Core Viewpoint - The stock of Lao Pu Gold (06181) has risen over 5%, reflecting positive market sentiment driven by strong sales performance and improved profit margins as reported by major financial institutions [1] Group 1: Company Performance - Lao Pu Gold's management indicated that there has been no sales pressure following the price increase of gold products in October, with reports of long queues in several cities during the holiday period [1] - During the New Year holiday, both the old store and company-level sales recorded high double-digit to triple-digit year-on-year growth [1] - The company is better prepared in terms of inventory and operations compared to last year, which is expected to support sales during the upcoming Spring Festival peak season [1] Group 2: Market Outlook - Citigroup's report expresses increased confidence in Lao Pu Gold's outlook for the year, citing a recovery in demand and improved gross margins observed during the New Year holiday [1] - The report suggests that consumers have absorbed the price increases, supported by a broad adjustment in industry prices and a rebound in gold prices since December [1] - Strong demand is anticipated to continue through the Spring Festival holiday, with gross margins recovering to over 40% since late November last year, and further price increases expected post-Spring Festival [1]

截至2026年1月9日 09:48，中证沪深港黄金产业股票指数(931238)强势上涨1.21%，成分股老铺黄金 (06181)上涨3.28%，西部黄金(601069)上涨3.13%，山东黄金(01787)上涨2.45%，紫金矿业(601899)，华 钰矿业(601020)等个股跟涨。黄金股票ETF基金(159322)上涨1.22%，最新价报1.74元。 数据显示，截至2025年12月31日，中证沪深港黄金产业股票指数(931238)前十大权重股分别为紫金矿业 (601899)、山东黄金(600547)、中金黄金(600489)、赤峰黄金(600988)、招金矿业(01818)、山金国际 (000975)、山东黄金(01787)、紫金矿业(02899)、紫金黄金国际(02259)、湖南黄金(002155)，前十大权重 股合计占比63.58%。 消息面上，世界黄金协会发布报告，2025年全球黄金ETF创下年度资金流入历史新高，北美市场领跑。 2025年黄金ETF资产管理总规模翻倍以上增长，持仓量亦大幅上升，双双刷新纪录。12月黄金市场交易 量保持平稳，全年日均交易额达3610亿美元，创历史新高。 风险提示：基金 ...

Group 1 - CITIC Securities maintains a "Buy" rating for Huahong Semiconductor (01347.HK) with a target price of HKD 100, highlighting its leading position in specialty process wafer foundry and strong growth potential from capacity expansion and acquisitions [1] - CITIC Securities also maintains a "Buy" rating for SiHuan Pharmaceutical (00460.HK) with a target price of HKD 1.6, noting rapid growth in its medical aesthetic products and strong sales performance of new regenerative products [1] - GF Securities maintains a "Buy" rating for Yum China (09987.HK) with a target price of HKD 453.62, citing improved same-store sales and growth driven by new product iterations and marketing strategies [1] Group 2 - GF Securities initiates coverage on Laoputang Gold (06181.HK) with a "Buy" rating and a target price of HKD 775.64, emphasizing its leading position in handcrafted gold jewelry and strong growth potential from store expansion [2] - GF Securities initiates coverage on Yue Yuen Industrial (00551.HK) with a "Buy" rating and a target price of HKD 19.99, highlighting its status as the largest athletic shoe manufacturer and expected performance recovery [3] Group 3 - Cinda International maintains a "Buy" rating for Hesai Technology (02525.HK), noting its leadership in the global LiDAR market and significant growth in production and market share [4] - Zhongtai Securities initiates coverage on China Resources Land (01109.HK) with an "Accumulate" rating, reporting strong revenue and profit growth along with a healthy financial structure [5] Group 4 - First Shanghai initiates coverage on Jaxin International Resources (03858.HK) with a "Buy" rating and a target price of HKD 82.4, highlighting its world-class tungsten resources and strong profit growth potential [6] - Kaiyuan Securities initiates coverage on Beautiful Pastoral Medical Health (02373.HK) with a "Buy" rating, emphasizing its differentiated business model and effective customer acquisition strategies [7] Group 5 - CICC maintains an "Outperform" rating for Standard Chartered Group (02888.HK), noting better-than-expected Q2 2025 performance driven by significant growth in non-interest income [8]

