Core Insights - The release of the "Gold Old-for-New Business Service Specification" marks the first specialized service standard for the gold jewelry industry in China, promoting a new phase of standardized and professional development for the old-for-new business model [1][2] Group 1: Industry Standards and Regulations - The new standard establishes a national, systematic framework for the previously chaotic market, aiming to enhance consumer trust, purify the market environment, and improve industry credibility [2] - The standard includes eight chapters that create a closed-loop system covering service principles, enterprise qualifications, management requirements, service personnel, facilities, service content and processes, and supervision and complaints [1][2] - The implementation of the standard is expected to accelerate industry reshuffling, eliminating non-compliant merchants in the short term, while enhancing resource allocation efficiency and fostering a win-win situation for consumers and compliant enterprises in the long term [3] Group 2: Market Dynamics and Consumer Impact - The old-for-new business model accounts for approximately 20% of the national gold jewelry consumption, driven by a surge in demand for revitalizing existing gold [1] - The new regulations are expected to stimulate consumption vitality and promote green consumption by creating a transparent service environment [2] - The effectiveness of the standard relies on its execution, requiring self-compliance from enterprises, continuous supervision from associations and regulatory bodies, and active consumer rights protection [3]

据了解，"南山数智工匠"是南山区聚焦信息与通信技术产业发展需求重点培育的特色劳务品牌，通过构 建"企业+高校+实训基地"三位一体人才培养体系，推动人工智能、云计算、工业互联网、芯片设计等 高技能领域人才规模化、专业化发展。 近年来，深圳通过构建产业协同平台、整合政校企资源、打造特色培育矩阵等举措，已打造29个彰显地 方特色、贴合产业赛道、兼具技能优势的劳务品牌。除"南山数智工匠"外，还有"龙岗眼镜设计工 匠""坪山智能网联汽车装调工""罗小贝黄金珠宝工匠"等，涵盖高新技术、文化旅游、珠宝、新能源汽 车及智能网联汽车等多个重点产业领域。 （来源：工人日报） 本报讯（记者刘友婷 通讯员易洋）在近日召开的第三届全国劳务协作暨劳务品牌发展大会上，作为广 东省推选的新型劳务品牌，"南山数智工匠"从全国30余个入选新型劳务品牌中脱颖而出，成为9个现场 宣介品牌之一，在"劳务协作暨劳务品牌对接交流"板块获得重点推介。 ...

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 ...

Group 1: Market Overview - The precious metals market experienced a historic surge in 2025, with gold prices rising 70%, silver over 140%, and platinum increasing by 160% [1][3] - On December 24, 2025, gold prices surpassed $4500 per ounce for the first time, reaching a peak of $4531, while silver hit $75.5 per ounce and platinum also saw significant gains [1][5] - The market showed a pattern of stability followed by rapid growth, with key turning points in March and September, leading to a fourth-quarter explosion in prices [3][5] Group 2: Driving Factors - Multiple factors contributed to the surge in precious metal prices, including concerns over the U.S. dollar's credibility and rising sovereign debt [5][7] - Central banks globally continued to purchase gold, with net purchases reaching 634 tons in the first three quarters of 2025, and a record monthly increase of 53 tons in October [5][7] - Geopolitical risks and structural supply-demand imbalances further supported the price increases, particularly in silver due to rising industrial demand [7][9] Group 3: Commodity Analysis - Gold remained a stable investment, achieving a 70% increase, marking its best annual performance since 1990 [9] - Silver outperformed gold significantly, driven by its dual role as both a precious metal and an industrial commodity, with demand from the photovoltaic sector contributing to its rise [9][11] - Platinum showed potential for growth, particularly due to its applications in the hydrogen energy sector, despite challenges from declining demand in traditional automotive catalysts [11] Group 4: Market Impact - The price surge positively impacted upstream mining companies, with many reporting significant revenue and profit growth in 2025 [12][13] - Midstream refining companies faced mixed outcomes, benefiting from increased sales of investment products while also dealing with higher repurchase costs [13] - Downstream jewelry brands encountered both challenges and opportunities, with rising gold prices leading to increased retail prices for gold jewelry [15] Group 5: 2026 Outlook - The precious metals market is expected to experience high volatility and differentiation among commodities in 2026, with continued support for gold prices from central bank purchases and geopolitical uncertainties [17][22] - Silver's performance may be challenged by potential slowdowns in industrial demand, while platinum's future will depend on its unique industrial applications [17][22] - Investors are advised to remain cautious and rational in their participation in the precious metals market, considering the high volatility and historical price levels [19][20]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Li Ning, and others, indicating a positive outlook for their stock performance [9][18]. Core Insights - Inditex, the parent company of Zara, reported strong performance for the first three quarters of FY2025, with revenue growth of 2.7% year-on-year to €28.2 billion, and a net profit increase of 3.9% to €4.6 billion [1][13]. - The report emphasizes the resilience of the sportswear sector amidst a fluctuating consumer environment, predicting that it will outperform the broader apparel market [3][17]. - The report highlights the importance of inventory management, noting that Inditex's inventory quality remains healthy, with a year-on-year increase of 4.9% to €4.499 billion [1][15]. Summary by Sections Inditex Performance - Inditex's revenue for FY2025's first three quarters reached €28.2 billion, with a currency-neutral growth of 6.2%. Q3 revenue alone grew by 4.9% to €9.8 billion [1][13]. - Gross margin improved by 0.27 percentage points to 59.7% for the first three quarters, with Q3 gross margin rising by 0.79 percentage points to 62.2% [1][13]. - The company aims for a 5% increase in total sales area from 2025 to 2026, while maintaining stable gross margins [2][15]. Sportswear Sector Outlook - The sportswear segment is expected to show strong long-term growth, with recommended stocks including Anta Sports and Li Ning, which have projected PE ratios of 14 and 17 for FY2026, respectively [3][17]. - The report also suggests that Nike's retail operations in Greater China are undergoing a turnaround, with a current PE ratio of 13 for the recommended stock, Tmall [3][17]. Apparel Manufacturing and Brand Recommendations - The apparel manufacturing sector is anticipated to see improved orders in 2026, with recommendations for companies like Shenzhou International and Huayi Group, which have attractive valuations [3][18]. - The report highlights the potential for steady growth in the down jacket segment, recommending Bosideng, with a projected PE of 12 for FY2026 [18]. Market Performance - The brand apparel sector outperformed the broader market, with a weekly increase of 1.13%, while the Shanghai Composite Index fell by 0.59% [21][22]. - Key stocks such as Red Dragonfly and Luolai Life saw significant weekly gains, while others like Jiuwu Wang faced declines [21][22].

