大家好！这里有你想要的答案！ 作为热爱生活的人，买黄金首饰是件很常见的事 —— 不管是自己戴图个好看，婚嫁时当陪嫁，还是给 长辈买了当传承，都希望钱花得值。但一进金店就犯愁：同样是黄金，有的按克卖，有的一口价，价格 差得不少，不少人觉得一口价贵就是交了 "智商税"。其实不是贵就等于智商税，关键是没搞懂两者的 钱到底花在了哪。今天就把这事说透，让你买黄金时明明白白，不花冤枉钱。 一、按克卖：钱全砸在黄金上，每一分都实打实 按克卖的黄金首饰，是最传统也最让人放心的计价方式，核心就是 "黄金本身值多少钱，就花多少 钱"，几乎没有隐藏成本。 计价逻辑（加粗）：按克卖 = 当日国际黄金基础价 × 首饰克重 + 少量工费 当日国际黄金基础价是公开透明的，随便在网上搜 "今日金价" 就能查到，比如今天的基础价是 485 元 / 克，买一个 12 克的光面手镯，黄金本身的成本就是 485×12=5820 元； 工费是加工首饰的手工成本，这个费用很实在，款式越简单，工费越低。像素圈戒指、光面项链这种基 础款，工费一般 20-40 元 / 克；稍微复杂点的，比如带简单雕花的手镯、小吊坠，工费也就在 50-80 元 / 克；如果是 ...

Core Viewpoint - Hong Kong jewelry companies are showing strong resilience and are gradually returning to a growth trajectory through multi-dimensional transformation, leveraging their strong brand power, which is driving continuous valuation recovery [1] Group 1: Market Performance - The performance of Hong Kong jewelry companies has rebounded significantly, with notable stock price increases for Chow Tai Fook, Luk Fook, and Chow Sang Sang, achieving respective gains of 151%, 95%, and 135% as of September 10, 2025 [1] - The recovery is attributed not only to market trends but also to fundamental improvements within the companies, such as Luk Fook's same-store sales growth of 19% and Chow Sang Sang's net profit growth of 76% year-on-year for the first half of 2025 [1] Group 2: Industry Changes - The underlying logic of jewelry consumption has evolved to emphasize both "fashion and value preservation," with rising gold prices enhancing the perception of gold as a store of value [2] - The rapid increase in gold prices has suppressed some traditional demand, while breakthroughs in design have elevated the fashion appeal of gold jewelry, leading to over 100% growth in fixed-price gold jewelry sales for several companies in 2024 [2] - Fixed-price products with premium design have achieved gross margins of 30%-40%, ensuring profitability for companies [2] Group 3: Company Transformations - Hong Kong jewelry companies are enhancing product design and differentiation, with Chow Tai Fook's contribution from fixed-price gold products increasing from 7.1% to 19.2% in mainland China for the fiscal year 2025 [3] - Store transformations are being optimized to focus on high-quality locations and service experiences, improving single-store output and mitigating short-term store contraction pressures [3] - Companies are leveraging brand power through social media marketing, IP collaborations, and celebrity endorsements to attract younger consumers, with over 80% of followers on Xiaohongshu being aged 18-34 [3]

智通财经APP获悉，国信证券发布研报称，整体来看，港资珠宝企业在近年来的行业变化中虽有短期挣 扎，但也展现了自身较强应变能力，通过从产品到渠道的多维度转型变革，依托自身强品牌力基础，正 逐步重回增长轨道，并带动估值持续修复。重点推荐周大福(01929)、六福集团(00590)、周生生 (00116)。 近年来，金价持续上涨，以及消费者对钻石镶嵌等高溢价品类的祛魅，黄金的保值属性认知持续强化。 但过快抬升的金价也压制了部分传统需求的释放，且成本加成定价的克重黄金产品也面临毛利压力;与 此同时，设计工艺的突破让黄金的时尚属性显著提升，悦己消费需求场景得以打开，具备强产品设计的 一口价黄金首饰实现"时尚+保值"的完美融合，多家企业24年一口价黄金饰品增长幅度达到100%以上。 同时具备产品溢价的一口价产品毛利率达到30%-40%，确保了企业盈利水平。 港资珠宝企业自身变革：产品力+渠道力+品牌力的三重升级 1)加大产品设计及差异化布局，近年定价黄金饰品的营收贡献持续增长，如2025财年周大福中国内地黄 金饰品中，定价模式产品贡献值从7.1%提升至19.2%;六福集团定价黄金产品同店实现高双位数增长。2) 门店变革优 ...