2025年，是属于中国IP经济的"高光之年"，实现了真正意义上的"跃迁"。 这种"跃迁"，一方面体现在"本土IP"正在成为"全球符号"。Labubu跻身纽约曼哈顿花车大游 行，与米老鼠、超级马里奥等全球经典IP同台；《哪吒之魔童闹海》刷新票房纪录，打破了好 莱坞对动画影史纪录的长期垄断；欧洲"老钱"奢侈品LVMH集团高管走进老铺黄金的门店，细 细观赏中国古法黄金技艺。 另一方面，中国IP立足传统根基，不断推陈出新。无论是哪吒的故事主线，还是老铺黄金的纹 样来源，这些文化符号并非脱离传统的凭空创造，而是在中国传统文化根脉上的创新迭代。 资本市场上，2025年内泡泡玛特、老铺黄金涨幅均突破100%。在头部玩家的带领下，IP潮玩 与黄金饰品赛道黑马频出，资本抢筹。卡游、52TOYS、TOP TOY先后向港交所递表；周六福 正式在港交所上市，寶蘭、琳朝珠宝、君佩等黄金品牌先后获亿元级融资。 在当下，如何实现中国IP从概念到商业的变现转化？将中国IP融入在电影、游戏、潮玩甚至首 饰中，都是全新的答案。2025年的中国IP经济，正是"群星闪耀时"。 2 0 2 5年内，《哪吒之魔童闹海》再创新纪录 2025年春节，饺子导 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 老鋪黃金股份有限公司 呈交日期: 2026年1月2日 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06181 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 143,185,560 | RMB | | | 1 RMB | | 143,185,560 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 143,185,560 ...

Core Insights - 2025 is recognized as a "highlight year" for China's IP economy, marking a significant transformation where local IPs are becoming global symbols [1] - The success of "Nezha: The Devil's Child" showcases the potential of Chinese IPs in breaking Hollywood's long-standing dominance in animation [3] - The capital market is witnessing substantial growth in companies like Pop Mart and Laopuhuang, with both seeing stock price increases exceeding 100% in 2025 [1] Group 1: Chinese IP Achievements - "Nezha: The Devil's Child" achieved a domestic box office of 15.446 billion yuan and over 324 million viewers, making it the highest-grossing film in Chinese history [3] - The film's global box office exceeded 15.9 billion yuan (approximately 1.902 billion USD), ranking fifth in global box office history and first in animation history [3] - The film's merchandise generated over 100 million yuan in sales within a week, indicating a successful commercialization of the IP [3] Group 2: Pop Mart's Market Performance - Pop Mart reached a market capitalization peak of approximately 456 billion HKD, with a stock price of 339.8 HKD per share [4] - The company reported a revenue of 13.876 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [4] - Pop Mart's overseas revenue surged by 1,142.3% in the Americas and 257.8% in regions like Singapore and Thailand [6] Group 3: Laopuhuang's Growth - Laopuhuang is gaining international attention, with predictions that it will surpass Richemont's total revenue in China by 2025 [8] - The company achieved a revenue of 12.3 billion yuan in the first half of 2025, a year-on-year increase of 251%, with an average revenue of nearly 500 million yuan per store [9] - Laopuhuang's stock price rose to 618.0 HKD per share by the end of 2025, marking an annual increase of 156.22% [10] Group 4: Broader Implications for Chinese IP - The year 2025 is widely recognized as the "year of Chinese IP," with various companies and products emerging as significant players in the global market [11] - The founder of Miniso emphasized the potential for 100 Chinese IPs to reach global markets in the next decade, indicating a strong future for the industry [11] - The evolution of traditional narratives in Chinese IPs is paving the way for new growth trajectories, reflecting a dynamic shift in cultural storytelling [11]

金吾财讯 | 爱建证券研报指出，据弗若斯特沙利文，国内黄金珠宝市场规模稳步增长，2018-2023年 CAGR为 7.2%，其中古法金细分赛道高速扩容，同期 CAGR 高达64.6%。老铺黄金(06181)是国内率先 推广"古法黄金"概念的品牌先行者，产品类型包括足金镶嵌产品和足金黄金产品。公司凭借差异化的品 牌定位与高净值客群的深度运营，2017-2024 年营收CAGR 达53%，增速领先同行。 该机构指出，公司股价表现的催化剂如下：1）门店网络扩张空间广阔。对标宝格丽、卡地亚在国内分 别开设114、68 家门店，公司目前仅 45 家，高线城市加密与新一线城市存在增长空间。北京已布设13 家门店但核心门店排队时长并未缩短，说明多店模式可行且潜在需求尚未充分释放。2）同店增长动力 持续。忠诚会员数量保持高速增长，2023 年复购会员同比增加超130%，购买频次提升趋势明确，叠加 年消费 30 万元以上高净值客户占比从2021 年22.6%提升至2023年26.7%，会员价值贡献持续提升。购买 频次与单客产出共同驱动同店收入增长。3）高坪效与快速盈利形成正向循环。2023 年收入前五门店坪 效达每平米每月12 ...

