Group 1 - Chow Tai Fook Jewelry Group has opened a flagship store on Guangdong Road in Hong Kong, marking a significant milestone in its brand transformation, which is nearing its two-year anniversary [1] - The flagship store spans nearly 1,000 square meters and features various product lines, including iconic collections, high-end jewelry, an IP series, and a new luxury home goods series, along with interactive experience areas [1] - The company plans to open two new concept stores in Shanghai by 2025, with one store achieving an average monthly sales of over 17 million yuan from January to September 2025 [1] Group 2 - Over the past year, Chow Tai Fook has engaged in cross-industry collaborations, including a blind box series with Hong Kong Disneyland and a product line with Huawei [2] - The company is set to expand internationally, with new stores opening in Singapore and Thailand in late 2025 and early 2026, respectively, to strengthen its position in the global jewelry market [2] - By 2026, Chow Tai Fook plans to introduce more diverse jewelry products and aims to enter the Australian market by mid-2026, along with additional stores in Canada and plans to enter the Middle East within two years [2]

责任编辑：杨赐 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 2月13日消息，周大福珠宝集团副主席郑志雯近日在品牌香港广东道旗舰店开业现场表示，今年集团品 牌转型即将满两周年，面向未来，集团对2026年的消费市场充满信心，将按策略规划持续推进优化门店 和产品，不断巩固周大福珠宝作为全球知名中国奢侈品集团的地位。 据介绍，广东道旗舰店是周大福珠宝在港澳地区最大的门店，集团投资数千万元首次开设品牌旗舰店， 历经一年多时间全面筹备。该店也是集团品牌转型之旅的重要里程碑，将进一步提升品牌形象，优化营 运模式，以全球中国奢侈品品牌定位，展现品牌转型的新理念。 郑志雯表示："马年新春之际，我们非常欢迎全球和中国内地游客来到广东道旗舰店，还可以在购物之 余参观品牌历史展示区了解周大福珠宝在广州发源、在香港发迹、在全国发展，在国际立足的近百年历 史。" 广东道旗舰店面积近千平米，突破传统珠宝店经营模式。该店以更宽敞的空间展 ...

朋友们，今天早上醒来，黄金价格又变了！ 但让人震惊的是，同样一克黄金，在不同地方买，价格能差出400多 块。 2026年2月12日，上海黄金交易所的基准价是1123元每克，而你去周大福买首饰，一克要1560元。 光是品牌 之间，最高和最低就差80元。 如果你打算买黄金，这篇文章必须看，不然可能白白多花几千块。 2026年2月12日早上6点36分，上海黄金交易所开盘。 AU9999现货报价1123元每克。 这个价格是黄金的"原料 价"，没有品牌溢价，是最真实的市场价格。 黄金T D价格是1130元每克。 沪金主连报价1132元每克。 这些是期货价格，反映市场对黄金未来的预期。 银行的投资金条价格出来了。 建设银行报价1135元每克。 工商银行报价1140元每克。 中国银行报价1141元每 克。 大银行的报价非常接近，几乎没有太大差距。 品牌金店的零售价却高得多。 周大福今天报价1560元每克。 周生生也是1560元每克。 老凤祥报价1556元每克。 周大生报价1550元每克。 中国黄金的报价在1520到1530元每克之间。 菜百首饰报价1525元每克。 金至尊报价1480元每克。 光是品牌金店之间，最高价和最低 ...

2026.02.12 本文字数：3809，阅读时长大约6分钟 作者 | 第一财经 陈杨园、陈姗姗、乐琰、宋婕 一边打折、一边涨价 2025年春节，以一杯咖啡钱就能买到0.01克黄金的"手机黄金贴"等黄金制品走红，主打情绪消费、降低 黄金消费门槛。2026年，记者发现，"黄金制品"热度不降，且在持续升级。只需百元就能买到的带 有"收款马""生日快乐""马上有钱""马道成功"等文字的金炒以及手机贴等销量持续走俏，得物数据显 示，2026年至今平台，情绪价值类黄金产品GMV销量同比增长300%。 卖着贵价黄金的品牌们也下场做起了这门小生意。天中金官方旗舰店店长告诉记者，在卖投资金币的同 时，他的店铺也在持续增加一些礼赠用途的小克重金、微小克重金，如1克、0.5克的文创金条、2毫 克、10毫克的手机贴等，迎合年轻消费者的需求。 手机黄金贴还做起了可定制化批发生意。拼多多页面信息显示，一个拼单原价为25元的手机黄金贴，包 含0.002克足金，若仅以黄金含量计算，金价已飙至1.25万元/克，而商品目前已售2.2万件。商家透露， 除了二次元等IP，"手机黄金贴"还可支持自家宠物等图片定制，下单很快就会出效果图，定稿后五天内 ...

