证券代码：600612 证券简称：老凤祥 公告编号：2025-041 900905 老凤祥 B 老凤祥股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | Xiang | 老凤祥珠宝美国有限公司（Lao Jewelry | Feng USA LLC，美国） | | --- | --- | --- | --- | --- | | 担保对象 | 本次担保金额 | 43 | 万美元 | | | | 实际为其提供的担保余额 | 143 | | 万美元（含本次） | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 62,109.62 | | 对外担保总额占上 ...

Core Insights - The 2025 World Design Capital Conference (WDCC2025) will be held from September 25 to 28 along the Huangpu River, co-hosted by the Shanghai Municipal Government and UNESCO, focusing on the theme "Design Without Boundaries, Sustainable Development" [1] Group 1: Event Overview - The conference will feature nearly 100 co-creation partners, over 60 exhibition areas, and more than 3,000 exhibits [4] - The event will follow a "12255+X" structure, including an opening ceremony, two major exhibitions (one in Shanghai and one overseas), two thematic forums, five specialized forums across various design fields, and multiple city-wide and overseas activities [4] Group 2: Talent Development - The conference will launch the "U35 Plan" aimed at nurturing young creative design talents in fields such as industrial design, architectural design, fashion design, digital design, service design, and creative management [4][13] - A total of 300 applications have been received, with 35 selected participants to be showcased during the conference [4][13] Group 3: Design Trends and Innovations - The conference will emphasize a "new paradigm of fashionable living," showcasing design-driven new consumption scenarios, including new energy vehicles, consumer electronics, high-end fashion, and cultural creative products [13] - Notable exhibits will include the latest models from brands like Huawei and Xiaomi, as well as high-end fashion collections from renowned designers [13] Group 4: Global Participation and Recognition - The event will gather nearly 1,000 speakers, including leaders from three major international design organizations and top design schools, to discuss cutting-edge technologies and trends in five design fields [12] - The "Shanghai Design 100+" global competition will feature over 2,600 entries from 17 countries, showcasing high-quality projects and trends in the design industry [12]

Core Viewpoint - The price of gold jewelry in China has increased significantly, with major brands now pricing their gold jewelry at 1105 RMB per gram, reflecting a rise of approximately 300 RMB per gram since the beginning of the year [1]. Price Summary - The current price for gold jewelry from various brands is as follows: - Chow Sang Sang: 1105 RMB per gram, up from 1100 RMB per gram [1] - Lao Miao Gold: 1105 RMB per gram, up from 1097 RMB per gram [1] - Lao Feng Xiang: 1105 RMB per gram [1] - The prices for these brands at the beginning of the year (January 2) were between 803-805 RMB per gram, indicating a substantial increase of around 300 RMB per gram by September 24 [1]. Market Context - On September 23, international gold prices reached a historical high before retracting slightly following comments from Federal Reserve Chairman Jerome Powell [1].

