北证50指数跌超3%，天力复合跌近12%领跌成分股。

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.

中国上证综指7月6日（周一）开盘上涨15.55点，涨幅：0.38%，报4059.19点； 中国深证成指7月6日（周一）开盘上涨80.42点，涨幅：0.52%，报15677.93点； 中国沪深300指数7月6日（周一）开盘上涨26.37点，涨幅：0.54%，报4868.54点； 中国创业板指数7月6日（周一）开盘上涨30.94点，涨幅：0.77%，报4050.88点； 中国科创50指数7月6日（周一）开盘上涨39.58点，涨幅：2.0%，报2015.18点。