继续看好黄金珠宝产品的消费者喜爱度提升。根据中金大类资产团队研究，中美流动性共振主线下，黄 金仍是占优资产，地缘政治风险与全球安全格局的不确定性，也强化了黄金的战略配置价值。金价的较 好表现有望支持黄金珠宝产品的保值稀缺感和吸引力，我们继续看好黄金珠宝产品的消费者喜爱度提 升。 盈利预测与估值 维持公司FY26/27 EPS预测0.87/0.93 港元，当前股价对应14/13倍FY26/27 市盈率，维持跑赢行业评级。 我们继续看好公司的品牌力提升和渠道优化，但考虑行业估值波动，下调目标价13%至16.89 港元，对 应19 倍 FY26 市盈率，有37%的上行空间。 机构：中金公司 研究员：杨润渤/郭海燕 公司近况 据智通财经1，12 月19 日周大福年内第三次调整一口价黄金产品价格，部分产品价格上调幅度在 4%-16%之间。我们认为适度的价格调整有望维持公司的品牌高级感和良好的利润表现。 评论 价格调整助力周大福品牌高级感和盈利能力。2025 年以来金价呈波动上涨趋势，截至12 月18 日，上海 金交所AU9999 收盘价累计上涨59%。黄金珠宝公司为应对成本上行，也在调整产品价格向终端传递， 周大福3、 ...

记者走访：品牌金饰吸引力或增强 据记者了解，目前市面上主流商家的金饰，根据定位的不同，一般分为按克重计价和"一口价"两种销售 方式。 近日，周大福天猫官方旗舰店在首页发布了一条提示：受市场因素影响，部分商品即将提价。 对此，周大福珠宝集团方面回复证券时报记者表示："产品价格调整属集团的日常营运政策，会根据市 场环境及产品需求，适时作出调价，并始终坚持维护卓越品质与精湛工艺的承诺，满足消费者的期 待。" 数据显示，国际市场上，伦敦金价格近日总体重拾升势，再度突破4300美元/盎司，年内累计涨幅超过 六成。如果不出意外，今年伦敦金价格大概率将创出本世纪以来最大年度涨幅。 国内市场方面，12月19日，上海黄金交易所Au99.99黄金合约价格也重拾升势，目前价格达975.51元/ 克；上海期货交易所黄金期货主力合约价格则达到979.90元/克，盘中最高达到988.80元/克，创出本月 以来新高。 金价总体上行的大背景下，金饰成本上涨，黄金珠宝龙头企业开始再度提价。 另外，记者在深圳水贝市场走访时，有消费者表示，水贝金饰与品牌金饰的价差逐渐减小，加上多家品 牌金店推出优惠活动，自己会更多考虑品牌金饰。 黄金珠宝龙头企业 ...

Core Viewpoint - Chow Tai Fook has announced a price increase for its products, marking the third adjustment in 2023, driven by rising gold prices and market factors [1][3]. Price Adjustment Details - The price increase will take effect on December 19, with approximately half of the "Chuanfu" series products on Tmall marked for a price hike, with increases ranging from 5% to 15% [2][3]. - Specific examples include a 7.3g gold necklace increasing from 13,300 yuan to 14,900 yuan (approximately 12% increase) and a 5.2g ring from 12,600 yuan to 14,000 yuan (approximately 11% increase) [2]. - The price of gold jewelry has risen significantly throughout the year, with Chow Tai Fook's gold price increasing from 805 yuan per gram in January to 1,353 yuan per gram by December 19, representing a nearly 68% increase [3]. Market Context - The jewelry industry is experiencing a period of concentrated price adjustments, with other brands like Chow Sang Sang and Lao Feng Xiang also raising prices by 6% to 10% in recent months [3]. - The demand for high-margin "one-price" products is increasing as companies shift focus to maintain profitability amid rising costs and consumer caution [5][6]. Company Performance - Chow Tai Fook's sales of fixed-price jewelry, including the "Chuanfu" series, reached 34 billion HKD, with the contribution from fixed-price retail in mainland China rising from 27.4% to 31.8% year-on-year [5]. - Despite the price increases, the company has been closing stores, with over 600 locations shut down in the past six months, reducing the total by approximately 1,500 since March 2024 [5]. Consumer Behavior - Consumer reactions to the price hikes are mixed, with some purchasing before the increase while others choose to wait or forgo buying altogether [6]. - The frequent price adjustments are testing consumer acceptance of the "one-price" model, raising questions about the brand's value versus the fluctuating gold prices [6].

