| 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 ...

近日，现货黄金价格持续波动。1月29日，伦敦金现冲上5598.75美元/盎司的高点，但又在2月2日，一度下探至4402.06美元/盎司，短短3日，区间跌幅达 21.37%。 2月3日，现货黄金又再度上涨，截至发稿报4815美元/盎司，涨幅约3.36%。 据中新经纬报道，上午11时左右，有投资者带着2000克金条来到菜百回购柜台。菜百工作人员接过其金条后，随即拿到验金机器上进行检验，检验完毕后 为其计算变现金额，一共约212万元（回购价约1060元/克）。 菜百黄金回购业务排队现场，图源：中新经纬 李自曼摄 在此背景下，不少投资者选择卖出金条或黄金首饰。 "上周刚入手了一条10克左右的黄金项链，一克1650元，没过两天就降了，跌得也太快了。赶紧先出手卖掉，等过两天便宜了再买。"在菜百回购柜台排队 的吴女士表示。 据中新经纬及21世纪经济报道，以投资者身份走访北京菜百时发现，2月2日，回购柜台已有近200人排队。 "菜百"黄金回购处的情景，来源：21世纪经济报道 记者张欣拍摄 在菜百3楼，一下电梯就看到工作人员举着"回购业务验证队尾"牌子站在队尾，还有多位工作人员在维持现场秩序。 菜百的一位工作人员表示，菜百每日 ...

每经编辑｜许绍航 近日，现货黄金价格持续波动。1月29日，伦敦金现冲上5598.75美元/盎司的高点，但又在2月2日，一度下探至4402.06美元/盎司，短短3日，区间跌幅达 21.37%。 2月3日，现货黄金又再度上涨，截至发稿报4815美元/盎司，涨幅约3.36%。 "菜百"黄金回购处的情景，来源：21世纪经济报道 记者张欣拍摄 在菜百3楼，一下电梯就看到工作人员举着"回购业务验证队尾"牌子站在队尾，还有多位工作人员在维持现场秩序。 据中新经纬报道，上午11时左右，有投资者带着2000克金条来到菜百回购柜台。菜百工作人员接过其金条后，随即拿到验金机器上进行检验，检验完毕后 为其计算变现金额，一共约212万元（回购价约1060元/克）。 菜百黄金回购业务排队现场，图源：中新经纬 李自曼摄 菜百的一位工作人员表示，菜百每日回购黄金有总量限制，达到当日限量后就会停止回购，每天回购总量不太一样，2月1日回购约33公斤。回购柜台中午 不休息，会一直提供服务，直到达到当日回购限额。 "回购柜台开了四五个窗口，顾客正式变现前，菜百还要验证购买票据和身份证。现在排队的接近200人，至少要排2个小时，今天（2月2日）人还算 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 原标题：近200人排队，有人一次性卖出200万元金条，也有人计划一次性买入450克黄金！北京菜百公 告：周末节假日暂停回购，并进行限额管理 近日，现货黄金价格持续波动。1月29日，伦敦金现冲上5598.75美元/盎司的高点，但又在2月2日，一 度下探至4402.06美元/盎司，短短3日，区间跌幅达21.37%。 2月3日，现货黄金又再度上涨，截至发稿报4815美元/盎司，涨幅约3.36%。 在此背景下，不少投资者选择卖出金条或黄金首饰。 "上周刚入手了一条10克左右的黄金项链，一克1650元，没过两天就降了，跌得也太快了。赶紧先出手 卖掉，等过两天便宜了再买。"在菜百回购柜台排队的吴女士表示。 据中新经纬及21世纪经济报道，以投资者身份走访北京菜百时发现，2月2日，回购柜台已有近200人排 队。 在菜百3楼，一下电梯就看到工作人员举着"回购业务验证队尾"牌子站在队尾，还有多位工作人员在维 持现场秩序。 据中新经纬报道，上午11时左右，有投资者带着2000克金条来到菜百回购柜台。菜百工作人员接过其金 条后，随即拿到验金机器上进行检验，检验 ...

