In Italy's storied goldmaking hubs, jewellers are reworking their designs to trim gold content as they race to blunt the impact of record prices and appeal to shoppers watching their budgets. ...

Group 1: Gold Price Surge - The domestic gold jewelry price has surpassed 1600 RMB per gram, with a significant demand observed as a regular gold counter in Zhengzhou sold 1.2 million RMB worth of investment gold bars in just three hours [1] - International gold prices have continued to rise, with London spot gold reaching 5204.96 USD per ounce, marking a 2.41% increase, while New York futures prices hit 5207.07 USD per ounce, up by 0.50% [1] - Major domestic jewelry brands have raised their gold prices significantly, with Chow Sang Sang at 1614 RMB per gram, Chow Tai Fook at 1618 RMB, Lao Feng Xiang at 1620 RMB, and Lao Miao Gold at 1612 RMB [1] Group 2: Fund Suspension Announcements - E Fund announced the suspension of subscription and regular investment for its gold-themed LOF fund starting January 28, while redemption services will continue as usual [2] - Similarly, Guotai Asset Management has suspended the subscription for its silver LOF fund from January 28, citing the need to protect the interests of fund shareholders and maintain stable fund operations [5] - The high premium of the Guotai silver LOF fund reached over 46.02%, with a market price of 4.336 RMB as of January 27, reflecting a daily increase of 3.66% [7] Group 3: Market Trends and Investor Caution - Year-to-date, international gold futures have increased by over 17%, while silver prices have surged by 55% [8] - Industry experts warn that after significant price increases, both gold and silver may face short-term correction pressures, advising investors to remain rational and avoid chasing high prices [8]

Summary of the Conference Call on China Jewelry Industry and Laopu Industry Overview - The China jewelry market is expected to experience a normalized growth rate of **4%** in 2026, following a significant **>60%** increase in gold prices throughout 2025, which contributed to approximately **10%** market growth from a low base [1][23] - The sector has outperformed the Hang Seng Index (HSI) with a **70%** increase compared to HSI's **28%** [1] - The overall consumption power remains volatile, leading to a neutral outlook for the sector in 2026 due to a higher base and normalized inelastic demand [1][23] Gold Price Expectations - Goldman Sachs expects the gold price to reach **$5,400/toz** by the end of 2026, indicating a **25%** increase from the end of 2025 [1][24] - The anticipated increase in gold prices is expected to support demand/value growth, although it may create headwinds for gross profit margins (GPM) for weight-based products [1][24] Company-Specific Insights: Laopu - Laopu is projected to have strong earnings growth in 2026, supported by customer acquisitions, an expanded high-quality store network, and GPM improvement [2] - The company benefits from fixed-priced products, which are attractive amid rising gold prices, and shows solid momentum post its October price hike [2] - Laopu's secondary market discount remains low, indicating an advantage in value retention [2][17] Valuation and Market Position - Laopu is trading at a high teens P/E ratio for 2026E, with projected sales and net income growth of **39%** and **55%**, respectively [3] - Chow Tai Fook (CTF) and Luk Fook have seen strong upward re-ratings, with CTF trading at historical averages and Luk Fook at approximately **+1 standard deviation** above historical averages [3] Key Factors Impacting Jewelry Consumption - Positive factors include the expectation of further gold price increases, the ongoing popularity of heritage gold products, and the attractiveness of fixed-priced products [24] - Negative factors include inelastic demand, which is influenced by marriage rates and overall consumption power, which remains soft [24][28] Store Count and Market Dynamics - Leading jewelry retailers have seen a **HSD% to 20%** reduction in store counts since their peak, while emerging brands are expanding [11][35] - Chow Tai Fook and Luk Fook expect fewer store closures in the second half of FY26 compared to the first half of FY25, indicating a stabilization in their store networks [31] Conclusion - The jewelry market in China is expected to face challenges in 2026 due to a higher base and soft consumption power, but Laopu presents a compelling investment opportunity due to its growth potential and market positioning [1][2][3][24]

当地时间29日，现货黄金上演史诗级巨震，先是 一度大跌超5%，从5500美元的高点快速回落，失守5100美元/盎司。随后，现V型反 转，逐步收复大部分跌幅。 受此影响，国内品牌金饰价格也有所回落。中新经纬30日查询发现，周生生足金饰品报1662元/克， 较前一日1708元/克大跌46元 ；老 凤祥足金饰品报1668元/克， 较前一日1713元/克跌45元 ；老庙黄金足金饰品报1690元/克， 较前一日1706元/克跌16元 。 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 福耀科技大学50名大一学生被企业抢光？校长王树国回应 | | | 金价(人民币) | | --- | --- | --- | | 足金饰品 (每克) | 卖品 | ¥1662 | | | 换金价 | ¥1414 | | | 换珠宝价 | ¥1414 | | 950 | 卖品 | *1018 | | 铂金饰品 (每克) | 换金价 | ¥817 | 来源：中新经纬 男子用SIM卡炼出191克黄金，价值21万元？当事人最新回应 ...

