出品｜搜狐财经 作者｜汪梦婷 编辑｜杨锦 近日，一则来自香港资本市场的消息，为"疯狂的黄金"写下一个戏剧性的注脚。 英皇娱乐酒店公告称，其从酒店大堂地砖中拆出并出售了79公斤黄金，变现近亿港元，相较原始购入成本940万港元，收益高达10倍。 这并非孤例，而是全球历史性黄金牛市中的一朵浪花。自2025年以来，国际金价迎来史诗级暴涨，接连突破3000美元/盎司、4000美元/盎司两大整数关口， 全年涨幅超过60%。进入2026年，黄金上涨势头更是强劲，金价一度触及每盎司5500美元的高位。 "这个金价，孙悟空来也要把金箍棒卖了。"网友的戏谑之词，折射出当下黄金堪称疯狂的行情。而这股涨价潮，也席卷到了一个意想不到的领域——奢侈品 手表。 据搜狐财经观察，在黄金牛市的刺激下，许多曾象征身份与品味的奢侈品金表，正被急于变现的持有者们投入熔炉。 名表"上秤"，按克计价 当金价站上云端，许多奢华手表的命运被彻底改写。 2026年开年，国际金价再创历史新高，连续突破每盎司5000美元、5100美元两道历史性大关，一度飙升至5500美元上方。 国内金价同步上涨，黄金回收价也水涨船高。2026年开年，国内部分主流金饰品牌报价冲上 ...

熔金拆芯拯救冷门表 二手奢侈手表正在被重新定价。 疯长的金价也彻底改变了二手奢侈品手表的命运，人们不再直接出售自己的二手奢侈品手表，而是将其 拆开，将外壳、表带、指针等含有金料的部分熔金出售，再将剩下的零配件单独售卖。 从卡地亚到欧米茄，从积家到宝珀，品牌价值和材料价值的博弈决定了二手表的去处。当表壳变回金 料，一场二奢市场的"革命"正在上演。 二手表找到了自己的新出路。 从2024到2026年初，金价进入了疯狂的爆发期，国内金价从"5字头"涨到了"1100元＋"，金饰价格也冲 上了1500元/克以上。 小王告诉Tech星球，二手表有几种不同的价值评判体系，包括材料价值、工艺价值和品牌价值。手表是 否熔金卖取决于它的品牌价值，像劳力士这样品牌价值极高的手表，除了个别冷门款，基本不会拆金， 因为它们在二级市场的价格是远高于公价的，甚至会翻很多倍，像这样的表，存量会很多，它们本身的 附加价值远远高于黄金价值。 但对于一些较为冷门的品牌，比如积家、卡地亚的全金款，欧米茄的一些全金款，它本身的材质价值已 经超越了它的二级市场行情，这种情况下就会选择去熔金。冷门款贵金属手表在二级市场的流通性并不 好，它们在交易中的参考 ...

证券日报网1月9日讯 ，飞亚达在接受调研者提问时表示，2025年前三季度，由于手表主要业务销售下 滑，公司整体实现营业收入26.75亿元，同比下降12%。面对手表消费市场持续承压的挑战，公司积极 推进一系列的经营与管理优化措施，2025年全年未出现趋势性的变化。2026年，消费市场仍存在不确定 性，公司将继续夯实经营管理基础，深耕手表基本盘业务，加快推进转型升级进程，努力提升经营业 绩。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that the demand for traditional luxury assets, referred to as "old assets," is declining, as evidenced by the changes in consumer behavior and market dynamics [1][3][7] - Moutai, a premium liquor brand, has relaxed its purchase limits, indicating a significant shift in sales pressure and consumer interest [1][8] - The concept of "old assets" includes luxury items like famous cigarettes, wines, watches, and antiques, which are primarily valued by middle-aged consumers for their emotional and social significance [3][4] Group 2 - The decline in the value of "old assets" is attributed to a generational shift, where younger consumers prioritize practicality over status symbols, leading to a decrease in demand for luxury items [4][6] - The sales of Swiss watches in China have dropped nearly 30%, reflecting a broader trend of declining interest in high-end luxury goods among younger demographics [9] - The market for collectibles, such as stamps, is also suffering, with younger generations showing little interest in inheriting these traditional assets, causing concern among older collectors [10] Group 3 - The current economic environment is characterized by a return to value, where consumers are more focused on essential needs rather than luxury items, indicating a fundamental shift in consumer behavior [12] - The price of Moutai has significantly decreased from 3000 to 1500 per bottle, highlighting the changing market dynamics and consumer sentiment [8] - The overall trend suggests that both high-end and mid-range luxury markets are experiencing a downturn, with potential implications for the future of these asset classes [7]

