Core Insights - The demand for gold remains strong during the Double Eleven shopping festival, with significant sales growth for various gold jewelry brands [1][2] - The top three brands on the Kuaishou platform during this period are all gold jewelry brands: China Jewelry, Zhou Dafu, and Zijin [2] - Despite fluctuations in international gold prices, consumer interest in gold investment products continues to rise, leading to a surge in sales [1][5] Sales Performance - Nine out of the top 20 brands in the Kuaishou Double Eleven sales ranking are gold jewelry brands, an increase from the previous year [1] - Notable sales growth includes: - Lingsheng Gold with an 830% increase - China Jewelry SINO GEM with a 393% increase - Qing Dafu with a 189% increase [2] Average Transaction Value - Several gold brands achieved high average transaction values during the Double Eleven event: - Zijin at 30,578 yuan - Miaoji at 26,107 yuan - Mankalon at 47,378 yuan - China Jewelry SINO GEM's average price increased from 1,232.58 yuan in 2024 to 5,993 yuan in 2025 [3] Consumer Behavior - Consumers are increasingly shifting their focus from decorative gold to investment gold products, with 50% of sales in some stores coming from gold bars [3][5] - The "one gold hard to find" phenomenon is evident, with many gold bars sold out during the shopping festival [5] Price Advantages - Online shopping offers price advantages, with promotional subsidies making gold purchases more attractive [6] - High-karat products from lesser-known brands are perceived as more cost-effective due to platform subsidies [6] Market Trends - The online gold buying trend is expected to continue, driven by consumer sentiment and promotional activities [6] - Other e-commerce platforms also report high sales of gold products, indicating a broader trend in the market [6]

Core Insights - The gold price in Shenzhen's Shui Bei market surged significantly, rising from approximately 930 yuan per gram to 991 yuan within two hours on November 3, 2023, and remained high at 993 yuan per gram as of the latest report [1][3][7] Group 1: Price Fluctuations - The recent spike in gold prices is likely linked to the announcement of a new tax policy by the Ministry of Finance and the State Taxation Administration, which will take effect from November 1, 2025, until December 31, 2027 [3][7] - Following the announcement, gold prices across various markets in China have seen substantial increases, with some retailers in Shenzhen selling gold at prices excluding the new tax, attracting investors to stock up [3][7] Group 2: Market Reactions - Retailers in the market have adjusted their prices, with reports indicating that gold prices increased by 13 tax points, reaching 991 yuan per gram, and prices could rise to 1061 yuan per gram if invoices are required [7][9] - Many small-scale jewelers have paused their gold trading activities due to the unpredictable market conditions and high prices, opting to wait for price stabilization before resuming operations [9][10] Group 3: Investor Behavior - Investors are actively seeking to take advantage of the price fluctuations, with some resorting to local delivery services to secure gold purchases amid rising prices [10][14] - The introduction of the new tax policy has prompted a sense of urgency among investors, leading to a rush to purchase gold before further price increases [10][14] Group 4: Market Outlook - Following the implementation of the new tax policy, gold jewelry stocks have continued to decline, with notable drops in companies such as Lao Pu Gold and Chow Tai Fook [19][23] - Analysts suggest that the tax adjustments will impact market sentiment, particularly affecting the demand for weight-based gold jewelry, while the overall competitiveness of China's gold market may improve in the long term [19][23]