Group 1 - The price of spot gold in London has surpassed $3,500 per ounce, marking a historical high, with a year-to-date increase of over 33% [1] - Domestic gold jewelry prices have also seen significant increases, with Chow Sang Sang priced at 1,041 RMB per gram, up 16 RMB from the previous day, and Lao Miao Gold at 1,034 RMB, rising by 11 RMB in a single day [4] - The current prices for various gold and platinum products are as follows: 24K gold jewelry at 1,034 RMB per gram, platinum at 470 RMB per gram, and gold bars at 989 RMB per gram [5] Group 2 - Chow Sang Sang's selling price for 24K gold jewelry is 1,041 RMB per gram, with a gold exchange price of 907 RMB [6] - The selling price for 950 platinum jewelry is 571 RMB per gram, with a gold exchange price of 459 RMB [6] - The selling price for Shengsheng Gold is 921 RMB per gram [6]

Group 1 - Domestic gold jewelry prices have seen significant increases, with Chow Sang Sang priced at 1041 RMB per gram, up 16 RMB from the previous day, and Lao Miao Gold at 1034 RMB per gram, up 11 RMB in a single day [2] - The price of 24K gold jewelry is currently 1034 RMB per gram, while platinum jewelry is priced at 470 RMB per gram, and crafted gold bars at 989 RMB per gram [5] - On September 1, international gold prices surged, with December futures on the New York Mercantile Exchange briefly exceeding 3550 USD per ounce, marking a historical high [6] Group 2 - The weakening US dollar, reaching a five-week low, has contributed to the rise in international gold prices, driven by market expectations of a potential interest rate cut by the Federal Reserve [7] - The upcoming US non-farm payroll data release is anticipated to be a crucial indicator of economic health, potentially influencing market expectations regarding the Fed's interest rate decisions [9] - In August, international gold prices experienced a cumulative increase of over 5%, representing the best monthly performance since April of this year [9]

Group 1 - The gold and jewelry index experienced an intraday increase of over 2% on September 2 [1] - Among the constituent stocks, Laisen Tongling and Western Gold reached the daily limit up [1] - Yuguang Gold Lead and Chaohongji saw increases of 5.35% and 4.43% respectively [1]

Group 1 - In August, gold prices saw a significant increase of 4.78%, marking the best monthly performance since April, attracting global investor attention [1] - On September 1, spot gold prices briefly surged by 0.01%, reaching $3,486.16 per ounce, close to the peak established in April [1] - The Shanghai gold market also experienced notable increases, with prices rising over 2% at times, peaking at ¥802.38 per gram [1] Group 2 - The gold and jewelry sector in the A-share market showed significant growth, with the precious metals index increasing by nearly 6%, and the Wande Gold ETF index rising by almost 2% [5] - Market expectations suggest that the Federal Reserve will implement interest rate cuts in September, which has stabilized gold prices [5] - The recent rise in gold prices, surpassing the psychological threshold of $3,400, indicates a strengthening bullish sentiment in the market [5] - Key factors driving the recent increase in gold prices include the recently released U.S. personal consumption expenditure (PCE) price index, which rose by 0.2% month-over-month and 2.6% year-over-year, aligning with market predictions [5]

