行 华福证券 社会服务 2026 年 01 月 23 日 业 研 究 社会服务 关注服务消费结构性机会，及春节旺季珠宝行情 投资要点： 行 业 定 期 报 告 文旅：元旦假期出行链数据超预期。海南离岛免税方面，元旦假期期 间，海口海关共监管离岛免税商品销售 44.2 万件，同比增长 52.4%；购物 人数 8.35 万人次，同比增长 60.6%；购物金额 7.12 亿元，同比增长 128.9%。 旅游出行方面，经文化和旅游部数据中心测算，元旦假期 3 天，全国国内 出游 1.42 亿人次，国内出游总花费 847.89 亿元，建议关注四季度冰雪游旺 季公司长白山、大连圣亚，寺庙游标的九华旅游、峨眉山 A 等。 黄金珠宝：金价高位走强，关注春节旺季销售。春节旺季金价走强， 民众基于"买涨"心理，旺季期间预计行业消费量下降有限，而金价同比 大幅上涨，主要品牌 1-2 月同店有望保持较快增长。建议关注一口价产品 占比高的潮宏基、老铺黄金、周大福，其他建议关注高股息的周大生、菜 百股份。 华福证券 风险提示 宏观经济波动；需求不及预期；行业竞争加剧。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： ...

与此同时，国内部分品牌金饰克价也有大幅上涨，创历史新高。中新经纬23日查询发现，老庙黄金报价1548元/克，单日上涨52元/克；周生生报价1545元/ 克，单日上涨53元/克；老凤祥为1538元/克，单日上涨43元/克。 2025年4月17日 首破1000 2025年9月23日 首破1100 2025年10月14日 首破1200 2025年11月11日 首破1300 2025年12月23日 首破1400 2026年1月23日 首破1500 昨夜随着现货黄金大涨 国内金饰价格直冲向1600元/克！ 1月23日早盘 现货黄金持续拉涨 盘中最高一度突破4970美元/盎司 | < W | | | 伦敦金现 | | | Q | | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | 4959.010 | | 昨结 | 4935.960 总量 | | | O | | +23.050 | +0.47% 开盘 | | 4937.000 现手 | | | O | | 最高价 | 4960.679 | 持 仓 | 0 | 外 盘 | ...

1月23日，现货黄金（伦敦金现）站上4960美元/盎司关口，再创历史新高。开年以来已涨超14%。 截至发稿时，现货黄金价格回落至4950美元/盎司附近。 在此背景下，国内品牌金饰克价也同步走高，纷纷突破1500元/克。1月23日，老庙黄金报价1548元/克，单日上涨52元/克；周生生报价1545元/克，单日上涨 53元/克；老凤祥为1538元/克，单日上涨43元/克。 老用 the 价格 (人民币/克 名称 1548.00 足金饰品 辑金饰品 860.00 工艺金条 1373.00 2026年01月23日 以上为上海区域余价、全国其它地区请以门店每日公示金 感谢您的支持,祝您生活愉快,好运莲莲! 中国大陆每日金价 (更新于: 2026-01-23) 室H 换珠宝价 换金价 ( ¥1 足金饰品/克 ¥ 1 950铂金饰品/克 ¥1 生生金宝/克 1月21日，高盛全球投资研究部商品团队分析师Daan Struyven与Lina Thomas在报告中，将2026年12月黄金目标价上调至5400美元/盎司，此前为4900美元/盎 司。 高盛研究团队预测，到2026年底，金价将较1月当月至今均价上涨17%（或较现货价格 ...

