国内金饰价格较前日持平 金十数据7月14日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较前日持平，多家报1008元/克。 | | 周大福足金(首饰、摆件类) | 1008 元/克 | | --- | --- | --- | | | 老凤祥足金饰品 | 1008 元/克 | | 同年年 | 周生生足金饰品(卖出) | 1012 元/克 | | | 六福珠宝足金999(卖出) | 1008 元/克 | | | 老庙黄金足金饰品 | 1005 元/克 | | | 周大生足金999 | 1008 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 982 元/克 | | | 潮宏基足金(首饰摆件) | 1008 元/克 | | TSL 謝瑞朗 | 谢瑞麟足金饰品 | 1008 元/克 | | 3 3 3 6 6 | 金至尊足金999 | 1008 元/克 | @ JIN10.COM 金十数据 | 一个交易工具 ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 13 年 月 日 黄金珠宝：中长期来看标的公司向内寻求产品与渠道力提升，以增强市场竞争力。 面对金价高企的态势，我们判断消费者或加强对于产品设计以及品牌力的关注， 2025 年具有明确产品差异性以及强品牌力的公司有望跑赢行业。 ➢ 关注产品力以及渠道效率不断提升的标的公司【周大福、潮宏基】，受产品 结构优化带动 FY2025 周大福经营利润同比增长 10%，周大福当前股价对 应 FY2026PE 为 18 倍，潮宏基股价对应 2025 年 PE 为 26 倍。 服饰制造：关税政策落地或短期利好板块公司估值提升。考虑服饰制造龙头布局 国际化产业链（销往美国部分估计多以东南亚产能供给为主），我们判断短期板 块公司订单和出货基本正常，中长期具备一体化和国际化产业链的龙头公司预计 持续享受份额提升。 ➢ 我们推荐关注估值性价比较高的【申洲国际】，对应 2025 年 PE 为 12 倍； 关注新客户合作推进顺利、产能加速国际化布局的【华利集团】，对应 纺织服饰 周专题：服饰制造公司 6 月营收公布，环比 5 月改善 【本周专题】 近期部分服饰制造公司 ...

Group 1 - The "Bilibili World 2025" (BW2025) exhibition in Shanghai has gained immense popularity, with nearly 900,000 people attempting to purchase tickets, leading to rapid sellouts [1][3] - The exhibition features a diverse range of sponsors, including brands like Chow Tai Fook and China Construction Bank, which are not traditionally associated with the ACGN (Animation, Comic, Game, Novel) culture [2][7] - The event is part of a broader trend in the booming ACGN market in China, which has over 500 million users, predominantly young individuals under 35 years old [2][13] Group 2 - The BW2025 exhibition has seen a 30% increase in both venue size and ticket availability compared to previous years, attracting around 700 exhibitors and over 1,000 global content creators [5][6] - The event has significantly boosted local tourism and consumption, with hotel bookings around the exhibition area tripling compared to the previous week [5] - The exhibition's sponsors are primarily consumer-facing brands, with about 80% targeting end-users in sectors like food, beauty, and automotive [8][11] Group 3 - The rapid growth of the ACGN market is evident, with projections estimating the market size to reach 597.7 billion yuan in 2024 and 834.4 billion yuan by 2029 [2][13] - The demographic of the ACGN audience is heavily skewed towards younger individuals, with 70% of Bilibili's users aged between 18 and 30 [17][18] - Brands are increasingly recognizing the purchasing power of young women, who are seen as a key demographic in the ACGN community [18]

