09 Jul 2025 01:30:31 ET │ 11 pages China Economics Reflation Now In Sight on Positive CPI and Supply Side Reform 2.0? CITI'S TAKE Year-on-year CPI reading turned to a positive surprise in June, and an earlier policy meeting hinted at potential Supply Side Reform 2.0. Is reflation in sight now for China? We tend to be cautious. The surprise in CPI could be smaller looking at the sequential change. Some small items such as jewelry could have contributed, while underlying momentum for the broader categories in ...

ab 17 June 2025 Global Research India Economic Perspectives India and gold: all that glitters Gold price rally to continue UBS's Basic Materials team forecasts the gold price to rise to US$3,500 in 2026. We believe the case for gold has become more compelling in an environment of escalating tariff uncertainty, weak growth, high inflation and lingering geopolitical risks. As most of India's gold supply is imported (87%), higher global gold prices (although we expect softer gold volume demand) imply that Indi ...

V i e w p o i n t | 13 Jun 2025 16:32:37 ET │ 15 pages Laopu Gold (6181.HK) An opportunity to capitalize if gold price stays high CITI'S TAKE The gold price rally since April has significantly narrowed Laopu's product price premium over mass market positioned gold jewelries, making its high- end product appear more attractive. The unprecedented advantage of Laopu, illustrated by our proprietary price comparison chart, helps it broaden customer base rapidly. If the gold price stays at the current high level, ...

Investment Rating - The report maintains an "Overweight" (OW) rating for Laopu Gold with a price target of HK$1,149.00 for December 2025, up from a prior target of HK$1,111.00 [4][26]. Core Insights - Laopu Gold is positioned as a niche luxury brand in the China heritage gold sector, with a market share of 2% as of 2023 and a strong focus on tier 1 and new tier 1 cities, which account for over 85% of its sales [10][26]. - The company is expected to achieve a compound annual growth rate (CAGR) of 61% in sales and 68% in net profit from 2025 to 2027, driven by the growth of the heritage gold segment, store expansion, and enhanced brand equity [10][26]. - Laopu plans to open at least eight new boutiques in 2025, surpassing the seven opened in 2024, and will continue refreshing existing boutiques [7][10]. Summary by Sections Sales and Revenue Projections - Revenue estimates for 2025 have been raised from Rmb 18,780 million to Rmb 19,973 million, and for 2026 from Rmb 26,172 million to Rmb 28,061 million [5]. - The company targets mid-term sales per shopping mall to reach Rmb 1 billion by 2025, significantly higher than the Rmb 300 million expected in 2024 [10]. Boutique Expansion and Strategy - Laopu's expansion strategy includes opening its first overseas boutique in Singapore and a differentiated product offering in Tokyo targeting non-Chinese customers [10][26]. - The company plans to refresh at least four existing boutiques in 2025, maintaining the same level as in 2024 [7][10]. Market and Pricing Dynamics - Laopu's management is optimistic about the upward trend in gold prices, with expectations of a 41% increase in 2025 and 21% in 2026, which will support further penetration into target consumer groups [7][20]. - The company has implemented a price adjustment policy to maintain a gross profit margin (GPM) target of over 40%, with expectations of 1-2 additional price increases in 2025 [7][10]. Financial Metrics and Valuation - The report projects a significant increase in adjusted earnings per share (EPS) from Rmb 9.47 in 2025 to Rmb 24.14 in 2026, reflecting a growth rate of 154.8% [9][10]. - The DCF-based price target of HK$1,149 implies a forward P/E ratio of 32x for 2025 [27]. Performance Drivers - Laopu's strong performance is attributed to its high single-store sales, pricing premium over local brands, and a robust retail experience that enhances customer loyalty [10][26]. - The company is expected to benefit from a favorable product mix and operational leverage, leading to a net margin expansion of 1.5 percentage points in 2025 [13].

May 21, 2025 10:00 AM GMT China Gold Jewelry | Asia Pacific Milder gold rise supports demand recovery We see weight-based gold products gradually recovering, which is supportive to overall jewelry stocks. Stock performance will remain divergent given different product/channel cycles, self- help strategies and execution. Key Takeaways Milder gold price hike is positive for gold jewelry demand, especially for weight- based gold jewelry products, which is >70% of the gold jewelry market. We expect some pent-up ...

金价的突然上涨，也让众多消费者措手不及，"我还指望金价再降点，怎么突然就涨了，4位数的价格让我心有余而钱包不足。"等着买金的网友小陈吐槽 道。 事实上，近段时间以来，国际金价走势出现逆转，数据显示，自5月19日以来，现货黄金略有上涨。而在"五一"假期后，现货黄金在创下历史新高之后， 开始出现较大幅度回调。5月7日以来，现货黄金价格从约3430美元/盎司高点连续下挫，其中5月14日单日暴跌约72美元/盎司，单日跌幅2.23%。 封面新闻记者 马梦飞 5月20日（美东时间周二），Wind数据显示，国际金价出现反弹，现货黄金收盘涨幅接近2%，COMEX黄金涨幅也接近2%。5月21日早间，金价双双小幅 上涨，现货黄金一度突破3300美元，截至发稿，报3317美元/盎司。 值得注意的是，随着现货黄金价格的上涨，国内黄金品牌价格也迎风而上。21日，记者查询了多个品牌黄金价格，较昨日均有较大变动。其中，周大福金 饰报价为1008元/克，较昨日982元每克上涨26元；六福珠宝金饰报价同样是1008元/克，较昨日982元每克上涨26元；老庙黄金足金饰品报价为1004元/克， 相比昨日977元每克上涨27元。整体来看，包括周生生 ...

