Hong Kong Hot Stock Analysis: Chow Tai Fook (01929.HK)

Chow Tai Fook (01929.HK), one of the largest jewelry retailers in China and Hong Kong, was included in the Hong Kong stock market hot list on December 12, 2025. The company has over 5,000 domestic stores, 25,900 employees, and a market capitalization of HK$154.39 billion [1], and is listed on the Hong Kong Stock Exchange.
In terms of recent performance, Chow Tai Fook’s stock price has increased by 148.81% over the past year, with the current price around HK$15.65, close to its 52-week high of HK$16.69 [1]. The trading volume was 17.77 million shares, higher than the 3-month average of 15.15 million shares, indicating increased trading activity [1].
The core catalysts for becoming a hot stock include: 1) Peak season sales expectations: December is the Christmas and New Year shopping peak season, during which jewelry demand usually increases significantly [3], and Chow Tai Fook, as an industry leader, is expected to benefit directly; 2) Brand advantage: In 2025, 82% of Chinese jewelry consumers consider the brand the most important factor, and Chow Tai Fook has an advantage due to its top brand awareness and market share [4]; 3) Industry growth: The jewelry industry is expected to grow at an annual rate of 4.1% from 2025 to 2028, which is 4 times that of the apparel industry, and the branded jewelry market will grow even faster [4].

1. Resonance between brand value and industry growth
   : The high brand awareness among Chinese consumers (82%) and the rapid growth of the jewelry industry (4 times higher than the fashion industry) form a positive overlap, driving Chow Tai Fook’s market performance.
2. Immediate boost from seasonal demand
   : Sales expectations for the December peak season are the direct reason for short-term popularity, reflecting the cyclical nature of jewelry consumption.
3. Pressure and support at high stock prices
   : The current stock price is close to the 52-week high of HK$16.69, with obvious short-term resistance; the support level is around HK$14 (near the moving average) [1].

• Peak season sales growth
  : Increased jewelry demand during Christmas and New Year is expected to drive Chow Tai Fook’s short-term performance.
• Long-term industry growth
  : The continuous growth of the jewelry industry (4.1% annual growth from 2025 to 2028) provides market space for the company’s development.
• Brand premium capability
  : High brand awareness in the Chinese market gives Chow Tai Fook stronger pricing power and profitability.

• Market competition
  : The jewelry industry is highly competitive, and continuous maintenance of brand advantages is required to maintain market position [2].
• Raw material price fluctuations
  : Fluctuations in the prices of raw materials such as gold and diamonds may affect costs and profits [2].
• Macroeconomic risks
  : A slowdown in China’s economic growth may lead to a decline in jewelry consumption [5].

Chow Tai Fook (01929.HK) became a hot stock in Hong Kong on December 12, 2025, mainly benefiting from peak season sales expectations, industry growth trends, and brand advantages. Its stock price has risen significantly over the past year, is currently close to its 52-week high, and trading activity has increased. Market sentiment is positive, but risk factors such as competition, raw material prices, and macroeconomics need to be noted. The above analysis provides an objective market background and risk identification, and does not constitute investment advice.