（文章来源：每日经济新闻） 信达证券8月20日发布研报称，给予豫园股份（600655.SH，最新价：5.81元）买入评级。评级理由主要 包括：1）豫园股份是平台型消费产业公司，业务布局丰富；2）黄金珠宝行业乘金价东风，精品金饰引 领消费潮流；3）珠宝时尚业务稳立潮头，多品牌全渠道构筑竞争壁垒；4）其他消费产业贯彻瘦身健 体、拥轻合重、攻守平衡。风险提示：消费疲软、金价波动风险、渠道扩张不及预期、行业竞争加剧。 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The report highlights that the company, Yuyuan Group, is a platform-type consumer industry company with a diversified business layout, including jewelry fashion, cultural dining, national trend watches, beauty and health, and composite functional real estate. The company aims to create a happy life for global family customers and is actively embracing consumption structure adjustments and new trends in national trends [5][15] - The jewelry fashion business is positioned to lead the consumption trend, with the company leveraging its multi-brand and all-channel strategy to build competitive barriers [7][14] - The report provides a profit forecast for the company, estimating net profits attributable to the parent company for 2025, 2026, and 2027 to be 463 million, 1.259 billion, and 2.07 billion yuan respectively, with corresponding P/E ratios of 48.9X, 18.0X, and 10.9X [8][10] Summary by Sections Company Overview - Yuyuan Group is actively adjusting its business layout and deepening its "Oriental Lifestyle Aesthetics" strategy, focusing on family consumption and adapting to market changes [15][19] - The company has experienced significant fluctuations in operating performance, with revenue and profit growth from 2018 to 2022, but facing pressure in 2023 and 2024 due to external factors [15][19] Jewelry Fashion Business - The jewelry business, primarily under the brands "Laomiao" and "Yayi," has a strong market presence with 4,615 retail outlets by the end of 2024. The company employs a franchise model for rapid market expansion while enhancing brand image through direct stores [7][14] - The report notes a shift in consumer demand towards self-purchase and cultural significance in gold jewelry, with the company innovating in product design and marketing strategies [6][7] Other Consumer Segments - The report discusses the company's restaurant management and service sector, emphasizing the importance of traditional Chinese brands and a focus on light asset expansion [8] - The food, department store, and craft sectors are expected to transition from traditional craftsmanship to modern industrialization, with a focus on pre-prepared meals and health supplements [8] - The fashion watch segment shows stable revenue with improving profitability, while the property development and sales segment is anticipated to contribute positively in the future due to a solid project reserve [8][19] Financial Forecast and Investment Rating - The financial forecast indicates a recovery in net profit from 2025 onwards, with significant growth expected in subsequent years. The report assigns a "Buy" rating based on the company's strategic positioning and market potential [8][10][14]

证券之星消息，8月19日一般零售板块较上一交易日上涨1.05%，南宁百货领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。一般零售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) | | | --- | --- | --- | --- | --- | --- | --- | | 600712 | 南宁自货 | 7.38 | 7.11% | 80.25万 | | 5.95亿 | | 600857 | 宁波中百 | 13.61 | 4.45% | 6.89万 | | 9061.23万 | | 601086 | 国芳集团 | 11.10 | 4.32% | 40.54万 | | 4.42 乙 | | 000501 | 武商集团 | 12.56 | 3.97% | 1 95.48万 | | 11.69亿 | | 603101 | 汇嘉时代 | 8.60 | 3.61% | 38.72万 | | 3.27亿 | | 601010 | 文峰股份 | 2.71 | 3.44% | 84.47万 | | 2.26亿 | ...

