核心观点FY26Q1（对应CY 25 年4 月-25 年6 月）集团零售值同比-1.9%，其中中国内地、港澳及其他市场零售值同比-3.3%、+7.8%，得益于低基数效应以及定价类产品表现较好。中国内地市场的计件黄金销售同比+21%，占销售额比例达19.8%/+4pct, 暨周大福传福（24 年4 月推出）和周大福故宫系列（24 年8 月推出）后，25年4 月公司继续推出传喜系列。公司加大低效门店...
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