2月4日，由世纪华通（002602.SZ）旗下盛趣游戏运营的《最终幻想14》（以下简称为FF14）与国内知名黄金珠宝品牌老凤祥合作推出的爱梅特赛尔克纪 念金卡，正式在盛趣游戏商城上线售卖。这款定价999元、限量490份的"黄金谷子"藏品，凭借高人气角色爱梅特赛尔克的独特魅力和稀缺属性，发售后迅 速被"光之战士"们抢购一空。 《FF14》爱梅特赛尔克纪念金卡 "黄金谷子"风潮下的跨界合作 "黄金谷子"一词，源于二次元圈层的"谷子文化"，它从"Goods"延伸而来，是黄金材质与动漫游戏IP相结合，兼具情绪价值、收藏属性与保值潜力的新兴 消费品类。近年来，随着黄金价格的稳步攀升与ACG文化影响力的持续扩大，这种相对于传统的吧唧、立牌更具保值属性的"黄金谷子"迅速走红，成为年 轻人消费新宠。据中国珠宝玉石首饰协会数据显示，2025年IP黄金类商品成交金额同比增长超294%，年轻群体对"能晒、能囤、能保值"的黄金类周边需 求显著提升。而此次《FF14》与老凤祥合作推出联名纪念金卡，正是这一趋势下的全新尝试。 人气角色加持 承载跨次元情感 爱梅特赛尔克是《FF14》5.0版本"暗影之逆焰"中塑造得极为成功的核心角色，也是 ...

Market Overview - The jewelry sector experienced a slight decline of 0.03% on February 4, with China Gold leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Notable gainers included: - Caizhi Co., Ltd. (605599) with a closing price of 25.23, up 5.43% and a trading volume of 305,900 shares, totaling 773 million yuan [1] - Shenhua A (000017) closed at 7.53, up 1.62% with a trading volume of 178,300 shares, totaling 134 million yuan [1] - Major decliners included: - China Gold (600916) closed at 12.17, down 6.31% with a trading volume of 2,423,000 shares [2] - Xinghua Jewelry (002731) closed at 11.05, down 0.90% with a trading volume of 307,700 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 465 million yuan from institutional investors, while retail investors contributed a net inflow of 464 million yuan [2] - The main capital flow for selected stocks showed: - Zhou Dazheng (002867) had a net inflow of 15.87 million yuan from institutional investors, while retail investors had a net outflow of 608,600 yuan [3] - Diya Co., Ltd. (301177) experienced a net inflow of 7.01 million yuan from institutional investors, with a net outflow of 68,700 yuan from retail investors [3]

Market Overview - The jewelry sector increased by 2.75% on February 3, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Cai Bai Co., Ltd. (605599) closed at 23.93, up 10.02% with a trading volume of 125,100 shares and a transaction value of 292 million [1] - ST XinHuaJin (600735) closed at 6.33, up 4.98% with a trading volume of 195,800 shares and a transaction value of 122 million [1] - Chao Hong Ji (002345) closed at 12.70, up 4.44% with a trading volume of 214,600 shares and a transaction value of 268 million [1] - Man Ka Long (300945) closed at 19.33, up 4.26% with a trading volume of 349,200 shares and a transaction value of 665 million [1] - Other notable stocks include Shen Zhonghua A (000017) at 7.41, up 4.07%, and Mingpai Jewelry (002574) at 6.47, up 3.69% [1] Capital Flow - The jewelry sector experienced a net outflow of 555 million from institutional investors, while retail investors saw a net inflow of 392 million [2] - The net inflow from speculative funds was 162 million [2] Individual Stock Capital Flow - Cai Bai Co., Ltd. had a net inflow of 65.33 million from institutional investors, but a net outflow of 46.25 million from retail investors [3] - Zhou Da Sheng (002867) had a net inflow of 13.05 million from institutional investors, with a net outflow of 7.68 million from retail investors [3] - Lao Feng Xiang (600612) saw a net inflow of 12.57 million from institutional investors, while retail investors had a net outflow of 17.84 million [3] - Other stocks like ST XinHuaJin and Di A Co., Ltd. also showed varied capital flows with both inflows and outflows from different investor types [3]

