Core Viewpoint - Recent surges in international and domestic gold prices have led to significant price increases for gold jewelry, with major brands like Chow Tai Fook and Lao Pu Gold announcing upcoming price hikes due to rising costs [1][3]. Group 1: Price Increases - International gold prices have surpassed $4,300 per ounce, while domestic prices have crossed 1,000 yuan per gram, prompting gold jewelry prices to approach 1,300 yuan per gram [1]. - Chow Tai Fook plans to increase retail prices of gold products by approximately 12% to 18% by the end of October [3]. - Lao Pu Gold has also announced a price adjustment set for October 26, with specific changes to be determined based on actual store prices [5]. Group 2: Sales Performance - Chow Tai Fook reported a 4.1% year-on-year increase in retail value, with mainland China seeing a 3% increase and Hong Kong, Macau, and other markets experiencing an 11.4% rise [4]. - Same-store sales in mainland China for Chow Tai Fook's direct stores grew by 7.6%, while franchise stores saw an 8.6% increase [4]. - Lao Pu Gold's sales performance for the first half of the year reached 14.18 billion yuan, marking a 249% year-on-year growth, with an adjusted net profit of 2.35 billion yuan, up 291% [8]. Group 3: Market Strategy - Lao Pu Gold implements a "limited purchase" strategy before price adjustments, allowing customers to buy only a limited number of items to manage increased demand [8]. - The company typically conducts 2 to 3 price adjustments annually, with this being the third adjustment of the year [8].

近期，国际、国内金价分别突破4300美元/盎司和1000元/克关口，并持续刷新历史纪录，也 推动多家黄金珠宝品牌公布的足金饰品价格水涨船高，逼近1300元大关。周大福珠宝与老铺 黄金日前分别发布涨价预告，周大福表示提价幅度预计在12%～18%，老铺黄金具体价格调 整幅度与范围，将以线上线下门店实际标价为准。10月20日，周大福足金（饰品、工艺品 类）、六福珠宝足金999/足金、潮宏基足金（首饰摆件）的足金饰品价格为1262元/克，单 克相较10月1日上涨超130元。 10月20日，周大福珠宝集团确认即将涨价。集团表示，考虑到金价持续上涨对成本的影响，计划在10月 底提高定价黄金产品的零售价格，大多数产品的提价幅度预计在12%～18%。集团设有机制密切监测金 价波动，并适时作出价格调整，以应对市场变化。同时，周大福珠宝表示，各圈层消费者对不同黄金产 品的需求持续增长，集团也会继续通过创新设计、优化服务、市场洞察等满足消费者的多元需求，积极 开拓新市场。今年3月，该品牌已完成一轮10%至20%的调价。 | | 足全 | 1262元/克 | | --- | --- | --- | | (半) | (饰品、工艺品类 ...

Core Insights - Domestic gold prices have historically surged, with both spot and futures prices exceeding 1000 RMB per gram for the first time on October 17, 2023 [2][5][4] - The increase in gold prices has led to a rise in retail prices for gold jewelry, with some brands planning price hikes of up to 30% [13][5] - Gold mining companies are expected to benefit significantly from the rising gold prices, with projections of substantial profit increases [17][18] Price Movements - On October 17, 2023, the Shanghai Gold Exchange reported Au99.99 gold prices reaching a peak of over 1000 RMB per gram [5] - In Shenzhen's Shui Bei market, gold prices also surpassed 1000 RMB per gram, up from approximately 796 RMB per gram in early September [5] - Major jewelry brands, such as Chow Sang Sang and Chow Tai Fook, have reported retail prices for gold jewelry at 1281 RMB and 1279 RMB per gram, respectively [6][9] Market Reactions - Many jewelry brands are experiencing stock shortages despite high prices, indicating strong demand [13] - Consumers are becoming more cautious, with a noted increase in gold recycling as customers convert their gold bars into jewelry due to high prices [15][14] - The Shanghai Gold Exchange has issued a notice to its members to enhance risk control measures amid market volatility [15] Industry Outlook - Gold mining companies, such as Shandong Gold, are forecasting significant profit increases due to optimized production and rising gold prices, with expected net profits for Q1 2025 projected between 3.8 billion to 4.1 billion RMB [18] - The World Gold Council has indicated that while there are concerns about gold being overbought, overall gold holdings remain low compared to historical highs [19]