记者丨李惠琳 编辑丨谭璐 老铺黄金，即将调价。 或受此影响，2月20日，港股马年首个交易日，老铺黄金盘中一度跌超5%，截至收盘跌2.29%，股价报 769.5港元/股，最新市值1360亿港元，较上市首日市值增长超1200亿港元。 2月18日，其宣布，将于本月28日进行价格调整，产品调价详情，以实际标价为准。据预测，整体上涨 幅度约10%～15%，19日起其店铺前再现排队热潮。 消息面上，近期国际金价波动向上，截至2月20日，现货黄金站上5110美元上方，年内上涨超18%。老 铺黄金业绩狂奔，据预测，其2025年收入将达270亿元。 品牌金饰价格方面，2月21日，国内部分珠宝品牌金饰克价跌破1500元/克。今年以来，周生生、潮宏 基、周大福等多家黄金品牌对旗下"一口价"产品进行调价，调价幅度在15%—30%，多款古法金、珐 琅、钻石镶嵌类产品价格出现明显上调。 越涨越买 此轮官宣调价前，各地老铺黄金早有抢购现象。 2月上旬，广州太古汇商场刚过10点开门，老铺黄金门店外，已有数位顾客在排队准备进店。 这是广州唯一一家老铺门店，常年排队。店员告诉《21CBR》记者，上午排队人较少，下午、晚上会更 多。 "想买一款' ...

2026年2月19日下午，国际黄金市场再次出现历史性行情，现货黄金价格冲上5008.070美元/盎司，日内 涨幅0.64%，伦敦金现一度逼近5010美元关口。 然而，国内市场的投资者看到的却是另一番景象，上海 黄金交易所的黄金T D报价1108.5元/克，下跌16.55元，跌幅1.47%，沪金主连期货报价1110.1元/克，下 跌18.16元，跌幅1.61%。 这种价格背离源于中国金融市场正处于春节假期休市状态，国内金价停留在 节前最后一个交易日的收盘水平，未能实时反映国际市场的暴涨。 国际黄金市场的这波拉升在春节期间就已开始。 2月19日亚盘时段，现货黄金从4842美元低位快速反 弹，一度逼近5000美元整数关口，单日波动超过160美元。 纽约COMEX黄金主力合约同步走强，涨幅 约2.30%。 推动这轮上涨的核心动力来自地缘政治风险的"报复性"回归，此前因美伊谈判预期导致的金 价下跌被市场视为"错杀"，随着谈判进展不如预期，甚至有消息称美军可能在本周末采取军事行动，避 险资金迅速回流黄金市场。 美元指数的大幅回落也为金价上涨提供了助推。 受美联储降息预期影响，美元走弱直接推高了以美元 计价的黄金价格。 市 ...

一、国内零售与回收价格动态 国内黄金零售市场普遍下调，品牌足金价区间1494—1536元/克，多数较昨日跌5—30元：中国黄金1536元/克，老庙1516元/克，老凤祥1510元/克，周生生 1500元/克，菜百1505元/克。 周大福、金至尊等1499元/克，六福、潮宏基、谢瑞麟、周大生、金大福均跌30元至1492—1497元/克，周六福1494元/克。 深圳水贝足金999—999.99报价1266—1268元/克，含加工费，显著低于品牌店。 银行金条参考上海黄金交易所AU99.99价加计12—18元手续费，农行"传世之宝"1144.92元/克最高，中行"吉祥金"1133.82元/克，建行1109.80元/克，工行"如 意金"1105.14元/克最低。 黄金回收价呈回落态势：2月19日1050元/克（99.9%—99.999%），17—16日1060元/克，15—14日1067元/克，13日回落至1060元/克，12—11日回升至1090 元/克，10日1083元/克，9日1080元/克，显示周内市场评估持续调整。 2026年2月19日，国内黄金零售价普遍回落，品牌金饰多在1494—1536元/克，水贝报价 ...

