Core Insights - The international gold price reached $3682.2 per ounce on September 18, 2025, leading to a domestic gold recovery price of 822 yuan per gram [1] - The recovery price is uniform regardless of gold purity, affecting both high-purity and common gold [1] - Different types of gold jewelry have varying recovery prices based on their purity levels [2][3] Recovery Prices - 22K gold (91.6% purity) has a recovery price of 718 yuan per gram [2] - 18K gold (75% purity) and 14K gold (58.5% purity) have recovery prices of 592 yuan and 458 yuan per gram, respectively [3] Retail Prices - Retail prices for new gold jewelry vary significantly across brands, with Chow Sang Sang pricing gold at 1092 yuan per gram, targeting high-end customers [6] - Major brands like Chow Tai Fook and Luk Fook set their prices at 1087 yuan per gram, while Lao Feng Xiang and Lao Miao are slightly lower at 1086 yuan [7][8] - Some brands, like Zhou Silu, offer more competitive prices at 1048 yuan per gram for gold and 943 yuan for gold bars [10] - Lower-priced options are available at Sun Gold Store and Qilu Gold Store, with prices at 919 yuan and 906 yuan per gram, respectively [11] Investment Gold Prices - Investment gold bars sold by banks and specialized institutions have more realistic pricing, with Shanghai Gold Exchange quoting 835 yuan per gram [15] - Major banks offer gold bars at prices around 850 yuan, with Agricultural Bank at 850.20 yuan and Construction Bank at 852.10 yuan [15] - Higher prices are noted for investment gold bars from China Gold Investment Company at 873.50 yuan per gram [15] Market Dynamics - The recent surge in gold prices is attributed to a lack of trust in the Federal Reserve, with analysts suggesting that political and trade risks drive demand for gold [18] - Analysts express caution regarding the sustainability of high gold prices, indicating potential declines if global market conditions improve [18] - The domestic gold market appears less volatile compared to international markets, suggesting a more cautious consumer sentiment [18]

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (Chao Hong Ji) has submitted an application for an "A+H" listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor, amidst a rising trend of gold-related IPOs in Hong Kong [1][15]. Company Overview - Chao Hong Ji, founded in 1997 by the Liao father-son duo, has grown from a self-operated gold shop in a department store to a well-known chain with over 1,500 stores [1][5]. - The company was the first fashion jewelry company to be listed on the Shenzhen Stock Exchange in 2010, with a current market capitalization exceeding 13 billion RMB [5]. Market Context - The Hong Kong Stock Exchange is experiencing a "golden wave," with companies like Lao Pu Gold seeing their market value increase significantly, and new entrants like Zhou Li Fu achieving a market cap of over 20 billion HKD shortly after listing [1][15]. - The demand for gold jewelry is shifting towards younger consumers, with a significant portion of retail sales coming from the 18 to 34 age group [16]. Financial Performance - Chao Hong Ji's revenue for 2022, 2023, and projected figures for 2024 and the first half of 2025 are 4.364 billion RMB, 5.837 billion RMB, 6.452 billion RMB, and 4.061 billion RMB respectively, indicating a compound annual growth rate of 21.6% [11]. - The company's core jewelry business contributes over 90% of total revenue, with reported revenues of 40.26 billion RMB, 54.35 billion RMB, and 61.55 billion RMB for the respective years [12]. Product Strategy - Chao Hong Ji has diversified its product offerings, including brands like CHJ Chao Hong Ji, Soufflé, CHJ·ZHEN, and Cëvol, focusing on both jewelry and handbags [6][10]. - The company emphasizes design and cultural heritage, having sponsored design competitions and launched a new brand, VENTI, to promote innovative jewelry designs [3][13]. Competitive Landscape - Despite the growth, Chao Hong Ji faces intense competition in the jewelry market, ranking ninth in overall sales and eighth in the gold jewelry segment among domestic brands [13]. - The company has been proactive in engaging with younger consumers through collaborations with popular IPs, having launched over 400 SKUs since 2010 [13]. Ownership Structure - The major shareholders include Liao Mu Zhi, Liao Chuang Bin, and Lin Jun Ping, collectively holding approximately 31.67% of the company, making them the largest shareholder group [14].

Core Viewpoint - Recent fluctuations in international gold prices have led to a significant rise in platinum prices, with domestic platinum prices surpassing 300 yuan per gram, marking a five-year high, while platinum has seen a year-to-date increase of over 40%, outpacing gold's 28% rise [1][2]. Price Trends - Platinum prices have experienced dramatic fluctuations over the past decade, with historical data showing that in August 2011, platinum was priced at 687 yuan per gram, significantly higher than gold at 477 yuan per gram [2]. - By June 2024, gold prices surged past 1,000 yuan per gram, while platinum remained around 300-400 yuan per gram until its recent increase [2]. - As of June 25, 2024, platinum prices reached 535 yuan per gram, while gold prices fell to 988 yuan per gram [2]. Consumer Behavior - Despite the recent rise in platinum prices, consumer interest in platinum jewelry remains lukewarm, with many still favoring gold and K-gold for wedding rings [3][5]. - Retail observations indicate that platinum jewelry displays are limited in stores, and many consumers are unaware of available platinum options [2][3]. Market Position - Platinum jewelry has historically been a secondary option compared to gold, with its market share remaining low, accounting for less than 1% of revenue in some companies [5][6]. - The current market dynamics suggest that platinum may not sustain its recent popularity, as it lacks the monetary attributes of gold and faces competition from other similar products [6][7]. Sales Data - Sales data from major jewelry brands indicate a decline in both gold and platinum sales, with platinum sales volume dropping by 65% for some companies [6]. - For instance, in 2024, a major jewelry brand reported platinum revenue of only 22.66 million yuan, representing approximately 0.58% of total revenue [6]. Future Outlook - Experts suggest that while platinum prices may continue to rise due to reduced supply and high gold prices, the long-term outlook remains uncertain, with platinum likely to remain a secondary choice in the precious metals market [6][7].