According to a research report by Tianfeng Securities, in 2025, the consumption of gold bars and coins in China will surpass that of gold jewelry for the first time, marking a phased shift in the consumption structure of the gold market. It is expected that jewelry companies' gross profit margins may benefit and increase due to rising gold prices, but the overall market size and subsequent sales expectations may weaken relatively. With the overall upward trend in gold prices since 2026, annual
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