【#多数珠宝品牌不收白银#】#周大福销售称已暂停了黄金回收# 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。#黄金白银油价均大涨# 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。 其中，周大福门店销售人员称，公司目前已暂停了黄金回收业务。（中国证券报） ...

证券研究报告·行业深度报告·饰品 饰品行业深度报告 问卷调查丨深度研究——金价变动与黄金珠 宝消费心态变化的关系探究 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 27 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 行业走势 11% 16% 21% 26% 31% 36% 41% 饰品 沪深300 相关研究 《周大福（01929.HK）海外公司研 究简报：黄金珠宝百年龙头品牌，战 略转型+产品升级开启成长新篇章》 2026-01-29 《六福集团（00590.HK）海外公司 深度：中高端港资黄金珠宝品牌，同 店显著回暖+出海拓展新空间》 2025-12-07 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 -9% -4% 1% 6% 2025/2/26 2025/6/27 2025/10/26 2026/2/24 ◼ 金价自 2024 年 3 月以来，持续上涨总计约 130%。近两年来，金价体 现 ...

招银国际发布研报称，2026年春节，旅游出行增长具备韧性且符合市场预期，"长途游"与"家庭化"是两 大关键词。从线下消费上看，春节期间全国重点零售和餐饮企业日均销售额较2025年同期增长5.7%， 较去年春节假期增速加快1.6个百分点。线上消费方面，相较618和双11，春节假期为美护品牌的动销淡 季，各品牌表现分化显著；受品牌营销重心向线下倾斜及去年同期高基数影响，黄金珠宝整体销售表现 相对偏弱，趋势蔓延至下沉市场而受益显著的大众化品牌。 招银国际主要观点如下： 旅游出行：增长具备韧性符合市场预期，"长途游"和"家庭化"是关键词 据国家文旅部，春节假期(2026年2月15日-2026年2月23日)全国国内出游5.96亿人次，出游总花费8034.83 亿元，折合日均出游人次/日均旅游花费分别同比增长5.7%/5.5%(2025年春节日均：+5.7/7.0%)。 马蜂窝数据显示，截至2月22日(农历正月初六)，春节期间5天及以上长线出游订单占比达59.6%，人均 出游天数6.4天，同比增长0.5天。飞猪平台显示春节假期内国内游订单量同比增长80%，人均预订金额 同比提升约10%。国际长线游方面，国家移民管理局数据 ...

各位投资者晚上好，我是那个东吴商社首席吴劲草，今天跟我们季老师一起来跟大家讲一 个我们这个在春节期间进行的一个草根调研，那么在春节期间，我们一共这个进行了 10 个城市。41 个店的一个访谈调研，主要是这个就是针对这个店里面的这个，就是黄金珠宝 店，他包括像周大福、周大生、潮宏基、老凤祥，还有就是在上海这边有老铺黄金，然后 他们的这个店里面的这个就是卖的黄金的客单价。以及满减政策，以及这个店里面的人数 等等那些情况。 那么得到一些很有意思的数据，比如说这个就是大部分店，它的这个里面可能同时带的人 有七八个，但是老婆房间里面有 100 多个人，然后这个就是，然后素金价格是比镶嵌要低 的。然后这些店的素金的挂牌价都是 1500，但是满减的政策却都不，却不一致。然后这 个当时，就是金价出厂大概在 1100 左右。然后这个就是满减的价格算下来，素金估计在 1300 左右。然后镶嵌的价格，实际上就出现了一个很有意思的事情，就是老铺黄金，它 的镶嵌价格在涨价之前一克只有 1500~1700，而这个像周大福，他们其他的一些镶嵌的 这个首饰价格基本上是逼近 2000 的 所以老铺黄金以高级，以这个就是奢侈为特点，它却 却反而 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in consumer spending during the Spring Festival, with significant increases in payment transactions and retail sales compared to the previous year [4][26] - The report emphasizes the importance of high-quality companies in high-growth sectors driven by emotional consumption themes [7][35] Summary by Sections Industry Dynamics - The Spring Festival saw a robust recovery in social consumption, with payment transactions on New Year's Eve reaching 4.931 billion, a 21.64% increase from the previous year [4][26] - Key regions like Hainan and cities such as Tianjin and Zhenjiang showed strong performance in retail and dining, with Hainan's duty-free shopping amounting to 1.03 billion yuan, up 20.9% year-on-year [4][27] - Domestic travel orders surged by 60%, and outbound travel orders increased by over 180% during the holiday period [4][26] Investment Recommendations - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending companies like Laopai Gold and Chaohongji for their differentiated product offerings [7][35] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [7][35] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Proya [7][35] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending companies like Meilitiantian Medical Health and Aimeike [7][35] Market Performance - The retail and social service indices reported declines of 1.59% and 0.78% respectively during the week from February 9 to February 13, 2026 [6][15] - The report notes that the education sector saw the highest growth among sub-sectors, while the watch and jewelry sector led the year-to-date performance with an 11.29% increase [6][18] Company Highlights - Laopai Gold reported a significant revenue increase of 250.9% in the first half of FY2025, driven by strong consumer demand and brand expansion [37] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in FY2025, supported by its differentiated product strategy [37] - Maogeping and Proya are highlighted for their strong performance in the beauty sector, with Maogeping achieving a revenue increase of 31.3% in FY2025 [37]

