当国际金价飙上每盎司4000美元、金饰需求趋缓时，金饰行业正在寻找新的破局点。 随着国际金价突破每盎司4000美元，全球金饰消费趋缓，国内金饰销量遇阻的今天，一个曾经传统的行业正在探索出海新思路。 硬足金国际"首秀" 日前，在中国香港珠宝首饰展览会上，世界黄金协会携手14家中国金饰制造企业，推出创新品类"硬足金"——第一财经记者在展区内看到，来自世界各地的 买家和同行们围在展柜前，仔细端详、上手试戴。 WELLERY & GEM WORLD Hond Kong Kong . The Sury Bron Grow Grand The Press. a 1 1144 r "东南亚和中东的客人很多。"深圳市粤豪珠宝品牌及产研中心副总经理翁祥榕在接受第一财经记者采访时表示，"中东的客人对于较大件的产品，例如镶宝 石级的鎏彩工艺等很感兴趣。欧美客户则更喜爱硬足金的时尚、轻盈，同时又具有保值的价值。" 同样忙碌的还有瑞麒珠宝的展位。"昨天我们几个同事在展位上几乎没停下来，接待了来自泰国、缅甸、马来西亚和新加坡的客户。"瑞麒珠宝品牌项目部总 监林宋珠表示，"我们也收到了很多国外友商的卡片，还邀请他们前往我们位于深圳的总部参 ...

记者丨边万莉 实习生王子颖 根据今年5月中国工业和信息化部颁布的《硬足金饰品》行业标准（QB/T 5793—2024）的规 定， 硬足金是维氏硬度不低于60HV、含金量不低于990‰的黄金饰品 。通过电铸成型和失蜡 浇铸两种工艺，硬足金得以兼具更硬、更轻、更亮的三大特性。即，耐磨抗损，可打造复杂 设计并确保镶嵌稳固；提升佩戴舒适性，在高金价背景下经济性突显；媲美18K金的镜面光 泽，契合时尚珠宝体验。 编辑丨杨希 自9月以来，国际金价从3400美元/盎司一路高歌猛进，最高时一举突破了3700美元/盎司这一 重要关口。在国际金价强势上涨的带动之下，国内金饰价格也随之呈现出持续攀升的态势， 目前已经冲上1100元/克的高位。 金价飙升下，金饰消费市场进入调整期。"轻克重、高工艺"的硬足金在中国市场火速出圈， 成为黄金珠宝零售增速最快的黄金品类 。世界黄金协会调研数据显示， 2024年硬足金已拿下 中国金饰零售额20%以上，尤其深受Z世代和千禧一代追捧 。凭借着突出的生产制造能力、 加工工艺、设计能力等优势，中国硬足金品类正在走向海外。 21世纪经济报道记者在"九月香港珠宝首饰展览会"上注意到，世界黄金协会首次与1 ...

21世纪经济报道记者 边万莉 实习生王子颖 自9月以来，国际金价从3400美元/盎司一路高歌猛进，最高时一举突破了3700美元/盎司这一重要关 口。在国际金价强势上涨的带动之下，国内金饰价格也随之呈现出持续攀升的态势，目前已经冲上1100 元/克的高位。 金价飙升下，金饰消费市场进入调整期。"轻克重、高工艺"的硬足金在中国市场火速出圈，成为黄金珠 宝零售增速最快的黄金品类。世界黄金协会调研数据显示，2024年硬足金已拿下中国金饰零售额20%以 上，尤其深受Z世代和千禧一代追捧。凭借着突出的生产制造能力、加工工艺、设计能力等优势，中国 硬足金品类正在走向海外。 21世纪经济报道记者在"九月香港珠宝首饰展览会"上注意到，世界黄金协会首次与14家中国金饰制造企 业，共同打造了"硬足金饰品展"，全方位秀出硬足金在设计、工艺和时尚与文化表达上的惊艳突破，吸 引众多的海内外客户驻足。世界黄金协会中国区CEO王立新认为，凭借我们对国际市场的深入洞察和本 土市场的成功实践，硬足金出海的时机已至。正所谓"千里之行始于足下"，关键是要敢于迈出第一步， 更远处的机会已经隐约可见，接下来要思考的，只是如何走好脚下的路。 印度某珠宝商 ...

