上海恒隆广场内，一家知名金店的玻璃柜台前挤满了人。手指划过手机屏幕查询实时金价的顾客，正与家人视频连线展示金饰的年轻人，还有反复掂量金条 重量的老者——这样的场景，在过去几周里已经成为中国各大城市高端商圈的常态。空气中弥漫着一种复杂的情绪：部分是对资产升值的喜悦，部分是错失 时机的焦虑，还有一部分则是面对历史新高的茫然。 1月26日，国际金价突破每盎司5000美元大关，如一道闪电划破全球金融市场。这一数字不仅是一个新的价格纪录，更是一面映照出我们这个时代经济焦 虑、文化转向与集体心理的镜子。从华尔街的交易终端到北京SKP的奢侈品店门口，一场围绕黄金的叙事正在被重新书写。 一、排队中的经济学：从奢侈品到硬通货的心理迁徙 二、避险逻辑之外的推力：央行、地缘与代际心理的共振 传统上，黄金被理解为避险资产：通胀上行、美元走弱、地缘冲突加剧时，投资者转向黄金寻求庇护。本轮金价飙升，固然有美联储降息预期、全球地缘政 治紧张等宏观背景支撑，但更深层的驱动力正变得多元而复杂。 央行是"沉默的巨鲸"。过去两年，全球央行以数十年来最快的速度增持黄金储备，尤其新兴市场国家，正试图通过黄金来分散以美元为主导的外汇储备风 险。这种战略 ...

如何理解珠宝同店和金价的背离，以及如何用金价丈量本轮珠宝反弹高度【东财新消费｜零售】 珠宝并不是简单的越涨越买：黄金饰品对应的是大众/散户需求，逼空行情下量缩/观望是典型的特征，排队增加是 很正常的事情。 但伴随金价进一步上涨，局部抢购潮逐步将兴起，大约在1250元/g或复现25年2月抢购潮。 （本轮补库水位在去年11月，大约成本在900-1000，零售价多定于1500，若一口打折则约1400+，若金价逼近 1250，则一口价性价比绝对意义会超过计重） 1月目前行业同店较大幅度下滑，因金价抑制总需求/促销错期。 但环比伴随金价明显走强。 推荐排序：周生生、老铺、潮宏基、菜百股份，伴随金价上涨以及业绩催化，周生生将成为空间大、流动性改善 的入通简单题，保持第一推荐排序。 珠宝行业需求比做1250-1300元/g黄金虚值期权，并非击中1250期权才会上涨，在此阶段建议以金价为尺，进行灵 活的布局至2月第一周。 如何理解珠宝同店和金价的背离，以及如何用金价丈量本轮珠宝反弹高度【东财新消费｜零售】 珠宝并不是简单的越涨越买：黄金饰品对应的是大众/散户需求，逼空行情下量缩/观望是典型的特征，排队增加是 很正常的事情。 ...

Core Viewpoint - The recent surge in gold and silver prices has led to increased consumer interest and purchasing activity, despite the high costs, with gold prices exceeding $5000 per ounce and gold jewelry prices approaching 1600 yuan per gram [1][4][5]. Group 1: Price Trends - Since January 2026, gold prices have risen over 15%, surpassing key thresholds of $4600, $4800, and $5000 per ounce [1]. - As of the latest reports, the international gold price reached $5110.26 per ounce, while silver prices also hit historical highs, with silver trading at $109.453 per ounce [4][5]. - Domestic gold jewelry prices have increased significantly, with some brands reporting prices over 1570 yuan per gram, marking a rise of approximately 200 yuan compared to earlier in January [5]. Group 2: Consumer Behavior - The primary buyers of gold jewelry include newlyweds, fans of IP collaborations, and investors, with many consumers feeling pressured to purchase quickly due to fluctuating prices [2][3]. - Despite high prices, consumer enthusiasm remains strong, particularly for IP-themed jewelry, indicating a willingness to buy even at elevated costs [2][3]. Group 3: Market Predictions - Financial institutions like Goldman Sachs and Morgan Stanley have raised their gold price forecasts, with Goldman predicting a year-end price of $5400 per ounce and Morgan Stanley projecting $5700 per ounce by mid-2026 [6][7]. - Analysts suggest that geopolitical tensions and a weakening dollar are contributing factors to the rising prices of precious metals, with expectations for continued upward momentum in the market [6][7]. Group 4: Stock Market Impact - The surge in gold prices has positively affected the performance of related stocks in the non-ferrous metals sector, with several companies experiencing significant gains [7]. - Stocks such as Zhao Jin Gold and Hunan Gold have seen substantial increases, reflecting the broader market trend driven by rising gold prices [7].

