南财智讯10月15日电，中国黄金公告，中信证券投资有限公司完成了其减持计划。减持前，中信证券投 资持有公司1391.94万股，占公司总股本的0.83%。根据减持计划，中信证券投资拟通过集中竞价方式减 持不超过1391.94万股，即不超过公司总股本的0.83%。减持期间为2025年7月16日至2025年10月14日。 截至本公告披露日，中信证券投资已通过集中竞价交易方式减持1391.94万股，占公司总股本的0.83%， 减持计划已实施完毕。减持价格区间为8.23至9.00元/股，实际减持金额约为1.18亿元。 ...

Overview of Q2 and H1 2025 - In Q2 2025, retail gold investment and consumption demand in China reached 245 tons, a 10% decrease quarter-on-quarter but a 28% increase year-on-year, marking the highest Q2 level since 2013 [1] - Total demand for the first half of 2025 reached 518 tons, reflecting a 5% year-on-year growth [1] - In monetary terms, retail gold investment and consumption demand in Q2 and H1 2025 hit record highs of 189 billion RMB and 372 billion RMB, respectively [1] Jewelry Demand - Jewelry consumption in Q2 fell to 69 tons, a 20% year-on-year decline and a significant 45% drop quarter-on-quarter, representing the weakest Q2 performance since 2007 [4] - The total jewelry demand for H1 2025 was 194 tons, down 28% year-on-year, influenced by a 24% increase in domestic gold prices that eroded consumer purchasing power [4] - Despite the decline in volume, the total expenditure on jewelry in H1 2025 remained stable at 137 billion RMB, matching the previous year's level and exceeding the ten-year average by 34% [4] Gold Bar and Coin Sales - Sales of gold bars and coins in Q2 surged by 44% year-on-year to 115 tons, driving H1 retail investment demand to 239 tons, a 26% increase year-on-year and the highest level in 12 years [1] Gold ETF Performance - The Chinese market saw its strongest quarterly performance for gold ETFs, with inflows of 46.4 billion RMB (approximately 6.5 billion USD) in Q2, leading to an increase of 61 tons in holdings [1] - The total assets under management (AUM) for gold ETFs in H1 2025 skyrocketed by 116% to 152.5 billion RMB (approximately 21.3 billion USD), with total holdings rising by 74% to 200 tons [1] Central Bank Gold Purchases - The People's Bank of China continued its gold purchases in H1 2025, accumulating 19 tons, including 6 tons in Q2, bringing the official gold reserves to 2,299 tons, which constitutes 6.7% of total foreign exchange reserves [2] Outlook for H2 2025 - Jewelry consumption may continue to face pressure from low consumer confidence and high gold prices, with ongoing industry consolidation potentially suppressing upstream demand [3] - However, seasonal improvements and potential monetary or fiscal policy support could provide some relief [3] - Gold investment demand is expected to remain strong due to persistent global geopolitical and economic risks, alongside domestic growth uncertainties, which may drive investor interest in gold bars and coins [3] - Expectations of interest rate cuts and continued gold purchases by the People's Bank of China could further boost interest among Chinese investors [3]

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]

Group 1: Current Precious Metal Prices - As of October 13, 2025, spot gold is priced at $4018.7 per ounce, while spot silver is at $50.24 per ounce, and platinum has decreased by 3.9% to $1587.6 per ounce [1] - Various gold and platinum prices from different jewelry stores in China show a range for gold from 986 to 1183 RMB per gram and platinum from 368 to 641 RMB per gram [2][3][4][5][6][7][8][9][10][11] Group 2: Recent Trends in Gold Prices - The latest price for gold in RMB is 909.58 RMB per gram, reflecting an increase of 11.84 RMB, or 1.319% [12] - The highest recorded price for gold was 912.69 RMB per gram, with a low of 898.80 RMB per gram [12] Group 3: Gold Recovery Prices - The recovery price for gold is set at 903 RMB per gram, with a purity of 99.90% [13] - The price for gold bars is slightly higher at 904 RMB per gram, also with 99.90% purity [14] - K-gold recovery prices vary, with 14K gold at 518 RMB per gram, 18K gold at 668 RMB per gram, and 24K gold at 896 RMB per gram [15] Group 4: Silver and Platinum Prices - Ordinary silver is priced at 10.27 RMB per gram, while 925 silver is at 9.62 RMB per gram [16][17] - Platinum prices vary based on purity, with pt999 at 344 RMB per gram, pt990 at 341 RMB, pt950 at 327 RMB, and pt900 at 310 RMB [20][21][22][23] Group 5: Shanghai Gold Exchange Prices - The latest trading price for AuT D (gold T D) is 909.58 RMB per gram, up by 6.84 RMB or approximately 0.75% from the previous day [24] - The mini gold T D (mAuT D) is priced at 911.00 RMB per gram, reflecting an increase of 8.53 RMB or 0.95% [24] - The price for AgT D (silver T D) is currently 10,920 RMB per kilogram, down by 168 RMB or 1.52% [24] Group 6: Market Trends in Shenzhen - The Shenzhen gold market is experiencing a shift towards lightweight gold jewelry, appealing to younger consumers who prefer items under 3 grams [27] - Traditional gold stores are adapting by creating "light gold laboratories" and shifting from weight-based pricing to item-based pricing, resulting in increased sales volume despite lower profit margins per item [27][28] - The trend of lightweight gold jewelry has gained popularity, with products like gold stickers and gold-plated silver items becoming widely accepted among young consumers [28]

