中金发表研报指，六福集团去年12月底止2026财年第三季度增长超预期，零售值按年增26%，其中中国 内地、港澳及海外地区零售值分别年增26%、20%；中国内地自营店/品牌店、港澳及海外地区同店销售 分别年增7%/31%、16%。中金维持集团2026、2027年每股盈利预测2.7港元、3.02港元不变，维持"跑赢 行业"评级。考虑行业景气度提升带来估值提升，上调目标价12%至34.31港元，分别对应预测2026、 2027年13倍、11倍市盈率。 ...

记者丨李益文 编辑丨叶映橙 更深层次的驱动则来自于全球货币政策预期的摇摆。 安粮期货研报分析认为，当前黄金市场 的核心驱动逻辑在于"滞后的政策宽松预期"与"顽固的通胀现实"之间的博弈。一方面，市场对 全球主要央行，尤其是美联储在2026年的降息前景有所期待；另一方面，通胀数据的黏性又制 约了央行快速转向宽松的空间。 安粮期货分析，以中国人民银行为代表的多国央行持续的购金行为，为金价提供了长期而稳定 的结构性支撑。短期内，金价预计将在货币政策预期摇摆和美元汇率波动的共同影响下，维持 区间波动偏强格局。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 1月19日，国际黄金市场迎来大幅上涨，现货黄金一度站上4690美元/盎司关口， 刷新历史最 高纪录， 日内涨幅超2%。COMEX黄金期货价格同步走强，最高触及4698美元/盎司，距离 4700美元整数关口仅一步之遥。截至当日10时45分，现货黄金报4659美元/盎司，COMEX黄 金报4667美元/盎司，仍维持在历史高位区间。 | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | -- ...

周 大 福 SINCE 1929 今日金价 更新于2026年01月19日 09:46:55 1月19日，现货黄金一度站上4690美元/盎司，创历史新高。国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格大涨： 老凤祥报价1456元/克； 老庙黄金报价1459元/克； 周生生报价1451元/克； 周大福报价1455元/克。 | 5 | 1 | 0 | | | | | --- | --- | --- | --- | --- | --- | | 1 | 11 | 1 | . | 1 | . | 今日金价 名称 价格 (人民币/克) 足金饰品 1459.00 θ金饰品 860.00 工艺金条 1285.00 2026年01月19日 1011元/克 黄金回收服务金价 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 キ 零售金价 活要 1455元/克 ( 饰品、工艺品类 ) 1276元/克 工艺金章金条类 黄金增值服务 黄金增值服务金价 1236元/克 ( 金条、金章不作增值服务) 黄金回收服务 ...

Summary of LUK FOOK Holdings Conference Call Company Overview - **Company**: LUK FOOK Holdings - **Date**: January 16, 2026 Key Industry Insights - **Market Dynamics**: The adjustment of value-added tax (VAT) in mainland China and the appreciation of the Renminbi have enhanced the price competitiveness of the Hong Kong and Macau markets, attracting more mainland tourists, which benefits LUK FOOK's retail business in these regions. Approximately 75% of tourists in this market are from mainland China [2][7]. - **Product Differentiation**: LUK FOOK has introduced differentiated products such as ice diamonds and IP collaboration items, with gold-inlaid diamond products showing particularly strong performance, effectively driving overall sales growth and achieving double-digit growth in the mainland market [2][5]. Financial Performance - **Sales Growth**: The company expects double-digit growth in both revenue and profit for the full year, with profit growth anticipated to outpace revenue growth [3][25]. - **Gold Price Impact**: The demand for fixed-price gold products remains strong, with average transaction prices increasing by 50-60% due to rising gold prices, leading to increased sales volume [2][8][10]. Store Network Strategy - **Store Management**: LUK FOOK has been optimizing its store network by reducing the number of stores in lower-tier cities while increasing the number of direct-operated and premium brand stores. The company has accelerated its overseas expansion, expecting to complete the goal of opening 50 new stores within three years ahead of schedule [2][6][20]. - **Store Closures**: In the first three quarters of 2025, approximately 200 stores were closed, with a net closure of over 170 stores in the first half of the fiscal year [6]. Pricing Strategy - **Price Adjustments**: LUK FOOK has raised gold prices twice in the fourth quarter, with an 8% increase in weight-based gold prices due to VAT changes. The sales differences before and after price adjustments are gradually decreasing [11][21]. Product Performance - **Gold and Diamond Sales**: The sales of K-gold and diamond products are recovering, but the sales increase of weight-based gold products has been more significant due to recent gold price hikes [10]. - **New Product Launches**: The Tang Palace Night Banquet series has performed well, accounting for about 1% of overall sales, with plans to introduce more IP series in the next three years to maintain market competitiveness [12][29]. Overseas Market Insights - **Market Performance**: The overseas market is performing better than the mainland, with North America showing significant sales levels comparable to Hong Kong. The company plans to open more brand franchise stores in the U.S. and Southeast Asia [2][18][20]. - **Profitability**: Most overseas direct-operated stores are profitable, with a profit margin reaching double digits [30]. Consumer Behavior - **Tourist Spending**: The price difference between the Hong Kong/Macau markets and the mainland positively impacts sales, with an increase in tourist numbers and a decrease in purchasing through agents [7]. Future Outlook - **Growth Projections**: The company anticipates that the overall performance will exceed previous expectations, with a focus on maintaining a stable growth trajectory through strategic store openings and product differentiation [25][30]. Additional Considerations - **Dividend Policy**: The dividend policy remains unchanged, with a minimum dividend of HKD 1.1, and a payout ratio of 45% for amounts exceeding this threshold [26].