Summary of the Conference Call on the Gold and Jewelry Industry Industry Overview - The conference call focused on the gold and jewelry industry, particularly during the Qixi Festival in 2025, highlighting sales performance and market trends among various brands [2][4][6]. Key Points and Arguments 1. **Sales Performance During Qixi Festival 2025**: - Traditional brands like Lao Feng Xiang and China Gold saw significant sales growth, with some stores achieving sales over 200,000 yuan, and high-performing stores reaching 500,000 to 600,000 yuan [2][4]. - Gold products overall experienced a 15% growth, with China Gold and Lao Feng Xiang growing approximately 10%, while Chow Tai Fook saw a decline of 5-8% [2][6]. 2. **Market Trends and Brand Performance**: - Chow Tai Fook and other brands did not show significant improvement during the festival, while Chow Hong Ji is expected to perform well in the future, planning to open new stores in Northern Jiangsu [2][7]. - Chow Hong Ji has advantages in lower-tier markets with fashionable products at lower price points, appealing to younger consumers, but higher sales are noted in economically developed Southern Jiangsu [8]. 3. **Data Management and Inventory Control**: - Chow Hong Ji excels in data management, allowing for effective single product management and inventory control, reducing the risk of unsold stock through data analysis rather than relying solely on franchisee experience [9]. 4. **Store Opening and Closing Trends**: - The East China region saw a mix of store openings and closures in 2025, with brands adjusting unprofitable stores in real-time. Franchisees prefer taking over existing stores rather than opening new ones [10][11]. 5. **Impact of Gold Price Fluctuations**: - Fluctuations in gold prices significantly impacted terminal sales, particularly in Q2 2025, but market sentiment improved in July and August, leading to better-than-expected Q3 data [5][13]. 6. **Future Market Expectations**: - Optimism surrounds Chow Hong Ji's future, with plans for expansion in suitable areas, while Lao Feng Xiang benefits from regional protection policies aiding price control [7][15]. 7. **Consumer Behavior and Product Acceptance**: - In economically developed areas, consumers are more accepting of price-tagged products, while in less developed regions, there is a stronger focus on weight, leading to potential price wars [17]. - The acceptance of price-tagged products varies, with traditional brands like China Gold and Lao Feng Xiang having a balanced ratio of price-tagged products, while Chow Tai Fook is increasing its share [18]. 8. **Sales Growth Potential**: - Chow Hong Ji's single-store sales have increased from approximately 5 million yuan to 10-12 million yuan, indicating room for further growth as high-priced product buyers become a larger consumer group [19]. 9. **Wedding Demand Trends**: - Overall wedding demand is declining due to fewer marriages, with a shift in preferences from traditional gold and diamond combinations to gold jewelry [21][22]. 10. **Fourth Quarter Market Predictions**: - The gold and jewelry industry is expected to maintain stable growth in Q4 2025, although weaker operators may be phased out or merged [23][24]. Additional Insights - Some franchisees are considering investments in other retail sectors with lower initial investment and quicker returns, such as small household goods retail, due to the high capital requirement for opening jewelry stores [14]. - Brands like Lai Shen Tong Ling and Man Ka Long are noted for their growth potential in Jiangsu, with Lai Shen Tong Ling focusing on embedded products and Man Ka Long performing well in online sales despite limited store numbers [24][25]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the gold and jewelry industry.

"对于普通消费者来说，克价800元是个分水岭。"在水贝从事黄金珠宝生意的陈经理表示："每次金价突 破800元/克，对零售生意的影响就会放大。不过，我认为金价还有上涨空间。" 与此同时，消费者对高金价似乎也已"习惯"。有消费者表示，金价起伏很正常，从长期来看黄金作为避 险资产的地位依然稳固。陈经理也表示，此前金价高位横盘，回收量也没有明显增加，也可以看出大部 分消费者还是看好金价未来走势。 近期，美联储主席鲍威尔的偏鸽派言论以及美国发布的经济数据，均不断强化市场对美联储9月降息的 预期，同时为金价的上涨提供支撑。另外，美国总统特朗普与美联储官员的争端也进一步驱使避险资金 从美元转向黄金，从而推升金价。据最新的CME"美联储观察"数据，美联储9月维持利率不变的概率为 12.6%，降息25个基点的概率为87.4%。在此背景下，华尔街齐声看好金价行情。 金价再度大涨。 今日（9月1日），COMEX黄金价格盘中最高涨至每盎司3557.1美元，突破了8月初创下的每盎司3534.1 美元的历史高点；现货黄金逼近今年4月创下的每盎司3500美元历史纪录。受此影响，A股黄金股全线 飙涨，国内多家品牌金饰价格再度超过1000元/ ...

金价再度大涨。 世界黄金协会发布的《2025年二季度中国黄金市场回顾与趋势分析》指出，下半年中国金饰消费或继续 承压，因消费者信心低迷与金价高企，行业整合也将抑制上游需求，不过季节性改善及潜在政策刺激有 望提供部分支撑。有分析人士认为，上半年以美元计算的金价涨幅高达26%，跑赢多数主流资产类别。 如此强势的开局，意味着今年下半年金价可能会在相对窄幅的区间内震荡。此外，宏观经济环境前景仍 高度不明朗，这或许将为黄金提供进一步支撑。若全球经济或地缘政治局势出现任何实质性恶化，黄金 作为避险资产的吸引力都可能被进一步放大，将推动金价再度走高。 "对于普通消费者来说，克价800元是个分水岭。"在水贝从事黄金珠宝生意的陈经理表示："每次金价突 破800元/克，对零售生意的影响就会放大。不过，我认为金价还有上涨空间。" 与此同时，消费者对高金价似乎也已"习惯"。有消费者表示，金价起伏很正常，从长期来看黄金作为避 险资产的地位依然稳固。陈经理也表示，此前金价高位横盘，回收量也没有明显增加，也可以看出大部 分消费者还是看好金价未来走势。 近期，美联储主席鲍威尔的偏鸽派言论以及美国发布的经济数据，均不断强化市场对美联储9月降息 ...

