2月18日 老铺黄金官宣 将启动2026年首轮提价！ 不过，2月18日，国际金银价今日低开后强势拉升。截至发稿，现货黄金日内涨幅扩大1.23%，报4936.6 美元/盎司。现货白银日内涨幅扩大至超3%，报75.995美元/盎司。 来源：津云 具体调价时间为2月28日，产品调价详情以线上线下产品实际标价为准。老铺黄金每年有2-3次调价。 2025年，老铺黄金于2月、8月、10月三次上调售价。 2月18日，国内黄金饰品价格对比显示，多家黄金珠宝品牌当日公布的境内足金首饰价格回落至1500元 下方，周大福、周大生、潮宏基报价1499元/克。六福珠宝、老庙黄金、周生生、老凤祥、菜百克价仍 维持在1500元水平，分别报价1527元、1516元、1500元、1510元、1502元。 ...

老铺黄金每年有2-3次调价。2025年，老铺黄金于2月、8月、10月三次上调售价。 开年以来，黄金价格高位波动，周生生、潮宏基等黄金品牌均已对一口价产品做出调价。 1月6日，界面新闻从周生生北京多家门店获悉，当日起对部分定价类黄金饰品进行调价，涨幅在10%-13%。相关门店工作人员表示，"一 口价转运珠类饰品涨价已经生效，涨了200元左右"。另据21世纪经济报道，周生生此次涨价幅度在200-1500元。调价产品除了转运珠之 外，还包括定价联名款(如HelloKitty系列)以及金镶钻类饰品。 2月18日，老铺黄金官宣将启动2026年首轮提价。具体调价时间为2月28日，产品调价详情以线上线下产品实际标价为准。 1月16日，潮宏基多款一口价黄金饰品启动新一轮价格调整，涨幅从几百元至上万元不等。 此轮调整中，高端黄金饰品的价格变动幅度较为突出。多款古法金、珐琅、钻石镶嵌类产品价格出现明显上调。比如，一款黄金翡翠钻石 项链从44267元涨至54722元，一款故宫文化黄金钻石吊坠从12987元涨至16557元。 与高端产品相比， 潮宏基热销产品则为小克黄金饰品 。 旗舰店内销量排名靠前的，多为黄金串珠、转运珠、金箔摆件 ...

Group 1 - The international gold price is reported at $5038.5 per ounce, while international palladium is at $1686.0 per ounce, and international silver is at $77.11 per ounce [1] - The domestic gold price is reported at ¥1125.0 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at ¥1548 per gram (highest) and Zhou Shi Fu at ¥1524 per gram (lowest) [1] Group 2 - Other notable domestic gold prices include: Chow Tai Fook at ¥1529 per gram, Chow Sang Sang at ¥1534 per gram, and Liufuk Jewelry at ¥1529 per gram [1] - Additional prices from other retailers include: Xie Rui Lin at ¥1529 per gram, Jin Zi Zun at ¥1529 per gram, Chao Hong Ji at ¥1529 per gram, Cai Bai Jewelry at ¥1530 per gram, Lao Miao Gold at ¥1529 per gram, and China Gold at ¥1530 per gram [1]

