Group 1 - The core viewpoint of the report is that Luk Fook Holdings (00590) has shown a strong start this year, continuing the growth momentum from the end of last year, and is expected to maintain a steady trajectory into 2026 [1] - The sales performance in Hong Kong and Macau stores has been robust, supported by favorable base figures and increased consumer spending from mainland tourists, despite the mainland market facing high base challenges [1] - Management is optimistic about the outlook for February this year, anticipating that the strong performance in gold jewelry consumption and the ongoing optimization of fixed-price products will contribute to a potential record high in gross margin in the second half of this year [1] Group 2 - Key favorable factors for the group include high gold prices, strong tourism demand, and a higher business proportion in Hong Kong and Macau compared to peers, which provides a pricing advantage [1] - In the medium to long term, optimizing store structure and accelerating expansion in Southeast Asia and Europe is expected to increase the contribution of overseas business from the current 9% to between 10% and 15% [1] - Earnings forecasts for this year and next year have been raised by 5% to 8%, with gross margin predictions adjusted upward by 0.5 and 0.25 percentage points to 35.1% and 35.6%, respectively, primarily due to strong gold demand and rising gold prices [1]

Core Viewpoint - The precious metals market has experienced significant volatility, with gold and silver prices dropping sharply before rebounding, prompting various banks to adjust their gold accumulation policies and issue risk warnings [1][4][5]. Group 1: Market Movements - On February 2, spot gold and silver prices saw drastic declines, with silver dropping over 10% and gold nearly 4%, before rebounding to $4,900 per ounce for gold and $86.66 per ounce for silver [1]. - The Shanghai Gold Exchange announced adjustments to the margin levels and price limits for silver contracts due to large price fluctuations, increasing the margin from 20% to 26% and the price limit from 19% to 25% in case of a one-sided market [2]. Group 2: Bank Responses - Major banks, including ICBC, ABC, BOC, CCB, and Bank of Communications, have adjusted their gold accumulation services and issued risk warnings in response to the volatile precious metals market [4][5]. - ICBC has raised the minimum investment amount for its gold accumulation service from 1,000 yuan to 1,100 yuan, effective January 8, and has implemented limits on transactions during non-trading days starting February 7 [6][8]. - CCB has increased the minimum investment amount for its gold accumulation service to 1,500 yuan as of February 2 [10]. Group 3: Investor Behavior - In the Shenzhen market, there has been a surge in gold purchases, with some investors taking advantage of the price drop to buy gold bars, leading to significant sales volumes [21][24]. - The market has also seen a rise in gold buyback activity, with some investors selling their holdings due to price volatility, indicating a mixed sentiment among investors [22][24].

| 2月2日，现货黄金巨震，日内一度跌超6%，现报4737.052美元/盎司。 | | --- | | < W | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | 4737 052 "Fa | | | 4895.118 | 息量 | | 0 | | -158.066 | -3.23% 升益 | | 4783.510 | 现 | | 0 | | 最高价 | 4884.784 | 持 仓 | 0 | 外 盘 | | 0 | | 最低价 | 4583.077 | 增 仓 | 0 | 内 盘 | | 0 | | 45时 | モ日 | EK | 周Ｋ | 月K | 更多 | (0) | | 營加 | | | | 均价:0.000 | | | | 5207.159 | | | | 6.37% 卖一 4738.478 | | | | | | | | | 头一 4737.052 | | | | | | | | 9:36 4736.822 9:36 4736.881 | 0 0 | | 4 ...