Group 1 - AIA Group (81299), JD Health (86618), and JD Group (89618) have the highest short-selling ratios at 100.00% each [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with HKD 1.557 billion, HKD 1.404 billion, and HKD 1.183 billion respectively [1][2] - Zhaojin Mining (01818), OSL Group (00863), and Prada (01913) have the highest deviation values at 44.29%, 35.21%, and 34.72% respectively [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and JD Group (89618) at 100.00% [2] - The top ten short-selling amounts show Alibaba (09988) leading with HKD 1.557 billion, followed by Tencent Holdings (00700) with HKD 1.404 billion [2] - The top ten deviation values highlight Zhaojin Mining (01818) with a deviation of 44.29%, indicating significant short-selling activity compared to its historical average [2][3]

Core Viewpoint - Major gold brands in China are tightening their buyback policies in response to recent fluctuations in gold prices, leading to increased consumer interest in trade-in options instead of direct buybacks [3][15]. Buyback Policy Changes - Many leading brands have suspended buyback services on weekends and holidays, resulting in a surge in buyback activity on the first working day after these suspensions [3]. - Brands like Cai Bai and China Gold have implemented new buyback regulations, including limits on the amount that can be repurchased per customer per day and requiring appointments for transactions [6][9]. - Consumers must provide original purchase receipts, valid ID, and bank cards to complete buyback transactions, making the process more stringent [4][9]. Impact on Consumer Behavior - The tightening of buyback policies has led consumers to consider trade-in options, which have lower barriers to entry and are more widely available across stores [12]. - Trade-in programs often do not impose the same level of fees as direct buybacks, making them more attractive to consumers [10][14]. Fee Structures - Buyback fees vary significantly between brands, with some charging up to 5% to 8% of the buyback price, translating to deductions of 60 to 100 yuan per gram of gold based on current market prices [10][12]. - For example, Cai Bai deducts 3.8 yuan per gram for its own gold bars, while non-brand gold bars incur a deduction of 30 yuan per gram [10]. Market Dynamics - The tightening of buyback policies is seen as a risk management strategy by brands to cope with market volatility and protect their assets [15]. - Analysts suggest that while the buyback process has become less convenient, the intrinsic value of gold as a long-term asset remains intact [15][17]. Investment Recommendations - Consumers are advised to choose gold products based on their intended use, whether for decoration or as a means of asset preservation, and to be aware of the varying buyback rules across different channels [17]. - It is recommended that consumers maintain a balanced approach to gold investment, especially during periods of market volatility [17].

此外，该行认为周大福多年的品牌升级计划有持续进展，广东道新旗舰店今日(11日)开幕，为公司在香 港面积最大的门店。同时，公司于上海K11购物艺术中心旗舰店亦正在筹备中。大和将周大福2027财年 每股盈利预测上调6%，主要考虑到香港/澳门销售因零售价格差距扩大而增强，以及金价的持续强劲的 因素。 大和发布研报称，与周大福(01929)管理层会面后获得最新资讯，虽然近期金价波动，但消费者对黄金 饰品的基本需求仍然强劲。管理层的评论与同行基本一致，认为消费者更倾向在金价上涨时加速购买， 而非等待价格回调。对其目标价从15.5港元上调至17港元，重申"买入"评级。 另有报道指出，周大福计划在农历新年后上调定价黄金首饰价格，集团回应指加价属实，但时间及幅度 尚未确定。周大福门店经理则向大和透露，涨幅至少达15%。大和认为，这大致符合行业对节后重新定 价的预期。至于今年的情人节是恰逢长假期前的周六，与2024年跟春节重叠情况不同，该行料将进一步 提振送礼需求和门店客流量。 ...

Core Viewpoint - Daiwa's report indicates that despite recent fluctuations in gold prices, consumer demand for gold jewelry remains strong, with consumers more likely to accelerate purchases during price increases rather than waiting for price corrections [1] Group 1: Company Insights - After meeting with Chow Tai Fook's management, Daiwa raised the target price from HKD 15.5 to HKD 17 and reiterated a "Buy" rating [1] - Chow Tai Fook plans to increase the prices of gold jewelry after the Lunar New Year, with a confirmed minimum increase of 15% according to store managers [1] - The company is making progress on its brand upgrade initiatives, with the opening of a new flagship store in Guangdong and preparations for a flagship store in Shanghai's K11 shopping center [1] Group 2: Industry Trends - The anticipated price increase aligns with industry expectations for post-holiday re-pricing [1] - The upcoming Valentine's Day, coinciding with a long holiday weekend, is expected to further boost gifting demand and store traffic [1] - Daiwa has raised its earnings per share forecast for Chow Tai Fook for the fiscal year 2027 by 6%, considering the enhanced sales in Hong Kong and Macau due to widening retail price gaps and sustained strong gold prices [1]

近日，有市场消息称，周大福春节假期后将对一口价黄金产品启动调价。第一财经记者实地探访深圳周 大福门店，店员证实涨价情况属实，但目前涨价幅度和具体时间尚未确定，根据以往的情况来看，通常 将涨价15%以上。另外，六福珠宝、周六福品牌门店店员也向记者表示，当前门店一口价产品仍按金价 1200元/克时定价，而当前金价已突破1550元/克，品牌在年后可能也将对此价格启动调整。更现场、更 财经，一探究竟！ ...

另有报道指出，周大福计划在农历新年后上调定价黄金首饰价格，集团回应指加价属实，但时间及幅度 尚未确定。周大福门店经理则向大和透露，涨幅至少达15%。大和认为，这大致符合行业对节后重新定 价的预期。至于今年的情人节是恰逢长假期前的周六，与2024年跟春节重叠情况不同，该行料将进一步 提振送礼需求和门店客流量。 大和发表研报指，与周大福管理层会面后获得最新信息，虽然近期金价波动，但消费者对黄金饰品的基 本需求仍然强劲。管理层的评论与同行基本一致，认为消费者更倾向在金价上涨时加速购买，而非等待 价格回调。 大和将周大福2027财年每股盈利预测上调6%，主要考虑到香港/澳门销售因零售价格差距扩大而增强， 以及金价的持续强劲的因素；目标价从15.5港元上调至17港元，重申"买入"评级。 ...