各地品牌金店零售价 北京：周大福黄金首饰1553元/克，老凤祥1553元/克，菜百首饰1498元/克。 广州：六福珠宝黄金首饰1553元/克，周大生1553元/克，潮宏基1553元/克。 2026年01月26日，国内黄金市场呈现高位震荡态势，国际现货黄金每盎司价格达到4986.53美元，现货白银上涨7.34%至每盎司103.2美元，现货铂金上涨 5.19%至每盎司2767.4美元。国内主要品牌金店和投资渠道的黄金价格也出现明显波动，市场特征与2019年金价启动前的情况有诸多相似之处，投资者需密 切关注市场动态，理性决策。 深圳：周六福黄金首饰1537元/克，铂金饰品1071元/克，金条1432元/克；水贝黄金足金999每克1274元。 批发与投资渠道 深圳水贝足金999批发价：每克1274元，工费范围因款式和品牌不同，一般在10-50元/克之间。 上海：周生生黄金首饰1551元/克，老庙黄金1553元/克，中国黄金1498元/克。 其他银行金条：价格在1120.90元到1153.05元之间。 高赛尔金条：每克1126元，银条24.55元/克。 回收市场价格 全国足金999回收均价在380元到420元/克之间， ...

为何需要重视黄金珠宝板块-金价二次新高下消费者心态变 化 20260126 摘要 消费者心态转变是黄金珠宝销售额增长的关键驱动力。首次金价暴涨后， 消费者从观望转向积极回补需求，推动社零数据自 2025 年起呈现正增 长，近几个月增速达个位数甚至十位数以上。 直营与加盟模式对黄金珠宝公司业绩影响显著。直营模式下，公司通过 直接销售赚取更高利润，如每克黄金可赚取 200 多元，而加盟模式下仅 赚 80 元。六福集团、周生生和菜百股份等直营品牌存货收益更直观。 金条和金饰的利润结构不同。虽然金条销售额高，但毛利率较低，例如 每克金条利润仅 10 元，而金饰利润可达 150 元。公司通过动销而非公 允价值损益实现利润，动销上涨时利润改善明显。 当前市场环境下，推荐关注三类黄金珠宝公司：直营比例高、对冲少的 公司（如六福集团、菜百股份、周生生）；加盟为主、涨幅较小的公司 （如周大福、周大生、老凤祥）；以及特殊公司（如老铺黄金、潮宏 基）。 Q&A 黄金珠宝行业的消费者心态在金价二次新高下发生了哪些变化？ 黄金珠宝行业的消费者心态在金价二次新高下发生了显著变化。首先，金价从 2024 年 4 月的 400 多元开始上涨 ...

Core Viewpoint - Gold prices have recently surged, reaching new highs, driven by various factors including market sentiment and geopolitical tensions [1][5][6]. Group 1: Gold Market Performance - As of January 26, spot gold reached $5,091.60 per ounce, with a daily increase of 2.07% and a year-to-date rise of 17.91% [1]. - COMEX gold futures were reported at $5,074.00 per ounce, up 1.89% for the day and also showing a year-to-date increase exceeding 17% [1]. - In the A-share market, several gold and jewelry stocks, including Zhaojin Mining and Hunan Gold, hit the daily limit, with Zijin Mining rising by 5.17% [3]. Group 2: Silver Market Performance - Silver prices have also seen significant increases, with London silver at $107.884 per ounce, up 4.40% for the day and a year-to-date rise of 50.72% [5]. - COMEX silver was reported at $107.310 per ounce, with a daily increase of 5.90% and a year-to-date increase of 51.18% [5]. Group 3: Factors Influencing Gold Prices - The recent bull market in precious metals is attributed to expectations of the Federal Reserve's loose monetary policy, alongside pressures from the U.S. economy and geopolitical uncertainties [5][6]. - Market sentiment has been heightened by U.S. President Trump's threats regarding tariffs and military movements in the Middle East, which have increased demand for gold as a safe haven [5][6]. Group 4: Future Outlook - Analysts predict that gold prices may fluctuate between $4,800 and $5,200 per ounce leading up to the Chinese New Year, influenced by upcoming Federal Reserve meetings and ongoing geopolitical risks [6]. - Long-term expectations suggest that pressures on the U.S. economy and persistent inflation may continue to support rising precious metal prices [7].