Core Insights - The 2025 China Gold and Jewelry Festival was held in Shenzhen, focusing on "New Patterns of Communication and Breakthroughs in Marketing" to discuss the development paths of the gold and jewelry industry under new consumption trends and digital marketing [1][9] - The retail scale of the gold and jewelry industry is projected to reach 778.8 billion yuan in 2024, maintaining its significant position in the global market [1][4] - The industry is urged to innovate in new categories, penetrate new channels, and explore new markets while enhancing its global presence [1][4] Industry Trends - The current trend in gold consumption shows a decrease in volume but an increase in price, with a notable rise in investment gold demand [4][11] - Self-wearing demand has become the dominant force in gold jewelry consumption, accounting for nearly 70% [11] - The report identifies four growth opportunities: strengthening young consumers' value recognition, consolidating high-quality product positioning, expanding consumption scenarios, and optimizing multi-channel promotion [11] Digital Transformation - Digital transformation is deemed essential for the industry, with a shift from scale-based operations to quality-focused management [4][9] - The case of Chaohongji Jewelry demonstrates the effectiveness of digital operations, achieving an average revenue of approximately 6.91 million yuan per store in 2024, a year-on-year increase of 12.9% [12] - 57% of jewelry companies are utilizing three or more new media platforms, with WeChat and Douyin being the most widely used [12][13] Cultural and Regional Focus - The "Huaxia Jewelry Geography" initiative was launched to explore regional cultural values and showcase the development achievements of chain brands and regional benchmark stores [13][14] - This project aims to inject new momentum into the industry by deeply exploring the cultural and commercial value of different regions [13][14]

Core Viewpoint - The rising tensions in the Middle East have led to a significant increase in gold prices, with COMEX gold futures surpassing $3,400 per ounce, reflecting a rise of over $100 per ounce compared to the previous week [2] Industry Impact - The surge in gold prices is negatively impacting gold jewelry processing companies, as expectations of continued price increases are leading to reduced purchasing power from downstream gold retailers, particularly ahead of the Mid-Autumn Festival and National Day [3][5] - Many small gold processing enterprises are facing closures due to insufficient orders from retailers, leading to intense competition over processing fees [3][5] - The World Gold Council reported a 32% year-on-year decline in gold jewelry demand in Q1, totaling 125 tons, attributed to high gold prices and a reduction in retail store numbers [3] Long-term Challenges - A significant long-term challenge for the gold jewelry processing industry is the declining marriage and birth rates, which are expected to reduce the rigid demand for gold jewelry, accounting for over 30% of overall metal demand [4] - Companies are focusing on capacity reduction strategies to adapt to the changing market dynamics and consumer preferences [4][7] Operational Adjustments - To survive the downturn, companies are shifting production from heavier gold items to lighter, lower-cost products, despite lower processing fee revenues [6] - Many processing firms are abandoning self-operated procurement models to mitigate financial risks associated with rising gold prices and shrinking retailer orders [6][7] Market Dynamics - The number of gold retail stores is decreasing, with major chains like Chow Tai Fook and Chow Sang Sang closing hundreds of locations [7] - Processing companies are adapting to new procurement models that require additional logistics and management efforts, increasing operational costs [9][10] Financial Pressures - The processing fee income has dropped by over 25% due to price wars, and additional costs from logistics and order management are squeezing profit margins [11] - Companies are exploring overseas markets to offset domestic declines, but face challenges in adapting to different consumer preferences and cultural contexts [12]

