更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 高端黄金珠宝专家交流 20260104 摘要 Q&A 2025 年 12 月黄金珠宝行业的线上和线下销售情况如何? 2025 年 12 月,黄金珠宝行业的线上销售额为 5. 23 亿元,同比增长 398.09%,去 年同期为 1.05 亿元。线下销售额为 16.24 亿元，同比增长 150.23%,去年同期 不到 7 亿元。整体来看, 12 月份线上和线下的增速均显著增长。 2025 年全年黄金珠宝行业的销售额及同比增速如何? 根据市场运营口径,2025年全年黄金珠宝行业的总销售额为 283.21 亿元,同比 增长 232.95%。这一数据远超公司预期,公司原本预计全年增速在 200%至 210% 之间。特别是在10月和11月,由于调价和用户积极性提高,线上和线下分别超 争 男 - · 2025 年黄金珠宝行业总销售额达 283.21 亿元,同比增长 232. 95%,远超 公司预期。线上销售额 75.07 亿元,线下 208.14 亿元。元旦假期线上销 售额同比增长 93.9%,线下增长 45.2%。 2025年三次调价累计涨幅 45%,通过增加克重 ...

Core Insights - The gold price in Shenzhen's Shui Bei market surged significantly, rising from approximately 930 yuan per gram to 991 yuan within two hours on November 3, 2023, and remained high at 993 yuan per gram as of the latest report [1][3][7] Group 1: Price Fluctuations - The recent spike in gold prices is likely linked to the announcement of a new tax policy by the Ministry of Finance and the State Taxation Administration, which will take effect from November 1, 2025, until December 31, 2027 [3][7] - Following the announcement, gold prices across various markets in China have seen substantial increases, with some retailers in Shenzhen selling gold at prices excluding the new tax, attracting investors to stock up [3][7] Group 2: Market Reactions - Retailers in the market have adjusted their prices, with reports indicating that gold prices increased by 13 tax points, reaching 991 yuan per gram, and prices could rise to 1061 yuan per gram if invoices are required [7][9] - Many small-scale jewelers have paused their gold trading activities due to the unpredictable market conditions and high prices, opting to wait for price stabilization before resuming operations [9][10] Group 3: Investor Behavior - Investors are actively seeking to take advantage of the price fluctuations, with some resorting to local delivery services to secure gold purchases amid rising prices [10][14] - The introduction of the new tax policy has prompted a sense of urgency among investors, leading to a rush to purchase gold before further price increases [10][14] Group 4: Market Outlook - Following the implementation of the new tax policy, gold jewelry stocks have continued to decline, with notable drops in companies such as Lao Pu Gold and Chow Tai Fook [19][23] - Analysts suggest that the tax adjustments will impact market sentiment, particularly affecting the demand for weight-based gold jewelry, while the overall competitiveness of China's gold market may improve in the long term [19][23]