市场布局的零售商，自2025年11月黄金增值税上调以来，此类地区 的门店客流量显着增加。 智通财经APP获悉，老铺黄金(06181)涨超3%，截至发稿，涨2.17%，报754港元，成交额1.74亿港元。 ...

Core Viewpoint - The brand resilience of the company may exceed expectations amid significant fluctuations in gold prices, with a strong demand at retail locations leading to queues for purchases [1] Group 1: Operational Analysis - On January 30, international gold prices dropped over 10% from the day's peak, yet retail locations continued to experience high demand, with queues observed in major cities such as Shanghai, Beijing, and Wuhan [1] - The strong consumer demand is attributed to the expectation of stable price increases for the brand, indicating a growing recognition of the brand's value among consumers [1] - The value of the company's gold products is derived from three aspects: material value, design value, and brand value, with consumers showing confidence in long-term price increases [1] Group 2: Financial Performance and Growth Potential - As of October 2025, the company completed a capital raise of HKD 2.7 billion, with 70% allocated for inventory reserves, positioning the company well for future sales [2] - The company has a significant growth opportunity with over 40 self-operated stores in 16 cities, primarily in high-end shopping centers, and plans to optimize existing store locations and sizes [2] - The establishment of a high customer management department aims to enhance customer engagement, with loyalty membership increasing to 480,000 by mid-2025, reflecting a growth in customer retention [2] Group 3: Profit Forecast and Valuation - The company is expected to show strong growth in early 2025, with EPS forecasts of 27.7, 39.4, and 48.2 for 2025, 2026, and 2027 respectively, indicating a positive outlook for valuation [2] - The current stock price corresponds to a PE ratio of 24, 17, and 14 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating and strong recommendation for investment [2]