Wanlian Securities notes that, in the short term, gold prices have been fluctuating and trending higher, driven by pent-up demand for wedding-related purchases and improvements in gold craftsmanship in recent years, which have boosted consumption of gold jewelry. The concurrent rise in both volume and price is expanding the overall size of the gold jewelry industry. Looking ahead to the medium to long term, increasing penetration across multiple use cases—ranging from everyday consumption under the “self-pleasure” mindset and holiday gifting to gold investment—is expected to sustain steady industry growth. Moreover, the pandemic over the past three years has accelerated industry consolidation, with leading jewelry companies seizing market share through proactive channel expansion, brand upgrades, and new-product development, thereby reinforcing the “winner-takes-all” dynamic. We maintain a “Outperform” investment rating for the sector and recommend focusing on high-quality jewelry stocks.