Zhongjin: With gold prices at a high level, we are bullish on gold jewelry brands with prominent brand and product characteristics.

The Industrial and Commercial Bank of China pointed out that if the price of gold continues to perform well, with further price increases in gold jewelry brands, we believe that the scarcity and attractiveness of value preservation in gold jewelry category are expected to further strengthen. Price increases are also expected to increase residents' attention and consumption, and prosperity is expected to continue to a certain extent. In terms of category structure, we believe that the fixed price category is expected to continue to perform well, while the weight category may undergo a certain degree of recovery. We are optimistic about suppliers with a global layout and a good customer management cycle. On the demand side, we see that overseas leisurewear and outdoor footwear and clothing brands' leading performance continues to grow, providing a more stable source of orders for suppliers with diversified customer structures. At the same time, in the current global trade landscape, we believe that a global layout will be the core capability for manufacturers to ensure stable capacity and profit margins.