2月2日，记者从业内获悉，近期由于金价大幅波动，多家银行的实物金条、金银本位类产品已采用多种 方式放缓销售节奏。1月下旬开始，已有多家上游黄金企业陆续暂停或缩减对银行的现货金条供给。"不 是不想卖，而是不敢卖。"一家位于深圳、长期为六大行及股份行提供黄金及相关产品的黄金企业负责 人向智通财经记者坦言，近日公司已陆续通知合作银行，暂停由企业自行购料的金条类产品销售，待节 后再恢复正常服务。 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3] Core Insights - The report draws parallels between the current gold price fluctuations and the "gold rush" of April 2013, suggesting that significant price drops can lead to increased consumer demand for gold products [4][6] - The report highlights that while the short-term market sentiment remains influenced by gold price volatility, the long-term growth logic of the industry is shifting towards product innovation, craftsmanship, and cultural storytelling, leading to "alpha returns" [6][26] Summary by Sections Market Overview - Recent gold price fluctuations have seen a rise of 12.28% by January 29, followed by a drop of 8.35% on January 30, raising concerns about their impact on retail sales in the gold jewelry sector [4] - The "gold rush" in 2013 was characterized by a significant increase in retail sales growth, reaching 72.16% in April 2013, which continued for several months [4][11] Historical Context - The report references the 2013 gold price drop, which led to a surge in gold purchases, significantly boosting the annual performance of companies like Luk Fook Holdings, which reported a revenue increase of 43.3% and a net profit increase of 50% for the fiscal year following the rush [12][4] Current Market Dynamics - The current gold price fluctuations share commonalities with the 2013 cycle, including a prolonged price increase before the drop, which may lead to a similar consumer buying frenzy [5] - However, the structural differences in the current market indicate that the driving forces behind gold purchases are more focused on long-term asset allocation and wealth preservation rather than short-term speculative gains [5][18] Investment Opportunities - The report suggests two main investment directions: 1. Companies like Caibai Co., which have dual business lines in investment gold bars and jewelry, and Luk Fook Holdings, which has a competitive pricing advantage and strong operations in Hong Kong and Macau [6][26] 2. Leading companies with strong product design and differentiation capabilities, such as Laopuhuangjin, Chaohongji, and Chow Tai Fook, which have shown significant growth in recent years [6][26] Consumer Behavior Insights - The report indicates that consumer demand for gold products is becoming less sensitive to short-term price fluctuations, with a focus on personal enjoyment and cultural recognition driving purchases [22][25] - Notably, companies with differentiated branding and product positioning have achieved high growth rates even in a high gold price environment, reflecting a shift in consumer behavior towards valuing design and craftsmanship [22][25]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The report draws parallels between the current gold price fluctuations and the "gold rush" of April 2013, suggesting that significant price drops can lead to increased consumer demand for gold products [4][6]. - The report highlights that while the short-term market sentiment remains influenced by gold price volatility, the long-term growth logic of the industry is shifting towards product innovation, craftsmanship, and cultural storytelling, which can generate alpha returns [6][26]. Summary by Sections Market Overview - Recent gold price fluctuations have seen a rise of 12.28% by January 29, followed by a single-day drop of 8.35% on January 30, raising concerns about the impact on gold jewelry retail [4]. - The "gold rush" in 2013 was characterized by a significant increase in consumer purchases, with retail sales growth in gold and silver jewelry reaching 72.16% in April 2013, compared to 26.3% in March [4][11]. Historical Context - The report references the 2013 gold price drop, which led to a surge in consumer buying behavior, significantly boosting the annual performance of companies like Luk Fook Holdings, which reported a revenue increase of 43.3% and a net profit increase of 50% for the fiscal year following the rush [12]. Current Market Dynamics - The report identifies two key similarities between the current price fluctuations and those of 2013: the sustained price increase prior to the drop and the potential for concentrated consumer demand in response to price declines [5]. - It also notes structural differences, such as the current consumer behavior being driven more by long-term asset allocation and wealth preservation rather than short-term speculative buying [5][18]. Investment Opportunities - The report suggests focusing on companies that can leverage the current market conditions, such as Cai Bai Co., which has seen significant growth in both investment bars and jewelry, and Luk Fook Holdings, which has a competitive advantage in pricing and operations in Hong Kong and Macau [6][26]. - Other recommended companies include Lao Pu Gold, Chao Hong Ji, and Chow Tai Fook, which have demonstrated strong product design and differentiation capabilities [6][26].

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2026年2月2日，中金黄金（sh600489）触及跌停，跌停价36.9元，涨幅-10%，总市值1609.79亿元，流 通市值1609.79亿元，截止发稿，总成交额1.29亿元。 根据喜娜AI异动分析，中金黄金跌停原因可能如下，现金流压力+治理结构调整+金价波动： 1、公司自 身经营问题：中金黄金经营活动现金流净额同比下降40.54%，这反映出公司在经营活动中的资金回笼 能力变弱。同时，短期借款较年初增长47.9%，偿债压力增大，影响了投资者对公司财务稳健性的信 心。 2、行业环境因素：黄金行业受黄金价格波动影响较大，未来金价走势不确定，可能影响公司持续 盈利能力。若市场预期黄金价 ...

