Core Viewpoint - The recent announcement by China Gold Group regarding adjustments to its precious metal buyback business rules highlights the increasing volatility and uncertainty in the precious metals market, prompting the company to enhance risk management and operational efficiency [5][6]. Group 1: Business Adjustments - Starting from February 7, 2026, China Gold will suspend its precious metal buyback business on weekends, public holidays, and other non-trading days of the Shanghai Gold Exchange [5]. - The company will implement limit management on buyback transactions, including daily cumulative buyback limits per customer and total buyback limits per transaction, with a reservation system in place [5][6]. - The limits will be dynamically adjusted based on market conditions, indicating a proactive approach to managing market risks [5]. Group 2: Market Context - The announcement follows similar adjustments made by other leading gold retailers, such as Caibai Jewelry, which also suspended buyback services on non-trading days and introduced limit management on February 6, 2026 [6]. - Additionally, major state-owned banks, including Industrial and Commercial Bank of China, have announced similar measures for their gold accumulation services, indicating a broader trend in the industry towards stricter risk management practices [9]. Group 3: Company Profile - China Gold Group is a large professional gold jewelry production and sales enterprise, operating under the "China Gold" brand and is a subsidiary of China National Gold Group Corporation [5]. - As of February 6, 2026, China Gold's stock price was reported at 11.42 yuan per share, with a total market capitalization of 19.186 billion yuan [6].

Core Viewpoint - China Gold Group Jewelry Co., Ltd. (referred to as "China Gold Jewelry Company") has announced adjustments to its precious metal repurchase business rules in response to significant price volatility and rising uncertainty in the precious metals market [1][2] Group 1: Business Adjustments - The repurchase business will be suspended on weekends and public holidays starting from February 7, 2026, during non-trading days of the Shanghai Gold Exchange [1] - The company will implement limit management on repurchase transactions, including daily cumulative repurchase limits per customer and total limits per transaction, effective from February 7, 2026 [2] - The limits will be dynamically adjusted based on market conditions, and specific details will be announced through the company's various channels [2] Group 2: Customer Communication and Service - Customers are encouraged to consult the official customer service channels of "China Gold" for any inquiries regarding the adjustments to the repurchase business [2] - The company will continue to monitor market dynamics and optimize the repurchase business rules as necessary, ensuring that any previous announcements that conflict with this announcement will be superseded by the current one [2] - China Gold Jewelry Company aims to enhance service processes to provide a more comprehensive and high-quality service experience for customers [2]

消息面上，国际贵金属持续下行，2月6日早，金银开盘延续下跌，现货黄金一度跌破4700美元关口，日 内跌幅超1%；现货白银最低触及64.035美元/盎司，昨日收跌逾20%，回吐年初至今涨幅。昨晚公布的 美国12月JOLTS职位空缺创五年多新低，远低于预期。美国挑战者企业1月裁员10.8万人，创2009年以 来同期新高，环比激增205%。此外，美联储理事库克表示，美联储必须在近期将通胀率拉回目标水 平，这对于维护其信誉至关重要。库克认为，目前风险偏向于通胀上行，同时经济前景不确定性仍处高 位。 黄金股集体低开，截至发稿，中国黄金（600916）国际(02099)跌5.36%，报180港元；灵宝黄金(03330) 跌5.11%，报20.78港元；山东黄金（600547）(01787)跌5.11%，报36.74港元；赤峰黄金（600988） (06693)跌4.74%，报33.8港元。 山东黄金 赤峰黄金 山东黄金 赤峰黄金 灵宝黄金 中国黄金国际 分时图 日K线 周K线 月K线 45.39 -0.43 -0.94% 6.11% 4.08% 2.03% 0.00% 2.03% 4.08% 6.11% 43.02 43 ...

Group 1 - Precious metals concept shows partial recovery, with Hunan Gold (002155) achieving a remarkable 10 consecutive trading days of gains [1] - Chao Hong Ji (002345) hits the daily limit up, indicating strong market interest [1] - Other companies such as Cuihua Jewelry (002731), Xiaocheng Technology (300139), China Gold (600916), Sichuan Gold (001337), and Huayu Mining (601020) also experience upward movement [1]

Group 1 - As of February 6, China Gold International (02099.HK) experienced a decline of 5.36% [1] - Lingbao Gold (03330.HK) saw a decrease of 5.11% [1] - Zhaojin Mining (01818.HK) dropped by 4.80% [1]

消息面上，国际贵金属持续下行，2月6日早，金银开盘延续下跌，现货黄金一度跌破4700美元关口，日 内跌幅超1%；现货白银最低触及64.035美元/盎司，昨日收跌逾20%，回吐年初至今涨幅。昨晚公布的 美国12月JOLTS职位空缺创五年多新低，远低于预期。美国挑战者企业1月裁员10.8万人，创2009年以 来同期新高，环比激增205%。此外，美联储理事库克表示，美联储必须在近期将通胀率拉回目标水 平，这对于维护其信誉至关重要。库克认为，目前风险偏向于通胀上行，同时经济前景不确定性仍处高 位。 智通财经APP获悉，黄金股集体低开，截至发稿，中国黄金国际(02099)跌5.36%，报180港元；灵宝黄 金(03330)跌5.11%，报20.78港元；山东黄金(01787)跌5.11%，报36.74港元；赤峰黄金(06693)跌4.74%， 报33.8港元。 ...