扬子晚报网2月3日讯（记者 范晓林）截至发稿，现货黄金重新站上4900美元/盎司，日内涨超5%；现货白银报86.105美元/盎司，日内涨12%。金饰品价格 方面，老凤祥克均价1518元，周生生克均价1498元，周大福、周大生克均价1495元。二级市场贵金属板块龙头股晓程科技日内涨幅18.67%，湖南黄金涨 停。 | 15:30 | | | | | ·Il 5G O | | | --- | --- | --- | --- | --- | --- | --- | | L | | | w 商品 | | D | | | 全球 | 港股 | 美股 | | 商品 | 外汇 II 深深 三 | A股 | | 已为您生成昨日市场智评 | | | | | 查看 | | | 全球商品 | | | 中国商品 原油 | | 黄金白银 | | | 贵金属 区 | | | | | | | | 伦敦银现 | 伦敦金现 | | | | COMEX黄金 | | | 4900.800 | | | 86.123 | | 4909.5 | | | +241.522 +5.18% | | | +6.992 +8.84% | | +256.9 +5.5 ...

Group 1: Domestic Gold Market - The domestic gold market is experiencing a "cold and warm differentiation," with mainstream brand gold stores showing a collective price rebound, maintaining prices in the range of 1490-1548 yuan per gram [1] - Major brands like Caibai and Shanghai China Gold saw a significant drop of 60 yuan per gram, leading to an expanded price gap of 58 yuan between high and low prices in gold stores [1] - Detailed price quotes from various gold stores indicate that Lao Miao Gold is priced at 1498 yuan per gram, with an increase of 9 yuan, while Lao Feng Xiang is at 1548 yuan per gram, up by 50 yuan [1] Group 2: Gold Recycling Prices - The gold recycling prices have also seen an increase, with the reference price for gold recycling at 1066.80 yuan per gram [1] - Specific recycling prices for brands include 1109.80 yuan for Caizhi Gold and 1312.00 yuan for Chow Tai Fook [1] Group 3: International Gold Market - The international spot gold price experienced a decline, closing at 4659.35 USD per ounce, with a drop of 4.80%, but rebounded to 4889.31 USD per ounce, reflecting a rise of 4.94% [4] - Analysts from Metals Focus and JPMorgan Chase suggest that the recent price adjustments are necessary to release accumulated upward pressure, with a long-term outlook for gold prices remaining positive [4] - The recent increase in the US ISM Manufacturing PMI to 52.6 has influenced the dollar index, contributing to the downward movement of gold prices [4]

智通财经编辑 | 楼婍沁 2月2日，黄金价格出现明显回落，国内多家黄金饰品品牌当日下调足金饰品挂牌价，其中，周大福足金 饰品克价降至1489元/克，较1月29日的阶段高点1706元/克明显回落；老凤祥当日挂牌价为1498元/克， 与昨日持平，但与1月29日的1713元/克也有215元的差距。 从此前价格走势看，上述品牌金饰克价在1月下旬曾连续上调，并在1月29日前后触及阶段高位。国际市 场方面，2月2日盘中，现货黄金价格一度跌至4400美元关口附近，价格波动加大。 图源：智 通财经 周芳颖 智通财经记者 | 周芳颖 源：智通财经 周芳颖 相邻的周大福门店内，同样有一些顾客在柜台前挑选试戴。柜台工作人员向界面时尚表示，近期到店客 流量与此前相比"差不多"，并未因金价回调出现明显起伏。当日柜台工作人员向界面时尚热情介绍克价 优惠信息，足金饰品挂牌价为1489元/克，在叠加活动后实际克价约为1409元/克。期间亦有顾客进店后 直接询问"今天多少一克"，也有人在了解优惠规则后继续对比不同款式，表现出明确的购买意向。 界面时尚实地探访了有"上海水贝"之称的豫园商圈。多家黄金珠宝品牌沿街分布，即便是在2月2日这样 一个周 ...

智通财经记者 | 周芳颖 图源：智通财经 周芳颖 智通财经编辑 | 楼婍沁 2月2日，黄金价格出现明显回落，国内多家黄金饰品品牌当日下调足金饰品挂牌价，其中，周大福足金饰品克价降至1489元/克，较1月29日的阶段高点1706 元/克明显回落；老凤祥当日挂牌价为1498元/克，与昨日持平，但与1月29日的1713元/克也有215元的差距。 从此前价格走势看，上述品牌金饰克价在1月下旬曾连续上调，并在1月29日前后触及阶段高位。国际市场方面，2月2日盘中，现货黄金价格一度跌至4400美 元关口附近，价格波动加大。 界面时尚实地探访了有"上海水贝"之称的豫园商圈。多家黄金珠宝品牌沿街分布，即便是在2月2日这样一个周一的工作日下午，商圈内依然保持着不低的人 流密度。商场入口处不断有游客和消费者进出，部分门店门口需要排队等候，头部黄金饰品柜台前也常有客人驻足。 在老凤祥柜台前，几组顾客围着展示盘反复询问克价与工费情况，有人拿着手机计算重量与总价，也有人直接试戴成品。柜台工作人员告诉界面时尚，近期 购买黄金的人数"没有太明显的变化"，消费者对后市的判断并不一致。"有些人觉得还会涨，有些人觉得可能会再跌，也有不少人就是保 ...

