一、明星品牌 1、周生生今日正式涨价，"一口价"金饰最高涨幅达1500元 从周生生北京多家门店获悉，今日起对部分定价类黄金饰品进行调价，涨幅在10%-13%。相关门店工作人员表 示，"一口价转运珠类饰品涨价已经生效，涨了200元左右"。另据21世纪经济报道，周生生此次涨价幅度在200- 1500元。调价产品除了转运珠之外，还包括定价联名款(如HelloKitty系列)以及金镶钻类饰品。周生生此次调价， 是2026年开年以来国内主流金饰品牌的首次公开价格调整。（界面） 2、马年生肖茅台上市首日遭热炒，1899元基础款黄牛喊价3000元 贵州茅台正式推出贵州茅台酒（丙午马年），生肖茅台由此进入第二轮。i茅台上的马年生肖茅台同样"秒空"。与 此前生肖茅台刚上市时的情景类似，马年生肖茅台上市后也被黄牛热炒，1899元的基础款有黄牛报出3000元的回 收价。但有专家指出，当前生肖茅台正在脱离投资和金融属性，长期难再现爆炒行情。 （第一财经） 3、泡泡玛特全球六大生产基地已全面落地 最新资料显示，北海牧场（北京）乳品有限公司股东发生变更。此前，在元气森林2025年经销商大会上，元气森 林公布，集团将剥离北海牧场业务，聚焦 ...

【环球网消费综合报道】中国黄金市场正迎来一场重塑格局的深刻洗牌。一方面，以周大福为代表的头 部品牌高调宣布提价，部分一口价金饰涨幅高达15%；另一方面，素有"价格洼地"之称的深圳水贝市场 则悄然下架了"投资金价"，告别了超低价模式。这一"一涨一隐"的背后，是黄金税收新政引发的行业洗 牌，以及市场参与者从价格竞争向价值与品牌竞争的战略转向。 来源：环球网 近日，周大福天猫官方旗舰店发布提价提示，其门店店员向第一财经记者确认，几乎所有"一口价"金饰 都将迎来约15%的价格上涨。这一举动，印证了此前市场在黄金税率调整后"涨价只是早晚"的普遍预 期。 然而，此次涨价并非简单的成本传导。广东南方黄金市场研究院市场研究中心主任宋蒋圳分析指出，这 是一次战略性的盈利结构调整。头部品牌正全力推动盈利重心向高毛利的"一口价"产品转移。这类产品 深度融合了工艺、设计和品牌溢价，其实际克价远超按克计价产品，能显著提升整体毛利率。 刊记者拍摄 图片由本 新政策出台后，市场上曾出现各种规避税收的"攻略"，如"先买金条再打金"等。在合规高压下，水贝长 期依赖的"价格洼地"模式正走向终结。 广东南方黄金市场研究院市场研究中心主任宋蒋圳认为 ...

2025.12.19 本文字数：2187，阅读时长大约4分钟 作者 |第一财经 宋婕 税改新政执行后，多家头部金饰品牌店员曾表示，涨价只是早晚的问题。 "有预感金价会在调税之后再涨一波，但没想到涨这么多。而且这次金价要涨，是大家一起涨。"近日， 有消费者向第一财经记者表示，早在黄金税率调整后，他就有预感金饰价格要再涨一波，如今靴子终于 落地。 水贝和周大福先后调价，涨10%以上 近日，周大福天猫官方旗舰店发布提示称，受市场因素影响，部分商品即将提价。有周大福门店店员告 诉第一财经记者，他们较早收到通知，几乎所有定价款式（即消费者口中的"一口价金饰"）都要涨价， 涨幅15%左右。早在前几天，他们就有告知部分在近期有购金计划的客户这一信息，当时预计的涨价时 间节点，就是在12月19日。 老铺黄金店员曾向第一财经记者表示，老铺黄金的产品"不跟大盘金价走但也只会涨价""持有是不会亏 的"。11月时，周大福店员也向第一财经记者表示过，税改政策之后周大福一口价一直没涨，"涨价只是 早晚的问题。" 事实上，头部金饰品牌在有意强化高端品牌形象。周大福等头部品牌的此次涨价，是成本压力与主动品 牌战略共同作用的结果，其深层逻辑远 ...

