Core Viewpoint - The disparity between international and domestic gold prices is highlighted, with domestic prices lagging behind international trends due to different pricing mechanisms and market dynamics [3][5]. Pricing Mechanism - Domestic gold prices are not updated in real-time according to international fluctuations, as evidenced by the price of 1482 CNY per gram at Chow Tai Fook, which was based on a previous closing price before a significant international price surge [3]. - The Shanghai Gold Exchange's price on the same day was 1110 CNY per gram, reflecting a 1.5% increase, while bank gold bars were priced at 1134 CNY per gram, indicating a premium of less than 3% [3]. - The premium for branded gold jewelry compared to the base gold price is nearly 32%, revealing the true composition of jewelry pricing [3]. Market Dynamics - The international gold price surge is driven by algorithmic trading and geopolitical risks, with a significant rebound of 260 USD per ounce on February 8, following a record drop [5]. - In contrast, the domestic market is experiencing a seasonal decline in gold consumption post-Spring Festival, with stable physical delivery volumes reported by the Shanghai Gold Exchange [5]. - The difference in gold prices between domestic and international markets has attracted cross-border arbitrage, narrowing the price gap in futures and spot markets [5]. Recovery Market Insights - Gold recovery shops serve as indicators of market sentiment, with stable buyback prices despite fluctuations in branded gold jewelry prices [5][6]. - Different recovery channels present varying costs for consumers, with banks charging fees for gold bar buybacks and online platforms imposing service fees based on weight [6]. Changing Demand Dynamics - The traditional factors influencing gold prices are shifting, with central bank purchases now playing a more significant role than historical benchmarks like the 10-year U.S. Treasury yield [8]. - Central banks are projected to purchase over 1000 tons of gold annually from 2022 to 2024, constituting 23% of annual demand, altering the market's pricing logic [8]. - The consumer behavior reflects a split between gold as a safe-haven asset internationally and its role as a gift or wedding dowry domestically, as evidenced by long queues for gold jewelry purchases [8]. Regulatory and Market Adjustments - Recent regulatory measures have increased the margin requirements for gold contracts, aiming to stabilize the overheated market [10]. - The rise in "live pawn" transactions indicates a shift in consumer behavior towards pledging rather than selling gold outright [10]. - The market is navigating through various pressures, including consumer anxiety over pricing discrepancies and potential pitfalls in the recovery process [10].

财经频道更多独家策划、专家专栏，免费查阅>> 周大福人寿与香港恒生大学合作共建的"周大福人寿教室（CTF Life Classroom）"，日前在香港恒生大 学何善衡教学大楼正式启幕，标志着双方在推动教育创新、共育行业人才方面的合作迈入全新发展阶 段。 责任编辑：山上 2025年5月，香港恒生大学与周大福人寿签署合作备忘录，聚焦大湾区家族办公室及相关从业人员的咨 询与培训服务，通过整合高校学术资源与企业行业经验，助力从业人员提升专业服务水平，赋能大湾区 财富管理行业高质量发展。2026年1月，双方进一步深化合作，联合推出"企业家精神CEO证书课程"， 该课程以周大福集团创始人郑裕彤博士"勤、诚、义"的管理哲学为核心，面向企业高层管理者开展培 训，助力提升企业管理水平。值得一提的是，该课程收益将全部用于支持公益教育项目，实现"教育赋 能+公益反哺"的良性循环，彰显了双方的社会责任感。 作为一家坚持长期发展、积极履行社会责任的企业，周大福人寿与香港恒生大学的此次深度携手，不仅 为产学研融合提供了可借鉴的新模式，也为保险及金融行业高质量人才队伍建设开辟了新路径。展望未 来，双方将继续拓展协作维度，在人才培养、学术交 ...

CHOW TAI FOOK HUAWEI FreeClip 2 耳夹耳机 周 大 福 2月2日，华为终端官方账号发文表示，华为FreeClip2 耳夹耳机联手周大福 ，双方共同倾力打造时尚电 子配饰。周大福官微宣布，该配饰将于 2 月 2 日开启预售。 《贵圈》栏目查询得知，华为 FreeClip 2 x 周大福"凤笙潮韵金饰套装礼盒"现已上架，价格为 4888 元；"一发暴富金饰套装礼盒"的价格则是 3388 元。 华为客服向《贵圈》栏目表示，"凤笙潮韵"款式饰品重量约1.31q/个（金重），"一發暴富"款式饰品重 量约0.68g/个（金重）。（闫妍） 责任编辑：何俊熹 华为客服向《贵圈》栏目表示，"凤笙潮韵"款式饰品重量约1.31q/个（金重），"一發暴富"款式饰品重 量约0.68g/个（金重）。（闫妍） 责任编辑：何俊熹 CHOW TAI FOOK HUAWEI FreeClip 2 耳夹耳机 周 大 福 2月2日，华为终端官方账号发文表示，华为FreeClip2 耳夹耳机联手周大福 ，双方共同倾力打造时尚电 子配饰。周大福官微宣布，该配饰将于 2 月 2 日开启预售。 《贵圈》栏目查询得知，华为 Fr ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01929 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 1 | HKD | | 50,000,000,000 | 本月底法定/註冊股本總額： HKD 50,000,000,000 FF301 第 1 頁 共 10 頁 v ...

