Core Viewpoint - Chow Tai Fook's stock price has experienced a decline of 10.43% over three consecutive days, despite a significant year-to-date increase of 112.95%. This decline coincides with a substantial rise in international gold prices, which have increased by 52% this year, reaching $4,153.95 per ounce as of November 27 [1]. Group 1: Stock Performance - Chow Tai Fook's stock closed at HKD 13.65 per share on November 28, down 0.80% [1]. - The stock has seen a cumulative increase of 112.95% year-to-date [1]. Group 2: Gold Prices - As of November 28, the gold price in Chow Tai Fook's stores reached CNY 1,321 per gram, with some high-end products priced at CNY 2,000 per gram due to additional craftsmanship costs [3][7]. - International gold prices have surged by 52% this year, with the London spot gold price at $4,153.95 per ounce [1]. Group 3: Sales Performance - Despite high gold prices, sales have not declined compared to last year, with an increasing number of young consumers purchasing gold as an investment [7]. - Chow Tai Fook's mid-term financial report for the fiscal year 2026 showed a revenue of HKD 38.986 billion, a slight decrease of 1.1% year-on-year, while net profit increased by 0.1% to HKD 2.534 billion [10]. - Retail value in mainland China decreased by 1.1%, primarily due to the closure of 611 underperforming stores, but first-tier cities saw an 8.7% increase in retail value [10][13]. Group 4: Market Trends - The gold consumption market is exhibiting a K-shaped trend, with high-income consumers in first-tier cities and Hong Kong/Macau increasing their gold purchases, while lower-tier cities are experiencing a decline [15].