Group 1 - The gold market has gained significant attention as international gold prices have risen approximately 9% since September, with a year-to-date increase exceeding 40% [1][3] - Domestic gold jewelry prices have surpassed 1100 RMB per gram, with some brands' "one-price" gold products exceeding 2000 RMB per gram [1][3] - Major brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook have confirmed price increases, with some popular items seeing price hikes of 30% to 40% [3][4] Group 2 - Various brands, including Baolan and Linchao, have implemented price adjustments, with Baolan's average increase exceeding 15% starting September 28 [4][5] - Linchao's price increase included a significant rise for its zodiac pendant series, with prices jumping from 1290 RMB per gram to 1815 RMB per gram, a 40% increase [6] - Junpei also raised prices on September 25, with the highest increase being 21% for a specific bracelet [6]

9月29日，潮宏基跌5.21%，截至发稿，报14.18元/股，成交6171.21万元，换手率0.49%，总市值125.99 亿元。 资料显示，广东潮宏基实业股份有限公司位于广东省汕头市濠江区南滨路98号潮宏基广场总部办公写字 楼12-18层,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1996年3月7日，上市日期2010年1月 28日，公司主营业务涉及 高档时尚珠宝首饰产品的设计、研发、生产及销售，女包业务。主营业务收 入构成为：时尚珠宝产品48.53%，传统黄金产品44.63%，代理品牌授权及加盟服务收入3.00%，皮具 2.99%，其他收入0.46%，其他产品0.40%。 从基金十大重仓股角度 数据显示，天弘基金旗下1只基金重仓潮宏基。天弘弘新混合发起A（007781）二季度持有股数5000 股，占基金净值比例为0.23%，位居第十大重仓股。根据测算，今日浮亏损失约3900元。 天弘弘新混合发起A（007781）成立日期2019年8月21日，最新规模3219.7万。今年以来收益0.24%，同 类排名8050/8193；近一年收益2.54%，同类排名7762/7977；成立以来收益34.02%。 ...

Group 1 - The performance of consumer-themed funds has shown significant divergence this year, with some funds achieving over 135% net value growth while others have less than 10% [1][3] - Notable top-performing funds include Hai Fu Tong Consumer Preferred Mixed A, which has a net value increase of 135.42%, and several others with gains exceeding 80% [1] - Conversely, three consumer-themed funds have reported net value growth of less than 10%, highlighting a stark performance gap [1] Group 2 - Many high-performing consumer funds have heavily invested in new consumer enterprises, such as Chao Hong Ji, which constitutes 4.87% of Hai Fu Tong Consumer Preferred Mixed A's portfolio and has seen a stock price increase of over 150% this year [3] - Another significant holding is Pop Mart, making up 9.11% of the portfolio in Yong Ying New Consumer Intelligent Selection Mixed A, with a stock price increase of 193.23% [3] - There has been substantial inflow into consumer-related ETFs, with Penghua Zhongzheng Wine ETF gaining 10.97 billion shares and attracting a net inflow of 6.537 billion yuan, indicating strong market interest in the consumer sector [3] Group 3 - Despite short-term challenges in the consumer sector's fundamentals, structural opportunities are emerging, with some experts suggesting that low-priced consumer stocks may be worth monitoring if consumer sentiment improves [4] - The investment focus is shifting towards the new consumer sector, which is seen as a key area for future growth [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 特此公告 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"）已于2025年9月12日向香港联合交易所有限公司（以 下简称"香港联交所"）递交了发行境外上市股份（H股）并在香港联交所主板挂牌上市（以下简称"本 次发行并上市"）的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请材料。具体内容详 见公司于2025年9月15日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于向香港联交所递交境外 上市股份（H 股）发行上市申请并刊发申请资料的公告》（公告编号：2025-050）。 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"）报送了本次发行并上市的备 案申请材料并于近日获中国证监会接收。 公司本次发行并上市尚需取得中国证监会、香港证券及期货事务监察委员会和香港联交所等相关政府机 关、监管机构、证券交易所的备案、批准和/或核准，该事项仍存在不确定性。公司将根据该事项的后 续进展情况依法及时履行信息披露义务，敬请广大投资者注 ...

Core Viewpoint - The gold market is gaining attention as the National Day holiday approaches, with various brands adjusting their gold jewelry prices, indicating a potential upward trend in consumer demand and pricing [1][3]. Price Trends - Major brands such as Chow Tai Fook, Lao Feng Xiang, and others are currently pricing their gold jewelry around 1108 CNY per gram, with slight variations among different brands [2][3]. - Chow Tai Fook confirmed that its "fixed price" gold products will see price increases starting in October, with an average increase expected to exceed 15% [3]. Emerging Trends - The "pain gold" trend is rapidly gaining popularity among young consumers, priced at 2800 CNY per gram, significantly higher than standard gold jewelry prices [4]. - Collaborations between traditional brands and popular culture, such as Chow Tai Fook's partnership with the game "Black Myth: Wukong," have resulted in substantial sales, exceeding 150 million CNY [5]. Market Dynamics - The gold market's performance is positively correlated with gold prices, influenced by various factors including geopolitical risks and monetary policy changes [6][7]. - Analysts suggest that the recent rise in international gold prices is driven by short-term expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical uncertainties [7][8]. Long-term Outlook - The long-term outlook for gold is shaped by a restructuring of the global monetary credit system, with a weakening of the dollar's dominance and increasing demand for gold as a safe-haven asset [8].

