白银销售端价格节节攀升，回收市场却是另一番景象。2月27日，中国证券报记者实地调研白银回收市 场情况。走访中，多数珠宝品牌商明确表示不回收白银。个别品牌虽然回收白银，但价格相比售价低很 多。 品牌珠宝商回收限制大 近期，国际银价高位震荡，引发市场关注。 2月27日，COMEX白银期货价格一度大涨超4%。受国际银价大涨等因素影响，不少品牌白银报价接近 40元/克，周大生等品牌的工艺白银产品则接近50元/克。 2月27日，记者实地走访十余家主流珠宝品牌门店。其中，六福珠宝、周大福、周大生等明确表示，没 有白银回收业务。 老凤祥门店销售人员告诉记者，门店虽然有白银回收业务，但回收价格比较低，目前克重小的白银产品 回收价为13元/克；如果是克重大、标准化的产品，可向公司提交特殊申请，但预计价格不会高很多。 诗普琳门店销售人员表示，目前足银回收价为15元/克，价格会随国际银价波动有所变动。 此外，记者还走访了多家首饰加工店铺。这些首饰加工店铺对待白银和黄金的态度有显著差异。"黄金 回收很容易，而且加工、抛光、清洗都没问题。白银回收只能按照15元/克算。如果是银饰加工，每克 工费和黄金差不多，但是我们的机器是给黄金饰品准 ...

买金手镯赠妈妈 2月24日14时许，水贝国际珠宝交易中心内人流熙熙攘攘，计算器的敲击声、消费者的询价声、导购员 的介绍声互相交织。多家黄金零售档口前围满了来自各地的顾客前来询价买金。 "今年春节儿子收到红包，他就想着送一个黄金首饰给我。"大年初八开工首日，吴女士一家三口从香港 来到深圳水贝"购金"。吴女士告诉南都·湾财社记者，之前，她已经有了一个黄金指环和一条黄金手 链，而今年六七岁的儿子拿到春节利是后，提出要为妈妈添置一件金首饰。一家人经过挑选，选中了一 款15克重的金手镯。 消费者购金热情高涨背后，2026年1月末以来，黄金价格由高位回调，2月以来则持续展现震荡态势。截 至发稿，以伦敦金计价的国际金价不足5200美元/盎司，较1月末高点已跌去超400美元/盎司。 2月24日，农历正月初八，深圳水贝贵金属市场在春节"不打烊"的喧嚣后，迎来了马年首个正式工作 日。尽管国际金价在假期尾声已重拾涨势，于2月23日就已再度突破5100美元/盎司关口，但这并未浇灭 全国"淘金客"的热情。节后开工首日，水贝市场依旧人流如织，黄金销售延续了春节假期的火爆态势。 香港男孩用春节利是 此前因金价冲高而积压的消费需求，在价格回 ...

黄金暴跌后，我在金店门口站了十分钟，突然明白了普通人最怕得不是跌价，而是"买错时机"。 那天晚上黄金"跳水"的消息刷屏时，很多人第一反应不是投资，而是— "我买的金镯子是不是亏了？" "婚礼要用的三金要不要赶紧买？" 这就是普通人的真实关切： 不是关注华尔街的技术指标，而是自己的钱包会不会被波动牵着走。 伦敦金银市场协会（LBMA）的盘后报告提到，市场情绪"极度敏感"，交易量瞬间放大。 这些数据说明： 这不是普通的回调，而是罕见级别的剧烈震荡。 但震荡越大，对普通消费者来说，越要稳住节奏。 三、黄金价格是怎么传导到你我生活的？ 我把复杂的价格链条拆成三个最贴近生活的场景，让你一眼就懂。 1.金店：调价慢半拍，优惠需等待。 一、金价暴跌，普通人到底慌什么？ 金店门口一般站着三类典型人群： 备婚情侣：女生盯着金价牌子，男生在算预算。 阿姨们：嘴上说"跌了不敢买"，脚却已经迈进店里。 想卖旧金的人：一边排队一边叹气，"早知道昨天就卖了"。 这三类人有一个共同点： 他们都不知道现在到底是"机会"还是"陷阱"。 而这正是黄金暴跌后，普通人最大的焦虑来源。 二、权威数据来了：黄金确实处在"历史级别的剧烈波动中"。 为了让 ...

