1月29日早盘，A股黄金概念股开盘上涨，随后集体跳水，截至10:05，同花顺黄金概念板块下跌0.42%，其中，黄金连锁零售商跌幅居前，萃华珠宝跌停， 潮宏基跌超9%，曼卡龙跌超5%，周大生跌超4%，明牌珠宝、老凤祥、莱绅通灵等跌超3%。 | 图片来源：同花顺 | | --- | 港股方面，山东黄金早盘一度涨超6%，涨幅现已回调至0.78%。此外，招金矿业、中国黄金国际现已跌超2%。 | | | 黄金概念 1 4661.88 -0.42% | | | | --- | --- | --- | --- | --- | | 成分股 | 墓金 | 资金 | 新闻 | 简况(F10) | | 11 | | | | | | 名称/代码 | | | 最新 ◆ | 涨幅 ◆ 5 F | | 萃华珠宝 | | | 14.27 -10.03% | + | | 002731 | | | | | | 黄金连锁零售商 | | | | | | 潮宏基 | | | 13.39 | -9.59% t | | 002345 | | | | | | 黄金连锁零售商 | | | | | | 曼卡龙 | | | 23.33 | -5.55% +3 | ...

Summary of Conference Call on Gold Jewelry Industry and Companies Industry Overview - The analysis focuses on the gold jewelry industry, particularly the impact of the gold tax reform implemented in November 2025, and its implications for companies in the sector [1][1]. Key Company Insights Taibai Co., Ltd. (太白股份) - **Investment Value Post-Tax Reform**: The tax reform allows direct sales of gold investment bars through member units to benefit from VAT exemptions, resulting in consumers only needing to pay a processing fee of 20-30 RMB on top of the gold price [1][1]. - **Channel Advantage**: The company benefits from a significant price advantage over traditional bank channels, with a price difference of approximately 6-7 percentage points due to VAT deductions, enhancing its competitive position in the market [2][2]. Old Shop Gold (老铺黄金) - **Sales Dynamics and Market Concerns**: There are concerns regarding the sustainability of sales momentum leading into the 2026 Spring Festival, as the market has not previously experienced such a short-term surge in demand [2][2]. - **Price Increase and Promotions**: The sales of Old Shop Gold are driven by three factors: a wealth effect from rising gold prices, a price increase completed in November 2025, and promotional activities during the Spring Festival, leading to significant consumer interest and purchasing behavior [2][2]. High Elasticity Investment Targets - **Selection Criteria**: High elasticity investment targets are identified based on pure direct sales and presence in Hong Kong and Macau, benefiting from rising domestic gold market costs and currency appreciation [3][3]. Traditional Jewelry Leaders Chao Hong Ji (潮宏基) - **Performance Exceeding Expectations**: Chao Hong Ji is positioned as a rising star in the gold jewelry sector, with a significant increase in high-weight and high-craftsmanship products, boosting average store sales from 5-6 million RMB to over 10 million RMB [3][3]. - **Expansion Potential**: The company has a substantial opportunity for store expansion, with a current count of 1,300-1,500 stores and a high degree of performance realization [3][3]. Chow Tai Fook (周大福) - **Product Strategy Optimization**: Chow Tai Fook has adjusted its product structure to include approximately 40% fixed-price products, enhancing gross margins and allowing for timely adjustments to benefit from rising gold prices [3][3]. Industry Confidence - **Reaffirmation of Industry Confidence**: The overall investment confidence in the gold jewelry industry is reiterated, with a strong belief in the potential of related products [4][4].