Core Insights - The domestic gold market is experiencing adjustments, with retail prices remaining strong while wholesale prices are more affordable [1] - The recovery price for gold is steadily increasing, indicating a stable demand for high-purity gold [6] Brand Gold Store Prices - Major brands' gold prices per gram are as follows: - Chow Tai Fook: 1545.00 CNY - Chow Sang Sang: 1562.00 CNY - King of Gold: 1545.00 CNY - Xie Ruilin: 1545.00 CNY - Lao Feng Xiang: 1518.00 CNY - Lao Miao Gold: 1598.00 CNY - Cai Bai Jewelry: 1505.00 CNY - China Gold: 1505.00 CNY [1][2][3][4] Regional Price Differences - In Shenzhen, wholesale prices are as follows: - Gold 999: 1298.00 CNY - High purity gold 999.9: 1299.00 CNY - Gold bars: 1298.00 CNY - Prices in first-tier cities like Beijing, Shanghai, and Guangzhou vary slightly, with Shanghai's Chow Tai Fook at 1545.00 CNY and Guangzhou's Lao Feng Xiang at 1518.00 CNY [4] Investment Gold Prices - Bank gold bars are priced at 1155.00 CNY per gram, with recovery prices around 1100.00 CNY depending on purity [5][9] Gold Recovery Prices - The current base recovery price for gold with a purity of 99.9% or higher is 1100.00 CNY per gram, with several brands also offering the same recovery price [6][8]

2026年春节期间，黄金消费热度走高。"小克重"成了不少人过年的热门选择。从2025年的手机黄金贴、 红包金钞等走红，到2026年轮到黄金美甲脱颖而出，成为年轻人追捧的新年新潮消费。 《每日经济新闻》记者走访发现，周大福等头部品牌的小件金饰，甚至老铺黄金的金条都成了美甲店 的"高端原料"，有消费者表示，愿意花数千元、上万元打造"黄金甲"。 这一小众"指尖消费"背后，反映出金饰行业的"冰火两重天"。2025年以来，国际金价持续上行，金饰上 市公司业绩却普遍承压。周大福2026财年中报营业额同比下降1.1%，创近5年同期新低，财报期内关店 611家；周大生2025年前三季度营收同比下滑37.35%，终端门店数量较2024年同期净减少560家。其他 多个金饰品牌虽也尝试涨价、牵手IP（知识产权）联名、发力线上等，却成效有限。 "美甲打开了黄金作为'美妆耗材'的新出口，有望让金饰从'低频高客单'转向'高频低客单'并破解行业困 局。"品牌专家、瞻胜传播创始合伙人庞瑞向《每日经济新闻》记者表示。 也有消费者质疑其性价比低、易损耗、无法回收。从婚庆柜台到美甲沙龙，黄金材质的美甲耗材为何突 然兴起，究竟能走多远？它能点燃资本 ...

