日前，老铺黄金官宣将在2月28日启动2026年首轮提价，产品调价详情以线上线下产品实际标价为准。 调价在即，老铺黄金多地门店出现排队抢购潮，部分门店规定了进店限时体验时长（30分钟）。 今天 14点，老铺黄金线上店铺开启1000-100活动。活动开始不足10分钟，老铺黄金天猫旗舰店大面积产品售 罄、下架，其中包括售价超17万的黄金貔貅、超30万的黄金蟾蜍、超50万的黄金鸳鸯摆件等。（蓝鲸新 闻） ...

（文章来源：每日经济新闻） 每经AI快讯，2月26日，黄金珠宝股全线走低。截至发稿，六福集团(00590.HK)跌5.05%，报29.34港 元；周生生(00116.HK)跌4.37%，报13.78港元；老铺黄金(06181.HK)跌4.02%，报704港元；周大福 (01929.HK)跌3.65%，报13.2港元。 ...

Core Viewpoint - The gold and jewelry stocks have experienced a significant decline, influenced by changing consumer preferences and high gold prices, with a notable shift towards investment products like gold bars and coins over traditional jewelry [1] Group 1: Stock Performance - Luk Fook Holdings (00590) fell by 5.05%, trading at HKD 29.34 [1] - Chow Sang Sang (00116) decreased by 4.37%, trading at HKD 13.78 [1] - Lao Poo Gold (06181) dropped by 4.02%, trading at HKD 704 [1] - Chow Tai Fook (01929) declined by 3.65%, trading at HKD 13.2 [1] Group 2: Market Statistics - According to the China Gold Association, gold consumption in China is projected to be 950.096 tons in 2025, representing a year-on-year decrease of 3.57% [1] - The consumption of gold bars and coins is expected to surpass that of gold jewelry for the first time, with gold jewelry consumption at 363.836 tons, down 31.61% year-on-year [1] - Gold bars and coins consumption is forecasted to reach 504.238 tons, marking a year-on-year increase of 35.14% [1] Group 3: Industry Analysis - Dongfang Securities noted that high gold prices have suppressed domestic gold jewelry consumption, while the consumption of investment-oriented products like gold bars and coins has rapidly increased [1] - The impact of high gold prices on the consumption structure of gold jewelry is expected to continue into 2026 [1]

Core Viewpoint - The gold and jewelry stocks have experienced a significant decline, influenced by changing consumer preferences and high gold prices, with a notable shift in consumption patterns towards investment products like gold bars and coins [1] Group 1: Market Performance - All major gold and jewelry stocks have fallen, with Luk Fook Holdings down 5.05% to HKD 29.34, Chow Sang Sang down 4.37% to HKD 13.78, Lao Poo Gold down 4.02% to HKD 704, and Chow Tai Fook down 3.65% to HKD 13.20 [1] Group 2: Consumption Trends - According to the China Gold Association, gold consumption in China is projected to be 950.096 tons in 2025, representing a year-on-year decrease of 3.57%, with gold bars and coins consumption surpassing jewelry for the first time [1] - Specifically, gold jewelry consumption is expected to be 363.836 tons, down 31.61% year-on-year, while gold bars and coins consumption is projected to be 504.238 tons, up 35.14% year-on-year [1] Group 3: Analyst Insights - Dongfang Securities indicates that the sustained high gold prices have significantly suppressed domestic gold jewelry consumption, while the consumption of investment-oriented products like gold bars and coins has rapidly increased, suggesting a lasting impact on consumption structure through 2026 [1]

Group 1 - The Hong Kong stock market showed weakness, with the Hang Seng Index down 0.39%, the National Enterprises Index down 1.30%, and the Hang Seng Technology Index down 1.65% as of the midday close [1] - The consumption sector in Hong Kong experienced a significant decline, with the Hong Kong Stock Connect Consumption ETF (Hua Xia, 513230) dropping nearly 1.5%, indicating a continued opening of low-position layout channels [1] - The National Immigration Administration reported an average of 1.977 million inbound and outbound trips per day during the 2026 Spring Festival holiday, representing a 10.1% increase compared to the previous year [1] Group 2 - The Hainan duty-free market saw a consumption peak during the 2026 Spring Festival holiday, with customs data showing a total duty-free shopping amount of 2.72 billion yuan, a 30.8% increase from the previous year [1] - Guosen Securities released a report emphasizing that boosting domestic demand will be a key focus for economic development in 2026, highlighting the potential for significant growth in residents' service consumption compared to overseas [1] - The report suggests that the current low level of capital allocation in the sector and overall valuations reflecting pessimistic expectations provide a good opportunity for investment, recommending a focus on service consumption as a new driver for economic growth in 2026 [1] Group 3 - The Hong Kong Stock Connect Consumption ETF (Hua Xia, 513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes leading companies in traditional service industries such as hospitality and dining, as well as high-elasticity assets like trendy toys and gold jewelry [2] - The index also encompasses high-dividend stocks in sectors like sportswear and white goods, covering nearly all areas of Hong Kong consumption, including major players like Pop Mart, Yum China, Lao Pu Gold, Anta Sports, Nongfu Spring, and Mixue Ice City [2]

