29 January 2026 | 8:32PM HKT Equity Research China Retail: China Jewelry: Milder industry growth in 2026E with focus on idiosyncratic opportunities; Buy Laopu We expect China jewelry market growth in 2026 will normalize to 4%, after a strong gold upcycle in 2025 (>60% increase throughout the year) which drove ~10% China jewelry market growth from a relatively low base (vs. 4% in 2019-23 after the market stepped out from the last downcycle) and sector share price outperformance of 70% vs. HSI up 28%. Thus, w ...

金价又涨了！ 国内金饰价格每克已破1700元 最高一夜涨了104元/克 ↓ 老庙黄金报价1722元/克 上涨104元/克 周生生报价1708元/克 上涨94元/克 老凤祥报价1713元/克 上涨93元/克 周大福、金至尊报价1706元/克 | 品牌黄金价格 | | 最新: 2026.01.29 09:50 | | | --- | --- | --- | --- | | 日期 | 名称 | 价格 | 涨跌 | | 水贝金价 | 1395 元/克 | 实时 | | | 01.29 | 周大福 | 1706元/克 | 涨88 | | 01.29 | 周生生 | 1708元/克 | 涨94 | | 01.28 | 六福珠宝 | 1616元/克 | 持平 | | 01.29 | 等支障 | 1704元/克 | 涨88 | | 01.28 | 潮宏基 | 1618元/克 | 持平 | 上涨88元/克 | 01.29 | 老凤祥 | 1713元/克 | 涨93 | | --- | --- | --- | --- | | 01.29 | 老庙黄金 | 1722元/克 | 涨104 | | 01.28 | 菜百首饰 | 155 ...

Key takeaways from investor call following recent M&A Key Takeaways Some market participants have been concerned about how product mix could impact margins as gold jewelry and electronics sales increase. As the recent strong sales growth was contributed by various categories, we believe the dilution impact should be manageable. See also recent reports: China Tourism Group Duty Free: Acquiring DFS's HK/Macau business; LVMH invests in CTG-H (20 Jan 2026) January 25, 2026 11:48 PM GMT China Tourism Group Duty ...

Group 1 - The core viewpoint of the article highlights a significant increase in gold and silver futures prices due to heightened geopolitical tensions, with gold prices reaching historical highs [1] - On January 20, gold futures for February surpassed $4,760 per ounce, while March silver futures exceeded $95 per ounce [1] - The spot price of gold has risen above $4,800 per ounce, leading to several brands of gold jewelry approaching prices near 1,500 yuan per gram [1] Group 2 - Specific brands of gold jewelry reported price increases, with Chow Sang Sang's gold jewelry priced at 1,495 yuan per gram, up 41 yuan from 1,454 yuan on January 20 [1] - Lao Feng Xiang's gold jewelry is priced at 1,498 yuan per gram, an increase of 42 yuan from 1,456 yuan on January 20 [1] - Lao Miao's gold jewelry is priced at 1,493 yuan per gram, rising by 38 yuan from 1,455 yuan on January 20 [1]

2 二是引导客户投资入股各地相关门店，以总部股权代持方式进行操作； 黄金不仅在增值避险方面受到青睐，珠宝等黄金饰品的消费需求也逐渐上升，一些黄金珠宝销售门店利 用这一"热潮"，以销售返利、延期交付、溢价回收等方式进行非法集资活动。 其违法经营模式一般包括三种： 1 一是与客户签订虚拟合同，客户将购买黄金珠宝的钱款通过银行转账等方式打到总部账户，以黄金珠宝 存放在总部为由，与客户签订黄金珠宝回购协议，给予客户推广费，一般期限为1年，客户推广费每月 支付，到期还本，年化利率明显高于银行同期存款利率； 3 三是打着黄金珠宝回购名义，在全国各地注册空壳公司，许诺签订保本保息回购合同，一年后全额回购 并赠现金。 像此类以黄金珠宝销售为名，却不交付实物，许诺（赠送）固定回报或到期回购的行为，属于涉嫌非法 集资的违法行为，大家要提高警惕。 ...

Group 1: Gold Price Movement - Gold futures opened at $4,594.30 per troy ounce, down 0.1% from the previous closing price of $4,599.10, but later rose 1.2% to an all-time high of $4,647.60 [1][2] - Gold's one-year gain was reported at 74.5% as of December 29, with recent weekly, monthly, and yearly changes showing increases of 3.2%, 7.4%, and 71.8% respectively [5][8] Group 2: Political Influence on Gold Prices - Concerns regarding the Federal Reserve's independence from political pressure have contributed to the recent surge in gold prices, particularly following the Trump administration's actions against Fed Chair Jerome Powell [2][4] - A coalition of 10 central bank and financial institution leaders issued a statement supporting Powell, emphasizing the importance of central bank independence for economic stability [3] Group 3: Investment Options in Gold - Various methods to invest in gold include physical gold, gold mining stocks, gold ETFs, and gold futures, each with distinct advantages and disadvantages [6][9] - Physical gold is tangible and easily accessible, while gold mining stocks can be volatile due to their dependence on gold prices and geopolitical risks [13][17] - Gold ETFs track the price of gold and offer greater liquidity, but they come with fund fees that can dilute returns [19][23] - Gold futures allow for leverage and convenience but carry higher risks and complexity [21][24]

