珠宝美妆&纺服轻工行业2025年中期投资策略:逢低布局产品结构化升级&运营提效的细分赛道龙头

招商证券
28 Jun

黄金珠宝:25H1 金价快速上涨,黄金饰品消费量下滑、投资金消费量提升,延续2024 年趋势;同时行业饰品化趋势确立,细分需求中古法金新产品和小克重金饰畅销,普货素金降幅明显,不同品牌间表现分化。我们认为下半年金价或将在高位震荡,地缘冲突、海外经济衰退等因素依然从避险角度形成支撑,各国央行持续购金,美元信用影响仍具备长期逻辑。基于金价预期,我们预计下半年黄金消费将延续当前趋势,投资金仍有市场但可能...

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