杰富瑞：将纽蒙特矿业(NEM.N)目标价从158美元下调至146美元。

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.

CENC recorded a magnitude-4.0 earthquake at 23:20 local time near Mianzhu, Deyang, Sichuan (31.55N, 103.98E). Focal depth 15 km.