Chow Tai Fook (01929.HK) Popular Stock Analysis Report

As a popular Hong Kong stock, Chow Tai Fook (01929.HK)’s core driving logic revolves around rising gold prices and the company’s strategic adjustments. International spot gold has risen by over 70% in 2025, breaking the historical high of $4490/oz [1], driving domestic gold jewelry prices to exceed 1400 yuan/g [2], which provides a basis for Chow Tai Fook’s price hikes. The company’s third price hike in 2025 (4%-15% increase) [3], combined with its 93% annual gain ranking among Hong Kong blue-chip stocks [4], has jointly boosted its market attention. Meanwhile, Chow Tai Fook opened a high-end image store in Shanghai Grand Gateway Plaza to promote high-end transformation and further strengthen its brand positioning [5].

In terms of price and trading volume, from December 22 to 29, 2025, the stock price slightly rose from HK$12.70 to HK$12.88, an increase of about 1.42% [0]. However, the trading volume on December 29 was only 1.74M, significantly lower than the average volume of 16.41M [0], indicating moderate investor participation and uncertainty in the stock price’s upward momentum.

1. Gold price cycle is highly tied to the company’s profitability: Chow Tai Fook’s performance depends on gold prices; rising gold prices directly drive product price hikes and profit growth [1].
2. High-end transformation may become a long-term growth driver: Through high-end store expansion and product line upgrades, the company aims to reduce its single dependence on gold price fluctuations [5].
3. Low trading volume implies market divergence: Although the stock price is in an upward trend, the low trading volume may reflect investors’ cautious attitude towards the subsequent trend of gold prices [0].

• Gold price fluctuation risk: A significant correction in gold prices will directly affect the company’s revenue and profits [1].
• Low trading volume risk: The current trading volume is far below the average level, which may weaken the sustainability of the stock price’s rise [0].
• Intensified competition risk: Competitors such as Lao Pu Gold and Chow Sang Sang are simultaneously promoting high-end transformation and price hike strategies, increasing market competition pressure [5].

• If the gold price uptrend continues, there is still room for the company’s profit growth [1].
• If the high-end transformation succeeds, it will broaden profit sources and enhance brand premium [5].

Chow Tai Fook’s current stock price is HK$12.88 (2025-12-29) [0], with a support level of HK$12.54 (2025-12-22) and a resistance level of HK$13.09 (the highest price on 2025-12-29) [0]. The overall market sentiment is positive, but attention should be paid to gold price fluctuations, changes in trading volume, and competitive dynamics. GF Securities gives it a “Buy” rating with a reasonable value of HK$19.99 [6].