格隆汇2月4日丨菜百股份(605599.SH)涨6.98%，报25.600元，股价创历史新高，总市值199.11亿元。 ...

"你们菜百什么意思？我早上8点不到就来排队，一开门告诉我没货了？我要一个10克的，就一个！你们卖黄金的没货？" 2月3日上午9点15分，北京菜市口百货商场（下称"菜百总店"）四楼"投资金条"柜台前，刘大爷的嗓门几乎盖过整个楼层的嘈杂。他面前，一名工作人员 反复说着"抱歉""理解"。 刘大爷音调越来越高，站在排队长龙里大声质问，引来一片围观。 就在十几米开外，一块巨大的电子屏上，红色的黄金实时基础金价数字正在1078元/克上下跳动。 这里是2026年早春北京炙热的财富场之一，也是老北京以黄金盛名的老牌商场之一。 菜百总部四楼"投资金条"购买处挤满了顾客 王雅洁/摄 过去一周，金价在创下历史新高后经历剧烈震荡。波动意味着风险，也意味着机会，这种机会感，吸引人们来此"淘金"。 "昨天（2月2日）下午那队伍，从三楼排到楼梯拐角，那才叫人山人海。姑娘，你要想回购，昨天就该来。"北京的王阿姨在电梯旁的石台子上占了个座， 一边盯着金价屏幕，一边对经济观察报说道。 她这个月开始频繁光顾菜百，已经迅速掌握了这里的人流规律。 菜百的工作人员证实，商场9点半开门，但早晨8点，门口就已聚集了等待购买和回购黄金的人群。这种热度，与近期 ...

菜百是2026年早春北京炙热的财富场之一，也是老北京以黄 金盛名的老牌商场之一。过去一周，金价在创下历史新高后经 历剧烈震荡。波动意味着风险，也意味着机会，这种机会感， 吸引人们来此"淘金"。 作者：王雅洁 封图：本报资料室 "你们菜百什么意思？我早上8点不到就来排队，一开门告诉我没货了？我要一个10克的，就一 个！你们卖黄金的没货？" 2月3日上午9点15分，北京菜市口百货商场（下称"菜百总店"）四楼"投资金条"柜台前，刘大爷 的嗓门几乎盖过整个楼层的嘈杂。他面前，一名工作人员反复说着"抱歉""理解"。 刘大爷音调越来越高，站在排队长龙里大声质问，引来一片围观。 就在十几米开外，一块巨大的电子屏上，红色的黄金实时基础金价数字正在1078元/克上下跳 动。 这里是2026年早春北京炙热的财富场之一，也是老北京以黄金盛名的老牌商场之一。 过去一周，金价在创下历史新高后经历剧烈震荡。波动意味着风险，也意味着机会，这种机会感， 吸引人们来此"淘金"。 菜百总部四楼"投资金条"购买处的排队长龙 王雅洁/摄 "我不是来炒价格的。"刘大爷对经济观察报解释："金价涨了就买点小克重，既有黄金的保值意 思，东西也精致，能随时拿 ...

自2026年2月6日起，在业务办理时间内，菜百公司将对回购业务进行限额管理，限额类型包括全量或单 一客户单日回购上限、单笔回购总量上限等，并进行动态设置，具体调整情况详见各渠道具体公告或明 示。 中经记者 郝亚娟 夏欣 上海 北京报道 2月2日，菜百股份（605599.SH）发布《关于贵金属风险提示及调整贵金属回购业务规则的公告》（以 下简称"公告"）称，近期受多重因素影响，贵金属价格波动显著加剧，不确定性持续上升。菜百公司提 示广大消费者理性看待贵金属市场波动，增强风险防范意识，理性投资黄金。 公告指出，自2026年2月6日起，在周六、周日及法定节假日等上海黄金交易所非交易日期间，菜百公司 将暂停办理贵金属回购业务。 （编辑：杨井鑫 审核：朱紫云 校对：翟军） ...

Core Viewpoint - The report highlights the similarities between the current gold price fluctuations and the "gold rush" of 2013, emphasizing the potential for concentrated consumer demand during initial price declines and the impact of sustained price weakness on investment-driven consumption [1][3]. Group 1: Historical Context and Market Response - In April 2013, a significant drop in gold prices led to a surge in consumer purchases, with retail sales growth for gold and jewelry reaching 72.16% compared to the previous month [2][5]. - Major companies like Luk Fook Group and Chow Tai Fook reported record revenues and profits during this period, driven by the increased demand for gold products [6][7]. - The subsequent decline in gold prices from 2013 to 2015 resulted in a depletion of consumer demand, with retail sales growth slowing to 0.04% in 2014 [7]. Group 2: Current Market Dynamics - The current gold price fluctuations are characterized by a long-term investment behavior focused on asset allocation and wealth preservation, rather than short-term speculative buying [3][8]. - Companies with strong brand narratives and product differentiation, such as Lao Pu Gold and Chow Sang Sang, have shown resilience and growth despite high gold prices, indicating a shift in consumer preferences towards quality and cultural identity [9][10]. - The demand for gold jewelry remains robust, with significant year-on-year growth reported by major retailers, suggesting that short-term price volatility may not significantly impact consumer purchasing behavior [10][11]. Group 3: Investment Recommendations - The report suggests focusing on companies that can leverage the current market dynamics, such as Cai Bai Co., which combines investment gold bars and jewelry, and Luk Fook Group, which has competitive advantages in pricing and operations [11]. - Additionally, attention is drawn to leading companies with strong product design and differentiation capabilities, including Lao Pu Gold, Chao Hong Ji, and Chow Tai Fook, as they are expected to perform well in the evolving market landscape [11].

