一条手链涨24000元！周大福启动新一轮涨价，老铺黄金部分门店被抢购一空，只剩下柜台和柜姐…… 2月24日，周大福被曝即将启动春节后新一轮涨价，目前部分门店已收到相关通知，涨价重点集中在一 口价产品，预计涨幅或为15%-30%，部分产品的涨幅将超过30%。 除了周大福，年后多个黄金饰品和珠宝品牌已经调价或宣布调价：宝兰、琳朝分别于1月底和2月初完成 涨价，而老铺黄金也即将在三天后启动年后首次调价。 周大福一条手链涨价24000元 单价站上3000元/克 周大福这次涨价产品主要集中于工艺复杂、不按克重标价的"一口价"产品。 去年，周大福已经对部分一口价产品完成了三次涨价。上一轮调整是去年12月20日左右，部分畅销款一 口价黄金产品的实际涨幅超过30%，比如27克左右的爆款五帝钱盘缠手串，当时售价从38600元上调至 50800元，上涨幅度高达31.6%。不过根据周大福部分门店营业员和代购透露，这次涨价后将达到71800 元。 一条27克左右的五帝钱金手链，原价53800元，即将涨到71800元，相当于两三个月时间涨价18000元。 除了五帝钱盘缠手串，一条金重18克的传承蝴蝶手链，目前天猫售价为40600元，相 ...

来源：21世纪经济报道 春节长假期间，黄金和白银再度表演过山车行情。 具体来说，黄金现货价格在2月16日、17日连续两日下跌，随后因美国贸易政策的不确定性以及伊朗局势持续紧张，促使投资者转向更安全的 资产，2月18日至23日又连着5个交易日上涨。 多家金店宣布近期将涨价 春节是贵金属的消费旺季，广州北京路商圈一家金店店员表示，尽管春节期间金价略有波动，但市民购金热情未减，有消费者单笔消费近8万 元，主要用于日常佩戴。在潮人聚集的天河商圈，小克重、设计感强的文创"轻金"更受青睐。不少"95后"成为消费新主力。 除自戴外，消费者也热衷将金饰作为新年礼物赠予亲友，其中10克左右的小金条最受欢迎。 "给儿子定投做纪念，每年买10克，到成年也是一笔不小的财富。"广州市民谭先生表示。他告诉记者，不会选择附加值高的饰品，而是选择更 有性价比的投资金条。 节后24日刚刚开盘的沪金和沪银也出现补涨行情，其中沪金主连上涨3.5%，沪银的涨幅更是达到了12.7%。 中国国际期货高级研究员汤林闽告诉记者，沪金节后开盘上涨，主要由三方面因素驱动： 一是特朗普关税影响"卷土重来"。春节期间，特朗普推行的大规模全球关税政策被判定违法，这引 ...

春节后第一个交易日，黄金市场出现罕见一幕。 2026年2月24日，伦敦现货黄金价格报5237.33美元/盎司，较前一日上涨73.26美元，涨幅1.42%。 同一 时间，上海黄金交易所的沪金主连期货合约报1110.1元/克，较前一日下跌18.16元，跌幅1.61%。 国际金价突破5200美元关口创下历史新高，国内金价却 逆势下跌，内外盘走势形成鲜明对比。 这种价格背离现象在春节假期期间已经酝酿。 2月23日，伦敦现货黄金价格单日暴涨117美元，涨幅2.35%，强势突破5100美元/盎司。 由于中国春节休 市，国内黄金市场完全错过这轮暴涨。 国际金价突破5100美元时，上海黄金交易所Au99.99价格停留在483.5元/克，内外盘价差拉大至34元/克，创近十 年最高纪录。 价差扩大的直接原因是交易机制差异。 上海黄金交易所采用撮合交易和T 1交收制度，春节假期期间完全休市；伦敦黄金市场采用做市商制度和24小时 连续交易，春节期间正常交易。 汇率因素也起到作用，美元指数在春节走弱0.8%，人民币相对稳定，稀释了美元计价黄金的涨幅。 从市场结构看，中国黄金市场以实物需求为主导，春节期间实物黄金消费旺盛，但投资需求相对 ...

