


Core Viewpoint - The report from CITIC Securities indicates that gold jewelry sales are expected to perform well in the third quarter of 2025 due to price stabilization and a low base effect, with overall sales revenue projected to grow despite low consumption weight [1] Group 1: Market Trends - Gold jewelry consumption weight is currently at a low level, but sales revenue is expected to show positive growth in 2025 [1] - The industry is focusing on enhancing product value per gram to overcome current challenges, with craftsmanship and design driving high-quality development [1] Group 2: Brand Performance - Brands that can leverage high-end and lightweight trends, along with a high proportion of investment gold and ongoing store expansion, are likely to perform well [1] - There is a recommendation to pay attention to the growth potential from online and overseas business segments [1]