2026.01. 01 盘和林认为，消费者如果想要投资黄金，需要有投资黄金的对应常识。"不需要你专业，但黄金定价 的基本认知还是要有的。金店中，大部分金价是追随国际金价的，店员的误导涉嫌虚假宣传，但法律 上很难去取证，消费者要自己明白。" 微信编辑 | 七三 本文字数：1050，阅读时长大约2分钟 作者 | 第一财经 宋婕 专家呼吁消费者理性看待短期金价波动和金饰营销话术。 1月1日，元旦假期首日，各大黄金珠宝品牌的克重金价在经历了12月30日的普跌之后，在假期期间 并未出现涨幅，金价还在下跌。 公开数据显示，12月30日，国内多家品牌的金饰克价集体大跌。其中，周大福、老凤祥、周六福和 老庙黄金均跌超40元/克，周生生更是跌超50元/克。次日，多家品牌金价止跌，部分品牌的足金克价 涨幅为几块钱的回升。 元旦假期首日，各大黄金珠宝品牌的足金金价又开始下跌。周大福报价1357/克（跌6），老凤祥报 价1360元/克（跌6），老庙黄金报价1354元/克（跌11），周生生报价1345元/克（跌10），六福珠 宝报价1361元/克（跌6）。部分品牌在1月1日的足金克价，比12月30日大跌之后的价格还要低。 知名经济学家 ...

Group 1 - The consumer market in Shanghai is experiencing a surge in activity, with significant enthusiasm from citizens and tourists for shopping during the New Year period [1] - The "1231 Year-End Carnival" at the Pudong First 800 Partner mall featured extended hours and strong promotional offers, leading to high foot traffic and sales [2][3] - The gold sales area in the mall was particularly busy, with brands implementing a ticketing system to manage customer flow, indicating high demand for gold jewelry [2] Group 2 - Various shopping centers in Shanghai organized diverse events and activities to attract consumers, particularly targeting younger demographics [4] - The West Bund and Jing'an Joy City saw significant participation in their New Year events, with many attendees engaging in shopping and social activities [4][5] - Reports indicate that several shopping districts extended their operating hours, resulting in increased foot traffic and sales, with notable growth in customer numbers and revenue across multiple venues [6]

Core Viewpoint - The domestic gold jewelry prices have continued to decline, with specific brands reporting lower prices per gram compared to the previous day [1] Price Summary - Chow Sang Sang's gold jewelry is priced at 1345 yuan per gram, down 10 yuan from 1355 yuan [1] - Lao Miao's gold jewelry is priced at 1354 yuan per gram, down 11 yuan from 1365 yuan [1] - Lao Feng Xiang's gold jewelry is priced at 1360 yuan per gram, down 6 yuan from 1366 yuan [1]

Core Viewpoint - Domestic gold jewelry prices continue to decline, indicating a downward trend in the market for gold products [1] Price Summary - Chow Sang Sang's gold jewelry is priced at 1345 CNY per gram, down 10 CNY from the previous day's price of 1355 CNY [1] - Lao Miao's gold jewelry is priced at 1354 CNY per gram, down 11 CNY from the previous day's price of 1365 CNY [1] - Lao Feng Xiang's gold jewelry is priced at 1360 CNY per gram, down 6 CNY from the previous day's price of 1366 CNY [1]

Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].