Group 1: Consumer Activity and Trends - During the New Year's holiday, the total cross-regional movement of people is expected to reach 590 million, averaging 198 million per day, representing a year-on-year increase of 19.5% [1] - In Changchun, the daily customer flow and transaction volume at a fruit market significantly increased, with sales of certain fruits rising from 300 boxes to 900-1000 boxes per day [2] - In Dezhou, a consumption voucher program worth 50 million yuan was launched, offering up to 15% discounts on digital products, attracting many customers to purchase electronics [3][4] - In Nanchang, foot traffic at automotive dealerships surged by 40% to 50%, driven by attractive promotions and discounts on vehicles [5] - In Wuhan, a jewelry store experienced long queues, with a notable increase in demand for investment gold products, which rose by approximately 60% compared to the previous year [6] Group 2: Retail and E-commerce Performance - The Hainan Free Trade Port's first holiday since full operation saw a significant increase in duty-free shopping, with sales of 307,000 items and a 121.5% year-on-year increase in shopping amounts to 505 million yuan [6]

Core Insights - The ancient gold brand Baolan has secured over 100 million yuan in Series A financing, with investors including Challenger Capital, Kering Group, and Shunwei Capital, marking the beginning of intensified capital competition in the ancient gold sector [1] - The ancient gold market in China has seen significant growth, with its size increasing from 13 billion yuan in 2018 to 157.3 billion yuan in 2023, reflecting a compound annual growth rate of 64.6%, and is projected to reach 421.4 billion yuan by 2028 [2] - Laopuhuang, a leader in the ancient gold market, has experienced a remarkable stock price increase of over 800% since its IPO, indicating strong market performance and consumer overlap with luxury brands [2][4] Investment Trends - The entry of major capital into the ancient gold market, including investments from global luxury brands, signifies a growing interest in the high-end gold market in China [4] - The business model of ancient gold brands is being replicated, with a focus on craftsmanship and unique design, which allows for higher pricing compared to traditional gold jewelry [7][10] Market Dynamics - The ancient gold sector is undergoing a transformation, with a shift towards high-end products that emphasize craftsmanship and design, leading to higher price points [7] - Laopuhuang's strategy of maintaining scarcity through controlled store expansion and a direct sales model has been noted, with only 41 stores located in high-end shopping areas [12][16] - Competing brands like Linchao Jewelry are adopting extreme handmade designs and limited order quantities, indicating a trend towards exclusivity in the market [12][14] Competitive Landscape - The visual branding and store presentation of ancient gold brands are becoming increasingly similar, suggesting a convergence in market identity among competitors [14][16] - The craftsmanship techniques, such as flower silk inlay, are not exclusive to any one brand, leading to a dilution of unique selling propositions in the ancient gold market [16]