复星集团将携旗下众多高端品牌参加消博会 新品全球首发 爆款独家发售 本报海口4月27日讯(记者 傅人意)首届中国国际消费品博览会即将在海口拉开帷幕。海南日报记者 4月27日从复星集团获悉，该集团旗下的多个全球知名消费品牌、多家成员企业将参加本届消博会。将 在首届消博会上亮相的复星"尖货"包括时尚、珠宝、化妆品、旅游、潮品、母婴等品类。 作为复星大快乐板块的旗舰企业，豫园股份将携10余个知名品牌参加首届消博会，其中不乏女性消 费群体热衷的产品。除了中华老字号，豫园还将带来包括意大利高端珠宝品牌Damiani、法国设计师珠 宝品牌DJULA、以色列高端护肤品牌AHAVA等国际知名品牌。同时，豫园珠宝时尚集团旗下的线上设 计师平台——"豫园珠宝创意之家"将以"原创中国美"为主题，展示中国珠宝新生代的原创力量。老庙将 在本届消博会上展出古韵金竹韵年年系列产品。 此外，部分豫园股份旗下主打"她经济"的新品将在消博会的平台上进行全球首发。例如，DJULA 品牌"华丽摇滚系列"耳环、项链、手链等珠宝;梅眉青梅酒针对"酒精小白"和爱酒人士推出的低酒精度 数酒饮——梅眉日日晴青梅气泡酒。届时，这些产品也将在线上进行展示。 复星 ...

2025年8月15日，上海清算所网站披露公告，为保证上海豫园旅游商城(集团)股份有限公司2025年度第 二期超短期融资券（债券简称：25豫园商城SCP002，债券代码：012580314.IB ）兑付工作的顺利进行 现将有关事宜公告。本期债券发行金额3亿元，起息日为2025年1月24日，发行期限210天，债项余额3亿 元，最新评级情况为AAA，本计息期债项利率4.74%/年，兑付日为2025年8月22日（如遇节假日，顺延 至下一工作日），本期应偿付本息金额308,181,369.86元。托管在银行间市场清算所股份有限公司的债 券，其付息/兑付资金由发行人在规定时间之前划付至指定收款账户后，由清算所在付息/兑付日划付至 债券持有人指定银行账户。债券付息/兑付日如遇法定节假日，则划付资金的时间相应顺延。此外，公 告称无其他需说明事项，公司及全体董监高等承诺公告内容真实准确完整及时并履行后续信息披露义 务。 ...

Core Viewpoint - The traditional gold and jewelry industry is undergoing significant transformation challenges, exemplified by the struggles of established brands like Laomiao Gold, which has experienced a dramatic decline in revenue and profit amidst a changing market landscape [2][4][10]. Group 1: Company Performance - Laomiao Gold's parent company, Yuyuan Group, reported a nearly halved revenue in Q1 2025, with a 71% drop in net profit to 51.8 million yuan [4]. - The jewelry fashion segment of Laomiao Gold saw a staggering 60.2% decline in revenue, while its inventory turnover days increased to 442 days, significantly higher than the industry average of 200-250 days [4][10]. - In contrast, Laopu Gold achieved a 166.4% year-on-year sales growth in 2024, with a net profit increase of 254%, and its stock price surged by 202% in Q1 2025 [4]. Group 2: Strategic Challenges - Laomiao Gold is attempting a comprehensive reform strategy, focusing on channel development, IP creation, R&D, talent acquisition, and digitalization to enhance competitiveness [5][10]. - Despite efforts to engage younger consumers through live streaming and innovative store formats, the effectiveness of these strategies is questioned due to high costs and limited conversion rates [6][10]. - The company faces a fundamental strategic dilemma regarding its identity and market positioning, struggling to define whether to pursue high-end craftsmanship, become a multi-channel giant, or focus on regional markets [10][12]. Group 3: Industry Context - The gold and jewelry industry is experiencing a bifurcation, with innovative brands like Laopu Gold and Chaohongji achieving rapid growth, while traditional brands like Laomiao Gold face declining performance [10][11]. - The industry is undergoing a reshuffling, where success is determined by strategic clarity and execution rather than historical legacy [12].

