Market Overview - The jewelry sector experienced a decline of 0.35% on September 29, with Chao Hong Ji leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Individual Stock Performance - Notable gainers included: - Zhou Dazheng (002867) with a closing price of 13.59, up 1.19% [1] - Diya Co. (301177) at 33.88, up 0.92% [1] - Shenhua A (000017) at 6.59, up 0.61% [1] - Chao Hong Ji (002345) was the biggest loser, closing at 14.17, down 5.28% [2] - Other notable declines included: - Rebecca (600439) down 1.38% [2] - Feiya (000026) down 0.91% [2] Trading Volume and Capital Flow - The jewelry sector saw a net outflow of 87.86 million yuan from institutional investors, while retail investors had a net inflow of 86.38 million yuan [2] - The total trading volume for the jewelry sector was significant, with Zhou Dazheng achieving a volume of 78,200 hands and a transaction value of 105 million yuan [1] Capital Flow Analysis - Major net inflows were observed in: - Zhou Dazheng with a net inflow of 11.85 million yuan from institutional investors [3] - China Gold (600916) with a net inflow of 11.10 million yuan [3] - Significant net outflows were noted for: - Chao Hong Ji with a net outflow of 44.72 million yuan from institutional investors [3] - Rebecca with a net outflow of 4.47 million yuan [3]

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].

新消费成机构布局重点 ◎记者 王彭 今年以来，消费主题基金业绩显著分化，不少绩优产品对新消费相关标的进行了重点布局。站在当前时 点，机构认为，消费板块长期潜力可期，但短期基本面仍待数据验证，新消费领域或成未来布局的重点 方向。 范雨露 制图 ■投基论道 消费主题基金业绩显著分化 Choice数据显示，截至9月25日，在206只名字中含有"消费"二字的基金中，海富通消费优选混合A近一 年以135.42%的净值涨幅排名首位，财通资管消费精选混合A、永赢新兴消费智选混合发起A、国联沪 港深大消费主题A等多只产品净值涨幅也均超过80%。不过，在业绩排行榜的另一端，尚有3只消费主 题基金近一年净值涨幅不足10%。 从基金二季报披露的持仓来看，上述绩优消费基金大多重仓配置了不少新消费龙头。以海富通消费优选 混合A为例，截至二季度末，珠宝行业龙头潮宏基在组合中占比4.87%，为基金第三大重仓股。截至9月 25日，今年以来潮宏基股价涨幅超过150%。 永赢新兴消费智选混合发起A则重仓持有泡泡玛特，截至二季度末该股在组合中占比9.11%，为基金第 二大重仓股。截至9月25日，泡泡玛特今年以来涨幅高达193.23%。 Choic ...

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].

9月29日，据报道，随着国际金价走高，国内品牌足金首饰价格已突破1100元/克，如北京周大福、潮宏 基、周生生等国内多家主流珠宝品牌的"一口价"黄金饰品陆续启动涨价。一位武汉地区的周大福门店工 作人员向记者确认了涨价的消息。他告诉记者，十一之后周大福的"一口价"饰品将迎来涨价，涨幅大约 在20%-30%左右，但涨价的产品比例、以及具体是哪几款还未确定。 龙凤珠宝与老凤祥的工作人员称 还未接到涨价通知。龙凤珠宝的工作人员表示，其店里的一口价产品今年还未涨价，不改价的话买下来 跟按克重买差不多。老凤祥的工作人员表示，"今年金价涨得比较厉害，一口价的折扣不能设置太低， 所以趁现在还没涨买一口价饰品是很划算的。" 前述周大福工作人员还提到，由于一口价换款按克重 来，当前卖价高也就是换金价值高，也有很多赶来换金的人。 9月以来，国际金价持续走高，截至目前 已累计上涨约9%，年内涨幅超过40%。（九派新闻） ...

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。 ...