21世纪经济报道记者 李金萍 实习生周彦辰 深圳报道 今年展会面积达30万平方米，汇聚了4500家展商与30万专业买家，规模是历年之最。 10月20日，第33届中国（深圳）国际礼品及家居用品展览会在深圳国际会展中心（宝安）开幕。 记者走访发现，从英雄钢笔的定制化转型，到"宋朝"香氛品牌以东方气味叙事切入情绪疗愈，再到AI、 绿色包装、IP授权的全面融合，今年的展会传递出一个清晰信号：礼品行业正在脱离传统"实用主义"的 增长路径，迈向以情绪价值、文化表达和消费体验为核心追求的新阶段。 长期以来，中国礼品产业的主力市场集中在企业福利、商务往来和节庆促销等场景，核心逻辑是"送得 出手、拿得体面"。 然而，随着Z世代与年轻白领成为消费主力，礼品市场的心理驱动发生了根本变化——"实用"不再是核 心诉求，"情绪价值"成为新的竞争点。 展会现场，香氛、创意家居、文创摆件等产品成为流量中心。 一款能缓解焦虑的香薰机、一支带着最火联名的钢笔、一件富含文化符号的非遗手作，都被赋予了超越 使用功能的意义。 "我们现在选礼品，不只考虑性价比，而是看能不能打动人心。"一位来自上海的企业采购经理表示，在 她看来，礼品是企业文化与客户情绪 ...

证券之星消息，10月22日饰品板块较上一交易日下跌1.89%，曼卡龙领跌。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300945 | 曼卡龙 | 18.62 | -7.46% | 24.76万 | 4.68亿 | | 603900 | 英雄通灵 | 9.44 | -4.07% | 12.21万 | 1.15亿 | | 002345 | 潮宏基 | 13.60 | -3.95% | 21.75万 | 2.96亿 | | 000026 | 飞亚达 | 17.05 | -3.84% | 17.87万 | 3.05亿 | | 002731 | 萃华珠宝 | 12.96 | -3.36% | 20.17万 | 2.61亿 | | 000017 | 深中华A | 7.03 | -2.50% | 21.27万 | 1.50亿 | | 600735 | ST新华锦 | 5.33 | ...

老铺黄金则将于10月26日进行产品提价调整。而这已经是老铺黄金在今年年内的第三次涨价。 对于价格的波动，周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市 场变化。 受此影响，国内品牌连锁金店也调整了今日金饰金条的挂牌价格。其中亚一金店、老庙黄金金饰报价 1211元/克，较前一日下跌83元/克；老凤祥报1229元/克，较前一日下跌61元/克；周大福、六福、潮宏 基、周大生报1235元/克，较前一日下跌57元/克。 此前考虑到金价持续上涨对成本的影响，各家连锁金店都上调了首饰、金条的价格。10月20日，周大福 方面宣布将在10月底提高大多数产品的零售价，预计涨幅在12%-18%。 一夜之间，黄金从避险资产变成了风险资产。 当地时间10月21日，国际黄金市场急剧下挫。现货黄金一度暴跌超6%，创下自2013年4月以来最大单日 跌幅。 （文章来源：第一财经） ...

证券之星消息，10月21日饰品板块较上一交易日上涨0.96%，飞亚达领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。饰品板块个股涨跌见下表： 从资金流向上来看，当日饰品板块主力资金净流入1330.03万元，游资资金净流出8989.47万元，散户资金 净流入7659.44万元。饰品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000026 | 飞亚达 | 8911.33万 | 20.28% | -3303.50万 | -7.52% | -5607.83万 | -12.76% | | 600612 | 老凤祥 | 1831.04万 | 11.55% | -170.71万 | -1.08% | -1660.33万 | -10.47% | | 600439 | 瑞贝卡 | 851.85万 | 13.26% | -288.93万 | -4.5 ...