Core Viewpoint - The jewelry sector experienced a rise of 1.01% on December 31, with Feiya leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.09% and the Shenzhen Component Index down by 0.58% [1]. Group 1: Market Performance - The jewelry sector's performance on December 31 showed a notable increase, with Feiya's stock price rising by 10.01% to close at 16.38, leading the sector [1]. - The overall market indices reflected mixed results, with the Shanghai Composite Index closing at 3968.84 and the Shenzhen Component Index at 13525.02 [1]. Group 2: Individual Stock Performance - Key performers in the jewelry sector included: - Feiya (000026) with a closing price of 16.38 and a trading volume of 214,700 shares, resulting in a transaction value of 339 million [1]. - Cai Zi (665560) closed at 16.37, up by 2.57%, with a trading volume of 44,100 shares [1]. - Jin Yi Culture (002721) saw a 1.94% increase, closing at 3.15 with a trading volume of 742,900 shares [1]. - Other notable stocks included: - China Gold (600916) closed at 8.15, up by 0.74% with a trading volume of 236,000 shares [1]. - Lao Feng Xiang (600612) closed at 44.47, up by 0.47% with a trading volume of 9,504 shares [1]. Group 3: Capital Flow Analysis - The jewelry sector saw a net inflow of 71.07 million in main funds, while retail investors experienced a net outflow of 53.85 million [2]. - Main fund inflows were led by Feiya, which had a net inflow of 93.68 million, representing 27.60% of its trading volume [3]. - Other stocks like Jin Yi Culture and China Gold also experienced positive net inflows, while several stocks faced net outflows from retail investors [3].

出品｜虎嗅商业消费组 作者｜柳柳 编辑｜苗正卿 题图｜AI生成 政策红利打开低价购金窗口，一场千里淘金盛宴正在海南上演。 12月18日海南自贸港正式启动全岛封关，到今天已超过10天，多项相关政策，相继实现了首批业务落地。海口海关数据显示，封关首周，海南新增外资备案 企业1972家，同比增长2.3倍。 封关后，海南将以"零关税、低税率、简税制"为重点核心政策。政策指出，"零关税"政策主要包括："一线"（国境线）全面放开：除极少数例外（如危害国 家安全、生态环境等特殊物品），绝大多数境外货物进入海南自贸港时，免征进口关税、进口环节增值税和消费税； "二线"（海南与内地之间）有限监管：海南与内地之间的货物流动视为"进口"，需按规定补税，但对岛内企业生产的货物加工增值超过30%（含）进入内地 时，免征进口关税（已在洋浦保税港区试点，封关后推广至全岛）；特定清单"零关税"则全覆盖。 一个重要变化在于，"零关税"商品税目比例从封关前的约21%大幅跃升至74%。企业进口自用的生产设备、运营所需的交通工具、原辅料，基本全部免征进 口关税、增值税和消费税。个人购物享受的免税额度也提升至每人每年10万元。 对于普通消费者来说，享 ...

以下文章来源于虎嗅APP ，作者柳柳 虎嗅APP . 从思考，到创造 将投中网设为"星标⭐"，第一时间收获最新推送 一个更低成本购金窗口。 作者丨柳柳 编辑丨苗正卿 来源丨虎嗅APP 政策红利打开低价购金窗口，一场千里淘金盛宴正在海南上演。 12月18日海南自贸港正式启动全岛封关，到今天已超过10天，多项相关政策，相继实现了首批业务 落地。海口海关数据显示，封关首周，海南新增外资备案企业1972家，同比增长2.3倍。 封关后，海南将以"零关税、低税率、简税制"为重点核心政策。政策指出，"零关税"政策主要包 括："一线"（国境线）全面放开：除极少数例外（如危害国家安全、生态环境等特殊物品），绝大多 数境外货物进入海南自贸港时，免征进口关税、进口环节增值税和消费税； 但人们还没来得及去定义，这场政策对各行各业来说，到底是一个怎样的想象空间。一股来自中产的 淘金热就迅速蔓延至海南的三亚与海口。 而紫金矿业、中国黄金、老凤祥等黄金企业也已纷纷布局海南，建设产业园或是区域总部。 一个更低成本的购金窗口 "二线"（海南与内地之间）有限监管：海南与内地之间的货物流动视为"进口"，需按规定补税，但对 岛内企业生产的货物加工增 ...

