Core Points - The 15th China Henan International Investment and Trade Fair opened in Zhengzhou, focusing on "jointly discussing open cooperation and winning future development" [3] - China Gold Group's Chairman Zhou Zhou attended the opening ceremony and conducted research at the Zhengzhou flagship store and Henan company [2][3] - A molybdenum-tungsten new materials project was successfully signed during the fair [3] Group 1: Event Overview - The investment trade fair lasts for three days and includes industrial docking, project negotiations, and trade exchange activities [3] - Key figures such as the Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference and the Vice Chairman of the All-China Federation of Industry and Commerce delivered speeches at the opening [3] Group 2: Company Insights - Zhou emphasized the need for China Gold Jewelry to innovate and enhance brand management, focusing on consumer-centered approaches and improving service levels [5] - The company is encouraged to analyze its development challenges and prepare for the "14th Five-Year Plan" evaluation and the "15th Five-Year Plan" formulation [7] - Talent development and adherence to central regulations were highlighted as essential for maintaining a positive political ecosystem within the company [7] Group 3: Collaboration and Future Plans - Zhou held discussions with the mayor of Sanmenxia to deepen cooperation and accelerate major project construction [7]

Group 1: Gold Market Overview - The gold market on September 28, 2025, exhibited a diverse pricing landscape, with retail gold jewelry prices ranging from 885 RMB to 1110 RMB per gram, reflecting brand premiums and design differences [1] - Investment gold bars offered by banks were more stable, averaging around 870 RMB per gram, providing a clearer reference for investors [1] - Silver prices were reported at 10.3 RMB per gram on the same day [1] Group 2: Retail Gold Jewelry Prices - Various brands showed significant price variations for gold jewelry, with Chow Tai Fook priced at 1061 RMB per gram and Changzhou gold store at 1075 RMB per gram [2] - Specific brand prices included: - Chow Tai Fook: 1108 RMB per gram for gold jewelry [3] - Chow Sang Sang: 1109 RMB per gram for gold jewelry [4] - Chao Hong Ji: 1108 RMB per gram for gold and gold bars [5] - Lao Miao: 1110 RMB per gram for gold jewelry [7] - China Gold: 1011 RMB per gram for gold jewelry [12] Group 3: Bank and Institutional Gold Bar Prices - Bank and institutional gold bars were priced between 860 RMB and 880 RMB per gram, making them a preferred choice for many investors [14] - Specific bank prices included: - Construction Bank: 866.70 RMB per gram [14] - Industrial and Commercial Bank: 867.76 RMB per gram [15] - Agricultural Bank: 865.60 RMB per gram [16] - Ping An Bank: 868.50 RMB per gram [17] - Shanghai Gold Exchange: 852.00 RMB per gram [19] Group 4: Panda Coins and Commemorative Coins - The 2025 Panda gold set was priced at 52,119 RMB per set, showcasing the unique appeal of precious metals in the collectibles market [21] - Individual coin prices varied significantly based on weight, with 1 gram priced at 1170 RMB and 100 grams at 78,270 RMB [21] Group 5: Latest Gold Prices and Market Insights - The latest trading price for gold on the Shanghai Gold Exchange was 858.30 RMB per gram, reflecting a 0.633% increase from the previous trading day [22] - The article provided insights into gold measurement units and purity standards, emphasizing factors influencing gold prices [22] Group 6: Goldman Sachs Insights - Goldman Sachs expressed a bullish outlook on the gold market, citing a 12% return on gold investments over the past month due to increased futures market positions and ETF inflows [22] - The firm predicts that gold prices could exceed 4000 USD per ounce by mid-2026, while maintaining a cautious stance on oil prices due to expected supply increases [22][23] - Goldman Sachs adjusted target prices for major stock indices, indicating a positive outlook for equities alongside their bullish gold forecast [23]

Economic Events - South Korea will implement a temporary visa waiver policy for Chinese group tourists starting September 29, lasting until June next year [16] - The US government is facing a potential shutdown on October 1 if Congress does not act to pass a temporary spending bill [11][12] - The US will release key economic data including the September non-farm payroll report, which is crucial for assessing future interest rate paths [6][8] Manufacturing and Employment Data - China's official manufacturing PMI for September will be released on September 30, with expectations of returning to expansion after August's reading of 49.4 [9] - The US ISM manufacturing PMI for September will also be published, following a contraction in August with a reading of 48.7 [7] - The ADP employment data for September will be released, with August's figure showing an increase of only 5.4 thousand, below market expectations [8] Market Impact - A government shutdown could delay the release of important economic data, increasing market uncertainty and potentially affecting GDP growth [12] - The upcoming holiday period in China, with an 8-day market closure, is expected to boost domestic tourism, with significant increases in travel bookings compared to last year [14]