Core Viewpoint - The price of Chaohongji gold has increased to 1578 CNY per gram as of January 26, marking a rise of 25 CNY per gram or 1.61% from the previous day, and a significant increase of 221 CNY per gram or 16.29% from the beginning of the month [1][2][3] Price Statistics - The daily price on January 26 is 1578 CNY per gram [2][3] - The daily increase is 1.61% compared to the previous day [2][3] - The highest price recorded this month is 1578 CNY per gram [2][3] - The lowest price recorded this month is 1357 CNY per gram [2][3] - The difference from the highest price this month is 0 CNY per gram [2][3] - The difference from the lowest price this month is 221 CNY per gram [2][3] - The average price for the month so far is 1437 CNY per gram [2][3]

Group 1 - The jewelry sector experienced a significant increase of 4.13% on January 26, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Mankalon's stock price rose by 10.32% to 20.21, with a trading volume of 474,600 shares [1] Group 2 - Major stocks in the jewelry sector included China Gold, which increased by 9.98% to 10.14, and Benhua Jewelry, which rose by 9.14% to 15.16 [1] - The total net inflow of main funds in the jewelry sector was 260 million yuan, while retail investors saw a net outflow of 319 million yuan [2] - The stock of Jinyi Culture had a trading volume of 3,069,900 shares, closing at 3.70 with a 2.49% increase [2][3] Group 3 - Mankalon had a net inflow of 11.1 million yuan from main funds, while retail investors experienced a net outflow of 113 million yuan [3] - The stock of Chaohongji saw a net inflow of 66.25 million yuan from main funds, with a net outflow of 45.75 million yuan from retail investors [3] - The stock of Laisen Tongling had a net inflow of 22.76 million yuan from main funds, while retail investors faced a net outflow of 41.77 million yuan [3]

Group 1 - The core viewpoint of the articles highlights the significant rise in gold prices, with spot gold reaching $5091.600 per ounce and a year-to-date increase of 17.91% as of January 26 [1] - The A-share gold and jewelry sector has seen substantial gains, with multiple stocks hitting the daily limit, including notable increases in companies like Zijin Mining and Zhaojin Mining [1] - Silver prices have also surged, with London silver reaching $107.884 per ounce, marking a year-to-date increase of 50.72% [1] Group 2 - The current bull market in precious metals is driven by complex factors, primarily the expectation of the Federal Reserve's loose monetary policy, alongside economic pressures and geopolitical uncertainties [2] - Market demand for gold has increased due to heightened risk aversion, influenced by trade threats from the U.S. and military movements in the Middle East [2] - Analysts predict that gold prices may fluctuate between $4800 and $5200 per ounce leading up to the Chinese New Year, influenced by upcoming Federal Reserve meetings and ongoing geopolitical risks [2] Group 3 - Short-term gold prices are expected to remain volatile, driven by events and geopolitical tensions, while long-term factors such as U.S. economic pressures and central bank gold purchases will support higher prices [3] - The financial attributes of gold are being reinforced by market uncertainties, with a continued focus on gold as a safe-haven asset [3] - For ordinary investors, it is advised to invest in gold with caution, considering market conditions and personal risk tolerance, while focusing on long-term strategies rather than short-term gains [4]

| | | 今日金店黄金价格一览(2026年1月26日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1575 | 元/克 | 27 | 涨 | | 六福黄金价格 | 1576 | 元/克 | 36 | 涨 | | 周大福黄金价格 | 1578 | 元/克 | 36 | 派 | | 周六福黄金价格 | 1573 | 元/克 | 36 | 涨 | | 金至尊黄金价格 | 1576 | 元/克 | 36 | 涨 | | 老凤祥黄金价格 | 1576 | 元/克 | 23 | 涨 | | 潮宏基黄金价格 | 1578 | 元/克 | 36 | 涨 | | 周生生黄金价格 | 1574 | 元/克 | 29 | 涨 | | 菜百黄金价格 | 1510 | 元/克 | 28 | 涨 | | 上海中国黄金价格 | 1512 | 元/克 | 27 | 涨 | | 周大生黄金价格 | 1578 | 元/ 克 | 36 | 涨 | 而今日黄金价格大涨，黄金回收价格同样，不同品牌回收价差也较大，以下为部分金店回 ...