记者发现,有黄金品牌柜台销售人员在社群中发布声明称:不能因为金价降了就要退货,退单一律扣500 元。据了解,实体金店一般购买离柜后就不接受退款退货。 1月31日,国内黄金饰品价格继续回调。周生生官网发布数据显示,当日足金饰品报1618元/克,该店于1月 29日足金饰品报1708元/克,两日跌去90元/克。 老庙黄金官网发布数据显示,1月31日足金饰品报1546元/克,该店1月29日足金饰品报1706元/克,两日跌去 160元/克。 线上方面退货规则相对复杂。大多数平台和品牌都不接受投资金类产品如金币、金条的退货；针对黄金 首饰,部分品牌提出签收后24-48小时内退货的限制(需不影响二次销售)。 面对市场波动可能产生的摇摆心理,部分品牌/平台设置了相关退货规定:生成物流单号/发货后再退款,需 扣除订单金额1%-5%的手续费及快递运保费。部分品牌表示,金条付款成功后15分钟内可申请退款,逾期 将直接拒绝退款。 社交平台上有不少网友提及被扣款的经历,其中有人因退货金条被平台扣款超千元。 广东深翔律师事务所彭泽龙律师表示,根据消费者权益保护法,实体店购买的金饰/金条,原则上不适用7天 无理由退货。线上购买的投资类金条 ...

【#金价暴跌金店客流骤增#】#金价暴跌回收柜台前挤满顾客#1月30日晚至31日凌晨，黄金遭遇40年来 最大单日下跌，白银也创出历史最大盘中跌幅。具体看，现货黄金价格一度下跌超过12%，最低触及 4682美元/盎司，为二十世纪80年代初以来最大单日跌幅。截至31日收盘，现货黄金下跌9.25%，报4880 美元/盎司。此次国际金价的"跳水"，迅速传导至国内零售市场。1月31日，国内金饰价格纷纷下跌，部 分品牌金饰克价较前一日跌超100元。金价骤降，瞬间点燃了消费端与回收端的热情。1月31日，记者线 下走访了郑州金多银多珠宝广场，多家商铺前人头攒动，柜台和收银台挤满顾客。一方面，不少情侣牵 手前来，聚焦备婚所需的"三金""五金"，趁着金价回调果断下单，希望能节省一笔开支。另一方面，部 分消费者在接受采访时坦然表示，他们是带着"跟风投资"的心态，看别人都买了，自己趁着金价下跌也 想要购入金条银条，目前仍处于观望中。（原创记者：薛阳 编辑：木土）#金价波动# #机构认为金价短 期谨慎长期乐观# 来源：共富财经 ...

每经头条（nbdtoutiao）——特朗普大动作，金价30小时暴跌670美元！此前两周狂飙21%，也与他有 关！后市怎么走？各大机构表态，专家解读 （记者 王晓波） 每经AI快讯，中航高科2月1日晚间发布公告称，截至2026年1月30日，公司通过集中竞价交易方式累计 回购公司A股股份约358万股，占公司截至本公告日总股本的0.257%，回购最高价格人民币27.61元/股， 回购最低价格人民币24.15元/股，使用资金总额人民币约9291万元。 ...

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 ...

老庙黄金官网发布数据显示，今日足金饰品报1546元/克，该店于29日足金饰品报1706元/克，两日跌去160元/克。 据媒体报道，有黄金品牌柜台销售人员在社群中发布声明称：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。据了解，实体金店一般 购买离柜后就不接受退款退货。 而线上方面退货规则相对复杂，不同平台和品牌有所区别。大多数平台和品牌都不接受投资金类产品如金币、金条的退货；针对黄金首饰，部分品牌提出 了签收后24-48小时内退货的限制（需不影响二次销售）。 受国际金价影响，今日部分国内品牌黄金饰品价格继续回调。 周生生官网发布数据显示，今日足金饰品报1618元/克，该店于29日足金饰品报1708元/克，两日跌去90元/克。 老凤祥上海会员中心小程序发布数据显示，今日足金饰品报1498元/克，该店于29日足金饰品报1713元/克，两日跌去215元/克。 广东深翔律师事务所彭泽龙律师表示，根据消费者权益保护法，实体店购买的金饰/金条原则上不适用7天无理由退货。而线上购买的投资类金条普遍标 注"不支持7天无理由退货"，司法实践认定其属"根据商品性质不宜退货的商品"。针对黄金饰品，主要看其是否标注" ...

2026.01.31 本文字数：1371，阅读时长大约2分钟 作者 |第一财经 宋婕 第一财经记者梳理发现，头部黄金品牌的金饰克价涨跌幅度有所分化。 部分品牌报价连跌两日之后，依然要比28日报价更高。例如，周大福今日报价的1625元/克，就比该品 牌在28日的1618元/克要高。六福珠宝的金饰克价在29日达到了1704元/克的高位，30日回落到1683元/ 克，31日报价1623元/克，依然要比该品牌在28日的1616元/克要高。 但部分品牌价格下调的幅度更大，例如老凤祥的金饰克价仅31日就降了170元。该品牌曾在1月29日达到 1713元/克，30日报价回落到1668元/克，31日报价低至1498元/克，比该品牌在28日报价1620元还要低不 少。老凤祥最新的金饰克价距离历史高价已跌去215元/克。 在金价大幅震荡的过程中，不同金饰品牌及不同品类产品的价格表现分化显著。 1月30日，黄金遇40年来最大单日跌幅，白银创历史最大盘中跌幅。国内主要品牌的金饰克价与国际金 价同频，在大涨之后迎来了大跌。29日，多家头部金饰品牌克价突破1700元大关，刷新历史记录。而大 涨的行情在30日戛然而止，金饰克价从高位回落， ...