Core Points - The completion of the Huajiang Gorge Bridge in Guizhou Province marks a significant achievement, being the world's highest bridge at 625 meters above water and the longest span in mountainous areas at 1420 meters, greatly enhancing regional transportation and economic development [1][3] - China Gold Group is leveraging the bridge's opening to promote a "gold + bridge tourism culture" model, featuring cultural displays and limited edition gold products inspired by the bridge [3][4] - Since 2016, China Gold Group has invested 180.9 million yuan in local development projects in Zhengfeng County, implementing 129 assistance projects and training over 5,706 local talents [3][4] Company Initiatives - The bridge includes a cultural exhibition area showcasing a "Golden Nine Dragons Wall" made of high-purity gold and a series of gold creative products such as gold bars and jewelry [3] - During the bridge's opening period, promotional activities are being conducted at local China Gold stores, including special gifts for newlyweds registering at the bridge [3] - China Gold Group plans to continue its support for Zhengfeng County's development, focusing on cultural empowerment and rural revitalization [4]

证券代码：600916 证券简称：中国黄金 公告编号：2025-035 中国黄金集团黄金珠宝股份有限公司 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。 重要内容提示： 投资者可于 2025 年 10 月 5 日(星期日)至 10 月 12 日(星期日)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 8 月 27 日在上海证券交易所网站（www.sse.com.cn）发布 公司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年 半年度经营成果、财务状况，公司计划于 2025 年 10 月 13 日(星期一)上午 11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者 ...

Core Viewpoint - The upcoming week is critical for economic indicators, including U.S. non-farm payrolls, ADP employment data, and PMI figures from both China and the U.S. The potential government shutdown in the U.S. could delay the release of these key economic data points, adding uncertainty to market expectations and Federal Reserve policy decisions [6][12]. Economic Indicators - On September 30, China will release its official manufacturing PMI for September, with the previous month's figure at 49.4. Market attention will focus on whether the index can return to expansion territory, particularly regarding new orders and pricing trends under the "anti-involution" policy [9]. - The U.S. will announce its September ADP employment data on October 1, following a disappointing increase of 5.4 million jobs in August, which was below market expectations [8]. - The ISM manufacturing index for September will also be released on October 1, with the previous month's index at 48.7, indicating contraction for six consecutive months. The market will look for signs of improvement in new orders [7]. Government Events - The U.S. federal government is at risk of a shutdown on October 1 if Congress does not pass a temporary spending bill by September 30. The current political deadlock over healthcare spending has raised the likelihood of a shutdown to over 75% [11][12]. - If the government shuts down, it could lead to delays in the release of critical economic data, which may impact GDP growth and Federal Reserve policy decisions [12]. Company News - Yushutech, a leading company in the robotics sector, plans to submit its IPO application between October and December 2025 [15]. - South Korea has implemented a temporary visa waiver policy for Chinese group tourists starting September 29, which will last until June next year, potentially boosting tourism-related sectors [16]. Market Impact - The upcoming long holiday in China, from October 1 to 8, is expected to drive a surge in domestic travel bookings, indicating a vibrant tourism market during this period [14].

Core Viewpoint - The article discusses the performance and characteristics of China Gold Group, highlighting its market position, financial performance, and recent trading activity. Company Overview - China Gold Group is primarily engaged in the sales and processing of gold jewelry products, with major offerings including gold products and K-gold jewelry [2] - The company is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission of the State Council [3][4] - It is classified as a "中字头" stock, indicating its control by central state-owned enterprises or agencies [3] Financial Performance - For the first half of 2025, China Gold reported operating revenue 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 [7] - The company has distributed a total of 2.52 billion yuan in dividends since its A-share listing, with 1.848 billion yuan distributed over the past three years [8] Market Activity - On September 26, the stock price of China Gold remained unchanged at 0.00%, with a trading volume of 122 million yuan and a turnover rate of 0.88%, resulting in a total market capitalization of 13.86 billion yuan [1] - The stock has experienced a net outflow of 7.5427 million yuan from major investors today, marking a trend of reduced holdings over the past three days [4][5] Technical Analysis - The average trading cost of the stock is 8.35 yuan, with the current price approaching a support level of 8.25 yuan; a breach of this support could lead to a downward trend [6]

