Group 1 - The retail prices of gold in domestic jewelry stores show a divergence, with major brands like Chow Tai Fook and Chow Sang Sang maintaining a unified price of 1078 yuan per gram, while Lao Feng Xiang offers a slightly lower price of 1075 yuan per gram [1] - In terms of bank gold bar prices, Minsheng Bank's investment gold bar is priced at 844 yuan per gram, while China Construction Bank's "Jianhang Gold" gold bar is priced at 842 yuan per gram [1]

Market Overview - The jewelry sector increased by 0.38% on September 12, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Key Performers - Mankalon (300945) closed at 22.82, up 4.49% with a trading volume of 284,900 shares and a transaction value of 6.42 billion [1] - Other notable performers include: - Deep China A (000017) at 7.27, up 1.96% [1] - Cai Zhi Co. (665509) at 14.69, up 1.94% [1] - Ying Xitong Ling (603900) at 11.58, up 1.14% [1] - China Gold (600916) at 8.68, up 1.05% [1] Fund Flow Analysis - The jewelry sector saw a net inflow of 93.53 million from institutional investors, while retail investors experienced a net outflow of 27.79 million [2] - Mankalon had a net outflow of 43.11 million from institutional investors, indicating a shift in investment sentiment [3] - Deep China A experienced a net inflow of 23.93 million from institutional investors, suggesting strong interest [3] Summary of Individual Stocks - Mankalon: - Closing Price: 22.82, Change: +4.49%, Net Institutional Inflow: -43.11 million [1][3] - Deep China A: - Closing Price: 7.27, Change: +1.96%, Net Institutional Inflow: 23.93 million [1][3] - China Gold: - Closing Price: 8.68, Change: +1.05%, Net Institutional Inflow: 736.78 million [3]

股票简称：老凤祥 股票代码：600612 编号：临 2025-035 老凤祥 B 900905 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个别及连带责任。 老凤祥股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会的公告 1.投资者可在 2025 年 9 月 19 日（周五）15:00 至 17:00，登录"全景路演" 网站（https://rs.p5w.net/html/175611728073329.shtml）；或关注微信公众号：全 景财经；或下载全景路演 APP，参与本次说明会。 2.为便于交流，投资者可于 2025 年 9 月 18 日（周四）15:00 前将需要了解与 关注的问题通过电子邮件的形式发送至公司邮箱 lfx600612@lfxgf.com，公司将 在说明会上，在信息披露允许的范围内对投资者普遍关注的问题进行回答。 四、联系人及咨询办法 特此公告。 老凤祥股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日发布了《公 司 2025 年半年度报告》。为进一步加强与投资者的 ...

Core Viewpoint - The international spot gold price has surged significantly in 2023, rising from $2,625 per ounce to over $3,600 per ounce, marking an increase of over $1,000 per ounce and a year-to-date gain of 40% [2][3]. Group 1: Price Movements - On September 9, the spot gold price reached a new high of $3,674.78 per ounce, with COMEX gold futures also reflecting a similar increase, nearing 40% year-to-date [3]. - Domestic gold-related stocks experienced a strong rally, with several stocks hitting the daily limit up, including Western Gold, Chifeng Jilong Gold Mining, and Hengbang Shares [2][3]. Group 2: Factors Driving Gold Prices - The recent rise in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the independence of the Fed impacting the US dollar, and increased risk aversion due to fiscal and political pressures [4][6]. - The downward revision of US non-farm payroll data has intensified market bets on multiple rate cuts by the Fed, further supporting gold prices [6]. Group 3: Central Bank Activities - Central banks globally have been increasing their gold reserves, with the People's Bank of China reporting a rise in gold reserves to 74.02 million ounces, marking the tenth consecutive month of increases [7]. - The World Gold Council noted that global official gold reserves increased by 166 tons in Q2 2023, maintaining a high level of accumulation [7]. Group 4: Long-term Outlook - Analysts believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Various institutions have raised their gold price targets, with forecasts suggesting prices could reach $4,000 per ounce by 2026 under certain scenarios [9].

Core Viewpoint - International gold prices have entered a new round of increases, becoming increasingly "unattainable" as they reach historical highs, driven by multiple factors including expectations of interest rate cuts by the Federal Reserve, weakened dollar confidence, and ongoing geopolitical risks [2][4][5]. Price Trends - Since the beginning of the year, international spot gold prices have risen from $2,625 per ounce to over $3,600 per ounce, with a cumulative increase of over $1,000 per ounce and a year-to-date rise of 40% [2][4]. - On September 9, spot gold prices reached a record high of $3,674.78 per ounce, with domestic gold concept stocks experiencing significant gains [2][4]. - The retail price of physical gold has also seen a notable increase, with prices for gold jewelry surpassing historical peaks, reaching over 1,070 RMB per gram [2]. Factors Driving Gold Prices - The recent surge in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the Fed's independence affecting the dollar index, and rising risk aversion due to fiscal and political pressures [5]. - The downward revision of U.S. non-farm employment data has intensified market bets on multiple rate cuts by the Fed within the year [5]. - Global central banks have been increasing their gold reserves, providing long-term support for gold prices. As of August, China's central bank's gold reserves increased to 74.02 million ounces, marking the tenth consecutive month of increases [6]. Long-term Outlook - Many institutions believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Analysts predict that gold prices could reach $3,800 per ounce in the near future, with significant support from ongoing central bank purchases and rising demand for safe-haven assets [8][9]. - Major financial institutions have raised their target prices for gold, with forecasts suggesting prices could reach between $4,000 and $5,000 per ounce by 2026 under extreme risk scenarios [9]. Investment Strategy - Given the low correlation of gold with other major asset classes, it is recommended that investors consider gold as a fundamental component of their asset allocation, employing strategies such as dollar-cost averaging or buying on dips [9].