Core Viewpoint - The recent sharp decline in gold and silver prices has sparked significant market discussion, primarily driven by expectations of a hawkish policy from the newly appointed Federal Reserve chairman, alongside profit-taking and liquidity issues in the market [1][3]. Group 1: Price Movements - On January 31, spot gold prices fell by 12.92%, dropping below $4,700 per ounce to a low of $4,695, marking the largest single-day decline since April 1980 [1] - Spot silver prices experienced a dramatic drop of up to 36%, reaching a low of $77.7 per ounce, the largest single-day decline since February 1983 [1][2]. - The closing price for spot gold was reported at $4,894.49 per ounce, reflecting a decline of over 9%, while spot silver closed at $84.63 per ounce, down nearly 27% [2]. Group 2: Market Reactions - Following the price drop, several banks, including ICBC and CCB, issued risk warnings and adjusted their gold investment services, advising investors to assess their risk tolerance and maintain a rational investment approach [4][5]. - Major jewelry brands have also adjusted their gold prices, with many returning to the range of 1,500-1,600 yuan per gram, reflecting the international price drop [2]. Group 3: Future Outlook - Analysts from China International Capital Corporation (CICC) remain optimistic about the long-term prospects for gold, suggesting that the bull market may not be over despite the recent volatility [3]. - The core reasons for the recent decline include signals from the Federal Reserve regarding delayed interest rate cuts and personnel changes, leading to panic selling [3]. - The long-term support for gold prices is expected to come from continued central bank purchases, anticipated rate cuts by the Federal Reserve, and geopolitical risk factors [3].

编者注：2月2日，现货白银延续跌势，日内跌幅扩大至10%，报76.89美元/盎司。现货黄金向下跌破4700美元，日内下跌3.33%。 1月的最后一个交易日，金银价格发生史诗级暴跌。 现货黄金盘中最大跌幅突破12%，击穿5000美元/盎司大关；现货白银盘中最大跌幅超35%，为近40年最大单日跌幅。 这场始于美联储主席提名的多米诺骨牌，在24小时内接连推倒对冲基金、高杠杆资金，恐慌情绪迅速蔓延至工业金属、加密货币等领域。与此同时，国内金 饰价格两日内每克最高回调超200元，引发零售端退货争议。 "这不是简单的回调，而是一场由政策预期突变引发的流动性踩踏。"交易人士告诉记者，"前期芝加哥商品交易所（CME）及国内的上海期货交易所已持续 上调黄金、白银交易保证金比例，交易者在黄金、白银上积累了过多杠杆，断崖式暴跌触发了大规模的保证金追缴（margin call），被迫抛售成为压垮骆驼 的最后一根稻草。" 沃什提名引爆金银创纪录重挫 消息面上，美国总统特朗普于当地时间周五（1月30日）通过社交媒体宣布，提名美联储前理事凯文・沃什接替杰罗姆・鲍威尔，出任美联储新一任主席。 美元指数瞬间被点燃，现货黄金价格如自由落体般从5 ...

2026年1月30日夜间，全球贵金属市场上演了一场"史诗级屠戮"。 伦敦金现价格从5450美元高点骤然崩塌，短短半小时内狂泻380美元，最低触及4686美元/ 盎司，单日跌幅突破10%，创下自1983年以来的最大单日暴跌纪录。 同步跟跌的现货白银更显惨烈，盘中跌幅一度扩大至35%，跌破80美元关口，贵金属市 场的恐慌情绪如病毒般蔓延至全球每一个角落。 这场暴跌的导火索直指美联储核心人事变动。 1月29日晚，特朗普提名鹰派前美联储理事凯文·沃什接替鲍威尔出任下任美联储主席。 沃什曾公开批评量化 宽松政策，主张美联储与财政部强化协作，市场迅速将其解读为货币政策转向的强硬信号。 此前市场普遍押注的"2026年上半年降息3次"预期瞬间瓦解，美 元指数应声暴涨0.93%至97.03，10年期美债收益率飙升18个基点。 黄金作为无息资产，在美元强势反弹与持有成本飙升的双重夹击下，瞬间失去避险光 环。 暴跌并非孤立事件，而是前期泡沫积累的必然结果。 2026年1月，伦敦金现月度涨幅超23%，价格一度冲至5626.80美元的历史峰值。 技术面上，黄金相对 强弱指数（RSI）长期维持在90以上的极端超买区间，价格偏离20日均线 ...

转自：扬子晚报 1月31日，"罗湖区工作专班"发布《情况通报》： 在工作专班督促下，杰我睿公司处置资产、筹集资金，已启动兑付。杰我睿公司已开通线上签约兑付渠 道，并设立线下接洽办理点，地址：罗湖体育馆，罗湖区罗沙公路经二路48号。杰我睿公司已委托第三 方专业机构对公司经营情况进行审计。初步结果显示，网传金额明显夸大。 全文如下↓ 深圳水贝黄金预定价平台"杰我睿"出现兑付困难。 公开信息显示，"杰我睿"由深圳水贝黄金原料交易商深圳市杰我睿珠宝有限公司控制，近年来业务逐步 转向贵金属零售，并向散户开放黄金预定价交易。 1月28日，记者从罗湖区获悉，罗湖区工作掌握辖区企业"杰我睿"经营异常，第一时间组建工作专班介 入，督促企业履行主体责任。 此前报道 来源：央 广网综合 "罗湖Plus"客户端、智通财经 ...

