来源：中国证券报 春节假期临近，全国最大的黄金饰品集散地——深圳水贝黄金市场迎来了最忙碌的时刻。 中国证券报记者调研发现，在最强黄金周期催化下，节前黄金消费市场活力十足、亮点纷呈。在消费者 多元化需求的带动下，商户及相关产业链公司也积极求变。 "金价高了，大家对黄金饰品的成色和品质也更加关心了。"该检验中心的工作人员表示，随着近期黄金 饰品交易活跃，该中心每天的业务量明显增多，现在每天大概可以接到200至300件送检的商品。 消费理念悄然变化 黄金消费群体也在发生变化。记者在水贝市场观察到，购金的年轻面孔明显增多。 多位商户向记者证实，年轻人已成为当下"购金热"的重要参与者。他们购买黄金的动机更加多元：既有 婚嫁、送礼等传统刚性需求，也有悦己消费、投资储蓄等新需求。 在水贝万山市场，"90后"消费者代女士正在挑选手链。她告诉记者："我买金饰主要是佩戴，不是投 资。如果要投资，我会选择金条类产品。相比大克重的'压箱底'，我更喜欢这种设计精巧、日常能戴的 款式。" 最强周期下的"淘金热" 腊月二十（2月7日），水贝国际珠宝交易中心人头攒动，店员喜庆的红色着装与金饰柜台里的暖光交相 辉映，浓浓的年味扑面而来。 记者 ...

农历腊月二十的水贝国际珠宝交易中心一楼，消费者人头攒动，店员喜庆的红色着装与金饰柜台泛出的 暖光交相辉映，浓浓的年味儿扑面而来。 春节临近，作为全国黄金饰品集散地之一的深圳水贝黄金市场迎来了最忙碌的时节。中国证券报记者近 日调研发现，在近段时间黄金价格走强的背景下，来水贝市场里的深圳水贝国际珠宝交易中心和深圳水 贝万山珠宝商业中心购买各种金饰的消费者络绎不绝。在多元化需求的带动下，商户及相关产业链上的 公司力求在产品设计、渠道建设、服务体验等方面创新求变。 客流量成倍增加 编者按 春节将至，年味渐浓，本报今起推出"新春走基层"系列报道。中国证券报记者将分赴大江南北，深入繁 华都市的产业腹地、静谧乡村的田间地头，捕捉大城小镇升腾的烟火气，倾听普通人的梦想，记录他们 在岁序更新中的奋进与期待，用心感知中国经济生机勃勃的脉动。 "这几天，金价稍有回落，加上假期临近，客流量明显增多。"水贝国际珠宝交易中心一家档口的老板缪 先生表示，自己从业12年来，今年春节假期前的黄金行情波动比较大。一方面，国际金价连创新高，消 费者对黄金饰品的关注度空前，客流量成倍增加，销售额创下新高；另一方面，由于金价的波动，他的 加工厂在购买 ...

● 本报记者 齐金钊 春节临近，作为全国黄金饰品集散地之一的深圳水贝黄金市场迎来了最忙碌的时节。中国证券报记者近 日调研发现，在近段时间黄金价格走强的背景下，来水贝市场里的深圳水贝国际珠宝交易中心和深圳水 贝万山珠宝商业中心购买各种金饰的消费者络绎不绝。在多元化需求的带动下，商户及相关产业链上的 公司力求在产品设计、渠道建设、服务体验等方面创新求变。 客流量成倍增加 企业紧盯需求变化 与以往"中国大妈"为主力的黄金消费群体不同，中国证券报记者在水贝万山珠宝商业中心发现，年轻面 孔明显增多。多位商户说，年轻人已成为当下"购金热"的重要参与者。（下转A02版） ■ 编者按 春节将至，年味渐浓，本报今起推出"新春走基层"系列报道。中国证券报记者将分赴大江南北，深入繁 华都市的产业腹地、静谧乡村的田间地头，捕捉大城小镇升腾的烟火气，倾听普通人的梦想，记录他们 在岁序更新中的奋进与期待，用心感知中国经济生机勃勃的脉动。 农历腊月二十的水贝国际珠宝交易中心一楼，消费者人头攒动，店员喜庆的红色着装与金饰柜台泛出的 暖光交相辉映，浓浓的年味儿扑面而来。 中国证券报记者看到，多家黄金零售档口前围满了选购商品的消费者，计算器敲击 ...