2月上旬，广州太古汇商场刚过10点开门，老铺黄金门店外，已有数位顾客在排队准备进店。 这是广州唯一一家老铺门店，常年排队。店员告诉《21CBR》记者，上午排队人较少，下午、晚上会更 多。 为分流客户，门店选择上一层中庭，在1月专门增开一家快闪店，《21CBR》记者探店的同一时间，门 口同样排着数位顾客。 "想买一款'状元及第'，来了好几次都没货，听说已补货赶紧过来看看。"一位顾客称，她已排超过30分 钟。 老铺黄金，即将调价。 2月18日，其宣布，将于本月28日进行价格调整，产品调价详情，以实际标价为准。据预测，整体上涨 幅度约10%～15%，19日起其店铺前再现排队热潮。 此轮官宣调价前，各地早有抢购现象。 1月底以来，老铺黄金推出"每满1000元减100元"春节促销，叠加价格上调的预期，门店生意迎来一波高 峰。 这家黄金圈的爱马仕，由徐高明领衔创立，历经16年运作，已跻身高奢阵营，甚至为LV创始人所关 注，截至2月20日收盘，市值约1360亿港元。 金价震荡上行，老铺黄金业绩狂奔，据预测，其2025年收入将达270亿元。 越涨越买 "1月起做活动，很多款都卖断货，补货时间不确定。"一位店员介绍说。 徐高明 ...

2026年2月，国际黄金市场炸开了一个历史性的数字：5000美元。 每盎司黄金的价格，第一次站上了这 个曾经遥不可及的心理关口。 就在2月18日晚上，伦敦现货黄金价格日内涨幅超过2.5%，强势冲上5000 美元。 这个数字像一颗投入湖面的巨石，瞬间在国内市场激起了滔天巨浪。 人们一边看着屏幕上疯狂 跳动的金价曲线感到心跳加速，一边涌向全国各地的金店和银行，上演了一场"越涨越买"的集体狂欢。 国际金价的这轮冲锋并非一帆风顺。 整个2026年1月，黄金市场就像坐上了一台失控的过山车。 1月下 旬，金价曾一路狂飙，在1月29日冲上了5598.75美元的历史最高点。 然而仅仅一天之后，市场风云突 变，金价单日暴跌超过9%，一度逼近4400美元。 这种单日近20%的振幅，让无数投资者惊出一身冷 汗。 进入2月，金价围绕5000美元关口展开了激烈的拉锯战，日内波动两三百美元成了家常便饭。 2月 13日，现货黄金价格报5042.205美元，重新回到了5000美元上方。 到了2月19日，伦敦金现货价格依然 坚守在5014.62美元的高位。 这种史诗级的波动，让2026年的开年贵金属市场充满了戏剧性。 国际市场的风浪，几乎同步 ...

Core Insights - The gold market in China is experiencing significant changes, with international gold prices fluctuating around $5000 per ounce and domestic gold jewelry prices ranging from 1529 to 1562 yuan per gram [1][17] - Young consumers are increasingly opting for smaller gold items and innovative products like "golden nails" and "gold beans," reflecting a shift in purchasing behavior [4][15][17] Price Trends - Domestic brand gold stores have slightly adjusted their prices, with Chow Tai Fook at 1529 yuan/gram and Lao Feng Xiang at 1538 yuan/gram, while the wholesale price in Shenzhen has dropped to around 1275 yuan/gram [1][10] - The price difference between branded stores and the Shenzhen market has led to a phenomenon known as the "brand tax," with significant savings available through alternative purchasing methods [3][17] Consumer Behavior - Young consumers are adopting new strategies for purchasing gold, such as saving for small gold items, with a reported 150% increase in sales of low-weight gold products on platforms like Dewu App [3][15] - The trend of "golden nails," where old gold jewelry is repurposed into nail art, has gained popularity, with high demand reported in major cities [4][17] Market Dynamics - Brand gold stores are adjusting their product offerings to cater to younger consumers, focusing on smaller weights and unique designs [6][17] - Complaints regarding "one-price" gold products have surged, with many consumers reporting discrepancies in weight and pricing, highlighting the need for transparency in the market [7][9] Regulatory Environment - New regulations implemented in early 2026 aim to address issues in the gold market, requiring clear labeling of weights and prices for "one-price" products and ensuring consumer protection during transactions [9][12] - The gold recycling market is also active, with consumers advised to be cautious of potential scams and hidden fees during transactions [12][17] Investment Trends - The demand for investment gold products, such as gold bars and coins, has increased, with a notable 35.14% rise in gold bar and coin consumption in 2025 [15][17] - The introduction of the 2026 Panda gold coin has become a popular choice for consumers, offering a reliable investment option with a robust buyback system [12][17]

