黄金珠宝行业专家交流 20251008 摘要 国庆期间黄金珠宝行业整体表现超预期，周大福华东、华中区增幅达 15%，得益于放宽价格管控至克减 70 及不镶嵌黄金一口价产品和镶嵌 类产品增长。 潮宏基自去年下半年以来保持高增长态势，各季度增幅超 40%，国庆期 间增长预计达 50%，受益于成功的产品和价格策略，黄金克重和销售金 额均增长。 老庙和老凤祥自 4 月以来表现较弱，受金价上涨和周大福价格策略影响， 下滑幅度维持在 10%-15%，价格战效果不明显，顾客易被周大福吸引。 周生生、中金、大生等品牌国庆期间增长约 10%-15%，部分区域表现 较好，个别品牌维持超预期 40%以上高增长。 周大福预计 10 月下旬提价，因国际金价上涨约 9%-10%，各珠宝品牌 节后将常规提价，潮宏基一口价常规提价影响不大。 品牌对中小加盟商私货管控严格，对省级代理商较弱，但品牌公司对各 级代理商压货力度大，挤压私货空间。金价上涨短期内对消费影响不大， 但若涨至 4,000 美元以上，10 月底或 11 月将受影响。 珠宝行业税收规范化，税务成本成加盟商压力，所有珠宝企业将转向正 规化。周大福非黄金克重占比已接近 35%，其 ...

北京时间10月7日8时48分，COMEX黄金触及4000美元/盎司，10月8日，COMEX黄金继续向上突破，截至《证券日报》记 者发稿时，盘中最高触及4071.5美元/盎司。现货黄金（伦敦金现）涨幅紧随其后，10月8日伦敦金现价格最高触及4049.64美元/ 盎司；至此，COMEX黄金、现货黄金价格年内涨幅均超50%。 国内金饰方面，10月8日，东方财富数据显示，周大福等多家金饰品牌足金报价1155元/克；金条价格报价各异，周大福、 六福珠宝报价1145元/克，周生生报价1026元/克，老庙黄金报价1106元/克。 此次国际金价短期内大幅上涨，市场普遍认为主要原因是全球宏观环境不确定性增加，越来越多的投资者通过黄金对冲风 险，从而推动金价快速上涨。 国信证券分析认为，此轮上涨并非偶然，而是长期逻辑、短期因素与市场情绪共振的结果。长期来看，支撑黄金持续上涨 的长期逻辑主要集中在全球货币信用体系重构层面；短期则由美联储超预期降息与黄金ETF规模膨胀推动。从黄金价格与黄金 ETF规模变化情况来看，二者几乎同步在9月份开始上涨，意味着本轮黄金价格上涨很大程度上是由ETF规模上升所推动。 本报记者 贺王娟 西部证券认为 ...

【导读】记者实探假期黄金市场，人头攒动，"以旧换新"成为风尚 中国基金报记者 吴君 近期，国际金价持续上涨，突破了4000美元/盎司。这个国庆中秋假期，黄金牵动着不少消费者的心。 10月8日是假期最后一天，记者来到了上海豫园的黄金市场，实地走访了老凤祥、周大福、老庙黄金、老铺黄金、六福珠宝、潮宏基、亚一等多家品牌金 店，还有上海紫锦城的黄金批发市场，看到现场顾客络绎不绝，假期消费市场在"金价上涨"与"促销活动"的双重节奏中持续活跃。 有顾客豪掷几万元买古法金饰佩戴，紧跟时尚；也有顾客说要理性消费，先看看，以后再买；还有不少顾客选择"以旧换新"，补差价换新金，对黄金长期 看好；黄金批发市场则以低价吸引了不少顾客"淘金"。 多家金店店员表示，这个假期他们接待顾客的量很大。有金店老板说："现在黄金市场是'慢牛'行情。" 金店假期大力度促销、门店火爆 10月8日，记者来到了上海豫园的黄金市场，多家品牌金店人头攒动，十分热闹。尽管最近金价节节攀升，但丝毫没有阻挡顾客逛金店、选购黄金的热 情。 为了吸引顾客，老凤祥、老庙、周大福、六福珠宝、中国黄金、亚一等多家品牌金店都推出了不同力度的"双节同庆"限时克减优惠，以及一口价 ...

