Industry Overview - The price of domestic gold jewelry has surpassed 1100 RMB per gram due to rising international gold prices, prompting major jewelry brands to initiate price increases [1] - In Wuhan, Chow Tai Fook plans to raise its "one-price" jewelry by approximately 20%-30% after the National Day holiday, although specific products and their proportions have yet to be determined [1] - As of September 27, major traditional gold jewelry brands like Chow Tai Fook, Chow Sang Sang, and Luk Fook have all set their gold prices at 1108 RMB per gram, while Lao Miao Gold is at 1100 RMB per gram [1] - Tianfeng Securities notes that while gold jewelry consumption volume has decreased due to rising prices, the total value remains at the third highest historical level, indicating stable consumer demand [1] - The high-end jewelry market shows resilience, prompting brands to adapt their market strategies [1] - The younger generation is becoming the main consumer group, influenced by cultural confidence and the rise of domestic trends, leading to increased acceptance of traditional gold [1] - There is a shift in consumer behavior towards non-wedding gold purchases, with "self-wearing" becoming the most significant jewelry consumption scenario [1] - The industry is experiencing increased concentration, with leading brands significantly growing their market share in recent years [1] Company Developments - Mankalon has launched several new product lines, including the Fenghua 2.0 series, Jiaoyu series, and Weilan series, catering to both traditional and modern aesthetics [3] - Cuihua Jewelry is positioning its Cuihua brand as a luxury label through high-end products like the Master Series and Palace Museum cultural series, employing a no-discount strategy and collaborating with cultural institutions [3] - The company reports that its two-dimensional gold products are experiencing strong sales [3] Market Outlook - Dongguan Securities projects that the gold jewelry market will maintain stable growth from 2024 to 2029, surpassing other jewelry categories, confirming gold jewelry's lasting appeal among Chinese consumers [2]

Group 1 - The Chinese jewelry market is expected to exceed 900 billion RMB by 2029, growing from 610 billion RMB in 2019 to 728 billion RMB in 2024, with a CAGR of 3.6% [1] - The market is driven by increasing consumer self-satisfaction, heightened trend sensitivity, and the growth of digital retail and e-commerce, with a projected CAGR of 5.2% from 2024 to 2029 [1] Group 2 - Gold jewelry dominates the Chinese jewelry market, accounting for 73.0% of the market share in 2024, due to its cultural significance and investment value [3] - The gold jewelry market is expected to maintain stable growth from 2024 to 2029, reinforcing its position as the most favored jewelry category among Chinese consumers [3] Group 3 - The ancient method gold jewelry market has seen rapid growth, with sales revenue increasing from 13 billion RMB in 2018 to 157.3 billion RMB in 2023, achieving a CAGR of 64.6% [4] - Despite the pandemic's impact on retail, the ancient method gold jewelry market continued to grow due to its popularity among younger consumers and its perception as a safe investment [4] - The market is projected to reach 421.4 billion RMB by 2028, with a CAGR of 21.8% from 2023 to 2028 [4] Group 4 - The overall growth of the gold jewelry market has slowed, but structural opportunities remain, particularly in the ancient method gold segment, which offers unique cultural and aesthetic value [5] - The industry is shifting from a single franchise expansion model to a multi-channel approach, driven by the preferences of younger consumers [5] - Key players such as Lao Feng Xiang, China Gold, and others are expected to benefit from maintaining a strong franchise presence while increasing direct sales and e-commerce investments [5]