国盛证券研报指出，菜百股份是华北黄金珠宝龙头，直营&区域红利助力新成长。2025年公司预计归母 净利润10.6-12.3亿元同比增长47.43%-71.07%。公司背靠西城区国资委，管理层&员工激励充分。税改 后投资金条份额有望提升，北京金银珠宝社零高景气。2025年北京限额以上金银珠宝零售同比增 39.5%，远高于全国大盘增速12.8%；公司在北京历史积淀深厚，且我们预计营收90%以上来自北京区域 贡献，有望受益于北京金银珠宝消费高景气。公司为华北黄金珠宝龙头，税改后投资金条份额有望提 升，且受益于北京金银珠宝社零高景气。预计2025–27年公司收入各317/435/524亿元，同比增 57%/37%/20%；归母净利润各11.7/14.2/15.8亿元，同比增63%/21%/11%；首次覆盖给予"买入"评级。 ...

Group 1: Core Insights - The report maintains an "outperform" rating for the retail sector, indicating potential for growth in the consumer market, particularly in the jewelry and beauty segments, as well as cross-border e-commerce [3][51]. - Fluctuations in gold prices have short-term emotional impacts on the jewelry sector, but the long-term growth logic remains intact, driven by brand building, craftsmanship innovation, and cultural storytelling [1][12]. - AI applications are rapidly being integrated into the retail sector, particularly through online service providers, which are leveraging deep partnerships with major e-commerce platforms to enhance consumer insights and brand strategies [2][19]. Group 2: Industry Summaries - In the gold and jewelry sector, companies with a high proportion of investment gold business, such as Cai Bai Co., are expected to achieve stable growth despite short-term price fluctuations, with projected net profits for 2025 expected to increase by 47.43% to 71.07% [1][14]. - The beauty and personal care sector is seeing a return to low valuations, with traditional leaders showing signs of recovery and new product launches expected to drive growth [3][51]. - Cross-border e-commerce leaders have demonstrated strong resilience against risks, with AI applications expected to enhance cost efficiency and product innovation, providing a catalyst for sustained growth [3][51]. Group 3: Recent Industry Data - In December 2025, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9%, indicating a weak overall growth trend influenced by high base effects from the previous year [24][30]. - Online retail sales for the year reached 159,722 billion yuan, growing by 8.6%, with physical goods online retail accounting for 26.1% of total retail sales, reflecting a slight increase in penetration [25][30]. - The jewelry category saw a year-on-year growth of 5.9% in December, supported by rising prices and holiday gifting demand, while the cosmetics category grew by 8.8% due to promotional activities and consumption upgrades [30].

Core Viewpoint - The report highlights the similarities between the current gold price fluctuations and the "gold rush" of 2013, emphasizing the impact on consumer behavior and industry growth dynamics [1][2][3] Group 1: Historical Context and Market Response - In April 2013, a significant drop in gold prices led to a surge in gold product purchases, with retail sales growth in gold and jewelry reaching 72.16% [2][5] - The "gold rush" phenomenon resulted in substantial annual performance improvements for companies like Luk Fook Holdings, which reported a revenue increase of 43.3% and a net profit growth of 50% in the fiscal year following the price drop [7] - The subsequent decline in gold prices from 2013 to 2015 led to a demand pullback, with retail sales growth slowing to 0.04% in 2014, indicating a potential consumption overhang from the previous buying spree [8] Group 2: Current Market Dynamics and Consumer Behavior - The current gold price fluctuations are characterized by a prolonged price increase before the recent downturn, suggesting a similar initial consumer enthusiasm as seen in 2013 [3][4] - The current investment demand is driven by long-term asset allocation and wealth preservation rather than short-term speculative buying, as evidenced by the growth in investment gold products [9][10] - Companies with strong product differentiation and branding, such as Lao Pu Gold and Chow Tai Fook, have shown resilience and growth despite high gold prices, indicating a shift in consumer preferences towards quality and cultural narratives [10][11] Group 3: Investment Recommendations - The report suggests focusing on companies that can leverage the current market conditions, such as Cai Bai Co., which combines investment gold bars and jewelry, and Luk Fook Holdings, which has competitive advantages in pricing and operations [4][12] - Companies with strong product design and differentiation capabilities, like Lao Pu Gold and Chao Hong Ji, are also recommended for investment due to their ability to achieve significant growth in a challenging market environment [12]

