Core Viewpoint - The report outlines the shareholding changes of Laisun Tongling Jewelry Co., Ltd. by Ningbo Ningju Asset Management Center, indicating a reduction in shares held by the asset management entity [1][2]. Group 1: Shareholding Changes - The information disclosure obligor has reduced its shareholding in Laisun Tongling Jewelry Co., Ltd. as part of a planned divestment strategy due to funding needs [4][5]. - As of the report's signing date, the obligor has already reduced its holdings by 1,062,100 shares, with a remaining plan to divest up to 3,430,000 shares, which represents a maximum of 1% of the company's total share capital [4][5]. Group 2: Impact on the Company - The shareholding change does not involve a change in the controlling shareholder or actual controller of Laisun Tongling, and it is not expected to have a significant impact on the company's governance structure or ongoing operations [6]. Group 3: Compliance and Disclosure - The report confirms that the information disclosure obligor has complied with relevant laws and regulations, ensuring that there are no false records or misleading statements regarding the shareholding changes [2][10]. - The obligor has committed to timely disclosure of any future changes in shareholding as required by law [5].

莱绅通灵珠宝股份有限公司 简式权益变动报告书 上市公司名称：莱绅通灵珠宝股份有限公司 股票上市地点：上海证券交易所 股票简称：莱绅通灵 股票代码：603900 信息披露义务人： 宁波宁聚资产管理中心（有限合伙）（代表"宁波宁聚资产管 理中心（有限合伙）-宁聚量化多策略证券投资基金"） 住所 : 浙江省宁波市北仑区梅山七星路 88 号 1幢 401 室 A区 A1201 通讯地址 ：浙江省宁波市江北区新马路 288 弄北岸财富中心 8号楼 5楼 股份变动性质：股份减少 签署日期：二〇二五年十月二十日 信息披露义务人声明 第一节 释义 本报告书中，除非另有说明，下列简称具有如下特定含义： 一、信息披露义务人依据《中华人民共和国证券法》、《上市公司收购管理办 法》、《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告 书》及相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人所任职或持有权益公司章程或内部规则中的任何条款，或与之 相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本 报告书已全面披露信息 ...

Core Points - The stock of Lai Shen Tong Ling (603900) experienced a decline of 7.53% today, with a turnover rate of 5.46% and a trading volume of 185 million yuan, showing a fluctuation of 4.45% [2] - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily price deviation of -8.15%, with a net selling amount of 9.67 million yuan from brokerage seats [2] - In the past six months, the stock has appeared on the watch list 11 times, with an average price drop of 0.50% the next day and an average increase of 2.27% over the following five days [3] Trading Data - The top five brokerage seats accounted for a total transaction amount of 53.68 million yuan, with a buying amount of 22.01 million yuan and a selling amount of 31.67 million yuan, resulting in a net selling of 9.67 million yuan [2] - The largest buying brokerage was Dongfang Caifu Securities, with a purchase amount of 8.87 million yuan, while the largest selling brokerage was Guotai Haitong Securities, with a selling amount of 13.67 million yuan [2] Financial Performance - The company reported a revenue of 870 million yuan for the first half of the year, representing a year-on-year growth of 37.00%, and a net profit of 60.61 million yuan, reflecting a significant year-on-year increase of 263.52% [3]

Core Viewpoint - The article highlights a significant decline in gold-related stocks, with many companies experiencing substantial drops in their stock prices, indicating a bearish trend in the gold sector [1][2]. Group 1: Stock Performance - On October 20, gold concept stocks mostly fell, with Western Gold dropping nearly 9% and Zhaojin Gold declining over 8% [1]. - The Gold Jewelry Index (884107) decreased by 4.41%, closing at 2476.27, down 114.22 points [2]. - Specific stock performances include: - Western Gold: 30.31, down 8.87% - Zhaojin Gold: 13.46, down 8.12% - Sanhua Jewelry: 13.24, down 7.99% - Mankalon: 19.35, down 7.81% - Caishen Tongling: 9.85, down 7.34% [2]. Group 2: Other Notable Stocks - Other companies also reported declines, including: - Hengbang Co.: 13.86, down 6.22% - Yuguang Jin Lead: 13.29, down 6.28% - Sichuan Gold: 27.91, down 5.96% [2]. - Hong Kong-listed companies such as Laopuguojin and Chow Tai Fook also experienced minor declines, with Laopuguojin at 810.500, down 2.17% and Chow Tai Fook at 16.470, down 0.30% [4].

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇10月20日｜A股开盘，三大指数集体高开，沪指高开0.67%，深证成指高开1.49%，创业板指高开 2.45%。盘面上，保险股高开，中国人寿(601628)涨近6%，中国太保(601601)、新华保险(601336)涨超 2%，上市险企前三季度业绩持续向好；半导体股集体上涨，中科蓝汛涨近12%，士兰微(600460)涨停， 士兰微拟200亿元投建12英寸高端模拟集成电路芯片制造生产线项目；CPO等算力硬件股高开，中际旭 创(300308)涨超9%，新易盛(300502)、天孚通信涨超5%；风电设备概念反弹，飞沃科技、广大特材涨超 5%；现货黄金跌破4220美元/盎司，黄金股大幅回调，湖南白银跌停，莱绅通灵(603900)、西部黄金 (601069)、白银有色(601212)跌超8%。(格隆汇) ...

