金价一路猛涨，黄金首饰销售承压已久。但这不妨碍年轻消费者在黄金柜台前青睐那些有趣、可爱的饰 品：迪士尼、小马宝莉、疯狂动物城、线条小狗、黑神话悟空……顶流IP与黄金品牌的联名款一个接一 个，不断推高市场热度，点燃年轻人的购买热情。 小克重也不断被赋予新注解：一两克的足金挂坠不少，与此同时，还有0.2克的金牌，不足0.1克的黄金 挂件、纯金贴片，从两三千元、五六百元再到几十元，消费者可以"丰俭由人"买个开心、图个高兴。 正如有人所说，"二次元"被"镀"了金。黄金为何跨界遇上了"二次元"？又将如何影响黄金消费市场？ "轻量化""可晒性"—— 买黄金"图个开心" 潮玩IP、卡通形象，正登上各大品牌黄金首饰柜台。 在北京一家周大福门店，迪士尼、疯狂动物城、黑神话.悟空等IP联名金饰，被陈列在门店内显眼位 置；一旁的潮宏基（002345）店内，黄油小熊、线条小狗、酷洛米、蜡笔小新等IP联名金饰也连成一 片，成为陈列展柜里一道活泼亮丽的风景线，吸引不少年轻消费者驻足。 不仅联名IP众多，产品形态也愈加丰富。有常见的足金挂坠，加工打造成各式IP形象；也有黄金挂件、 贴片等形态更为新颖的黄金产品，这些薄薄的金片被加工成萌趣I ...

六福集团 分时图 日K线 周K线 月K线 30.20 1.32 4.57% 8.52% 5.68% 2.84% 0.00% 2.84% 5.68% 8.52% 26.42 27.24 28.06 28.88 29.70 30.52 31.34 09:30 10:30 12:00/13:00 14:00 16:10 0 4万 8万 12万 昆明六福黄金价格 昆明六福集团主要从事各类黄金首饰、黄金装饰品、镶石首饰、宝石及其它配饰之采购、零售及批发业务。六福珠宝拥有超过三百间珠宝零售店，遍布于香 港、美国、加拿大、澳门及中国内地等地。集团将继续于国际市场物色新商机，以配合其"国际演绎"的核心品牌理念。 昆明六福集团致力为客户提供物超所值及殷勤挚诚的服务，并于业务各范畴上拓展更多新的领域，以巩固集团于香港、中国内地及海外珠宝业界的领导地 位。 ...

Group 1 - The core business of the company includes the procurement, retail, and wholesale of various gold jewelry, decorative items, gemstone jewelry, and other accessories [3] - The company operates over 300 retail jewelry stores across regions including Hong Kong, the United States, Canada, Macau, and mainland China [3] - The company aims to continue exploring new business opportunities in international markets to align with its core brand philosophy of "International Interpretation" [3] Group 2 - The company is committed to providing customers with value-for-money products and sincere service while expanding into new areas across its business sectors [3] - The company seeks to strengthen its leadership position in the jewelry industry in Hong Kong, mainland China, and overseas [3]

Group 1 - The core business of Harbin Luk Fook Group includes the procurement, retail, and wholesale of various gold jewelry, decorative items, gemstone jewelry, and other accessories [3] - Luk Fook Jewelry operates over 300 retail stores across regions including Hong Kong, the United States, Canada, Macau, and mainland China [3] - The company aims to continue exploring new business opportunities in international markets to align with its core brand philosophy of "International Interpretation" [3] Group 2 - Harbin Luk Fook Group is committed to providing customers with value-for-money products and sincere service [3] - The company is expanding into new areas across various business sectors to strengthen its leadership position in the jewelry industry in Hong Kong, mainland China, and overseas [3]

基本面： 2026年1月20日，实物黄金明牌珠宝黄金报价1455元/克，相比上一个交易日保持不变。铂金价格今天报 价941元/克，相比上一个交易日上涨了1元/克。 法国总理勒科尔尼周一表示，政府将动用宪法第49.3条赋予的特殊权力，不经议会表决而强行通过2026 年预算案。此举打破了其先前不动用该权力的承诺。· 附表： 2026年1月20日 1455 941 元/克 2026年1月19日 1455 940 元/克 金投网提示：以上报价仅供参考，据此交易，风险自担。 明牌珠宝 黄金价格 铂金价格 单位 ...