Core Viewpoint - The recent surge in gold prices has led to significant adjustments in the pricing strategies of various gold jewelry brands, with many prices exceeding 1500 yuan per gram, marking a historical high. The industry is undergoing structural changes as companies adapt to these challenges and opportunities through various strategic adjustments [1][2]. Pricing Adjustments - As of January 21, the domestic gold price reached 1506 yuan per gram, with different brands adjusting their prices variably. For instance, Lao Miao's price in Shanghai was 1493 yuan per gram, up by 38 yuan, while Chow Sang Sang's price was 1495 yuan, up by 41 yuan [2]. - The pricing of gold jewelry is primarily influenced by raw material costs, which are tied to real-time quotes from the Shanghai Gold Exchange. Some brands use a "real-time tracking" mechanism for price adjustments, while others may have a delay due to internal approval processes [2][3]. Market Dynamics - Factors influencing gold jewelry prices include brand premium, operational costs, and inventory management. High-end brands tend to have a more stable pricing strategy due to their customer base's lower sensitivity to price fluctuations, while mass-market brands adjust prices more closely to raw material costs to maintain competitiveness [3]. - The rise in international gold prices has prompted some brands to increase prices for fixed-price products, with Chow Sang Sang raising prices on certain items by 200 to 1500 yuan starting January 6 [3]. Sales Performance - The share of fixed-price products has been increasing, becoming a significant growth driver for brands. For example, Chow Tai Fook reported a 59.6% year-on-year increase in retail value for fixed-price jewelry in the last quarter of 2025, contributing 40.1% to total retail value [4]. - Sixi Group reported a 15% same-store sales growth for gold products, with fixed-price products seeing a 17% increase, indicating strong performance despite high base figures [4]. Brand Expansion - Companies are focusing on high-end market positioning as part of their brand transformation strategies. Chow Tai Fook opened a new high-end store in Shanghai and plans to continue expanding in cities like Xiamen and Hangzhou [5]. - China Gold Group is set to open its first high-end stores in Beijing and Shenzhen in 2026, aiming to leverage cultural themes and collaborations to enhance brand value [5]. International Expansion - International expansion is a key strategy for growth among gold jewelry brands. Chow Tai Fook plans to enter the Australian market by mid-2026 and expand in Canada and the Middle East [6]. - Sixi Group is also increasing its overseas presence, targeting a net growth of about 20 stores in international markets by the end of the fiscal year [6]. Challenges and Recommendations - The internationalization of Chinese gold jewelry brands is still in its early stages, characterized by small scale and a focus on Southeast Asia. Brands are advised to adopt a dual strategy of product and platform to enhance their international presence [7]. - Recommendations for brands looking to expand internationally include maintaining a high-end brand image, respecting local cultures, and implementing a unified pricing strategy across markets to ensure success [7].

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...

Core Viewpoint - JD.com has launched a new gold phone case priced between 11,299 yuan and 112,299 yuan, targeting high-end consumers with a focus on both aesthetics and investment value [1][3]. Group 1: Product Details - The gold phone case is made of Au99.99 gold and is designed to fit the iPhone 17 Pro Max, with five different weight options: 10g (11,299 yuan), 20g (22,499 yuan), 30g (33,699 yuan), 50g (56,199 yuan), and 100g (112,299 yuan) [1][3]. - The product is marketed as a "high-value protective case" and an "asset to carry," emphasizing its dual role as a luxury item and an investment [3]. Group 2: Market Context - The World Gold Council reported that gold prices are expected to reach new historical highs, with 53 instances of record-breaking prices anticipated in 2025, leading to increased investment in physical gold and gold ETFs [5]. - As of January 21, 2026, spot gold prices reached 4,800 USD per ounce, prompting domestic gold jewelry prices to rise, with various brands adjusting their prices accordingly [5]. - Goldman Sachs has raised its gold price forecast for December 2026 to 5,400 USD per ounce, predicting that central banks in emerging markets will continue diversifying their reserves into gold, with an expected average purchase of 60 tons in 2026 [5].

