Group 1: Production and Supply - In the first three quarters, domestic raw gold production reached 271.782 tons, a year-on-year increase of 1.39% [1] - Imported raw gold production totaled 121.149 tons, marking a year-on-year growth of 8.94% [1] - The combined production of domestic and imported raw gold was 392.931 tons, reflecting a year-on-year increase of 3.60% [1] - By the third quarter of 2025, large gold groups in China achieved an overseas mineral gold output of 61.439 tons, up 18.39% year-on-year [1] Group 2: Consumption Trends - Gold consumption in China for the first three quarters was 682.730 tons, a decrease of 7.95% year-on-year [1] - Gold jewelry consumption fell to 270.036 tons, down 32.50% year-on-year [1] - Demand for gold bars and coins increased to 352.116 tons, a year-on-year growth of 24.55% [1] - Industrial and other gold usage rose to 60.578 tons, reflecting a year-on-year increase of 2.72% [1] - The performance of different gold product categories showed significant variance, with high-value jewelry products maintaining strong market appeal [1] Group 3: Market Dynamics - The gold industry is focusing on high-quality development, with several strategically significant exploration and development projects progressing steadily [1] - The rapid development of industries such as electronics and new energy is contributing to a steady recovery in industrial gold demand [1] Group 4: Central Bank Activities - Global central banks have been continuously increasing their gold reserves, with China adding gold for 11 consecutive months from November last year to September this year [2] - As of the end of September, China's gold reserves stood at 2303.52 tons [2]

Industry Overview - The performance of different categories of gold products shows significant differences, with lightweight and high-value jewelry products maintaining strong market appeal and good sales [1][2] - Demand for gold bars remains robust, while the rapid development of electronic and new energy industries is steadily increasing the demand for industrial gold [1][2] Production and Consumption Data - In the first three quarters of 2025, China's gold production reached 271.782 tons, an increase of 3.714 tons or 1.39% year-on-year, with imported gold production at 121.149 tons, up 8.94% [1] - Total gold consumption in China for the same period was 682.730 tons, a decrease of 7.95% year-on-year, with jewelry consumption down 32.50% to 270.036 tons, while gold bars and coins increased by 24.55% to 352.116 tons [1][2] Market Activity - The Shanghai Gold Exchange reported a total trading volume of 23,800 tons in the first three quarters of 2025, a year-on-year increase of 2.45%, with a trading value of 17.68 trillion yuan, up 41.55% [2] - The domestic gold ETF saw an increase in holdings of 79.015 tons, a 164.03% year-on-year growth, bringing total holdings to 193.749 tons by the end of September [2] Strategic Developments - The gold industry is focusing on high-quality development, with significant exploration and development projects underway, including the Dadonggou gold mine in Liaoning, which has a preliminary resource estimate of nearly 1,500 tons [3] - Major gold companies are advancing their "going out" strategy, with domestic large gold groups achieving a gold production of 61.439 tons from overseas mines, an increase of 18.39% year-on-year [3]

- The report introduces a "Total Heat Index" as a quantitative factor, which aggregates the browsing, watchlist, and click counts of individual stocks, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range of this index is [0, 10,000][7] - The "Total Heat Index" is used as a proxy variable for "sentiment heat" at the broader levels of broad-based indices, industries, and concepts. It is calculated by summing up the total heat indices of constituent stocks within each group[7] - A "Broad-Based Index Rotation Strategy" is constructed based on the weekly heat change rate (MA2) of broad-based indices. The strategy involves buying the broad-based index with the highest heat change rate at the end of each week. If the "Other" group has the highest change rate, the strategy remains in cash. The annualized return of this strategy since 2017 is 8.74%, with a maximum drawdown of 23.5%, and a return of 38.52% in 2025[13][16] - For industry-level heat, the same methodology is applied to calculate the weekly heat change rate (MA2) for Shenwan Level 1 and Level 2 industries. The report highlights that the Shenwan Level 1 industry with the highest positive heat change rate (MA2) this week is "Oil & Petrochemical," which increased by 48.6% compared to the previous week. The industry with the largest negative heat change rate is "Nonferrous Metals," which decreased by -14.2%[20][27] - At the concept level, the report constructs two simple portfolios: a "Heat TOP Portfolio" and a "Heat BOTTOM Portfolio." The "Heat TOP Portfolio" selects the top 10 stocks with the highest total heat within the top 5 concepts with the largest heat change rates. The "Heat BOTTOM Portfolio" selects the bottom 10 stocks with the lowest total heat within the same concepts. The "BOTTOM Portfolio" has historically achieved an annualized return of 15.71%, with a maximum drawdown of 28.89%, and a return of 42% in 2025[31][33]

