周大福人寿与香港中文大学金融财务MBA(FMBA)圆桌对话活动「科技引领保险业变革 —— 数字资产 保险创新」圆满举行，这是港中大FMBA课程与保险业界的第一个合作活动。港中大FMBA课程主任、 会计学教授顾朝阳指出，此次合作体现顶尖学术机构与行业领军企业的战略协同与产学研深度融合，既 推动保险业数字化转型的知识迭代，也深化金融及相关行业高端人才培养的愿景。周大福人寿保险有限 公司首席营业总裁周咏姬称，希望透过这次活动搭建高质量学术与业界深度对话平台，共育行业精英， 并展示保险金融领域广阔而充满机遇的发展前景。 近百名来自周大福人寿与港中大FMBA的专家、教授及学员参加是次圆桌对话活动。除了顾朝阳与周咏 姬外，此次活动嘉宾还包括港中大金融财务MBA课程执行主任潘聪博士、周大福人寿经济师徐天佑， 港中大金融系副教授叶家兴、周大福人寿高级分行经理徐晶莹、北京人寿保险股份有限公司副总经理陶 瑞飞等。 港中大FMBA与保险业界首次合作 致欢迎辞时，周咏姬说：「港中大商学院一向以非常出色的学术表现和培育顶尖金融专才而闻名。 今 天与港中大FMBA共同举办的活动很有意义，我们成为搭建学术智慧、行业实践、深情对话的桥梁，更 ...

Core Insights - The retail demand during the Golden Week in 2025 exceeded expectations, with Chow Tai Fook, Lao Feng Xiang, and China Gold showing steady growth, while CHJ led with approximately 30% year-on-year growth, attributed to its innovative designs and marketing strategies [3][9] - The fixed-price product strategy is increasingly adopted across brands to enhance profitability amidst fluctuating gold prices, with CHJ having around 60-70% of its products at fixed prices, while Chow Tai Fook is gradually increasing its fixed-price offerings to 30-40% [4][10] - The industry is expected to see structural divergence, with CHJ focusing on expansion and market penetration, while Chow Tai Fook aims for profitability recovery and structural optimization [5][12] Group 1: Sales Performance - The sales performance during the Golden Week was particularly strong in economically developed regions such as the Yangtze River Delta, leading to an overall positive year-on-year growth in sales [3][9] - The average transaction value increased, which was a significant driver of the overall sales growth, while the volume of sales remained stable [3][9] Group 2: Brand Strategies - The adoption of fixed-price products is a key strategy to balance gross margin pressures, with varying acceptance levels among traditional weight-based customers [4][10] - Chow Tai Fook is transitioning from a weight-based product focus to a profit-driven approach, planning to close around 10 low-efficiency stores while enhancing its fixed-price product portfolio [4][10] - CHJ plans to continue its expansion with an expected addition of 10-20 new stores, targeting shopping centers and younger consumers [4][10] Group 3: Store Performance and Inventory Management - Lao Feng Xiang leads in single-store sales with approximately RMB 18 million, while Chow Tai Fook's stores average above RMB 15 million, with plans to close underperforming stores [5][11] - CHJ employs a refined inventory management system that enhances inventory turnover efficiency, while Chow Tai Fook uses a consignment model, giving it greater control over inventory [5][11] Group 4: Future Outlook - The sales fluctuations in the first three quarters of 2025 were approximately +10% / -5% / +15%, with expectations for traditional brands to maintain stable to slightly higher sales in Q4 [5][12] - The competition in the industry is anticipated to increasingly focus on product innovation, brand rejuvenation, and improving channel efficiency as brands adapt to changing market dynamics [5][12]

Group 1 - The international spot gold price has surpassed $4000 per ounce for the first time on October 8, 2025, reaching a new high of $4049 per ounce on October 9 [1] - Gold prices have increased by over 50% in the first 10 months of this year, with domestic gold prices rising in tandem [1] - As of October 9, the price of AU9999 gold in China was reported at 911.4 yuan per gram, with several brands of gold jewelry exceeding 1160 yuan per gram [1] Group 2 - The prices of various brands of gold jewelry on October 9 are as follows: - Chow Sang Sang: 1170 yuan/gram - Cai Bai Jewelry: 1168 yuan/gram - Chow Tai Fook: 1168 yuan/gram - Chao Hong Ji: 1168 yuan/gram - Zhou Liu Fu: 1160 yuan/gram - Liu Fu Jewelry: 1120 yuan/gram - Lao Miao Gold: 1115 yuan/gram - Note: Cai Bai Jewelry's prices are based on physical stores in Beijing, Zhou Liu Fu uses the price of 999 gold, and Lao Miao Gold is limited to the Shanghai area [3]

