政策驱动与消费倾向转变双重推动 产业创新在多个维度展现出强劲活力。企业通过技术、业态、营销等多维创新，在存量竞争中开拓增量空间。从国货在高端市场的突破到供给侧创新能力的 整体提升，体现了中国消费产业升级的具体成果。竞争环境日益激烈，竞争维度持续升级，过去外资品牌主导市场的格局正在发生改变。 政策层面的支持为新消费发展奠定了坚实基础。《提振消费专项行动方案》《服务消费提质惠民行动2025年工作方案》等一系列政策文件相继出台，为服务 消费复苏提供了有力保障。消费品以旧换新政策效果显著，截至5月31日，五大品类合计带动销售额达1.1万亿元，发放直达消费者补贴约1.75亿份。这些政 策措施通过新供给创造新需求，形成了循环驱动的良性机制。 消费者行为模式的转变构成了新消费兴起的内在动力。"95后""00后"等年轻群体逐渐获得经济话语权，他们的消费倾向与价值观念发生了显著变化。情绪价 值需求快速提升，理性化消费趋势日益明显。黄金珠宝市场从外资高奢品牌的高溢价模式转向更具保值属性的金镶钻等工艺创新产品，体现了高端消费理性 化的发展方向。国货彩妆的崛起则反映了民族自信心提升下消费倾向的深刻变化。 供给侧创新与产业升级协同发力 ...

Group 1 - Laopuhuang will officially open its third store in Shanghai at the Shanghai International Financial Center on June 28, following the opening at Hong Kong Plaza in May [1] - The brand plans to open additional stores in high-end shopping areas in Shanghai, including Xintiandi and Henglong Plaza, within the year [1] - Laopuhuang has completed signing agreements with all major commercial centers in China as of April this year [1] Group 2 - Founded in 2009, Laopuhuang is recognized as the first brand to promote the "ancient method gold" concept in China [2] - The brand has innovated techniques such as "solid gold inlaid diamonds" and "solid gold enamel," integrating intangible cultural heritage techniques into contemporary designs [2] - Laopuhuang's sales performance is projected to grow over 160% year-on-year in 2024, ranking first in terms of revenue per store and sales efficiency among all well-known jewelry brands in mainland China [2] Group 3 - Laopuhuang's rise challenges the dominance of European luxury brands in China's high-end consumer market, as noted by Morgan Stanley [2] - The brand's success is attributed to its adherence to Eastern aesthetics and ancient gold craftsmanship, allowing it to thrive amid overall pressure in the luxury goods sector [2] - Laopuhuang has become a significant force in the international luxury goods industry, showcasing the vitality of Chinese brands in the global market [2]

莱绅通灵 20250618 摘要 公司自 2024 年起黄金业务收入显著提升，初期以克重金为主，二季度 起推出黄金镶嵌类产品，至 2025 年一季度，镶嵌类产品占比提升，显 著提高店效和利润。 公司线下业务占比 90%，其中黄金销售占 70%，非黄金占 30%。在黄 金销售中，一口价镶嵌类黄金占 80%，剩余为克重金，产品结构优化明 显。 不同产品毛利率差异显著：克重金约为十几个百分点，一口价镶嵌类黄 金四十几个百分点，K 金镶钻石五十几个百分点，翡翠毛利率更高但销 售占比低。 2025 年转运珠宝系列表现良好，王室马车系列和鸢尾系列占比总销售 额 15%以上，转运珠宝系列占比 10%左右，下半年计划在重要节点推 出新系列。 公司产品设计秉持欧洲美学文化，如王室马车系列源自比利时王室图腾， 转运星轮系列基于梵高《星月夜》，旨在宣导西方文化艺术。 主要消费群体为 35-55 岁女性，倾向悦己型消费，客单价约 15,000 元， 定位中高端市场。公司策略是打造千万级门店，并提升整体效益。 公司通过教练部门和零售管理部门实时关注门店销售，优化铺货陈列和 供货周转，并对 IP 产品进行系统化培训，提升门店销售能力。 ...

