A research report by Shanxi Securities notes that, benefiting from the traditional peak sales seasons of the Spring Festival and Valentine’s Day, coupled with the dual appeal of gold jewelry as both a store-of-value asset and a discretionary indulgence, gold and jewelry sales are expected to rise during the Spring Festival, delivering strong performance in physical consumption during this period. Looking ahead to 2024, with gold prices likely to remain at elevated levels and younger consumers increasingly seeking gold jewelry, gold and jewelry consumption is forecast to grow steadily. Leading companies, leveraging their channel-expansion capabilities, product-differentiation design expertise, and brand equity accumulation, are poised to further increase their market share. We recommend paying close attention to brands such as Chow Tai Seng and Chaohongji.