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]

Market Analysis - Global capital markets have shown significant increases during the holiday period, particularly in gold, US stocks, and copper, driven primarily by AI narratives [2] - The A-share market has returned to 3900 points after 10 years, with technology stocks being the main upward momentum, heavily influenced by external market sentiment and capital flow [2] - The continued rise of indices indicates signs of capital returning before the holiday, with October expected to be a competitive month for individual stocks [2] Gold Market Insights - Three anchors for gold pricing have been identified: reserve value, consumption value, and trading value [2] - With the ongoing expansion of dollar credit cracks, a long-term bull market for gold is anticipated, as the demand for gold is expected to grow [2] - By 2025, domestic gold jewelry companies are expected to see sales increases and performance improvements [2] Sector Performance - The gold concept stocks opened significantly higher, with several stocks reaching their daily limit, reflecting strong market interest [3] - The semiconductor sector is also active, with AMD's partnership with OpenAI leading to a notable increase in AMD's stock price [4] - Solid-state battery concept stocks have shown strong fluctuations, driven by advancements in battery technology [5] Index Performance - The Shanghai Composite Index has shown a strong upward trend post-holiday, with a focus on whether it can maintain above 3950 points [9] - The ChiNext Index has reached new highs, with technology stocks being the primary drivers, although the performance remains characterized by rotation rather than collective surges [9] Investment Outlook - The consensus among broker reports indicates a positive macro environment for A-shares following the holiday, with a focus on resource and AI sectors [15] - The long-term logic supporting gold's continued rise is centered around the restructuring of the global monetary credit system, with gold being viewed as a stabilizing asset during economic turbulence [15] - The ongoing accumulation of US debt poses risks to monetary credit, further enhancing gold's appeal as a safe-haven asset [16]

Core Viewpoint - The gold sector showed strong performance on October 9, with several companies reaching their price limits and others opening significantly higher [1] Company Performance - Sichuan Gold, Chifeng Gold, Laisun Holdings, and Silver Industry all hit the upper price limit during the trading session [1] - Xiaocheng Technology, Shandong Gold, and Zhongjin Gold opened more than 7% higher [1]

Core Viewpoint - The company has successfully transformed its strategy from focusing on gold as a material to emphasizing art and emotional value, leading to significant growth in sales and brand recognition as "art jewelry" [2][3]. Financial Performance - In the first half of 2025, the company achieved a revenue of 870 million yuan, a year-on-year increase of 37%, and a net profit of approximately 60.61 million yuan, marking a significant turnaround [3]. - Revenue from the gold category has risen to 80% of total sales, with embedded gold sales surging by 200% year-on-year, becoming the strongest driver of overall revenue and profit growth [3]. Strategic Focus - The company has firmly invested in the "art gold" strategy, integrating Eastern and Western classic art elements with gold craftsmanship since the launch of the "Heritage Gold" series in 2023 [3]. - The product matrix includes two differentiated systems: "Heritage Gold" and "Embedded Jewelry," catering to various consumer needs from collectible art pieces to everyday wear [4]. Competitive Advantages - The company has established a three-tiered competitive moat through the deep integration of art, craftsmanship, and emotional insights [5]. - The first barrier is the deep deconstruction and re-creation of art IP, enhancing brand competitiveness in the high-end jewelry market [5]. - The second barrier involves continuous investment in craftsmanship, with R&D expenses increasing by 47.46% year-on-year, focusing on gold embedding technology and artistic expression [6]. - The third barrier is the precise capture of consumer emotional needs, shifting gold consumption from "value preservation" to "self-expression" and "emotional resonance" [7]. Sustainable Growth Path - The company is optimizing its channels by reducing the number of underperforming stores, with a net decrease of 27 direct stores and 10 franchise stores, focusing resources on core business areas [8]. - A comprehensive terminal operation quality improvement system has been established to enhance the performance of benchmark stores and optimize underperforming ones [8]. - The company plans to create 50 direct stores and 15 franchise stores with annual sales exceeding 10 million yuan, laying a solid foundation for future growth [8]. Future Outlook - The company aims to continue deepening its art gold strategy through ongoing product innovation, channel optimization, and brand building, aspiring to become a benchmark brand in Chinese art jewelry [9].

Core Viewpoint - The company, 莱绅通灵珠宝股份有限公司, is set to hold a half-year performance briefing on October 13, 2025, to discuss its operational results and financial status for the first half of 2025, following the release of its semi-annual report on August 22, 2025 [2][3]. Group 1: Event Details - The investor briefing will take place on October 13, 2025, from 15:00 to 16:00 [6]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Investors can submit questions from September 26 to October 10, 2025, through the Roadshow Center or via the company's email [2][5]. Group 2: Participants - Key participants in the briefing will include the company's Chairman, Mr. Ma Jun, President, Mr. Zhuang Ou, independent directors, and the financial officer [4]. Group 3: Contact Information - For inquiries, investors can contact Yang Lan at 025-52486808 or via email at 603900@leysen1855.com [7].