Core Viewpoint - The gold jewelry industry is facing significant challenges due to rising gold prices, leading to a decline in sales for most companies, while Lao Pu Gold stands out with strong performance [1][5]. Company Performance - Chow Tai Fook's revenue for the fiscal year 2025 was HKD 89.656 billion, a decrease of 17.5% year-on-year, primarily due to external macroeconomic factors and high gold prices affecting consumer spending [1][11]. - The net profit attributable to shareholders was HKD 5.916 billion, down 8.98% year-on-year, with operational profit increasing by 9.8% to HKD 14.746 billion after excluding losses from gold lending contracts [1][4]. Product Segmentation - Revenue from gold jewelry products increased by 105.5% to HKD 12.782 billion, while weight-based gold jewelry revenue fell by 29.4% to HKD 57.955 billion [2]. - Diamond-studded products saw a decline of 13.8%, but gold-studded diamond products experienced over 100% growth [2]. Store Operations - Chow Tai Fook closed 905 stores, ending the fiscal year with 6,644 stores, while improving average monthly sales per store to over HKD 10 million from HKD 9 million [4][11]. - The gross margin for the fiscal year was 29.5%, an increase of 5.5 percentage points, attributed to a higher proportion of high-margin products and rising gold prices [4]. Market Trends - The overall gold jewelry industry is underperforming, with A-share companies reporting a revenue decline of 4.73% to CNY 171.91 billion and a net profit drop of 17.75% to CNY 4.907 billion [5][6]. - In Q1 2025, the industry saw a revenue decline of 25.22%, but some companies showed significant profit improvements, indicating a recovery in overall profitability [5][6]. Strategic Transformation - Chow Tai Fook is shifting its strategy from rapid store expansion to enhancing store quality and product differentiation, launching new series that cater to diverse consumer preferences [11][12]. - The company is also focusing on high-end product offerings and collaborations with popular IPs to attract a broader customer base [11]. Financial Strategies - Following a high dividend announcement, Chow Tai Fook issued a 5-year convertible bond to raise HKD 8.8 billion for business development and store upgrades, despite a decline in cash flow [12]. - The market reacted negatively to the financing move, with Chow Tai Fook's stock price dropping by 7.29% [12]. Conclusion - The fiscal year 2025 is seen as a critical period for Chow Tai Fook, as it attempts to transform its business model by focusing on high-margin products and strategic partnerships, while navigating the challenges posed by rising gold prices and market saturation [13].

黄金珠宝经营近况更新 20250610 摘要 周大福 5 月同店增长 10%，整体增长 5.2%，但华东区域如南京、无锡 等地跌幅超 30%，受内卷和线上购物影响，而北方区域增长显著，区域 不平衡是主要原因。 潮宏基 5 月整体增速 43%，优于 6 月（32%），受益于 IP 和小克重产 品，订单量下降明显，而周大福 5 月环比改善，因金价稳定后价格策略 趋稳。 金价平稳后需求回补集中在年轻消费者和一口价摆件上，潮宏基计重类 产品需求回补，因客户非价格敏感，周大福则更多回补一口价摆件如大 唐金碗。 周大福克减活动折扣外部可见 50~80，官方 30，一口价产品常规 92 折，高意向可达 85~88 折，待售店甚至七八折，价格管控力度放弱。 老凤祥销量下滑因产品研发不足，市场推广投入少，数字化体系落后， 渠道老化严重，集中在华东乡镇，受现代商业体冲击。 周大福"一口价"产品 1-5 月占总销售额 15%，金镶钻类产品占"一口 价"的 22%，镶嵌类产品表现良好，主要由黄金镶钻带动。 潮宏基黄金镶钻品类占总销售额 12%，门店每月钻石产品销售额约 10 万元，串珠类销售额约占总销售额 20%，串珠加黄金镶嵌占整 ...