Core Viewpoint - The performance of consumer-themed funds has shown significant divergence this year, with many high-performing products focusing on new consumption-related assets. Institutions believe that while the long-term potential of the consumer sector is promising, short-term fundamentals still require data validation, making new consumption a key focus for future investments [2]. Group 1: Fund Performance - As of September 25, among 206 funds with "consumption" in their names, Hai Futong Consumption Preferred Mixed A ranked first with a net value increase of 135.42% over the past year, while several other products also saw increases exceeding 80% [2]. - Conversely, three consumer-themed funds had net value increases of less than 10% over the same period, indicating a stark contrast in performance [2]. Group 2: Fund Holdings - High-performing consumer funds predominantly hold shares in leading new consumption companies. For instance, as of the end of Q2, Chao Hong Ji, a jewelry industry leader, accounted for 4.87% of Hai Futong Consumption Preferred Mixed A's portfolio, with its stock price rising over 150% this year [2]. - Another example is Yongying Emerging Consumption Intelligent Selection Mixed Fund A, which held 9.11% of its portfolio in Pop Mart, with the stock price increasing by 193.23% year-to-date [2]. Group 3: Market Trends and Insights - Multiple fund managers acknowledge that while the consumer sector faces short-term fundamental challenges, structural opportunities are emerging. They emphasize that boosting consumption is a long-term strategy and express optimism about consumer stocks [4]. - Investment in the consumer sector heavily relies on fundamental data, and if consumption rebounds due to stock market wealth effects, undervalued consumer stocks may become attractive [4]. - A fund manager highlighted the importance of identifying segments with low penetration but high growth potential, such as trendy toys, beauty products, pet food, and gaming, which represent new lifestyle trends and offer opportunities for market expansion [4].

Core Viewpoint - The company,潮宏基, aims to become the first "A+H" dual-listed jewelry enterprise in the gold jewelry industry as it submits its listing application to the Hong Kong Stock Exchange, amidst a rising trend of gold investment in the capital market [1][3]. Group 1: Business Expansion and Challenges -潮宏基 has rapidly expanded through a franchise model, with 86.9% of its 1,542 stores being franchise outlets as of June 2025, leading to a 37% year-on-year increase in franchise channel revenue, contributing over 50% of total revenue [4]. - Despite the growth in scale, the company faces profitability challenges, with franchise channel gross margins at 16.6%, significantly lower than the 35.3% of self-operated channels, causing overall gross margin to decline from 29.3% in 2022 to 23.1% in the first half of 2025 [5]. - The shift in consumer attitudes towards gold, prioritizing its value retention over decorative functions, has forced潮宏基 to adjust its product structure, increasing the share of lower-margin classic gold jewelry from 32.6% to 44.6% over three years [6][7]. Group 2: Market and Financial Pressures - The company faces multiple challenges in the capital market, including a 508 million yuan goodwill from the acquisition of the women's bag brand FION, which poses a potential impairment risk if performance expectations are not met [10]. - The second-largest shareholder, Dongguan Group, sold approximately 125 million yuan worth of shares at a high point, raising concerns about shareholder confidence during the critical period of the company's Hong Kong listing [10]. - Trade receivables have risen to 370 million yuan, primarily from franchisees and e-commerce platforms, posing potential cash flow risks for the company [10]. Group 3: International Expansion and Legal Issues - An important aspect of潮宏基's fundraising in Hong Kong is its international expansion plan, aiming to open 20 overseas stores by 2028 [11]. - However, the company currently operates only 4 overseas stores and lacks international market operational experience compared to competitors like Chow Tai Fook [12]. - Additionally,潮宏基 is facing intellectual property lawsuits from international giants such as LVMH, which could impact its brand image and market expansion efforts abroad [13]. Group 4: Strategic Considerations - The pursuit of "A+H" listing reflects潮宏基's strategic decision during a period of deep adjustment in the gold jewelry industry, providing an international financing platform and brand visibility [14]. - The dual-platform operation will subject the company to stricter market regulations and investor expectations, making it crucial to maintain profitability amid fierce domestic competition and navigate international risks [15].

Core Viewpoint - The price of domestic gold jewelry in China has surpassed 1100 yuan per gram due to rising international gold prices, prompting major brands to increase their prices by approximately 20%-30% after the National Day holiday [1] Price Changes - Major domestic jewelry brands such as Chow Tai Fook, Chow Sang Sang, and others have initiated price hikes for their gold jewelry products [1] - A representative from Chow Tai Fook confirmed that the price increase will take effect after the National Day, although the specific products and their price adjustments have yet to be determined [1] Market Trends - International gold prices have risen significantly, with a cumulative increase of about 9% in September and over 40% year-to-date [1] - The current high selling price of gold jewelry reflects a high gold value, leading to an increase in customers exchanging gold [1] Brand Responses - Representatives from Longfeng Jewelry and Lao Feng Xiang have stated that they have not yet received notifications regarding price increases [1] - Longfeng Jewelry mentioned that their one-price products have not increased in price this year, making them comparable to purchasing by weight [1] - Lao Feng Xiang indicated that due to the significant rise in gold prices, the discounts on one-price products cannot be set too low, making it advantageous for customers to purchase before the price increase [1]

潮宏基（002345）(002345.SZ)公告，公司根据相关规定已向中国证监会报送了发行H股备案申请材料并 于近日获中国证监会接收。 ...

新京报贝壳财经讯 9月28日，潮宏基发布公告称，公司已向中国证监会报送了发行境外上市股份（H 股）并在香港联交所主板挂牌上市的备案申请材料，并于近日获中国证监会接收。本次发行并上市尚需 取得相关政府机关、监管机构、证券交易所的备案、批准和/或核准，该事项仍存在不确定性。 编辑 杨娟娟 ...