Core Insights - In 2025, China's gold consumption reached 950.096 tons, a decrease of 3.57% year-on-year [1] - The consumption of gold jewelry fell to 363.836 tons, down 31.61% year-on-year, while gold bars and coins consumption increased to 504.238 tons, up 35.14% year-on-year [1] - Industrial and other gold usage rose to 82.022 tons, marking a 2.32% increase year-on-year [1] - The shift in consumption structure is highlighted by gold bars and coins surpassing jewelry for the first time [1] Industry Trends - The demand for gold in the industrial sector is steadily increasing, driven by the rapid development of emerging industries such as electronics and new energy [1] - In 2025, domestic gold ETFs saw an annual increase of 133.118 tons, a significant rise of 149.91% compared to 53.266 tons in 2024 [1] - By the end of December 2025, the total holdings of domestic gold ETFs reached 247.852 tons [1] Central Bank Activity - Global central banks have been consistently increasing their gold reserves, with China adding 26.75 tons of gold in 2025 [1] - China has increased its gold holdings for 14 consecutive months from November 2024 to December 2025, with total reserves reaching 2306.32 tons by the end of 2025 [1]

Group 1: Gold Production and Consumption - In 2025, China's domestic gold production reached 381.339 tons, an increase of 4.097 tons or 1.09% year-on-year [1] - Imported gold production amounted to 170.681 tons, up by 13.817 tons or 8.81% year-on-year [1] - Total gold production from domestic and imported sources was 552.020 tons, an increase of 17.914 tons or 3.35% [1] - China's gold consumption in 2025 was 950.096 tons, a decrease of 3.57% year-on-year [2] - Gold jewelry consumption fell to 363.836 tons, down 31.61%, while gold bars and coins consumption rose to 504.238 tons, up 35.14% [2] Group 2: Market Trends and Price Movements - The demand for gold in China is diversifying due to high gold prices and new tax policies, with gold bars and coins consumption surpassing jewelry for the first time [2] - By the end of December 2025, the London spot gold price increased by 62.90% compared to the beginning of the year, while the Shanghai Gold Exchange's Au9999 price rose by 58.78% [2] - The Shanghai Gold Exchange and other trading platforms responded to price volatility by adjusting trading parameters to stabilize market expectations [2] Group 3: Investment and Holdings - In 2025, China's domestic gold ETF saw an increase in holdings of 133.118 tons, a growth of 149.91% compared to 2024 [2] - As of December 2025, China's gold reserves reached 2306.32 tons, with an increase of 26.75 tons throughout the year [2] - Global central banks, including China, have been consistently increasing their gold holdings, with China adding gold for 14 consecutive months [2]

Core Viewpoint - The domestic precious metals market is experiencing a decline, with gold futures showing a significant drop in price, indicating a bearish trend in the market [1]. Group 1: Gold Production and Consumption - In 2025, domestic gold production is expected to reach 381.339 tons, an increase of 4.097 tons or 1.09% year-on-year. Imported gold production is projected at 170.681 tons, up by 13.817 tons or 8.81% year-on-year. Total gold production, including domestic and imported sources, is estimated at 552.020 tons, reflecting a year-on-year increase of 17.914 tons or 3.35% [2]. - The total gold consumption in China for 2025 is forecasted at 950.096 tons, a decrease of 3.57% year-on-year. This includes a significant drop in gold jewelry consumption, which is expected to be 363.836 tons, down 31.61% year-on-year. In contrast, gold bars and coins are projected to increase to 504.238 tons, a rise of 35.14% year-on-year [2]. Group 2: Market Sentiment and Economic Indicators - The U.S. economic data presents mixed signals, with January ADP employment numbers increasing by 22,000, which is below the expected 48,000. However, the ISM non-manufacturing PMI stands at 53.8, indicating economic resilience. The market is awaiting the upcoming non-farm employment data [4]. - The geopolitical tensions related to Greenland's sovereignty are accelerating the de-dollarization process in Europe. In the medium to long term, the global dollar reserve ratio is expected to continue declining, which may benefit gold's monetary attributes [4]. - The introduction of new tax policies on gold may significantly impact domestic physical gold demand, particularly in the jewelry sector. Despite this, the central bank's gold purchases and investment demand are crucial to offset the decline in jewelry demand [4].

Group 1 - The core viewpoint of the article is that the nomination of Walsh as the new chairman of the Federal Reserve by Trump has led to a significant sell-off in the precious metals market, with gold prices dropping over 21% from a historical high of $5,600 per ounce within two days [1] - The report from BOC International maintains that the argument for gold as a true safe-haven asset alternative to dollar-denominated assets remains valid, regardless of who the new Federal Reserve chairman is [1] - The expectation is that the U.S. will inevitably cut interest rates by 2026, which supports the bullish outlook on gold [1] Group 2 - BOC International reiterates an "overweight" rating on the Chinese gold industry, forecasting an average gold price of $4,800 per ounce in 2026, indicating potential upside [1] - Shandong Gold (01787) and Zhaojin Mining (01818) are identified as preferred stocks, with "buy" ratings and target prices set at HKD 52.06 and HKD 44.78 respectively [1]