"过去，铂金是一个很火的贵金属，价格比黄金还贵，但自从黄金饰品爆火后，铂金饰品的需求相对较少，加之消费者现在都追求保值和投资需求，铂金 就没那么火了。"水贝金展广场一家铂金饰品店的工作人员表示，"水贝商家的嗅觉很灵敏，就像之前金包银饰品店越开越多，最近铂金价格开始变动后有 一些店开始囤货，后续要看价格的变化。" 记者也对现场几位消费者进行了采访，对方表示铂金回收的折价确实比黄金更大一些，但自己喜欢铂金的色泽，所以自用的需求高于投资。 而在一些社交平台上，铂金的讨论度明显升温，甚至有从黄金"转战"铂金的说法，不少铂金饰品的直播销售也吸引了不少关注。记者梳理发现，多数消费 者认为铂金价格已经"躺"了很多年，加之金价处于历史高位，所以将目光转向铂金。 世界铂金投资协会的数据显示，今年第一季度全球铂金总供应量同比下降10%，为45.3吨；需求端同比增长10%，达70.7吨；今年或连续第三年出现铂金 短缺，缺口达30吨。而在需求方面，全球铂金首饰和投资需求显著增长，首饰需求同比增长9%，投资需求则增至14.3吨。 铂金市场仍是"线下冷线上热"。 近段时间以来，黄金价格开启高位震荡行情。6月2日，国际金价创近三周以来新高 ...

黄金珠宝：新消费引领，金价共振 20250520 摘要 美国政策对美元信用及其影响有哪些？ 美国政策尤其是特朗普政府的一些做法可能进一步影响美元信用。例如限制全 球贸易政策不仅限制了贸易本身，也限制了全球对美元需求。如果大家对美国 政府信任感下降，会导致美债实际利率上行、汇率贬值以及黄金价格上涨。同 时其他国际货币如日元、欧元、英镑也会受益。因此，需要关注特朗普政府哪 些政策可能进一步削弱美元信用，从而推动这些变化。 全球产业链布局变化对未来投资有什么启示？ • 全球产业链布局变化，受中美贸易关系及地缘政治影响，不再仅考虑经济 因素，国家间关系稳定性成为重要考量，推动对黄金等避险资产的需求。 • 美国政策，如冻结外储和贸易限制，削弱美元信用，促使各国增加对黄金 的依赖，未来货币体系或将分化，黄金作为保值资产的重要性凸显。 • 尽管中美贸易关系及俄乌冲突可能缓解，但黄金价格上涨的宏观逻辑未变， 黄金定价需置于全球宏观变局和历史周期下考量。 • 美国作为全球中央银行，通过贸易赤字发行美元，关税政策破坏全球贸易 和货币体系，可能导致美债利率上升、美元贬值，利好黄金及其他国际货 币。 • 黄金定价框架已变，不再紧盯美 ...

Core Insights - The Chinese luxury market is witnessing a shift from soft luxury (bags, clothing, shoes, and beauty) to hard luxury (jewelry and watches), which is becoming a new growth driver amidst market uncertainties [4] - The future development of the Chinese hard luxury market will revolve around three key themes: resilience return, structural differentiation, and value reconstruction [4] Industry Insights - Jewelry and watches are experiencing divergent market trends, with jewelry showing strong resilience during economic fluctuations, driven by classic collections and innovative product strategies [7] - The jewelry market is expected to maintain steady growth in 2024, even as the global personal luxury goods market faces a downturn [7] - The Chinese jewelry market is transitioning into a normalized expansion phase post-pandemic, presenting ongoing growth opportunities despite a slowdown in growth rates [10] Consumer Behavior - Jewelry is increasingly viewed as an emotional anchor and status symbol, with significant sales spikes during emotional occasions like weddings and anniversaries [13] - The Tmall Luxury platform has seen successful launches of new jewelry collections from top brands, leveraging emotional resonance and marketing strategies [13] - Consumer motivations for jewelry purchases are shifting from traditional status symbols to expressions of individuality and emotional connection [27] - In decision-making, design aesthetics and brand prestige are becoming more critical, with consumers valuing cultural significance and craftsmanship [28] Market Dynamics - The Swiss watch industry is facing challenges, with a projected decline in exports in 2024, indicating a phase of adjustment post-pandemic [15][18] - Despite overall market downturns, high-end watch brands are maintaining resilience, with leading brands expanding their market share [22] - The luxury watch market is experiencing a structural shift, with significant growth in female watch consumption and a focus on unique designs and cultural narratives [51] Digital Transformation - The hard luxury market in China is at a crossroads of differentiation and reconstruction, necessitating brands to adapt in retail experience, cultural expression, and digital operations [62] - The year 2025 is seen as a turning point for redefining e-commerce value, with brands focusing on conversion efficiency and user quality rather than superficial engagement [63] - Tmall Luxury is evolving into a digital boutique, enhancing connections between brands and consumers through data insights and social interactions [63][64]