Core Viewpoint - The article discusses the dynamics of the gold jewelry market, highlighting the increasing interest from young consumers, the impact of rising gold prices on different brands, and the shift towards high-end positioning in the industry [5][6][13]. Group 1: Young Consumers and Market Trends - Young consumers are increasingly purchasing gold jewelry as a form of self-expression and asset allocation, with a preference for smaller weight pieces that are both decorative and seen as a new form of savings [11][12]. - The trend of buying gold during the Spring Festival is reinforced by promotional activities from brands, with significant discounts being offered to attract younger buyers [9][11]. - The rising gold prices have led to a shift in consumer behavior, where young buyers are more focused on value retention and are setting budgets for their purchases [12]. Group 2: Brand Performance and Market Dynamics - Not all gold brands benefit equally from rising gold prices; some experience significant growth while others face profit pressures and store closures [13][14]. - The gold market can be divided into two main categories: scale-driven brands like Chow Tai Fook, which rely on extensive store networks, and premium brands like Lao Pu Gold, which focus on high-end craftsmanship and brand value [14][16]. - Chow Tai Fook leads in revenue with 347 billion RMB, followed by China Gold at 310.98 billion RMB, while Lao Pu Gold, despite having only 41 stores, achieves a notable revenue of 123.5 billion RMB [15][16]. Group 3: Profitability and Business Models - Profitability varies significantly among brands, with Lao Pu Gold achieving a high net profit margin of 38.10%, compared to China Gold's low margin of 4.50% [18][19]. - The difference in profitability is attributed to brand premium capabilities, with Lao Pu Gold's pricing strategy allowing for higher margins compared to traditional pricing models [19][20]. - Market capitalization reflects these differences, with Chow Tai Fook valued at 1427.46 billion RMB and Lao Pu Gold at 1359.17 billion RMB, indicating that brand positioning and profitability are more critical than sheer scale [20][21]. Group 4: Industry Shift Towards High-End Positioning - Traditional brands are responding to market pressures by increasing prices and shifting towards high-end product offerings, although this strategy may not be sustainable in the long term [24][26]. - The high cost of gold as a raw material limits the potential for brand premium, creating a tension between maintaining high prices and consumer price sensitivity [26][27]. - The industry faces challenges in establishing a complete value chain that allows for brand premium realization, as the market is still in its early stages of accepting the concept of "gold brands" [27][30].

Core Viewpoint - The gold market in 2025 is experiencing a paradox where international gold prices soar to a historical high of $4,584 per ounce, yet domestic gold jewelry sales are plummeting, leading to a wave of store closures among major brands like Chow Tai Fook and Chow Sang Sang [1][3][5]. Group 1: Market Dynamics - In December 2025, Chow Tai Fook raised its gold product prices for the third time, causing consumer reluctance to purchase due to high costs, with some items costing a month's salary for an average worker [3]. - The gold jewelry consumption volume in China decreased by 32.5% year-on-year in the first three quarters of 2025, while gold bar and coin consumption increased by 24.55% [5]. - The domestic gold price was $31.6 lower than the international price per ounce by the end of Q3 2025, indicating a rare discount and reflecting a decline in domestic demand [10]. Group 2: Consumer Behavior - A significant shift in consumer perception has occurred, with 70% viewing gold as an investment rather than for decoration or gifts, leading to more cautious purchasing decisions [16]. - Complaints about high processing fees, purity issues, and fraudulent certificates have surged, with purity concerns being the most prevalent [14]. - The trend of consumers opting for gold ETFs instead of physical gold jewelry has emerged, with inflows into gold ETFs reaching a record high of 112 billion yuan in 2025 [10][18]. Group 3: Industry Challenges - The industry is facing a trust crisis, with reports of counterfeit gold and high processing fees damaging consumer confidence [5][11]. - Major brands are closing stores, with Chow Tai Fook shutting down 397 locations, reflecting the impact of high gold prices on consumer spending [6]. - Regulatory gaps in the gold industry have led to rampant issues, as different regulatory bodies oversee production, sales, and trading, creating a lack of accountability [8][18]. Group 4: Emerging Trends - Traditional retail is declining, while ancient gold craftsmanship is gaining traction, with brands like Baolan and Linchao receiving significant investments [8]. - The demand for customized gold products is rising, particularly among younger consumers who prioritize design over weight [8]. - The market is witnessing a polarization in brand performance, with some companies like Chao Hong Ji experiencing a profit increase of 125.75%, while others like China Gold face a 62.96% profit decline [16].

