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<Research>G Sachs Expects CN Jewelry Mkt Growth to Slow to 4% This Yr, Favors LAOPU GOLD
Recommend 4 Positive 7 Negative 6 |
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Goldman Sachs predicted that China's jewelry market growth will slacken to 4% in 2026, vs 2025's approximately 10% growth driven by a strong gold upcycle on a low base. The sector's stock prices notably outperformed the HSI. Therefore, given high base, normalized demand, and still unstable overall consumption power, the broker held a Neutral view on the sector for 2026. The broker targeted the gold price at USD5,400 per ounce by the end of 2026, up 25% YoY. In an environment where gold prices are still elevating rapidly (albeit more moderately than 2025), demand and value growth are expected to be supported by the continued rise in gold prices, but margins for products priced by weight will face YoY headwinds, and sales consumption will remain pressured. The broker believed LAOPU GOLD (06181.HK) has growth opportunities and reiterated its Buy rating with a target price of HKD1,128. AASTOCKS Financial News Website: www.aastocks.com |
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