1月31日，深圳市罗湖区工作专班发布情况通报：罗湖区工作专班持续介入处置深圳市杰我睿珠宝有限公司（以下简称杰我睿公司）经营异常事件，现将 最新情况通报如下： 一、在工作专班督促下，杰我睿公司处置资产、筹集资金，已启动兑付。 二、杰我睿公司已开通线上签约兑付渠道，并设立线下接洽办理点，地址：罗湖体育馆，罗湖区罗沙公路经二路48号。 三、在工作专班监督下，杰我睿公司已委托第三方专业机构对公司经营情况进行审计。初步结果显示，网传金额明显夸大。 此前媒体报道，深圳水贝黄金预定价平台"杰我睿"出现兑付困难。公开信息显示，"杰我睿"由深圳水贝黄金原料交易商深圳市杰我睿珠宝有限公司控制， 近年来业务逐步转向贵金属零售，并向散户开放黄金预定价交易。 综合自人民财讯等 责编：梁秋燕 ...

（原标题：刚刚，官宣了！这家黄金平台，已启动兑付） 【导读】罗湖区工作专班：水贝黄金平台杰我睿公司已启动兑付 中国基金报 晨曦 综合整理 企查查信息显示，杰我睿成立于2014年，主营业务为有色金属及矿石批发。该公司原为水贝地区黄金原 料交易商，从上游供货方采购、回收黄金原料，向下游小商户供货。近年来，杰我睿业务逐步转向贵金 属零售，并向散户开放黄金预定价交易，也因此扩大了风险敞口。 多名投资者称，自2026年1月20日起，杰我睿线上平台就已无法正常提现。自2026年1月21日起，平台将 每日提现额度限制为500元人民币与1克黄金，至今仍无法提取任何资金。 据红星新闻，有用户介绍称，杰我睿预定价最低时，仅需20余元，就可锁定一克黄金，杠杆高达40倍左 右。而同期上海黄金交易所黄金合约保证金比例约为14%，期货公司还要额外加收2%—5%的手续费， 同样锁定一克黄金所需保证金至少需要144元。 另外，杰我睿在平台停止正常兑付前的1月17日还推出了优惠活动，声称1月24日举行"一年一次免工费 活动"，吸引了大量用户提前寄送黄金或充值购买黄金。杰我睿相关交易平台关闭前，还曾显示有5万多 名用户排队等待打款。 1月28日 ...

1月31日，深圳罗湖区工作专班发布情况通报： 罗湖区工作专班持续介入处置深圳市杰我睿珠宝有限公司（以下简称杰我睿公司）经营异常事件，现将最新情况通报如下： 一、在工作专班督促下，杰我睿公司处置资产、筹集资金，已启动兑付。二、杰我睿公司已开通线上签约兑付渠道，并设立线下接洽办理点，地址：罗湖 体育馆，罗湖区罗沙公路经二路48号。三、在工作专班监督下，杰我睿公司已委托第三方专业机构对公司经营情况进行审计。初步结果显示，网传金额明 显夸大。 四、工作专班已设立群众咨询热线电话：0755-25690100，0755-25690162（每天9：00-18：00，含周末）。五、相关部门正对各类线索进行核 查，将依法依规处理。请广大公众不信谣、不传谣，共同维护良好的社会秩序与网络环境。 每经编辑｜段炼 编辑|段炼 易启江 此前报道： 深圳水贝黄金预定价平台"杰我睿"出现兑付困难。 公开信息显示，"杰我睿"由深圳水贝黄金原料交易商深圳市杰我睿珠宝有限公司控制，近年来业务逐步转向贵金属零售，并向散户开放黄金预定价交易。 1月28日，智通财经从罗湖区获悉，罗湖区工作掌握辖区企业"杰我睿"经营异常，第一时间组建工作专班介入，督促企 ...