大摩此前指出，政策表明要扩大内需，并呼吁对住房和股市稳定采取支持措施，憧憬资产价格稳定，对黄金珠宝消费有正面影响。该行又指，每年12月至翌年2月通常是珠宝首饰的传统销售旺季，而周大福的股价今年内已累跌约40%，表现逊于同期MSCI中国指数及恒指表现，预期未来刺激措施的力度及执行细节、通胀步伐及金价稳定性等，将决定该公司估值能否得到市场重估。CHOW TAI FOOK (01929) fell more than 4% in the afternoon, as of the time of publication, it dropped by 3.77%, trading at 6.63 Hong Kong dollars, with a transaction volume of 51.6355 million Hong Kong dollars.
According to Zhitong Finance APP, CHOW TAI FOOK (01929) also fell more than 4% in the afternoon, as of the time of publication, it dropped by 3.77%, trading at 6.63 Hong Kong dollars, with a transaction volume of 51.6355 million Hong Kong dollars.
In terms of news, CHOW TAI FOOK previously released its performance for the first half of the 2025 fiscal year, with revenue of 39.41 billion Hong Kong dollars, a year-on-year decline of 20.4%; net profit of 2.53 billion, a decrease of 44.4%; the profit reduction was due to significant fluctuations in international gold prices during the period, leading to losses from the revaluation of gold lending contracts, whereas the same period last year recorded gains from the revaluation of gold lending. Guosen pointed out that the industry has been affected by the fluctuations in gold prices, leading to a release of terminal sales this year. However, in the long run, the gold jewelry industry still has further development space supported by value retention demand and continuous improvement in product design. With the recent stabilization of gold price corrections, consumer demand is expected to gradually return in the future.
Morgan Stanley previously pointed out that policies indicate a need to expand domestic demand and called for supportive measures to stabilize the housing market and stock market, hoping for asset price stability, which has a positive impact on gold jewelry consumption. The bank also noted that every year from December to February is usually the traditional peak sales season for jewelry, while CHOW TAI FOOK's stock price has fallen by about 40% this year, underperforming the MSCI Chinese Index and Hang Seng Index during the same period. It is expected that the strength and execution details of future stimulus measures, inflation pace, and stability of gold prices will determine whether the company's valuation can be re-evaluated by the market.