16日国际油价上涨 全周累计上涨超2% 原油期货市场方面，交易员们仍在关注美伊核谈判的最新进展。有消息人士称，谈判双方仍有一些问题亟待解决。这一消息部分缓解了市场对于原油供应 可能增加的担忧情绪，国际油价周五止跌反弹，美油期货和布油期货主力合约价格涨幅在1.4%左右。从周线上看，考虑到全球贸易紧张局势缓和，将推 动原油需求增长，国际油价本周仍累计上涨。其中，美油期货主力合约价格累计上涨2.41%，布油期货主力合约价格累计上涨2.35%。 16日国际金价跌超1.2% 全周累计下跌近4.7% 贵金属市场方面，俄乌谈判重启打击投资者避险需求，国际金价周五下跌，纽约商品交易所6月黄金期价收于每盎司3187.2美元，跌幅为1.22%。本周以 来，中美经贸高层会谈取得实质性进展，市场避险情绪得到抑制。本周以来，纽约黄金期价累计下跌近4.7%，为半年来最差单周表现。 截至5月16日20:04，现货黄金短线下挫20美元，跌破3160美元/盎司，日内跌2.56%。纽约期金日内大跌2%，报3162.00美元/盎司。 | | | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | -- ...

受国际金价跳水影响，5月13日，国内金饰价格普遍下跌，单克纷纷跌至千元以下。 周生生金饰价格为991元/克，老庙黄金为987元/克，老凤祥为995元/克，均较前一日下跌7-16元不等。 | | | 金价(人民币) | | --- | --- | --- | | 足金饰品 | 英品 | 1666 | | (每克) | 换金价 | ¥864 | | | 换珠宝价 | ¥864 | | 950 | 薬品 | ¥400 | | 铂金饰品 | | | | (每克) | 换金价 | ¥322 | | 生生金宝 | 薬品 | ¥875 | | (每克) | | | | | | 6 广视新闻 | 短期黄金价格面临回调压力 据中新经纬，12日晚间，国际贵金属期货普遍收跌，COMEX黄金期货跌3.06%报3241.80美元/盎司，现货黄金跌近3%，跌破3250美元关口。 5月13日，话题#金价又崩了#登上微博热搜，引发关注。 市场上，现货黄金近5个交易日中有4天下跌，5月12日更是大跌2.73%，盘中最多跌去118美元/盎司。5月13日金价先跌后涨，截至发稿，现货黄金 涨0.76%，每盎司报3259.34美元。 | 结算价:-- ...

5月12日，中美经贸会谈取得新进展，国际金价持续震荡。当天，"金价下跌"相关话题冲上微博热搜。伦敦金现、COMEX黄金盘中跌幅一度超3%，截至20 时，伦敦金价跌破每盎司3225美元，对比4月下旬突破3500美元关口的表现，可谓是"大跳水"。 5月12日，国际上，伦敦金现、COMEX黄金盘中跌幅一度超3%。国内方面，上海黄金交易所Au9999黄金价格较前一交易日下跌26.5元至每克759元。A股市 场黄金股集体下挫。截至收盘，贵金属板块集体大跌，西部黄金、四川黄金跌超3%，山东黄金、山金国际跌超2%。黄金相关基金亦纷纷回调，截至发稿， 博时基金、国泰黄金、华夏黄金的ETF联接A基金日跌幅均超3%。 足金首饰金价也明显下降，多个品牌金饰价格跌回千元附近。5月12日，周大福、周六福、六福珠宝、金至尊和潮宏基的足金金饰价格为每克1008元，周生 生金饰价格为每克1007元，菜百首饰金饰价格为每克988元。其中，周大福、周生生足金饰品较前一日价格下跌14元。 金价回调趋势下，有了"五一"假期与母亲节这"双节"加持，市场上的购金潮热度不减。这段时间，广州东山百货黄金专柜也碰上了销售的"黄金周"，东山百 货业务部经理戴崇 ...

红星资本局5月12日消息，今日，金价大幅回调，COMEX黄金期货一度跌破3220美元/盎司。国内金饰价格跟跌，周大福（1929.HK）、周生生（0116.HK） 等品牌金饰品标价双双较前一日下跌14元/克。 红星资本局采访发现，随着"5·20"的临近，部分品牌提前推出了优惠活动。在金价下跌的基础上，有品牌优惠后金饰品克价不到900元。 消息面上，今日凌晨，据新华社报道，中美经贸高层会谈取得了实质性进展，达成了重要共识。消息一出，市场集体沸腾，道指期货上涨1%，标普500期货 上涨1.2%，纳斯达克期货上涨1.5%。离岸人民币大涨一度接近200点，亚太股市开盘亦全线上扬。 金饰品价格跟跌 5月12日下午，成都某周生生门店一名柜员向红星资本局表示，今日店内首饰金价为1007元/克，在此基础上不同首饰产品优惠活动不一，每克减20元到60元 不等。 | | 電金座 | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | 年初至今 | | SGE黄金9999 | 759.00 | -26.50 | -3.37% | 23.45% | | COME ...