天风证券：预计伴随2026年以来金价整体上行，全年投资金条金币或可继续向好

Core Insights - By 2025, China's consumption of gold bars and coins is expected to surpass that of gold jewelry for the first time, indicating a significant shift in the consumption structure of the gold market [1] Group 1: Market Trends - The report anticipates that gold jewelry companies may benefit from increased gross margins due to rising gold prices, although the overall market scale and future sales expectations may weaken [1] - Following 2026, the overall upward trend in gold prices is expected to continue, which may positively impact the investment in gold bars and coins [1] Group 2: Beneficiaries - Companies with a high proportion of gold bars and competitive advantages in jewelry are likely to benefit from this trend [1] - Jewelry companies that possess brand and product advantages are also expected to gain from the changing market dynamics [1]