Group 1 - The core viewpoint of the article indicates a significant adjustment in the gold market, with both international and domestic gold prices experiencing a decline on January 11, 2026 [2][7] - The spot gold price fell to $4509.3 per ounce, while the domestic gold prices also decreased, with the Chinese gold base price dropping to 1011.5 yuan per gram [2][7] - Retail gold jewelry prices remain significantly higher than the base gold price, with major jewelry stores quoting prices between 1164 yuan and 1410 yuan per gram, reflecting processing costs and brand premiums [2][3] Group 2 - The pricing of brand gold jewelry remains stable among major domestic jewelry brands, with prices for simple gold jewelry generally around 1406 yuan per gram [3] - Investment-oriented brands like Caibai and China Gold offer lower prices for gold jewelry at around 1372 yuan per gram, while platinum jewelry prices range from 820 yuan to 920 yuan per gram [3] - The Shanghai Gold Exchange showed mixed performance on January 11, with some gold products experiencing slight increases, while silver T+D saw a notable rise of over 4% [4] Group 3 - The rise of "gold" financial products has been notable, with banks offering these products as a way for ordinary investors to participate in the gold market without holding physical gold [5] - These "gold" financial products are primarily divided into two categories: "fixed income gold" products and structured financial products, both designed to enhance returns while managing risks [5] - As of the end of 2025, most "gold" financial products have a risk rating concentrated in the medium to low range, with average annualized returns outperforming traditional fixed-income products [5] Group 4 - Despite the recent price correction, several international institutions maintain a positive outlook for gold prices in 2026, citing geopolitical uncertainties and rising fiscal pressures as long-term support factors [7] - Morgan Stanley predicts that gold prices could approach $4800 per ounce by the fourth quarter of 2026, while HSBC suggests a possibility of reaching $5000 per ounce in the first half of 2026 [7] - The structure of the gold market is changing, with central banks and ETFs becoming significant players, indicating a shift from traditional jewelry consumption to a demand-driven market [7]

Core Viewpoint - The international gold price has dropped below $4,240, leading to a significant price disparity in the domestic gold market, with some brands maintaining high prices while others have reduced theirs substantially [1]. Price Disparity in Gold Stores - High-end brands like Chow Sang Sang and Chow Tai Fook maintain prices above 1,320 yuan per gram, with Chow Sang Sang priced at 1,336 yuan, resulting in a price difference of nearly 6,000 yuan for a 30-gram bracelet compared to other brands [2]. - More pragmatic choices like Caibai and Changzhou Gold Store offer prices around 1,290 yuan per gram, appealing to cost-conscious consumers [3]. - Qilu Gold Store has significantly lowered its price to 1,146 yuan per gram, creating a 190 yuan difference compared to higher-priced competitors [4]. Recovery Market Insights - The gold recovery price ranges between 934 and 941 yuan per gram, approximately 300 yuan lower than retail prices [5]. - Platinum recovery prices are even lower at 336 yuan per gram, less than half of the retail price [6]. - The recovery price for K-gold is notably low, with 14K gold priced at only 540 yuan per gram [7]. Investment Market Trends - The investment market remains robust, with panda gold coins being particularly popular; the 2025 version of a 30-gram coin is priced at 28,829 yuan, equating to about 961 yuan per gram [9]. - Mining stocks are performing well, with Zijin Mining's net profit soaring by 143% in the first half of the year, while Shandong Gold's net profit has doubled [9]. - Analysts caution that current valuations for mining stocks are high, with Zijin at 57 times earnings and Shandong at 39 times, indicating that investors are betting on future resource reserves rather than current gold prices [9]. Consumer Guidance on Gold Choices - For consumption, consumers are advised to prioritize craftsmanship and brand reputation for gifts and weddings, while those looking for personal wear should focus on style and cost-effectiveness [10]. - For investment, attention should be paid to international gold prices, with gold bars and coins being closer to their true value compared to branded jewelry [10]. - Long-term gold investment strategies may include regular investments in paper gold or undervalued mining stocks, emphasizing the distinction between gold jewelry as a consumer product and gold bars as an investment [12].