Investment Rating - The investment rating for the gold and jewelry industry is "Outperform the Market" (maintained) [1][5][41] Core Insights - The gold and jewelry industry is experiencing a transformation towards product-driven growth, with a greater emphasis on single-store efficiency at the retail level [1][2] - In 2024, the total retail sales of gold and silver jewelry reached 329.98 billion yuan, showing a year-on-year growth of 3.1%, while the first quarter of 2025 saw a rebound with a growth rate of 6.9% due to seasonal demand and changes in consumer preferences [4][8] - The industry is witnessing a significant divergence in performance among listed companies, influenced by factors such as product category structure and channel expansion models [2][8] Summary by Sections Industry Overview - The gold price has been on a long-term upward trend, which is expected to enhance the value retention attributes of gold, positively impacting terminal sales [2] - Consumer demand for design attributes is increasing, prompting companies to shift from traditional channel expansion to product-driven strategies [2][22] Channel Dynamics - The past year has seen a strategic contraction in the number of stores, particularly franchise outlets, due to weakened demand and franchisee exits [2][34] - Companies are focusing on enhancing the operation of self-owned stores and upgrading existing store images to align with consumer preferences for brand and shopping experience [2][34] Performance Divergence - The first quarter of 2025 has shown accelerated performance divergence among companies, with some brands achieving significant growth due to differentiated product positioning and strong brand identity [10][12] - For instance, Chao Hong Ji reported a revenue increase of 25.36% to 2.252 billion yuan and a net profit growth of 44.38% to 189 million yuan in Q1 2025 [10][12] Consumer Behavior Trends - Young consumers (aged 18-34) are increasingly contributing to gold jewelry retail sales, with a demand for innovative designs and emotional expression through products [28][31] - The preference for one-price products over traditional weight-based pricing is growing, as these products offer better perceived value during periods of high gold prices [22][25] Store Strategy Adjustments - Traditional franchise models are contracting, while companies are expanding self-owned stores to strengthen brand presence and improve customer experience [34][37] - Companies are also upgrading store designs and layouts to enhance consumer engagement and brand identity [34][37] Investment Recommendations - The report suggests focusing on two investment directions: traditional gold and jewelry leaders with low valuation recovery potential and companies with differentiated brand positioning that can leverage online and offline synergies for growth [38][41]

Core Viewpoint - The Chinese gold market showed robust development in Q1 2025, with various data reflecting its complex structure and inherent vitality. Group 1: Domestic Gold Production - In Q1 2025, domestic gold production reached 87.243 tons, an increase of 1.284 tons or 1.49% compared to Q1 2024 [1] - Gold mine production accounted for 61.772 tons, while by-product gold from non-ferrous metals contributed 25.471 tons, forming a significant part of domestic gold production [1] - Total gold production, including imports, was 140.830 tons, reflecting a year-on-year growth of 1.18% [1] Group 2: Trading Market Activity - The Shanghai Gold Exchange saw a total trading volume of 16,000 tons (double-sided), a year-on-year increase of 4.57%, with a trading value of 10.70 trillion yuan, up 42.85% [2] - The Shanghai Futures Exchange reported a trading volume of 55,400 tons (double-sided), a significant increase of 91.17%, with a trading value of 30.52 trillion yuan, up 143.69% [2] - The surge in trading volume and value indicates strong market recognition of gold's investment value amid global economic uncertainties [2] Group 3: Gold Reserves and Investment - Domestic gold ETF holdings increased by 23.47 tons in Q1 2025, reaching a total of 138.21 tons, marking a year-on-year growth of 327.73% [3] - China increased its gold reserves by 12.75 tons, bringing the total to 2,292.33 tons by the end of March [3] - The simultaneous increase in gold holdings by the central bank and private investors highlights gold's growing importance in asset allocation [3] Group 4: Consumption Trends - Gold consumption in China totaled 290.492 tons in Q1 2025, a decline of 5.96% year-on-year [4] - Jewelry consumption fell by 26.85% to 134.531 tons, while investment in gold bars and coins rose by 29.81% to 138.018 tons [4] - The high gold prices have suppressed jewelry demand, but there is a growing interest in innovative gold products among younger consumers [4] Group 5: Price Trends - By the end of March 2025, the London spot gold price was $3,115.10 per ounce, up 17.79% from the beginning of the year [5] - The average price for Q1 2025 was $2,859.62 per ounce, a 38.16% increase compared to the same period in 2024 [5] - The Shanghai Gold Exchange's Au9999 gold price closed at 730.80 yuan per gram, reflecting a 19.02% increase since the start of the year [5] Group 6: Market Insights - The structural changes in the gold market reflect deeper adjustments in the global economic landscape, with central bank purchases and private investment demand indicating a decline in trust in fiat currency systems [5] - Experts suggest that the high gold prices are pushing the industry to innovate and adapt to changing consumer preferences, emphasizing the cultural and aesthetic value of gold [5][6]