Group 1 - The core viewpoint of the report is that the growth of the Chinese jewelry market is expected to slow to 4% this year, compared to approximately 10% growth last year driven by a strong rise in gold prices from a low base [1] - The slowdown is attributed to a higher base, normalization of demand, and overall unstable consumer spending power, leading the company to maintain a "neutral" outlook for the industry this year [1] - The target gold price by the end of this year is set at $5,400 per ounce, representing a 25% year-on-year increase [1] Group 2 - The company sees growth opportunities for Lao Pu Gold and reiterates a "buy" rating with a target price of HKD 1,128, believing that profit growth by 2026 will benefit from customer growth driven by brand and product cycle upswing, store network expansion, and improved gross margins [1] - In a rising gold price environment, pricing products appear attractive, and combined with the brand upgrade cycle, this is favorable for the demand for Lao Pu Gold [1]
大行评级｜高盛：预期中国珠宝市场今年增长将放缓至4%，老铺黄金具备增长机遇
Ge Long Hui·2026-01-30 06:42