Group 1 - The article highlights the launch of new jewelry collections by various brands, celebrating themes of autumn and reunion [1][18]. - Lao Feng Xiang held a grand showcase in Shanghai, introducing its new collections, including "Treasure Gold" and "Feng Xiang Joy" series, emphasizing traditional craftsmanship and cultural values [2][5]. - The "Treasure Gold" series features new pieces "Na Ji" and "Cang Fu," which incorporate traditional auspicious symbols and intricate craftsmanship [2][5]. - The "Feng Xiang Joy" series includes the new "Yu Yue" collection, which symbolizes vitality and joy, enhancing the emotional value of the brand [5]. - The "Qi Ji" series for the Year of the Horse reflects the theme of success and hard work, aligning with the brand's cultural narrative [8]. Group 2 - Meng Jin Yuan launched two new gold jewelry series, "High Light Moment" and "Red Rhythm East 2.0," focusing on unique selling points and interactive design [12]. - The "High Light Moment" series utilizes proprietary technology to enhance the shine and durability of the jewelry, achieving a 45% increase in hardness compared to standard gold [12]. - The "Red Rhythm East 2.0" series incorporates traditional elements and aims to enhance social interaction through its design [12]. Group 3 - Buccellati, an Italian luxury jewelry brand, showcases its craftsmanship through collections that blend Western and Eastern cultural elements, emphasizing themes of reunion and romance [18][19]. - The Macri series features a unique engraving technique that gives a satin-like finish, symbolizing the beauty of reunion [19]. - The Opera Tulle series draws inspiration from floral patterns, showcasing the brand's ability to merge vibrant and serene elements [21]. - The Ramage series captures the essence of autumn with intricate designs that reflect nature's beauty [24]. Group 4 - Chow Tai Fook launched the "Timeless Harmony" high jewelry series, inspired by Chinese philosophy and architecture, aiming to convey the concept of harmony between heaven and earth [27][28]. - The series utilizes high-quality jade and diamonds to represent geometric forms that reflect traditional Chinese aesthetics [27][28].

Group 1 - A total of 36 stocks received buy ratings from institutions today, with 20 stocks being newly covered by institutions [1][2] - The medical and pharmaceutical industry is the most favored, with stocks like Kaili Medical and Tianshili among the top-rated [2][3] - The average decline for stocks with buy ratings today was 0.32%, underperforming the Shanghai Composite Index [1] Group 2 - Among the stocks with buy ratings, Dongyangguang has the highest upside potential at 45.56%, with a target price of 35.88 yuan [1][2] - Other stocks with significant upside potential include Shenling Environment and Luxshare Precision, with upside potentials of 35.04% and 32.12% respectively [1] - The stocks with the largest gains today included Zhongwei Company, Luxshare Precision, and Tianshili, with increases of 9.12%, 7.79%, and 3.06% respectively [1]

Core Viewpoint - The gold industry has discovered a new market by collaborating with popular anime and gaming IPs, creating a unique product known as "pain gold" that appeals to younger consumers and has seen significant demand and price increases. Group 1: Market Dynamics - Many gold jewelry brands are now linking with anime and gaming IPs to create gold accessories, leading to a surge in popularity and sales [1][4] - The phenomenon of "pain gold" refers to the willingness of fans to spend large amounts of money on gold items featuring their favorite characters, resulting in sold-out products and high demand in the secondary market [4][5] - The price of "pain gold" items often exceeds traditional gold prices, with some products priced at 2-3 times the market rate for gold [20][21][25] Group 2: Consumer Behavior - Young consumers are increasingly drawn to "pain gold" as it combines emotional value with investment potential, allowing them to indulge in their interests while also acquiring a valuable asset [46][47] - The trend has led to a younger demographic becoming a significant consumer group for gold, with a reported 294% year-on-year increase in transactions for IP gold products on platforms like Taobao [57] - The appeal of "pain gold" lies in its perceived value and the ability to purchase gold items at relatively low weights, making them more accessible to younger buyers [52][56] Group 3: Industry Response - Traditional gold brands are adapting to attract younger consumers by innovating their product offerings and marketing strategies, including collaborations with popular IPs [68][73] - The emergence of "pain gold" has revitalized the gold market, providing a new avenue for growth despite rising gold prices that have dampened some consumer demand [44][78] - Brands are increasingly focusing on creating unique and collectible gold items that resonate with the interests of younger consumers, positioning themselves as both luxury and investment options [39][76]