Group 1: Gold Prices - The price of gold from various brands is reported, with most brands offering a price around 1279 CNY per gram, while some brands like Chow Sang Sang and Lao Feng Xiang are slightly higher at 1281 CNY and 1280 CNY respectively [1][3][8] - Investment gold bars are priced lower, with prices ranging from 976 CNY to 1254 CNY per gram depending on the supplier [10][11] - The price of 3D hard gold and other specific gold products varies, with prices around 1175 CNY to 1215 CNY per gram [2][3] Group 2: Precious Metal Prices - Platinum prices are reported at around 459 CNY to 687 CNY per gram across different suppliers [3][9] - Silver prices are noted to be between 7.43 CNY to 12.33 CNY per gram, depending on the supplier [4][5][6] - K-gold prices vary significantly, with 9K gold at 370 CNY, 14K gold at 578 CNY, and 18K gold at 741 CNY per gram [7] Group 3: Market Trends - The gold market in 2024 is described as "crazy," with international gold prices surpassing historical highs adjusted for inflation, indicating a significant shift in market dynamics [14] - The gold-to-copper ratio has reached a historical high of 99.7%, reflecting investor concerns about the global economic outlook [14] - Despite high gold prices, the ratio of gold to the S&P 500 index suggests that gold's perceived value remains competitive compared to equities [15] Group 4: Central Bank Actions - Central banks, particularly in emerging markets, have been significant buyers of gold, with average annual purchases exceeding 1000 tons from 2022 to 2023, more than double the past decade's average [16] - Potential changes in central bank purchasing behavior could impact market psychology, as a slowdown in gold buying may be interpreted as a loss of confidence [16] - Historical precedents show that large-scale gold sales by central banks can lead to significant price declines, highlighting the importance of central bank actions in the gold market [16]

Core Viewpoint - The article emphasizes the need to reassess the gold market, highlighting that recent price fluctuations may not be as minor as they seem, and consumers should be aware of the varying prices across different retailers [1]. Price Trends - On October 18, 2025, gold prices at major jewelry stores varied significantly, with Chow Tai Fook pricing gold at 1279.0 CNY per gram and platinum at 687.0 CNY per gram, while Lao Feng Xiang listed gold at 1280.0 CNY per gram and platinum at 560.0 CNY per gram [3]. - Other stores like Zhou Li Fu offered gold at a more affordable rate of 1190.0 CNY per gram, indicating a competitive pricing landscape [3]. - A detailed table of prices from various stores shows a range of gold prices from 1170.0 CNY to 1280.0 CNY per gram, with platinum prices also varying significantly [4]. Market Dynamics - The article notes that the prices set by well-known brands serve as a market indicator, influencing consumer purchasing decisions based on perceived value and quality assurance [4]. - The fluctuation of gold prices is also reflected in the domestic market, with the price of RMB gold on October 18 being 979.70 CNY per gram, experiencing a high of 981.20 CNY and a low of 965.80 CNY on the same day [7]. Quality and Purity - The purity of gold is highlighted as a critical factor in determining its value, with common standards being 999.9 and 999, and the importance of recognizing "Karat" in gold jewelry [7]. - Consumers are advised to be cautious of extremely low prices, which may indicate inferior quality or counterfeit products [7][8]. Investment Considerations - The article suggests that for investment purposes, gold bars or bullion may be more advantageous, while jewelry should be considered for aesthetic or gifting purposes [8]. - It emphasizes the importance of diversifying investments and not solely relying on gold as a safe-haven asset [9]. - Keeping abreast of market dynamics and macroeconomic news is crucial for making informed buying and selling decisions in the gold market [10]. Consumer Awareness - The article stresses the importance of comparing prices across different retailers, as significant price discrepancies exist even in a downward trending market [11].