Group 1: Gold and Platinum Prices - The current gold price in major stores ranges from 939 to 1100 CNY per gram, with the highest price at Dongxiang Gold Store and Jilong Jewelry at 1100 CNY per gram, while the lowest is at Sun Gold Store at 939 CNY per gram [1][4][2] - Platinum prices are relatively consistent across stores, with most selling at around 572 CNY per gram, except for Baoqing Silver Building, which offers a lower price of 368 CNY per gram [1][3] Group 2: Recent Market Trends - The latest gold market price is reported at 845.21 CNY per gram, showing an increase of 5.28 CNY, or 0.629%, with a trading range between 839.02 CNY and 845.98 CNY [5] - AuT D gold price is quoted at 847.33 CNY per gram, up by 12.19 CNY or 1.46%, with a trading range of 839.02 CNY to 849.98 CNY [6] - Au9999 gold price is at 847.70 CNY per gram, increasing by 8.20 CNY or 0.98%, with a trading range of 840.10 CNY to 850.50 CNY [7] Group 3: Precious Metal Recovery Prices - The recovery price for gold is set at 839 CNY per gram with a purity of 99.90% [8] - The recovery price for gold bars is slightly higher at 840 CNY per gram, maintaining the same purity [9] - Recovery prices for K gold vary, with 14K at 482 CNY per gram and 18K at 622 CNY per gram [10][11] Group 4: Investment Insights - Experts emphasize the importance of rational investment in gold, suggesting a long-term perspective as gold serves as a hedge against inflation and systemic risks, recommending a portfolio allocation of 5% to 10% in gold [25] - The volatility of gold prices is highlighted, with predictions of potential price increases, but caution is advised against significant short-term fluctuations [25] - Investors are encouraged to consider both physical gold and financial derivatives, with physical gold being more suitable for long-term holding and financial products like gold ETFs being better for short-term trading [26][27]

Market Overview - The Shanghai Composite Index fell by 0.01% on September 25, with 7 out of 28 sectors experiencing gains, led by Media and Communication sectors, which rose by 2.23% and 1.99% respectively. The Textiles and Apparel sector had the largest decline at 1.45% [1] - The net outflow of capital from the two markets was 28.778 billion yuan, with 5 sectors seeing net inflows. The Power Equipment sector led with a net inflow of 3.916 billion yuan and a daily increase of 1.60%, followed by the Computer sector with a net inflow of 2.545 billion yuan and a daily increase of 1.55% [1] Textiles and Apparel Sector - The Textiles and Apparel sector declined by 1.45% with a net outflow of 749 million yuan. Out of 105 stocks in this sector, 16 rose, including 3 hitting the daily limit, while 87 fell, with 1 hitting the lower limit [2] - Among the stocks with net inflows, Huamao Co. led with a net inflow of 20.915 million yuan, followed by Wanlima and Kute Intelligent with net inflows of 18.150 million yuan and 11.944 million yuan respectively [2] - The stocks with the largest net outflows included Hongdou Co. with a net outflow of 172.19 million yuan, Huafu Fashion with 98.0229 million yuan, and Tanshan with 90.0209 million yuan [3] Capital Flow in Textiles and Apparel Sector - **Top Inflow Stocks**: - Huamao Co. (1.39% increase, 2.19% turnover, 20.915 million yuan inflow) - Wanlima (-0.27% decrease, 13.57% turnover, 18.150 million yuan inflow) - Kute Intelligent (3.22% increase, 7.57% turnover, 11.944 million yuan inflow) [2] - **Top Outflow Stocks**: - Hongdou Co. (-5.74% decrease, 16.80% turnover, -172.19 million yuan outflow) - Huafu Fashion (-6.56% decrease, 6.48% turnover, -98.0229 million yuan outflow) - Tanshan (-4.81% decrease, 5.79% turnover, -90.0209 million yuan outflow) [3]

Core Viewpoint - The stock of China Gold experienced a decline of 1.55% on September 25, with a trading volume of 227 million yuan and a market capitalization of 13.86 billion yuan [1] Group 1: Company Overview - China Gold Group Gold Jewelry Co., Ltd. specializes in the sales and processing of gold jewelry products, including gold and K-gold jewelry [2] - The company is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission of the State Council [3][4] - As of June 30, the company reported a revenue of 31.098 billion yuan for the first half of 2025, 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 [7] Group 2: Financial Analysis - The main business revenue composition includes 98.83% from gold products, 0.67% from brand usage fees, 0.22% from management service fees, and 0.15% from other businesses [7] - The average trading cost of the stock is 8.35 yuan, with the current price near a support level of 8.25 yuan [6] - The stock has seen a net outflow of 48.14 million yuan from major investors today, marking a continuous reduction in holdings over the past three days [4][5] Group 3: Shareholder Information - As of June 30, the number of shareholders for China Gold was 118,000, a decrease of 0.55% from the previous period, with an average of 14,239 shares held per person, an increase of 0.55% [7][8] - The company has distributed a total of 2.52 billion yuan in dividends since its A-share listing, with 1.848 billion yuan distributed in the last three years [8]