Core Viewpoint - Goldman Sachs released a report on Lao Pu Gold, setting a 12-month target price of HKD 1,088, highlighting strong sales growth and operational readiness for the upcoming Chinese New Year season [1] Group 1: Company Performance - Lao Pu Gold's management indicated that after raising gold product prices in October, there has been no sales pressure, with long queues reported in multiple cities during the holiday season [1] - Sales during the New Year holiday showed a year-on-year increase in double and triple digits [1] - The company believes that brand recognition, channel expansion, and improved operational capabilities will support sales during the peak season [1] Group 2: Future Outlook - For 2026, the management anticipates profit drivers to include improved gross margins, channel expansion, and an enlarged customer base [1] - Lao Pu Gold's leadership position in the industry and comprehensive capabilities are seen as competitive advantages, with a focus on upgrading store network locations in 2026 [1] Group 3: Valuation - Goldman Sachs forecasts a price-to-earnings ratio of 25 times based on 2027 projections, discounting to mid-2026 at a cost of equity of 9.6% [1] - The target price of HKD 1,088 reflects the company's strong market position and growth potential [1]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) will launch six new stock options on January 19, 2026, expanding the stock options market and providing investors with more choices [1] Group 1: New Stock Options - The new stock options will include Zijin Gold International (02259), WuXi AppTec (02359), BeiGene (06160), Lao Poo Gold (06181), Horizon Robotics (09660), and CanSino Biologics (09926) [1] - The contract sizes for the new options are as follows: Zijin Gold International (200 shares), WuXi AppTec (500 shares), BeiGene (200 shares), Lao Poo Gold (100 shares), Horizon Robotics (3,000 shares), and CanSino Biologics (1,000 shares) [2] Group 2: Market Performance - The average daily trading volume of HKEX's derivatives market reached 1,662,751 contracts last year, marking a 7% year-on-year increase and setting a new record [1] - Stock options, including monthly and weekly expiry contracts, were among the most actively traded products, with an average daily trading volume of 879,831 contracts, a 22% year-on-year increase and a new record high [1]

Group 1 - The overall price of domestic gold jewelry has weakened, with major brands like Liufu and Chow Sang Sang pricing around 1396-1399 CNY per gram, leading to increased consumer hesitation as the price gap with bank gold bars widens [1][2] - Retail gold jewelry prices have retreated, with mainstream brands quoting between 1370-1402 CNY per gram, indicating a "high position loosening" in the retail sector, while some cities report prices as low as 1340-1360 CNY per gram [2] - The price of basic gold (AU9999) is approximately 1007 CNY per gram, reflecting a daily fluctuation and indicating a divergence in the market where retail prices are declining but still maintain a high premium [3] Group 2 - The wholesale price in the Shenzhen Shui Bei market is significantly lower than retail prices, with gold prices around 1161-1163 CNY per gram, highlighting a substantial price difference driven by design, service, and operational costs [4] - The recovery market reveals a clear disparity between the buyback price of gold and retail prices, with processing fees and brand premiums being stripped away quickly during recovery, affecting the actual returns for holders [5] - The "old for new" exchange trend is gaining momentum, particularly in cities like Hangzhou, where consumers can exchange old gold for new based on weight, with a focus on transparency in the weighing and pricing process [7][8]

Investment Rating - The report maintains a "Hold" rating for the retail industry, indicating a stable outlook for the sector in the near term [5]. Core Insights - The beauty and personal care industry is transitioning from "penetration expansion" to "quality upgrade," with a focus on "self-care essentials, domestic brand substitution, technological advantages, and channel iteration" as the four main lines of investment [3]. - Lin Qingxuan, a domestic high-end skincare brand, successfully listed on the Hong Kong Stock Exchange on December 30, 2025, with a strong market debut, reflecting the ongoing trend of new consumption [4]. - The report highlights the rapid growth of the潮玩谷子 (trendy toy) industry, driven by Gen Z consumers, and emphasizes the importance of emotional value in products [10]. Summary by Sections Market Review - During the week of December 29, 2025, to January 2, 2026, the A-share SW retail industry index fell by 1.63%, while the Shanghai Composite Index rose by 0.13%, indicating a challenging environment for the retail sector [3]. Lin Qingxuan's Performance - Lin Qingxuan reported a revenue of 1.052 billion yuan in the first half of 2025, representing a 98.3% year-on-year increase, and achieved a net profit of 182 million yuan, marking a 109.9% increase compared to the previous year [4]. - The company's gross margin reached 82.3% in the first half of 2025, with a significant reduction in sales expense ratio from 73.64% in 2022 to 55.2% [4]. - The core product, Camellia Oil, has sold over 45 million bottles since its launch, contributing to the brand's strong market position [4]. Investment Recommendations - The report suggests focusing on companies such as 毛戈平, 上美股份, 珀莱雅, 若羽臣, 水羊股份, 青木科技, 润本股份, 登康口腔, and 百亚股份 within the beauty and personal care sector [4][14]. - For the潮玩谷子 industry, recommended companies include 泡泡玛特, 布鲁可, TOPTOY, and 乐自天成 [14]. - In the gold and jewelry sector,关注老铺黄金, 潮宏基, and 曼卡龙 are highlighted as potential investment opportunities [14]. - The sports and outdoor segment suggests关注安踏体育, 李宁, 361度, and 波司登 as key players to watch [14].