| SZ | 明牌珠宝 | 6.74 | -3.02% | -0.21 | | --- | --- | --- | --- | --- | | | 002574 | | | | | SZ | 潮宏基 | 13.85 | -6.48% | -0.96 | | | 002345 | | | | | SZ | 深中华A | 8.13 | -4.91% | -0.42 | | | 000017 | | | | | SZ | 国城矿业 | 29.01 | -6.06% | -1.87 | | | 000688 | | | | | SZ | 萃华珠宝 | 14.27 | -10.03% | -1.59 | | | 002731 | | | | | SH | 莱绅通灵 | 10.28 | -2.37% | -0.25 | | | 603900 | | | | | 创 | 耐普矿机 | 53.00 | -5.84% | -3.29 | | | 300818 | | | | 1月29日早盘， 黄金概念股突然快速跳水 。截至09:51，萃华珠宝跌停，耐普矿机跌超7%，潮宏 基、国城矿业、深中华A、明牌珠宝、莱绅通灵等跟跌。 ...

国际现货黄金价格再攀新高。1月28日，伦敦金现再次大涨，突破5200美元/盎司，并在下午一度突破 5300美元/盎司。与此同时，国内黄金珠宝首饰企业们足金饰品价格也都涨到了1600元/克的新高度，像 老凤祥足金饰品已经达到1620元/克。然而，黄金高涨并没有浇灭消费者买金热情，1月28日下午4点 多，记者实地走访北京王府井附近金店发现，像周大福、周大生、潮宏基等门店皆有顾客光顾，且店员 也对记者表示，"这段时间黄金首饰产品卖的挺好的。" 过去两年中，现货黄金价格持续上涨，一度给周大福等以按克计价产品为主的金饰企业带来业绩压力。 随着金价上涨逐渐常态化，如何实现可持续经营成为金饰企业面临的核心挑战。为此，行业主要企业也 积极启动了一系列变革。 黄金再创新高 黄金价格延续上行态势，屡创新高，1月28日，COMEX黄金每盎司站到了5250美元的新高点，伦敦金 现同样连创新高，并在下午一度突破5300美元/盎司。 对于金价连创新高，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏时报》记者采 访时表示，近期黄金价格持续走高，核心是全球地缘局势不确定性增加，叠加市场对美联储降息的强烈 预期，各国央行增持黄金 ...

2026年开年以来不足一个月，国际现货黄金价格累计涨幅已超过20%。 周六福 六福珠宝 1月28日下午，国际现货黄金价格盘中突破5300美元/盎司，持续刷新历史最高纪录。1月28日15时，AU9999报 1181.2元/克。 当日，国内主流品牌足金首饰价格普遍上调，单日每克价格较前一交易日上涨30至50元。新京报贝壳财经记者统 计的7家金饰品牌报价显示，其中6家足金首饰价格超过1610元/克，周大福、潮宏基（002345）、老庙黄金等品牌 足金首饰价格均达到1618元/克。 备注:菜百首饰采用北京地区实体店价格;周六福采用足金999价格;老庙黄金仅限上海地区 周生生 周大福 潮宏基 老庙黄金 菜百首饰 600 500 数据来源: Wind 400 01-03 d 035-05-140 -O4-21-0 4025-09-30 2025-06-02 2025-06- 1月28日部分品牌足金饰品挂牌价格 单位:元/克 1618 1618 1618 1616 1614 1613 1550 较昨日 较昨日 较昨日 较昨日 较昨日 较昨日 +43 较昨日 +33 +40 +31 +35 +40 +40 数据来源:各品牌官 ...

Group 1 - The jewelry sector experienced a significant increase of 9.24% on January 28, with Di'A Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the jewelry sector showed notable price increases, with Di'A Co. rising by 20.00% to a closing price of 38.76, and Mankalon increasing by 19.96% to 24.70 [1] Group 2 - The jewelry sector saw a net inflow of 744 million yuan from institutional investors, while retail investors experienced a net outflow of 596 million yuan [2] - The trading volume for Di'A Co. was 117,500 shares, with a total transaction value of 424 million yuan [1] - The top performers in terms of net inflow included Jin Yi Culture with 203 million yuan and Cai Zi Co. with 149 million yuan [3]

