Market Overview - The jewelry sector increased by 0.95% on January 5, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up by 1.38%, while the Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.99, with a rise of 5.05% and a trading volume of 88,200 shares, totaling a transaction value of 43.46 million yuan [1] - Cai Zi Co. (605599) closed at 17.02, up by 3.97%, with a trading volume of 82,400 shares and a transaction value of 137 million yuan [1] - Di A Co. (301177) closed at 29.65, increasing by 2.70%, with a trading volume of 17,400 shares and a transaction value of 51.12 million yuan [1] - Other notable stocks include Man Ka Long (300945) at 16.44 (+1.73%), Lai Xi Tong Ling (603900) at 8.57 (+1.30%), and Xin Hua Jewelry (002731) at 12.67 (+0.88%) [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 14.05 million yuan from institutional investors, while retail investors experienced a net outflow of 22.39 million yuan [2] - Major stocks with significant net inflows include Zhou Dazheng (002867) with 22.52 million yuan from institutional investors, and ST Xinhua Jin (600735) with 9.66 million yuan [3] - Conversely, retail investors showed a net outflow from Zhou Dazheng of 19.59 million yuan and from ST Xinhua Jin of 5.32 million yuan [3]

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - The consumption market shows strong growth during the New Year holiday, with significant increases in travel and spending among younger demographics [1][2][4] - The cross-year travel and ice-snow tourism are gaining popularity, with notable increases in ticket bookings and hotel reservations [2] - Hainan's duty-free sales doubled in the first two days of the New Year holiday, indicating robust consumer interest [3] - Various cities reported double-digit sales growth during the holiday, reflecting a vibrant consumption environment [4][7] Summary by Sections Travel Trends - High travel enthusiasm was noted during the New Year holiday, with a significant increase in ticket bookings and hotel reservations, particularly among younger travelers [1][2] - The search volume for "cross-year travel" increased by 125% year-on-year, with theme parks and concerts being major attractions [2] Duty-Free Sales - Hainan's duty-free sales reached 30.7 million items, with a 121.5% year-on-year increase in sales amounting to 5.05 billion yuan [3] - The sales in Sanya alone saw a remarkable increase, with sales amounting to 1.63 billion yuan on January 1, marking an 83.2% increase [3] Consumption Growth - Beijing's sales during the holiday reached 4.04 billion yuan, with a 16.3% year-on-year increase [4] - Shanghai reported an average daily consumption of 12.2 billion yuan, with online sales growing by 5.5% year-on-year [4] - Other cities like Qingdao and Nanjing also reported positive sales growth, indicating a broad recovery in consumer spending [4][7] Investment Recommendations - The report suggests focusing on Hainan and sectors with performance elasticity during the Spring Festival, including duty-free, cross-border e-commerce, and certain scenic spots [8] - It highlights the potential of new consumption trends and the importance of adapting to market changes in 2026 [8]

Core Viewpoint - The jewelry sector experienced a rise of 1.01% on December 31, with Feiya leading the gains, while the overall market showed mixed results with the Shanghai Composite Index up by 0.09% and the Shenzhen Component Index down by 0.58% [1]. Group 1: Market Performance - The jewelry sector's performance on December 31 showed a notable increase, with Feiya's stock price rising by 10.01% to close at 16.38, leading the sector [1]. - The overall market indices reflected mixed results, with the Shanghai Composite Index closing at 3968.84 and the Shenzhen Component Index at 13525.02 [1]. Group 2: Individual Stock Performance - Key performers in the jewelry sector included: - Feiya (000026) with a closing price of 16.38 and a trading volume of 214,700 shares, resulting in a transaction value of 339 million [1]. - Cai Zi (665560) closed at 16.37, up by 2.57%, with a trading volume of 44,100 shares [1]. - Jin Yi Culture (002721) saw a 1.94% increase, closing at 3.15 with a trading volume of 742,900 shares [1]. - Other notable stocks included: - China Gold (600916) closed at 8.15, up by 0.74% with a trading volume of 236,000 shares [1]. - Lao Feng Xiang (600612) closed at 44.47, up by 0.47% with a trading volume of 9,504 shares [1]. Group 3: Capital Flow Analysis - The jewelry sector saw a net inflow of 71.07 million in main funds, while retail investors experienced a net outflow of 53.85 million [2]. - Main fund inflows were led by Feiya, which had a net inflow of 93.68 million, representing 27.60% of its trading volume [3]. - Other stocks like Jin Yi Culture and China Gold also experienced positive net inflows, while several stocks faced net outflows from retail investors [3].

Core Viewpoint - Chao Hong Ji's stock price has shown significant growth this year, but recent trading data indicates a decline in the short term, raising questions about future performance and investor sentiment [1][2]. Group 1: Stock Performance - On December 31, Chao Hong Ji's stock increased by 2.02%, reaching 12.62 CNY per share, with a trading volume of 68.46 million CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 11.21 billion CNY [1]. - Year-to-date, Chao Hong Ji's stock price has risen by 131.14%, but it has experienced a decline of 2.32% over the last five trading days, 4.25% over the last 20 days, and 11.06% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Chao Hong Ji reported a revenue of 6.24 billion CNY, reflecting a year-on-year growth of 28.35%, while the net profit attributable to shareholders was 317 million CNY, showing a slight increase of 0.33% [2]. - The company's main revenue sources include fashion jewelry products (48.53%), traditional gold products (44.63%), brand authorization and franchise services (3.00%), leather goods (2.99%), and other income (0.86%) [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chao Hong Ji was 35,300, a decrease of 12.70% from the previous period, with an average of 24,565 circulating shares per shareholder, an increase of 14.54% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 64.54 million shares, a decrease of 877,600 shares from the previous period, and new entrants such as Hai Fu Tong Consumer Preferred Mixed A and Gold Stock ETF [3].