Group 1 - International spot gold prices and April futures on the New York Commodity Exchange have surpassed $5,500 per ounce, marking a historical high, with an overall increase of approximately 20% since the beginning of 2026 [1] - The price of gold jewelry is also rising, with Chow Tai Fook's gold jewelry priced at 1,706 RMB per gram and Chow Sang Sang's at 1,708 RMB per gram as of January 29 [1] - There has been a noticeable surge in customer traffic at gold stores, with reports of long queues, particularly at Lao Pu Gold's Wuhan SKP store, where customers are waiting for hours to enter [1] Group 2 - Lao Pu Gold has implemented a policy limiting each customer to a 30-minute shopping window and a maximum purchase of five items, with no more than two of the same item [3] - The Wuhan World Trade Center store of Lao Pu Gold has experienced continuous queues throughout the day, with customers waiting around two hours to enter [3] - Prices for gold jewelry on Lao Pu Gold's JD flagship store range from 1,800 RMB to 2,100 RMB per gram, indicating a potential for future price adjustments [3]

近期黄金价格上涨迅猛。据智通财经1月29日消息，现货黄金首次突破5500美元/盎司大关，日内涨 1.5%，周涨幅超500美元或10%。 黄金实时价格 极目新闻记者注意到，1月29日国内黄金现货开盘1209.35元/克，最高涨到了1249.45元/克，截至29日15 时30分许，黄金实时价格为1243.01元/克。腾讯理财通显示，截至29日15时许，周大福、老凤祥、周六 福、老庙黄金等品牌黄金实物价格均超过1700元/克，价格最高的是老凤祥1713元/克，当日涨幅均超过 百分之五。 在重庆从事黄金回收生意的个体户李先生告诉极目新闻记者，他们回收金价跟随大盘走，一般来说为大 盘价格减去10元左右。此前最高峰时期每天能收七八百克黄金，近几日每天收的黄金在三百克左右，29 日当天收了两百多克黄金。 | 園内现货 | 国际现货 | 黄金实物 | | | | --- | --- | --- | --- | --- | | 品牌 | 银行 回收 | | | | | 品牌 | | | 价格(元/克) | 日涨跌幅 | | 周大福 | | | 1706 | +5.44% | | 老凤祥 | | | 1713 | +5.74% ...

29日早间，现货黄金直线拉涨，在突破5500美元后盘中一度逼近5600美元，最高报5598.750美元/盎司，随后快速回落100美元至5500美元附近。截至发 稿，报5504.980美元/盎司，涨1.61%。 | W | 伦敦金现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | 5504 980 "F | | | 5417.747 | | 总量 | | 0 | | +87.233 | +1.61% 十篇 | | | 5416.334 | 现 | | O | | 最高价 | 5598.750 | 子 仓 | | 0 | 4 看 | | 0 | | 最低价 | 5416.260 | -澳 色 | | 0 | 内 | | 0 | | 分时 | 五日 | EK | | 高K | HK | 自家 | | | 叠加 | | | | 均价:0.000 | | | | | 5598.750 | | | | | 3.34% | 卖一 5505.530 5504.980 | | | ...

| W | 伦敦金现 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | SPTAUUSDOZ.IDC | | | | | | | | | 5504.980 | | 品作经 | 5417.747 | | 总量 | | | O | | +87.233 | +1.61% 开盘 | | 5416.334 | | 现手 | | | O | | 最高价 | 5598.750 | 持 仓 | | 0 | 4 | 물 | | 0 | | 最低价 | 5416.260 | 增 色 | | 0 | 内 | 참 | | O | | सेविवे | モ日 | 日K | 園K | | 月K | | 电子 | | | 叠加 | | | | | 均价:0.000 | | | | | 5598.750 | | | | | 3.34% | 37- | 5505.530 | | | | | | | | | | 5504.980 | | | | | | | | | 9:29 | 5504.996 | 0 | | | | | | | | 9:29 ...

北京时间28日早盘，现货黄金大幅拉涨，盘中首次站上5200美元，再创历史新高。 与此同时，多家国内品牌金饰价格也有所上调，部分金饰克价站上1580元。截至发稿，周生生报价1577元/克，周大福报价1585元/克， 六福珠宝报价1583元/克，老凤祥报价1576元/克，老庙黄金报价1575元/克。 消息面上， 28日起 国内两大金银主题LOF暂停相关申购业务。 1月27日晚间，易方达黄金主题LOF发布公告称，易方达基金决定自1月28日起暂停本基金A类份额的申购及定期定额投资业务，赎回业务 照常办理。基金A类份额恢复办理申购、定期定额投资业务的时间将另行公告。 | 基金名称 | 易方达黄金主题证券投资基金(LOF) | | | --- | --- | --- | | 基金简称 | 易方达黄金主题(QDII-LOF-FOF) | | | 基金主代码 | 161116 | | | 基金管理人名称 | 易方达基金管理有限公司 | | | 公告依据 | 《易方达黄金主题证券投资基金(LOF)基金合同》《易 | | | | 方达黄金主题证券投资基金(LOF)更新的招募说明书》 | | | 暂停相关业务的 | 暂停申购起始日 ...

| 今日金店黄金回收价格一览(2026年1月27日) | | | | --- | --- | --- | | 回收报价 | 今日金价 | 单位 | | 黄金 | 1129.40 | 元/克 | | 菜百黄金 | 1165.60 | 元/克 | | 周生生黄金 1154.00 | | 元/克 | | 周大福黄金 1101.00 | | 元/克 | | 老凤祥黄金 1144. 45 | | 元/克 | 这边简单说一下铂金饰品价格，今日铂金价格出现大跌，就拿周大福来说吧，铂金饰品价格下跌67元/克，报1071元/克。如 需了解其他品牌铂金价格，欢迎留言，我们将及时汇总更新。 说完国内金店金价，我们再来讲讲国际金价情况： 继昨日的大涨后，今日各大品牌金店金价仍有上涨走势。从具体报价来看，周大福、潮宏基、周大生以1585元/克的报价并 列成为今日市场最高价。老庙黄金、老凤祥等品牌价格保持平稳。而菜百黄金报价1510元/克，依然为市场最低价。今日金 店高低价差已扩大至75元/克。 以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2026年1月27日) | | | | --- | --- | --- | - ...