Core Viewpoint - The rise of "golden millet" products, which are gold jewelry linked to popular anime and cultural IPs, is attracting young consumers, but their investment value is questionable due to high premiums and reliance on their "millet" attributes rather than the gold itself [1][7]. Group 1: Market Trends - Multiple collaborations between gold brands and popular IPs have emerged, such as Lao Miao with "Tian Guan Ci Fu" and Chow Tai Fook with Chiikawa, indicating a trend towards targeting the younger, anime-loving demographic [2][4]. - The pre-sale period for these popular collaborative products can extend up to 45 days, reflecting strong consumer interest [2]. Group 2: Consumer Behavior - Young consumers are showing a willingness to pay high premiums for these collaborative products, viewing them as both collectibles and investments, despite concerns about the actual value retention [6][7]. - The perception of these "golden millet" products as investment items is prevalent, but only those with strong fan loyalty, limited availability, and official authorization have potential for appreciation [7]. Group 3: Pricing and Value - Collaborative products are significantly more expensive than regular items, leading to discussions among consumers about the value proposition and the business strategies behind these price increases [6][7]. - The resale value of non-officially authorized "golden millet" products is primarily based on the weight of the gold, with recovery prices around 770 RMB per gram, excluding any premium for the collaboration [7]. Group 4: Industry Insights - The Z generation is becoming the main force in gold consumption, valuing emotional connections and cultural recognition, which these IP collaborations fulfill [7]. - Traditional gold brands are leveraging popular IPs to rejuvenate their image and appeal to younger consumers, but they must carefully assess the value and premium of these collaborations to ensure sustainable growth [7].

Group 1 - Company proposes to repurchase HKD 780 million 4.00% convertible bonds maturing in 2025 [1] - As of the announcement date, the company has received commitments from eligible bondholders to sell approximately HKD 566 million of existing convertible bonds [1] - The remaining outstanding principal amount of existing convertible bonds is approximately HKD 74 million [1] Group 2 - Company plans to issue HKD 850 million 2.80% convertible bonds maturing in 2027 [2] - The initial conversion price is set at HKD 7.67 per share, potentially converting into approximately 110.8 million new shares, representing about 2.686% of the enlarged issued share capital [2] - Net proceeds from the bond issuance are expected to be approximately HKD 843 million, with around HKD 571 million allocated for the repurchase and the remainder for general corporate purposes [2]

Core Viewpoint - The article discusses the resurgence of platinum jewelry in China, driven by rising prices and changing consumer preferences, despite a long-term decline in demand and recognition among younger consumers [3][4][14]. Group 1: Market Trends - Platinum jewelry consumption in China has significantly declined from 45 tons in 2016 to 12.75 tons in 2024, with approximately 60% of the market demand previously supported by strong consumer interest [3][4]. - In 2025, platinum prices surged by 40%-50%, with leading brands like Chow Tai Fook and Lao Feng Xiang reintroducing platinum jewelry to their offerings [4][6]. - In April 2025, China imported 11.5 tons of platinum, marking the highest monthly import in a year, indicating renewed interest from jewelers and investors [6]. Group 2: Financial Performance of Jewelry Brands - The jewelry sector has faced challenges, with 13 out of 15 listed jewelry companies reporting a decline in net profits in 2024, and Chow Tai Fook's revenue dropping by 17.5% year-on-year [7][8]. - The gross profit margin for Chow Tai Fook has decreased from 29% in 2009-2017 to 20.5% in 2024, highlighting the pressure on profitability in the jewelry market [9][10]. - The demand for platinum jewelry is seen as a potential solution for brands struggling with declining gold jewelry sales, as platinum typically offers higher profit margins [9][10]. Group 3: Consumer Behavior and Preferences - Younger consumers, particularly Gen Z, show limited recognition of platinum, with less than 30% awareness among those born after 2000 [14][15]. - Despite a slight increase in platinum demand in 2024, the growth of 0.8% is considered negligible in the broader market context [15][16]. - The perception of platinum as less valuable compared to gold affects consumer interest, with many young consumers opting for alternatives like silver or gold-plated items [19][20]. Group 4: Supply and Demand Dynamics - The global supply of platinum is projected to decline, with a forecasted supply gap of 30 tons in 2025, driven by reduced production and increasing industrial demand [25][27]. - Industrial applications, particularly in the automotive sector, account for a significant portion of platinum demand, with expectations that hydrogen energy projects will further increase this demand [25][26]. - The recycling of platinum from jewelry remains low, contributing to supply constraints, as many jewelers lack the capability to recycle platinum effectively [29].