1月19日，现货黄金一度站上4690美元/盎司，创历史新高。国内黄金饰品价格对比显示，多家黄金珠宝 品牌公布的境内足金首饰价格大涨，老凤祥报价1456元/克，老庙黄金报价1459元/克，周生生报价1451 元/克，周大福报价1455元/克。 ...

Core Viewpoint - Zhou Dasheng's stock experienced a decline of 1.13% on January 16, with a trading volume of 66.54 million yuan, indicating a potential concern regarding investor sentiment and market performance [1] Group 1: Financial Performance - For the period from January to September 2025, Zhou Dasheng reported a revenue of 6.772 billion yuan, representing a year-on-year decrease of 37.35% [2] - The net profit attributable to shareholders for the same period was 882 million yuan, showing a year-on-year increase of 3.13% [2] Group 2: Shareholder and Market Data - As of September 30, 2025, the number of shareholders for Zhou Dasheng was 30,700, a decrease of 8.30% compared to the previous period [2] - The average circulating shares per shareholder increased by 9.05% to 35,203 shares [2] Group 3: Financing and Margin Data - On January 16, Zhou Dasheng had a financing balance of 134 million yuan, which accounted for 1.01% of its market capitalization, indicating a high level of financing activity [1] - The company had a net financing purchase of 105,900 yuan on the same day, with a total financing buy amount of 4.26 million yuan [1] Group 4: Dividend Information - Zhou Dasheng has cumulatively distributed 5.517 billion yuan in dividends since its A-share listing, with 2.985 billion yuan distributed over the past three years [3] Group 5: Institutional Holdings - As of September 30, 2025, the third-largest circulating shareholder was Hongli Low Volatility (512890), holding 28.5812 million shares, an increase of 3.3003 million shares from the previous period [3] - The fourth-largest shareholder, Harvest New Consumption Stock A (001044), reduced its holdings by 583,800 shares [3]

Group 1: Outdoor Apparel Industry - The outdoor footwear and apparel industry has maintained rapid growth since 2021, with a CAGR of 25.3% for outdoor apparel and 18.4% for outdoor footwear, projected to grow by 24.5% and 16.3% year-on-year in 2025 respectively [24][26] - Online sales of outdoor footwear are growing faster than apparel, with outdoor footwear online sales growth maintaining over 40%, while certain apparel categories like jackets and sun-protective clothing are experiencing slower growth [24][26] - Key outdoor brands such as Kailas and Berghaus are showing strong momentum, while brands like The North Face are underperforming; the market is becoming more diversified with new brands emerging [25][26] Group 2: AI Application in Computing Industry - Major international companies are focusing on AI application in vertical scenarios, with OpenAI and Anthropic launching healthcare-focused AI models, enhancing compliance and professional services [28] - Domestic companies are also advancing in AI applications, with Alibaba upgrading health services and Tencent providing comprehensive support for mini-programs, indicating a strong push towards AI integration [28] - The market for AI applications is expected to see significant growth, with predictions indicating that the GEO market will reach $24 billion globally by 2026, driven by high consumer trust in AI applications in China [30][32] Group 3: Public Utilities Industry - The public utilities sector, including electricity, gas, and water, is characterized by its "essential" nature, with stable long-term growth prospects [32] - The transition to low-carbon energy sources is accelerating, with the share of clean energy consumption expected to reach 28.6% of total energy consumption by 2024, up 2.2 percentage points year-on-year [32][33] - There is a growing trend of overseas funds over-allocating to the public utilities sector, with significant increases in holdings by institutional investors in this industry [33]

