黄金股，逆势上涨！

Core Viewpoint - The article highlights the rising interest in gold as a safe-haven asset amid escalating conflicts in the Middle East, leading to significant price movements and stock performance in gold-related companies. Group 1: Market Performance - On June 13, gold-related stocks surged, with companies like Cuihua Jewelry (萃华珠宝) and Western Gold (西部黄金) hitting their daily limit up, while Xiaocheng Technology (晓程科技) rose nearly 12% [1] - In the Hong Kong market, the gold and jewelry sector also performed well, with companies like Chow Tai Fook (周大福) and Luk Fook (六福集团) seeing increases of over 5% [1] Group 2: Gold Price Trends - Since 2025, international gold prices have been on a rapid rise, with significant fluctuations noted in May, including sharp daily increases and decreases [1] - As of June 13, the price of gold jewelry from major brands like Chow Tai Fook and Lao Miao Gold was around 1,030 to 1,026 HKD per gram [2] Group 3: Company Performance and Strategy - Chow Tai Fook reported a revenue of 89.656 billion HKD for the fiscal year ending March 31, 2025, a year-on-year decrease of 17.53%, while net profit attributable to shareholders fell by 8.97% to 5.916 billion HKD [3] - Despite the decline in revenue, Chow Tai Fook's operating profit increased by 9.8% to 14.746 billion HKD, with an operating profit margin expanding by 400 basis points to 16.4% [3] - Cuihua Jewelry noted that while rising gold prices can lead to short-term gains, they may suppress consumer demand in the long term, suggesting a need for companies to adapt their strategies accordingly [3] Group 4: Product Innovation - The popularity of Lao Miao Gold has prompted other brands to focus on artisanal products, with Cuihua Jewelry launching non-heritage products and collaborations with cultural institutions [4] - Chow Tai Fook reported a 105.5% year-on-year increase in revenue from gold products featuring special designs and craftsmanship, with the retail value of these products rising from 7.1% to 19.2% of total sales [4]