投资者可于 2025 年 11 月 11 日(星期二)至 11 月 18 日(星期二)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过中国黄金集团黄 金珠宝股份有限公司（以下简称"公司"）邮箱 zjzb@chnau99999.com 进行 提问。公司将在说明会上对投资者普遍关注的问题在信息披露允许的范围内 进行回答。 公司已于 2025 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）发 布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年前三季度经营成果、财务状况，公司计划于 2025 年 11 月 19 日(星期三)下午 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 证券代码：600916 证券简称：中国黄金 公告编号：2025-044 中国黄金集团黄金珠宝股份有限公司 关于召开 2025 年第三季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。 重要内容提示： 一、说明会类型 本 ...

Market Overview - The jewelry sector increased by 2.54% on November 10, with Cuihua Jewelry leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Cuihua Jewelry (002731) closed at 14.83, up 7.62%, with a trading volume of 324,000 shares and a turnover of 478 million yuan [1] - Mankalon (300945) closed at 18.27, up 5.24%, with a trading volume of 183,300 shares and a turnover of 330 million yuan [1] - ST Xinhua Jin (600735) closed at 6.96, up 4.98%, with a trading volume of 188,700 shares and a turnover of 6.13 million yuan [1] - Other notable performers include Jin Yi Culture (002721) up 4.86%, Chao Hong Ji (002345) up 4.56%, and Cai Zi Co. (605599) up 3.70% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 71.3 million yuan from institutional investors, while retail investors experienced a net inflow of 10.6 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing stronger interest compared to retail investors [2] Detailed Capital Flow for Selected Stocks - Jin Yi Culture (002721) had a net inflow of 48.1 million yuan from institutional investors, but a net outflow of 41.1 million yuan from retail investors [3] - Mankalon (300945) saw a net inflow of 27.5 million yuan from institutional investors, while retail investors had a net outflow of 27.6 million yuan [3] - ST Xinhua Jin (600735) experienced a significant net inflow of 22.5 million yuan from institutional investors, with retail investors also showing a net outflow [3]

Core Insights - The cultivated diamond concept sector saw a rise of 3.46%, ranking second among concept sectors, with 14 stocks increasing in value [1] - Notable gainers included World, Inno Laser, and Sifangda, which rose by 9.80%, 8.70%, and 6.74% respectively [1] - The sector experienced a net inflow of 301 million yuan from main funds, with seven stocks receiving significant inflows [1] Fund Flow Analysis - The top stocks in terms of net fund inflow were Jing Sheng Electric, Inno Laser, and World, with inflows of 149 million yuan, 86.60 million yuan, and 64.02 million yuan respectively [1][2] - Inno Laser led with a net inflow rate of 12.10%, followed by Jing Sheng Electric at 8.89% and World at 6.14% [2] - The overall performance of the cultivated diamond concept was supported by strong fund inflows, indicating investor confidence in the sector [1][2] Stock Performance - The stock performance table highlighted that Jing Sheng Electric had a daily increase of 3.39% with a turnover rate of 3.27% [2] - Inno Laser's stock rose by 8.70% with a turnover rate of 10.95%, showcasing strong trading activity [2] - Conversely, stocks like Guoli Electronics and Guoji Precision experienced declines of 0.73% and 0.46% respectively, indicating mixed performance within the sector [3]