在经历昨日的全线上行后，今日国内品牌金价涨势明显放缓，多数品牌价格与昨日持平，部分品牌出现 小幅回调。昨日率先突破1400元/克关口的老庙黄金，今日报价回落至1396元/克。市场最高价（周大 福、潮宏基、周大生报1398元/克）与最低价（菜百报1370元/克）之间的价差仍为28元/克。 以下是各大品牌金店详细报价： 今日金价 1396 元/克 6 跌 六福黄金价格 1396 元/克 0 单位 变动幅度 涨跌 老庙黄金价格 0 元/克 0 平 周六福黄金价格 1383 平 周大福黄金价格 1398 元/克 平 平 老凤祥黄金价格 1396 元/克 3 今日金店黄金价格一览（2026年1月8日） 金店报价 跌 金至尊黄金价格 潮宏基黄金价格 1396 元/克 0 0 平 周生生黄金价格 1394 元/克 3 跌 菜百黄金价格 1370 1398 元/克 元/克 0 平 上海中国黄金价格 1372 元/克 0 平 周大生黄金价格 1398 元/克 0 平 今日黄金价格稳定，铂金价格大幅下跌，还是拿周大福黄金来说，今日铂金饰品价格下跌40元/克，报 922元/克。如需了解其他品牌铂金价格，欢迎留言，我们将及时汇总更新 ...

融券方面，中国黄金1月7日融券偿还2.31万股，融券卖出1700.00股，按当日收盘价计算，卖出金额1.39 万元；融券余量22.91万股，融券余额187.17万元，超过近一年70%分位水平，处于较高位。 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业从事"中国黄金"品 牌黄金珠宝产品研发、设计、生产、销售、品牌运营的大型企业,是中国黄金集团黄金珠宝零售板块的 唯一平台,是我国黄金珠宝销售领域知名的中央企业。主营业务收入构成为：黄金产品98.83%，品牌使 用费0.67%，管理服务费0.22%，其他业务0.15%，K金珠宝类产品0.13%。 融资方面，中国黄金当日融资买入1476.71万元。当前融资余额3.65亿元，占流通市值的2.66%，融资余 额超过近一年60%分位水平，处于较高位。 机构持仓方面，截止2025年9月30日，中国黄金十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1758.66万股，相比上期减少612.63万股。黄金股ETF（517520）位居 ...

Summary of Conference Call Notes Industry and Company Focus - **Industry**: Various sectors including travel, high-end consumption, education, and export markets - **Companies Mentioned**: China Duty Free Group, Lao Pu Gold, Chao Hong Ji, Huatu Shanding, China Oriental Education, Anker Innovations, Star Technology, Small Commodity City, and others Key Points and Arguments Domestic Demand Strategy - **Focus Areas**: - **Cyclical Beta**: Prioritize travel-related sectors such as aviation, hotels, and tourism due to significant demand improvement driven by policy catalysts [1][3] - **High-End Consumption**: Strong recommendations for duty-free and high-end gold jewelry sectors, with expectations of price increases driving both valuation and performance [1][6] - **Value Consumption**: Marginal improvement in demand is unclear; sectors depend on income growth or improvements in PPI and CPI data [1][7] - **Counter-Cyclical Industries**: Education sector shows strong demand resilience, particularly in vocational education and public examination training, with AI technology enhancing efficiency [1][8] Service Consumption - **Characteristics**: Service-oriented consumption is elastic, quick to respond, and has no inventory issues, significantly aiding employment and economic recovery [4][11] - **Current Proportion**: Service consumption accounts for approximately 55% of personal consumption expenditure in China, compared to 70% in the US, indicating room for growth [12] High-End Retail and Luxury Market - **Market Recovery**: High-end retail and luxury markets began to recover in Q2 and Q3 of 2025, driven by a stable high-net-worth population and wealth effect [4][16] - **Consumer Sentiment**: The recovery of middle-class confidence is crucial, as they contribute 60% of luxury sales [16] Export Market Opportunities - **Outlook for 2026**: Anticipation of more opportunities in the second half of 2026, with resilient exports and better-than-expected US demand [9][23] - **Key Companies**: Focus on leading companies with alpha attributes such as Anker Innovations and Star Technology for performance-driven growth [9][23] Education Sector - **Demand Characteristics**: The education sector, particularly vocational training and public examination preparation, is expected to perform well despite overall employment pressures [8][26] - **Key Players**: Companies like Huatu Education and China Oriental Education are highlighted for their strong market positions [8][26] Risks and Challenges - **Currency Fluctuations**: Current RMB exchange rates are stable, with limited risk of significant appreciation that could impact export companies negatively [24] - **Raw Material Prices**: Fluctuations in raw material prices are not seen as a major concern for leading companies due to supply chain dynamics [25] Investment Recommendations - **Cyclical Sectors**: Focus on travel-related industries for potential valuation uplift due to demand recovery [5] - **High-End Consumption**: Investment in duty-free and high-end jewelry sectors is recommended due to positive market sentiment [6] - **Education**: Strong prospects for companies in vocational education and public examination training [26] Additional Insights - **Tea and Restaurant Industries**: Opportunities in the tea industry due to competitive landscape improvements and in the restaurant sector with companies like Xiao Cai Yuan and Guo Quan showing potential for scalable growth [18][20] This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and future opportunities across various sectors.

