According to the CITIC Securities Research Report, judging from the sample of the world's leading listed jewelry companies, companies with strong product design and brand power grew steadily in the second quarter of 2026. The luxury goods group's jewelry business is resilient. With strong brand premiums and pricing voice accumulated over a long period of time, some of the impact of rising costs is offset through price increases; affordable jewelry brands optimize profitability by increasing operating leverage and product transformation. By region, some regions have benefited from the growth in luxury consumption brought about by the wealth effect. The overall growth in the Asia-Pacific market has continued, the Indian market has benefited from strong festival consumption performance, the American and other markets have performed well, and Europe is slightly weak. Looking forward to the future, some leading jewelry companies maintain optimistic expectations. At the same time, major jewelry brands will continue to invest more in improving product capabilities, and brand potential is expected to be further unleashed. Based on this, CITIC Securities believes that jewelry companies with strong product and brand power are expected to stand out, recommend leading companies in the gold and jewelry industry, and maintain the gold and jewelry industry's “better than the market” rating.

According to the CITIC Securities Research Report, judging from the sample of the world's leading listed jewelry companies, companies with strong product design and brand power grew steadily in the second quarter of 2026. The luxury goods group's jewelry business is resilient. With strong brand premiums and pricing voice accumulated over a long period of time, some of the impact of rising costs is offset through price increases; affordable jewelry brands optimize profitability by increasing operating leverage and product transformation. By region, some regions have benefited from the growth in luxury consumption brought about by the wealth effect. The overall growth in the Asia-Pacific market has continued, the Indian market has benefited from strong festival consumption performance, the American and other markets have performed well, and Europe is slightly weak. Looking forward to the future, some leading jewelry companies maintain optimistic expectations. At the same time, major jewelry brands will continue to invest more in improving product capabilities, and brand potential is expected to be further unleashed. Based on this, CITIC Securities believes that jewelry companies with strong product and brand power are expected to stand out, recommend leading companies in the gold and jewelry industry, and maintain the gold and jewelry industry's “better than the market” rating.