Core Viewpoint - China Gold experienced a 1.05% increase in stock price on October 14, with a trading volume of 731 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On October 14, China Gold had a financing buy-in amount of 87.27 million yuan and a financing repayment of 69.73 million yuan, resulting in a net financing buy of 17.54 million yuan [1]. - The total financing balance as of October 14 was 414 million yuan, accounting for 2.84% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. Securities Lending Summary - On the same day, China Gold had a securities lending repayment of 17,000 shares and a securities lending sale of 17,100 shares, with a selling amount of 148,400 yuan based on the closing price [1]. - The remaining securities lending volume was 161,700 shares, with a total lending balance of 1.40 million yuan, which is below the 40th percentile of the past year, suggesting a lower level of short-selling activity [1]. Company Overview - China Gold Group Gold Jewelry Co., Ltd. was established on December 16, 2010, and listed on February 5, 2021. It specializes in the research, design, production, sales, and brand operation of gold jewelry products under the "China Gold" brand [2]. - The company's main business revenue composition includes 98.83% from gold products, 0.67% from brand usage fees, 0.22% from management service fees, 0.15% from other businesses, and 0.13% from K-gold jewelry products [2]. Financial Performance - For the first half of 2025, China Gold reported an operating income of 31.098 billion yuan, a year-on-year decrease of 11.54%, and a net profit attributable to shareholders of 319 million yuan, down 46.35% year-on-year [2]. Dividend Information - Since its A-share listing, China Gold has distributed a total of 2.52 billion yuan in dividends, with 1.848 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, China Gold had 118,000 shareholders, a decrease of 0.55% from the previous period, with an average of 14,239 circulating shares per person, an increase of 0.55% [2][3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 23.7129 million shares, a decrease of 10.1434 million shares compared to the previous period [3].

Summary of the Conference Call on the Gold and Jewelry Industry Industry Overview - The gold and jewelry industry is experiencing significant changes due to rising gold prices, which have increased by approximately 50% year-on-year during the 2025 Golden Week, impacting retail sales positively despite a slight decline in weight sold [1][2][21]. Key Points and Arguments Sales Performance - Overall sales growth during the 2025 Golden Week was 5.7%, with individual brand performances varying: - Lao Feng Xiang: +6.3% - Zhou Da Sheng: -1.4% - Lao Miao: +1.8% - Chao Hong Ji: +18% - Zhou Da Fu: +7.8% - China Gold: -7.3% [2][21]. Pricing and Profitability - The average transaction price for Lao Feng Xiang increased from 80-120 RMB to 170-180 RMB due to rising gold prices, while profit per gram for stores dropped from 120-150 RMB to 50-80 RMB [1][5][6]. - Gross margins have decreased by 3-4 percentage points, with fine jewelry products at approximately 22%-25% and general products at 15%-18%, leading to an overall margin of about 18%-20% [7][8]. Brand Strategies - Zhou Da Fu has adjusted its product structure, increasing the proportion of fixed-price products from 10% to over 25%, significantly improving its gross margin [3][12]. - Chao Hong Ji has successfully attracted younger consumers through IP updates, achieving a national sales increase of 52% [1][4]. Store Management and Market Dynamics - Major brands are in a phase of store closures, with Zhou Da Sheng closing 78 stores, Lao Feng Xiang 48, and Zhou Da Fu reducing from over 7,000 to 5,600 stores. Chao Hong Ji is the only brand expanding its store count [10][11]. - The management of franchisees has become more relaxed, leading to widespread discounting practices among franchisees to remain competitive [10]. Future Outlook - The industry anticipates a growth rate of 10% to 20% in 2026, driven by wedding demand and expectations of continued gold price increases [22][25]. - Current inventory levels have risen, with stores holding 17-18 kg compared to 12 kg previously, complicating predictions for when consumption will normalize [23]. Taxation and Compliance Issues - Hong Kong brands face frequent tax audits due to full invoicing practices, leading to significant tax liabilities for franchisees [26][27]. - Domestic brands utilize strategies to minimize tax burdens, such as reducing invoicing amounts [29]. Consumer Behavior - The sensitivity of consumers to high prices is increasing, prompting brands to optimize their market presence and inventory management [18][19]. Additional Important Insights - The proportion of old-for-new exchanges is around 20%, contributing significantly to sales revenue as gold prices rise [30]. - The industry is expected to undergo cyclical changes, with potential new product trends emerging that could lead to a new store opening cycle in the future [20].