Core Viewpoint - Chow Tai Fook has raised prices on certain gold jewelry items across its nationwide stores, particularly in the "fixed price" category, with significant increases noted in the Heritage series and 3D hard gold fashion jewelry [1] Price Adjustment Details - The price increase for some items has reached as high as 3,900 yuan, with a specific necklace that was originally priced at 19,900 yuan experiencing this overnight increase [1] - Overall, the price hike for "fixed price" gold jewelry ranges from several hundred yuan to 1,000 yuan, while traditional gold jewelry priced by weight fluctuates with international gold prices [1] Market Insight - A store employee indicated that with the current trend of rising gold prices, customers may find it more advantageous to purchase during promotional periods [1]

周大福(01929)涨超3%，截至发稿，涨3.08%，报12.7港元，成交额1.15亿港元。 信达证券（601059）此前研报指出，公司同店销售增长恢复，10月以来表现靓丽。该行认为中国内地市 场取得恢复性增长，一方面得益于同期基数较低，另一方面则是公司主动进行渠道优化，提升单店经营 水平见效。10月1日-11月18日，公司实现零售值同比+33.9%，其中中国内地零售值同比增长35.1%，同 店销售同比增长38.8%，在金价高企背景下仍取得靓丽增长，反映出消费者面对金价上涨心态更为积 极，接受程度在提高。 消息面上，12月17日，周大福天猫官方旗舰店在首页发布提示称：受市场因素影响，部分商品即将提 价，调价窗口为12月19日。据悉，周大福今年于3月和10月底进行了两次调价，年内累计已涨价三次。 据蓝鲸新闻，针对此番调价，周大福方面回应称：产品价格调整属集团的日常营运政策，我们会根据市 场环境及产品需求，适时作出调价，并始终坚持维护卓越品质与精湛工艺的承诺，满足消费者的期待。 ...

信达证券此前研报指出，公司同店销售增长恢复，10月以来表现靓丽。该行认为中国内地市场取得恢复 性增长，一方面得益于同期基数较低，另一方面则是公司主动进行渠道优化，提升单店经营水平见效。 10月1日-11月18日，公司实现零售值同比+33.9%，其中中国内地零售值同比增长35.1%，同店销售同比 增长38.8%，在金价高企背景下仍取得靓丽增长，反映出消费者面对金价上涨心态更为积极，接受程度 在提高。 消息面上，12月17日，周大福天猫官方旗舰店在首页发布提示称：受市场因素影响，部分商品即将提 价，调价窗口为12月19日。据悉，周大福今年于3月和10月底进行了两次调价，年内累计已涨价三次。 据蓝鲸新闻，针对此番调价，周大福方面回应称：产品价格调整属集团的日常营运政策，我们会根据市 场环境及产品需求，适时作出调价，并始终坚持维护卓越品质与精湛工艺的承诺，满足消费者的期待。 智通财经APP获悉，周大福(01929)涨超3%，截至发稿，涨3.08%，报12.7港元，成交额1.15亿港元。 ...

