Core Viewpoint - Multiple gold jewelry brands have raised the prices of gold jewelry, reflecting a significant increase in consumer demand and market activity amid rising gold prices [2][15]. Price Adjustments - Major brands have adjusted their gold prices as follows: - Chow Tai Fook: 1566 CNY/g (+4.75%) - Lao Feng Xiang: 1576 CNY/g (+3.82%) - Zhou Liu Fu: 1561 CNY/g (+4.77%) - Chow Sang Sang: 1570 CNY/g (+4.81%) - Liufuk Jewelry: 1564 CNY/g (+4.76%) - Wo Zhi Cao: 1564 CNY/g (+4.76%) - Lao Miao: 1571 CNY/g (+4.87%) [3][16]. Consumer Behavior - The market in Shenzhen's Shui Bei area is experiencing high foot traffic, with many consumers and dealers actively inquiring and placing orders [3][20]. - The "gold exchange" consumption method, where consumers trade in old gold for new pieces, has significantly increased, with this method accounting for about 20% of sales, up from previous years [9][22]. Seasonal Trends - The Chinese New Year is a traditional peak season for gold consumption, and despite recent price fluctuations, consumer sentiment remains optimistic about gold prices [5][18]. Market Statistics - According to the China Gold Association, gold consumption in China for 2025 is projected to be 950.096 tons, a year-on-year decrease of 3.57%. - Jewelry: 363.836 tons (-31.61%) - Gold bars and coins: 504.238 tons (+35.14%) - Industrial and other gold: 82.022 tons (+2.32%) [11][24]. - Domestic gold ETF holdings are expected to increase significantly, with a total annual increase of 133.118 tons in 2025, a 149.91% rise compared to 2024 [11][24]. Central Bank Activity - Global central banks, including China, have been consistently increasing their gold reserves, with China adding 26.75 tons in 2025, bringing total reserves to 2306.32 tons by the end of December [12][25].

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。 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2026-013 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于股东部分股份解除质押的公告 | 股东名称 | 上海复地投资管理有限公司 | | --- | --- | | 本次解除质押股份（股） | 17,000,000 | | 占其所持股份比例 | 1.66% | | 占公司总股本比例 | 0.44% | 1 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）控股股东上 海复星高科技（集团）有限公司（以下简称"复星高科技"）下属上海复地 投资管理有限公司（以下简称"复地投资"）持有本公司股份数量为 1,023,403,904 股，占公司总股本比例为 26.29%。本次办理股票解 ...

Group 1 - The A-share tax refund store sector has shown a continuous rise, with Maoye Commercial reaching the daily limit increase [2] - Hangzhou Xie Bai previously hit the daily limit, while Bai Da Group increased by over 5% [2] - Other stocks such as Guangbai Co., Hebai Group, Yuyuan, Bailian Group, and New World also experienced gains [2]

东方网记者程琦2月4日报道：当申城的街头巷尾挂起火红的灯笼，南京路步行街的霓虹与外滩的钟声交相辉映，马年的春节氛围已在上海的大街小巷氤氲 开来。豫园灯会的九曲桥畔人头攒动，来自世界各地的游客在光影流转中感叹"最上海"的年味；徐汇滨江的咖啡馆里，年轻人们分享着新春的喜悦；武康 路的弄堂口，外籍博主正举着支架直播上海的市井烟火。 这股升腾的"消费热浪"，不仅是节日的狂欢，更是上海国际消费中心城市活力的缩影。2024年上海入境游客超600万人次，社会消费品零售总额达到1.85 万亿元，这一串亮眼的数字背后，是上海作为"中国入境旅游第一站"的底气。 然而，面对日益激烈的国际竞争和消费者需求的深刻变化，上海如何从"流量"变"留量"？如何让全球消费者在上海"买得爽""玩得深""带得走"？在上海市 政协十四届四次会议上，促消费成为了委员们热议的焦点，来自不同领域的政协委员们展开热议，为上海消费能级的跃升贡献智策。 杨蓉委员（蔡黄浩 摄） 五维联动，文旅商体展打造消费新生态 2026上海《政府工作报告》中明确指出，2026年上海要"更大力度提振消费"，深入实施提振消费专项行动，加快建设国际消费中心城市。报告强调， 要"持续推 ...