Investment Rating - The report highlights a positive investment outlook for the duty-free sector, particularly focusing on China Duty Free Group (中国中免) as a key investment opportunity [2][3]. Core Insights - The upcoming 2026 Spring Festival, which will be the longest in history, is expected to significantly boost the tourism market, with a surge in demand for long-distance and outbound travel [2]. - The initial effects of the new duty-free policy in Hainan are evident, with a reported duty-free shopping amount of 78.549 million yuan on the first day, marking a 6.1% increase compared to the previous day [2]. - The report emphasizes the importance of monitoring companies that are likely to exceed expectations in their Q3 reports, including Greenlink Technology (绿联科技) and Jiajiayue (家家悦) [2]. Summary by Relevant Sections Duty-Free Sector - The report indicates that the new duty-free policy has led to a notable increase in shopping activity, with 54,800 items sold and 12,700 visitors on the first day of implementation [2]. - China Duty Free Group is highlighted as a key focus for investment due to its strong market position [2]. Jewelry and Gold - The report notes significant price fluctuations in gold, with leading jewelry brands like Chow Tai Fook (周大福) and Lao Feng Xiang (老凤祥) raising prices substantially [2]. - Consumers are reportedly buying gold at lower prices, benefiting companies such as Cai Bai Co. (菜百股份) and China Gold (中国黄金) [2]. Retail and E-commerce - The report mentions a 13-fold increase in order volume for the top 300 brands on JD.com during the Double Eleven shopping festival [2]. - Companies like Focus Technology (焦点科技) and Anker Innovations (安克创新) are identified as key players in the e-commerce sector [2]. Education Sector - The report highlights the ongoing education reform and suggests focusing on companies like Xueda Education (学大教育) and Tianli International Holdings (天立国际控股) [2]. AI and Optical Technology - Continuous iterations in AI glasses technology are noted, with a focus on companies like Conant Optical (康耐特光学) [2].

Group 1 - The core viewpoint of the article highlights the increase in gold production in China, with domestic raw gold production reaching 271.782 tons in the first three quarters of 2025, an increase of 3.714 tons compared to the same period in 2024, representing a year-on-year growth of 1.39% [1] - Additionally, imported raw gold production amounted to 121.149 tons, showing a year-on-year increase of 8.94% [1] - The total gold production from both domestic and imported raw materials reached 392.931 tons, reflecting a year-on-year growth of 3.60% [1]

Core Viewpoint - The gold and jewelry stocks have collectively rebounded following the announcement of new tax policies related to gold trading by the Ministry of Finance and the State Taxation Administration of China, which is expected to standardize the industry and impact non-compliant businesses while benefiting leading compliant brands [1][1]. Group 1: Stock Performance - As of the report, the stock prices of several gold and jewelry companies have increased: - Lao Pu Gold (06181) rose by 5.33% to HKD 642.5 - Chow Tai Fook (01929) increased by 3.98% to HKD 14.38 - Chow Sang Sang (00116) went up by 1.66% to HKD 12.85 - Luk Fook Holdings (00590) gained 1.09% to HKD 24.18 [1][1][1]. Group 2: Tax Policy Impact - The new tax policy has led to significant pricing differences among various gold jewelry brands, with prices for gold jewelry from brands like Chow Tai Fook, Chow Sang Sang, Lao Feng Xiang (600612), and Lao Miao ranging between CNY 1255-1259 per gram, while some brands have prices fluctuating between CNY 1100-1200 per gram [1][1]. - According to Huayuan Securities, the short-term increase in terminal prices may suppress consumer demand, but the long-term expectation is that the policy will regulate previous non-compliant tax practices, thereby promoting industry development [1][1][1]. Group 3: Market Dynamics - The new policy is anticipated to significantly impact non-compliant businesses, while leading compliant brands are expected to strengthen their competitive advantages, potentially driving market share towards these top brands in the medium to long term [1][1].

Core Insights - China's gold consumption in the first three quarters of 2025 reached 682.730 tons, representing a year-on-year decline of 7.95% [1] - The demand for gold jewelry decreased by 32.50% to 270.036 tons, while gold bars and coins saw an increase of 24.55% to 352.116 tons, and industrial and other gold usage rose by 2.72% to 60.578 tons [1] Summary by Category Gold Jewelry - Gold jewelry consumption fell significantly by 32.50%, totaling 270.036 tons, indicating a weaker market for this category [1] Gold Bars and Coins - The demand for gold bars and coins increased by 24.55%, reaching 352.116 tons, driven by heightened geopolitical tensions and economic uncertainty, which enhanced gold's role as a safe-haven asset [1] Industrial and Other Gold Uses - Industrial gold demand grew by 2.72% to 60.578 tons, supported by the rapid development of electronic and new energy industries [1] Gold ETFs - Domestic gold ETFs saw an increase in holdings by 79.015 tons, a substantial rise of 164.03% compared to the same period in 2024, with total holdings reaching 193.749 tons by the end of September [1]