Market Overview - The jewelry sector experienced a decline of 0.93% on November 18, with ST Xinhua Jin leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Key stocks in the jewelry sector showed mixed results, with the following notable performances: - Xinghua Jewelry (002731) closed at 16.31, up 0.68% with a trading volume of 221,200 shares [1] - Diya Co. (301177) closed at 31.56, up 0.25% with a trading volume of 13,900 shares [1] - China Gold (600916) closed at 8.23, down 0.48% with a trading volume of 145,700 shares [1] - ST Xinhua Jin (600735) closed at 6.13, down 3.62% with a trading volume of 270,300 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 127 million yuan from institutional investors, while retail investors contributed a net inflow of 145 million yuan [2] - The following stocks had significant capital flow: - Chao Hong Ji (002345) had a net inflow of 3.94 million yuan from institutional investors, but a net outflow of 14.27 million yuan from speculative investors [3] - Jin Yi Culture (002721) experienced a net outflow of 8.43 million yuan from institutional investors, with a net inflow of 10.34 million yuan from speculative investors [3]

Overall Performance - China Gold International achieved revenue of $925 million in the first three quarters of 2025, representing a year-on-year increase of 99.83% [1] - The company reported a net profit attributable to shareholders of $341 million, marking a turnaround from losses [1] - Quarterly net profits for Q1, Q2, and Q3 were $85 million, $115 million, and $141 million respectively, with Q3 showing a quarter-on-quarter increase of 22.43% [1] Production and Sales Data - The company produced 4.02 tons of gold and sold 4.21 tons in the first three quarters [1] - The Changshanhao mine contributed approximately 2.12 tons of gold production and 2.34 tons of sales, while the Jiama mine contributed about 1.90 tons of production and 1.87 tons of sales [1] Cost Data - The unit production cost for gold at the Changshanhao mine was $1,639 per ounce [1] - The Jiama mine's copper unit production costs were $3.23 per pound, with quarterly costs of $3.41, $3.19, and $3.13 per pound for Q1, Q2, and Q3 respectively [1] Mining Operations - The Changshanhao gold mine operates as an open-pit mining operation with a designed mining and processing capacity of 60,000 tons per day, which was reduced to 40,000 tons per day following a mine plan update in July 2019 [1] - The open-pit mining operations are approaching the end of the mine's life, with underground operations expected to continue until approximately 2029 [1] Investment Outlook - The company has raised its full-year performance expectations, forecasting revenues of $1.277 billion, $1.440 billion, and $1.564 billion for 2025-2027, with year-on-year growth rates of 68.8%, 12.7%, and 8.6% respectively [2] - Projected net profits for the same period are $502 million, $666 million, and $740 million [2]

国信证券发布研报称，中国黄金国际(02099)2025年前三季度业绩强劲，营收与净利润大幅增长并实现 扭亏，主要受益于金铜价格上涨及成本优化。公司金、铜产销量稳步提升，全年产量有望超指引。随着 甲玛矿逐步复产和未来产能扩张，成长性可期，当前股价对应PE为13.9/10.5/9.4X，考虑到公司拥有 金、铜产品组合，资源储量丰富，未来成长性较强，维持"优于大市"评级。 ...

国信证券发布研报称，中国黄金（600916）国际(02099)2025年前三季度业绩强劲，营收与净利润大幅 增长并实现扭亏，主要受益于金铜价格上涨及成本优化。公司金、铜产销量稳步提升，全年产量有望超 指引。随着甲玛矿逐步复产和未来产能扩张，成长性可期，当前股价对应PE为13.9/10.5/9.4X，考虑到 公司拥有金、铜产品组合，资源储量丰富，未来成长性较强，维持"优于大市"评级。 公司前三季度实现黄金产量4.02吨，实现黄金销量4.21吨。其中长山壕前三季度黄金产量约2.12吨，黄 金销量约2.34吨;甲玛矿前三季度黄金产量约1.90吨，黄金销量约1.87吨。公司前三季度实现铜产量5.41 万吨，实现铜销量5.33万吨。公司2025年产量指引：长山壕黄金产量指引约2.4-2.6吨;甲玛矿黄金产量指 引约2.15-2.3吨，铜产量指引约6.3-6.7万吨。全年的维度来看，公司金、铜产量超过指引的可能性较 高。 成本数据方面 长山壕前三季度黄金单位生产成本1639美元/盎司;甲玛矿前三季度铜单位生产成本3.23美元/磅， Q1/Q2/Q3单位生产成本分别为3.41/3.19/3.13美元/磅，前三季度扣除副产品 ...