"有预感金价会在调税之后再涨一波，但没想到涨这么多。而且这次金价要涨，是大家一起涨。"近日，有消费者向第一财经记者表示，早在黄金税率调整 后，他就有预感金饰价格要再涨一波，如今靴子终于落地。 水贝和周大福先后调价，涨10%以上 前者传导合规成本给消费者，后者强化金饰保值增值心智。 税改新政执行后，多家头部金饰品牌店员曾表示，涨价只是早晚的问题。 近日，周大福天猫官方旗舰店发布提示称，受市场因素影响，部分商品即将提价。有周大福门店店员告诉第一财经记者，他们较早收到通知，几乎所有定价 款式（即消费者口中的"一口价金饰"）都要涨价，涨幅15%左右。早在前几天，他们就有告知部分在近期有购金计划的客户这一信息，当时预计的涨价时间 节点，就是在12月19日。 12月18日，以性价比取胜的水贝，悄然隐去了"投资金价"的显示。无论是线下市场大屏，还是线上小程序，都不再区分"投资金"和"首饰金"，黄金价格显示 为"首饰金"价格，即商户口中的"含税价"。所谓"含税金价"与近期的"投资金价"相比，价差百余元，涨幅约在11%至13%。在水贝从只显示金价，到区分显 示"投资金"与"首饰金"，再到隐去"投资金"只显示单一金价，也就一个多 ...

Group 1: Market Trends - The demand for gold and jewelry consumption has increased, with retail sales reaching 313.1 billion yuan in the first ten months of the year, a year-on-year growth of 14.0% [1] - The rising gold consumption market faces challenges such as counterfeit products, unclear quality, mixed channels, and lack of after-sales service [1] Group 2: "Sand Gold" Issues - "Sand gold," which resembles gold but is actually brass plated with a thin layer of gold, has gained popularity due to its low price, with some merchants claiming it is "Vietnamese sand gold" or "Myanmar sand gold" [2][3] - The actual gold content in "sand gold" is often misrepresented, with some products claiming 5% gold content but failing to meet this standard upon testing [2] - Health risks are associated with "sand gold" due to excessive nickel release, which can cause skin allergies [3] Group 3: Pricing and Quality Concerns - The pricing of "sand gold" is misleading, as the production cost is very low, with some items costing as little as 10 yuan to produce [3] - "One-price" gold jewelry is becoming more common, where prices are set per item rather than by weight, leading to potential overpricing and lack of transparency regarding the actual weight of the gold [4][5] - Consumers have reported disputes over the actual weight of "one-price" products, highlighting the need for transparency in pricing and after-sales policies [5] Group 4: Customization Risks - Traditional gold companies are embracing trends by launching collaborative gold products, referred to as "pain gold," but risks exist in private customization due to lack of legal protection and potential quality issues [6][7] - Consumers face risks such as upfront payments without guarantees and potential quality problems due to the absence of third-party testing [6][7]

Core Viewpoint - International gold prices have surged, reaching a historical high of $4,300 per ounce in October, with a year-to-date increase of over 58%, leading to heightened market attention on the performance of leading gold companies like Chow Tai Fook [1] Group 1: Financial Performance - Chow Tai Fook reported a revenue of HKD 38.986 billion for the first half of the 2026 fiscal year, a decrease of 1.1% year-on-year [1] - The operating profit was HKD 6.823 billion, reflecting a year-on-year increase of 0.7% [1] - Shareholder profit stood at HKD 2.534 billion, a slight increase of 0.1% compared to the same period last year [1] Group 2: Product Strategy - The "fixed-price" gold jewelry products have emerged as a key growth driver, with the gross profit margin maintained above 30% due to high-margin pricing and rising gold prices [4] - Sales from key product series, including the Palace Museum series, reached HKD 3.4 billion, up approximately 48% from HKD 2.3 billion in the previous year [4] - The retail value contribution of fixed-price jewelry in mainland China increased from 27.4% to 31.8%, with the average selling price of fixed-price gold jewelry rising from HKD 5,300 to HKD 6,300 [4] Group 3: Retail Strategy - Chow Tai Fook closed 611 retail points in the past six months, reducing the total number of retail points in mainland China to 5,663 as of September 30, 2025 [5][7] - The company reported a 2.6% increase in same-store sales in mainland China, indicating improved performance from the store optimization strategy [7] - Chow Tai Fook is strategically expanding into high-end shopping centers and core locations to enhance brand appeal, with plans to open six new stores in international markets by June 2026 [7] Group 4: Pricing Adjustments - In response to rising international gold prices, Chow Tai Fook has implemented multiple price increases, with adjustments ranging from 10% to 20% in March and 12% to 18% in late October [8] - As of November 26, the company had completed three rounds of price increases throughout the year [8]