截至10月8日，现货黄金突破4000美元/盎司大关，续创新高，年内涨幅超52%。随着国际金价走高，多 个金饰品牌克价再创新高。老庙黄金金饰价格达到1176元/克，周生生足金饰品标价达到1165元/克；周 大福为1162元/克。 黄金市场升温，也使得部分商家开始计划出海。 金铺开辟新"战场" 曾经在深圳水贝开过好几个店铺的王琦说，黄金成本高企，除了高端品牌还能有溢价，很多中低端的连 锁黄金品牌赚不到多少钱。"市场上出来一个新产品，然后其他商家立马跟进，到后面又是卷价格卷手 工费。" 今年上半年记者采访时，有不少从业人员曾向记者表示，金价火热，但高企的价格实际上并未带动大量 的成交，反而对于销售有一定的抑制。 按照老铺黄金的计划，新加坡是前哨站，完成业务布局后，将逐步拓展至其他亚洲城市。 想要到海外挖掘生意的并非只有老铺一家。 2024年8月，潮宏基在马来西亚吉隆坡和泰国曼谷开设的首批海外门店，以融合非遗花丝工艺与现代设 计的产品迅速打开市场。 行业"老大哥"周大福则是在更早前开启了海外市场，目前其海外门店已覆盖东南亚、北美、日本等市 场。 还有一些是通过电商渠道出海。本土黄金连锁品牌周大生选择搭建TikTok团 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 11x [11][27]. Core Insights - Nike's FY2026 Q1 revenue decreased by 1% year-on-year to $11.7 billion, with a net profit decline of 31% to $727 million. The company anticipates a low single-digit revenue decline for FY2026 Q2, while wholesale business revenue is expected to see moderate growth [1][16]. - The report highlights the ongoing inventory reduction efforts across major regions, with North America showing a 4% revenue increase, while the Greater China region experienced a 10% revenue decline [23][24]. - The sportswear segment is expected to outperform the broader apparel market, with a healthy inventory turnover ratio of 4-5 for major brands [3][24]. Summary by Sections Nike's Performance - Nike's North America revenue grew by 4% year-on-year, driven by a 11% increase in wholesale business, while direct sales fell by 3% [23]. - In the EMEA region, revenue increased by 1%, with a notable performance in functional categories like running, which saw double-digit growth [23]. - The Greater China region faced challenges, with a 10% revenue decline, necessitating a focus on improving new product sales [23][24]. Market Outlook - The report emphasizes the long-term growth potential of the sportswear sector, particularly for companies with strong operational fundamentals like Anta Sports, which is noted for its excellent group operation capabilities [3][27]. - The report also identifies opportunities in the textile manufacturing sector, particularly for companies like Shenzhou International, which has a low exposure to the U.S. market and a strong international supply chain [26][37]. Key Recommendations - The report recommends investing in companies with strong performance metrics, such as Anta Sports, Li Ning, and Xtep International, while also highlighting the potential of Shenzhou International and Huali Group in the manufacturing space [11][27][37]. - It suggests that companies with robust product differentiation and brand strength, like Chow Tai Fook and Chao Hong Ji, are likely to outperform in the jewelry sector [25].