Core Insights - The upcoming Spring Festival has led to a surge in gold consumption in Shenzhen's Shui Bei market, driven by a strong demand for gold jewelry as gifts [1][2] Group 1: Market Activity - The Shui Bei International Jewelry Trading Center is experiencing high foot traffic, with consumers actively purchasing gold jewelry as gifts for the New Year [2] - Recent fluctuations in gold prices have influenced consumer behavior, with a notable increase in sales as prices have slightly decreased from 1400 yuan per gram to around 1250 yuan [2] - The volume of business at the Shenzhen Gem Testing Center has increased significantly, with daily inspections of 200 to 300 items as consumers become more concerned about the quality and authenticity of gold products [3] Group 2: Changing Consumer Demographics - There is a noticeable increase in younger consumers participating in gold purchases, driven by diverse motivations including traditional gifting and personal enjoyment [4] - Young consumers are favoring lightweight and intricately designed gold items, such as 1 to 5-gram products, over heavier pieces, indicating a shift in purchasing preferences [4][5] Group 3: Industry Adaptation - Gold jewelry companies are recognizing the need to innovate in product design, distribution channels, and customer service to meet changing consumer preferences [5] - Companies like Zhou Silu are adapting to current trends by increasing the sales of investment gold bars and lightweight products, while also developing culturally relevant designs to appeal to modern consumers [6]

Core Viewpoint - The gold market has experienced significant volatility, with prices fluctuating dramatically around the key support level of $4040, reminiscent of the market conditions before the 2016 gold bull market [1][3][5]. Market Volatility - On October 25, the London gold spot price dropped from $4144.19 to $4044.07, a decline of over 2.3%, before rebounding to $4111.22, indicating a volatile trading session [3][5]. - The recent trend includes a notable drop of 5.31% on October 21, marking the largest single-day decline in nearly 12 years, with prices nearing the psychological barrier of $4000 [3][5]. Historical Comparison - Current market conditions closely mirror those of 2016, where investor sentiment was cautious, awaiting confirmation of a breakout, which was later triggered by the Federal Reserve signaling interest rate cuts, leading to a 14.6% increase in gold prices within a month [5][7]. - Key data comparisons show that the U.S. CPI in September 2025 was 3.0%, below the expected 3.1%, similar to the 2016 scenario that ignited rate cut expectations [5][7]. Support Levels and Trading Activity - The $4040 support level has become a focal point for both bulls and bears, with gold prices testing this level multiple times in the past three months and rebounding each time [7][9]. - On October 25, trading volume surged by 27% compared to the previous day, indicating significant market activity around this support level [7]. Central Bank Actions - Global central banks have been increasing their gold reserves, with a net addition of 987 tons in the first three quarters of 2025, providing a solid support for gold prices [7][9]. - The Chinese central bank has consistently increased its gold reserves for 36 months, reaching 2842 tons, which contributes to a hidden safety net for the market [7][9]. Retail Market Dynamics - Retail gold sales reflect changing market sentiments, with gold shops experiencing reduced foot traffic but employing strategies like price guarantee services to attract customers [9]. - Different consumer segments show varied preferences, with wedding-related buyers focusing on branded gold jewelry, while investors lean towards bank investment gold bars [9]. Short-term Trading Opportunities - The increased volatility in gold prices has created short-term trading opportunities, with technical indicators suggesting potential rebounds [11]. - The domestic gold futures market is also experiencing fluctuations, with the main contract showing a decline [11]. Investor Strategies - Investor strategies are diverging, with experienced investors placing long positions around $4040-$4045, while cautious investors are opting for short positions if prices break below $4040 [13].