Core Insights - The price of gold has significantly increased this year, reaching record highs in October, which is beneficial for investors but raises concerns for gold jewelry owners regarding the value of their possessions [1]. Price Trends - The price of gold has surged from approximately $2,658 per troy ounce at the beginning of January 2025 to $4,467 per troy ounce by the first full week of January 2026, indicating a substantial increase in value [2]. - Since the year 2000, the price of gold has risen by about 1,400%, in contrast to a 382% gain in the S&P 500 during the same period [4]. Jewelry Valuation - The retail value of gold jewelry typically exceeds the intrinsic value of the gold used, influenced by the quality and karat content of the piece [4]. - Pure gold's malleability necessitates its combination with other metals for durability in jewelry [5]. Insurance Considerations - Home insurance coverage for jewelry is generally limited compared to other personal belongings, with standard policies often having a sublimit for jewelry theft around $1,500 [6][7]. - The value of gold jewelry for insurance purposes may differ from its replacement value, which is closer to the retail value [5].

Group 1 - The core viewpoint of the article highlights the surge in gold prices in 2025, with international gold prices exceeding $4,500 per ounce and domestic jewelry gold prices reaching 1,400 yuan per gram, while questioning the investment value of gold jewelry [2] - The article discusses three major realities that challenge the myth of gold jewelry as an investment: brand premiums eroding returns, significant depreciation rates in the second-hand market, and long-term returns lagging behind inflation [3][4] - It emphasizes that gold jewelry is essentially a consumer product, similar to luxury items, and suggests that true investment-worthy gold products should be high purity, low premium, and easily liquidated, such as bank gold bars and gold ETF funds [4] Group 2 - In the context of a slowing global economy and increasing geopolitical tensions, the article outlines three principles for wealth preservation in 2026: prioritizing stability, layered asset allocation, and a long-term perspective [5] - It recommends allocating 5%-15% of investments to gold as a "ballast," despite high prices, and suggests participation through gold ETF funds, bank accumulation gold, and physical gold bars from reputable banks [6][7] - The article advises against high-risk leveraged products like gold futures and gold TD, especially in a volatile market environment expected in 2026 [8] Group 3 - The article presents a cash management strategy, recommending that individuals maintain 3-6 months of living expenses in liquid funds, with an expected annual return of about 2% [9] - It suggests a conservative growth strategy through bond funds and "fixed income+" products, which offer annual returns of 3%-5%, as a replacement for traditional bank deposits [10][11] - For long-term growth, it advocates for a systematic investment in broad-based index funds, with historical data indicating potential annual returns of 8%-10% over a decade [12] Group 4 - The "New Three Gold" allocation method is introduced as a popular financial strategy among young investors in 2025, dividing funds into three categories: daily funds (30%), stable funds (50%), and aggressive funds (20%) [13][14][15] - The article highlights a case study of a young investor achieving a 10% overall return through this allocation strategy, demonstrating the effectiveness of combining gold, bonds, and index funds for risk management and growth [15] Group 5 - The article concludes with ten financial principles aimed at helping individuals avoid common pitfalls, emphasizing the importance of understanding investments, maintaining liquidity, and diversifying asset allocation [16][17][18][19][20][21][22][23][24][25] - It stresses that wealth preservation strategies should adapt to economic uncertainties, advocating for a balanced approach using gold for risk hedging, bonds for stable returns, index funds for growth, and cash for liquidity [26]

市场分析人士指出，A股开年13连阳的强势表现，得益于多重积极因素的共振。一方面，元旦假期后市场情绪回暖，港股节前的强势表现为A股提供了良 好的外部环境；另一方面，资金层面呈现积极信号，市场对保险资金等长期增量资金入市抱有强烈期待，全球流动性宽松预期也进一步提振了市场风险偏 好。此外，"十五五"开局之年的宏观稳增长政策预期，以及围绕新质生产力的产业政策细则落地预期，成为推动指数持续走高的核心逻辑。 齐鲁晚报·齐鲁壹点记者 尹睿 2026年元旦假期刚过，A股市场便以一场气势如虹的上涨拉开全年序幕。1月6日收盘，上证指数延续强势走出13连阳，盘中逼近4100点整数关口，最终收 于十年以来的历史新高，两市成交额突破2.8万亿元，逾140只个股实现涨停，市场赚钱效应全面释放。 沪指13连阳再创十年新高 今日A股市场的表现堪称"开年最强音"，上证指数以高开高走的态势延续上涨势头，实现罕见的13连阳，不仅创下逾十年以来的收盘新高，更距离4100点 整数关口仅一步之遥。截至收盘，沪指报收于4083.67点，上涨1.5%；深证成指与创业板指同步走强，分别上涨1.4%和0.75%，三大指数形成共振上涨格 局，市场整体呈现"普涨" ...

Gold Market Overview - Gold futures opened at $4,333.50 per troy ounce, slightly above Tuesday's closing price of $4,332.30, with a one-year gain tying its last peak achieved on November 14 [1][4]. Employment and Economic Indicators - The U.S. economy added 64,000 jobs in November, surpassing the expected 45,000 but lower than September's 108,000. The unemployment rate rose to 4.6%, higher than the median forecast and the highest since September 2021 [2][3]. Interest Rate Implications - Job market weakness has led to three interest rate cuts in 2025, contributing to gold's significant rise in value this year [3]. Gold Price Performance - Gold's price performance over different time frames includes a 3% increase over the past week, a 3.3% increase over the past month, and a substantial 63.4% increase over the past year [7].