Core Viewpoint - The company, Yuyuan Group (豫园股份), is facing significant financial challenges, with projected losses of approximately 48 billion yuan for 2025, following a loss of 21.09 billion yuan in 2024, indicating a total loss exceeding 68 billion yuan over two years [1][11]. Group 1: Financial Performance - The company expects a net profit loss of around 48 billion yuan and a net profit loss excluding non-recurring items of about 47 billion yuan for 2025 [1][11]. - In 2024, the company's net profit decreased by approximately 18.99 billion yuan, a decline of 93.81% year-on-year [4][14]. - The real estate sector's revenue has been under pressure, with a significant drop in income from 192.19 billion yuan in 2019 to 100.38 billion yuan in 2024, a decrease of 25.96% [3][13]. Group 2: Business Segments - The real estate segment's gross margin fell sharply from 29.31% in 2019 to 3.89% in 2024, reflecting a significant contraction in performance [3][13]. - The fashion jewelry segment, which is a core business for the company, generated revenue of 184.47 billion yuan in the first three quarters of 2025, accounting for nearly 65% of total revenue, but saw a year-on-year decline of 31.86% [7][16]. - The overall consumption sector, including dining, food retail, and cosmetics, has also experienced revenue declines, attributed to macroeconomic pressures and structural changes in the industry [9][19]. Group 3: Market Conditions - The real estate industry is undergoing a deep adjustment and destocking cycle, contributing to short-term performance pressures for the company [3][14]. - Rising gold prices have negatively impacted the fashion jewelry industry, with consumers delaying purchases due to high prices and preferring standardized investment gold bars over branded jewelry [7][16]. - New tax regulations on gold, effective from November 2025, are expected to further suppress consumer demand by increasing procurement costs for jewelry companies [9][19]. Group 4: Strategic Response - The company is implementing a strategy focused on optimizing asset structure by accelerating the destocking of real estate projects, acknowledging short-term performance pressures [10][20]. - The management has indicated a long-term narrative centered around the value release of core consumer businesses and international expansion, although the effectiveness of this strategy remains to be seen [10][20].

格隆汇2月3日｜方正证券研报指出，豫园股份房地产板块拖累业绩承压，经营内核持续改善。25年归母 利润-48.0亿元（24年+1.3亿）；扣非归母净利润-47.0亿元（24年-21.1亿）。当下整体消费环境依然疲 软，公司受制于地产板块拖累导致短期业绩明显承压。但乐观的是，随着地产逐步去化后续对公司报表 拖累减少；同时整体线下客流边际有所回暖，26年豫园灯会近期开启游客火爆；公司也同步发力旗下老 字号与高潜力品牌，逐步开启品牌出海及全球化布局，消费产业有望好转；后续大豫园片区中豫园二 期、福佑路地块落地将贡献增量。预计公司26年归母净利润10.1亿元，维持"推荐"评级。 ...

公司业绩承压主因：房价承压，公司基于谨慎性原则计提资产减值准备，同时动态优化销售策略，加快 推进房地产库存去化与资金回流，使得地产业务实际销售价格和毛利率同比下降。此外，因消费整体表 现一般，公司旗下消费产业有所承压，收入及毛利额同比有所下降。 投资建议：当下整体消费环境依然疲软，公司受制于地产板块拖累导致短期业绩明显承压。但乐观的 是，随着地产逐步去化后续对公司报表拖累减少；同时整体线下客流边际有所回暖，26 年豫园灯会近 期开启游客火爆；公司也同步发力旗下老字号与高潜力品牌，逐步开启品牌出海及全球化布局，消费产 业有望好转；后续大豫园片区中豫园二期、福佑路地块落地将贡献增量。我们预计公司26 年归母净利 润10.1 亿元，维持"推荐"评级。 坚定"东方生活美学"置顶战略，增强公司经营内核：但在25 年业绩承压的背后，我们也看到公司持续 瘦身健体回笼资金、降低负债率、优化财务结构，集中优势战略性聚焦投向高潜力、高增长、高利润、 高协同的核心产业，实现自身经营内核的持续改善。预计随着大幅计提房地产减值准备后，后续地产对 报表的拖累有望逐步减少。 老庙品牌转型初见成效：24-25 年金价持续走高对黄金珠宝行业造 ...