差异化切入高端黄金空白赛道，品牌/产品/渠道三要素构建核心竞争力 ①产品端：公司采用全一口价定价客单价及毛利率均显著高于同业并持续推出领先市场审美的差异化设 计;②渠道端：全直营模式下，公司营造沉浸式购物体验，门店选址多集中在一线与新一线城市核心商 圈，同店店效增速、平均店效与坪效领跑国内外珠宝品牌;③品牌端：聚焦发力文化叙事+会员服务，公 司持续赢得高净值人群青睐。 拓店+门店焕新双轮驱动，公司成长弹性显著 智通财经APP获悉，广发证券发布研报称，预计老铺黄金(06181)25-27年归母净利润分别为 48.0/68.9/87.1亿元。考虑到公司差异化布局高端黄金赛道，海内外拓店叠加渠道优化可期，参考可比公 司，给予公司26年18倍PE，对应合理价值775.64港元/股，首次覆盖给予"买入"评级。(参考汇率1港元 =0.91人民币) 广发证券主要观点如下： 黄金珠宝行业迎来产业性变革，古法金成为高端化重要载体 得益于工艺迭代与金价上涨提振，金饰消费趋向高端化与轻量化。古法金在工艺复杂性与设计表达上显 著优于传统黄金，推动金饰消费向高定价拓展，公司作为古法手工金器龙头品牌，有望持续受益。 ①门店焕新持续推进： ...

广发证券发布研报称，预计老铺黄金(06181)25-27年归母净利润分别为48.0/68.9/87.1亿元。考虑到公司 差异化布局高端黄金赛道，海内外拓店叠加渠道优化可期，参考可比公司，给予公司26年18倍PE，对 应合理价值775.64港元/股，首次覆盖给予"买入"评级。(参考汇率1港元=0.91人民币) 广发证券主要观点如下： 黄金珠宝行业迎来产业性变革，古法金成为高端化重要载体 ①门店焕新持续推进：截至25H1，公司已完成对国内多家核心门店的焕新升级，更优的商圈位置与更 大的经营空间持续带动单店业绩提升;②海内外拓店空间可期：对标宝格丽/卡地亚/蒂芙尼/梵克雅宝在 大中华区及新加坡的渠道布局，该行认为中长期公司在亚洲内仍有至少约40家门店的拓展空间。 风险提示：行业竞争风险、渠道扩张及优化风险、金价波动风险。 得益于工艺迭代与金价上涨提振，金饰消费趋向高端化与轻量化。古法金在工艺复杂性与设计表达上显 著优于传统黄金，推动金饰消费向高定价拓展，公司作为古法手工金器龙头品牌，有望持续受益。 差异化切入高端黄金空白赛道，品牌/产品/渠道三要素构建核心竞争力 ①产品端：公司采用全一口价定价客单价及毛利率均显著高 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [2]. Core Insights - The company, Lao Pu Gold (6181.HK), is positioned as the first brand in high-end traditional gold craftsmanship, leveraging its scarcity for high growth potential [1]. - The company has successfully differentiated itself in a highly competitive jewelry market by implementing a fixed pricing model that decouples product value from raw material costs, and by utilizing unique craftsmanship techniques [4]. - Revenue projections for the company are optimistic, with expected net profits of RMB 52.3 billion, RMB 73.0 billion, and RMB 91.6 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 254.8%, 39.7%, and 25.4% [4]. Financial Performance and Projections - The company’s total revenue is projected to grow from RMB 3,179.6 million in 2023 to RMB 44,765.6 million by 2027, with a compound annual growth rate (CAGR) of 145.7% from 2023 to 2025 [6]. - The net profit is expected to increase significantly from RMB 416.3 million in 2023 to RMB 9,157.8 million in 2027, with a CAGR of 340.4% from 2023 to 2025 [6]. - The gross margin is projected to remain stable, with values of 41.9% in 2023, 39.3% in 2025, and 40.7% in 2027 [27]. Market and Competitive Analysis - The domestic gold jewelry market is experiencing steady growth, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding at a much higher rate of 64.6% during the same period [4]. - The company has established a strong brand presence among high-net-worth individuals, with a significant overlap in clientele with luxury brands such as Louis Vuitton and Cartier [4]. - The company’s membership program has shown impressive growth, with loyal members contributing approximately 97% of sales revenue, significantly higher than the industry average of 60%-70% [4]. Strategic Initiatives - The company plans to maintain a controlled and high-quality store expansion strategy, with projections of 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively [4]. - The average revenue per store is expected to increase from RMB 2.0 billion in 2024 to RMB 5.1 billion in 2025, driven by enhanced brand positioning and store optimization [4]. - The online sales channel is anticipated to grow significantly, with projected revenues of RMB 43.9 billion, RMB 67.8 billion, and RMB 82.9 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 315.9%, 54.6%, and 22.1% [4].