经济观察报记者 王雅洁 "你们菜百什么意思？我早上8点不到就来排队，一开门告诉我没货了？我要一个10克的，就一个！你们卖黄金的没货？" 2月3日上午9点15分，北京菜市口百货商场（下称"菜百总店"）四楼"投资金条"柜台前，刘大爷的嗓门几乎盖过整个楼层的嘈杂。他面前，一名工作人员反 复说着"抱歉""理解"。 刘大爷音调越来越高，站在排队长龙里大声质问，引来一片围观。 就在十几米开外，一块巨大的电子屏上，红色的黄金实时基础金价数字正在1078元/克上下跳动。 这里是2026年早春北京炙热的财富场之一，也是老北京以黄金盛名的老牌商场之一。 A the also n a Alle N 127 J r an D THE The State Translate 她这个月开始频繁光顾菜百，已经迅速掌握了这里的人流规律。 菜百的工作人员证实，商场9点半开门，但早晨8点，门口就已聚集了等待购买和回购黄金的人群。这种热度，与近期黄金市场的剧烈波动同频共振。 2月2日，国际现货黄金一度失守4700美元/盎司关口，日内最大跌幅约10%，但随后又戏剧性反弹至4700美元/盎司上方。 Can es 投资金条 NATINENT COLO ...

Market Overview - The jewelry sector increased by 2.75% on February 3, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Cai Bai Co., Ltd. (605599) closed at 23.93, up 10.02% with a trading volume of 125,100 shares and a transaction value of 292 million [1] - ST XinHuaJin (600735) closed at 6.33, up 4.98% with a trading volume of 195,800 shares and a transaction value of 122 million [1] - Chao Hong Ji (002345) closed at 12.70, up 4.44% with a trading volume of 214,600 shares and a transaction value of 268 million [1] - Man Ka Long (300945) closed at 19.33, up 4.26% with a trading volume of 349,200 shares and a transaction value of 665 million [1] - Other notable stocks include Shen Zhonghua A (000017) at 7.41, up 4.07%, and Mingpai Jewelry (002574) at 6.47, up 3.69% [1] Capital Flow - The jewelry sector experienced a net outflow of 555 million from institutional investors, while retail investors saw a net inflow of 392 million [2] - The net inflow from speculative funds was 162 million [2] Individual Stock Capital Flow - Cai Bai Co., Ltd. had a net inflow of 65.33 million from institutional investors, but a net outflow of 46.25 million from retail investors [3] - Zhou Da Sheng (002867) had a net inflow of 13.05 million from institutional investors, with a net outflow of 7.68 million from retail investors [3] - Lao Feng Xiang (600612) saw a net inflow of 12.57 million from institutional investors, while retail investors had a net outflow of 17.84 million [3] - Other stocks like ST XinHuaJin and Di A Co., Ltd. also showed varied capital flows with both inflows and outflows from different investor types [3]

Core Viewpoint - The report from Guosen Securities indicates that while current gold price fluctuations have a short-term emotional impact on the sector, the fundamental effects are expected to remain stable due to a shift in industry growth logic towards brand building, process innovation, and cultural narrative capabilities, leading to "α returns" [1] Group 1: Market Dynamics - Historical reference to the 2013 gold price correction suggests that it led to a surge in investment purchases, which may support further short-term performance growth for companies focused on investment gold business [1] - The jewelry sector is entering a consumption peak season at year-end, with overall valuations in the sector at low levels, indicating that short-term gold price fluctuations have not affected the growth logic of core leading companies [1] Group 2: Company Performance - Companies with price advantage and strong operational capabilities in Hong Kong and Macau, as well as leading firms with good product design or differentiated capabilities, are expected to continue strengthening their business advantages and achieve sustained high growth [1] - Companies with a high proportion of investment gold business and those offering fixed-price products are likely to maintain stable growth [1] Group 3: Recommendations - Recommended companies include Caibai Co., Luk Fook Holdings, Laopuhuangjin, Chow Tai Fook, and Chaohongji, which are positioned to benefit from the current market dynamics [1]

Group 1 - The A-share market saw a strong performance in gold-related stocks, with notable increases in share prices for several companies [1] - Xiaocheng Technology surged over 15%, while Caibai Co. and Hunan Gold hit the daily limit up of 10% [1] - The spot gold price rose to $4,870 per ounce, marking a 4.5% increase during the day [1] Group 2 - Xiaocheng Technology's market capitalization reached 17.4 billion, with a year-to-date increase of 108.83% [2] - Caibai Co. has a market cap of 18.6 billion and a year-to-date increase of 46.18% [2] - Hunan Gold's market capitalization is 57.2 billion, with a year-to-date increase of 73.68% [2] - Other companies like Guocheng Mining and Shanghai Construction also experienced significant gains, with increases of 7.55% and 6.36% respectively [2]

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300139 | 晓程科技 | 1 | 15.90 | 174亿 | 108.83 | | 605599 | 菜自股份 | 1 | 10.02 | 186亿 | 46.18 | | 002155 | 湖南黄金 | 1 | 10.00 | 572亿 | 73.68 | | 000688 | 国城矿业 | - | 7.55 | 341亿 | 3.45 | | 600711 | 二十四年 | 1 | 7.02 | 481亿 | 2.64 | | 600170 | 上海建工 | 1 | 6.36 | 267亿 | 13.58 | | 601899 | 三十年来 | 1 | 5.98 | 10317亿 | 12.56 | | 603979 | 金诚信 | 1 | 5.47 | 473亿 | -0.49 | | 603077 | 和邦生物 | 1 | 5.17 | 215亿 | 7.96 | | 002266 | 浙富控股 | | 4.72 | 255亿 | 17.3 ...