Investment Rating - Industry rating: Recommended [4] Core Insights - The report highlights a robust growth in visitor numbers during the Dragon Boat Festival, with a projected total of 6.87 billion trips, reflecting a year-on-year increase of 3.0% [1][18] - The demand for family-oriented travel has surged, particularly for short-distance self-driving trips and parent-child tours, with bookings for parent-child group tours increasing by 80% year-on-year [1][2] - The launch of new products by Lao Pu Gold, such as the Seven Sons Gourd, is expected to drive high demand in the fashion gold jewelry sector, despite a tightening overall consumption environment [2] Summary by Sections 1. Market Review - The consumer service index and retail index outperformed the CSI 300 index, with significant gains in the jewelry and watch sector [11] - The report notes a 5.1% year-on-year increase in total retail sales in April, with jewelry sales growing by 25.3% [36][50] 2. Industry & Company Dynamics - The report discusses the increase in domestic tourism, with various regions reporting significant visitor numbers during the holiday period [18][19] - Lao Pu Gold's new product launch is positioned to capture the growing trend in fashion jewelry, appealing to consumer sentiment and aesthetic preferences [2][3] 3. Macro & Industry Data - April's retail sales data indicates a stable growth trajectory, with online retail sales showing a 5.8% year-on-year increase [37] - The report provides insights into the gold jewelry market, noting a decline in overall gold consumption but an increase in gold bars and coins [52][55] 4. Investment Recommendations - The report suggests five investment themes, including the revival of traditional retail formats, the rise of AI technology applications, and the potential for new retail sectors to outperform expectations [59][61]

5月份，格力电器和江苏银行均获得6家券商推荐，当月股价分别上涨4.11%、8.07%；海大集团获得5家 券商推荐，当月股价上涨9.25%。 券商金股组合指数的表现也能反映出券商研究所的业务实力。5月份，有26只券商金股组合指数实现上 涨，其中14只券商金股组合指数当月涨超3%。"国元证券金股指数"当月上涨11.91%，涨幅居首；"国盛 证券金股指数""华创证券金股指数""浙商证券金股指数"当月分别上涨5.29%、4.8%、4.63%。 本报记者 周尚伃 见习记者 于宏 近日，券商密集发布6月份金股名单。截至6月2日，券商已合计推荐132只金股，其中，亚钾国际被推荐 次数暂居第一，已获得4家券商推荐。从行业分布来看，上述132只金股中，来自工业和信息技术行业 （Wind一级行业，下同）的金股数量较多。展望6月份市场行情，多位券商分析师预计，科技、消费板 块仍为投资主线。 5月份最强金股涨超45% 回顾5月份，券商5月份合计推荐的272只金股中，132只金股当月股价实现上涨，占比48.53%。32只金 股当月股价涨幅超10%，占比11.76%。 具体来看，5月份涨幅最高的金股为天风证券推荐的潮宏基，当月涨幅为45 ...

Summary of Key Points from the Conference Call Industry Overview - The gold and jewelry industry is undergoing a transformation from a B2B (channel-driven) model to a B2C (user-driven) value chain, necessitating a shift towards a user value-centric business philosophy [1][2][4]. Core Insights and Arguments - **Consumer Segmentation**: There is a clear differentiation in consumer groups, with stable demand in the high-end market (e.g., Lao Feng Xiang, Chow Tai Fook) and opportunities in the mass market. Brands need to accurately position themselves to meet diverse consumer needs, particularly targeting the younger generation (ages 18-34), which contributes approximately 30% of retail sales [1][2][5]. - **Shift in Consumption Patterns**: Gold consumption is transitioning from a focus on value preservation to self-pleasure, indicating a need for brands to adapt their market positioning from repetitive to aesthetic consumption [1][6]. - **B2B vs. B2C Value Chains**: The B2B value chain relies on deep distribution and channel expansion, while the B2C value chain focuses on creating user value and meeting consumer needs. The B2B model is becoming less sustainable due to over-distribution, leading to significant retail terminal losses (15%-20%) [1][7][12]. - **Impact of Information Technology**: The empowerment of consumers through information technology has accelerated the transition from B2B to B2C. User-generated content (UGC) significantly influences purchasing decisions, necessitating brands to prioritize consumer feedback and engage in precise marketing [1][8]. Additional Important Insights - **Differentiation Strategies**: Some brands have achieved counter-cyclical growth through differentiated positioning. For instance, Lao Pu targets high-net-worth individuals, while Chao Hong Ji focuses on the light luxury middle class, and Man Ka Long appeals to the young fashion demographic [1][9][10]. - **Cultural and IP Significance**: Cultural elements and intellectual property (IP) are crucial for enhancing competitiveness. Unique designs, such as Van Cleef & Arpels' four-leaf clover, contribute to brand recognition and market strength [3][13]. - **Challenges of Price Models**: The one-price model is unlikely to become mainstream, as it is more suited for luxury and small-weight products. Brands need to enhance their value chain reconstruction capabilities and invest in R&D [3][15][17]. - **Emerging Designer Brands**: The market may see the rise of small, unique designer brands that leverage social media for marketing and sales. These brands, while small, can achieve high profitability and may eventually be acquired by larger companies [26]. Future Considerations - **Brand Upgrades**: Brands like Junpei Jewelry and Chow Tai Fook's DIY sub-brand are noteworthy for their innovative approaches to product lines and consumer engagement [25]. - **Market Trends**: The overall sales of emerging jewelry brands like Man Ka Long are still relatively low, but they are gaining traction through unique designs and innovative marketing strategies [27][28]. This summary encapsulates the key points discussed in the conference call, highlighting the ongoing changes and challenges within the gold and jewelry industry.

