金吾财讯 | 周大福(01929)午后走强，截至发稿，涨3.66%，报7.36港元，成交额1.01亿港元。消息面上，国信证券指出，黄金珠宝板块业绩受金价高位压制需求释放，但估值已较充分反映悲观预期，2025年受益促消费政策、金价企稳等有望迎来业绩边际改善。
兴业证券则表示指出，春节黄金珠宝销售旺季将至，周大福持续调整产品结构并优化渠道，中高利润率产品销售旺势有望延续，拉动盈利能力持续改善，公司维持全年指引。
方正证券短期预计春节旺季在刚性需求下终端降幅有望持续收窄，同时定价黄金及非黄类产品表现预计将持续亮眼。展望FY26 虽门店端持续优化，但因主要集中在下沉加盟店对收入影响小，后续公司更多注重以同店驱动增长的逻辑，整体增长及盈利能力更为健康。
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