来源：证券时报网 作者：马静 4月下旬以来，黄金陷入横盘震荡，但这并不妨碍其是今年以来表现最亮眼的资产之一，年内上涨超 24%。 不过，值得注意的是，金价持续攀升抑制了消费者对金饰的购买力，上半年中国金饰消费量同比骤降 28%。面对黄金珠宝消费疲软，周大福、老凤祥等黄金珠宝品牌正加速转型，通过产品创新、渠道优化 和发力高附加值产品寻求突围。 上半年金饰消费同比下降28% 他还提到，尽管这一趋势会在短期内带来挑战，但淘汰业绩不佳的门店最终将利好整个市场的健康发 展。长期来看，行业整合也将推动市场从恶性的价格竞争转向更加注重金饰的情感价值与设计等方面。 不过，在金饰消费下滑趋势中，有一个"例外"，老铺黄金仍然保持了较高的业绩增速。7月27日发布的 业绩预告显示，预计上半年收入约为120亿元至125亿元，同比增长约241%至255%；净利润约为22.3亿 元至22.8亿元，同比增长约279%至288%。 这背后其实反映了金饰消费趋势的分化。世界黄金协会发布的报告显示，为应对金价上涨所带来的克重 购买力下降的问题，市场参与者持续推广克重更轻的各类产品。这些产品通常按件计价，为零售商创造 了更高的利润，同时也为消费者提 ...

Core Viewpoint - Gold has been one of the best-performing assets this year, with a year-to-date increase of over 24%, despite a recent period of sideways movement. However, high gold prices have significantly reduced consumer purchasing power for gold jewelry, leading to a 28% year-on-year decline in gold jewelry consumption in China during the first half of the year [1][2]. Industry Summary - The total demand for retail gold investment and consumption in the first half of the year reached 518 tons, a year-on-year increase of 5%, with a monetary value of 371.8 billion yuan, marking the highest level on record. However, gold jewelry consumption dropped to 194 tons, a decrease of 28% year-on-year, while retail investment demand rose to 239 tons, up 26% year-on-year [3]. - Major jewelry brands like Chow Tai Fook and Lao Feng Xiang are accelerating their transformation efforts in response to weak gold jewelry consumption. This includes product innovation, channel optimization, and focusing on high-value products to seek breakthroughs [1][6][9]. - Chow Tai Fook reported a 3.3% decline in retail value in mainland China for the three months from April to June, with a reduction of 311 retail stores by the end of June. Similarly, Lao Feng Xiang and other brands have also seen a decrease in the number of stores [4][6]. - The gold jewelry industry is expected to continue consolidating, which may further suppress upstream demand. However, this trend could lead to a healthier market in the long run by eliminating underperforming stores and shifting focus towards the emotional value and design of jewelry [5][11]. - Despite the overall decline in gold jewelry consumption, Lao Pu Gold has shown significant growth, with expected revenue of 12 to 12.5 billion yuan in the first half of the year, representing a year-on-year increase of approximately 241% to 255% [6][7]. - Jewelry brands are adapting to changing consumer preferences by enhancing product design and focusing on cultural elements. For instance, Lao Feng Xiang is closely monitoring consumer habits and preferences to drive innovation and develop original design products [9][10]. - Chow Tai Fook has also seen positive results from its initiatives, with a 20.8% year-on-year increase in retail value for its gold products, and a shift in the retail value composition towards higher-priced products [10]. - Looking ahead, the gold jewelry industry may continue to face challenges from low consumer confidence and high gold prices, but seasonal improvements and potential monetary or fiscal policy support could provide some relief [11].