Core Viewpoint - The recent surge in gold prices is attributed to global instability, leading to increased demand for safe-haven assets like gold [1][3] Group 1: Current Gold Prices - Domestic spot gold and Shanghai gold futures prices are hovering around 1140 CNY per gram, with gold T D quoted at 1109.99 CNY per gram and 9999 gold around 1105 CNY per gram [1] - The gold recycling price for old gold is approximately between 1100-1110 CNY per gram, depending on purity and store, with some locations offering up to 1110 CNY per gram [1] - Major jewelry brands like Chow Tai Fook and Chow Sang Sang are selling 24K gold jewelry at prices reaching 1540 CNY per gram, with Chow Sang Sang peaking at 1550 CNY per gram [1] Group 2: Investment Gold Bars - Bank investment gold bars are priced between 1156-1166 CNY per gram, which is nearly 400 CNY cheaper than jewelry, making them a preferred choice for investors [3] - The price of gold is closely tied to international gold prices, with New York gold prices nearing 5200 USD per ounce, reflecting the volatility in the market [3] - For those looking to invest, it is recommended to consider bank gold bars over jewelry due to lower costs and easier liquidity [3]

Core Viewpoint - The international gold price has surged, reaching a new high of $5240 per ounce, significantly impacting domestic gold jewelry prices and increasing wedding costs for consumers [1][3][4]. Price Movement - On February 24, 2026, spot gold prices exceeded $5240 per ounce, with New York futures also rising above $5260 per ounce, marking daily increases of approximately 0.3% and 0.7% respectively [3]. - Domestic retail prices for gold jewelry have risen to over 1500 yuan per gram, with specific brands like Chow Sang Sang and Lao Feng Xiang pricing at 1550 yuan and 1538 yuan per gram respectively [3][4]. Consumer Behavior - The rising gold prices have led to increased wedding costs, with a complete set of traditional wedding gold items now starting at around 100,000 yuan [4]. - Despite high prices, consumer demand remains strong, with reports of significant purchases during the Spring Festival, including one consumer spending over 120,000 yuan on gold jewelry [6][8]. Market Dynamics - The disparity between retail prices and wholesale costs is notable, with retail prices at major brands being significantly higher than the wholesale rates from gold markets [10]. - The recovery price for gold is around 1110 yuan per gram, indicating potential losses for consumers if they attempt to resell their purchases [10]. Consumer Strategies - Some consumers are shifting towards more cost-effective purchasing strategies, such as buying from wholesale markets or opting for custom-made pieces to avoid brand premiums [10]. - There is a growing trend of renting gold jewelry for weddings, with rental costs typically around 1% of the total value of the jewelry [10]. Market Outlook - Experts caution that while gold prices are at historical highs, potential volatility exists, and consumers should be aware of the significant differences between retail, wholesale, and recovery prices [12].

尽管金价大涨，但国内市场的表现却呈现出"冰火两重天"的景象。 对于投资者而言，银行的投资金条和黄金ETF是主要的渠道。 今天，工商银行"如意 金"的投资金条价格大约在1166元每克，紧紧跟随国际大盘价格，溢价很低。 黄金ETF在二级市场也可以方便地交易。 这部分市场交易活跃，反映了强 烈的资产配置需求。 然而，对于想要购买金饰的消费者来说，感受就完全不同了。 品牌金店的零售价虽然也叫"足金"，但价格远高于投资金条。 就在今天，2026年2月24日，农历正月初八，很多人开工第一天还在收心，黄金市场却已经"炸了锅"。 国际金价盘中直线飙升，一举突破5240美元每盎 司，创下三周以来的新高。 国内虽然因为春节假期刚刚开市，但上海黄金交易所的黄金T D价格也站上了1150元每克。让人直观感受到"金贵"的是街边 的品牌金店，周大福、老凤祥这些店的足金零售价普遍突破了1550元每克，有些甚至标到了1603元。这意味着，如果你今天走进金店想买一个30克的金 手镯，光是黄金原料的成本就超过了4.5万元。 然而，就在这一片涨声之中，顶级投行高盛却发出了一个截然不同的警告：金价短期内可能闪崩，下行 边界看向4700美元。 一边是 ...

回到2月24日的盘面，金价在暴跌后，在5140至5160美元区域似乎找到了暂时的支撑。 许多市场分析师 在早盘就将这个区间标记为关键的短期支撑带。 有交易员分享，他在金价跌至5160美元时尝试布局了 第一笔多单，但因为下跌动能太强，这笔单子被打掉了止损。 随后他在5146美元左右再次进场做多。 盘中的快速波动让挂单变得非常困难，价格变化的速度几乎没有给投资者留下反应时间。 2026年2月24日，国际黄金市场一开盘就上演了惊心动魄的一幕：金价从5249.29美元的高点急速跳水， 最低砸到5144.77美元，短短时间内波动超过一百美元。 这可不是普通的震荡，而是一次实实在在的"闪 崩"。 国内黄金价格也跟着一起栽了跟头，上海黄金交易所的黄金价格从开盘的1158.50元/克最低跌到 了1139.00元/克。 很多人一觉醒来，发现账户里的数字缩水了一大截。 这背后，是中东火药桶的引线滋 滋作响，还有美联储即将换帅带来的巨大不确定性。 这波下跌的直接导火索，是市场对前一天暴涨行情的获利了结。 就在2月23日，现货黄金刚刚暴涨了 119.56美元，收盘报5226.73美元/盎司，创下了三周以来的新高。 推动那天大涨的原因 ...