Group 1 - The gold and silver markets experienced a strong rally, with domestic spot gold reaching a historical high of 1055.47 yuan per gram, up 1.03% on January 20, and spot silver rising to 21.1 yuan per gram, up 0.88% on the same day [1][3] - Year-to-date, spot gold has increased by 84.01 yuan per gram, while spot silver has risen by 4.11 yuan per gram [1] - Domestic gold jewelry prices have also surged, with multiple brands pricing gold jewelry above 1450 yuan per gram, indicating a significant market response to rising gold and silver prices [1] Group 2 - The substantial increase in gold and silver prices is attributed to multiple factors, including geopolitical tensions, U.S. tariffs on European countries, and rising market risk aversion, making gold and silver attractive as safe-haven assets [3] - The Federal Reserve's ongoing rate-cutting cycle and expectations for multiple rate cuts this year have lowered the opportunity cost of holding gold, further supporting its price [3] - The demand for silver is particularly strong, driven by its use in photovoltaic applications, electric vehicles, 5G infrastructure, and AI data centers, while supply responses remain slow [6] Group 3 - Retail demand for gold has increased by approximately 20% in recent weeks, with consumers rushing to purchase gold jewelry amid rising prices [9] - Some consumers are adjusting their purchasing plans due to price increases, opting for lighter-weight items or those with better cost-performance ratios [9] - In the Shenzhen Shui Bei jewelry market, businesses are facing rising raw material costs, prompting them to adjust their strategies by focusing on popular classic styles and increasing the production of silver jewelry to maintain profit margins [10] Group 4 - Multiple institutions express a long-term bullish outlook on gold and silver prices, citing ongoing geopolitical risks and the Federal Reserve's policies as supportive factors [10] - Short-term risks include potential volatility in silver prices due to its dual financial and industrial roles, while gold is expected to remain relatively stable despite being at historical highs [11]

2025年，长期被西方品牌垄断的中国高端消费市场格局被老铺黄金打破。 在全球奢侈品持续遭遇增长放缓压力时，本土品牌老铺黄金却上演着一幕截然相反的景象：在万象城、SKP、恒隆等高端商业中心的门店外，排队等候的人 群常年不断。 贝恩公司资深全球合伙人布鲁诺（Bruno Lannes）在2025年底发出的警示，或许能解释这一幕发生的原因：奢侈品行业正站在十字路口，价格与价值失衡， 品牌亟需以真诚重建信任。 与国际奢侈品牌过于依赖符号炫耀的叙事不同，老铺黄金用文化、工艺、审美以及真切的产品价值，正开创全新的价值消费赛道，提升和满足了消费者成熟 理性的新需求，也让奢侈品回归本质——时间和价值。 奢侈品行业的岔路口 贝恩咨询《2025年全球奢侈品市场研究》显示，全球奢侈品市场进入关键调整期，中国市场持续收缩，按固定汇率计算预计在3%至5%，活跃客户从2022年 的4亿缩减至2025年3.3亿，消费转向本土品牌及体验型品类。 下滑的数据被高净值人群的选择不断印证。近几年，奢侈品消费里的一个明显变化：真正有钱的人，越来越不愿意"被看出来"，外露的LOGO似乎不再是加 码身份证明的利器。 而过去30余年，中国经历了LOGO推动 ...

2026.01.20 作者 |第一财经 刘晓颖 过去一年里，国际金价大涨超过六成，国内黄金价格也随之创下新高。同期，一路高歌猛进的金价拉动 了国内金银珠宝零售额的增长。 根据国家统计局1月19日公布的数据，2025年限额以上单位金银珠宝类零售额为3736亿元，增长 12.8%。 | | 12月 | | 1-12月 | | | --- | --- | --- | --- | --- | | 指 标 | 绝对量 | 同比增长 | 绝对量 | 同比增长 | | | (亿元) | (%) | (亿元) | (%) | | 社会消费品零售总额 | 45136 | 0.9 | 501202 | 3.7 | | 其中:除汽车以外的消费品零售额 | 39654 | 1.7 | 451413 | 4.4 | | 其中:限额以上单位消费品零售额 | 19547 | -1.9 | 201618 | 3.3 | | 其中:实物商品网上零售额 | . | | 130923 | 5.2 | | 按经营地分 | | | | | | 城镇 | 38429 | 0.7 | 432972 | 3.6 | | 乡村 | 6707 | 1.7 | ...