Core Insights - The global gold market on October 4, 2025, exhibited a diverse pricing system with significant differences between domestic and international gold prices, as well as varying retail strategies among different gold brands [1] Group 1: Global and Local Pricing - The international gold price closed at $3868.9 per ounce, while the Shanghai Gold Exchange's base price was set at 875.0 RMB per gram [2] - In Hong Kong, gold was traded at 42810 HKD per tael, and the gold recycling price was 860 RMB per gram, indicating strong demand for physical gold [2] Group 2: Retail Pricing Strategies - Domestic gold retail prices showed a clear gradient, ranging from 918 RMB to 1137 RMB per gram, with traditional brands like Chow Tai Fook and Chow Sang Sang priced at 1129 RMB per gram, reflecting brand premium and craftsmanship [3] - Other notable prices included Lao Feng Xiang and Lao Miao at 1125 RMB per gram, while local brands like Cai Bai Jewelry and Zhou Li Fu were priced at 1078 RMB and 1084 RMB per gram respectively [4] Group 3: Investment Channels - Shui Bei Gold offered competitive prices at 886 RMB per gram, and investment gold bars were priced at 889 RMB per gram, showcasing its advantages in the investment sector [5] Group 4: Panda Gold Coins - The 2025 edition of the Panda Gold Coin set, issued by the People's Bank of China, is priced at 52794 RMB for the complete set, with individual coins ranging from 1185 RMB for 1 gram to 480000 RMB for 1 kilogram, catering to various investor needs [6] - Unique designs such as the 150-gram square gold coin and colored gold coin are priced at 90000 RMB and 88000 RMB respectively, attracting collectors [6] Group 5: Virtual Trading Options - Major banks offer paper gold, silver, platinum, and palladium trading services, with slight declines in prices across various metals, including a drop of 0.10% to 0.19% for paper gold in USD per ounce [9][10] Group 6: Popop Gold Series - The Popop gold series, under the brand Pop Mart, features a unique IP-driven retail model with prices ranging from 980 RMB to 68000 RMB, targeting the parent-child market [11] - The pricing strategy shows a significant premium, with the "Baby Molly series" gold items priced at 1385 RMB per gram, which is approximately 25% higher than traditional brands [11] - Experts suggest that while the "one-price" model may risk losing some consumers, Popop's market potential remains promising, pending broader acceptance of the IP gold innovation [11]

Core Insights - The global gold market is experiencing a significant surge, with spot gold prices breaking through key psychological levels of $3880 and $3890, reflecting strong market sentiment [1] - Domestic gold prices in China are also rising, with major jewelry brands adjusting their prices accordingly [1] Jewelry Brand Gold Price Overview - Chow Tai Fook: Gold priced at 1129 CNY per gram, platinum at 635 CNY per gram, with a slight decrease in gold bar prices to 1119 CNY per gram [2] - Lao Feng Xiang: Gold and foot gold prices set at 1125 CNY per gram, platinum at 560 CNY per gram [3] - Saturday's Fortune: Gold priced at 1084 CNY per gram, platinum at 598 CNY per gram, with gold bars at an attractive 979 CNY per gram [4] - Chow Sang Sang: Gold priced at 1130 CNY per gram, the highest among brands, with platinum at 635 CNY per gram [5] - Sixi Jewelry: Gold and platinum prices at 1129 CNY and 644 CNY per gram, respectively [6] - Lao Miao Gold: Gold priced at 1125 CNY per gram, matching Lao Feng Xiang, with gold bars at 1080 CNY per gram [7] - King of Gold: Gold and platinum prices at 1129 CNY and 644 CNY per gram, respectively [8] - Cai Bai: Gold priced lower at 1075 CNY per gram, platinum at 468 CNY per gram [9] - China Gold: Base gold price at 874 CNY per gram, retail price at 890 CNY per gram, and buyback price at 871 CNY per gram [10] - Chow Tai Sheng/Tide Hong Ji: Gold prices at 1129 CNY per gram, platinum at 644 CNY and 635 CNY per gram, respectively [11] - Baoqing Silver Building: Gold priced at 1088 CNY per gram, with platinum at 368 CNY per gram [12] Domestic Gold Market Price Dynamics - Current gold market price at 871.99 CNY per gram, up 1.04% from the previous close [13] - Platinum price at 375.75 CNY per gram, down 1.04% from the previous close [14] - Shanghai gold (100g) priced at 874.00 CNY per gram, with a 1.12% increase [15] - Deferred single gold price stable at 568.60 CNY per gram [16] - Current gold price at 871.50 CNY per gram, up 1.04% [17] - Foot gold 9999 priced at 871.60 CNY per gram, with a 1.01% increase [18] - Shanghai gold 95 priced at 860.01 CNY per gram, slightly up by 0.11% [19] - Deferred double gold price stable at 679.00 CNY per gram [20] Bank Paper Gold and Silver Price Fluctuations - Industrial and Commercial Bank: Paper gold at $3863.11 per ounce, down $4.61, with a RMB price of 885.31 CNY per gram [21] - Construction Bank: Paper gold at $3864.95 per ounce, down $3.68 [23] - China Bank: Paper gold at $3863.93 per ounce, down $7.44 [23] - Agricultural Bank: Paper gold at $3866.35 per ounce, down $4.45 [24] - Paper silver prices also show slight declines across major banks [25][26][27][28] Gold Price Surge: Market Analysis and Outlook - Gold prices have reached new heights, with London spot gold peaking at $3895.28 per ounce, currently stabilizing around $3889.28 [29] - Domestic gold jewelry prices are rising, with brands like Chow Sang Sang and Chow Tai Fook increasing prices by 19 CNY and 21 CNY per gram, respectively [29] - Shenzhen Shui Bei market offers competitive pricing compared to branded jewelry stores, making it an attractive option for consumers [29][30] - The market's diverse offerings cater to various consumer preferences, enhancing its appeal despite a slight decrease in foot traffic during holidays [30]

