资金流向方面，主力资金净流入27.08万元，大单买入500.36万元，占比6.82%，卖出473.28万元，占比 6.45%。 潮宏基今年以来股价涨127.47%，近5个交易日跌2.89%，近20日涨1.47%，近60日跌15.22%。 12月18日，潮宏基盘中下跌2.05%，截至14:04，报12.42元/股，成交7334.80万元，换手率0.67%，总市 值110.35亿元。 潮宏基所属申万行业为：纺织服饰-饰品-钟表珠宝。所属概念板块包括：C2M概念、黄金股、医疗美 容、年度强势、培育钻石等。 截至9月30日，潮宏基股东户数3.53万，较上期减少12.70%；人均流通股24565股，较上期增加14.54%。 2025年1月-9月，潮宏基实现营业收入62.37亿元，同比增长28.35%；归母净利润3.17亿元，同比增长 0.33%。 分红方面，潮宏基A股上市后累计派现18.97亿元。近三年，累计派现8.00亿元。 机构持仓方面，截止2025年9月30日，潮宏基十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股6453.61万股，相比上期减少87.76万股。海富通消费优选混合A（010421）位 ...

大消费行业主题报告 20251217 摘要 新消费需求涌现，推动大消费板块发展，体现在新产品（个性化、绿色 低碳）、新渠道（零食连锁、折扣业态）和新业态（多元消费场景）三 个方向，并受"十五五"规划支持。 传统消费行业预计 2026 年回暖，居民购买力释放，行业调整修复。食 品饮料行业企稳，白酒基本面或稳定，乳制品有望快速修复。关注提振 就业、增收稳预期等政策措施。 大宗商品市场前高后低，国家出台多维度促销政策提振服务性消费和内 需，商务部等部委发布扩大服务性消费政策意见，旨在通过提升居民生 活质量激发内需潜力。 社会服务领域，旅游出行和美妆零售酝酿变化，消费者转向理性性价比 和精神追求。携程、华住等头部企业通过技术创新和营销满足新兴旅游 需求，中国中免海南业务受益于离岛免税新政。 食品饮料板块筑底企稳，白酒基本面筑底，大众消费具韧性，估值低位。 零食板块业绩分化，新产品红利释放。乳制品需求平稳，供给逐渐出清。 餐饮供应链景气度回升，预制食品龙头竞争优势凸显。 Q&A 2026 年大消费行业的整体趋势和主要推动因素是什么？ 2026 年作为"十五五"规划的开局之年，预计消费刺激政策将持续落地，有 效释放居民消 ...

Group 1 - The international gold price is reported at $4307.1 per ounce, while international palladium is at $1606.4 per ounce, and international silver is at $63.73 per ounce. The domestic gold price is at ¥970.0 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1353 per gram, and China Gold at the lowest price of ¥1255 per gram. Other notable prices include Chow Sang Sang at ¥1349, and several brands including LUK FOOK, TSL, and King Fook all at ¥1353 per gram [1]

Group 1 - The international gold price is reported at $4302.1 per ounce, while international palladium is at $1572.4 per ounce, and international silver is at $63.98 per ounce. The domestic gold price is at ¥976.7 per gram [1] - Major domestic gold retailers have varying prices, with Chow Tai Fook at ¥1353 per gram, and China Gold at the lowest price of ¥1245 per gram. Other notable prices include: Chow Sang Sang at ¥1353, Luk Fook at ¥1353, and Cai Bai Jewelry at ¥1305 per gram [1]

每经AI快讯，培育钻石板块走弱，四方达、潮宏基跌超5%，沃尔德、黄河旋风等跟跌。 （文章来源：每日经济新闻） ...

Investment Rating - The report assigns an "Increase" rating for the industry [3][4]. Core Insights - The upcoming New Year's holiday is expected to drive significant consumer spending, particularly in travel and leisure sectors [2][3]. - Key recommendations include travel agencies like Ctrip Group and Tongcheng Travel, hotel chains such as Huazhu Group and Jinjiang Hotels, and attractions like Changbai Mountain [3][4]. - The report highlights a notable increase in hotel bookings for popular cities, with a threefold growth during the New Year's holiday [3]. Summary by Relevant Sections Travel and Tourism - The report emphasizes optimism for travel and leisure due to the New Year's holiday, recommending specific stocks in the OTA and hotel sectors [3][4]. - Ctrip Group and Tongcheng Travel are highlighted as preferred stocks in the OTA segment [3]. Hospitality - Recommended hotel stocks include Huazhu Group, Jinjiang Hotels, and Shoulv Hotels, with a focus on their growth potential during the holiday season [3][4]. Attractions - Changbai Mountain is recommended as a key investment in the attractions sector, with additional attention on Emei Mountain and Three Gorges Tourism [3][4]. Jewelry and Retail - In the jewelry sector, stocks such as Lao Pu Gold, Cai Bai Shares, and Chow Tai Fook are recommended, indicating strong growth potential [3][4]. Dividend Stocks - The report identifies dividend-paying stocks like Sumida and Chongqing Department Store as attractive options for investors [3][4]. AI and Education - Stocks in the AI and education sectors, including Konnate Optical and Chalk, are also recommended, reflecting the growing intersection of technology and education [3][4].

