Group 1 - The core viewpoint of the article indicates that domestic gold jewelry prices remain generally stable, with some slight declines observed in specific brands [1][5] - Multiple gold jewelry brands in China have reported that the price of 24K gold jewelry is mostly unchanged from the previous day, with many brands quoting prices at 998 yuan per gram [1] - Brands such as Zhou Shengsheng, Lao Miao Gold, and Zhou Liu Fu have experienced minor price drops compared to the previous day [1]

Investment Rating - The report maintains an "Overweight" rating for the retail trade industry [1] Core Insights - The gold jewelry industry is experiencing a shift towards younger consumers and a trend towards "Guochao" (national trend) aesthetics, with rising demand for traditional craftsmanship and small-weight gold products [4][5] - The price of gold is expected to maintain an upward trend due to geopolitical factors and increased demand for safe-haven assets, with COMEX gold prices stabilizing between $3,300 and $3,500 per ounce [4] - The retail sales of gold and silver jewelry in China reached CNY 194.8 billion in the first half of 2025, showing a year-on-year growth of 11.3% [20] Summary by Sections Section 1: Gold Price Trends - The gold jewelry industry index is experiencing a synchronized rise, driven by increasing gold prices and product upgrades [20] Section 2: Gold Jewelry Industry - The retail sales of gold jewelry are growing faster than the overall retail market, with a notable increase in demand driven by rising gold prices and seasonal consumption peaks [20][21] - The gold jewelry market is projected to reach CNY 5,688 billion by 2024, with a compound annual growth rate (CAGR) of 11.6% from 2019 to 2024 [26] Section 3: Industry Chain Analysis - The gold jewelry industry value chain includes upstream mining, midstream design and manufacturing, and downstream retail, with a focus on brand value creation [65] - The competitive landscape is characterized by a concentration of market share among leading brands, with the top five companies holding a significant portion of the market [76] Section 4: Investment Recommendations - Recommended companies include Laopuhuangjin, Chow Tai Fook, Lao Feng Xiang, Chao Hong Ji, and Cai Bai Co., Ltd. [6]

| | 周大生足金999 | 1016 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 996.00 元/克 | | Finis | 潮宏基足金(首饰摆件) | 1016 元/克 | | TSL 甜瑞朗 | 谢瑞麟足金饰品 | 1016 元/克 | | ਤੋਂ ਦੇ ਜੀ | 金至尊足金999 | 1016 元/克 | | 周六福 | 周六福足金999 | 996 元/克 | @ JIN10.COM O.C. 金十数据 | 一个交易工具 国内金饰价格较昨日下跌7元/克 金十数据7月24日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日小幅下跌7元/克，多家报1016元/克。 ...

Group 1 - The domestic gold jewelry price has increased by 8 yuan per gram compared to the previous day, with many brands now pricing at 1023 yuan per gram [1][4] - Various brands have reported their gold prices, including Zhou Dasheng at 1023 yuan per gram, Cai Bai at 996 yuan per gram, and others like TSL and Jin Zun at 1023 yuan per gram [4]

Core Viewpoint - The AI Fund Minsheng Jianyin Dividend Return Mixed Fund (690009) reported a profit of 2.2766 million yuan for Q2 2025, with a net asset value growth rate of 4.33% during the period [3] Fund Performance - As of the end of Q2 2025, the fund's scale was 54.2078 million yuan [15] - The fund's weighted average profit per share for the period was 0.1049 yuan [3] - The fund's unit net value as of July 21 was 2.505 yuan [3] - The fund's one-year cumulative net value growth rate was 6.05%, ranking 732 out of 880 comparable funds [3] - The fund's three-month net value growth rate was 4.02%, ranking 757 out of 880 comparable funds [3] - The fund's six-month net value growth rate was 5.25%, ranking 598 out of 880 comparable funds [3] - The fund's three-year net value growth rate was -23.05%, ranking 672 out of 871 comparable funds [3] Investment Strategy - The fund manager, Deng Kaicheng, maintains a positive outlook on value style and dividends, focusing on stable investments while seeking flexible dividend opportunities [3] - The fund continues to allocate a significant portion to the financial sector and actively seeks companies with improved operations and higher dividend payouts [3] Risk Metrics - The fund's three-year Sharpe ratio was -0.3336, ranking 749 out of 875 comparable funds [8] - The maximum drawdown over the past three years was 33.6%, ranking 513 out of 873 comparable funds [10] - The maximum drawdown in a single quarter occurred in Q1 2021, reaching 18.96% [10] Portfolio Composition - The average stock position over the past three years was 74.32%, compared to the industry average of 80.43% [13] - The fund reached its highest stock position of 77.33% at the end of H1 2024, with a lowest position of 35.27% at the end of Q1 2019 [13] - As of Q2 2025, the fund's top ten holdings included companies such as Chao Hong Ji, Zhong Chong Co., Runben Co., and Meidi Group [17]

国内金饰价格较昨日小幅上涨 | | 周大生足金999 | 1015 元/克 | | --- | --- | --- | | | 菜百首饰足金999饰品 | 996.00 元/克 | | 新玩 | 潮宏基足金(首饰摆件) | 1015 元/克 | | TSL 謝瑞麟 | 谢瑞麟足金饰品 | 1015 元/克 | | ਤੋਂ ਦੇ ਜੀ | 金至尊足金999 | 1015 元/克 | | 周六福 | 周六福足金999 | 995 元/克 | 金十数据7月22日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日小幅上涨7元/克，多家报1015元/克。 @ JIN10.COM 0.6 金十数据 | 一个交易工具 ...

