智通财经APP获悉，周大福(01929)早盘急涨近6%，截至发稿，涨5.92%，报9.31港元，成交额6466.06万港元。
招商证券发布研报称，经过2024年金价快速上涨和终端需求的分化，当前黄金珠宝行业渠道红利见顶，龙头开启产品差异化升级之路。该行指出，头部黄金珠宝公司已开始转型，以产品作为新增长驱动。头部品牌已经开始各自发挥已有的工艺或产品优势，进一步强调个性化及设计性，如老铺的古法金、周大福故宫/传福系列、潮宏基IP/臻金系列、周大生国家宝藏系列等，以产品作为新驱动。
该行续指，周大福下沉市场低效门店调整进行中，前期过度扩张以及2024年行业承压，公司持续关闭下沉市场的低效门店，FY25Q3在内地净关闭261个周大福珠宝零售点，内地珠宝总门店数从高峰期的7500家左右下降至6685家。受一口价产品销售的快速增长，以及低效门店的关闭，FY25Q3同店跌幅收窄至双位数水平。
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