Core Viewpoint - The current spot gold price has experienced a significant decline, dropping below 4000 yuan per ounce, which is nearly 400 dollars lower than the historical high of 4381 dollars per ounce reached on October 20 [1] Group 1: Gold Price Trends - On November 1, the spot gold price fell to 1198 yuan per gram, with various brands reporting similar prices for gold jewelry [3][4][6] - The domestic gold price has generally retreated below 1200 yuan per gram since October 28, despite fluctuations in international gold prices [1][6] Group 2: Pricing Strategies of Jewelry Brands - Major jewelry brands have implemented price increases for their "fixed-price" gold products, with price hikes ranging from 300 to 500 yuan, equivalent to a 30% to 50% increase [7][11] - The sales of fixed-price gold products have significantly increased, with Chow Tai Fook reporting a 105.5% year-on-year surge in revenue from these products, rising from 7.1% to 19.2% in the mainland market [11][12] - The average same-store sales growth for fixed-price gold products at Luk Fook Group reached 35.25% in the 2025 fiscal year [12]

Core Viewpoint - The recent fluctuations in international gold prices have led to a significant increase in the retail prices of gold jewelry, with brands like Chow Tai Fook and Lao Miao Gold announcing price hikes due to rising costs associated with gold materials [1][6]. Group 1: Price Fluctuations and Consumer Behavior - As of October 30, domestic gold prices were at 907.5 yuan per gram, down by 4.92 yuan from the previous trading day, indicating high volatility in gold prices [1]. - The "one-price" gold jewelry, which is sold by piece rather than by weight, has gained popularity among consumers despite the fluctuating gold prices [3][5]. - Chow Tai Fook plans to increase the retail prices of its gold products by approximately 12% due to the rising gold prices [3][6]. Group 2: Brand Responses and Market Dynamics - Traditional brands like Chow Tai Fook and Lao Feng Xiang are increasing the proportion of "one-price" products to enhance profitability amidst rising gold prices [6]. - Other brands, such as Chow Sang Sang and Lao Pu Gold, have also confirmed price increases, with Chow Sang Sang raising prices by about 10% in late September [6]. - The current price hikes are attributed to sustained increases in gold raw material costs, marking a rare concentrated price increase phenomenon in the industry over the past decade [6]. Group 3: Investment Trends and Risks - The volatility in gold prices has attracted younger investors, leading to a surge in purchases of gold bars, jewelry, and gold ETFs, with some experiencing significant losses due to price drops [8][9]. - Many young investors view gold as a product that combines value preservation and emotional significance, but emotional and impulsive buying has led to financial losses [8][9]. - Experts emphasize the importance of rational investment strategies in gold, warning against the risks associated with high premiums and low liquidity of branded gold jewelry [9].

Core Viewpoint - Several gold jewelry brands, including Laopu Gold and Chow Tai Fook, have announced price increases for fixed-price gold jewelry products, with an increase of approximately 20% reported by Chow Tai Fook [1] Group 1: Company Actions - Laopu Gold and Chow Tai Fook are among the brands implementing price hikes on gold jewelry [1] - Chow Tai Fook's price increase is specifically noted to be around 20% [1] Group 2: Market Response - A visit to multiple gold jewelry stores in Shenzhen revealed long queues of consumers waiting to purchase gold jewelry, indicating strong demand despite the price increase [1] - Store staff mentioned that sales are robust, but they cannot guarantee product availability due to high consumer interest [1]

Core Viewpoint - Chow Tai Fook plans to raise retail prices of its gold products by 12%-18% at the end of October due to the continuous rise in gold prices, marking the second price increase this year [1][4] Group 1: Price Increases and Market Trends - The international gold price has surged significantly, reaching a historical high of over $4,380 per ounce on October 17, with a year-to-date increase of over 60% [1] - Domestic gold jewelry brands, including Chow Tai Fook, have seen prices for gold jewelry rise to 1,262 RMB per gram, up from approximately 800 RMB per gram at the beginning of 2025, an increase of over 400 RMB per gram [2] - Other brands like Lao Pu Gold and Chow Sang Sang have also announced price increases, with Chow Sang Sang's "one-price" gold jewelry increasing by 25%-35% [4] Group 2: Shift in Pricing Models - The "one-price" pricing model, which sets prices based on design and craftsmanship rather than weight, is becoming more prevalent among brands due to high gold prices [4][5] - Chow Tai Fook's share of "one-price" products has increased to 30%-40%, while other brands like Cai Hong Ji and Lao Feng Xiang have similar or higher proportions [5] Group 3: Sales Performance and Store Management - Chow Tai Fook reported a 4.1% increase in retail value for the second quarter, with "one-price" products seeing a 43.7% year-on-year growth [6] - Same-store sales in mainland China and Hong Kong/Macau have shown positive growth, with mainland same-store sales increasing by 7.6% [6] - The company closed 345 stores in the third quarter, focusing on improving store productivity and maintaining market leadership [7] Group 4: Market Response - As of the latest market data, Chow Tai Fook's stock price was reported at 16.38 HKD, reflecting a decrease of 0.85% [8]