Group 1 - JD.com has launched a gold phone case, which sold out quickly, with prices ranging from 11,299 yuan for 10g to 112,299 yuan for 100g [2][5] - The gold phone case is made of PC material and contains a removable pure gold piece, with a promotional tagline of "True Gold in Hand" [2][5] - The product is expected to be restocked within a week, as indicated by customer service [5] Group 2 - The World Gold Council reported that gold prices are expected to break historical records 53 times by 2025, leading to increased investment in physical gold and gold ETFs [7] - As of January 21, 2026, spot gold prices reached 4,800 USD per ounce, influencing domestic gold jewelry prices, with various brands adjusting their prices accordingly [7] - Goldman Sachs has raised its gold price forecast for December 2026 to 5,400 USD per ounce, anticipating that central banks in emerging markets will continue diversifying their reserves into gold [7]

1月21日， 现货、期货黄金 纽约黄金CFD报4865.62美元/盎司， 上涨2.09%。 随着国际金价节节攀升， 双双突破4800美元/盎司关口， 再创历史新高。 截至17时10分， 伦敦金现报4860.80美元/盎司， 上涨2.05%； 国内金饰价格也出现大幅上涨。 目前， 中国黄金足金饰品价格 已突破1500元/克，报1506元/克。 此外， 多家品牌金饰价格逼近1500元/克。 其中， 老凤祥足金饰品报1498元/克， 较1月20日1456元/克涨42元/克。 | 足金 | 1498 = | 1273 元 | | --- | --- | --- | | 投资金系 | 1346 元 | 暂不设 换购服务 | | 饰品金条 | 1346 元 | 暂不设 换购服务 | 周生生足金饰品报1495元/克， 较1月20日 1454元/克涨41元/克。 老庙黄金足金饰品报1493元/克， 较1月20日 1455元/克涨38元/克。 来源 中国经济网 新华日报等 校对 林芷悠 编辑 张渝浚 周晨 点点 鼓励小编加油上班 ...

Core Viewpoint - The article highlights the strong performance of Chow Tai Fook in the jewelry industry, showcasing significant growth in retail sales and pricing strategies during the third fiscal quarter of 2026. Group 1: Financial Performance - Chow Tai Fook's retail value increased by 17.8% year-on-year in the third fiscal quarter [2] - Same-store sales growth in mainland China reached 21.4% for direct stores and 26.3% for franchise stores [3] - The average selling price of gold jewelry in mainland China rose to HKD 11,000, up from HKD 7,300 in the same quarter of the previous fiscal year [3] Group 2: Product Performance - The retail value of priced jewelry grew by 59.6% year-on-year, contributing 40.1% to total retail value, up from 29.4% in the previous fiscal quarter [4] - The average selling price of priced gold jewelry in mainland China increased to HKD 9,500, compared to HKD 5,200 in the same quarter of the previous fiscal year [3] Group 3: Market Expansion and Strategy - Chow Tai Fook plans to continue its dual strategy of revitalizing existing markets while expanding into high-potential new markets [5] - The company opened 34 new retail points in mainland China while closing 264, resulting in a net closure of 230 retail points [4] - The company aims to launch new stores in international markets by June 2026, focusing on premium locations [5]

1月21日，现货、期货黄金双双突破4800美元/盎司关口，再创历史新高。截至13时50分，伦敦金现报4874.105美元/盎司，上涨2.33%；COMEX黄金报 4878.5美元/盎司，上涨2.36%。 新年首月，现货黄金涨幅已超8% 有机构预测2026年金价将达到6600美元/盎司 世界黄金协会1月15日发布的数据显示，2025年金价共计53次刷新历史纪录。新年首月，现货黄金涨幅已超8%，涨逾380美元。 1月15日，世界黄金协会数据显示，2025年，金价屡次刷新历史纪录，推动全球投资者以前所未有的资金规模配置实物黄金ETF，北美地区为主要驱动 力；全年的全球黄金ETF流入规模增至890亿美元，全球黄金ETF资产管理总规模（AUM）增长至5590亿美元，双双刷新历史纪录，总持仓攀升至4025吨 的历史峰值。 2025年12月，全球黄金ETF连续第七个月实现资金净流入，当月流入约100亿美元；全球黄金ETF资产管理总规模增长5%，总持仓增长2%。 在多重因素影响下，华尔街机构对2026年金价的预测整体呈现出"高位震荡、长期看涨"的基调，核心目标价则出现一定程度的分化。其中，杰富瑞集团最 为激进，认为将达到66 ...