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Core Viewpoint - Recent price increases by several well-known gold retailers, with increases generally exceeding 10%, have led to a surge in sales but also numerous complaints about order cancellations and delivery issues [3][10]. Price Increase and Sales Surge - Major brands like Chow Tai Fook and Lao Miao Huang have raised prices significantly, with Chow Tai Fook planning to increase retail prices by 12% to 18% by the end of October due to rising gold costs [10]. - Lao Miao Huang raised its gold price to 1290 yuan per gram on October 17, marking a daily increase of 42 yuan, surpassing competitors like Chow Sang Sang and Lao Feng Xiang [10]. Order Fulfillment Issues - Many consumers reported that orders for Lao Miao Huang products were not fulfilled, with some orders being canceled or returned despite initial confirmations of shipment [4][6]. - Customers expressed frustration over the lack of communication and accountability from the brand, with some attributing the issues to the recent price hikes [6][7]. Consumer Complaints and Brand Reputation - The increase in complaints about order fulfillment has affected the reputation of brands like Lao Miao Huang, with consumers perceiving a lack of control over their authorized stores [7]. - Other brands, including Gu Fu Jiang Jewelry and Cai Bai, have also faced similar complaints regarding order cancellations and refunds [7]. Pricing Controversies - The rapid price increases have led to accusations of price gouging, particularly concerning "one-price" gold jewelry, which has seen significant price hikes without clear communication to consumers [10][11]. - For instance, a specific piece from Chow Tai Fook was reported to increase from 74,800 yuan to 101,600 yuan, a rise of over 35%, raising concerns about ethical pricing practices [11]. Legal and Consumer Rights - Legal experts suggest that consumers facing disputes should first attempt to resolve issues directly with retailers and, if unsuccessful, escalate complaints to e-commerce platforms for resolution [12].

纺织服装 行业周报（20251005-20251011） 同步大市-A(维持) 老铺黄金天猫"双 11"表现强劲，361 度零售流水延续健康增长 2025 年 10 月 20 日 行业研究/行业周报 纺织服装行业近一年市场表现 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】国庆中秋假期国内消 费市场稳健增长，迅销发布 FY2025 业 绩-【山证纺服】行业周报 2025.10.14 【山证纺织服装】特步开设海外首家跑 步俱乐部，FILA 成为中网独家运动鞋 服 赞 助 商 - 【 山 证 纺 服 】 行 业 周 报 2025.9.29 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 投资要点 本周观察：纺织制造台企公布 2025 年 9 月营收数据 我国纺织服装出口：2025 年 1-9 月，我国纺织品、服装及衣着附件出口金额分别为 1064.77、1152.09 亿美元，同比增长 2.1%、-2.5%。 越南纺织服装出口：2025 年 1-9 月，越南纺织 ...

EMBA 培训业务受中美贸易摩擦影响，三季度报单率和收款改善，预计 全年业绩超 3 亿，估值 15-16 倍，股息率超 6%，明年百校计划预计贡 献 10%以上营收增量。 首旅酒店逐季数据改善，开店数量提升，推进 260 万间客房目标。预计 今年业绩 9 亿，估值 17-18 倍；明年 10 亿，估值 16 倍。内需消费改 善预期带来业绩和估值弹性。 小商品城市值回调后具布局价值，前三季度业绩超预期，三季度归母净 利润超 17 亿，新业务保持中高双位数增长。上调全年利润预期至 47- 48 亿，明年至 58 亿甚至更高，目前估值 16-17 倍。 永辉超市调整门店，日销逐步稳定，早期调整门店已盈利，关店计划减 少利润拖累。预计明年减亏甚至扭亏为盈，自有产品推进有望带来流量 增长，股价恢复前景可观。 美妆板块受双十一催化，珀莱雅和薇诺娜表现突出。珀莱雅估值具性价 比，薇诺娜改善显著，值得重点关注。珀莱雅 2025 年估值不超过 20 倍，2026 年 16-17 倍。 积极看好低位消费股布局机会 20251017 摘要 Q&A 目前消费板块在市场表现中相对较弱，您认为未来有哪些可能的催化因素和性 价比较高的公司 ...