2024年，潮宏基在黄金消费市场的狂欢中交出了一份"增收不增利"的答卷，营业收入为65.18亿元，同 比增长10.48%；归属于上市公司股东净利润1.94亿元，同比下降41.91%。 表面上看，公司营收规模的扩张印证了渠道扩张与市场策略的阶段性成功，但净利润的断崖式下滑、毛 利率的持续收缩以及现金流与营收增速的背离，却暴露出其经营模式的深层隐患。在黄金品类主导的增 长逻辑下，这家以时尚珠宝起家的企业正陷入产品结构失衡与渠道扩张代价的双重风险漩涡。 黄金依赖症：产品结构失衡侵蚀盈利根基 潮宏基的黄金业务扩张战略如同一把双刃剑。随着市场避险情绪升温，公司通过加大克重类黄金产品的 铺货快速抢占市场份额，但这类低毛利产品的占比显著提升，严重稀释了整体盈利能力。原本支撑利润 的时尚珠宝首饰业务收入持续萎缩，导致高附加值产品的贡献度下滑。 更深层的风险在于，黄金业务的盈利逻辑高度受制于外部环境。金价波动直接影响采购成本与库存价 值，但公司缺乏有效的价格对冲机制，被动成为市场波动的承受者。当金价剧烈震荡时，高库存可能成 为吞噬现金流的"黑洞"，而低毛利的黄金产品又难以通过提价转嫁成本压力。此外，公司对上游供应商 的高度依赖 ...

Overview - The jewelry industry in China has seen a steady increase in demand due to rising consumer purchasing power and a shift in consumer preferences towards quality, brand, and cultural significance [1][11] - In 2023, the market size of China's jewelry industry reached 820 billion yuan, a year-on-year growth of 14.05%. However, in 2024, the market is expected to shrink to 778.8 billion yuan due to macroeconomic slowdown and decreased consumer confidence [1][11] Market Size - The market size breakdown for 2024 includes: - Gold products: approximately 568.8 billion yuan (73.0%) - Diamond products: approximately 43 billion yuan (5.5%) - Jade products: approximately 98 billion yuan (12.6%) - Colored gemstones: approximately 27 billion yuan (over 3.5%) - Pearl products: approximately 21 billion yuan (nearly 2.7%) - Platinum and silver products: approximately 8 billion yuan (1.0%) - Fashion jewelry and other categories: approximately 13 billion yuan (1.7%) [1][11] Industry Chain - The upstream of the jewelry industry includes suppliers of raw materials such as gold, diamonds, jade, colored gemstones, pearls, platinum, and silver, as well as suppliers of processing equipment [4] - The midstream involves design, research and development, and manufacturing processes [4] - The downstream consists of sales channels including jewelry specialty stores, department stores, and e-commerce platforms [4][6] Sales Channels - Offline channels, including jewelry specialty stores and department stores, remain the most important sales channels in China, accounting for over 80% of the market share due to the preference for in-person shopping experiences for high-value items [6] Economic Context - In 2024, China's GDP is projected to reach 13.49 trillion yuan, growing by 5.0%. However, both GDP growth and per capita disposable income growth are expected to decline compared to previous years [8] - Retail sales of gold and silver jewelry are projected to decline by 3.1% in 2024, reflecting the sensitivity of non-essential goods to economic fluctuations [8] Competitive Landscape - The jewelry industry in China is highly competitive, with major players including China Gold, Lao Feng Xiang, Yu Garden, and others. In 2024, China Gold is expected to lead with total revenue of 60.46 billion yuan [13][15] - Lao Feng Xiang is projected to have total revenue of 56.79 billion yuan, with jewelry sales contributing 82.6% of its total revenue [17] Development Trends - The jewelry market is expected to see a polarization in consumer spending, with high-end jewelry appealing to high-net-worth individuals, while the mass market focuses on cost-effectiveness and trendy, affordable options [19] - Increasingly, Chinese jewelry companies are integrating cultural elements into their branding, promoting a shift towards a brand economy [19]

