CITIC Securities: High-end and Light-weighting drive demand in the gold and jewelry industry. Focus on structural investment opportunities.

CITIC Securities research report believes that, at present, the development stage of the gold and jewelry industry relying solely on the expansion of store numbers is over. Each brand is competing with existing stock and focusing on increasing added value. From a brand perspective, brands can enhance their design and branding power by capturing the trends of high-end and lightweight products, with a high proportion of investment in gold, and brands in the early stage of expansion may still perform well. Additionally, attention should be paid to the incremental growth brought by online and overseas business.