中國珠寶市場發(fā)展報(bào)告（2019-2024）（中英）-中國珠寶玉石首飾行業(yè)協(xié)會

China’sJewelryMarketDevelopmentReport(2019-2024)中國珠寶市場發(fā)展報(bào)告（2019-2024）目錄一、2019-2023年中國珠寶市場的發(fā)展?fàn)顩r 6（一）零售市場：增速領(lǐng)先結(jié)構(gòu)性調(diào)整步伐加快 6（二）進(jìn)出口：對歐美貿(mào)易額大幅增長 17（三）網(wǎng)上銷售：增速處于領(lǐng)跑位置 21（四）上市公司：營收、利潤增速可觀 22（五）頭部品牌：引發(fā)珠寶市場馬太效應(yīng) 27（六）零售終端：渠道布局加速下沉三四線城市 27二、2024年前三季度珠寶市場的主要表現(xiàn) 33三、對未來的幾點(diǎn)觀察 37CONTENTSDevelopmentStatusofChina’sjewelrymarketfrom2019to2023 6Retailmarket:Leadingingrowth,andacceleratinginstructuraladjustment62.Importsandexports:LargeincreaseintradewithEuropeandAmerica 17Onlinesales:Leadingingrowthrate 21Listedcompanies:Considerablegrowthrateinrevenueandprofit 22Topbrands:CausingMatthewEffect 27Retailterminal:Channeldistributionsspeedinguppenetratingintothird-tierandfourth-tiercities TheperformanceofChina’sjewelrymarketinthefirstthreequartersof2024 33Insightstothefuture 37《中國珠寶市場發(fā)展報(bào)告（2019-2024）56個(gè)方面，進(jìn)行事件有意義的參考。JewelryMarketDevelopmentReport(2019-2024)focusesonthefollowingsixaspects:jewelryretailgrowthtrends,importsandexports,majorsegmentmarkets,listedcompanies’performances,onlinesales,andterminalchannelconstructionduringthepastfiveyears.Througheventbacktrackinganddatasorting,thereportendeavorstoobservethehistoricalcontextandcompetitionlandscapeofjewelrymarketdevelopmentinbroaderperspectives.Ithopestoprovidevaluableandmeaningfulreferencesfordomesticandoverseasjewelrypractitionerstodeepentheirunderstandingsoftheoverallsituation,evolutiontrendsandchangedynamicsofjewelrymarketdevelopmentinthepastfiveyears,andfordomesticandoverseasjewelrybrandstotapintotheChinesemarket.本《報(bào)告》分三個(gè)部分：一是2019年至2023年中國珠寶2024年前三季度市場的主要變化和特點(diǎn)，三是對未來發(fā)展趨勢的展望。Thereportconsistsofthreeparts.ThefirstpartcoversthedevelopmentstatusofChina’sjewelrymarketfrom2019to2023.ThesecondparttalksaboutthemajorchangesandcharacteristicsofChina’sjewelrymarketinthefirstthreequartersof2024.Thethirdpartisabouttheoutlookofthemarket’sfuturedevelopmenttrends.一、2019-2023年中國珠寶市場的發(fā)展?fàn)顩rDevelopmentStatusofjewelrymarketfrom2019to2023過去的五年，世紀(jì)疫情的沖擊，全球政治經(jīng)濟(jì)格局加速演進(jìn)，中國經(jīng)濟(jì)調(diào)結(jié)構(gòu)、轉(zhuǎn)方式進(jìn)入深水區(qū)。身處其中的中國的珠寶產(chǎn)業(yè)展現(xiàn)出了應(yīng)對挑戰(zhàn)的強(qiáng)大韌性、頂住壓力向上生長的充足后勁。Inthepastfiveyears,impactedbytheCovid-19pandemic,theglobalpoliticalandeconomiclandscapewitnessedacceleratedchanges.China’seconomicstructuraladjustmentandgrowthmodeltransformationisenteringadeep-waterzone.Againstthisbackground,China’sjewelryindustryhasdemonstratedgreatresilienceinresponsetochallengesandsufficientgrowthmomentumunderpressure.一是，零售市場波動(dòng)加劇，但增速仍高于社會消費(fèi)品平均水平。First,despitegreaterfluctuations,thegrowthrateoftheretailmarketisstillhigherthantheaveragelevelofsocialconsumergoods.二是，市場規(guī)模持續(xù)擴(kuò)大，玉石、翡翠、珍珠等品類的強(qiáng)勁增長有力促進(jìn)了市場整體的穩(wěn)健增長。Second,themarketsizecontinuestoexpand.Therobustgrowthinsegmentssuchasjades,Feicuiandpearlhaseffectivelycontributedtothesteadygrowthoftheoverallmarket.三是，線上零售增勢迅猛，對沖了線下銷售的乏力。Third,onlineretailgrowsrapidly,whichoffsetsthesluggishgrowthofofflinesales.四是，進(jìn)出口活躍，對歐美等傳統(tǒng)市場的貿(mào)易增長強(qiáng)勁。Fourth,theimportandexportactivitiesarerobust,withstrongtradegrowthwithtraditionalmarketsinEuropeandAmerica.五是，渠道下沉戰(zhàn)略持續(xù)推進(jìn)，三線及以下城市積極貢獻(xiàn)增量。Fifth,aschannelsinkingstrategiesgainfurthertraction,thethird-tierandlower-tiercitieshavemadeapositivecontributiontotheincrementalincrease.（一）零售市場：增速領(lǐng)先結(jié)構(gòu)性調(diào)整步伐加快Retail market: Leading in growth, and accelerating structuraladjustment202020213000億20233310億元，同13.3（2019年-2023年的年均復(fù)合增長率6.23.7%的平均水平。AftergoingthroughtheimpactofCovid-19pandemicin2020,China’sjewelryretailmarketwitnessedastrongreboundin2021,withtheretailsalesofgold,silverandjewelryfromtheunitsabovedesignatedsizesurpassing300billionRMB.In2023,thefigurereached331billionRMB,ahistorichigh,up13.3percentyear-on-year.Duringthelastfiveyears(2019-2023),itscompoundannualgrowthrate(CAGR)is6.2percent,muchhigherthanthe3.7percentaveragegrowthrateofthetotalretailsalesofsocialconsumergoods.圖1.2019-2023年限額以上金銀珠寶類零售額及其增長速度Figure1:Theretailsalesandgrowthratesofgold,silverandjewelryoftheunitsabovedesignatedsizeduring2019-2023（數(shù)據(jù)來源：國家統(tǒng)計(jì)局）(Source:NationalBureauofStatisticsofChina(NBS))2.2019-20232Theyear-on-yeargrowthrateofthetotalretailsalesofsocialconsumergoodsandtheretailsalesofgoldsilverjewelryoftheunitsabovedesignatedsizeduring2019-2023（數(shù)據(jù)來源：國家統(tǒng)計(jì)局）(Source:NBS)從市場總規(guī)模來看，根據(jù)中寶協(xié)的統(tǒng)計(jì)，過去五年，中國2019610020238200億元，年均增速達(dá)7.68%。Fromtheperspectiveoftotalmarketsize,statisticsfromtheGems&JewelryTradeAssociationofChina(GAC)showthatinthepastfiveyears,China’sgemsandjewelrymarketsizehasincreasedfrom610billionRMBin2019to820billionRMBin2023,withaCAGRof7.68percent.圖3.2019-2023年我國珠寶玉石首飾產(chǎn)業(yè)市場規(guī)模及同比增速Figure3:Themarketsizeandyear-on-yeargrowthrateofChina’sgemsandjewelryindustryduring2019-2023從市場品類結(jié)構(gòu)看，過去五年，黃金、鉆石、翡翠玉石、中國珠寶市場的消費(fèi)格局。具體看：Fromtheperspectiveofmarketsegments,duringthepastfiveyears,themarketsizesofmajorsegmentssuchasgold,diamond,Feicuiandjades,coloredgemstones,pearl,andplatinumhavewaxedandwaned,reshapingtheconsumptionlandscapeofChina’sjewelrymarket.Tobemorespecific:黃金消費(fèi)穩(wěn)中有增，是珠寶市場的“壓艙石”。過去五年，中國市場的黃金消費(fèi)量從2019年的1002.78噸增至2023年的1089.69噸，年均增長2.1%，所占市場份額為60%左右。Goldconsumptionhasachievedsteadygrowth,whichisthebedrockofthejewelrymarket.Inthepastfiveyears,goldconsumptioninChinahasincreasedfrom1,002.78tonnesin2019to1,089.69tonnesin2023,withaCAGRof2.1percent,takingabout60percentofthemarketshare.圖4.2019-2023年中國黃金消費(fèi)量（噸）Figure4:China’sgoldconsumptionduring2019-2023(Unit:tonnes)(數(shù)據(jù)來源：中國黃金協(xié)會)(Source:ChinaGoldAssociation)世界黃金協(xié)會報(bào)告顯示，2023年中國市場在全球金飾總需30%，30多年來，中國的年度黃金消費(fèi)已增長五20191948.31噸增至2023年的2235.39噸，年均增速3.5%。AccordingtoareportfromtheGoldCouncil,theChinesemarketaccountedformorethan30percentoftheglobalgoldjewelrydemandin2023.annualgoldconsumptionhasrisenfive-foldoverthepastmorethan30years.Meanwhile,goldreservesatcentralbankhaveincreasedfrom1948.31tonnesin2019to2235.39tonnesin2023,withaCAGRof3.5percent.圖5.2019-2023年全球黃金需求量（噸）Figure5:Globalgolddemandduring2019-2023(Unit:tonnes)（數(shù)據(jù)來源：世界黃金協(xié)會）(Source:GoldCouncil)2023年中國鉆石市場60031.097.4%。隨著庫存的逐漸出清和市場推廣策略的調(diào)整和加強(qiáng)，鉆石市場有望加快筑底，市場或?qū)鬟f出更多的復(fù)蘇信號。Astherecoverymomentumisbuildingup,thediamondmarketislikelytobottomout.In2023,diamondmarketsizewasabout60billionRMB,down22.0percentyear-on-year.In2023,thediamondtransactionsontheShanghaiDiamondExchange(SDE)totaled3.109billionUSD,down29.7percentyear-on-year,withanaverageannualdeclinerateof7.4percentinthepastfiveyears.Astheinventoryisgraduallydepletedandthemarketingstrategiesareadjustedandstrengthened,thediamondmarketisexpectedtoacceleratethebottomingoutprocessandseemorerecoverysignals.圖6.2019-2023年上海鉆交所鉆石交易總額（億美元）Figure6:ThetotaldiamondtransactionvaluesonSDEduring2019-2023(Unit:100millionUSD)（數(shù)據(jù)來源：上海鉆石交易所）(Source:ShanghaiDiamondExchange)培育鉆石產(chǎn)能大幅提高。2020年中國培育鉆石產(chǎn)量約300萬克拉，至20232200萬克拉，四年平均增長率為94.32023746,30048.65.3%；培育鉆石成品268,96031.4%。Theproductioncapacityoflab-growndiamondhasincreasedsignificantly.China’slab-growndiamondproductionoutputhasincreasedfromabout3millioncaratsin2020to22millioncaratsin2023,withaCAGRof94.3percentduringthepastfouryears.In2023,Chinaexported746,300caratsoflab-grownroughdiamond,down48.6percentyear-on-year,withaCAGRof5.3percentinthepastfiveyears.In2023,theexportoflab-grownpolisheddiamondreached268,960carats,down94.7percentyear-on-year,withaCAGRof31.4percentinthepastfiveyears.圖7.2019-2023年培育鉆石出口量Figure7:Theexportvolumeoflab-growndiamondduring2019-2023（數(shù)據(jù)來源：海關(guān)總署）(Source:GeneralAdministrationofCustomsofthePeople’sRepublicofChina(GACC))玉石翡翠市場持續(xù)強(qiáng)勁增長。1500225.720%上下，是僅次于黃金的第二大品類市場。ThejadeandFeicuimarkethassustainedstronggrowth.Inthepastfiveyears,China’sFeicuiandHetianYumarkethasseencontinuousrapidgrowth.In2023,itsmarketsizereached150billionRMB,up2percentyear-on-year,withaCAGRof25.7percentinthepastfiveyears,takingabout20percentofthemarketshare,secondonlytothatofgold.圖8.2019-2023年我國玉石市場規(guī)模（億元）Figure8:China’sjadeandFeicuimarketsizeduring2019-2023(Unit:100millionRMB)20233100.4%，主要20222023年，高品質(zhì)紅、藍(lán)寶石價(jià)格大幅上漲。Priceriseshavebecomeadominantfactorinthecoloredgemstonemarket.In2023,China’scoloredgemstonemarketsizereachedabout31billionRMB,withaCAGRof0.4percentinthepastfiveyears.In2022,itssalesvolumefellpercent,draggingdowntheoverallgrowthrateduring2019-2023.Inthepastfiveyears,pricesofcoloredgemstoneshavecontinuedtoriseinthedomesticmarket,particularlyin2023,whenthepricesofhigh-qualityrubiesandsapphiressawsignificantincreases.圖9.2019-2023年中國彩色寶石市場規(guī)模（單位：億元）Figure9:China’scoloredgemstonemarketsizeduring2019-2023(Unit:100millionRMB)珍珠市場一路高歌猛進(jìn)。2023年，中國珍珠市場的銷售額35045.83%。過去五年，中國珍珠市場年均18.09%，表現(xiàn)出了強(qiáng)勁的增長勢頭。Thepearlmarkethasseenremarkablegrowth.In2023,thesalesvolumeofChina’spearlmarketreached35billionRMB,up45.83percentyear-on-year.Inthepastfiveyears,pearlmarketrecordedaCAGRof18.09percent,showingarobustgrowthtrend.圖10.2019-2023年中國珍珠市場規(guī)模（單位：億元）Figure10:China’spearlmarketsizeduring2019-2023(Unit:100millionRMB)鉑金首飾市場持續(xù)萎縮。中國市場的鉑金首飾需求量從201927.1202312.74122%。Theplatinumjewelrymarkethasexperiencedcontinuousshrinking.TheplatinumjewelrydemandintheChinesemarkethasdroppedfrom2.71billiontonnesin2019to1.27billiontonnesin2023,downby53percent.Itsshareintheglobalmarkethasfallenfrom41percentin2019to22percentin2023.圖11.2019-2023年全球及中國鉑金首飾需求量（單位：噸)Figure11:GlobalandChina’splatinumjewelrydemandduring2019-2023(Unit:tonnes)（數(shù)據(jù)來源：國際鉑金投資協(xié)會）(Source:PlatinumInvestmentCouncil)（二）進(jìn)出口：對歐美貿(mào)易額大幅增長Imports and exports: Large increase in trade EuropeandAmerica2019-2023年，中國珠寶類商品進(jìn)口和出口的年均增長率均6520%。During2019-2023,boththeimportandexportvalueofjewelrygoodshavemaintainedadoubledigitCAGR,amongwhichtheCAGRofimportsreached17percent,sixpercenthigherthanthatofexports.Fromtheperspectiveofcommoditycategories,theimportvalueofpreciousorsemi-preciousstones,inlayandgoldproductshaveallregisteredaCAGRofmorethan20percentinthepastfiveyears.圖12.2019-2023珠寶行業(yè)進(jìn)出口額（億美元）Figure12:China’simportandexportvaluesofjewelryindustryduring2019-2023(Unit:100millionUSD)（數(shù)據(jù)來源：海關(guān)總署）(Source:GACC)表1.2019-2023年珠寶各品類進(jìn)口數(shù)據(jù)統(tǒng)計(jì)（單位：億美元）Table1:Importvaluesbyjewelrycategoriesduring2019-2023(Unit:100millionUSD)品類Category20192020202120222023CAGR黃金Gold437.22114.17472.79766.54919.1620.41%鉆石Diamond77.9159.4598.8784.7759.72-6.43%銀Silver10.6713.6717.0511.1211.762.46%鉑Platinum36.6879.76100.1176.563.9914.93%珍珠Pearl0.30.210.60.730.5214.74%寶石或半寶石Preciousorsemi-preciousstones5.593.6615.1345.8512.5122.31%人工寶石Artificialgemstones1.421.521.7721.846.69%鑲嵌首飾Inlayjewelry23.8436.8357.2642.3652.8822.04%金銀器Goldandsilverwares0.180.120.140.150.258.56%仿首飾Imitationjewelry4.453.43.553.313.08-8.79%Variouspreciousmetalandbasemetalmaterials0.780.640.570.530.42-14.34%其他制品及硬幣Otherproductsandcoins3.674.076.333.1413.9339.58%（數(shù)據(jù)來源：海關(guān)總署）(Source:GACC)從貿(mào)易對象來看，過去五年中國與美洲和歐盟的珠寶進(jìn)出口貿(mào)易更為活躍，進(jìn)出口總額年均增幅分別為24.15%和20.58%，遠(yuǎn)高于其他地區(qū)。Fromtheperspectiveoftradepartners,inthepastfiveyears,theimportandexporttradebetweenChinaandAmericaandEUismoreactive,withaCAGRof24.15percentand20.58percentrespectively,muchhigherthanotherregions.表2.2019-2023中國-部分國家地區(qū)珠寶行業(yè)進(jìn)出口數(shù)據(jù)統(tǒng)計(jì)（單位：億美元）Table2:ImportandexportvaluesofjewelryindustrybetweenChinaandsomecountriesorregionsduring2019-2023(Unit:100millionUSD)國家或地區(qū)CountryorRegion20192020202120222023CAGR美洲America76.62357.4185.718224.15%南非SouthAfrica126.680.4153.8163.81534.85%Oceania77.413.593.388.1116.710.81%歐盟EU45.561.488.394.496.220.58%東盟ASEAN60.633.144.374.3765.82%日韓JapanandROK21.525.744.942.138.615.75%Russia6.615.415.616.423.537.37%（數(shù)據(jù)來源：海關(guān)總署）(Source:GACC)（三）網(wǎng)上銷售：增速處于領(lǐng)跑位置Onlinesales:Leadingingrowthrate18年的增速高出網(wǎng)上實(shí)物總類31.9個(gè)百分點(diǎn)，按絕對值計(jì)算為339720201.59%升20232.61%。Inthepastfiveyears,theonlineretailjewelrysalesinphysicalgoodshaveloggedaCAGRof22percent,rankingfirstforfiveconsecutiveyearsamongthe18typesofgoodsmonitoredbytheMinistryofCommerce(MOFCOM).In2023,itsgrowthratewas31.9percenthigherthanthatofallcategoriesofphysicalgoods,itsvaluereached339.7billionRMBbyabsolutevalue,anditsmarketshareinonlinephysicalgoodshasincreasedto2.61percentfrom1.59percentin2020.圖13.2019-2023年金銀珠寶類與實(shí)物總類網(wǎng)上零售額同比變化Figure13:TheYoYchangesofonlineretailsalesofgold,silverandjewelry,andallcategoriesofphysicalgoodsduring2019-2023（數(shù)據(jù)來源：商務(wù)部）(Source:MOFCOM)（四）上市公司：營收、利潤增速可觀Listedcompanies:ConsiderablegrowthrateinrevenueandprofitA股珠寶上市公司營收穩(wěn)步增長。A股上市的處于穩(wěn)定經(jīng)1220232500億10.61%的增長；而歸屬于上市公司股東的凈利2021年高位回落，但總體仍在上行區(qū)間，5年間年均增3.40%。TherevenuesofjewelrycompanieslistedontheA-sharemarkethaveachievedsteadygrowth.Thereare12A-sharelistedjewelrycompaniesinstableoperation.In2023,theiroperatingrevenuestotaled250billionRMB.Inthepastfiveyears,theyhaveloggedaCAGRof10.61percent.Althoughthenetprofitsattributabletoshareholdersofthelistedcompanieshasdeclinedfromrecenthighsin2021,itisstillintheupwardrangeonthewhole,withaCAGRof3.40percentinthepastfiveyears.圖14.A股珠寶上市公司2019年-2023年?duì)I業(yè)收入（億元）Figure14:TheoperatingrevenuesofA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（數(shù)據(jù)來源：上市公司年報(bào)）(Source:Annualreportsoflistedcompanies)15.12家A2019年-2023（）Figure15:Thetotaloperatingrevenuesofthe12A-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)圖16.A股珠寶上市公司2019年-2023年歸屬于上市公司股東的凈利潤（單位：億元）Figure16:ThenetprofitsattributabletoshareholdersoftheA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（數(shù)據(jù)來源：上市公司年報(bào)）(Source:Annualreportsoflistedcompanies)1712家A2019年-2023）Figure17:Thetotalprofitsattributabletoshareholdersofthe12A-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)港股珠寶上市公司利潤大增。周大福、六福、周生生等三家港資品牌在過去五年?duì)I收總額一路上揚(yáng)至1400多億港元，年均增速達(dá)14.83%；其股東應(yīng)占溢利年均增長率則高達(dá)20.43%。TheprofitsofHongKonglistedcompanieshaveregisteredasharpincrease.Inthepastfiveyears,thetotaloperatingrevenuesofthethreeHongKongbrandsincludingChowTaiFook,Lukfook,andChowSangSanghasincreasedtomorethan140billionHKD,loggingaCAGRof14.83percent.TheprofitsattributabletoshareholdershaveachievedaCAGRof20.43percent.圖18.周大福、六福集團(tuán)2019/2020-2023/2024財(cái)年、周生生2019-2023年?duì)I業(yè)收入總額（單位：億港元）Figure18:ThetotaloperatingrevenuesoftheChowTaiFook,andLukFookHoldingsduringthefinancialyearsof2019/2020-2023/2024,andChowSangSangduring2019-2023(Unit:100millionHKD)圖19.周大福、六福集團(tuán)2019/2020-2023/2024財(cái)年、周生生2019-2023年股東應(yīng)占溢利總額（單位：億港元）Figure19:ThetotalprofitsattributabletoshareholdersoftheChowTaiFook,andLukFookHoldingsduringthefinancialyearsof2019/2020-2023/2024,andChowSangSangduring2019-2023(Unit:100millionHKD)（五）頭部品牌：引發(fā)珠寶市場馬太效應(yīng)brands:CausingMatthewEffect根據(jù)中寶協(xié)品牌價(jià)值與品牌強(qiáng)度評價(jià)體系的數(shù)據(jù)，截至202340.71%的份2811976%。StatisticsfromtheGACshowthatby2023,thetopeightjewelryretailbrandshadaccountedfor40.71percentofdomesticmarketshare.Fromtheperspectiveofbrandretailstorecoverage,thetopfivebrandsofthelistedjewelrycompanieshadopened28,119retailedstores,accountingfor76percentofthetotalbrandstoresofthelistedjewelrycompanies.（六）零售終端：渠道布局加速下沉三四線城市Retail terminal: Channel distributions speeding penetratingintothird-tierandfourth-tiercities2023股和港股上市珠寶公司（下同1452339.4%，536814.6%；476912.9%。Fromtheperspectiveofregionaldistributions,by2023,thestoresofA-sharelistedandHongKonglistedjewelrycompanies(thesamehereinafter)hadbeenprimarilycenteredintheeast,centralandnorthChina,wherethenumberofstoresamountedto14,523stores,5,368stores,and4,769storesrespectively,accountingfor39.4percent,14.6percentand12.9percentofthetotalrespectively.圖20.A股和港股上市公司門店在全國大區(qū)分布情況Figure20:StoredistributionsofA-sharelistedandHongKonglistedjewelrycompaniesinChina’smajorregions從一線、新一線等城市線級分布上看，上市珠寶公司在北33929.2%；在成都、重慶、杭州、南京等新一線城市共有7566家，占比20.5700219.09053家，占24.6623116.9%。Fromtheperspectiveofcity-tierdistributions,suchasfirst-tierandnewfirst-tiercities,thelistedjewelrycompanieshavesetup3,392storesinthefirst-tiercitesincludingBeijing,Shanghai,GuangzhouandShenzhen,accountingfor9.2percentofthetotal.Theyhad7,566storesinthenewfirst-tiercities,suchasChengdu,Chongqing,HangzhouandNanjing,accountingfor20.5percentofthetotal.Theypossessed7,002stores,9,053stores,and6,231storesinthesecond-tiercities,third-tiercities,andfourthandlower-tiercitiesrespectively,accountingfor19.0percent,24.6percent,and16.9percentrespectively.圖21.各上市珠寶品牌門店城市分類分布情況Figure21:Brandstoredistributionsoflistedjewelrycompaniesintieredcities從省份分布上看，江蘇省有3697家上市珠寶公司品牌門店，占比1.0200家的省份有廣東省2817.828697.82817家，7.6%。Fromtheperspectiveofprovincialdistributions,Jiangsuprovincehosts3,697storesofthelistedjewelrycompanies,accountingfor10percentofthetotalandrankingfirstinthecountry.Guangdong,ShandongandZhejiangprovinceshost2,881stores,2,869storesand2,817storesofthelistedjewelrycompaniesrespectively,accountingfor7.8percent,7.8percent,and7.6percentofthetotalrespectively.圖22.各省上市珠寶品牌門店分布情況Figure22:Brandstoredistributionsofthelistedjewelrycompaniesinprovinces結(jié)論：縱觀過去五年中國珠寶市場的發(fā)展軌跡，我們不難發(fā)現(xiàn)，正是多個(gè)層面的持續(xù)穩(wěn)健增長與綜合發(fā)力，推動(dòng)了市場總體積極向好的態(tài)勢不斷鞏固和加強(qiáng)，更為行業(yè)應(yīng)對未來各種不確定性風(fēng)險(xiǎn)沖擊夯實(shí)了基礎(chǔ)、提高了能力、充實(shí)了底氣、豐富了工具箱。歸納總結(jié)為以下幾點(diǎn)：Conclusion:Fromthedevelopmenttrajectoriesofjewelrymarketinthepastfiveyears,nothardtoseethatdrivenbysustainedsteadygrowthandconcertedeffortsfrommultiplefacets,theoverallpositivemomentumofimprovementhasbeencontinuouslyconsolidatedandstrengthened.enhancedcapacities,boostedconfidenceandenrichedtoolkits,ithaslaidasolidfoundationfortheindustrytocopewithfuturerepercussionsofuncertainties.Insummary:在消費(fèi)端，經(jīng)濟(jì)動(dòng)蕩加劇和不確定性風(fēng)險(xiǎn)抬升的時(shí)代，黃金珠寶產(chǎn)品較強(qiáng)的保值、對沖風(fēng)險(xiǎn)、守護(hù)居民財(cái)富安全的投資屬性在過去幾年間得到大幅回歸。Ontheconsumptionside,thepropertiesofvalue-retaining,risk-hedgingandinvestmentforwealthinsuranceofgoldjewelryproductshasseenstrongreboundinthepastfewyears.在供給側(cè)，以古法金、3D硬金、國潮國風(fēng)為代表的工藝、材料、文化創(chuàng)新已蔚然成風(fēng)，并在低迷的市場環(huán)境中頻頻引燃消費(fèi)熱點(diǎn)，開辟了新增長點(diǎn)。Onthesupplyside,theburgeoninginnovationintheprocesses,materials,andculture,whichisrepresentedbyancientgoldcraftsmanship,3Dhardgold,andChina-chic,haschartednewavenuesforgrowth,frequentlyignitingtheenthusiasmofconsumersinalacklustermarketenvironment.在海外市場方向，面對日趨緊張的國際貿(mào)易關(guān)系，在跨境電商的加持下，一方面穩(wěn)定與傳統(tǒng)貿(mào)易國的關(guān)系，鞏固其市場份額，另一方面積極開拓新興市場，推進(jìn)進(jìn)出口貿(mào)易渠道更加多元化。中國珠寶產(chǎn)業(yè)完整、緊密、通暢、門類豐富、配套齊Fromtheperspectiveofoverseasmarkets,facedwithincreasinglytensetraderelations,andboostedbycross-bordere-commerce,effortsarebeingmadetostabilizerelationswithtraditionaltradepartnersandconsolidateitsmarketshare.Effortsarealsobeingmadetoactivelytapintoemergingmarkets,andadvancethediversificationofimportandexportchannels.Withacomplete,close,smooth,andfull-fledgedindustrialchain,andareliable,efficientandresilientsupplychain,China’sjewelryindustryhasdemonstrateditsadvantages.在市場建設(shè)上，多元化的消費(fèi)需求、多層次的市場結(jié)構(gòu)，特別是海南自貿(mào)港的巨大潛力，加之不斷擴(kuò)大的中產(chǎn)階層和持續(xù)推進(jìn)的城鎮(zhèn)化，為珠寶行業(yè)的穩(wěn)健發(fā)展和國際合作提供了廣闊空間和戰(zhàn)略縱深。Intermsofmarketconstruction,thediversifiedconsumptiondemands,themulti-levelmarketstructure,especiallytheimmensepotentialofHainanFreeTradePort,theexpansionofmiddleclassandthecontinuousurbanizationprovidebroadspaceandstrategicdepthforthesounddevelopmentandinternationalcooperationofChina’sjewelryindustry.二、2024年前三季度珠寶市場的主要表現(xiàn)Theperformanceofjewelrymarketinthefirstthreequartersof2024今年前三季度，中國限額以上單位社會消費(fèi)品零售總額同24543.12106億元的平均數(shù)。Inthefirstthreequartersof2024,thetotalretailsalesofsocialconsumergoodsfromtheunitsabovedesignatedsizesawayear-on-yeargrowthof3.3percent,amongwhichtheretailsalesofgold,silverandjewelryreached245.4billionRMB,down3.1percentyear-on-year,butitsabsolutevalueisstillhigherthanitsaveragenumberinthepastfiveyears,thatis,210.6billionRMB.圖23.2019-2024年前三季度限額以上金銀珠寶類零售額及其增長速度Figure23:Theretailsalesandgrowthratesofgold,silverandjewelryfromtheunitsabovedesignatedsizeduringthefirstthreequartersof2019-2024）(Source:NBS)從珠寶市場主力產(chǎn)品——黃金的消費(fèi)情況看，前三季度，741.73211.18%。其中：黃金首400.03827.53282.721噸，同27.14%。Fromtheperspectiveofgoldconsumption,amajorsegmentinthejewelrymarket,inthefirstthreequartersof2024,thenationwidegoldconsumptionstoodat74.1732billiontonnes,down11.18percentyear-on-year,amongwhichtheconsumptionofgoldjewelrywas40.0038billiontonnes,down27.53percentyear-on-year,andthatofgoldbarsandcoinswas28.2721billiontonnes,up27.14percentyear-on-year.進(jìn)出口方面：前三季度，中國珠寶首飾類商品的進(jìn)出口總1132.662.37253.07879.59Fromtheperspectivesofimportsandexports,inthefirstthreequartersof2024,theimportandexportvaluesofChina’sjewelryproductsreached113.266billionUSD,up2.37percentyear-on-year,amongwhichtheexportandimportvalueswere25.307billionUSDand87.959billionUSDrespectively,up11.03percentand0.12percentyear-on-yearrespectively.圖24.近五年前三季度中國珠寶行業(yè)進(jìn)出口數(shù)據(jù)（單位：億美元）Figure24:TheimportandexportvaluesofChina’sjewelryindustryduringthefirstthreequartersoftherecentfiveyears(Unit:100millionUSD)（數(shù)據(jù)來源：海關(guān)總署）(Source:NBS)網(wǎng)上零售方面：按絕對值計(jì)算，今年前三季度中國金銀珠2095.669.82518類商品中增長最快的品類。Fromtheperspectivesofonlinesales,calculatedbyabsolutevalues,theonlineretailsalesofgold,silverandjewelrygoodsinthefirstthreequartersof2024reached209.566billionRMB,anditsyear-on-yeargrowthratedroppedto25percent,downby9.8percent,butitisstillthefastestgrowingcategoryamongthe18typesofgoodsmonitoredbytheMOFCOM.圖25.近五年前三季度金銀珠寶類實(shí)物商品網(wǎng)上零售額數(shù)據(jù)Figure25:Theonlineretailsalesofgold,silverandjewelryinphysicalgoodsduringthefirstthreequartersoftherecentfiveyears（數(shù)據(jù)來源：商務(wù)部）(Source:MOFCOM)家A股上市公司的總營收同2.2221.51%的下降。而港股三大珠寶上市公司上半財(cái)年?duì)I收和凈溢利都出現(xiàn)雙位數(shù)6月剛上市的老鋪黃金上半年?duì)I35.2148.35.88億元，同198.8%。Fromtheperspectiveoflistedcompanies,inthefirstthreequartersof2024,thetotalrevenuesofthe12A-sharelistedcompaniessawasmalldropof2.22percentyear-on-yearandthetotalprofitsexperiencedalargerdropof21.51percentyear-on-year.TheoperatingrevenuesandnetprofitsofthethreeHongKonglistedcompaniesallloggedadouble-digityear-on-yeardeclineinthefirsthalfofthisfinnancialOfparticularnoteisthattherevenueandnetprofitofLaopuGold,newlylistedinHongKonginJune,reached3.52billionRMBand588millionRMBrespectivelyinthefirsthalfof2024,up148.3percentand198.8percentyear-on-yearrespectively.三、對未來的幾點(diǎn)觀察Insightstothefuture20242025年，可能是中國珠5年，當(dāng)前乃至未來著比過去更大的增長壓力。Thesoon-to-end2024andsoon-to-begin2025maybeanimportantwatershedperiodinthedevelopmentofChina’sjewelrymarket.Comparedwiththepastfiveyears,theinternalandexternaldevelopmentenvironmentofChina’sjewelryindustryismorecomplexatpresentandevenforsometimetocome,resultinginnotonlytheunderperformancesofsomeindicators,butalsogreaterpressureforthewholeindustryingeneral.但另一方面，我們也看到，過去幾年市場下行壓力正倒逼珠寶行業(yè)加速過剩產(chǎn)能出清；更加重視對存量市場的精耕細(xì)作和再開發(fā)；更加重視通過系統(tǒng)性創(chuàng)新開拓新增長點(diǎn)；更加重視對細(xì)分市場的深耕厚植，以鞏固、強(qiáng)化其在某一垂直領(lǐng)域的核心優(yōu)勢；更加追求穩(wěn)健、成本效益比更高、更有質(zhì)量的可持續(xù)增長。However,ontheotherhand,wehaveseenthatoverthepastfewyears,themarketdownwardpressurehasforcedtheacceleratedclearingofexcesscapacity.Meanwhile,moreattentionhasbeenpaidtocarefullyexploitingandredevelopingofthestockmarket,persistentlyexploringnewgrowthopportunitiesthroughsystematicinnovation,andpainstakinglycultivatingmarketsegmentssoastosolidifyandstrengthencoreadvantagesinverticalfields.Mor