上海豫园旅游商城（集团）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 上海豫园旅游商城（集团）股份有限公司（简称"公司"） 拟于 2025 年 8 月 26 日在上海证券交易所网站（ www.sse.com.cn ）披露公司 2025 年半年度报告。 为了便于广大投资者更全面深入地了解公司 2025 年半年度业绩和经营情况，公司 拟于 2025 年 8 月 26 日（星期二 15:15-16:30）召开业绩说明会，就投资者普遍关 心的问题进行交流。 一、业绩说明会类型 业绩说明会通过网络在线方式召开，公司将针对 2025 年半年度业绩和经营情 况与投资者进行交流，并对投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）投资者可于 2025 年 8 月 26 日（星期二 15:15-16:30）登陆全景网 （ir.p5w.net）参与业绩说明会，公司将及时回答投资者的提问。 证券代码：600655 证券简称：豫园股份 公告编号：临2025-073 债 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-073 | | --- | --- | --- | | 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 关于召开 2025 年半年度业绩说明会的公告 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。 上海豫园旅游商城（集团）股份有限公司（简称"公司"） 拟于 2025 年 8 月 26 日在上海证券交易所网站（ www.sse.com.cn ）披露公司 2025 年半年度报告。 为了便于广大投资者更全面深入地了解公司 2025 年半年度业绩和经营情况，公司 拟于 2025 年 8 月 26 日（星期二 15:15-16:30）召开业绩说明会，就投资者普遍关 心的问题进行交流。 一、业绩说明会类型 业绩说明会通过网络在线方式召开，公司将针对 2025 年半年度业绩和经营情 况与投 ...

Core Insights - The article emphasizes the importance of night economy as a key driver for urban consumption growth, particularly highlighting Shanghai's initiatives to enhance its night economy [2][3][4] Group 1: Night Economy Initiatives - Shanghai's night economy index for 2024 predicts 4.03 million active night trips, with 75% of the city illuminated at night and 264,900 night movies screened [2] - The "Exciting Night Shanghai" series was launched with 10 new measures to support night economy, including 4 new initiatives and 6 optimized ones [2][13] - The introduction of night economy CEOs signifies a structured approach to enhance night consumption and improve operational efficiency [3][4] Group 2: Business Adaptations - Businesses are actively extending operating hours and creating new night consumption scenarios, with some restaurants reporting over 15% increase in night sales after extending hours [3][6] - The integration of cultural and entertainment activities, such as rooftop events and themed markets, is driving foot traffic and sales in commercial areas [9][10] - The collaboration between government and businesses is crucial for the success of night economy initiatives, with a focus on balancing economic benefits and policy implementation [7][8] Group 3: Economic Impact - Shanghai's night economy is projected to contribute significantly to overall consumption, with a reported night consumption total of 88.01 billion yuan, reflecting a 3.3% year-on-year growth [12] - The overall retail sales in Shanghai have stabilized, with a 1.7% year-on-year increase in the first half of the year, indicating a recovery in consumer spending [12] - The introduction of new night activities and improved infrastructure aims to create a safer and more appealing environment for night consumers [13]

夜经济只是支点之一，创新是全方位的。 在提振消费为经济重中之重的当下，夜经济作为推动城市消费增长的关键引擎，不仅引领着商业空间的创新发 展，也成为了各地持续加码的重点。"夜上海"自然当仁不让。 第一财经·新一线城市研究所发布的"2025中国城市夜经济指数"显示，2024年上海的夜间活跃出行人次403万次， 夜间灯光覆盖全市75%的面积，上映夜场电影26.49万场，夜间公交活跃范围1975平方公里，夜间经济综合指数位 列全国第一。 CEO们履新 在7月26日的启动仪式上，上海官方为首批"上海夜间经济人气地标首席执行官"及"上海夜生活好去处首席执行 官"颁发了证书，也意味着这些CEO正式走马上任。 作为上海夜生活好去处之一，上海环球港负责人用"赶上了时候"形容自己的心情。她告诉第一财经，早在今年4 月，环球港就开启了"环球不夜港"夜生活模式，通过免费停车、延长营业时间、推出夜间专属活动等一系列举 措，组织近30家商户共同打造夜间消费新场景。其中，以巴奴为典型的餐饮品牌更是率先开始了24小时全天候的 超长服务模式，并主动接洽歌迷会，收获了客流与销售额的显著增长——自延长营业时间以来，其门店夜间时段 的客流量、销售额 ...