Core Viewpoint - Guangzhou Liufu Group is focused on the procurement, retail, and wholesale of various gold jewelry, gold decorative items, gemstone jewelry, and other accessories, aiming to strengthen its leadership position in the jewelry industry across Hong Kong, mainland China, and overseas markets [2][4] Group 1: Business Operations - The company operates over 300 jewelry retail stores located in Hong Kong, the United States, Canada, Macau, and mainland China [2][4] - Liufu Jewelry is committed to providing customers with value-for-money products and sincere service [2][4] Group 2: Market Strategy - The group plans to continue exploring new business opportunities in international markets to align with its core brand philosophy of "International Interpretation" [2][4] - The company aims to expand into new areas across various business sectors to consolidate its leadership in the jewelry industry [2][4]

Group 1 - The international gold price is reported at $4307.1 per ounce, while international palladium is at $1606.4 per ounce, and international silver is at $63.73 per ounce. The domestic gold price is at ¥970.0 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1353 per gram, and China Gold at the lowest price of ¥1255 per gram. Other notable prices include Chow Sang Sang at ¥1349, and several brands including LUK FOOK, TSL, and King Fook all at ¥1353 per gram [1]

告别严肃传统！六福珠宝用一场「好运加油站」快闪，重新定义年轻人想要的"奇趣珠宝" 【事件聚焦】 这一次，六福珠宝彻底撕掉了"珠宝必须端庄优雅"的刻板标签。11月初，六福珠宝将「好运加油站」直 接开进北京欢乐谷，不是卖珠宝，而是"玩珠宝"——用沉浸式互动、巨型萌物、玄学仪式，把黄金 从"陈列柜里的奢侈品"变成了"能戴在手上的游乐体验"。 这不仅是场景的转换，更是对"珠宝是什么"的一次年轻化重构。 六福珠宝携「好运加油站」主题快闪店登陆北京欢乐谷，以"萌力玄学+港风美学+趣味互动"三大引 擎，打造集打卡、互动、试戴、送礼于一体的沉浸式珠宝乐园！ 成功将珠宝体验转化为一场超强互动参与的冬日狂欢，让珠宝不再是橱窗中的奢侈品，而变成奇趣珠 宝！打破常规珠宝传统、严肃的刻板印象，变化成是可触摸、可互动、可传播的"好运符号"！ 1-【萌力奇袭，"花生萌主"引爆全场】六福珠宝"好事花生"巨型玩偶惊喜现身 近2米高的"好事花生"巨型玩偶，不再是柜台里的小配饰，而是能拥抱、能合影、能带节奏的"氛围担 当"。它用憨态可掬的造型，打破珠宝"只可远观"的疏离感，成为全场最受欢迎的打卡C位。 网友热评："别家珠宝在橱窗，六福珠宝在游乐园 ...

乌鲁木齐六福黄金价格 乌鲁木齐六福集团致力为客户提供物超所值及殷勤挚诚的服务，并于业务各范畴上拓展更多新的领域，以巩固集团于香港、中国内地及海外珠宝业界的领导 地位。 乌鲁木齐六福集团主要从事各类黄金首饰、黄金装饰品、镶石首饰、宝石及其它配饰之采购、零售及批发业务。六福珠宝拥有超过三百间珠宝零售店，遍布 于香港、美国、加拿大、澳门及中国内地等地。集团将继续于国际市场物色新商机，以配合其"国际演绎"的核心品牌理念。 ...

来源：@中国经营报微博 【#金饰价格五连涨#，品牌足金#金饰克价涨到1353元#】12月16日周二，黄金、白银小幅低开后走高。 截至发稿，现货黄金报4310.92美元/盎司；COMEX黄金期货报4342.8美元/盎司。消息面上，从上周五 到本周一美联储官员纷纷发表鸽派言论后，美联储降息概率上升，且美联储政策已从温紧缩转向中性， 这是偏宽松的明确信号。国内品牌金饰价格同步上调，周大福、周生生足金饰品报1353元/克，老庙、 六福珠宝、金至尊足金饰品克价均站上1350元，周六福足金饰品报1307元/克。#黄金以旧换新国标来了 ##专家称黄金以旧换新国标将终结乱象#（中新经纬） ...

南宁六福集团致力为客户提供物超所值及殷勤挚诚的服务，并于业务各范畴上拓展更多新的领域，以巩 固集团于香港、中国内地及海外珠宝业界的领导地位。 南宁六福集团主要从事各类黄金首饰、黄金装饰品、镶石首饰、宝石及其它配饰之采购、零售及批发业 务。六福珠宝拥有超过三百间珠宝零售店，遍布于香港、美国、加拿大、澳门及中国内地等地。集团将 继续于国际市场物色新商机，以配合其「国际演绎」的核心品牌理念。 ...