Group 1: Real Estate and Construction - The real estate market continues to show signs of bottoming out, with a weak performance in new home sales during the Spring Festival period, reflecting poor supply and demand dynamics [3][9][12] - The land market has seen a significant decline in both supply and demand, with total land area launched in January 2026 down 16% year-on-year, and total land transaction value down 39% [11][12] - Policy measures such as the reduction of the value-added tax on second-hand housing and the lowering of minimum down payments for commercial properties indicate a generally accommodative policy environment [3][12] Group 2: Agriculture, Forestry, Animal Husbandry, and Fishery - The pig price is under pressure post-holiday due to the end of stocking and limited weight reduction, with the average price of pigs at 11.66 yuan/kg as of February 13, 2026, down 0.40 yuan/kg week-on-week [4][13] - The supply side shows a slight decrease in the average weight of pigs being marketed, indicating ongoing pressure from large pigs and structural pricing risks [13][14] - The overall market sentiment remains weak, with expectations of a seasonal decline in demand in the weeks following the holiday [14] Group 3: Retail and Consumer Services - The retail sector is experiencing a steady recovery in consumption, with payment transactions on the eve of the Spring Festival increasing by 21.64% compared to the previous year [5][19] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025 [19][25] - Investment recommendations focus on high-quality companies in the consumer sector, particularly those in gold and jewelry, offline retail, cosmetics, and medical aesthetics [26] Group 4: Pharmaceuticals - The company has entered into an exclusive licensing agreement with GSK for two siRNA pipeline products, with potential total transaction value reaching up to $1 billion [6][28] - Revenue forecasts for the company are maintained at 143 million, 169 million, and 201 million yuan for 2025, 2026, and 2027, respectively, with a downward adjustment in net profit estimates [6][28] - The collaboration with GSK highlights the company's growing recognition in the small nucleic acid drug development field, paving the way for future global partnerships [28][29]

[Table_Title] 研究报告 Research Report 大消费渠道脉搏：泡泡玛特和毛戈平 26 年同店持续强劲增长，新秀丽 26 年初回升明显 Consumer Channel Pulse: POP MART & Mao Geping Sustain Robust SSS Growth in 2026E, Samsonite Shows Marked Rebound in Early 2026 24 Feb 2026 中国香港美国可选消费 China (A-share) Hong Kong US Discretionary 寇媛媛 Yuanyuan Kou 吴颖婕 Mindy Wu yy.kou@htisec.com mindy.yj.wu@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件：2026 年 2 月 23 日，海通国际举办专家系列会，邀请华南百货专家分享其对春节消费趋势及重点品牌表现的 观察。 根据我们近期对某华南百货 ...

摘要 春节期间高端酒店和旅游需求超预期，出行相关消费显著受益，酒店 RevPAR 大幅提升，如华住、锦江、首旅等头部酒店集团均实现显著增 长，价格贡献是主要驱动力。 餐饮行业持续升温，全国重点零售和餐饮企业日均销售额同比增长 8.6%，火锅龙头企业翻台率和接待量均有所增加，预定量显著提升，表 明外出就餐比例增加带动餐饮业增长。 免税板块总体符合预期，但海南地区三亚增速优于海口，表明区域市场 存在差异。政府消费券有效拉动海南离岛免税增长，预计全年海南离岛 免税销售增速将维持在 20%左右。 珠宝零售市场分化，高端奢侈品珠宝消费较好，但金价高位对投资金需 求未直接拉动，首饰消费需求集中释放。部分品牌如潮宏基、周大福等 在高金价背景下表现强劲。 医美领域客流双位数增长，但单价有所下降。重组胶原蛋白类产品增速 亮眼，童颜水光类产品通过走量模式销售。预计 2026 年医美行业将比 2025 年更乐观，新技术与新成分加快获批。 春节消费观察总结 20260223 Q&A 今年春节期间消费市场的整体表现如何？有哪些主要趋势？ 今年春节期间，消费市场表现出三大主要趋势。首先，高端消费复苏明显，且 呈现 K 型分化。例如，大众 ...