2026年1月3日，国内黄金市场迎来续跌行情，国际金价降至4348.8美元/盎司，国内金价跌至977.7元/克，黄金回收价967元/克，市场呈现普遍下跌态势，迎 来一波选购好时机。 主流金店价格：本次跌价后，国内主流金店黄金、金条最新参考价格呈现分化，周大福、六福珠宝、金至尊、谢瑞麟足金手链均报1357元/克，周生生与老 凤祥达1360元/克；工艺金条方面，周大福、周生生、六福等品牌集中在1190-1309元/克区间，中国黄金工艺金条1130元/克，老庙黄金达1309元/克，价格差 异显著。 建议消费者根据自身需求理性购金，关注市场实时行情及品牌信誉，避免盲目跟风。 2026年1月3日各地金店足金999最新金价存在地域差异，深圳水贝批发市场足金999报1165元/克，足金999.9达1166元/克；上海黄金交易所黄金9999报976元/ 克，黄金T D跌至975.43元/克；北京、广州等地金店价格因品牌溢价及运营成本差异，与批发市场存在100-200元/克价差，需结合本地市场供需理性选择。 此次黄金与金条同步跌价，属于黄金市场的阶段性行情波动，国际金价受美元指数波动、全球通胀预期调整影响，国内金价反映节前消费 ...

在安徽地区，黄金和铂金的价格也有所不同，合肥金至尊金店的黄金价格为1361元/克，铂金价格为871元/克，芜湖菜百首饰金店的黄金价格较低，为1342 元/克，铂金价格为705元/克，蚌埠的中国黄金店面同样提供了基础与零售两种价格，分别为977元/克和993元/克。 贵金属市场最新价格及纯度信息 黄金回收：972元/克，99.90%纯度 2026年1月1日，黄金价格突然下跌，让不少投资者措手不及，国际金价跌到了每盎司4361美元，国内金店也纷纷调价，周大福的项链现在每克1363元，周生 生稍微便宜点，每克1355元，老凤祥也降到每克1363元，一些小城市的金店更实惠，铜陵的菜百首饰和中国黄金，每克只要1342元。 福州的中国黄金店面黄金的基础价格为977元/克，零售价稍高，达到993元/克，厦门周大生金店的黄金价格较高，为1363元/克，铂金价格是849元/克。 泉州水贝黄金的黄金价格为1122元/克，铂金价格相对较低，为545元/克，莆田潮宏基金店的黄金和铂金价格与厦门周大生相近，分别为1363元/克和849元/ 克，漳州周六福金店的黄金价格略低于莆田，为1348元/克，铂金价格为819元/克。 中信期货的小 ...

Core Viewpoint - The gold consumption market is entering a traditional peak season, but high gold prices are leading to a cautious consumer attitude, resulting in decreased sales and reduced bank borrowing by major jewelry companies [2][10]. Group 1: Market Dynamics - Major gold stores are offering significant promotions for the New Year, but consumer interest is low due to high gold prices [2][10]. - Gold sold by major stores comes from three main sources: direct purchase from exchanges, bank borrowing, and wholesale from the Shenzhen market [2][10]. - The sales volume of gold jewelry has noticeably declined since 2025 due to rising gold prices, prompting many jewelry companies to significantly reduce their bank borrowing activities [3][11]. Group 2: Borrowing Practices - Bank borrowing is a common practice in the industry, involving leasing gold at an agreed price for processing and sales, with repayment occurring after sales [4][12]. - The current high gold prices have made it difficult for companies to complete borrowing cycles that previously took 2-3 months, leading to a substantial reduction in borrowing activities [4][12]. Group 3: Strategic Shifts - Some jewelry brands are closing underperforming stores while opening flagship stores in prime urban locations to target the high-end market [5][13]. - The rise of domestic luxury brands has created opportunities for gold brands to adopt a high-end strategy, as the price of gold now rivals that of many luxury items [5][13]. Group 4: Price Forecasts - Institutions generally believe that there is still potential for gold prices to rise, but risks for ordinary consumers and investors are increasing [5][13]. - The World Gold Council's report outlines four potential scenarios for gold prices in 2026, ranging from a 5% decline to a 30% increase depending on economic conditions [5][13]. - Goldman Sachs predicts that gold prices could reach $4,900 per ounce in 2026, driven by ongoing demand from central banks amid geopolitical tensions [6][14].