Group 1 - The international gold price is reported at $4302.1 per ounce, while international palladium is at $1572.4 per ounce, and international silver is at $63.98 per ounce. The domestic gold price is at ¥976.7 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1353 per gram, and China Gold at the lowest price of ¥1245 per gram. Other notable prices include: Chow Sang Sang at ¥1353, Luk Fook at ¥1353, and Cai Bai Jewelry at ¥1305 per gram [1]

Core Viewpoint - Taihao Technology is utilizing its capital reserve and surplus reserve to cover significant accumulated losses, which may have gone unnoticed by the market without this action [2][12]. Group 1: Financial Measures and Regulations - The company plans to use 1.04 billion yuan from surplus reserves and 12.63 billion yuan from capital reserves, totaling 13.67 billion yuan, to offset accumulated losses by December 31, 2024 [2]. - The new Company Law effective from July 1, 2024, allows the use of capital reserves to cover losses, which was previously prohibited, thus facilitating a wave of loss compensation among A-share companies [3][12]. - Over 30 listed companies have disclosed loss compensation plans, with a total amount exceeding 30 billion yuan, indicating a trend in the market [3]. Group 2: Company Performance and Losses - Taihao Technology has reported losses for five consecutive years since 2020, with a significant loss of 9.1 billion yuan at the parent company level in 2024 [4][5]. - The company's consolidated net profit turned negative, dropping to -5.4 billion yuan due to the losses incurred [4]. - The losses in 2024 were attributed to multiple factors, including cyclical adjustments in the military industry and substantial asset impairment [5]. Group 3: Historical Context and Asset Quality - The company's previous profitability was largely supported by non-recurring gains from asset sales, which raises concerns about the sustainability of its earnings [6][10]. - Taihao Technology's goodwill from acquisitions has fluctuated significantly, with a peak of 12.7 billion yuan in 2018, and has since decreased to 3.2 billion yuan by the end of 2024 [7][9]. - The company faces ongoing risks related to accounts receivable, with over 48% of its accounts aging over one year, posing potential impairment risks [9]. Group 4: Strategic Investments and Business Segments - The investment in Guokai Military Industry has provided substantial returns, contributing over 700 million yuan to the company's cash flow [10]. - The emergency equipment business has emerged as a core growth area for the company's strategic transformation [11].

Core Viewpoint - Dongwu Securities has initiated coverage on Luk Fook Holdings (00590), a leading jewelry retailer in Hong Kong and mainland China, with a "Buy" rating following its successful acquisition of a controlling stake in King Fook International Holdings in 2024, enhancing its multi-brand portfolio [1] Group 1: Financial Performance - As of FY2025, Luk Fook achieved revenue of HKD 13.34 billion, reflecting a year-on-year decline of 13.0%, and a net profit attributable to shareholders of HKD 1.1 billion, down 37.8% year-on-year [2] - The company reported inventory levels for gold and platinum/price jewelry at HKD 5.46 billion and HKD 5.28 billion, respectively, with increases of 22.9% and 3.0% year-on-year, benefiting from rising gold prices [2] Group 2: Revenue Breakdown - In FY2025, revenue from retail, wholesale, and brand businesses was HKD 11.03 billion, HKD 1.41 billion, and HKD 0.90 billion, showing declines of 13.5%, 8.8%, and 12.6% year-on-year, with respective contributions of 82.7%, 10.5%, and 6.8% to total revenue [3] - Revenue from mainland China and Hong Kong/Macau accounted for 39.5% and 60.5% of total revenue, with respective year-on-year changes of -0.2% and -19.6% [3] Group 3: Brand Strategy - Luk Fook has established a comprehensive multi-brand matrix, including Luk Fook Jewelry, King Fook, and others, catering to diverse consumer needs across various segments [4] - The core brand, Luk Fook Jewelry, had 2,805 stores globally by the end of FY2025, with a new product line "Ice·Diamond Light Shadow Gold" launched in November 2024, utilizing CNC color technology [4] Group 4: Expansion Plans - As of March 2025, Luk Fook operates 3,287 stores across 11 countries and regions, with plans to enter three new countries and add 50 overseas stores over the next three years [5] - The company is focusing on expanding its presence in mainland China through various store styles and enhancing e-commerce sales via celebrity collaborations and IP partnerships [5] Group 5: Profit Forecast - The company is expected to see a steady recovery in performance from FY2026 onwards, with projected net profits of HKD 1.52 billion, HKD 1.73 billion, and HKD 1.93 billion for FY2026 to FY2028, representing year-on-year growth of 39%, 13%, and 12% respectively [6] - The latest closing price corresponds to a price-to-earnings ratio of 10x, 9x, and 8x for FY2026 to FY2028 [6]

Macro Strategy - The report highlights a shift in policy focus from "preventing and mitigating risks in key areas and external shocks" to "better coordinating domestic economic work and international economic struggles," indicating a more proactive approach to external economic conditions [1][16] - There is a transition from stabilizing asset prices to stabilizing microeconomic entities, emphasizing the importance of employment, enterprises, markets, and expectations over real estate and stock markets [2][16] - The policy language has evolved from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," reflecting a balance between short-term stimulus and long-term economic structure considerations [2][16] Economic Indicators - The report anticipates a continued decline in the growth rate of social financing in November, while export growth is expected to turn positive [3][17] - The ECI supply index is reported at 49.93%, indicating a slight decline, while the demand index is at 49.87%, showing a marginal increase [17] - The report notes that the financing demand remains low, with expectations for November's new loans to be between 450 billion to 500 billion RMB, reflecting a year-on-year decrease [17] Industry Insights - The semiconductor industry is expected to see structural opportunities driven by the explosion of AI computing power and accelerated domestic production [11] - In the electronics sector, the demand for AI-driven OS agents is anticipated to lead to a smartphone replacement wave, with AR glasses expected to see significant market entry in 2026 [11] - The report emphasizes the importance of domestic enterprises in the storage sector, which are benefiting from increased procurement by cloud service providers, leading to a "super cycle" in pricing [11] Investment Recommendations - The report suggests a balanced and proactive ETF allocation strategy in the A-share market, anticipating a period of range-bound trading with potential for sector rotation [7] - Specific recommendations include focusing on companies in the engineering machinery sector that have high export profitability, as well as those in the semiconductor and AI equipment sectors [12]