智通财经APP获悉，周大福(01929)涨超4%，截至发稿，涨4.33%，报7.75港元，成交额4038.94万港元。
国盛证券发布研报称，周大福FY2025Q3 中国内地RSV 同比下降13%，判断RSV 的下降一方面源于消费波动态势下同店销售下降，同时Q3 持续净关店。较Q2来看，Q3中国内地RSV 虽然仍有下降，但降幅已经有所收窄。渠道方面，2024 年10-12 月中国内地直营同店销售同比下降16.1%，加盟同店下降12.3%，判断加盟同店降幅小于直营主要系过往加盟店新开较多，从而导致店效爬坡速度更快。
中信证券认为，当前金价持续破高，消费者看涨预期已形成，消费偏好部分转向设计新颖、低单价、轻量化的定价黄金产品。公司积极调整产品及定价策略，成效显著。该行认为周大福具备出众的美学理解、卓越的工匠精神，未来将继续发挥产品力优势，持续领跑行业，推出更多诸如故宫系列、传福系列的高毛利差异化商品，利润端或将获得相应改善。
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