Zheng Quan Shi Bao Wang·2025-01-02 00:32Group 1 - The core viewpoint is that the online trend in China's jewelry industry is strong and the online channel may become an important growth driver for gold and jewelry brands [2] - WeChat's gift-giving feature is currently in a gray testing phase, which started on December 18, and includes categories beyond jewelry and education [3] - The launch of the gift-giving feature is timely, considering the upcoming New Year and Spring Festival, and is expected to leverage WeChat's social ecosystem to boost sales of gold jewelry [4] Group 2 - Brands with low average transaction values, flexible supply chains, strong design capabilities, and high online sales proportions are likely to benefit more from the changes in channel and brand dynamics driven by WeChat's gift feature [2]