国泰海通证券：黄金珠宝行业估值提升逻辑仍将持续演绎

Group 1 - The core viewpoint is that the valuation enhancement logic of the gold and jewelry industry will continue to unfold in 2024, as the industry enters a phase of clearing and upgrading [1] - Leading companies are shifting from store expansion strategies to improving efficiency at individual stores, forming a synergy with franchisees to promote high-margin products [1] - Differentiated products are driving gold and jewelry companies to transition from "channel brands" to "consumer brands," indicating a strong focus on product strength and the ability to capture consumer demand [1]