Core Viewpoint - The company潮宏基 is pursuing an IPO in Hong Kong amid a rising trend in gold consumption and investment, marking it as the first company in the domestic gold jewelry industry to attempt an "A+H" listing [1] Group 1: Financial Performance -潮宏基 has shown rapid revenue growth, with projected revenues of approximately 43.64 billion, 58.36 billion, 64.52 billion, and 40.62 billion from 2022 to the first half of 2025, with a net profit of 3.33 billion in the first half of 2025 [1][3] - Despite revenue growth, the company's gross margin has been under pressure, declining from 29.3% in 2022 to 22.6% in 2025, with a slight recovery to 23.1% in the first half of 2025, which is lower compared to competitors like周大福 and周大生 [1][3] Group 2: Business Model and Challenges -潮宏基 has shifted from a self-operated model to a franchise model to expand market share, resulting in 1,542 stores by mid-2025, with 86.9% being franchise stores [3] - The franchise model has led to lower gross margins, with franchise channel gross margin at 16.6% compared to 35.3% for self-operated channels in the first half of 2025, impacting overall profitability [3][5] - The company is adjusting its product mix to focus on "fashion jewelry" and "classic gold jewelry," with the revenue share of gold jewelry increasing from 32.6% in 2022 to 44.6% in the first half of 2025, further squeezing overall gross margins [5] Group 3: Financial Risks -潮宏基's trade receivables have increased from approximately 266 million in 2022 to 370 million in the first half of 2025, posing potential cash flow risks if collection management is not handled properly [5] Group 4: Strategic Moves and Market Sentiment -潮宏基's second-largest shareholder,东冠集团, announced plans to reduce its stake by up to 3%, raising concerns about market confidence in the company's long-term transformation amid a strategic shift and IPO preparations [9] - The company is facing legal challenges from luxury brands like宝格丽 and卡地亚, which could impact its international expansion plans and brand image [12][13]

Core Viewpoint - Chao Hong Ji, known as the "King of K Gold," is facing legal challenges from international brands such as Bulgari and Richemont, which may impact its IPO plans in Hong Kong [1][2]. Company Overview - Chao Hong Ji was founded by Liao Muzhi and his son Liao Chuangbin, focusing on K gold and jewelry products, and is the first chain jewelry brand listed in A-shares [2]. - The company emphasizes original design and has a unique product feature of cartoon IP collaborations, including partnerships with top global IPs like Kuromi and Minions [2]. Market Position - According to Frost & Sullivan, Chao Hong Ji is projected to rank first among jewelry companies in mainland China by sales revenue in 2024, with a market share of 1.4% [2]. - The company is also expected to be the fastest-growing jewelry brand in mainland China in 2024, based on the number of new franchise stores opened [2]. Legal Challenges - Chao Hong Ji is currently involved in multiple lawsuits regarding trademark and design infringement, with claims totaling 5 million RMB from Bulgari and Richemont [3][4]. - The company has faced a ruling from the Suzhou Intermediate Court, requiring it to compensate Richemont 1 million RMB for infringement related to bracelet products [4]. Financial Performance - Chao Hong Ji reported a revenue of 6.518 billion RMB in 2024, a year-on-year increase of 10.48%, but its net profit decreased by 41.91% to 194 million RMB [6]. - The company has accumulated goodwill impairment provisions of 658 million RMB related to its acquisition of the FION brand, which has not performed as expected [5][6]. Brand Performance - The FION brand has shown a declining trend in same-store sales, with a 21.8% decrease in 2024 and a 15.5% decrease in the first half of 2025 [7].

Core Viewpoint - The article highlights the significant rise in platinum prices, which have reached their highest level since 2014, surpassing $1400 per ounce, with a year-to-date increase of nearly 50%, outpacing gold and silver [2]. Group 1: Market Trends - Platinum prices have surged, with a notable increase of over 3% in a single trading session [2]. - The global supply of platinum decreased by 10% year-on-year in Q1, totaling 45.3 tons, while demand increased by 10% to 70.7 tons, indicating a projected shortage of 30 tons for the third consecutive year [6]. - China has become the largest retail investment market for platinum, surpassing North America [6]. Group 2: Consumer Behavior - New platinum jewelry stores are emerging in markets, with some reducing gold jewelry displays in favor of platinum [5]. - Consumer sentiment is mixed; while some recall platinum's past popularity, others prefer gold or K-gold for wedding rings due to perceived value and cost [5]. Group 3: Industry Insights - Analysts from BMO Capital Markets expect platinum prices to rise to $1500 per ounce by year-end, driven by macroeconomic factors and commodity cycles [6]. - Goldman Sachs attributes the rapid rise in platinum prices to speculative investments and increased ETF holdings rather than fundamental improvements, cautioning about potential price corrections due to declining automotive demand [7].