Consumer Staples, Financials, Automotive Apr 25, 2022 09:24 AM (GMT+8) · EqualOcean
CITIC Securities believes that China is the world's largest jewelry consumer market. The demand for jewelry rebounded sharply in 2021. The industry showed strong anti risk ability under the epidemic, and the overall price trend is upward. The demand growth is driven by technology evolution, intergenerational population, channel change and fashion trend. The industry entry barrier is extremely high, and the concentration has an obvious trend of improvement. Due to its characteristics of high customer order and low frequency, it shows strong offline stickiness, and the business model shows strong stability. From the perspective of historical valuation, the gold and jewelry sector is at a low valuation level. Highlight Chow Tai Fook, Chow Tai Sheng, DEA shares and Lao Fengxiang.

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