国庆中秋假期金饰克价大涨45元 国庆中秋假期期间，国际金价一路飙涨，接连突破3900美元、4000美元大关。截至10月8日，COMEX 黄金最高触及4081美元/盎司，现货黄金最高触及4059.31美元/盎司，双双创下历史新高。受国际金价影 响，国内足金饰价格持续上调。10月9日，周大福、周大生足金首饰价格为1168元/克，克价较9月30日 上涨45元；周生生足金首饰价格为1170元/克，克价较9月30日上涨42元。(左雨晴) 来源：中国新闻网 编辑：徐世明 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

每经AI快讯，国内黄金珠宝品牌公布的境内足金首饰价格继续向上，周生生足金饰品涨至1170元/克， 周大福足金饰品涨至1168元/克。 ...

Core Viewpoint - The recent surge in gold prices is attributed to increased global macroeconomic uncertainty, leading investors to seek gold as a hedge against risk, with both COMEX and spot gold prices rising over 50% year-to-date [1]. Group 1: Gold Price Trends - On October 7, COMEX gold reached $4000 per ounce, and on October 8, it peaked at $4071.5 per ounce, while spot gold hit a high of $4049.64 per ounce [1]. - The increase in gold prices is seen as a result of a combination of long-term structural factors, short-term influences from the Federal Reserve's unexpected rate cuts, and rising gold ETF sizes [1][2]. Group 2: Market Sentiment and Consumer Behavior - Analysts believe that the current phase represents the early stage of a third wave of a bull market for gold, with the Federal Reserve's independence being compromised, further enhancing gold's reserve value [2]. - Despite rising gold prices, consumer demand for gold jewelry remains strong during the National Day and Mid-Autumn Festival, with many consumers still purchasing gold [2]. Group 3: Consumption Trends - In the first half of the year, retail sales of gold and silver jewelry reached 194.8 billion yuan, marking an 11.3% increase, indicating that while demand volume may be declining, the overall consumption value is on the rise [3]. - The World Gold Council reports a divergence between gold consumption value and demand volume, suggesting that consumer purchasing intent remains robust despite high prices, particularly among younger demographics [3].

【导读】记者实探假期黄金市场，人头攒动，"以旧换新"成为风尚 中国基金报记者 吴君 近期，国际金价持续上涨，突破了4000美元/盎司。这个国庆中秋假期，黄金牵动着不少消费者的心。 10月8日是假期最后一天，记者来到了上海豫园的黄金市场，实地走访了老凤祥、周大福、老庙黄金、老铺黄金、六福珠宝、潮宏基、亚一等多家品牌金 店，还有上海紫锦城的黄金批发市场，看到现场顾客络绎不绝，假期消费市场在"金价上涨"与"促销活动"的双重节奏中持续活跃。 有顾客豪掷几万元买古法金饰佩戴，紧跟时尚；也有顾客说要理性消费，先看看，以后再买；还有不少顾客选择"以旧换新"，补差价换新金，对黄金长期 看好；黄金批发市场则以低价吸引了不少顾客"淘金"。 多家金店店员表示，这个假期他们接待顾客的量很大。有金店老板说："现在黄金市场是'慢牛'行情。" 金店假期大力度促销、门店火爆 10月8日，记者来到了上海豫园的黄金市场，多家品牌金店人头攒动，十分热闹。尽管最近金价节节攀升，但丝毫没有阻挡顾客逛金店、选购黄金的热 情。 为了吸引顾客，老凤祥、老庙、周大福、六福珠宝、中国黄金、亚一等多家品牌金店都推出了不同力度的"双节同庆"限时克减优惠，以及一口价 ...

