July 6 (Mon) Hong Kong equities: HSI closed up 266.29 pts (+1.14%) at 23,616.32; Hang Seng Tech Index closed up 42.23 pts (+0.94%) at 4,541.23; Hang Seng China Enterprises Index (HSCEI) closed up 112.59 pts (+1.46%) at 7,812.35; Hang Seng Red Chip Index closed up 47.16 pts (+1.24%) at 3,854.58.

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.

泰國商務部：預計泰國第三季度整體通脹率將爲2.79%。