Market Overview - The Hong Kong stock market opened for trading on February 20, 2023, with the Hang Seng Index closing down 1.10% and the Hang Seng Tech Index down 2.91% [1][5] - Despite the overall market decline, several robotics concept stocks rose significantly, driven by the "Spring Festival Gala effect" [1][5] IPO Activity - As of the beginning of the year, 24 new stocks have been listed on the Hong Kong Stock Exchange, raising over 87 billion HKD, with 488 companies currently waiting to go public [1][12] - The average daily trading volume in January exceeded 278 billion HKD, indicating effective liquidity enhancement measures [12] Sector Performance - The technology sector faced pressure, with major internet stocks like Baidu, Alibaba, and Tencent experiencing declines of 6.25%, 4.91%, and 2.06% respectively [5] - In contrast, the robotics sector saw notable gains, with stocks such as Yujian rising by 21.4%, SUTENG by 9.24%, and UBTECH by 4.71% [6][8] Gold Market - The Hong Kong gold market also performed well, with gold prices opening at 46,518 HKD per two taels and closing at 46,685 HKD, marking an increase of over 200 HKD [13] - The Hong Kong government aims to establish the city as an international gold trading center, targeting over 2,000 tons in gold storage within three years [12][13] Index Adjustments - The Hang Seng Index will increase its constituent stocks from 88 to 90, adding companies like CATL and Luoyang Molybdenum, effective March 9, 2023 [16] - The adjustments are expected to influence trading strategies, particularly for stocks that will be included in the Stock Connect program [17]

Group 1 - The core viewpoint of the article highlights the ongoing consumer enthusiasm for gold purchases during the Spring Festival, despite fluctuations in gold prices [1][20]. - Lao Pu Gold announced a price adjustment for its products, set to take effect on February 28, 2026, with the specifics of the adjustment yet to be determined [3][5]. - The company employs a pricing strategy of "fixed price + periodic adjustments," differing from traditional gold stores, and has previously raised prices three times in 2025 [5][9]. Group 2 - Several gold brands, including Chow Sang Sang and Chow Tai Fook, have adjusted their "fixed price" products this year, with some price increases ranging from 15% to 30% [9]. - In Shanghai, gold jewelry sales have been robust during the Spring Festival, with long queues observed at stores, particularly from tourists [18][20]. - Beijing's Cai Bai Hall, known as "China's first gold store," reported a surge in sales of large gold bars, with 1000-gram investment bars selling out [20][22]. Group 3 - As of February 18, gold prices showed a slight increase, with spot gold at approximately $4914.64 per ounce, reflecting a 0.78% rise [22]. - Market expectations suggest that the Federal Reserve may begin to lower interest rates in June, influencing gold and silver prices positively [21][24]. - Analysts note that while gold is considered a safe-haven asset, it is still subject to price volatility, particularly in light of changing Federal Reserve policies [24].

Group 1 - On February 19, spot gold reached $5000 per ounce, with a daily increase of 0.48%, but faced resistance due to cooling expectations of Federal Reserve rate cuts and profit-taking by investors, leading to downward price pressure [1] - As of February 20, spot gold was priced at $4995.790, down 0.11% year-to-date, while COMEX gold was at $5015.9, reflecting a year-to-date increase of 15.00% [1] - HSBC's chief precious metals analyst noted that gold's status as a safe-haven asset does not prevent price volatility, with market fluctuations expected to be a key feature of the precious metals market by 2026 [2] Group 2 - Goldman Sachs projected that central bank gold purchases and increased exposure from private investors due to Federal Reserve rate cuts could gradually raise gold prices to $5400 per ounce by the end of 2026 [2] - The old gold brand announced a price increase starting February 28, 2026, with a strategy of "fixed price + regular adjustments," differing from traditional pricing models [5] - Various gold brands have already adjusted their "fixed price" products this year, with some price increases ranging from 15% to 30%, particularly in high-end gold jewelry [5] Group 3 - There has been a significant consumer response to the anticipated price increase, with long queues forming at old gold stores as customers aim to purchase before the price adjustment [5][26] - As of February 20, the stock price of old gold fell to 762 HKD per share, a decline of over 3% [26] - The Hang Seng Index Company announced an adjustment to its index components, with old gold being added to the Hang Seng Index, effective March 9 [28]

Group 1 - The stock of Old Poo Gold (06181.HK) experienced a significant decline, dropping over 5% in early trading on February 20, before narrowing its losses to a 4% decrease, trading at 756 HKD at the time of reporting [1]