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CITIC Securities research report states that at present, we believe that the development stage of the gold and jewelry industry relying solely on the expansion of store numbers has passed, and various brands are competing to improve their added value. From a brand perspective, design power and brand strength can be achieved by capturing the trends of high-end and lightweight, with a high proportion of investment in gold, and brands that are still in the early stage of store expansion may perform well; meanwhile, attention should be paid to the increment brought by online business and overseas business.
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