新华财经上海10月4日电（葛佳明） 国庆假期历来是国内购物消费的高峰期，今年国庆又恰逢金价不断 刷新历史新高之时，为贵金属消费热潮再添一把"火"。 记者走访上海和江苏多地的周生生、周大福和潮宏基等门店发现，国庆"黄金周"一直是婚庆高峰，因金 价上涨，传统"三金"（金镯、金项链、金戒指）作为婚礼"刚需"给年轻人造成了压力。但如何在有限的 预算范围里消费更有保值可能的产品仍是年轻人关注的重点。 追涨买金还是持续观望？ 美国联邦政府"停摆"带来的不确定性加剧投资者的避险情绪，国际金价不断刷新历史新高。10月3日， 伦敦现货黄金收于每盎司3885.66美元，日内涨近0.8%，本周累涨近3.4%，今年迄今现货黄金价格累计 涨幅约为48%。 多家黄金珠宝品牌当日公布的境内足金首饰价格也受金价上涨影响而水涨船高，具体而言，周生生足金 饰品每克为1136元，单克较9月30日上涨25元；周大福、六福珠宝、潮宏基足金价格为每克1129元，较9 月30日上涨21元。 施女士称，部分购买"一口价"金饰品的消费者不会询问克重，这部分消费者更看重的是"感觉"，这类金 饰品寓意好、设计好，对于部分有送礼物需求的消费者来说更合适。 施女士同 ...

| | 品牌金价 | | ... O | | --- | --- | --- | --- | | 品牌黄金价格 | | | 最新:2025.10.01 16:17 | | 日期 | 名称 | 价格 | 涨跌 | | 10.01 | 水贝黄金 | 882.8 元/克 | 实时 | | 10.01 | 周大福 | 1129元/克 | 涨6 | | 10.01 | 周生生 | 1130元/克 | ગ્રેસ્ટ | | 10.01 | 六福珠宝 | 1129元/克 | 涨6 | | 10.01 | ぞ圭章 | 1129元/克 | 涨6 | | 10.01 | 潮宏基 | 1129元/克 | 涨6 | | 10.01 | 老凤祥 | 1125元/克 | 洗3 | | --- | --- | --- | --- | | 10.01 | 老庙黄金 | 1125元/克 | 跌1 | | 10.01 | 菜百首饰 | 1075元/克 | 持平 | | 10.01 | 周六福 | 1084元/克 | 涨7 | | 10.01 | 周大生 | 1129元/克 | 涨6 | 【金饰价格飙涨！专柜人员：假期购金客户颇多】10月1日， ...

具体而言，10月1日，周生生足金首饰境内价格为1130元/克，单克较两日前（9月29日）上涨19元；周 大福足金（首饰、摆件类）、六福珠宝足金999/足金、谢瑞麟足金饰品、潮宏基足金（首饰摆件）境内 价格为1129元/克，单克较两日前上涨21元；老庙黄金上海区域足金饰品价格为1125元/克，单克较两日 前上涨17元。(上海证券报) 【国内足金首饰价格最高已攀升至1130元/克】#金饰克价涨至1130元# 10月1日，随着伦敦现货黄金盘中 最高价超过3880美元/盎司，记者获悉，多家黄金珠宝品牌当日公布的境内足金首饰价格也水涨船高， 最高已攀升至1130元/克。#现货黄金破3880美元# ...