周大生 老铺黄金 周生生 周大福 分时图 日K线 周K线 月K线 12.40 -0.15 -1.20% 1.35% 0.88% 0.48% 0.00% 0.48% 0.88% 1.35% 12.38 12.44 12.49 12.55 12.61 12.66 12.72 09:30 10:30 11:30/13:00 14:00 15:00 0 11万 21万 32万 华夏时报记者 周梦婷 商丘报道 黄金珠宝首饰在春节假期迎来了销售高峰期。2月19日上午11点多，商丘市睢阳区吾悦广场内，周大 福、周大生（002867）、潮宏基（002345）等黄金门店客流不断，其中以情侣顾客为主。周大生门店店 员告诉本报记者："春节后比春节前销售要好很多。"而在春节前的2月16日（除夕），《华夏时报》记 者走访时感受到的金饰销售热度同样不减。彼时周大福一店员表示："这几天销售都挺好，2月14日情人 节那天，我忙得没时间吃午饭。" 对于今年春节黄金首饰销售表现，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏 时报》记者采访时表示，"今年春节黄金首饰销售高潮，是刚需释放与消费升级共振的结果。尽管金价 处于高位，备婚 ...

Price Movements in Domestic and International Gold Markets - The price of gold jewelry from major domestic brands has dropped below the psychological threshold of 1500 yuan per gram, with prices reported at 1499 yuan from Chow Tai Fook and 1510 yuan from Lao Feng Xiang, reflecting a decrease of 61 yuan per gram in just one day [1][7] - In contrast, international gold prices have surged, with spot gold rising from 4878.89 USD to 5042.20 USD, marking a daily increase of 2.39% [3][8] - The domestic gold market is experiencing a lag in price adjustments compared to international markets, influenced by fixed costs such as brand premiums and processing fees [11] Geopolitical Influences on Gold Prices - The recent progress in US-Iran negotiations has reduced the likelihood of military conflict, leading to a withdrawal of some safe-haven funds from the gold market [13] - Despite the positive developments, uncertainties remain as Iran refuses to discuss its ballistic missile program, complicating the potential for a formal agreement [9][13] Federal Reserve's Monetary Policy Outlook - Federal Reserve officials have expressed differing views on interest rate adjustments, with some indicating a potential for 75 basis points of rate cuts, while others advocate for maintaining stable rates for a period [5][9][13] - The latest survey from Bank of America shows that 50% of fund managers consider "going long on gold" as the most crowded trade, indicating a strong interest in gold as an investment [5][6] Market Sentiment and Investment Trends - The allocation towards commodities has reached its highest level since May 2022, with a net 28% overweight in commodities among surveyed fund managers [6][11] - The cash levels among investors have slightly increased from a record low, indicating a cautious approach amidst market volatility [11]

Group 1 - The company Laopu Gold announced a price increase for its products starting from February 28, 2026, with adjustments occurring 2-3 times annually [1] - In 2025, Laopu Gold raised its prices three times in February, August, and October [1] Group 2 - On February 18, domestic gold jewelry prices fell below 1500 yuan per gram, with brands such as Chow Tai Fook and Chow Sang Sang quoting 1499 yuan per gram [4] - Other brands like Liufeng Jewelry, Laomiao Gold, and others maintained prices around 1500 yuan per gram, with specific quotes of 1527 yuan, 1516 yuan, 1500 yuan, 1510 yuan, and 1502 yuan respectively [4] Group 3 - On the same day, international gold and silver prices showed a strong upward trend, with spot gold increasing by 1.23% to 4936.6 USD per ounce and spot silver rising over 3% to 75.995 USD per ounce [7]