Core Viewpoint - Feiya Technology (000026.SZ) is primarily engaged in the watch business while actively cultivating strategic emerging industries such as precision manufacturing and smart wearables. Currently, the revenue from the smart wearables segment constitutes a small portion of the total revenue, and related policies do not have a significant impact on the company's overall operations [1]. Group 1 - The company focuses on the watch business as its main operation [1] - The company is also developing precision manufacturing and smart wearable industries as strategic emerging sectors [1] - Revenue from the smart wearables segment is currently minor compared to total revenue [1] Group 2 - Related policies do not significantly affect the company's overall business operations [1]

相关报告：智研咨询发布的《2026-2032年中国手表行业市场现状调查及投资方向研究报告》 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年11月中国电动手表进口数量为55万只，同比增长48%，进口金额为0.44 亿美元，同比增长7.8%。 近一年中国电动手表进口情况统计图 ...

Group 1 - The company, Xipuni (02583.HK), reported a net profit exceeding RMB 90 million for the 11 months ending November 30, 2025, compared to a net profit of approximately RMB 49 million for the year ending December 31, 2024 [1] - The expected increase in net profit for the year ending 2025 is primarily driven by an increase in sales revenue from jewelry and an improvement in the gross margin from watch sales [1]

Core Points - The United States and Switzerland have reached a framework agreement to reduce tariffs on Swiss imports from 39% to 15% [1] - Swiss companies have committed to invest $200 billion in the U.S., with $67 billion planned for 2026 [1] - The two countries aim to expedite trade agreement negotiations, targeting completion by early 2026 [1] Trade Impact - The U.S. tariffs on Swiss goods, which were implemented in August, have significantly impacted Switzerland's export-oriented economy, with approximately 18% of Swiss exports going to the U.S., and nearly 60% affected by these tariffs [1] - Key Swiss exports to the U.S. include watches, pharmaceuticals, chocolate, and cosmetics [1] - The Swiss mechanical and electrical engineering association noted that the reduction of tariffs to 15% only alleviates the competitive disadvantage faced by Swiss producers compared to EU or Japanese manufacturers, indicating that challenges remain [1]

Core Viewpoint - The introduction of a 39% tariff on Swiss goods by the US administration has significantly impacted Swiss watch exports, leading to a decline in sales [1][2]. Impact of Tariffs - The 39% tariff is described as "horrible" and has resulted in a drastic drop in Swiss watch exports [2][1]. - The watch industry has responded by increasing prices globally by 4% to mitigate the impact of tariffs, although this is insufficient to cover the full tariff cost [3][4]. Market Performance - Despite the tariff challenges, the US market for luxury watches is reportedly booming, with strong double-digit growth in sellout figures [4]. - Consumer sentiment in the US remains positive, contrasting with the negative outlook in Europe, particularly in Germany and France, where political instability is a concern [4][5]. Regional Insights - China, while not a major market (4-5% of revenues), has shown signs of stabilization and growth in recent months [7][8]. - Other regions such as South America, the Middle East, and India are performing well, contributing to a generally positive outlook for the luxury watch industry [9][10]. Industry Dynamics - The luxury watch market is expected to concentrate around a few dominant brands, which will control a significant market share, while niche brands may still survive [13][14]. - The industry is experiencing a globalization of taste, with a few brands emerging as leaders, similar to trends seen in other sectors like fashion and entertainment [16].

Core Insights - Casio's consolidated sales for April to June decreased by 5%, and operating profit fell by 18%, primarily due to a 30% drop in watch sales in China as a result of the economic slowdown [2][7] - The introduction of new products, such as the ring watch, is part of Casio's strategy to attract new customers and adjust its business structure [2][6] Product Launch and Sales Performance - The ring watch "CRW-001-1JR" features a width of 19.5mm and includes functions like time display, calendar, and stopwatch, despite its compact size [4] - The ring watch sold out quickly upon release, with a price of 19,800 yen (approximately 915 RMB), and it has been well-received both domestically and internationally [6] - The upcoming G-Shock ring watch "DWN-5600" will maintain traditional G-Shock features such as shock resistance and 20 ATM water resistance, while being significantly smaller [7] Market Response and Future Plans - The ring watch's success has led to plans for continuous sales of ring-type watches, with the G-Shock version set to launch on November 8 [7] - Casio's sales figures for April to June 2025 indicate a continued decline, with a consolidated sales figure of 62.1 billion yen and a 30% drop in watch sales in China [7] - The company is also focusing on other products, such as the small pet robot "Moflin," which has shown strong sales performance [7]