金价小幅回调！1月7日多家品牌金饰价格集体下跌，周生生、中国黄金等克价均降至1387元以下，当前金价区间为1158元至1390元，银行金条价格同步跌至 1017元/克，白银价格保持19.1元低位，市场分析认为，近期金价波动受国际行情与国内需求双重影响，投资与消费均迎机会。 一、金价回调了 快过年了，交易所怕市场太热出问题，加了些风控措施，有些赚了钱的投资者干脆落袋为安，卖了黄金准备过节，这一卖就带得价格往下走。 还有个连带影响是白银，白银价格弹性大，前几天刚突破80美元/盎司，转头就跌回80以下，这种上蹿下跳的劲儿，也拖累了黄金的行情。 最近刷手机看黄金价格，发现数字终于往下跳了点，2025年黄金涨得实在疯，伦敦现货金价一路冲到4549美元/盎司，国内期货也跟着破千元大关，创了46 年来的年度涨幅纪录。 可刚进2026年没几天，这股猛劲就缓下来了，12月29日伦敦金回落到4471美元，国内上期所黄金主力合约也跌到1007元/克，这就像跑久了总要喘口气，金 价涨太快，市场自己也该消化消化了。 品牌金店的价格倒是没跟着期货"跳水"，涨势明显慢了，周大福、六福这些大牌子足金还挂着1390元/克，周生生稍微低点138 ...

Group 1: Retail Gold and Platinum Prices - The domestic gold jewelry market shows a significant price differentiation among brands, with leading brands like Chow Tai Fook, Chow Sang Sang, and others maintaining high gold prices around 1390 CNY per gram [1] - The overall market price range for gold is between 1158 CNY and 1390 CNY per gram, with specific stores like South Ping Sun Gold Store and Wu Han Ya Yi Gold Store quoting prices of 1209 CNY and 1389 CNY per gram respectively [1] - Platinum prices also exhibit notable differences, with retail prices ranging from 583 CNY to 920 CNY per gram, indicating a strong brand premium effect [1] Group 2: Precious Metal Recycling Market - The recycling market shows that the gold jewelry recycling price is 998 CNY per gram, while platinum is at 533 CNY per gram [2] - There is a significant discount between retail and recycling prices for platinum, with some brands experiencing a discount rate exceeding 20%, reflecting a depreciation of brand premium in the second-hand market [2] Group 3: Financial Institutions and Professional Institutions Gold Bar Prices - Bank gold bar prices range from 1019 CNY to 1062.5 CNY per gram, with the highest price from Pudong Development Bank [3] - The Shanghai Gold Exchange standard gold bar is priced at 1001.5 CNY per gram, aligning closely with market benchmarks [3] - Various professional institutions have different pricing for gold bars, with China Gold Investment Gold Bar priced at 1017 CNY per gram and other brands showing price variations based on brand value and craftsmanship [3] Group 4: Gold Market Trends - The technical outlook for gold indicates a weak short-term trend, with bearish K-line structures and MACD showing limited rebound strength [5] - Key support levels are identified at 4400 points, with a potential drop below this level leading to a clearer mid-term downtrend [5] - Short-term strategies suggest treating gold for value preservation through gradual accumulation, while short-term trading should respect market trends and avoid aggressive bottom-fishing strategies [6]

值得注意的是，央行在国际金价持续大幅上涨、屡创历史新高过程中持续小幅增持黄金，释放了优化国 际储备的信号。 中经记者 慈玉鹏 北京报道 2026年1月7日，国家外汇管理局统计公布数据显示，截至2025年12月末，黄金储备为7415万盎司，较上 月末增加3万盎司。 《中国经营报》记者采访了解到，2025年12月末官方黄金储备连续第十四个月增加，但增量连续第十个 月处于低位，未来央行增持黄金仍是大方向。 小幅增持 伴随美联储持续降息，全球地缘政治风险居高不下，近期国际金价延续快速上涨势头，2025年12月央行 增持黄金规模继续处于2024年11月恢复增持以来的最低水平。 东方金诚首席宏观分析师王青表示，近期央行继续增持黄金，主要原因是美国新政府上台后，全球政 治、经济形势出现新变化，国际金价有可能在相当长一段时间内易涨难跌。这意味着从控制成本角度出 发暂停增持黄金的必要性下降，而从优化国际储备结构角度增持黄金的必要性上升。 王青表示，截至2025年11月末，在主要由外汇储备和黄金储备构成的官方国际储备中，黄金储备的占比 约为9.5%，明显低于15%左右的全球平均水平。从优化国际储备结构角度出发，未来需要持续增持黄 ...