Recent industry data, such as May's social retail sales figures, shows a rebound in gold & jewelry sales in 2Q25, according to BOCI's research report. The broker believed that performance among brands may vary significantly, and anticipated continued industry consolidation. BOCI expected high-end brands with solid brand images to continue attracting wealthier consumers, while mass market brands may lose appeal and market share due to product homogenization. Related NewsCiti Expects CHOW TAI FOOK's CB Issuance to Pressure Shr Price in ST, Still Optimistic on Same-Store Sales RecoveryAlthough the broker held a more optimistic view on some leading brands, BOCI remained cautious about the entire industry due to weak consumer confidence in the mass market. Its top pick is CHOW TAI FOOK (01929.HK) -0.120 (-0.926%) Short selling $28.92M; Ratio 25.110% , with a target price of $13.8.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-25 12:25.)