Core Viewpoint - The article discusses the significant increase in gold prices over the past year, which has led to a rise in domestic gold and jewelry retail sales, despite a decline in actual consumer demand for gold products [3][18]. Group 1: Gold Price and Retail Sales - International gold prices surged over 60% in the past year, with domestic gold prices reaching new highs, contributing to a 12.8% increase in retail sales of gold and jewelry, amounting to 373.6 billion yuan in 2025 [3][5]. - The overall retail sales of consumer goods in December 2025 were 45,136 billion yuan, showing a modest growth of 0.9% year-on-year, while retail sales excluding automobiles grew by 1.7% [5]. Group 2: Consumer Behavior and Market Trends - Despite the increase in gold prices, consumer demand for gold jewelry has weakened, with a 7.95% year-on-year decline in gold consumption, and a 32.5% drop in gold jewelry consumption in the first three quarters of 2025 [7][8]. - Retailers are experiencing pressure, as evidenced by major companies like Chow Tai Fook reporting a 1.1% decline in revenue for the first half of the fiscal year 2026, while another company, Mengjin Garden, reported a net loss despite a revenue increase [9][10]. Group 3: Market Polarization - The gold retail market is showing signs of polarization, with traditional brands struggling while high-end brands like Lao Pu Gold are thriving, attracting younger consumers willing to pay a premium for unique and emotional products [12][15]. - Lao Pu Gold has seen significant demand, with reports of long queues at their stores during peak shopping periods, and projections of a 224% increase in net profit for 2025 [13][15]. Group 4: Future Outlook - The World Gold Council predicts that gold prices could rise by 15% to 30% in 2026, with optimistic forecasts suggesting prices may exceed $5,100 per ounce by the end of 2026 [18].

Investment Rating - The investment rating for the company is "Buy" [2][9]. Core Viewpoints - The report emphasizes that the company, Laopu Gold, has established itself as a high-end brand in traditional Chinese gold, with strong competitive barriers and a focus on high-end positioning. The company is expected to benefit from the rising trend of gold prices and the growing domestic high-end consumption market, leading to further expansion and profitability [5][14]. Summary by Relevant Sections Target Market - Laopu Gold aims to create a world-leading gold brand that embodies cultural heritage and international competitiveness. The brand focuses on high-end gold products, with a growing awareness among consumers regarding gold's value, driven by rising gold prices and product upgrades [5][15]. Brand Building Path - The brand-building strategy of Laopu Gold focuses on two main aspects: establishing a brand image significantly above competitors and amplifying brand presence with minimal channel scale. The company has made progress in cultural empowerment and craftsmanship but faces challenges in talent acquisition and competing with established international luxury brands [6][16]. Domestic Market Growth Potential - The company's growth is driven by an expanding customer base, with significant room for increasing the penetration of high-net-worth members and expanding its store presence. There are potential locations for over 56 new stores in shopping centers, primarily in second-tier cities and regions like Hong Kong and Macau [7][17]. Overseas Market Prospects - The report analyzes the overseas market potential, identifying East Asia, South Asia, and the Middle East as mature markets for gold consumption. Southeast Asia is seen as a high-potential market, while the U.S. and Europe are less mature in gold consumption. The company can leverage its brand strategy in these regions, but must adapt to local cultural and aesthetic values [8][18]. Financial Forecast - The projected net profits for Laopu Gold from 2025 to 2027 are estimated at 46.9 billion, 68.9 billion, and 89.5 billion yuan, respectively, with corresponding P/E ratios of 23.5X, 16.0X, and 12.3X. The company is expected to enjoy a valuation premium due to its unique brand positioning and growth potential [9][10].