Core Viewpoint - The new regulation from the central bank requiring individuals to report cash purchases of gold exceeding 100,000 yuan starting August 1 has raised concerns in the gold market, signaling potential government intervention in the gold trading sector [1][3][25]. Group 1: Market Reaction and Consumer Behavior - The gold price has surged to historical highs, with prices exceeding 700 yuan per gram, leading to a shift in consumer behavior from purchasing gold jewelry to investing in gold bars and bricks [3][6]. - The jewelry sector is facing significant challenges, with major brands like Chow Tai Fook and Lao Feng Xiang reporting substantial revenue declines of 17.5% and 31.6% respectively in Q1 2025, indicating a disconnect between rising gold prices and consumer interest in gold jewelry [6][8]. - Young consumers are increasingly rejecting traditional gold jewelry, viewing it as non-essential and expensive, leading to a preference for gold bars and customized pieces instead [8][10][19]. Group 2: Industry Transformation - The gold industry is undergoing a structural transformation, with traditional jewelry brands closing stores and shifting focus towards gold bars and investment products, as seen with brands like Cai Bai and Lao Pu Gold [21][24]. - Innovative brands are thriving by offering unique designs and cultural narratives, appealing to high-net-worth individuals willing to pay a premium for craftsmanship and cultural significance [21][24]. - The perception of gold is evolving from a symbol of status and tradition to a practical asset, with younger generations prioritizing value and liquidity over traditional notions of gold as a family heirloom [26][27][28].

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

证券研究报告 | 行业策略 gszqdatemark 2025 07 07 年 月 日 纺织服饰 关注功能性服饰/珠宝龙头，优选具备增量业务个股 2025 年 H2 期待服饰珠宝需求稳健复苏，关注产品/渠道层面的新趋势。2025 年 1~5 月服装鞋 帽针纺织品类零售额同比增长 3.3%，金银珠宝类零售额同比增长 12.3%。展望 2025H2， 我们判断市场需求较为平稳，考虑基数效应预计居民服装珠宝需求复苏趋势有望延续。当前 消费需求也在呈现新的特点：1）产品端：多样化需正在逐步显现，运动鞋服板块跑步和户 外等功能性品类增长优异，面对金价高企的态势，具备差异化特性的古法金产品热度越来越 高；2）渠道端：服饰行业门店数量平稳，零售管理和优化成为增长抓手，品牌商积极优化运 营并为消费者提供更好的渠道体验，全渠道融合加速，新型门店业态如奥莱等发展迅速。 投资主线一：品牌服饰优选绩优公司，关注基本面有看点的个股。 1） 港股功能性服饰运营稳健，优选业绩持续兑现的赛道龙头。进入 2025 年运动鞋服板块 终端仍延续了较为稳健的流水增长趋势，同时截至 2025Q2 末我们预计各运动品牌库销 比基本仍在 5 左右，处于健 ...

证券研究报告|商贸零售 [Table_Title] 情绪消费兴起，关注潮玩、黄金珠宝、美 妆赛道 2025 年 07 月 07 日 [Table_Chart] 行业相对沪深 300 指数表现 [Table_ReportList] 相关研究 [Table_ReportType]——2025 年中期商贸零售行业投资策略报告[Table_ReportDate] [投资要点： Table_Summary] 回顾与展望：消费分级时代来临，情绪消费兴起带火相关产业发展。我国 消费现状已从过去的"消费升级" 逐步进入到"消费分级"的新阶段， 具体体现为：1）更加追求性价比：对于那些技术附加值较低、产品同质 化严重的传统消费品，消费者表现出更理性、更追求性价比的行为；2） 愿意对部分新型产品或服务付出一定溢价。快节奏的生活方式和信息过 载等因素影响当代人的心理健康，推动情绪消费兴起，加之随着时代的发 展，我国消费结构从生存型消费往享受型、精神型消费扩展，潮玩、古法 金、美容护肤等相关行业受到追捧。 潮玩：我国潮玩市场快速扩容，优质企业有望实现强者恒强。受益于人均 可支配收入的增长、情绪消费兴起以及国内潮流文化和优质 IP 的 ...