Core Viewpoint - The visit of UK Prime Minister Starmer to Yuyuan Garden and his purchase of the butterfly crisp signifies recognition of the Yuyuan brand and Chinese cultural influence, highlighting the need for Yuyuan to maximize its cultural value and promote Chinese culture globally [1] Group 1: Yuyuan's Role in International Consumption - Yuyuan Garden is a key player in Shanghai's development as an international consumption center, focusing on upgrading the jewelry fashion industry and enhancing urban consumption capabilities [1] - Yuyuan plans to enhance its appeal to international tourists by improving payment convenience and language services, aiming to create a welcoming experience for overseas visitors [3] Group 2: Brand Expansion and Cultural Promotion - Yuyuan has initiated cultural and brand expansion through events like the "Lantern Festival," with plans to open its first flagship store in London by 2025 and expand its presence in Southeast Asia [5] - The company emphasizes the importance of a solid business model and industry chain layout for successful international expansion, with a focus on key regions and replicable business models by 2026 [5] Group 3: Lantern Festival Enhancements - The Lantern Festival this year will see significant upgrades, including an expanded geographical area and the introduction of a "ticket root economy" model, where tickets serve as both entry passes and redeemable vouchers at local merchants [6] - The expected visitor count for this year's festival is projected to exceed 4 million, with a focus on enhancing the overall experience rather than just increasing numbers [6] Group 4: Jewelry Fashion Functional Zone Development - The establishment of the International Jewelry Fashion Functional Zone is seen as a significant opportunity for Yuyuan, aiming to enhance the cultural and aesthetic appeal of jewelry products [6] - The company is working on integrating the jewelry industry with cultural elements, focusing on reducing the financial attributes of gold products while enhancing their wearable and aesthetic qualities [7] Group 5: Revitalizing Traditional Brands - To invigorate the consumption vitality of traditional brands, Yuyuan suggests enhancing product cultural integration, creating immersive cultural consumption experiences, and establishing a robust system for Shanghai's signature gifts [8][9] - The company advocates for collaborative efforts between market entities and government to ensure the jewelry fashion functional zone becomes a hub for top brands and consumer experiences [7]

多位上海市政协委员的建言内容聚焦上海如何深化打造"国际消费中心城市"以及相关具体实施路径。 如何更大力度提振消费？激发消费活力应该如何实践？ 2026年上海两会期间，多位上海市政协委员的建言内容聚焦上海如何深化打造"国际消费中心城市"以及 相关具体实施路径。 "我此次关注的重点方向是上海国际消费中心城市建设。"上海市政协常委、东方国际（集团）有限公司 党委书记童继生在接受记者采访时表示，从数据上看，2025年上海社会消费品零售总额已超1.6万亿， 居全国城市第二，但对标纽约等国际一线城市来看，上海的国际消费整体市场还有很大的发展空间。 童继生根据消费人群提出三方面建议：第一，面向常驻上海的本地消费者来进行消费供给层面的转型与 升级，这包括为本地消费者提供创新服务的消费、创新学习的消费、文化鉴赏的消费等。第二，面向外 地客人来重点提升海派消费、时尚消费等领域内容的含量和外延的拓展。第三，面向外国客人提供更多 体验式、新中式和创意式的消费。 "尤其是外国客人来到上海也分为3类：外国的派驻机构（包括外交官和企业代表）、免签的入境游客、 在上海就业创业的新一代年轻的外国人士。针对游客，需要提供外国人在沪消费的新场景； ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]