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].

以下文章来源于盐财经 ，作者李含章、陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 来源丨盐财经 （ID： nfc-yancaijing ） 作者丨李含章、陈慧（实习生） 编辑丨 江江 图源丨Midjourney 这届年轻人正在用买盲盒的方式买黄金。 当传统金店还在靠"克重"和"纯度"吸引长辈时，一股"轻量化黄金"的浪潮已悄然席卷"Z世代"。 站上潮头的，是被称为"珠宝界泡泡玛特"的潮宏基。 它把黄金压成0.1克的"大饼"，联名线条小狗、黄油小熊等顶流IP，让"200块拥有金币快乐"成为社 交平台的新谈资。 凭借这套"小克重+强情感"的组合拳，潮宏基不仅在今年9月正式向港交所递交上市申请，而且10月 底公布的2025年三季度显示，其营收猛增近三成，突破62亿元。 潮宏基2025年三季度显示，其营收突破62亿元 然而，当潮宏基用IP联名拿捏Z世代心智的同时，其财报却暴露了"增收不增利"的利润困境。 潮宏基的掘金之路，不仅关乎一个品牌的转型，更折射出当下黄金消费的核心逻辑之变：我们购买 的，究竟是保值资产，还是一种可佩戴的情感价值？ 用小克重，画黄金大饼 "200+就能拥有的线条小狗金币的快乐 ...

以下文章来源于盐财经 ，作者李含章、陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 在Z世代的消费词典里， 黄金的"保值"属性固然重要，但并非唯一。 文 ｜ 李含章 陈慧（实习生） 编辑 ｜ 江江 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ IC photo 这届年轻人正在用买盲盒的方式买黄金。 当传统金店还在靠"克重"和"纯度"吸引长辈时，一股"轻量化黄金"的浪潮已悄然席卷"Z世代"。 站上潮头的，是被称为"珠宝界泡泡玛特"的潮宏基。 它把黄金压成0.1克的"大饼"，联名线条小狗、黄油小熊等顶流IP，让"200块拥有金币快乐"成为社交平台的新谈资。 演员沈月佩戴潮宏基黄油小熊联名产品 凭借这套"小克重+强情感"的组合拳，潮宏基不仅在今年9月正式向港交所递交上市申请，而且10月底公布的2025年三季度显示，其营收猛增近三成，突破 62亿元。 然而，当潮宏基用IP联名拿捏Z世代心智的同时，其财报却暴露了"增收不增利"的利润困境。 潮宏基的掘金之路，不仅关乎一个品牌的转型，更折射出当下黄金消费的核心逻辑之变：我们购买的，究竟是保值资产，还是一种可佩戴的情感价值？ 用小克 ...

Group 1 - The core viewpoint of the report emphasizes that emerging demand is leading the way, while traditional consumption is breaking through. The year 2026, as the start of the 14th Five-Year Plan, is expected to see continued implementation of consumption stimulus policies, effectively releasing residents' consumption willingness and promoting a steady recovery in consumption demand [4][11] - The report suggests that the traditional consumption industry is likely to experience a rebound, while new demands such as "new products, new channels, and new business formats" will continue to drive the rapid development of new consumption [4][11] - The report highlights the importance of the 14th Five-Year Plan, which emphasizes the need to stimulate consumption and enhance domestic demand as a key driver of economic growth [11][12] Group 2 - In the textile and media sectors, new demand is leading to new supply, and new supply is creating new demand. The report recommends focusing on investment opportunities in three segments: outdoor sports, gold jewelry, and cultural and trendy IP in 2026 [4][30] - The outdoor sports segment is identified as a growing trend, with social aspects becoming increasingly important for young consumers. The report notes that outdoor activities such as cycling, hiking, and climbing are gaining popularity [32][33] - The gold jewelry market is expected to see continued growth in consumer spending, with a positive outlook for retail sales in 2026. The report suggests focusing on leading gold jewelry brands [32][33] Group 3 - The social services sector is evolving, with a focus on leading companies that actively respond to changes in consumer demand. The report indicates that tourism and beauty industries are experiencing changes, with a shift towards rational consumption and a focus on value for money [4][30] - The food and beverage sector is expected to stabilize, with signs of recovery emerging. The report notes that the industry is closely tied to macroeconomic conditions and consumer income expectations [4][30] - The agricultural, forestry, animal husbandry, and fishery sectors are experiencing a cyclical upturn, particularly in the pig farming segment, which is expected to stabilize due to policy-driven transformations [4][5] Group 4 - The home appliance industry is characterized by resilience in demand, with policies such as "trade-in for new" supporting consumption. The report suggests looking for structural highlights within the home appliance sector, particularly in high-dividend white goods and rapidly growing new consumption categories [4][5] - The report emphasizes the importance of exploring new consumption trends and adapting to changing consumer preferences, particularly in the context of the ongoing economic recovery [4][5]