Core Viewpoint - Cai Bai Co., Ltd. (stock code: sh605599) experienced a limit-up on February 3, 2026, with a closing price of 23.93 yuan, an increase of 8.41%, and a total market capitalization of 18.34 billion yuan, driven by strong performance forecasts and governance improvements [1][2]. Group 1: Performance Forecast - The company announced a profit forecast for 2025, estimating a net profit attributable to shareholders of 1.06 billion to 1.23 billion yuan, representing a year-on-year growth of 47.43% to 71.07%. The non-recurring net profit is expected to grow by 39.16% to 64.03%, indicating a significant enhancement in core profitability and market competitiveness [2]. Group 2: Governance and Financial Flexibility - The company has optimized its governance structure by eliminating the supervisory board and revising multiple systems, which has improved decision-making efficiency. Additionally, it has secured a bank credit line of 16 billion yuan and a 2.5 billion yuan entrusted wealth management quota, enhancing financial flexibility for business expansion and fund management [2]. Group 3: Market Dynamics - The recent volatility in the gold market has increased attention on the gold and jewelry industry. On February 3, stocks in this sector saw varying degrees of increase, creating a sector-wide effect. The influx of capital into Cai Bai Co., Ltd. likely contributed to its limit-up, supported by favorable technical indicators and previous upward price trends [2].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Insights - The company is a leading player in the North China gold and jewelry market, benefiting from a robust brand presence and a stable high dividend policy [1][4] - The company is expected to see significant growth in revenue and net profit, driven by an increase in investment gold bar sales and a favorable retail environment in Beijing [4][3] Company Overview - The company, originally established in 1956, has a strong brand presence in North China and transitioned to a gold and jewelry business in 2010. It has been recognized as "the first gold shop in Beijing" and is a designated "Time-honored Brand" by the Ministry of Commerce [1][15] - As of June 2025, the company operates 103 stores, with a flagship store in Beijing covering 8,800 square meters, making it one of the largest single retail stores in the industry [1][15] Financial Performance - The company’s revenue is projected to grow from 165.52 billion yuan in 2023 to 317.17 billion yuan in 2025, reflecting a CAGR of 50.6% [6] - The net profit attributable to the parent company is expected to increase from 707 million yuan in 2023 to between 1.06 billion and 1.23 billion yuan in 2025, representing a year-on-year growth of 47.43% to 71.07% [1][6] - The company maintains a stable dividend payout ratio of over 76% from 2021 to 2024, with a weighted ROE consistently above 14% [1][16] Business Composition - The revenue composition from 2018 to 2024 shows a CAGR of 6.4% for gold jewelry, 29.3% for precious metal investment products, and 10.5% for precious metal cultural products [28] - The company’s investment gold products are expected to gain market share following tax reforms, enhancing its competitive pricing [3][4] Market Environment - The retail environment for gold and jewelry in Beijing is projected to grow significantly, with a forecasted year-on-year increase of 39.5% in retail sales for 2025, outpacing the national average growth rate of 12.8% [3][4] - The company is well-positioned to benefit from this high consumer demand in the Beijing market, with over 90% of its revenue expected to come from this region [3][4]

2月1日北京菜百入口以及三楼黄金回收区排队现场 本报（chinatimes.net.cn）记者张玫 北京报道 2026年1月30日，国际贵金属市场经历了一场"地震"。纽约黄金期货价格单日跌幅超过10%，一度跌破 每盎司4800美元，创下自上世纪80年代以来的最大单日跌幅。白银市场更为惨烈，跌幅超过30%，创下 历史纪录。 贵金属市场剧烈震荡之后，北京菜市口百货股份有限公司（下称"北京菜百"）总店大排长龙。2月1日 （周日），《华夏时报》记者在现场看到，受1月30日金价暴跌影响，北京菜百一二楼购金区域客流平 稳，人流不断但并未拥挤；与此形成对比的是，三楼黄金回收区早早排起长队，场面颇为热闹。 1月30日贵金属市场的进一步加速下行，其直接导火索源于市场对美国货币政策转向的担忧。具体来 看，前总统特朗普于1月30日公布提名凯文·沃什为新一届美联储主席人选。在三位热门候选人中，沃什 被视为相对最鹰派的一位。他虽支持降息以顺应特朗普在大选年大幅放松货币政策的诉求，但同时主张 推行缩表。这一政策组合在一定程度上缓和了市场对美联储独立性的疑虑，推动美元走强，并引发了对 美债需求的担忧，导致10年期美债收益率盘中上行。此外， ...