一周时间，黄金克重价格从最高1255元到1060元，线下门店销售亦如同过山车。2月1日，北京商报记者走访线下多家门店看到，一些黄金品牌的柜台客流明 显减少，回收业务反而引发排队热潮。同时，个别门店的小克重投资金条出现缺货情况。记者从商场内部了解到，场内黄金品牌一周内的日销售额，高的达 到21万元，低则只有3000元。 线下金店的困境，不仅源于金价波动和消费心态变化，更暴露了传统黄金零售模式的深层弊端。分析指出，传统线下金店须打破传统盈利模式，降低溢价， 优化库存管理，同时精准对接消费者需求，提升产品设计和服务质量，才有望在行业洗牌中脱颖而出。 t mk s Ball 0 U 41 1 t 2017 1 - 2 a ry 44 0 11 5 a f 销售冰火两重天 回购业务进入高峰 黄金价格的大幅波动，让C端市场面临一场大考。北京商报记者走访西单商圈看到，周日下午商场内人头攒动，但黄金柜台前门可罗雀。在西单大悦城二层 的黄金珠宝区域，大部分消费者多为咨询当日金价，真正购买的人群寥寥无几。其中一家品牌门店销售人员表示，近两日黄金价格跳水，相比一周前排队购 买的情况，门店购买人数减少，大部分消费者处于观望状态。 位 ...

19:53 t == 郑州金多银多珠宝广场人头 收柜台前深满顾客 型 行 蛋恒角金批 U 面试, 17335785281 & MINIT TERRETHING 郑州、深圳等地金店涌现抢购人潮，情侣趁36克金镯降价1500元果断入手备婚"三金"；部分投资者斥资200万购入2千克黄金"低位建仓"。北京有消费者裹毛 毯彻夜排队8小时，直言"商场没开门我就来排队"。 前期高位买入者陷入亏损焦虑，如1708元/克购入的30克金镯，账面损失4200元（相当于三个月收入），急于止损。此前1700元/克的高价成心理基准，暴跌 20%被视为"八折机会"，吸引婚庆刚需和跟风投资者。 本轮行情本质是"实物消费狂欢"与"纸黄金投资逻辑崩塌"的割裂。专家提醒：黄金保值属性需5年以上周期兑现，短期跟风易成击鼓传花末端接盘者。 2026年1月30日至31日，国际现货黄金单日暴跌超12%，最低触及4682美元/盎司，创1980年以来最大跌幅；白银同步闪崩36%。 国内零售市场迅速传导：周大福、老凤祥等品牌金饰单日跌40-170元/克（如老凤祥足金从1668元骤降至1498元/克）；深圳水贝市场金价跌至1262元/克，回 收价仅1081元/克 ...

2026年1月30日夜间，全球贵金属市场上演了一场"史诗级屠戮"。 伦敦金现价格从5450美元高点骤然崩塌，短短半小时内狂泻380美元，最低触及4686美元/ 盎司，单日跌幅突破10%，创下自1983年以来的最大单日暴跌纪录。 同步跟跌的现货白银更显惨烈，盘中跌幅一度扩大至35%，跌破80美元关口，贵金属市 场的恐慌情绪如病毒般蔓延至全球每一个角落。 这场暴跌的导火索直指美联储核心人事变动。 1月29日晚，特朗普提名鹰派前美联储理事凯文·沃什接替鲍威尔出任下任美联储主席。 沃什曾公开批评量化 宽松政策，主张美联储与财政部强化协作，市场迅速将其解读为货币政策转向的强硬信号。 此前市场普遍押注的"2026年上半年降息3次"预期瞬间瓦解，美 元指数应声暴涨0.93%至97.03，10年期美债收益率飙升18个基点。 黄金作为无息资产，在美元强势反弹与持有成本飙升的双重夹击下，瞬间失去避险光 环。 暴跌并非孤立事件，而是前期泡沫积累的必然结果。 2026年1月，伦敦金现月度涨幅超23%，价格一度冲至5626.80美元的历史峰值。 技术面上，黄金相对 强弱指数（RSI）长期维持在90以上的极端超买区间，价格偏离20日均线 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

在经历了此前的一轮强势上涨后，国际黄金和白银价格1月30日继续大幅下跌，均创下数十年来最大单日跌幅。 美东时间1月30日下午，纽约商品交易所4月黄金期价一度跌破每盎司4800美元关口，跌幅超过10%；3月白银期价一度跌破每盎司80美元关口，跌幅超过 30%。 多重因素引发国际贵金属价格创纪录暴跌 市场分析认为， 美国总统特朗普30日提名美国联邦储备委员会前理事凯文·沃什为下任美联储主席，加剧此次贵金属价格大跌。沃什曾公开批评量化宽松 政策的副作用，认为美联储需要与美国财政部在政策上更紧密地协作。 美国劳工部30日公布2025年12月份和全年核心生产者价格指数（PPI）均高于经济学家此前预期，显示通胀逐渐融入整体经济。生产者价格上涨可能迫使 美联储维持"中性"货币政策的时间长于预期，利空金价。 分析人士认为，经历近一个月来金银价格暴涨，此次市场抛售在所难免。总部位于伦敦的布里坦尼亚全球市场公司资产经纪公司分析师表示， 考虑到1月 份贵金属上涨的速度和幅度，此次回调并不出乎意料。 英国研究机构金属聚焦公司分析师认为，近来贵金属上涨行情呈现非理性，但鉴于投资者面临持续的地缘政治风险和经济不确定性，市场抛售或难以持 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