Core Insights - The price of spot gold has surpassed $4000 per ounce, marking a year-to-date increase of over 52% [1] - Several gold jewelry brands have raised their prices, with notable brands like Lao Puh Gold and Chow Sang Sang reaching record prices per gram [1] Market Trends - The rising gold prices have prompted some businesses to consider expanding internationally [2] - Lao Puh Gold has opened a store in Singapore, leveraging the local acceptance of Chinese gold and the presence of high-net-worth tourists [3] - Other brands, such as Chao Hong Ji and Chow Tai Fook, are also entering overseas markets, with Chao Hong Ji opening stores in Malaysia and Thailand [5] Financial Performance - Lao Puh Gold reported a 455.2% year-on-year increase in overseas business revenue for the first half of 2025, with overseas revenue accounting for 12.9% of total revenue [4] Consumer Behavior - Despite high gold prices, domestic demand has slowed, leading many local jewelry brands to seek opportunities abroad [5] - Data from the China Gold Association indicates a 3.54% year-on-year decline in gold consumption in China, with a significant drop in gold jewelry consumption [6] Regional Focus - Southeast Asia is a preferred market for Chinese gold companies due to its large Chinese population and cultural ties [8] - The young demographic in Southeast Asia presents a strong consumer base for gold jewelry, driven by wedding demands [8] Product Development - Chinese gold jewelry manufacturers have improved product quality, addressing previous issues of softness and wear, making products more appealing to younger consumers [9] - However, companies face challenges in adapting product designs to local preferences in Southeast Asian markets [9]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 18x, and 11x [11][27]. Core Insights - Nike's FY2026 Q1 revenue decreased by 1% year-on-year to $11.7 billion, with a net profit decline of 31% to $727 million. The company anticipates a low single-digit revenue decline for FY2026 Q2, while wholesale business revenue is expected to see moderate growth [1][16]. - The report highlights the ongoing inventory reduction efforts across major regions, with North America showing a 4% revenue increase, while the Greater China region experienced a 10% revenue decline [23][24]. - The sportswear segment is expected to outperform the broader apparel market, with a healthy inventory turnover ratio of 4-5 for major brands [3][24]. Summary by Sections Nike's Performance - Nike's North America revenue grew by 4% year-on-year, driven by a 11% increase in wholesale business, while direct sales fell by 3% [23]. - In the EMEA region, revenue increased by 1%, with a notable performance in functional categories like running, which saw double-digit growth [23]. - The Greater China region faced challenges, with a 10% revenue decline, necessitating a focus on improving new product sales [23][24]. Market Outlook - The report emphasizes the long-term growth potential of the sportswear sector, particularly for companies with strong operational fundamentals like Anta Sports, which is noted for its excellent group operation capabilities [3][27]. - The report also identifies opportunities in the textile manufacturing sector, particularly for companies like Shenzhou International, which has a low exposure to the U.S. market and a strong international supply chain [26][37]. Key Recommendations - The report recommends investing in companies with strong performance metrics, such as Anta Sports, Li Ning, and Xtep International, while also highlighting the potential of Shenzhou International and Huali Group in the manufacturing space [11][27][37]. - It suggests that companies with robust product differentiation and brand strength, like Chow Tai Fook and Chao Hong Ji, are likely to outperform in the jewelry sector [25].

前言 国庆金店挤得像春运现场，周大福柜台前大妈举着存折抢金镯子，年轻人蹲地上挑金豆子。 可转头看财报却魔幻得很，周大生上半年营收暴跌43.92%，老凤祥也下滑16.52%，活像被金价捅了刀 子。 乡亲们纳闷了：国际金价都冲上3900美元，国内零售价飙到1134元/克，怎么卖黄金的反而亏钱？ 金店挤爆，财报暴跌 潮宏基珠宝做过一本账：上半年赚了3个亿，看着挺美？可毛利率三年连降，从29.3%跌到23.1%。 什么意思？相当于原来卖个金镯子能赚300块工费，现在只剩230块。 更要命的是，金料采购价跟着国际金价疯涨，仓库里囤的黄金还没打成首饰，进货单价格又跳了一截。 说白了：金店现在像在刀尖跳舞。 你高价进货吧，怕明天金价暴跌砸手里；你不进货吧，柜台空了顾 客扭头就走。 江苏某县城金店老板就倒过苦水："现在卖黄金像炒股，上个月1134元/克进的货，这周金价回调到 1100，每克硬是亏了34块！" 谁在赚钱谁在哭 这边品牌商愁云惨淡，那边却有人笑得见牙不见眼。 00后小夫妻国庆前囤了200克黄金，金价涨到1134元时出手，净赚2万多。 丈母娘本来要的10万彩礼钱，小两口直接拿黄金差价抵了不少。 更精明的是金店销售刘 ...