Group 1: New Consumption Trends - The demand for health-oriented, fragmented, and personalized products is driving innovation in the food and beverage sector, leading to the emergence of agile companies that cater to consumer needs [6][10] - Companies like Kweichow Moutai and others in the new consumption space have seen significant stock performance, with Kweichow Moutai's stock hitting a limit up on May 28 [6][9] - The focus on younger consumers, particularly those aged 25-35, is evident, with this demographic representing approximately 60-70% of the target market for companies like Chao Hong Ji [9][10] Group 2: Autonomous Logistics Vehicles - The autonomous logistics vehicle sector is experiencing rapid growth, with companies like White Rhino and Jiusi Intelligent securing significant funding to expand their fleets [12][15] - The market for low-speed autonomous logistics vehicles is projected to see explosive growth, with potential delivery volumes reaching tens of thousands by 2025 [17][19] - Companies such as KJ Intelligent and Debon Logistics have shown strong stock performance, with KJ Intelligent reaching a maximum increase of 27.24% over two days [17][19] Group 3: Nuclear Power and Controlled Nuclear Fusion - The nuclear power sector is poised for growth, with projections indicating that China's nuclear power capacity could reach 110 million kW by 2030 and 150 million kW by 2035 [22][24] - Significant investments are expected in the nuclear fusion sector, with estimates suggesting nearly 100 billion yuan could flow into this area over the next 2-3 years [29] - Companies like Hezhan Intelligent and Jiusheng Electric have seen substantial stock increases, with Hezhan Intelligent reaching a maximum increase of 33.01% [22][29]

Group 1 - The cultivated diamond concept increased by 2.34%, ranking fifth among concept sectors, with 14 stocks rising, including Huanghe Xuanfeng and *ST Yazhen hitting the daily limit [1][2] - Notable gainers in the cultivated diamond sector include Chaohongji (+7.20%), Huifeng Diamond (+6.30%), and Sifangda (+5.47%) [1][2] - The sector experienced a net inflow of 192 million yuan, with Huanghe Xuanfeng leading the inflow at 176 million yuan [2][3] Group 2 - The top stocks by net inflow ratio include *ST Yazhen (49.62%), Huanghe Xuanfeng (47.73%), and China Gold (25.04%) [3][4] - The trading volume and turnover rates for key stocks in the cultivated diamond sector show significant activity, with Huanghe Xuanfeng having a turnover rate of 6.68% and a net inflow of 176.16 million yuan [3][4] - Stocks with notable declines include Chujian New Materials (-1.87%), Guoli Co. (-1.58%), and Inno Laser (-0.78%) [1][4]

证券代码：002345 证券简称：潮宏基 公告编号：2025-026 广东潮宏基实业股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东潮宏基实业股份有限公司（以下简称"公司"）2024年年度权益分派方 案已获2025年5月20日召开的2024年度股东大会审议通过。本次实施的权益分派 方案与公司2024年度股东大会审议通过的分配方案一致。公司本次分配方案以固 定总额的方式分配，自该分配方案披露至实施期间公司股本总额未发生变化。本 次权益分派方案实施时间距离2024年度股东大会审议通过时间未超过2个月。现 将权益分派事宜公告如下： 一、权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本888,512,707股为基数， 向全体股东每10股派2.50元人民币现金（含税；扣税后，通过深股通持有股份的 香港市场投资者、境外机构（含QFII、RQFII）以及持有首发前限售股的个人和 证券投资基金每10股派2.25元；持有首发后限售股、股权激励限售股及无限售流 通股的个人股息红利税实行差别化税率征收，本公司暂不 ...

Market Overview - On May 27, A-shares experienced a decline, with the robotics and computing power industry chains leading the drop. The Shanghai Composite Index fell by 0.33% to 3335.76 points, the Shenzhen Component Index dropped by 0.87%, and the ChiNext Index decreased by 0.98% [1] - The total trading volume of A-shares reached 6260.49 billion yuan for the half-day session [1] Monetary Policy - The People's Bank of China conducted a 448 billion yuan reverse repurchase operation with a fixed rate and quantity tendering method, at an interest rate of 1.40%. The total bid amount was 448 billion yuan, with the same amount being accepted [2] - On the same day, 357 billion yuan of reverse repos matured, resulting in a net injection of 91 billion yuan [2] Industrial Performance - In April, industrial production showed rapid growth, driven by the implementation of more proactive macro policies, leading to an acceleration in profits for industrial enterprises. The new momentum industries, particularly equipment manufacturing and high-tech manufacturing, saw significant profit growth [3] - New consumption concept stocks led the market, with companies like Chuangyuan Co., Keta Bio, and Youyou Food reaching their daily limit [3] Sector Performance - The diamond cultivation sector has gained attention due to its environmental sustainability and cost-effectiveness. China has become the largest producer and processing base for synthetic diamonds, with ongoing technological advancements expected to expand applications in high-end technology fields [4] - The top-performing sectors included diamond cultivation (+3.03%), sandstorm governance (+2.36%), and NMN concept (+1.65%), while sectors like remote office (-1.49%) and PEEK materials (-1.41%) lagged behind [4] Company Insights - Chao Hong Ji, a leading fashion jewelry company, is expected to continue its rapid growth due to strong channel expansion and effective cost control [6] - Mankalon focuses on digital management and targets the young demographic, with expectations for enhanced brand and product strength [6] - Sifangda is implementing a project for the industrialization of functional diamonds, which is anticipated to contribute to performance as production ramps up [6] - Power Diamond holds a leading position in the cultivation diamond and diamond powder sectors, with potential performance recovery as demand in downstream markets increases [7]

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].