Core Viewpoint - The popularity of "fixed-price" gold is driven by consumers' careful selection, as its price is approaching that of weight-based gold, making it more attractive as the latter's price rises [1][2]. Price Adjustments - On October 26, Laopu Gold completed its third price adjustment of the year, with an increase of approximately 18%-25%, exceeding the previous maximum of 12% [2]. - Other brands like Chow Tai Fook are also raising retail prices for fixed-price gold products by 12%-18% by the end of October [2]. - A surge in consumer purchases occurred before these price hikes, leading to long queues at various stores [2][6]. Consumer Behavior - Consumers are increasingly favoring "fixed-price" gold due to its perceived value compared to weight-based gold, which has seen rising prices [2][8]. - A consumer reported purchasing a "fixed-price" gold bracelet at a lower price per gram than the current weight-based gold price, indicating a trend towards value-seeking behavior [4][5]. Inventory Issues - Many stores are experiencing stock shortages of "fixed-price" gold items due to high demand, with some popular styles requiring several days for restocking [6][10]. - The cash flow pressure on gold retailers is increasing, as rising gold prices lead to higher procurement costs while consumer spending remains cautious [10][14]. Financial Performance - Despite the popularity of fixed-price gold, brands like Chow Tai Fook and Luk Fook have reported overall revenue declines, with Chow Tai Fook's revenue down 17.5% to HKD 896.6 billion, despite a 105.5% increase in fixed-price gold sales [12][13]. - The financial reports indicate that while fixed-price gold has improved gross margins, the overall sales performance remains weak due to high costs and subdued market demand [14][15].