不再是“卖金子”!汇丰:老铺黄金有望摆脱金价周期,向“Tiffany式”奢侈品牌跃迁

华尔街见闻
Nov 12, 2025

当金价波动成为悬顶之剑,老铺黄金的增长故事正在改写。汇丰最新研报指出,支撑老铺黄金增长的,不再是金价上涨的"黄金飞轮",而是品牌力驱动的"奢侈品飞轮"。 11月12日,据追风交易台消息,汇丰在研报中称,老铺黄金的增长逻辑正在从依赖金价上涨的“黄金飞轮”,转向由品牌力、工艺和文化叙事驱动的“品牌飞轮”。 这意味着公司有望摆脱黄金价格的周期性束缚,实现向真正奢侈品品牌的跃迁。其估值逻辑应向...

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