Beijing Caishikou Department Store (SH:605599) Xin Lang Cai Jing·2026-02-14 10:20Core Viewpoint - The domestic gold market in China is experiencing a consumption peak as the Spring Festival approaches, with a shift towards a "retail + recycling + exchange" model in gold consumption [1][6]. Group 1: Market Trends - The Beijing Cai Bai Company (菜百) is a key indicator of gold consumption in Beijing, with a noticeable increase in consumer activity, particularly in the gold jewelry section [2]. - There is a growing demand for various gold products, including zodiac-themed items, traditional gold, and modern designs, reflecting consumer preferences for wedding gifts and festive presents [2][5]. Group 2: Consumer Behavior - Consumers are increasingly cautious about purchasing high-weight gold items due to fluctuating gold prices, as indicated by a local consumer's comments [4]. - The gold buyback business at Cai Bai has seen a significant surge, with long queues forming as consumers seek to cash in on their gold investments [6][9]. Group 3: Business Adjustments - Cai Bai announced changes to its precious metal buyback policies, including limits on buyback amounts and the suspension of services on non-trading days [8]. - The "exchange for new" business is also thriving, allowing consumers to trade in old gold for new pieces, aligning with the tradition of renewal for the New Year [11].