金吾财讯 | 中信证券表示，金价自2025年4月22日创下历史最高收盘价826元/克以来，截至5月12日回调超8%。消费者在近一年已形成稳定的金价看涨预期，该行认为当前金价表现将通过金融属性和商品属性拉动黄金首饰消费量的提升。同时，进入2025Q2，低基数效应将显现：预计2025Q2我国限额以上（年主营业务收入500万元及以上的零售业企业）金银珠宝零售额同比-4.0%，Q3为-7.7%，Q4为-0.5%。当前，该行认为黄金珠宝行业单纯依赖门店数量扩张的发展阶段已过，各品牌存量竞争、着力提升附加值。品牌角度，设计力品牌力得以通过捕捉高端化、轻量化两大趋势变现、投资金占比高、自身仍处扩店成长前期的品牌或有良好表现；同时关注线上业务、海外业务带来的增量。
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