Core Insights - The price of spot gold has been rising continuously, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram before the National Day holiday [1] Group 1: Company Performance - Laopuhuang (老铺黄金, 06181.HK) reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [2] - Other traditional gold jewelry brands such as Chow Sang Sang (周生生, 00116.HK), China Gold (中国黄金, 600916.SH), Chow Tai Fook (周大福, 01929.HK), and Zhou Dasheng (周大生, 002867.SZ) faced performance pressures, with revenue declines of over 10% for China Gold, over 20% for Chow Tai Fook, and over 40% for Zhou Dasheng [2] Group 2: Market Trends - The rising gold prices have created a divide in the industry, with some brands benefiting while others struggle, leading to increased operational pressures for gold retailers [2] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption in the first half of 2025, indicating a weakening demand in the market [2] - The World Gold Council noted that the ongoing weakness in gold jewelry consumption has led to a reduction in retail outlets, further constraining consumer purchasing channels and exacerbating the low demand for gold jewelry [3] - Despite short-term challenges, the closure of underperforming stores may benefit the market's long-term health, shifting focus from price competition to emotional value and design in gold jewelry [3]

Core Insights - The cultivated diamond sector experienced a significant increase of 3.74%, leading the concept sectors in terms of growth, with 14 stocks rising, including Chujiang New Materials and Huanghe Xuanfeng reaching their daily limit [1] Group 1: Market Performance - The top gainers in the cultivated diamond sector included: - Strength Diamond: +14.97% - Huanghe Xuanfeng: +9.96% - Chujiang New Materials: +10.01% [1][2] - The sector saw a net inflow of 9.65 billion yuan from major funds, with Huanghe Xuanfeng receiving the highest net inflow of 2.88 billion yuan [1] Group 2: Fund Flow Ratios - The top stocks by net inflow ratio were: - Chujiang New Materials: 36.96% - Huanghe Xuanfeng: 15.43% - *ST Yazhen: 13.84% [2][3] - Other notable stocks included: - Strength Diamond: 10.33% - Zhongbing Hongjian: 6.22% [2]

Market Overview - The jewelry sector increased by 1.18% on October 14, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Mankalon (300945) closed at 21.29, up 3.96% with a trading volume of 387,200 shares and a turnover of 829 million yuan [1] - Xinhua Jewelry (002731) closed at 13.20, up 2.56% with a trading volume of 237,900 shares and a turnover of 318 million yuan [1] - Other notable performers include: - Caizhi Co. (665569) at 14.81, up 1.93% [1] - Laofengxiang (600612) at 50.38, up 1.78% [1] - Xinxitongling (603900) at 10.48, up 1.75% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 138 million yuan from institutional investors, while retail investors experienced a net outflow of 47.98 million yuan [2] - Major stocks with significant capital inflows include: - ST Xinhua Jin (600735) with a net inflow of 63.15 million yuan [3] - Chaohongji (002345) with a net inflow of 25.95 million yuan [3] - China Gold (600916) with a net inflow of 16.89 million yuan [3]

Core Viewpoint - Gold stocks are experiencing a significant decline in the afternoon trading session, influenced by fluctuations in international gold prices and market sentiment regarding economic conditions and monetary policy [1] Company Performance - Chifeng Jilong Gold Mining (06693) is down 7.64%, trading at HKD 32.88 [1] - China Gold International (02099) has decreased by 6.6%, currently at HKD 134.5 [1] - Zijin Mining (02899) fell by 5.67%, now at HKD 32.3 [1] - Shandong Gold Mining (01787) is down 4.01%, trading at HKD 40.2 [1] Market Conditions - International gold prices saw a sharp decline, briefly dropping below USD 4,120 per ounce before rebounding, after previously surpassing the USD 4,170 mark [1] - CITIC Futures noted that trade tensions and expectations of monetary easing are driving gold prices, supported by Federal Reserve rate cut expectations, a weaker dollar, and the U.S. fiscal deadlock [1] - The government shutdown has weakened the availability of economic data, leading to a market sentiment of "no data is bullish," which continues to drive buying [1] - A potential short-term technical correction may occur if overbought conditions arise, with USD 4,000 identified as a key support level, and increased price volatility could trigger profit-taking [1]