智通财经网·2026-02-26 06:31Core Viewpoint - The gold and jewelry stocks have experienced a significant decline, influenced by changing consumer preferences and high gold prices, with a notable shift in consumption patterns towards investment products like gold bars and coins [1] Group 1: Market Performance - All major gold and jewelry stocks have fallen, with Luk Fook Holdings down 5.05% to HKD 29.34, Chow Sang Sang down 4.37% to HKD 13.78, Lao Poo Gold down 4.02% to HKD 704, and Chow Tai Fook down 3.65% to HKD 13.20 [1] Group 2: Consumption Trends - According to the China Gold Association, gold consumption in China is projected to be 950.096 tons in 2025, representing a year-on-year decrease of 3.57%, with gold bars and coins consumption surpassing jewelry for the first time [1] - Specifically, gold jewelry consumption is expected to be 363.836 tons, down 31.61% year-on-year, while gold bars and coins consumption is projected to be 504.238 tons, up 35.14% year-on-year [1] Group 3: Analyst Insights - Dongfang Securities indicates that the sustained high gold prices have significantly suppressed domestic gold jewelry consumption, while the consumption of investment-oriented products like gold bars and coins has rapidly increased, suggesting a lasting impact on consumption structure through 2026 [1]