产销量数据方面 智通财经APP获悉，国信证券发布研报称，中国黄金国际(02099)2025年前三季度业绩强劲，营收与净利 润大幅增长并实现扭亏，主要受益于金铜价格上涨及成本优化。公司金、铜产销量稳步提升，全年产量 有望超指引。随着甲玛矿逐步复产和未来产能扩张，成长性可期，当前股价对应PE为13.9/10.5/9.4X， 考虑到公司拥有金、铜产品组合，资源储量丰富，未来成长性较强，维持"优于大市"评级。 国信证券主要观点如下： 整体业绩表现 中国黄金国际前三季度实现营收9.25亿美元，同比+99.83%;实现归母净利润3.41亿美元，同比扭亏;其 中，Q1/Q2/Q3分别实现归母净利润0.85/1.15/1.41亿美元，Q3环比+22.43%。公司Q3利润环比再次实现 明显提升，主要得益于金铜价格上涨以及甲玛矿销售折价系数提升。 公司前三季度实现黄金产量4.02吨，实现黄金销量4.21吨。其中长山壕前三季度黄金产量约2.12吨，黄 金销量约2.34吨;甲玛矿前三季度黄金产量约1.90吨，黄金销量约1.87吨。公司前三季度实现铜产量5.41 万吨，实现铜销量5.33万吨。公司2025年产量指引：长山壕黄金产量指引 ...

Core Viewpoint - China has been steadily increasing its gold reserves for a year, with some foreign institutions estimating the actual amount to be significantly higher than official figures, indicating a potential lack of transparency in reporting [1][5]. Group 1: Gold Accumulation - The People's Bank of China announced that the total gold reserves have surpassed 70 million ounces, equivalent to over 2,300 tons, marking the twelfth consecutive month of gold purchases [2][3]. - In the first ten months of the year, China reportedly increased its gold holdings by 250 tons, which is nearly ten times more than the official figures [3][5]. Group 2: Strategic Reasons for Gold Accumulation - The ongoing accumulation of gold is seen as a long-term national strategy, driven by a growing distrust in the reliability of the US dollar as a safe-haven asset [5][6]. - The dollar's dominance in global reserves has decreased from over 60% to below 58%, while gold's status as a reserve asset is on the rise, now surpassing the euro [11][12]. Group 3: Global Economic Context - The geopolitical landscape has shifted, with countries recognizing the risks associated with dollar dependency, especially in light of US financial sanctions and political maneuvers [6][14]. - Central banks globally are increasingly viewing gold as a more reliable asset compared to US Treasury bonds, with the total value of gold reserves surpassing that of US debt for the first time in Q2 of this year [19][21]. Group 4: National Preparedness - China's strategy includes not only increasing gold reserves but also reducing holdings in US Treasury bonds, indicating a structural adjustment in international reserves [16][25]. - The diversification of energy supply routes and the enhancement of domestic production capabilities further bolster China's resilience against external economic pressures [23][25].

来源：新浪证券-红岸工作室 11月14日，中国黄金跌0.48%，成交额1.58亿元。两融数据显示，当日中国黄金获融资买入额1289.40万 元，融资偿还2066.13万元，融资净买入-776.73万元。截至11月14日，中国黄金融资融券余额合计3.53 亿元。 融资方面，中国黄金当日融资买入1289.40万元。当前融资余额3.52亿元，占流通市值的2.52%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面，中国黄金11月14日融券偿还700.00股，融券卖出700.00股，按当日收盘价计算，卖出金额 5817.00元；融券余量17.93万股，融券余额149.00万元，低于近一年50%分位水平，处于较低位。 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业从事"中国黄金"品 牌黄金珠宝产品研发、设计、生产、销售、品牌运营的大型企业,是中国黄金集团黄金珠宝零售板块的 唯一平台,是我国黄金珠宝销售领域知名的中央企业。主营业务收入构成为：黄金产品98.83%，品牌使 用费0. ...