Summary of the Conference Call on the Gold and Jewelry Industry Industry Overview - The focus is on the gold and jewelry industry, particularly the investment opportunities amidst fluctuating gold prices [1][2][3]. Key Points and Arguments 1. **Impact of Gold Price Decline** - The recent drop in gold prices does not affect the long-term logic of the gold and jewelry sector. The business model relies on brand fees linked to annual sales, which provides a stable cash flow that is not significantly impacted by short-term gold price fluctuations [1]. 2. **Gold Price Trends** - The gold price in Shanghai reached a high of 800 yuan in April 2025 and 1250 yuan in January 2026, before falling to approximately 1050 yuan at the end of January 2026. As long as the price does not drop below 800 yuan, the long-term fundamentals of the gold and jewelry market remain intact, presenting potential buying opportunities during price volatility [1]. 3. **Direct Sales vs. Franchise Models** - Direct sales companies such as Cai Bai Co., Lao Pu Gold, Liufu Group, and Chow Sang Sang are more directly affected by gold price changes, with short-term sales impacting profits. For instance, Cai Bai Co.'s performance forecast for 2025 exceeded expectations due to the gold price being 995 yuan at the end of 2025 [1]. - Franchise models like Chow Tai Fook, Chow Tai Sheng, Lao Feng Xiang, and others typically reflect consumer demand recovery after gold price changes, which may take 3-5 quarters. Currently, these franchise companies are at lower stock price levels, indicating more certain investment opportunities [2]. 4. **Comparison with Gold Mining Companies** - Gold jewelry companies have significantly better cash flow compared to gold mining companies. For example, the dividend payout ratios since listing are 88% for Chow Tai Fook, 58% for Chow Tai Sheng, and 60% for Cai Bai Co., while mining companies like Shandong Gold, Chifeng Gold, and Hunan Gold have much lower ratios of 21%, 5%, and 19% respectively [2]. - There is a time lag in stock price reactions; gold mining stocks respond immediately to gold price increases, while jewelry companies show delayed responses [2]. 5. **Market Reactions and Opportunities** - The recent drop in gold prices may lead to panic selling in the market. However, the long-term business model advantages remain unchanged, and adjustments in stock prices may present buying opportunities. Companies in the direct sales model are expected to benefit if gold prices do not fall significantly below 1000 yuan [2][3]. 6. **Franchise Model Resilience** - Franchise brands will also benefit as long as gold prices do not drop below 800 yuan, with gradual performance improvements expected even in a fluctuating market [3]. Additional Important Insights - The analysis emphasizes the resilience of the gold and jewelry sector against short-term price fluctuations and highlights the importance of understanding different business models within the industry for investment decisions [1][2][3].

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

在经历了此前的一轮强势上涨后，国际黄金和白银价格1月30日继续大幅下跌，均创下数十年来最大单日跌幅。 美东时间1月30日下午，纽约商品交易所4月黄金期价一度跌破每盎司4800美元关口，跌幅超过10%；3月白银期价一度跌破每盎司80美元关口，跌幅超过 30%。 多重因素引发国际贵金属价格创纪录暴跌 市场分析认为， 美国总统特朗普30日提名美国联邦储备委员会前理事凯文·沃什为下任美联储主席，加剧此次贵金属价格大跌。沃什曾公开批评量化宽松 政策的副作用，认为美联储需要与美国财政部在政策上更紧密地协作。 美国劳工部30日公布2025年12月份和全年核心生产者价格指数（PPI）均高于经济学家此前预期，显示通胀逐渐融入整体经济。生产者价格上涨可能迫使 美联储维持"中性"货币政策的时间长于预期，利空金价。 分析人士认为，经历近一个月来金银价格暴涨，此次市场抛售在所难免。总部位于伦敦的布里坦尼亚全球市场公司资产经纪公司分析师表示， 考虑到1月 份贵金属上涨的速度和幅度，此次回调并不出乎意料。 英国研究机构金属聚焦公司分析师认为，近来贵金属上涨行情呈现非理性，但鉴于投资者面临持续的地缘政治风险和经济不确定性，市场抛售或难以持 ...