Summary of Key Points from Conference Call Records Industry Overview 1. Baijiu Industry - The Baijiu industry experienced a seasonal sales decline of approximately 20% during the Mid-Autumn Festival, with high-end brands like Moutai, Wuliangye, and Fenjiu performing relatively well. Inventory levels have not significantly decreased, and a slight upward trend is expected in the future [1][3][4] - Strong brand power and good sales performance are crucial for companies in this sector, with companies like Moutai and Wuliangye maintaining advantages. Companies with flexible operations, such as Zhenjiu and Laojiao, are also worth monitoring [5] 2. Consumer Goods - The consumer goods sector saw a slowdown in growth during Q3 2025, with beverage and dairy products showing improvement from a low base, while condiments maintained steady growth. Leading companies like Dongpeng, Nongfu Spring, and Yanjing Beer performed well and are recommended for investment [1][6] 3. Beauty Industry - The beauty industry showed overall good performance with no significant slowdown in growth. Some companies even exceeded their Q2 growth rates. High-growth companies like Ruoyuchen and Shanghai Jahwa are recommended for investment [1][7] 4. Gold and Jewelry Sector - Leading companies in the gold and jewelry sector continued to grow rapidly, benefiting from rising gold prices and price increase strategies. Companies like Laofengxiang and Zhouliufu reported impressive growth, with Laofengxiang's single-store revenue reaching up to 200% growth in September [1][8] 5. Trendy Toys and Supermarket Reform - In the trendy toy sector, Pop Mart remains in a high growth phase, while Miniso's Q3 report showed promising data. In the supermarket reform sector, companies like Bubugao and Huijia Times are experiencing performance releases, and ATO's rapid growth in bedding products is noteworthy [1][9] 6. Pork Industry - Pork prices saw a slight decline this week, but demand for secondary fattening is increasing, stabilizing prices at the bottom. Companies with cost advantages, such as Wens Foodstuffs and Muyuan, are expected to seize more opportunities as breeding sow capacity continues to decrease [1][18][17] Home Appliance Sector - The home appliance sector faced challenges in Q3 due to the gradual withdrawal of subsidies, leading to a less optimistic outlook for domestic demand. However, white goods showed stable performance, with leading companies like Haier and Midea expected to achieve near double-digit revenue growth [2][13] Other Notable Trends - The light industry, particularly the paper industry, is expected to see a turning point in Q4, with potential price increases in packaging and cultural paper [14] - The agricultural sector is focusing on the pork industry, with ongoing capacity reduction impacting future supply and price trends [17] - The pet sector is showing strong growth, with companies like Zhongchong and Guibao Pet expected to perform well [20] This summary encapsulates the key insights and trends across various industries as discussed in the conference call records, highlighting potential investment opportunities and risks.

Group 1 - The 2025 China International Jewelry Exhibition will be held in Beijing from October 16 to October 20, featuring the 2025 Jewelry Industry Capital Forum [1] - The jewelry industry must break traditional path dependence, reshape brand and user logic, and build a collaborative ecosystem across categories and channels for high-quality development [1] - The China Jewelry Association Fund released the "2025 China Jewelry Listed Companies Research Report" and the "2025 International Luxury Goods Industry Research Report," analyzing the current status and trends of the domestic jewelry industry and international luxury goods industry [1] Group 2 - In 2025, China's gold consumption reached 505.205 tons in the first half, with gold bars and coins accounting for 264.242 tons, a year-on-year increase of 23.69% [2] - The jewelry export sector showed strong growth, with the total import and export value of China's jewelry industry reaching $76.426 billion, maintaining positive growth for three consecutive years [2] - The demand for gold jewelry and investment products in China is leading globally, driven by a dual engine of "jewelry + investment" [2]