Core Insights - The recent tax reform has led to an anticipated increase in gold jewelry prices, with consumers expecting a price hike following the adjustment in tax rates [1][2] - Major brands like Chow Tai Fook and Shui Bei have announced price increases of over 10%, with Chow Tai Fook's price hike expected to be around 15% [2][6] - The shift in pricing strategy reflects a broader trend among leading jewelry brands to enhance their high-end image and profitability through strategic adjustments in product pricing [6][7] Pricing Strategy Adjustments - Chow Tai Fook and Shui Bei have both raised prices significantly, with Chow Tai Fook's price increase being a proactive strategic adjustment aimed at optimizing product structure and ensuring profit margins in a volatile market [6][7] - The price of "one-price" jewelry, which is more profitable for brands, has seen increases that exceed the rise in gold prices, indicating a deliberate strategy to leverage pricing power for higher margins [6][7] Market Dynamics and Compliance - The new tax policy has imposed a 7% tax increase on non-investment gold products, significantly impacting the pricing strategies of retailers like Shui Bei, which can no longer sell gold jewelry at market prices [10] - The compliance requirements have led to a reduction in the previously common practice of selling gold at lower investment prices, pushing the market towards a more regulated pricing structure [10][11] Transformation and Innovation - Shui Bei is undergoing a transformation from a low-price model to a value-driven approach, focusing on product design and craftsmanship to counteract cost pressures [11] - The introduction of services like "old-for-new" exchanges and the diversification into non-gold products such as silver and gemstones are emerging as new growth areas for retailers [11]

Core Viewpoint - Chow Tai Fook is set to increase prices for the third time this year, with the latest price hike scheduled for December 19, driven by rising international gold prices and cost pressures [1][3]. Price Adjustments - In March, Chow Tai Fook raised prices for gold products by 10% to 20% [3]. - A subsequent price increase occurred at the end of October, with the upcoming adjustment expected to raise prices by 12% to 18% [3]. - Some popular items have seen price increases exceeding 30%, such as a 27-gram gold bracelet, which rose from 38,600 yuan to 50,800 yuan, marking a 31.6% increase [5]. Market Trends - The gold retail prices in China have reached new highs this year, with several brands exceeding 1,350 yuan per gram as of December 18 [9]. - Chow Tai Fook's gold price was reported at 1,353 yuan per gram, while other brands like Lao Miao and Lao Feng Xiang were priced at 1,359 yuan and 1,358 yuan respectively [10]. Industry Comparisons - Other brands, such as Lao Pu Gold, have also announced multiple price increases this year, with the latest hike in October ranging from 18% to 25% [10][11]. - Lao Pu Gold's price adjustments earlier in the year included increases of 5% to 12% in February and 10% to 12% in August [11]. Future Outlook - Analysts predict that gold prices may continue to rise due to ongoing geopolitical uncertainties and economic conditions, with potential increases of 5% to 30% depending on various scenarios [16]. - Institutions like CITIC Futures and ICBC Credit Suisse Fund suggest that the current market conditions favor a bullish outlook for gold prices in the near term [17][18].

Group 1 - Chow Tai Fook announced a price increase for some products, with a revenue of 38.986 billion yuan for the first three quarters of the year [5] - The price of Feitian Moutai has dropped significantly, causing losses exceeding 300,000 yuan for some speculators who had previously hoarded the product [5] - Mobile communication package prices are difficult to lower, with many consumers facing obstacles in finding satisfactory plans despite years of "speeding up and reducing fees" initiatives [5] Group 2 - AirPods Pro 3 continues to experience unresolved static noise issues, with the scope of the problem expanding [6] - A group of 12 individuals has been arrested for maliciously promoting negative information about new energy vehicles, involving companies like Xiaomi and Huawei [6] - The price of platinum jewelry has surpassed 800 yuan, indicating a rising trend in precious metal prices [4]

有周大福店员表示，原价19900元的项链，一夜之间涨了3900元。由于款式不同，"一口价"金饰整体涨 价在几百元到1000元不等，而按克重计价的传统金饰则随国际金价波动。他建议，当前金价趋涨，顾客 可趁活动期间购买更划算。 （文章来源：21世纪经济报道） 12月19日，周大福全国门店上调部分金饰价格。21财经·南财快讯记者实探广州门店发现，此次调价主 要集中在"一口价"金饰，其中传承系列、3D硬金类时尚工艺金饰涨幅明显，有单品调价高达3900元。 ...