Investment Rating - The report maintains a positive outlook on the gold jewelry sector, particularly highlighting brands such as Laopu Gold, Chao Hong Ji, and others as key investment opportunities [4][10]. Core Insights - The demand for gold jewelry is experiencing a short-term decline due to rising gold prices, but total expenditure remains at a historical high over the past decade, indicating strong underlying demand [4][7]. - Investment demand for gold bars and coins is robust, with a 44% year-on-year increase in Q2 consumption, reaching 115 tons, and a total of 239 tons in the first half of 2025, marking a 26% increase [8][10]. - The younger demographic is increasingly participating in gold jewelry purchases, with 67% of respondents planning to buy gold jewelry in the next 12 months, and over 79% of consumers purchasing for themselves [10][12]. Summary by Sections Market Overview - From August 4 to August 8, 2025, the social service index decreased by 0.11%, while the retail index fell by 0.38%, ranking 29th and 30th respectively among the Shenwan first-level industries [4][19]. Gold Jewelry Demand - Q2 gold jewelry consumption dropped to 69 tons, a 45% quarter-on-quarter decline and a 20% year-on-year decline, with total consumption in the first half of 2025 down 32% to 194 tons [4][7]. - Despite the decline in volume, total expenditure on gold jewelry remained stable at 137 billion yuan, matching last year's figures and exceeding the 10-year average by 34% [4][7]. Consumer Trends - The report highlights a shift in consumer behavior, with a significant increase in self-purchase motivations among younger consumers, particularly those aged 18-24, whose ownership rate of gold jewelry rose to 62% from 37% in 2019 [10][12]. Retail Expansion - Laopu Gold is accelerating its expansion into high-end shopping districts, with the opening of new stores and promotional events driving consumer traffic, such as the recent opening in Shanghai's New World and activities at Beijing SKP [4][14]. Investment Recommendations - The report suggests focusing on brands like Laopu Gold, Chao Hong Ji, and others, as they are expected to maintain high demand and profitability despite market fluctuations [4][10].
商贸零售行业周报（8.4-8.8）：央行连续9个月增持，老铺新店开业+七夕活动迎排队潮-20250809