Core Viewpoint - Several gold jewelry brands have announced price adjustments for domestic gold jewelry, with some prices remaining at historically high levels as of January 27 [1] Price Adjustments - Chow Sang Sang's domestic price for 24K gold jewelry is set at 1577 RMB per gram, an increase of 3 RMB from the previous day [1] - Lao Miao Gold's price in the Shanghai region is 1575 RMB per gram, unchanged from the previous day [1] - Luk Fook Jewelry's price for 24K gold is 1583 RMB per gram, rising by 7 RMB from the previous day [1] - Chow Tai Fook's prices for 24K gold (jewelry and crafts) and other brands like Xie Rui Lin and Chao Hong Ji are set at 1585 RMB per gram, also an increase of 7 RMB [1] - China Gold's price for 24K gold jewelry remains at 1586 RMB per gram, unchanged from the previous day [1]

Market Overview - The jewelry sector experienced a decline of 1.06% on January 27, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - China Gold (600916) saw a significant increase of 9.96%, closing at 11.15 with a trading volume of 2.4225 million shares and a turnover of 2.658 billion [1] - Other notable performers included Man Ka Long (300945) with a rise of 1.88% and a turnover of 1.07 billion, while several stocks like ST Xin Hua Jin (600735) and Ming Pai Jewelry (002574) experienced declines of 1.32% and 1.34% respectively [1] - Chao Hong Mu (002345) led the declines in the sector with a drop of 4.88%, closing at 14.03 with a turnover of 407 million [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 205 million from main funds, while retail investors contributed a net inflow of 1.95 billion [2] - The main funds showed a negative net flow in several stocks, including Chao Hong Mu and Jin Yi Culture, indicating a shift in investor sentiment [3] - Retail investors were more active in stocks like Fei Ya Da (000026) and Jin Yi Culture (002721), with significant net inflows [3]

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 曾庆怡）1月27日上午，多家黄金珠宝品牌公布的境内足金饰品价格部分出现上调，部分与前一日持平，仍处于历史高位。 上证报中国证券网讯（记者 曾庆怡）1月27日上午，多家黄金珠宝品牌公布的境内足金饰品价格部分出现上调，部分与前一日持平，仍处于历史高位。 具体而言，当日，周生生足金饰品境内价格为1577元/克，单克较前一日上涨3元；老庙黄金上海区域价格为1575元/克，单克与前一日持平；六福珠宝足金 999/足金境内价格为1583元/克，单克较前一日上涨7元；周大福足金（饰品、工艺品类）、谢瑞麟足金饰品、潮宏基足金（首饰摆件）境内价格为1585元/ 克，单克较前一日上涨7元。中国黄金足金饰品价格为1586元/克，单克与前一日持平。 具体而言，当日，周生生足金饰品境内价格为1577元/克，单克较前一日上涨3元；老庙黄金上海区域价格为1575元/克，单克与前一日持平；六福珠宝足金 999/足金境内价格为1583元/克，单克较前一日上涨7元；周大福足金（饰品、工艺品类）、谢瑞麟足金饰品、潮宏基足金（首饰摆件）境内价格为1585元/ 克，单克较前一日上涨7元。中国黄金 ...

Core Viewpoint - The price of Chaohongji gold has increased to 1578 CNY per gram as of January 26, marking a rise of 25 CNY per gram or 1.61% from the previous day, and a significant increase of 221 CNY per gram or 16.29% from the beginning of the month [1][2][3] Price Statistics - The daily price on January 26 is 1578 CNY per gram [2][3] - The daily increase is 1.61% compared to the previous day [2][3] - The highest price recorded this month is 1578 CNY per gram [2][3] - The lowest price recorded this month is 1357 CNY per gram [2][3] - The difference from the highest price this month is 0 CNY per gram [2][3] - The difference from the lowest price this month is 221 CNY per gram [2][3] - The average price for the month so far is 1437 CNY per gram [2][3]