最近，黄金市场彻底疯了。 一条27克的周大福五帝钱金手链，价格从53800元直奔71800元，短短两三 个月暴涨18000元。 这还不是个例，周大福即将启动春节后新一轮涨价，部分"一口价"产品涨幅可能超 过30%。 另一边，高端黄金品牌老铺黄金宣布2月28日调价，全国多地门店出现通宵排长队抢购，专柜被一扫而 空，网友戏称"只剩下柜台和柜姐"。 国际金价在2月20日突破每盎司5100美元历史高位，成为这场消费 狂潮最直接的推手。 但当你为一条手链支付超过3000元每克的天价时，你真的在投资黄金，还是在为 一场华丽的消费幻觉买单？ 2月24日，周大福被曝即将启动春节后的新一轮调价。 这次涨价火力集中在了那些工艺复杂、不按克重 标价的"一口价"产品上，预计整体涨幅在15%到30%之间，部分爆款涨幅将超过30%。 这已经是周大福近一年来的第四次调价了。 以那条27克左右的五帝钱盘缠手串为例，它在去年12月刚 刚从38600元涨到50800元，涨幅31.6%。 而这次调价后，它的价格将直接跳到71800元。 算下来，这条 手链在短短几个月内，总价上涨了24000元，每克单价高达2659元，远超基础金价。 不仅仅是五帝钱 ...

2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速 在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌 普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商 场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上 海兴业太古汇凭借标志性项目"路易号"拉动，零售额大增49.6%。 财富效应驱动高端消费需求回升，高频指标印证修复 富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数 据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额 增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股 市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入 逐季加速复苏以及高端酒店RevPAR的增长中得到印证。 风险提示 宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。 华福证 ...

北京SKP的前身是2007年开业的新光天地。 全国店王易主，但北京SKP仍是百货之王。 据外媒消息，在截至2025年12月31日的财年中，SKP集团整体营业额同比增长15%。其中，北京SKP以 35亿美元(约合人民币242亿元)销售额，再度超越英国哈罗德百货(Harrods)，蝉联全球单店销售额最高 的高端时尚百货。 尤为亮眼的是，老铺黄金仅凭借北京SKP一家门店，便实现约30亿元销售额，占商场总业绩近七分之 一。这意味着，在这座汇聚全球顶奢品牌、素有"地球最赚钱百货"之称的商业地标里，一家中国黄金 （600916）品牌，以实打实的业绩，撑起了北京SKP的增长底气。 这份成绩的背后，是北京SKP商业叙事逻辑的根本性转向。若说过往"百货之王"的地位，多由国际一线 大牌加冕；那么2025年的胜出，便是一场由本土品牌主导的"黄金突围"。 连续十余年稳坐百货之王 彼时的北京，虽然已有国贸商城等高端商业存在，但尚未出现一家能够真正与世界顶级百货比肩的单体 商场。因而新光天地甫一开业，便以令人咋舌的"首店效应"震撼了整个业界，一次性引入了Prada、 Gucci、Chanel、Hermès、Louis Vuitton等数 ...

春节消费高景气，关注性价比、情绪价值和体验 [Table_Industry] 社会服务业 2026 年春节消费调研观察 春节线下零售和服务消费高景气，下沉市场客流更旺盛、线下消费更火热。 投资要点： [Table_Report] 相关报告 社会服务业《史上最长春节假期，文旅板块景气 度高》2026.02.23 社会服务业《千问加码外卖补贴，行业价格战趋 缓》2026.02.09 社会服务业《乐购新春方案出台，关注春节消费 表现》2026.02.08 社会服务业《政策推动、供求双旺，景区板块迎 黄金投资期》2026.02.07 社会服务业《政策支持服务消费发展，关注春节 数据》2026.02.01 票 研 究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 宋小寒(分析师) | 010-83939087 | songxiaohan@gtht.com | S0880524080011 | 本报告导读 ...

老铺黄金 分时图 日K线 周K线 月K线 733.50 -5.50 -0.74% 3.04% 2.03% 1.01% 0.00% 1.01% 2.03% 3.04% 716.50 724.00 731.50 739.00 746.50 754.00 761.50 09:30 10:30 12:00/13:00 14:00 16:10 0 2万 4万 6万 老铺黄金(06181)早盘跌超6%，截至发稿，跌6.2%，报741港元，成交额2.09亿港元。 中信建投（601066）指出，从金价来看，截至2月13日大盘金价1108.92元/克，较上次提价宣布日(10月 17日，997.17元/克)上涨11.2%，同时由于增值税成本增加，参考周大福金价，2月18日较10月17日上涨 17.2%。当前老铺素金、镶嵌类产品克均价格分别约1600-1700元/克、2100-2200元/克(以金重计，折扣 前)，考虑公司锚定40%的目标毛利率，该行预计本次调价幅度在15%-20%。 消息面上，2月18日，老铺黄金宣布将于2月28日开展产品价格调整。据了解，老铺黄金产品均为一口价 模式销售，通常每年调价2-3次，上次调价为2025 ...