Group 1 - The core viewpoint of the article highlights a collective decline in gold stocks, indicating a negative trend in the market for these companies [2] Group 2 - China Gold International (02099.HK) experienced a drop of 4.03%, trading at 135.8 HKD [2] - Shandong Gold (01787.HK) fell by 3.46%, with a current price of 33.52 HKD [2] - Chifeng Jilong Gold Mining (06693.HK) decreased by 2.96%, now priced at 29.54 HKD [2] - Zijin Mining International (02259.HK) saw a decline of 2.54%, trading at 138 HKD [2]

Core Viewpoint - Gold stocks collectively declined following a significant drop in spot gold prices, which fell nearly $180 from a historical high of $4,211, marking the largest single-day decline in recent times [1] Group 1: Company Performance - China Gold International (02099) fell by 4.03%, closing at HKD 135.8 [1] - Shandong Gold (01787) decreased by 3.46%, closing at HKD 33.52 [1] - Chifeng Jilong Gold Mining (06693) dropped by 2.96%, closing at HKD 29.54 [1] - Zijin Mining International (02259) declined by 2.54%, closing at HKD 138 [1] Group 2: Market Analysis - The market is adjusting its optimistic expectations for a December interest rate cut following hawkish comments from Federal Reserve officials, leading to profit-taking across risk assets, including gold and cryptocurrencies [1] - Dongwu Securities suggests that despite the current macroeconomic framework, there remains a medium-term bullish outlook for precious metals, indicating that the recent price correction may present a buying opportunity [1] - Copper Crown Jin Yuan Futures believes that the recent rebound in gold and silver prices has ended, and a new adjustment phase is expected, with attention on the upcoming non-farm payroll data [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - The 2025 Double Eleven e-commerce promotion concluded with a total online sales of 1,695 billion yuan, representing a 14.2% increase compared to 2024. Tmall led in overall e-commerce sales, while JD reported record high transaction volumes with a 40% increase in the number of orders and nearly 60% growth in order volume [3][26] - The jewelry sector performed exceptionally well, with gold products favored by younger consumers. The demand for gold has evolved from a singular focus on value preservation to a multifaceted need for cultural recognition and emotional value, indicating higher growth potential for aesthetically and culturally rich gold jewelry [3][29] - The beauty sector achieved a total GMV of 132.5 billion yuan, with skincare and fragrance/cosmetics sales reaching 99.1 billion yuan and 33.4 billion yuan, respectively. Domestic brands like Proya and Han Shu dominated the sales charts, showcasing the strength of local brands [3][32] - The integration of AI technology in retail is enhancing consumer experiences, creating a virtuous cycle among consumers, merchants, and platforms [3][42] Summary by Sections Retail Market Review - The retail industry index rose by 4.06% during the week of November 10-14, 2025, outperforming the Shanghai Composite Index, which fell by 0.18%. The retail sector ranked third among 31 primary industries [5][14] - The supermarket sector saw the highest increase, with a weekly growth of 7.09%, while the jewelry sector led the year-to-date performance with a 23.66% increase [18][21] Retail Insights: Double Eleven Promotion - The Double Eleven e-commerce event showed resilience in growth, with significant sales increases across platforms. Tmall's comprehensive e-commerce sales reached 16,191 billion yuan, while instant retail sales soared by 138.4% [26] - Gold jewelry sales saw a remarkable increase, with the flagship store of Lao Pu Gold achieving over 3 billion yuan in sales within 10 minutes of opening on Tmall [29] - The beauty category's GMV reached 132.5 billion yuan, with domestic brands capturing significant market share, particularly in skincare and cosmetics [32] Focus on High-Growth Sectors - Investment recommendations include focusing on high-quality companies in sectors driven by emotional consumption themes, such as gold jewelry, offline retail, cosmetics, and medical aesthetics [6][48] - Specific companies highlighted for investment include Lao Pu Gold, Proya, and Aimeike, among others, which are expected to benefit from current market trends [49]