Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Group 1 - The new consumption concept in Hong Kong stocks is showing active performance, with notable increases in companies such as Giant Bio (+5.54%), Mao Geping (+4.42%), Miniso (+3.92%), and Pop Mart (+3.79%) [2][3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on enhancing key areas such as transportation, housekeeping, online audio-visual services, and inbound consumption [2][4] Group 2 - Pop Mart's new product series, PUCKY and Starry People, have gained significant popularity, with market estimates suggesting that the valuation of Pop Mart's IP potential is still underestimated [5] - Recent trends indicate that Pop Mart's new products are selling out on official websites and commanding high premiums on second-hand platforms, with hidden versions priced at 2-3 times and 3-6 times their original prices [5] - The cosmetics industry is projected to grow, with a retail sales increase of 6.18% year-on-year in 2023, as consumer spending stabilizes and the demand for product upgrades continues [5] Group 3 - The channel landscape is showing differentiated characteristics, with platforms like Douyin leading in sales and Tmall achieving its best growth in four years during the Double Eleven shopping festival [6] - Local brands are steadily increasing their market share, although market differentiation is intensifying, with companies like Anta, Pop Mart, and Haidilao identified as industry favorites for optional consumption [6][7] - Five major investment themes have been identified for 2026, focusing on emotional value consumption, health and wellness needs, the silver economy, emerging channel penetration, and multi-brand strategies [7]

Feb 2026 Xinyu Ruan Goldman Sachs (Asia) L.L.C. (852) 2978-7347 Xinyu.Ruan@gs.com Milder industry growth in 2026E with focus on idiosyncratic opportunities; Buy Laopu China Jewelry 2026 outlook Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment de ...

Core Viewpoint - The consumer sector is experiencing a strong performance, particularly in the context of the Hong Kong Stock Connect Consumer ETF, which has seen significant inflows and notable gains in key stocks [1][5]. Group 1: Market Performance - The Hong Kong Stock Connect Consumer ETF (159268) has surged over 2%, with net inflows exceeding 46 million yuan over the past five days [1]. - Key stocks within the ETF include Baisheng China, which rose over 7%, and other notable performers like Giant Bio and Pop Mart, which increased by over 6% and 4% respectively [3][4]. Group 2: Company Earnings - Baisheng China reported a total revenue of $11.797 billion for the fiscal year 2025, marking a 4% year-on-year increase, with a net profit of $929 million, up 2% [3]. - In Q4 alone, Baisheng China achieved a revenue of $2.823 billion, reflecting a 9% increase year-on-year, and a net profit of $140 million, which is a 22% growth [3]. Group 3: Consumer Sector Insights - The consumer sector is showing a divergence in performance, with essential consumption industries experiencing a recovery while discretionary consumption faces challenges [8]. - The valuation of the consumer sector remains attractive, with the PE historical percentile for A-share food and beverage at 17%, indicating a slight increase from the previous month [9]. Group 4: Investment Trends - There is a notable shift in investment strategies, with international capital increasing its exposure to Chinese markets, particularly in consumer sectors [12]. - The report suggests focusing on leading brands in the liquor sector and those with improving fundamentals and dividend yields, such as dairy products and beer [14].

中信建投发布研报称，近期，金价快速上涨后再较大回调，2月3日上海金交所黄金现货收盘价1098元/ 克，较年初上涨10.5%，较老铺黄金上次宣布提价日上涨10.1%。1月下旬以来公司多地门店开展新春促 销活动，如SKP、杭州大厦、广州太古汇、中国香港等，折扣力度约在8.75-9折，在折扣和提价预期 下，消费者排队抢购现象突出，有别于去年，公司此次备货充足，品牌进一步破圈下有望带动26年业绩 增长提速(该行上调26年经调整净利润预测至70亿元)。 中银国际指出，尽管近期金价波动较大，但该行预计2026年首季黄金珠宝消费仍将保持强劲。股市带来 的财富效应叠加更为宽松的货币环境，将进一步推动消费者选择珠宝作为价值储存和投资的方式。在当 前市场格局下，该行预计将出现两类显着的赢家，包括能够支持高溢价的高端零售商，以老铺黄金为代 表；在中国香港和中国澳门拥有强大市场布局的零售商，自2025年11月黄金增值税上调以来，此类地区 的门店客流量显着增加。 智通财经APP获悉，老铺黄金(06181)涨超3%，截至发稿，涨2.17%，报754港元，成交额1.74亿港元。 ...

2 月3 日上海金交所黄金现货收盘价（大盘金价）1097.89 元/ 克，较年初上涨10.5%，较老铺黄金上次 宣布提价日（2025 年1 0 月17 日，997.17 元/克）上涨10.1%。考虑首饰金成本受税收新政影响提升，参 考周大福首饰金价格变化，自2025 年10 月1 7 日至2026 年2 月3 日已上涨16.9%至1495 元/克。目前老铺 素金、镶嵌产品的克均价约1600-1700 元、2100-2200 元/克（按金重计算，折扣前）。 26 年春节前的抢购潮和25 年同期比有什么相同和不同？相同点，都是在金价快速上行期、春节旺季、 涨价预期来临的背景下发生抢购潮。不同点，1）26 年品牌破圈进一步扩展到更多城市，25 年春节前的 排队潮主要在北京和上海，26 年我们看到在杭州、广州、中国香港等地也产生了抢购潮，尤其是杭州 出现和北京一样连夜排队的现象，预计截至25 年11 月公司累计会员人数不足70 万，从会员人数和主要 社交平台粉丝数量看，未来仍有很大开拓空间，我们认为Q1 的进一步破圈对26 年后续季度的销售将起 到支撑和助力作用；2）26 年节前的备货相比25 年更为充足，25 年1 ...