事件：公司发布FY26Q3（2025M10-M12）经营数据，集团零售值同比增长17.8%；内地市场零售值同 比增长16.9%，港澳及其他市场零售值同比增长22.9%。内地同店销售同比增长21.4%，同店销量同比下 滑13.9%。港澳地区同店销售同比增长14.3%，同店销量同比下滑21.6%。 内地定价首饰增势强劲，支撑毛利率保持高韧性。（1）定价首饰：同店销售同比增长53.4%，其中定 价黄金/镶嵌饰品平均售价分别增至9500/8900 港元。在标志性系列与翡翠产品带动下，季内定价首饰零 售值同比增速升至59.6%，占比较去年同期29.4%扩大至40.1%，支撑集团毛利率韧性；（2）计价黄 金：同店销售同比增长13.1%，平均售价增至11000 港元，零售值同比跌幅收窄至-0.6%。 门店优化持续推进，海外业务打造第二增长极：FY26Q3，周大福珠宝门店在中国内地净关店230 家， 港澳净开店3 家，合计净关店227 家，较FY26Q2 的300 家明显放缓。展望后续，公司将持续推进低效门 店出清，加大核心地段高生产力门店的布局力度。出海方面，围绕"双管齐下"策略，公司在深耕既有市 场同时积极拓展高潜力市场 ...

Group 1 - The core viewpoint of the article highlights the strong performance and strategic adjustments of Chow Tai Fook, a leading player in the gold and jewelry industry, with a focus on product upgrades and store optimization [1][2][3] Group 2 - Chow Tai Fook, established in 1929 and listed in Hong Kong in 2011, is the largest gold jewelry brand in China, with a target of 5,813 stores by the end of 2025 [1] - The company reported total revenue of HKD 89.656 billion and a net profit of HKD 5.916 billion for FY2025 [1] - The share of fixed-price products in retail sales has significantly increased, with a year-on-year growth of 59.6% in FY26Q3, raising its contribution from 29.4% in FY25Q3 to 40.1% [1] - The company has been closing underperforming stores since 2024, resulting in a net reduction of 228 stores by FY26Q3, down nearly 30% from a peak of 7,885 stores in FY24Q3 [2] - Overall retail sales grew by 18% year-on-year in FY26Q3, with mainland China and Hong Kong/Macau contributing 84.8% and 15.2% to total sales, respectively [2] - The company's gross margin has steadily increased, reaching 30.5% in FY26H1, while the expense ratio has improved from 21.2% in FY20 to 14.7% in FY26H1 [3] - The net profit margin has remained stable at around 6.5% [3] - Revenue forecasts for FY26-28 are projected at HKD 94.265 billion, HKD 99.234 billion, and HKD 105.213 billion, with expected growth rates of 5.14%, 5.27%, and 6.03% respectively [3] - Net profit forecasts for FY26-28 are HKD 8.873 billion, HKD 9.958 billion, and HKD 11.058 billion, with growth rates of 50.00%, 12.23%, and 11.04% respectively [3] - The company is rated as a "buy" due to its leading position in the industry and the high-end design and branding of its products [3]

Core Viewpoint - The precious metals market experienced significant volatility on January 30, with gold prices dropping sharply, leading to multiple jewelry brands reducing their gold jewelry prices substantially [1] Price Adjustments - On January 30, several major gold jewelry brands announced significant price reductions for domestic 24K gold jewelry, with prices as follows: Chow Sang Sang at 1683 CNY per gram, Chow Tai Fook at 1685 CNY per gram, Lao Feng Xiang at 1668 CNY per gram, and Lao Miao Gold at 1668 CNY per gram [1]

老凤祥B 老凤祥 潮宏基 周大生 老铺黄金 分时图 日K线 周K线 月K线 3.49 -0.04 -1.05% 1.05% 0.77% 0.48% 0.09% 0.37% 0.65% 1.22% 3.49 3.50 3.51 3.53 3.54 3.55 3.57 09:30 10:30 11:30/13:00 14:00 15:00 0 1万 2万 3万 华夏时报记者 周梦婷 北京报道 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（600612）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（600859）附近金店发现，像周大福、周大生（002867）、潮宏 基（002345）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 ...

证券研究报告·海外公司研究简报·专业零售(HS) 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | 20.71 | (8.98) | 50.00 | 12.23 | 11.04 | | EPS-最新摊薄（港元/股） | 0.66 | 0.60 | 0.90 | 1.01 | 1.12 | | P/E（现价&最新摊薄） | 20.43 | 22.44 | 14.96 | 13.33 | 12 ...

证券研究报告·海外公司研究简报·专业零售(HS) [Table_Tag] [Table_Summary] 投资要点 [Table_Summary] 投资要点 2026 年 01 月 29 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | ...