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

China’sJewelryMarketDevelopmentReport(2019-2024)中國珠寶玉石首飾行業(yè)協(xié)會Gems&JewelryTradeAssociationo2024.121CompilationUnit:Gems&JewelryTradeAssociationofChi編制目的：本報告是中國珠寶玉石首飾行業(yè)協(xié)會對過去5年中國珠寶行業(yè)經(jīng)濟運行情況進行系統(tǒng)調(diào)研分析之結(jié)果，用于本協(xié)會會員CompilationObjectives:ThereportistheresultofGAC’ssystematicsurveysandanalysesoftheeconomicoperationsofChina’sjewelryindustryinthepacommunicationsamongtheassociationmembersainsiders,andnotforpublicpublicationordistribution.據(jù)2）編制單位通過調(diào)研自行采集的行業(yè)企業(yè)或相關(guān)單位的信息3）編制單位自有數(shù)據(jù)庫歷史資料。鑒于相關(guān)原始數(shù)據(jù)采集、統(tǒng)計和測算方法及其他因素1）本報告一些數(shù)據(jù)或觀點、結(jié)論可能與業(yè)者個體實際感受存在某種程度的偏差2）編制單位無法承諾本報告中所有數(shù)據(jù)信息均能一一回溯并與市場個體的相關(guān)指標(biāo)互相驗證3）在報告編纂過程中，基于實際情況，編者可能會對援引的某professionalinstitutions;(2)indu2units’informationcollectedbythecompilationunitthroughsurveys;(3)historicalinformationfromthedatabasesoftheInviewofrelevantrawdatacollectidegreeofdeviationbetweensomedata,viewsorconclusionsofunitcouldn’tpromisethatallthedatainformacanbebacktrackedandmutuallyverifiedbyrelevantparametersofthemarketentities;(3)duringthecompilacompilermayhaverevisedsomequotedhistoricaldatabasedonactualsituations.關(guān)于版權(quán)：本報告版權(quán)歸其編制單位中國珠寶玉石首飾行業(yè)協(xié)會所有。未經(jīng)版權(quán)所有者書面同意，任何單位或個人不得復(fù)制本報告用于公開出版或其他商業(yè)目的。只有基于評論或報道宣傳之目的，可以部分引用本報告內(nèi)容和數(shù)據(jù)圖表，但必須注明引GAC.Withoutthewrittenpermissionofcopyrighunitsorindividualsareallowedtoduplicatethereportforpublicpublicationorothercommercialpurposes.Onlyforthepurposesofcommentingorreportingcanonequotepartofthecontentanddatafiguresofthereport,andthesourceofcitationaswellasitscopyrightownersshouldbeindicated.3說明1）本報告中所提到的增長率均為年均復(fù)合增長率2）本報告中未特別注明來源的數(shù)據(jù)，均來自中國珠寶玉石首飾Explanation:(1)Allthegrowthratesmentionedinthisreportarethecompoundannualgrowthrate(CAGR);(2specified,allthedatainthi致謝：上海鉆石交易所、上海黃金交易所、世界黃金協(xié)會、國際鉑金投資協(xié)會、中國黃金協(xié)會等專業(yè)機構(gòu)為本報告提供了數(shù)據(jù)Acknowledgements:Professiodouncil,WorldPlatinudAssociation,haveprovideddatasupportfortherep4一、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）進出口：對歐美貿(mào)易額大幅增長 （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、對未來的幾點觀察 37CONTENTSI.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023 62.Importsandexports:Largeincreaseintrad 27II.TheperformanceofChina’sjewelrymarketinthefirstquartersof2024 33III.Insightstothe 375《中國珠寶市場發(fā)展報告（2019-2024）》重點是對過去5年間中國珠寶零售市場增長態(tài)勢、進出口、主要品類市場、上市公司業(yè)績、線上銷售、終端渠道建設(shè)等6個方面，進行事件回溯與數(shù)據(jù)整理，力圖以更大的視野觀察中國珠寶市場發(fā)展的歷史經(jīng)緯和競爭格局的演變，希望能對中外珠寶業(yè)者對過去五年中國珠寶市場發(fā)展的總體情況、演進態(tài)勢、變革動力等方面進一步加深認(rèn)識，為中外珠寶品牌布局中國市場提供有價值、有意義的參考。China’sJewelryMarketDevelopmentReport(2019-2024)focusesonthefollowingsixaspects:China’sjewelryretailmarket’sgrowthtrends,importsandexports,majorsegmentmarkets,listedcompanies’performances,onlinesales,andterminalchannelconstructionduringthepastfiveyears.Througheventbacktrackinganddatasorting,thereportendeavorstoobservethehistoricalcontextandcompetitionlandscapeofChina’sjewelrymarketdevelopmentinbroaderperspectives.Ithopestoprovidevaluableandmeaningfulreferencesfordomesticandoverseasjewelrypractitionerstodeepentheirunderstandingsoftheoverallsituation,evolutiontrendsandchangedynamicsofChina’sjewelrymarketdevelopmentinthepastfiveyears,andfordomesticandoverseasjewelrybrandstotapintotheChinesemarket.本《報告》分三個部分：一是2019年至2023年中國珠寶市場的發(fā)展?fàn)顩r，二是2024年前三季度市場的主要變化和特點，三是對未來發(fā)展趨勢的展望。6Thereportconsistsofthreeparts.ThefirstpartcoversthedevelopmentstatusofChina’sjewelrymarketfrom2019to2023.ThesecondparttalksaboutthemajorchangesandcharacteristicsofChina’sjewelrymarketinthefirstthreequartersof2024.Thethirdpartisabouttheoutlookofthemarket’sfuturedevelopmenttrends.一、2019-2023年中國珠寶市場的發(fā)展?fàn)顩rI.DevelopmentStatusofChina’sjewelrymarketfrom2019to2023過去的五年，世紀(jì)疫情的沖擊，全球政治經(jīng)濟格局加速演進，中國經(jīng)濟調(diào)結(jié)構(gòu)、轉(zhuǎn)方式進入深水區(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，零售市場波動加劇，但增速仍高于社會消費品平均First,despitegreaterfluctuations,thegrowthrateoftheretailmarketisstillhigherthantheaveragelevelofsocialconsumergoods.7二是，市場規(guī)模持續(xù)擴大，玉石、翡翠、珍珠等品類的強勁增長有力促進了市場整體的穩(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，進出口活躍，對歐美等傳統(tǒng)市場的貿(mào)易增長強勁。Fourth,theimportandexportactivitiesarerobust,withstrongtradegrowthwithtraditionalmarketsinEuropeandAmerica.五是，渠道下沉戰(zhàn)略持續(xù)推進，三線及以下城市積極貢獻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1.Retailmarket:Leadingingrowth,andacceleratinginstructuraladjustment中國珠寶零售市場在經(jīng)歷了2020年疫情沖擊后，于2021年實現(xiàn)強勁回升，限額以上單位金銀珠寶類零售額突破3000億元整數(shù)大關(guān)，并于2023年再攀歷史新高，達到3310億元，同比增幅13.3%。過去五年（2019年-2023年）的年均復(fù)合增為6.2%，遠高于社會消費品零售總額3.7%的平均水平。8AftergoingthroughtheimpactofCovid-19pandemicin2020,China’sjewelryretailmarketwitnessedastrongreboundin2021,withtheretailsalesofgold,silverandjewelryfromtheunitsabovedesignatedsizesurpassing300billionRMB.In2023,thefigurereached331billionRMB,ahistorichigh,up13.3percentyear-on-year.Duringthelastfiveyears(2019-2023),itscompoundannualgrowthrate(CAGR)is6.2percent,muchhigherthanthe3.7percentaveragegrowthrateofthetotalretailsalesofsocialconsumergoods.Figure1:Theretailsalesandgrowthratesofgold,silverandjewelryoftheunitsabovedesignated（數(shù)據(jù)來源：國家統(tǒng)計局）(Source:NationalBureauofStatisticsofChina(NBS))9Figure2:Theyear-on-yeargrowthrateofthetotalretailsalesofsocialconsumergoodsandtheretailsalesofgold,silver,jewelryoftheunitsabovedesignatedsizeduring2019-2023（數(shù)據(jù)來源：國家統(tǒng)計局）(Source:NBS)從市場總規(guī)模來看，根據(jù)中寶協(xié)的統(tǒng)計，過去五年，中國珠寶玉石首飾市場規(guī)模從2019年的6100億元增長至2023年的8200億元，年均增速達7.68%。Fromtheperspectiveoftotalmarketsize,statisticsfromtheGems&JewelryTradeAssociationofChina(GAC)showthatinthepastfiveyears,China’sgemsandjewelrymarketsizehasincreasedfrom610billionRMBin2019to820billionRMBin2023,withaCAGRof7.68percent.Figure3:Themarketsizeandyear-on-yeargrowthrateofChina’sgemsandjewelryindustry從市場品類結(jié)構(gòu)看，過去五年，黃金、鉆石、翡翠玉石、彩寶、珍珠、鉑金等幾大品類的市場份額此消彼長，正在重塑中國珠寶市場的消費格局。具體看：Fromtheperspectiveofmarketsegments,duringthepastfiveyears,themarketsizesofmajorsegmentssuchasgold,diamond,Feicuiandjades,coloredgemstones,pearl,andplatinumhavewaxedandwaned,reshapingtheconsumptionlandscapeofChina’sjewelrymarket.Tobemorespecific:黃金消費穩(wěn)中有增，是珠寶市場的“壓艙石”。過去中國市場的黃金消費量從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.Figure4:China’sgoldconsumptionduring2019-2023(Unit(數(shù)據(jù)來源：中國黃金協(xié)會)(Source:ChinaGoldAssociation)世界黃金協(xié)會報告顯示，2023年中國市場在全球金飾總需求中占比超過30%，30多年來，中國的年度黃金消費已增長五倍之多。同時，中國央行的官方黃金儲備由2019年的1948.31噸增至2023年的2235.39噸，年均增速3.5%。AccordingtoareportfromtheWorldGoldCouncil,theChinesemarketaccountedformorethan30percentoftheglobalgoldjewelrydemandin2023.China’sannualgoldconsumptionhasrisenfive-foldoverthepastmorethan30years.Meanwhile,goldreservesatChina’scentralbankhaveincreasedfrom1948.31tonnesin2019to2235.39tonnesin2023,withaCAGRof3.5percent.Figure5:Globalgolddemandduring2019-2023(（數(shù)據(jù)來源：世界黃金協(xié)會）(Source:WorldGoldCouncil)鉆石市場或?qū)⒅祝e蓄復(fù)蘇力量。2023年中國鉆石市場規(guī)模約600億元，同比下降22.0%；上海鉆石交易所鉆石交易總額31.09億美元，同比下降29.7%，過去五年年均降幅為7.4%。隨著庫存的逐漸出清和市場推廣策略的調(diào)整和加強，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,China’sdiamondmarketsizewasabout60billionRMB,down22.0percentyear-on-year.In2023,thediamondtransactionsontheShanghaiDiamondExchange(SDE)totaled3.109billionUSD,down29.7percentyear-on-year,withanaverageannualdeclinerateof7.4percentinthepastfiveyears.Astheinventoryisgraduallydepletedandthemarketingstrategiesareadjustedandstrengthened,thediamondmarketisexpectedtoacceleratethebottomingoutprocessandseemorerecoverysignals.Figure6:Thetotaldiamondtransactionva（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2023年增長至2200萬克拉，四年平均增長率為94.3%。2023年，中國培育鉆石毛坯出口量為比下降48.6%，過去五年出口量年均增長5.3%；培育鉆石成品為31.4%。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.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)強勁增長。過去五年，翡翠和田玉的市場規(guī)模持續(xù)高速增長，2023年市場規(guī)模約為1500億元，同比增長2%，過去五年的年均復(fù)合增長率達25.7%；市場份額在20%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.Figure8:China’sjadeandFeicuimarkets價格上漲成為彩色寶石市場的主導(dǎo)因素。2023年，中國彩色寶石市場規(guī)模約為310億元，過去五年年均增長0.4%，主要是因為2022年的銷售額下挫了11.11%，整體拉低了彩寶市場的增長率。過去五年，國內(nèi)彩色寶石價格整體持續(xù)上漲，尤其是2023年，高品質(zhì)紅、藍寶石價格大幅上漲。Priceriseshavebecomeadominantfactorinthecoloredgemstonemarket.In2023,China’scoloredgemstonemarketsizereachedabout31billionRMB,withaCAGRof0.4percentinthepastfiveyears.In2022,itssalesvolumefell11.11percent,draggingdowntheoverallgrowthrateduring2019-2023.Inthepastfiveyears,pricesofcoloredgemstoneshavecontinuedtoriseinthedomesticmarket,particularlyin2023,whenthepricesofhigh-qualityrubiesandsapphiressawsignificantincreases.Figure9:China’scoloredg珍珠市場一路高歌猛進。2023年，中國珍珠市場的銷售額達350億元，同比增長45.83%。過去五年，中國珍珠市場年均增長18.09%，表現(xiàn)出了強勁的增長勢頭。Thepearlmarkethasseenremarkablegrowth.In2023,thesalesvolumeofChina’spearlmarketreached35billionRMB,up45.83percentyear-on-year.Inthepastfiveyears,China’spearlmarketrecordedaCAGRof18.09percent,showingarobustgrowthtrend.鉑金首飾市場持續(xù)萎縮。中國市場的鉑金首飾需求量從2019年的27.1噸降至2023年的12.7噸，比也從41%下降至22%。Theplatinumjewelrymarkethasexperiencedcontinuousshrinking.TheplatinumjewelrydemandintheChinesemarkethasdroppedfrom2.71billiontonnesin2019to1.27billiontonnesin2023,downby53percent.Itsshareintheglobalmarkethasfallenfrom41percentin2019to22percentin2023.Figure11:GlobalandChina’splatinumjewelryde（數(shù)據(jù)來源：國際鉑金投資協(xié)會）(Source:WorldPlatinumInvestmentCouncil)（二）進出口：對歐美貿(mào)易額大幅增長2.Importsandexports:LargeincreaseintradewithEuropeandAmerica2019-2023年，中國珠寶類商品進口和出口的年均增長率均保持在雙位數(shù)水平。其中，進口額年均增長17%，高于出口年均增長率6個百分點。從具體商品類別看，寶石或半寶石、鑲嵌首飾和黃金制品在過去5年的進口額年均增幅均超過20%。During2019-2023,boththeimportandexportvalueofChina’sjewelrygoodshavemaintainedadoubledigitCAGR,amongwhichtheCAGRofimportsreached17percent,sixpercenthigherthanthatofexports.Fromtheperspectiveofcommoditycategories,theimportvalueofpreciousorsemi-preciousstones,inlayjewelry,andgoldproductshaveallregisteredaCAGRofmorethan20percentinthepastfiveyears.Figure12:China’simportandexportvaluesofjewelry（數(shù)據(jù)來源：海關(guān)總署）(Source:GACC)Table1:ImportvaluesbyjewePreciousorsemi-pr2InlayjewelryImitationjewelryVariouspreciousmetal（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出口貿(mào)易更為活躍，進出口總額年均增幅分別為24.15%和20.58%，遠高于其他地區(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)進出口數(shù)據(jù)統(tǒng)計（單位：億美元）Table2:ImportandexportvaluesofjewelryindustrybetweenChinaandsomecountriesorregionsduring2019-2023(Unit:100millionUSD)（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3.Onlinesales:Leadingingrowthrate過去五年，珠寶類實物商品網(wǎng)上零售額年均增幅達22%，在商務(wù)部監(jiān)測的18類商品中連續(xù)五年增速位居第一，其中，2023年的增速高出網(wǎng)上實物總類31.9個百分點，按絕對值計算為3397億元；在網(wǎng)上實物類商品中的占比也由2020年的1.59%升至2023年2.61%。Inthepastfiveyears,theonlineretailjewelrysalesinphysicalgoodshaveloggedaCAGRof22percent,rankingfirstforfiveconsecutiveyearsamongthe18typesofgoodsmonitoredbytheMinistryofCommerce(MOFCOM).In2023,itsgrowthratewas31.9percenthigherthanthatofallcategoriesofphysicalgoods,itsvaluereached339.7billionRMBbyabsolutevalue,anditsmarketshareinonlinephysicalgoodshasincreasedto2.61percentfrom1.59percentin2020.Figure13:TheYoYchangesofonlineretailsalescategoriesofphysicalgoodsduring2019-2023（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4.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)營狀態(tài)的12家珠寶公司，到2023年總營業(yè)收入達到了2500億元，實現(xiàn)了年均10.61%的增長；而歸屬于上市公司股東的凈利潤雖在2021年高位回落，但總體仍在上行區(qū)間，5年間年均增速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年營業(yè)收入（Figure14:TheoperatingrevenuesofA-sharelistedjewelrycompaniesduring2019-2023(Unit:100millionRMB)（數(shù)據(jù)來源：上市公司年報）(Source:Annualreportsoflistedcompanies)Figure15:Thetotaloperatingrevenuesofthe12A-sharelistedjewelr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）(Source:Annualreportsoflistedcompanies)Figure17:Thetotalprofitsattributabletoshareholdersofthe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營收總額一路上揚至1400多億港元，年均增速達14.83%；其股東應(yīng)占溢利年均增長率則高達20.43%。TheprofitsofHongKonglistedcompanieshaveregisteredasharpincrease.Inthepastfiveyears,thetotaloperatingrevenuesofthethreeHongKongbrandsincludingChowTaiFook,Lukfook,andChowSangSanghasincreasedtomorethan140billionHKD,loggingaCAGRof14.83percent.TheprofitsattributabletoshareholdershaveachievedaCAGRof20.43percent.Figure18:ThetotaloperatingrevenuesoftheChowTaiFook,thefinancialyearsof2019/2020-2023/2024,andChowSang圖19.周大福、六福集團2019/2020-2023/2024財年、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)5.Topbrands:CausingMatthewEffect根據(jù)中寶協(xié)品牌價值與品牌強度評價體系的數(shù)據(jù)，截至2023年，中國前八大珠寶零售品牌占據(jù)了國內(nèi)市場40.71%的份額。從品牌零售門店覆蓋率來看，珠寶上市公司前五大品牌共開設(shè)28119家零售店，占上市珠寶公司品牌門店總量的76%。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6.Retailterminal:Channeldistributionsspeedinguppenetratingintothird-tierandfourth-tiercities從區(qū)域分布上看，截至2023年，A股和港股上市珠寶公司（下同）門店主要集中在華東、華中、華北地區(qū)，依次為14523 Fromtheperspectiveofregionaldistributions,by2023,thestoresofA-sharelistedandHongKonglistedjewelrycompanies(thesamehereinafter)hadbeenprimarilycenteredintheeast,centralandnorthChina,wherethenumberofstoresamountedto14,523stores,5,368stores,and4,769storesrespectively,accountingfor39.4percent,14.6percentand12.9percentofthetotalrespectively.Figure20:StoredistributionsofA-sharelistedandHongKonglistedjewelrycompaniesin從一線、新一線等城市線級分布上看，上市珠寶公司在北在成都、重慶、杭州、南京等新一線城市共有7566家，占比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.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，家，占比7.8%，山東省2869家，占比7.8%，浙江省2占比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)，正是多個層面的持續(xù)穩(wěn)健增長與綜合發(fā)力，推動了市場總體積極向好的態(tài)勢不斷鞏固和加強，更為行業(yè)應(yīng)對未來各種不確定性風(fēng)險沖擊夯實了基礎(chǔ)、提高了能力、充實了底氣、豐富了工具箱。歸納總結(jié)為以下幾點：Conclusion:FromthedevelopmenttrajectoriesofChina’sjewelrymarketinthepastfiveyears,it’snothardtoseethatdrivenbysustainedsteadygrowthandconcertedeffortsfrommultiplefacets,theoverallpositivemomentumofimprovementhasbeencontinuouslyconsolidatedandstrengthened.Withenhancedcapacities,boostedconfidenceandenrichedtoolkits,ithaslaidasolidfoundationfortheindustrytocopewithfuturerepercussionsofuncertainties.Insummary:在消費端，經(jīng)濟動蕩加劇和不確定性風(fēng)險抬升的時代，黃金珠寶產(chǎn)品較強的保值、對沖風(fēng)險、守護居民財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)境中頻頻引燃消費熱點，開辟了新增長點。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，推進進出口貿(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、配套齊全的產(chǎn)業(yè)鏈和可靠、高效、具有韌性的供應(yīng)鏈的優(yōu)勢得以彰顯。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，加之不斷擴大的中產(chǎn)階層和持續(xù)推進的城鎮(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)II.TheperformanceofChina’sjewelrymarketinthefirstthreequartersof2024今年前三季度，中國限額以上單位社會消費品零售總額同比上漲3.3%，其中，金銀珠寶類商品零售額達2454億元，同比下降3.1%，但其絕對值依舊高于過去五年2106億元的平均數(shù)。Inthefirstthreequartersof2024,thetotalretailsalesofsocialconsumergoodsfromtheunitsabovedesignatedsizesawayear-on-yeargrowthof3.3percent,amongwhichtheretailsalesofgold,silverandjewelryreached245.4billionRMB,down3.1percentyear-on-year,butitsabsolutevalueisstillhigherthanitsaveragenumberinthepastfiveyears,thatis,210.6billionRMB.Figure23:Theretailsalesandgrowthratesofgold,silverandjewelryfromtheunitsabovedesignatedsizeduringthefirstthreequartersof2019-2024從珠寶市場主力產(chǎn)品——黃金的消費情況看，前三季度，全國黃金消費量741.732噸，同比下降11.18%。其中：黃金首飾400.038噸，同比下降27.53%；金條及金幣282.721噸，同比增長27.14%。Fromtheperspectiveofgoldconsumption,amajorsegmentinthejewelrymarket,inthefirstthreequartersof2024,thenationwidegoldconsumptionstoodat74.1732billiontonnes,down11.18percentyear-on-year,amongwhichtheconsumptionofgoldjewelrywas40.0038billiontonnes,down27.53percentyear-on-year,andthatofgoldbarsandcoinswas28.2721billiontonnes,up27.14percentyear-on-year.進出口方面：前三季度，中國珠寶首飾類商品的進出口總億美元，同比增長11.03%，進口額為879.59億美元，同比增長0.12%。Fromtheperspectivesofimportsandexports,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)進出口數(shù)據(jù)（單位：億美元）Figure24:TheimportandexportvaluesofChina’sjewelryindustryduringthefirstthreequartersoftherecentfiveyears(Unit:100millionUSD)網(wǎng)上零售方面：按絕對值計算，今年前三季度中國金銀珠寶類商品網(wǎng)上零售額達2095.66億元，增速同比下降9.8個百分點至25%，但依然是商務(wù)部監(jiān)測的18類商品中增長最快的品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)上市公司方面：前三季度，12家A股上市公司的總營收同比出現(xiàn)2.22%的小幅下滑，總利潤降幅較大，有21.51%的下降。而港股三大珠寶上市公司上半財年營收和凈溢利都出現(xiàn)雙位數(shù)的下降。值得注意的是，今年6月剛上市的老鋪黃金上半年營業(yè)收入約35.2億元，同比增長148.3%；凈利比增長198.8%。Fromtheperspectiveoflistedcompanies,inthefirstthreequartersof2024,thetotalrevenuesofthe12A-sharelistedcompaniessawasmalldropof2.22percentyear-on-yearandthetotalprofitsexperiencedalargerdropof21.51percentyear-on-year.TheoperatingrevenuesandnetprofitsofthethreeHongKonglistedcompaniesallloggedadouble-digityear-on-yeardeclineinthefirsthalfofthisfinnancialyear.OfparticularnoteisthattherevenueandnetprofitofLaopuGold,newlylistedinHongKonginJune,reached3.52billionRMBand588millionRMBrespectivelyinthefirsthalfof2024,up148.3percentand198.8percentyear-on-yearrespectively.三、對未來的幾點觀察III.Insightstothefuture即將過去的2024年和即將到來的2025年，可能是中國珠寶市場發(fā)展的一個重要分水嶺。相比過去5年，當(dāng)前乃至未來一段時期，珠寶行業(yè)發(fā)展的內(nèi)外部環(huán)境因素更加錯綜復(fù)雜，這不僅導(dǎo)致今年市場的一些指標(biāo)表現(xiàn)不佳，全行業(yè)更是普遍面臨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；更加重視對細分市場的深耕厚植，以鞏固、強化其在某一垂直領(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)However,ontheotherhand,wehaveseenthatoverthepastfewyears,themarketdownwardpressurehasforcedtheacceleratedclearingofexcesscapacity.Meanwhile,moreattentionhasbeenpaidtocarefullyexploitingandredevelopingofthestockmarket,persistentlyexploringnewgrowthopportunitiesthroughsystematicinnovation,andpainstakinglycultivatingmarketsegmentssoastosolidifyand