A股钛白粉概念拉升，振华股份涨停，金浦钛业、惠云钛业、坤彩科技跟涨。

ETF margin financing accelerated in June as A-share turnover picked up. Wind data show ETF margin balances on the Shanghai and Shenzhen markets reached 116.09 bln yuan as of June 30, up 5.26 bln yuan from end‑May. Semiconductor and telecom thematic ETFs were the main recipients of new leverage, while gold ETF financing remains the largest single exposure, suggesting leveraged investors are adding growth bets while keeping hedge positions.

Senior commodities analyst Henry Hu says gold-jewellery stocks historically tracked gold prices and were treated as adjuncts to miners, but the dynamic has shifted. Since 2025 investment gold bars have exceeded 50% of the China market and become dominant; self-purchase and wedding demand remain rigid but are budget-anchored, so consumers tend to wait when gold is elevated. A H1 decline in the gold price has not produced a clear rebound in jewellery sales. Fixed-price SKUs suffer from delayed repricing and companies’ responses differ; gram-weight products are more resilient. Chaohongji reported sequential acceleration in Q2 and continued sell-through. Crucially, share prices have materially disconnected from fundamentals: gold weakness affects firms unevenly, yet the sector has fallen collectively and many names trade at very low PBs (Chow Sang Sang ~0.4). Absent a further ~50% drop in gold, current valuations look cheap.