Group 1 - The core point of the article is that the price of Chaohongji gold reached 1550.0 yuan per gram on February 12, 2026, marking a 4.00% increase from the beginning of the month when it was 1489.0 yuan per gram [1][1][1] Group 2 - On February 12, 2026, the daily price of Chaohongji gold was 1550.0 yuan per gram, with a daily change of 0.00% [1][1][1] - The highest price recorded during the period was 1566.0 yuan per gram, while the lowest was 1482.0 yuan per gram, indicating a price range of 84.0 yuan [1][1][1] - The average price during the period from February 2 to February 12, 2026, was 1533.90 yuan per gram [1][1][1]

Core Insights - The price of Chaohongji gold reached 1550.0 CNY per gram on February 11, 2026, marking a 4.00% increase from the beginning of the month when it was 1489.0 CNY per gram [1] Price Statistics - On February 11, 2026, the daily price was 1550.0 CNY per gram with a daily change of 0.00% [1] - The highest price recorded during the period was 1566.0 CNY per gram, while the lowest was 1482.0 CNY per gram [1] - The price difference from the peak was -16.0 CNY, and the difference from the low was 68.0 CNY [1] - The average price during the period was 1532.11 CNY per gram [1]

Company:潮宏基 Key Points Industry Overview - The company operates in the jewelry industry, focusing on gold and diamond products, with a strategy to capitalize on seasonal demand during festivals such as Chinese New Year and Valentine's Day [1] Short-term Catalysts - Anticipation of price increases due to rising gold prices, with a planned price hike in mid-January [1] - Implementation of limited-time promotional combinations to capture market share during the dual festive season [1] - Potential for sales data to exceed expectations during this period [1] Mid-term Growth Prospects - The franchise expansion is still in a favorable phase, with many untapped locations, particularly in first-tier city shopping centers [1] - The sub-brand "Shufulei" is accelerating its store openings [1] - The company benefits from a stable base of differentiated lightweight jewelry, which is favored during high gold price periods as it allows for lower single purchase budgets [1] - Collaborations with IP brands are driving a trend towards playful jewelry designs, fostering deeper emotional connections and attracting a loyal young customer base [1][2] - The introduction of high-weight series such as "Forbidden City" and "Zhenjin" is expanding customer reach and transitioning from mere product sales to a cultural business strategy [1] Long-term Competitive Advantage - The company emphasizes its strong design capabilities as a key driver of growth, which is expected to outpace industry growth rates [1]

Core Viewpoint - The upcoming Chinese New Year has led to increased consumer activity in the Shenzhen Luohu Shuibei market, the largest gold and jewelry trading hub in China, despite rising gold prices and associated challenges for jewelry companies [1]. Group 1: Market Activity - The Shuibei market is bustling with both wholesale and retail customers, with gold prices displayed at 1292 yuan per gram [2]. - Consumer enthusiasm remains high, with individuals like Ms. Lu purchasing gold jewelry as a reward for their hard work, indicating a positive sentiment towards gold investment despite higher prices compared to last year [2]. - Retailers are adapting to changing consumer preferences, with a focus on smaller weight gold jewelry and innovative designs, such as gold phone stickers featuring popular motifs [2]. Group 2: Challenges Faced by Businesses - The significant fluctuation in raw material costs poses a major challenge for market dealers, prompting a shift from traditional inventory models to new strategies that reduce operational risks [2][3]. - Companies are facing doubled funding requirements for inventory, necessitating improved cash flow management and inventory optimization to alleviate financial pressure [3]. Group 3: Industry Responses - Companies in the gold jewelry sector are employing hedging strategies, product innovation, and channel expansion to capitalize on market opportunities amid fluctuating gold prices [4]. - Hedging has become a standard tool for larger listed companies to mitigate risks associated with gold price volatility, with firms like Beijing Caishikou Department Store engaging in hedging aligned with their business scale [4]. - Product innovation is crucial for maintaining competitiveness, with companies like Zhou Dasheng introducing lightweight and personalized gold products aimed at younger consumers [4]. - Channel development is essential, with companies like Chao Hong Ji actively pursuing an omnichannel strategy and expanding internationally, particularly in Southeast Asia [4].

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]