中国珠宝行业：2026 年行业增长放缓，聚焦个股机会；买入老铺黄金-China Retail_ China Jewelry_ Milder industry growth in 2026E with focus on idiosyncratic opportunities; Buy Laopu

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 ...