Market Overview - The jewelry sector experienced a decline of 2.21% on September 10, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Notable declines in individual stocks include: - Chao Hong Ji (002345) down 6.23% with a closing price of 15.05 and a trading volume of 360,300 shares [2] - Mankalon (300945) down 4.96% with a closing price of 22.82 and a trading volume of 377,600 shares [2] - China Gold (600916) down 2.03% with a closing price of 8.68 and a trading volume of 737,300 shares [2] - Other stocks such as Lao Feng Xiang (600612) and Zhou Da Sheng (002867) also saw declines of 0.72% and 1.44% respectively [1][2] Capital Flow Analysis - The jewelry sector saw a net outflow of 430 million yuan from institutional investors, while retail investors contributed a net inflow of 422 million yuan [2][3] - The capital flow for key stocks indicates: - Chao Hong Ji had a net outflow of 79.22 million yuan from institutional investors [3] - China Gold experienced a net outflow of 63.42 million yuan from institutional investors [3] - Lao Feng Xiang had a net outflow of 54.84 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the jewelry sector shows significant activity with total trading volumes and values across various stocks, indicating a mixed sentiment among investors [1][2][3]

Group 1 - The core point of the article highlights that the price of gold jewelry in China has surpassed 1070 yuan per gram, indicating a significant increase in gold prices [1] - The specific prices for various brands are as follows: Chow Sang Sang's gold jewelry is priced at 1074 yuan per gram, which is an increase of 8 yuan per gram from the previous day [1] - Other brands such as Chow Tai Fook, Lao Feng Xiang, and Luk Fook Jewelry are priced at 1073 yuan per gram, reflecting a rise of 13 yuan per gram compared to the previous day [1]

Core Viewpoint - The "99 Golden Jewelry Consumption Carnival" in Shanghai marks a significant initiative to boost the local jewelry market through online live streaming and offline exhibitions, responding to the new retail trends and consumer demands in the gold jewelry sector [2][3][4]. Group 1: Event Overview - The "99 Golden Jewelry Consumption Carnival" is a collaborative live streaming event featuring leading brands such as Lao Feng Xiang, Lao Miao, and China Gold, aimed at enhancing consumer access to high-quality gold jewelry [2]. - The event commenced on September 9 and will continue until mid-November, incorporating various online live streaming activities and offline jewelry exhibitions [3]. Group 2: Market Dynamics - The current domestic gold jewelry market is experiencing a transformation, driven by rising international gold prices and evolving consumer preferences that prioritize both cost-effectiveness and emotional value [4]. - The carnival is designed to align with the ongoing development of Shanghai's international jewelry fashion zone, promoting night economy growth and enhancing consumer engagement in the gold jewelry sector [4]. Group 3: Future Prospects - The organizers aim to elevate the "99 Golden Jewelry Consumption Carnival" into a landmark event for the gold jewelry industry in Shanghai and potentially nationwide, establishing it as a key platform for gold jewelry consumption [4].

Group 1 - The jewelry sector increased by 0.98% on September 8, with Lao Fengxiang leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] - Lao Fengxiang's stock price rose by 6.19% to 53.88, with a trading volume of 130,500 shares and a transaction value of 697 million yuan [1] Group 2 - The jewelry sector experienced a net outflow of 136 million yuan from institutional investors, while retail investors saw a net inflow of 214 million yuan [2] - The trading data indicates that Lao Fengxiang had a net outflow of 23.24 million yuan from institutional investors, while retail investors had a net outflow of 6.67 million yuan [3] - Other notable stocks included Zhou Dashing, which saw a net inflow of 13.16 million yuan from institutional investors, but a net outflow of 14.25 million yuan from retail investors [3]

21世纪经济报道记者 叶麦穗 黄金价格惯性上攻，最高触及3599.95美元/盎司，继续刷新历史高点，沪金助力合约也站上820元/克。 金价上涨效应传导至黄金消费市场，多个品牌金饰价格已经多日维持在每克千元的高位。9月8日，周大 福、六福、潮宏基等品牌足金饰品均报价1060元/克。黄金价格居高不下，"淘金"的黄金珠宝企业2025 年上半年业绩也出现冰火两重天的局面。 传统首饰金店面临业务萎缩困境 年轻化黄金首饰受欢迎 金价高企在一定程度上抑制了黄金饰品的需求，特别是一些传统黄金首饰的金店，出现营收和利润双降 的尴尬局面，有些甚至不得不通过收缩店面来降低损失。老凤祥、明牌珠宝、中国黄金、周大生等黄金 饰品公司业绩均出现不同程度的下滑。 老凤祥发布2025年半年报显示，公司上半年营业收入为333.56亿元，同比下降16.52%；归母净利润为 12.20亿元，同比下降13.07%；扣非归母净利润为10.53亿元，同比下降27.86%。 明牌珠宝上半年营业收入为19.4亿元，同比下降20.3%；归母净利润亏损7759万元，同比下降646.6%； 扣非归母净利润自去年同期亏损1383万元变为亏损9346万元，亏损额进一步 ...