金价再度大涨。 而在深圳水贝黄金珠宝市场，记者采访了多位商家得知，8月30日水贝市场的金饰克价在796元左右，今 日的克价已经涨到806元。 "对于普通消费者来说，克价800元是个分水岭。"在水贝从事黄金珠宝生意的陈经理表示："每次金价突破 800元/克，对零售生意的影响就会放大。不过，我认为金价还有上涨空间。" 与此同时，消费者对高金价似乎也已"习惯"。有消费者表示，金价起伏很正常，从长期来看黄金作为避险 资产的地位依然稳固。陈经理也表示，此前金价高位横盘，回收量也没有明显增加，也可以看出大部分消 费者还是看好金价未来走势。 今日（9月1日），COMEX黄金价格盘中最高涨至每盎司3557.1美元，突破了8月初创下的每盎司3534.1 美元的历史高点；现货黄金逼近今年4月创下的每盎司3500美元历史纪录。受此影响，A股黄金股全线飙 涨，国内多家品牌金饰价格再度超过1000元/克，深圳水贝市场的金饰克价也再度突破800元。 近期，美联储主席鲍威尔的偏鸽派言论以及美国发布的经济数据，均不断强化市场对美联储9月降息的预 期，同时为金价的上涨提供支撑。另外，美国总统特朗普与美联储官员的争端也进一步驱使避险资金从美 元 ...

截至2025年9月1日，国内黄金市场迎来一波强劲涨势——周大福、六福珠宝等品牌金饰价格均已升至1027 元/克；老凤祥、周生生也紧随其后，报1025元/克。单周涨幅普遍超过15元/克！ 与此同时，国际金价同样表现抢眼，COMEX黄金主力合约价格一度触及3552.4美元/盎司，刷新历史最高 纪录。现货黄金也一度站上3480美元/盎司，正在尝试冲击新高！ 一是美联储降息预期强化： 市场对美联储9月降息25个基点的概率超过85%.美联储主席鲍威尔此前暗示即使通胀存在上行风险，仍对 降息持开放态度。低利率环境通常利好黄金，因其不产生利息，机会成本较低。 二是避险需求激增： 特朗普总统对美联储理事库克的免职风波，引发市场对美联储独立性的担忧，部分投资者转而买入黄金寻 求避险。 在黄金大黑马再度驰骋的前夕，巨象金业特奉上丰厚奖赏，助您轻松上车把握盈机！ 金价为何持续攀升？ 此外，中东局势（如以色列与胡塞武装的冲突）和俄乌局势尚未出现新的和谈进展，也加剧了市场避险情 绪。 现货黄金蓄势待发，把握本轮机遇迅速上车！ 当前形势下，多家金融机构持续看好黄金：瑞士银行已将2026年上半年国际金价目标价上调至3700美元/盎 司；美 ...

经历连续多日拉涨，国际金价再度刷新历史高点。 9月1日上午，国际现货黄金高开。COMEX黄金价格盘中最高冲抵3552.4美元/盎司，突破 了8月初创下的3534.1美元/盎司的历史高点。而国内期货市场上，沪金主力合约2510早间 也大涨，盘中突破800元/克。 过去一周，金价持续上涨，现货黄金周内涨超80美元/盎司，涨幅超2%，同时创下近四个 月新高。COMEX黄金近一周也持续上涨，今日盘中站上3500美元关口。 受此影响，国内品牌金饰价格也达到近期高点。中新经纬9月1日查询发现，周大福金饰价 格为1027元/克，单克一周涨了18元；老庙黄金价格为1023元/克，单克一周涨了16元； 周六福足金999为1000元/克，一周上涨15元/克；老凤祥为1025元/克，单周上涨15元/ 克；周生生价格为1025元/克，单周上涨15元/克。 美国银行的分析师指出，有两个重要原因推高国际金价：一是美联储主席鲍威尔8月22日在 杰克逊霍尔全球央行年会上发言暗示即使美国通胀存在上行风险，美联储仍对降息持开放态 度后，市场对美联储9月降息的预期大幅升温，国际金价再次收于每盎司3400美元上方； 二是近期美联储理事库克遭特朗普免 ...