Group 1 - Gold prices surged to record highs, with New York futures exceeding $4,670 per ounce, marking a daily increase of 1.62%. Spot gold briefly surpassed $4,690 per ounce, with a daily rise of 2.06%, and was reported at $4,685.351 per ounce, up 1.96% at the time of publication [1] Group 2 - President Donald Trump announced a 10% tariff on goods from eight European countries opposing his Greenland acquisition plan, effective February 1, with an increase to 25% starting in June. This has raised concerns about potential retaliatory measures from Europe, fueling demand for precious metals as a safe haven [3] Group 3 - Chao Hong Ji has adjusted prices for several gold jewelry items, with increases ranging from hundreds to tens of thousands of yuan. A specific pendant saw a price rise of 19,000 yuan, with overall price adjustments between 10% to 20% [4][5] - The price adjustments follow a previous increase in October, and are attributed to rising raw material and related costs, as noted by Zhou Sheng Sheng, which also announced price hikes for its gold jewelry products earlier this month [6]

Group 1 - The core point of the article highlights that a specific pendant from Chao Hong Ji has increased in price by 19,000 yuan, indicating a significant price adjustment in the jewelry market [1] - The price adjustment for "one-price" products varies, with increases ranging from several hundred to over ten thousand yuan, generally between 10% to 20% [1] - The store employee mentioned that customers can still purchase at the original price for a limited time and can apply for discounts of 10-20% [1] Group 2 - The price increase is attributed to the rising gold prices, which are influencing the pricing strategies of various jewelry brands, not just Chao Hong Ji [1] - The company is also offering discounts on weight-based pricing products, with reductions of 100-140 yuan per gram [1]

Company Dynamics - The company reported a retail value growth of 26% year-on-year for 3QFY26 (October-December 2025), with retail values in mainland China, Hong Kong and Macau, and overseas markets growing by 26%, 20% respectively [1] - Same-store sales in mainland China and Hong Kong and Macau increased by 7% and 31%, and 16% respectively [1] - The company achieved better-than-expected accelerated growth in 3QFY26, with retail value and same-store sales growing by 26% and 15% year-on-year, respectively [1] Market Performance - In mainland China, despite a high base effect, retail value grew by 26%, with brand store same-store sales increasing by 31%, outperforming self-operated stores which grew by 7% [1] - The company opened 19 new self-operated stores, bringing the total to 235, while brand stores decreased by 66 to 2,701 [1] - The Hong Kong and Macau markets benefited from product price differences, entertainment activities, and RMB appreciation, with retail value growing by 20% and same-store sales by 16% [1] Product Performance - Pricing for gold products continued to perform well, with same-store sales for self-operated and brand stores in mainland China showing a decline of 2% and an increase of 30% respectively [1] - Same-store sales for priced jewelry grew by 56% and 38% for self-operated and brand stores respectively, with priced gold products increasing by 93% and 60% [1] - In the Hong Kong, Macau, and overseas markets, same-store sales for gold products and priced jewelry grew by 17% and 14% respectively, with priced gold increasing by 27% [1] Sales Momentum - Since the beginning of 2026, terminal sales have continued to show positive momentum, with consumers adapting to high gold prices [2] - The adjustment of the gold value-added tax policy in mainland China has widened the price gap between the Hong Kong market and the mainland, boosting sales performance in the Hong Kong market [2] - The company’s same-store sales performance improved further in the first week of January compared to 3QFY26, indicating ongoing positive trends [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at HKD 2.70 and HKD 3.02 respectively, with the current stock price corresponding to 10x and 9x FY26/27 P/E [2] - The target price has been raised by 12% to HKD 34.31, reflecting a valuation uplift due to improved industry sentiment, corresponding to 13x and 11x FY26/27 P/E, indicating a 25% upside potential [2]