Group 1: Domestic Gold Market - Domestic gold prices continue to rise, with overall prices approaching 1100 yuan per gram, as seen in various brand stores [1] - The highest price is from Chow Sang Sang at 1100 yuan per gram, while the lowest is from Shanghai China Gold at 1011 yuan per gram, resulting in a price difference of 89 yuan [1] - Specific gold prices from major brands include: Lao Miao at 1097 yuan, Liufu at 1098 yuan, and Zhou Dafu at 1098 yuan, all showing an increase of 10-13 yuan [1] Group 2: Platinum Prices - Platinum jewelry prices have also increased, with Chow Sang Sang's platinum price rising by 5 yuan per gram to 572 yuan per gram [1] Group 3: Gold Recovery Prices - The gold recovery price has surged by 13.2 yuan per gram, with various brand recovery prices showing significant differences [2] - Specific recovery prices include: 838.00 yuan for gold, 843.50 yuan for Cai Zhi, and 851.00 yuan for Lao Feng Xiang [2] Group 4: International Gold Market - Spot gold prices have reached a historical high of 3748.65 USD per ounce, closing at 3746.36 USD per ounce with a 1.68% increase [4] - Current spot gold is reported at 3755.17 USD per ounce, indicating a 0.24% rise, driven by expectations of Federal Reserve rate cuts and a declining dollar index [4] - Geopolitical events, including the French debt crisis and Middle East tensions, have heightened market risk aversion, further supporting gold prices [4] - The shift in gold market dynamics includes increased participation from Western institutional investors, as evidenced by rising gold ETF holdings [4]

Group 1: Gold Jewelry Price Increase - Domestic gold jewelry prices have risen again, with several brands reporting increases. Chow Sang Sang's gold jewelry price reached 1100 CNY per gram, up 10 CNY; Chow Tai Fook's price is 1098 CNY per gram, up 13 CNY; Lao Feng Xiang's price is also 1098 CNY per gram, up 12 CNY; and Lao Miao's gold jewelry price is 1097 CNY per gram, up 13 CNY [1] Group 2: International Gold Price Surge - As of September 23, international gold prices have increased, with London spot gold surpassing 3750 USD per ounce, peaking at 3759.16 USD per ounce; COMEX gold futures reached above 3790 USD per ounce, with a high of 3795.1 USD per ounce [1] Group 3: Federal Reserve's Interest Rate Commentary - Federal Reserve Governor Milan stated that the current interest rate level is "very restrictive," suggesting an appropriate federal funds rate around 2% to 2.5%, which is nearly two percentage points lower than the current level. The Fed aims to maintain inflation at 2% and plans to adjust policies to a neutral level without panic [3]

Group 1 - International gold prices reached a historic high of $3,795 per ounce on September 23, with a slight increase to $3,777.9 per ounce at the time of reporting [2] - Domestic gold jewelry prices also rose, with Chow Sang Sang's gold jewelry priced at 1,100 yuan per gram, an increase of 10 yuan per gram from the previous day [2] - Stocks of companies such as Western Gold, Silver, Shandong Gold, and Zijin Mining saw an increase in share prices on the same day [4] Group 2 - Deutsche Bank attributed the record high gold prices to investor panic and concerns over significant downside risks in the stock market, viewing gold as a safe haven during times of turmoil [4] - Long-term prospects for gold prices remain positive, with analysts suggesting that the recent Federal Reserve rate cut may lead to a favorable environment for gold, despite short-term profit-taking pressures [5] - Goldman Sachs projected that gold prices could soar to $4,000 per ounce by 2026 under baseline scenarios, with potential peaks of $4,500 and $5,000 per ounce under tail risk scenarios [5]

Group 1 - Gold prices have reached a new historical high of $3720 per ounce, marking an increase of nearly 8% for the month [3] - Domestic gold jewelry prices have surpassed ¥1080 per gram, with brands like Chow Tai Fook and Lao Feng Xiang exceeding ¥1085 per gram [3] - The price of Chow Sang Sang's gold jewelry has reached ¥1090 per gram [3] Group 2 - The current geopolitical situation and uncertainties in future economic policies are contributing to the support of gold prices, particularly in the context of a potential interest rate cut by the Federal Reserve [3] - A weakening U.S. economy and the ongoing trend of "de-dollarization" in the global monetary system are expected to provide long-term support for gold prices [3]