黄金珠宝：把握春节旺季行情，关注估值切换机遇

Investment Rating - The report recommends a "Buy" rating for the gold and jewelry sector, highlighting strong consumer resilience and potential valuation switching opportunities during the Spring Festival [3]. Core Insights - The gold and jewelry sector is expected to maintain strong performance during the Spring Festival, driven by enhanced product and operational capabilities of leading brands, which are increasingly appealing to high-end consumers [1][2]. - The report emphasizes a trend of brand differentiation, where companies with strong product and brand power are likely to continue gaining market share, particularly in regions like Beijing, where retail performance is significantly above the national average [2]. Summary by Sections Industry Performance - Historical growth rates for gold and jewelry from 2021 to 2025 are projected at +98.7%, +19.5%, +5.9%, +5.0%, and +5.4%, respectively, indicating a robust growth trajectory compared to the overall retail sector [1]. - In 2025, the retail sales of gold and jewelry in Beijing increased by 40.5%, outperforming the national average of 13.5% [2]. Consumer Trends - The report notes that leading brands are launching innovative products, such as zodiac-themed jewelry, to capture consumer interest during the festive season [1]. - The price of gold is expected to rise from 622 RMB per gram at the beginning of 2025 to 975 RMB per gram by the end of the year, with leading brands maintaining a diverse product offering in the 2000-3000 RMB price range [1]. Brand Analysis - Companies like Chaohongji, Zhou Dafu, and Laopuhuangjin are highlighted as key players to watch, with potential for significant market share gains due to their strong brand positioning and innovative product strategies [3]. - The report suggests that brands such as Zhou Dsheng and Laofengxiang are actively seeking transformation opportunities through channel adjustments and product innovations [2].