Group 1 - The core viewpoint of the news is that潮宏基 has shown a slight increase in stock price, with a current trading price of 12.51 yuan per share and a total market capitalization of 11.115 billion yuan [1] -潮宏基's main business involves the design, research and development, production, and sales of high-end fashion jewelry products, with revenue composition being 48.53% from fashion jewelry, 44.63% from traditional gold products, 3.00% from brand authorization and franchise services, 2.99% from leather goods, and 0.46% from other income [1] - The company is headquartered in Shantou, Guangdong Province, and was established on March 7, 1996, with its listing date on January 28, 2010 [1] Group 2 - According to data,华安基金 has one fund heavily invested in潮宏基, specifically the华安现代生活混合 fund, which holds 981,700 shares, accounting for 6.11% of the fund's net value, making it the fourth-largest holding [2] - The华安现代生活混合 fund has a total scale of 230 million yuan and has achieved a year-to-date return of 29.6%, ranking 3237 out of 8085 in its category [2] - The fund manager, Liu Shusheng, has been in position for 7 years and 215 days, with the best fund return during his tenure being 77.11% and the worst being 37.82% [3]

摘要2025年12月30日，实物黄金潮宏基黄金黄金报价1363元/克，相比上一个交易日下跌了42元/克。铂 金价格今天报价871元/克，相比上一个交易日下跌了79元/克。 2025年12月30日，实物黄金潮宏基黄金黄金报价1363元/克，相比上一个交易日下跌了42元/克。铂金价 格今天报价871元/克，相比上一个交易日下跌了79元/克。 附表： 摘要2025年12月30日，实物黄金潮宏基黄金黄金报价1363元/克，相比上一个交易日下跌了42元/克。铂 金价格今天报价871元/克，相比上一个交易日下跌了79元/克。 2025年12月30日，实物黄金潮宏基黄金黄金报价1363元/克，相比上一个交易日下跌了42元/克。铂金价 格今天报价871元/克，相比上一个交易日下跌了79元/克。 附表： 潮宏基 黄金价格 铂金价格 金条价格 单位 | 2025年12月30日 | 1363 | 871 | - | 元/克 | | --- | --- | --- | --- | --- | | 2025年12月29日 | 1405 | 950 | - | 元/克 | 潮宏基 黄金价格 铂金价格 金条价格 单位 2025年12月30 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301177 | 迪阿股份 | 29.20 | 0.59% | 1.48万 | | 4326.47万 | | 002867 | 周大生 | 12.14 | -0.08% | 3.35万 | | 4063.11万 | | 600916 | 中国黄金 | 8.09 | -0.25% | 13.63万 | | 1.10亿 | | 002721 | 金一文化 | 3.09 | -0.32% | 44.43万 | | 1.39亿 | | 600612 | 老凤祥 | 44.26 | -0.43% | 9767.0 | | 4325.74万 | | 605599 | 菜自股份 | 15.96 | -0.68% | 2.31万 | | 3697.64万 | | 600439 | 瑞贝卡 | 2.76 | -0.72% | 15.15万 | | 4204.55万 | | 002574 | 明牌珠宝 | 5.62 | -1.06% | 10.02万 ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Group 1 - The international gold price is reported at $4,340.8 per ounce, while international palladium is at $1,608.4 per ounce, and international silver is at $72.28 per ounce. The domestic gold price is at ¥992.9 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at the highest price of ¥1,408 per gram and China Gold at the lowest price of ¥1,312 per gram. Other notable prices include Chow Tai Fook at ¥1,405, Chow Sang Sang at ¥1,406, and Liufuk Jewelry at ¥1,405 per gram [1]

Core Viewpoint - The article discusses the recent significant decline in domestic gold jewelry prices and analyzes the potential for a continued bull market in gold for 2026, influenced by various economic factors and investor behavior [1][3]. Price Comparison - As of December 30, 2025, several gold jewelry brands reported a notable price drop for domestic 24K gold jewelry, with Lao Feng Xiang and Chow Tai Fook both priced at 1363 CNY per gram, while Lao Miao Gold was at 1359 CNY per gram, and Chow Sang Sang at 1353 CNY per gram. Liufu Jewelry maintained a price of 1403 CNY per gram [1][2]. Market Dynamics - The international gold price has seen fluctuations, dropping from a previous high of 4550 USD to around 4350 USD. The article raises the question of whether the gold bull market can continue into 2026 [2][3]. Support for Gold Market - Key factors supporting the gold market include expectations of interest rate cuts by the Federal Reserve, with three cuts totaling 75 basis points in 2025 and an anticipated 2-3 cuts in 2026. Additionally, global central bank gold purchases are expanding beyond geopolitical nations, with the share of dollar assets in global reserves decreasing from 72% to 56%, while gold reserves have increased to 25% [3]. Investor Behavior - Gold investment returns and capital inflows are positively correlated, with significant demand for gold observed in 2025, totaling 551.5 tons, 477.5 tons, and 537.2 tons in the first three quarters, respectively. Gold ETF and derivatives investments also showed strong performance, with figures of 226.6 tons, 170.5 tons, and 221.7 tons, all higher than the previous year. Despite a decline in gold jewelry consumption compared to the previous year, quarterly consumption remains high at nearly 400 tons [3]. Potential Risks - Possible negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically led to declines in gold prices during periods of high inflation retreat. Additionally, liquidity pressures could prompt central banks to sell gold, as seen during the 1997 Asian financial crisis when global central banks sold gold, leading to significant price drops [4].