（文章来源：证券日报） 证券日报网讯 1月7日，明牌珠宝在互动平台回答投资者提问时表示，公司持续加大明牌传家金品牌推 广及渠道建设，以夯实品牌矩阵，推动业绩提升。 ...

Core Viewpoint - The article highlights the significant growth in gold and jewelry retail sales in China despite rising gold prices, indicating a strong consumer demand and strategic adaptations by companies in the industry [1][2]. Group 1: Market Performance - In the first five months of 2025, China's total retail sales of consumer goods reached 203,171 billion yuan, with a year-on-year growth of 5.0%. The retail sales of gold and jewelry amounted to 1,664 billion yuan, showing a growth of 12.3% [1]. - In May 2025, the retail sales of gold and jewelry reached 300 billion yuan, reflecting a year-on-year increase of 21.8% [2]. Group 2: Consumer Behavior and Trends - The Chinese consumers recognize the dual value of gold jewelry, viewing it as both a cultural heritage and an investment, which contributes to its consistent demand across different demographics [3]. - Traditional consumption peaks occur during significant events such as weddings and holidays, with gold jewelry performing well during these times, while platinum and diamond products are preferred for romantic occasions [4]. Group 3: Company Strategies - Chow Tai Fook reported a staggering 105.5% year-on-year increase in revenue from its priced gold products, driven by successful product lines like the CTF Fortune series and the Palace Museum series, achieving sales of approximately 4 billion HKD [2]. - The company is also tapping into the pet economy by launching CTF PET pet jewelry, catering to emerging consumer trends [2]. - Old Puhuang's traditional craftsmanship has gained popularity, and Mingpai Jewelry is focusing on promoting its high-end traditional gold jewelry, with around 30 stores opened to date [2].

Group 1: Retail Performance - In the first five months of the year, retail sales of gold and silver jewelry reached 166.4 billion yuan, with a year-on-year growth of 12.3% [1][2] - In May alone, retail sales of gold and silver jewelry amounted to 30 billion yuan, showing a significant year-on-year increase of 21.8% [1][2] - The overall retail sales of consumer goods in the same period totaled 2,031.71 billion yuan, reflecting a growth of 5.0% year-on-year [1] Group 2: Market Trends and Consumer Behavior - The rising gold prices, which increased from over 2,600 USD per ounce at the beginning of the year to a peak of 3,500 USD per ounce, have influenced consumer purchasing behavior [1] - Traditional peak seasons for gold and jewelry consumption include the Spring Festival and Valentine's Day, with a reported 13% increase in gold consumption during the Spring Festival [2] - The "May Day" holiday is also noted as a traditional peak for gold consumption due to wedding activities [2] Group 3: Company Strategies and Innovations - Chow Tai Fook reported a 105.5% year-on-year increase in revenue from its priced gold products, with new product lines achieving sales of approximately 4 billion HKD [3] - The company is focusing on collaborations with popular IP brands to enhance product offerings and appeal to younger consumers [3] - Old Puhuang's traditional craftsmanship has gained popularity, and Mingpai Jewelry is expanding its high-end traditional gold jewelry offerings [3]