Guotai Junan Securities: Fund rebalancing drives sector rebound, and gold and jewelry are set for expected dual recovery.

Guosen Securities released a research report stating that it maintains an "outperform" rating for the sector. The complexity of the short-term external macroeconomic environment has not changed the resilience of domestic demand. Companies that have a global layout vision, deeply embrace AI technology for full-chain upgrades, and possess strong product power that accurately meets consumer needs are accelerating the realization of long-term allocation value. The actual sales performance of major jewelry brands in Q2 is strong, and the stock price adjustment is due to external gold price fluctuations. Currently, most are returning to their historical valuation lower bounds, and the dividend yield is relatively high. A stabilization in gold prices in the future may lead to a rebound in stock prices. The advantages of cross-border e-commerce tariffs are evident in the degree of booming mid-report, while the core companies' own operational adjustments are bringing incremental profits to the enterprises.