积极布局黄金业务。公司顺应黄金需求上升趋势，增加对黄金品类业务的尝试，2024 年发布龙鳞凤羽 系列、金镶钻系列等产品，布局婚嫁黄金品类，融入婚嫁文化的经典元素和非遗黄金工艺，持续提升迪 阿的产品力。 收入降幅逐季收窄，费用率大幅回落。 公司近况 2025 年以来，国内珠宝首饰终端销售逐步好转，金银珠宝类社零实现同比转正。随着消费者金饰消费 热情逐步提升，迪阿股份也在积极推动产品和渠道优化，在产品中结合婚嫁文化的经典元素和非遗黄金 工艺。 评论 2025 年以来珠宝首饰销售逐步好转。受终端消费情绪波动，以及金价快速上行影响，2024 年限额以上 单位金银珠宝类商品零售额累计下滑3.1%，表现相对较弱。2025 年以来金价延续快速上涨趋势，截至4 月末，上海金交所黄金现货Au9999 收盘价较年初上涨27%。消费端，2025 年1-2 月、3月限额以上单位 金银珠宝类商品零售额分别同比增长5.4%、10.6%，表现好于社零大盘增长，自2024 年4-12 月持续同比 下滑后实现同比转正。 受终端天然钻石饰品需求疲软影响，4Q24 公司收入同降15%至3.7亿元，降幅环比收窄，其中线下直 营、联营和线上自营收入分 ...

Core Viewpoint - The gold consumption market in China has shown significant changes in 2023, with a shift from jewelry consumption to investment demand, driven by high gold prices and changing consumer behaviors [2][3][5]. Investment Demand Growth - Despite high gold prices, consumer enthusiasm for purchasing gold remains strong, with promotional activities attracting many buyers [2]. - As of March 31, 2023, the price of Au9999 gold reached 730.80 yuan per gram, a 19.02% increase since the beginning of the year, while the average price for the first quarter was 670.67 yuan per gram, up 37.68% year-on-year [2]. - Gold jewelry consumption in China fell to 134.531 tons in the first quarter, a decrease of 26.85% year-on-year, while gold bar and coin consumption rose to 138.018 tons, an increase of 29.81% [2]. Structural Changes in Consumption - The market is experiencing a structural shift characterized by a decline in jewelry consumption and an increase in investment demand, indicating that gold's financial attributes are becoming more prominent than its commodity attributes [3]. - The high gold prices and seasonal demand weakness may pressure jewelry consumption in the second quarter, but the dual nature of gold as both a decorative and investment item is expected to support overall demand [3]. Young Consumer Demographics - Young consumers are increasingly favoring lightweight and stylish gold products, such as 0.1-gram gold phone stickers and 0.3-gram gold beans, which are becoming popular as "social currency" [4]. - The rise of young consumers is reshaping the gold consumption landscape, moving from traditional wedding gifts to self-purchase and gifting for occasions, reflecting a shift towards "self-indulgence and socialization" [4][5]. - Young consumers are more price-sensitive and often compare options, leading to a preference for brands that offer better value [4]. Innovation in Craftsmanship - Gold jewelry companies are adapting to diverse market demands by innovating production techniques and enhancing product value [6]. - The popularity of traditional craftsmanship, such as ancient gold techniques combined with modern designs, is on the rise, with consumers showing interest in products that blend gold with other materials [7]. - Technological advancements, such as 3D printing and health-monitoring gold accessories, are expected to expand the boundaries of traditional gold jewelry consumption [7][8].