China National Gold (SH:600916) Zheng Quan Shi Bao Wang·2025-07-31 06:21Group 1 - The core viewpoint of the article indicates that gold jewelry consumption in China may continue to face pressures from low consumer confidence and high gold prices in the second half of the year [1] - The ongoing consolidation trend in the gold jewelry industry is highlighted as a factor that may continue to suppress upstream demand [1] - Seasonal improvements and potential monetary or fiscal policy support are expected to provide some support for the market [1] Group 2 - In terms of gold investment, the World Gold Council believes that demand may remain strong in the second half of the year due to persistent global geopolitical and economic risks [1] - The uncertainty in domestic growth is contributing to investor demand for safe-haven assets, which is likely to benefit gold bar and coin investments [1] - Expectations of interest rate cuts and continued gold purchases by the People's Bank of China may also boost Chinese investors' interest in gold [1]