作者：行情君 本文源自：市场资讯 2月1日10点，国际金价报4860.3美元/盎司，国际钯金报1698.5美元/盎司，国际银价报84.42美元/盎司， 国内金价报1125.0元/克。 根据国内主要品牌金店报价，周大福价格最高为1625元/克，老凤祥价格最低为1498元/克；周生生今日 黄金价格1618元/克，六福珠宝今日黄金价格1625元/克，谢瑞麟今日黄金价格1625元/克，金至尊今日黄 金价格1625元/克，潮宏基今日黄金价格1625元/克，菜百首饰今日黄金价格1552元/克，老庙黄金今日黄 金价格1546元/克，中国黄金今日黄金价格1552元/克，周六福今日黄金价格1620元/克。 ...

Core Viewpoint - The nomination of Kevin Warsh as the Federal Reserve Chairman by President Trump has triggered hawkish market expectations, leading to a panic sell-off in precious metals, particularly gold and silver [1][5]. Group 1: Market Reaction - Starting from January 30, significant fluctuations in gold and silver prices were observed, with a notable sell-off intensifying into January 31 [1]. - On January 31, the spot silver price experienced a dramatic drop of 35.89%, while the spot gold price fell by 12.92%, dipping below $4,700 per ounce to a low of $4,682 per ounce [1]. - By the end of trading on January 30, the spot gold price closed at $4,880.034 per ounce, marking a decline of 9.25%, the largest single-day drop since April 1, 1980 [2]. Group 2: Historical Context - The spot silver price on January 30 closed down 26.42%, representing the largest single-day decline since February 28, 1983, at $85.259 per ounce [3]. Group 3: Analyst Insights - Analysts suggest that the strong negative impact on gold and silver prices is not solely due to expectations of aggressive rate hikes by the Federal Reserve, but rather because Warsh is perceived as a candidate who can "re-anchor the credibility of the Federal Reserve" [5].

经历1月30日至31日国际金价创纪录暴跌后，国内品牌金饰价格应声下调，不同品牌每克跌幅在20元至 40元不等。 相关报道：金饰克价，大幅下调 一石激起千层浪，有网友反映，某黄金品牌柜姐在群里发帖称，"不能因为金价降了就要退货，不接受 任何理由，退单一律扣500元。" 网传最高退货500元截图 记者打开"小红书""视频号"等社交平台发现，关于黄金退货的争议持续发酵，有网友分享自己因退货金 条等被平台扣款几百元不等的经历；另有网友截图反映，线上购买某黄金品牌退货需收取"手续费"，给 退货带来一定阻力求维权。 针对网友反映的种种现象，1月31日，记者来到部分黄金品牌线下专柜实地走访，并对部分线上黄金品 牌旗舰店一探究竟。 成都春熙路黄金品牌冷清现场 线下： 实体店不存在"退货手续费" 市场价格波动引发了消费端的连锁反应。记者实地走访成都春熙路商圈的老凤祥、周大福、六福珠宝等 知名品牌，柜台前人流明显偏少。 "现在金价降了，能退吗？"1月31日，成都春熙路某黄金品牌专柜前，有顾客在向店员询问。 针对近期热议的"退货手续费"，多数实体店柜员表示："实体店一般购买离柜后就不接受退款退货，更 不存在'手续费'一说。" 线上 ...

王爷说财经讯：注意了！就在今天，2026年1月31日，金融市场发生了一件让所有人惊掉下巴的大事！ 你敢信吗？被视为"永远的神"的 黄金，居然遭遇了40年来最惨烈的暴跌！这不是回调，不是洗盘，而是真正的"雪崩"！ 什么情况？仅仅一天之内，有些品牌金价直接"打折腿"，跌幅高达15.43%！几百块一克的利润瞬间蒸发，这哪里是理财，简直是"理财变离财"！ 现在的黄金，到底是躲避风险的避风港，还是引诱散户接盘的"绞肉机"？这波史诗级跳水背后，到底藏着什么吃人的真相？ 更诡异的是，连平时最抗跌的中国黄金、潮宏基，跌幅也都在5%到8%之间。 整个市场，只有千禧之星、金象珠宝等极少数几个品牌还在死撑，其他的全线沦陷。这 哪里是买黄金，这简直是在坐过山车，而且是那种突然断轨的过山车！ 01、大反转！黄金遭遇40年来最惨烈的暴跌 先别急着划走，看一眼今天的真实报价单，你会后背发凉！ 今天的金市，简直就是一片"绿油油"的草原，红盘报收的成了稀缺品。 看着那一串串绿色的数字，是不是觉得心跳加速？ 周大福、周六福、六福珠宝这些大牌，跌幅全都挂在3.5%以上；老凤祥更狠，直接暴跌10.19%，价格干到了1498元/克；最惨的是周大生，一 ...