Core Viewpoint - The article discusses the significant impact of the Hainan Free Trade Port's policies, particularly the "zero tariff" and tax incentives, which have created a favorable environment for gold purchases, leading to a surge in consumer interest and investment opportunities in the gold industry [2][3][4]. Policy Changes - Hainan's Free Trade Port has implemented "zero tariff" policies, allowing most imported goods to enter without tariffs, VAT, or consumption tax, significantly increasing the proportion of zero-tariff goods from approximately 21% to 74% [2]. - The personal shopping tax exemption has been raised to 100,000 yuan per person per year, enhancing consumer purchasing power [2]. Market Response - In the first six days post-closure, Sanya's four duty-free shops reported sales of 630 million yuan, a 47.2% increase year-on-year, with daily sales exceeding 100 million yuan [3]. - The price of duty-free gold was reported at 1,180 yuan per gram, compared to 1,356 yuan per gram for taxed gold, creating a price advantage of 176 yuan per gram [6]. Industry Opportunities - The closure has attracted significant investment in gold processing and trading, with companies like Zijin Mining and China Gold establishing operations in Hainan to capitalize on the favorable policies [9][10]. - The article highlights the establishment of various jewelry brands and companies in Hainan, indicating a growing interest in the region as a hub for the gold industry [11]. Consumer Behavior - The article notes a trend of middle-class consumers traveling to Hainan to purchase gold, with reports of significant savings on gold jewelry purchases, such as saving over 10,000 yuan on a 40-gram piece [7]. - There is a concern about the potential for speculative buying, with individuals attempting to exploit price differences by purchasing gold in Hainan for resale in mainland China [12][13]. Future Outlook - The ongoing "gold rush" is largely driven by expectations of rising gold prices, with retail prices recently exceeding 600 yuan per gram [15][16]. - The sustainability of consumer interest in gold purchases in Hainan remains uncertain, as the market may eventually return to a more rational state after the initial excitement [17].

Core Viewpoint - The recent significant drop in gold jewelry prices among major domestic brands is attributed to a sharp decline in international gold prices, marking a rare and substantial correction after a year of rising prices. Price Movement - On December 30, major gold jewelry brands such as Chow Tai Fook, Lao Feng Xiang, and Lao Miao all saw price drops exceeding 40 yuan per gram, with Chow Sang Sang experiencing a drop of over 50 yuan per gram [1] - The gold price for major brands on December 30 includes: - Chow Tai Fook: 1363 yuan/gram, down 42 yuan - Chow Sang Sang: 1353 yuan/gram, down 53 yuan - Lao Feng Xiang: 1363 yuan/gram, down 45 yuan - Six Fortune Jewelry: 1361 yuan/gram, down 42 yuan [2][3] Market Influences - The price adjustment in gold jewelry is primarily influenced by a significant drop in international gold prices, which fell over 200 USD in a single day on December 29, reaching a low of 4301.79 USD per ounce, a decline of 4.42% [3] - Other precious metals such as silver and platinum also experienced notable declines during this period [3] Trading Regulations - The rapid increase in precious and industrial metal futures prices has led to heightened volatility risks, prompting the Chicago Mercantile Exchange to raise margin requirements for trading metals, effective after the close of trading on the following Monday. Gold futures margin will increase by 10%, silver by approximately 13.6%, and platinum by 23% [3] - This increase in margin requirements is expected to significantly raise the cost of speculative trading, leading some investors to liquidate positions before the new rules take effect, resulting in multiple rounds of price declines in international metal futures on December 29 [3] Market Sentiment - Analysts indicate that the recent price correction is driven by technical and liquidity factors rather than a fundamental shift in the long-term outlook for precious metals. Despite the short-term market sentiment being under pressure, the bullish drivers for gold remain intact [4] - UBS has raised its gold price target for the first three quarters of 2026 to 5000 USD per ounce, with an expectation that prices will retreat to 4800 USD per ounce by the end of 2026, higher than previous forecasts [4]