国信证券发布研报称，考虑今年以来金价上行有助于提升公司毛利率，且后续在全球避险情绪下金价仍 有望维持中长期增长，维持周大福(01929)"优于大市"评级，上调公司2026-2028财年归母净利润至 77.85/87.11/95.43亿港元(前值分别为74.25/84.14/93.28亿港元)，对应PE分别为20.9/18.7/17.1倍。 同店销售方面，公司该季度实现全面转正。内地市场周大福珠宝直营店同店销售增长7.6%(剔除钟表业 务后增长9.9%)，加盟店同店销售增长8.6%。中国香港、中国澳门及其他市场同店销售增长6.2%。其中 香港增长3.2%，澳门增长17.3%。产品销售结构方面，毛利率较高的定价产品继续实现较强增长表现， 内地市场定价黄金产品零售值同比增长43.7%。同时珠宝镶嵌、铂金及K金首饰实现10%的正增长，其 中翡翠更是取得翻倍的增长。门店方面，公司继续贯彻强化单店效益的规划，季度内对低效门店进行调 整，净关店296家，期末门店总数6041家。同时进一步强化新形象门店建设，季内在北京新开1家，新形 象店总数达到8家。 总体上看，在"保值+时尚"双需求刺激珠宝首饰消费的行业机遇下，公司凭借产 ...

Core Viewpoint - The gold jewelry industry is facing significant challenges due to high gold prices, leading to decreased consumer purchasing enthusiasm and declining revenues for many companies [2][4]. Industry Overview - Gold prices have recently risen, with spot gold reported at $3,338 per ounce and Shanghai Gold Exchange opening at 792.86 yuan per gram [1]. - Despite high gold prices, consumer demand for gold jewelry has decreased, with China's gold consumption in Q1 2024 at 290.492 tons, down 5.96% year-on-year [2]. Company Performance - Major gold jewelry companies are reporting declines in revenue and profit. For instance, Zhou Dasheng's Q1 2025 revenue was 2.673 billion yuan, down 47.28% year-on-year, with a net profit decline of 11.25% [2]. - Lao Feng Xiang reported a revenue of 17.521 billion yuan in Q1 2025, a decrease of 31.64% year-on-year, and a net profit drop of 23.55% [3]. - Li Jia, a jewelry store operator, noted that business has significantly declined compared to previous years, with low transaction volumes despite high foot traffic during the May Day holiday [4]. Market Trends - The high gold prices are constraining consumer purchases, leading to a shift in strategy among gold jewelry companies. Many are focusing on high-end markets to enhance brand value [6]. - Companies like Lao Pu Gold have seen success, with a revenue increase of 167.5% in 2024, while others are closing stores [5][6]. - Pricing strategies are evolving, with companies increasingly offering "fixed-price" gold jewelry that allows for greater design elements and higher margins [7][8]. Consumer Behavior - Consumers are currently hesitant to purchase gold jewelry unless it is for essential needs or investment purposes due to high prices [4]. - The trend of fixed-price gold jewelry is gaining traction, with some brands reporting significant sales growth in this category despite overall market challenges [7][9].