CITIC Securities: Maintains a "stronger than the overall market" rating on the gold and jewelry industry, recommending leading companies

According to the research report of CITIC Securities, it is indicated that looking at the selected global top-listed jewelry companies sample, in the second quarter of 2025, companies with strong product design capabilities and brand strength have shown steady growth, and the jewelry business under luxury goods groups has displayed strong resilience. By region, the European and American markets have shown strong resilience; the Japanese market has seen a decline due to a high base figure, while the Chinese market is showing a trend of improvement on a month-on-month basis; the Indonesian and Indian gold jewelry markets are experiencing strong consumer enthusiasm, with leading enterprises showing promising momentum. On the product side, jewelry companies continue to innovate and enhance their core product design capabilities. In terms of pricing strategy, companies are expected to maintain a cautious adjustment strategy by passing on the short-term impacts of raw materials, tariffs, and exchange rates to consumers through price increases. On the distribution side, companies are advancing their "DTC" strategy, facing consumers directly. Looking ahead, leading jewelry companies overall maintain optimistic expectations, continue to increase investment in product capabilities, expand distribution channels and territories, and it is expected that brand momentum will further be released. Based on this, CITIC Securities believes that gold jewelry companies with strong product capabilities and accelerated overseas expansion are likely to stand out, and recommends leading companies in the gold jewelry industry, maintaining a rating of "stronger than the market" for the gold jewelry industry.