Core Viewpoint - The brand resilience of the company may exceed expectations amid significant fluctuations in gold prices, with a strong demand at retail locations leading to queues for purchases [1] Group 1: Operational Analysis - On January 30, international gold prices dropped over 10% from the day's peak, yet retail locations continued to experience high demand, with queues observed in major cities such as Shanghai, Beijing, and Wuhan [1] - The strong consumer demand is attributed to the expectation of stable price increases for the brand, indicating a growing recognition of the brand's value among consumers [1] - The value of the company's gold products is derived from three aspects: material value, design value, and brand value, with consumers showing confidence in long-term price increases [1] Group 2: Financial Performance and Growth Potential - As of October 2025, the company completed a capital raise of HKD 2.7 billion, with 70% allocated for inventory reserves, positioning the company well for future sales [2] - The company has a significant growth opportunity with over 40 self-operated stores in 16 cities, primarily in high-end shopping centers, and plans to optimize existing store locations and sizes [2] - The establishment of a high customer management department aims to enhance customer engagement, with loyalty membership increasing to 480,000 by mid-2025, reflecting a growth in customer retention [2] Group 3: Profit Forecast and Valuation - The company is expected to show strong growth in early 2025, with EPS forecasts of 27.7, 39.4, and 48.2 for 2025, 2026, and 2027 respectively, indicating a positive outlook for valuation [2] - The current stock price corresponds to a PE ratio of 24, 17, and 14 for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating and strong recommendation for investment [2]

（原标题：黄金史诗级涨跌 有人150万卖房换金狂赚76万 有人追高踏错节奏） 一周之内，市场接连上演历史性暴涨、四十年一遇的暴跌与紧随其后的暴力反弹——1月29日凌晨，伦 敦金现货价格飙升至每盎司5626美元的历史峰值；短短两日后（1月31日），剧情急转直下，纽约商品 交易所黄金期货单日暴跌超10%，收于每盎司4745美元，创下四十年最大单日跌幅；市场惊魂未定，2 月3日，现货黄金又强势反弹，单日涨幅超6%，突破4980美元/盎司，创下2008年以来的最大单日涨 幅。2月4日，金价开盘再度拉升，重破5000美元/盎司关口。 2月2日北京市菜百首饰回购区 记者张欣/摄 这波史诗级行情，是屏幕上不断闪烁的数字，更牵动着无数普通人的财富神经。 21世纪经济报道记者记录了这场波动中的多位持金人。他们的故事不在冰冷的K线图里，而在黄金柜台 前紧攥现金的手中，在银行积存金账户深夜亮起的屏幕前，在年轻人用压岁钱换来的第一块金条上。 这些基于特定时机、性格与运气的个体经历，绝非可复制的投资指南。但其所折射出的市场狂热、人性 抉择与随之而来的风险教训，却值得每一位投资者审视与深思，在动荡的市场环境下，秉持理性远比运 气更为可靠 ...

作者丨张欣 郭聪聪 编辑丨杨希 进入1月末，黄金市场如同过山车，载着无数人的财富预期呼啸冲顶，又陡然俯冲，将投资者 的心脏反复抛向高空。 一周之内，市场接连上演历史性暴涨、四十年一遇的暴跌与紧随其后的暴力反弹——1月29日 凌晨，伦敦金现货价格飙升至每盎司5626美元的历史峰值；短短两日后（1月31日），剧情急 转直下，纽约商品交易所黄金期货单日暴跌超10%，收于每盎司4745美元，创下四十年最大单 日跌幅；市场惊魂未定，2月3日，现货黄金又强势反弹，单日涨幅超6%，突破4980美元/盎 司，创下2008年以来的最大单日涨幅。2月4日，金价开盘再度拉升，重破5000美元/盎司关 口。 这波史诗级行情，是屏幕上不断闪烁的数字，更牵动着无数普通人的财富神经。 21世纪经济报道记者记录了这场波动中的多位持金人。他们的故事不在冰冷的K线图里，而在 黄金柜台前紧攥现金的手中，在银行积存金账户深夜亮起的屏幕前，在年轻人用压岁钱换来的 第一块金条上。 这些基于特定时机、性格与运气的个体经历，绝非可复制的投资指南。但其所折射出的市场狂 热、人性抉择与随之而来的风险教训，却值得每一位投资者审视与深思，在动荡的市场环境 2月2日 ...

智通财经APP获悉，花旗发布研报称，在对南京一家顶级奢侈品商场调查后，认为老铺黄金(06181)三位 数增长动能仍然持续，而近期金价回调对集团销售影响有限。给予老铺目标价1,119港元，相当于2026 年预测市盈率24倍，评级"买入"。 虽然有更多新玩家进入珠宝领域，但高端黄金珠宝市场扩张迅速，因此新竞争者对集团蚕食有限；此 外，凭借着快速增长的客户群和不断提升的单价，集团已开始抢占奢侈品同行的中阶高端客户(VIC)， 花旗视老铺在中国珠宝领域的首选股。 ...