Domestic Gold Market - The overall gold prices in domestic brand stores remained stable compared to last Friday, with Chow Sang Sang experiencing a two-day price increase, reaching 1012 CNY per gram, the highest among gold stores [1] - Shanghai China Gold quoted the lowest price at 969 CNY per gram, resulting in a price difference of 43 CNY per gram between the highest and lowest priced stores [1] - The latest gold prices from various brands are as follows: Lao Miao 1004 CNY, Liu Fu 1008 CNY, Chow Tai Fook 1008 CNY, and others, with no significant changes except for Chow Sang Sang [1] Platinum Prices - Platinum prices rebounded after a significant drop on Saturday, with Chow Sang Sang's platinum jewelry price increasing by 3 CNY to 581 CNY per gram [1] Gold Recycling Prices - The gold recycling price saw a slight increase of 3.3 CNY per gram, with significant price differences among brands: the average recycling price is 765.20 CNY per gram, while Lao Feng Xiang offers the highest at 778.20 CNY [2] International Gold Market - Last Friday, spot gold prices rose, peaking at 3361.05 USD per ounce before closing at 3349.42 USD, marking a 0.31% increase [4] - As of the latest update, spot gold is trading at 3367.69 USD per ounce, reflecting a 0.55% increase [4] - The rise in gold prices is attributed to increased demand for safe-haven assets due to U.S. tariff policies and geopolitical tensions in the Middle East and Ukraine [4] - Concerns over the expanding U.S. debt and potential tariff escalations are expected to continue driving the gold market [4] - Recent U.S. inflation expectations and consumer confidence data have influenced market sentiment, with inflation expectations dropping to 4.4% from a previous 5.0% [4]

记者了解到，菜百黄金珠宝博物馆总馆已连续四年举办夏令营，每期都人员爆满，共吸引千余名学子参 加。祥云小镇分馆夏令营也将通过寓教于乐的课程，让孩子们近距离接触珍宝、学习科普知识、培养科 学探索精神。 值此分馆揭牌之际，"珠宝玉石系列丛书展"也在店内同步开启。该系列丛书由菜百股份联合中国地质大 学（北京）国家岩矿化石标本资源库编著，精选书摘与实物对照，打造沉浸式科普阅读空间，引领观众 探索珠宝玉石的形成奥秘、鉴定知识与艺术文化价值。 转自：北京日报客户端 7月19日，北京菜百黄金珠宝博物馆祥云小镇分馆举行挂牌仪式，珠宝玉石系列丛书展开展、夏令营开 营仪式同步举行。分馆将集文化传承、科普教育与产业创新于一体，推动珠宝文化普及与青少年科普教 育，让黄金珠宝文化走近百姓身边。 走进祥云小镇分馆，紫水晶矿、红色珊瑚、蝴蝶标本、包裹在树脂里的昆虫、大型生态缸等展品陈列在 店铺各处，二层尽头一处荧光矿物小屋里摆满各式"会发光"的石头，让不少大人孩子都感到新奇。在不 同波长紫外线光照射下，方解石、欧泊、火山翡翠等各式矿物散发出不同颜色的荧光，显得格外神秘。 据该系列丛书首席作者何明跃介绍，丛书共涵盖100多种矿物和宝石，融合科 ...

Group 1 - Morgan Stanley recently stated that the independence of the Federal Reserve is a "myth," drawing parallels to historical pressures from past presidents [1] - The market reacted to the conflicting signals from the White House regarding the potential dismissal of Fed Chair Powell, reflecting uncertainty among investors [1] - The commentary highlights the volatility in expert opinions, comparing them to unreliable fortune-telling, which can mislead investors [3] Group 2 - The behavior of Huawei-related stocks serves as a case study in behavioral finance, where stock prices did not rise despite positive announcements, indicating underlying market dynamics [5] - Quantitative data, such as "institutional inventory," provides a clearer picture of market trends, contrasting with superficial stock movements [5] - The analogy of the market as a high-stakes game emphasizes the importance of understanding institutional trading characteristics over speculative predictions [7]

转自：北京日报客户端 暑假来袭，这个暑假怎么玩？有没有既适合遛娃，又能让自己放松，顺便还能涨知识、享优惠的好去处 呢？菜百博物馆在暑期为消费者和孩子们打造了众多好玩、好学、好逛的项目，快来一探究竟吧。 菜百股份是一家中华老字号企业，同时，菜百股份总店也是由北京市文物局正式备案的国有博物馆—— 北京菜百黄金珠宝博物馆。今年，已经是暑期科普夏令营举办的第四年。在这里，有中国地质博物馆、 珠宝国检集团的专家讲师传授专业的地理、珠宝知识，更有集知识性与趣味性的博物馆参观，"沉浸式 研学+体验+实践"模式里，孩子们可以在炎炎夏日畅游在知识和欢乐的海洋里。 夏令营的课程丰富多彩，每一门都让孩子们收获满满。在"地球周"（7月9日-13日）里，老师为孩子们 讲解琥珀的形成过程、历史和文化价值，让孩子们感受亿万年间的沧海桑田。在"宝石周"（7月14日-18 日） 系列课程上，孩子们不仅能欣赏各种宝石的美，还能学习鉴定宝石的技巧体验宝石手绘。在精心 准备的"非遗周"（7月21日-25日）中，孩子们可以体验非遗绳结、剪纸、掐丝珐琅、篆刻，成为中华优 秀传统文化的小小守护者和传承者。 菜百股份还开展了一系列"博物之声"会员体验活动。 ...