Group 1 - The traditional pricing model for gold jewelry, based on weight, is facing challenges as prices approach 1500 yuan per gram, while "fixed price" models that integrate traditional craftsmanship and cultural elements are gaining popularity among younger consumers [1][2] - The "fixed price" model allows consumers to avoid daily fluctuations in gold prices, making it more appealing during times of rising gold prices [2][3] - Major brands like Chow Tai Fook and Chow Sang Sang are following the trend by introducing their own "fixed price" gold products, indicating a shift in consumer preferences [3] Group 2 - Despite a general decline in gold consumption, with a reported 7.95% decrease in total gold consumption and a 32.50% drop in gold jewelry sales in the first three quarters of 2025, high-value jewelry products continue to attract consumers [4] - Companies like Chow Sang Sang are forecasting significant profit growth for 2025, with expected net profits between 436 million to 533 million yuan, reflecting a year-on-year increase of 125% to 175% [5] - Mining companies such as Chifeng Gold and Zijin Mining are also projecting substantial profit increases due to rising gold prices, with Chifeng Gold expecting net profits of 3 billion to 3.2 billion yuan, a growth of 70% to 81% [6] Group 3 - Analysts are optimistic about the long-term outlook for gold prices, with Goldman Sachs raising its target price for gold to $5,400 per ounce by the end of 2026, driven by ongoing demand from central banks and geopolitical uncertainties [7] - The gold market is expected to enter a new phase characterized by dynamic balance, with various factors influencing price stability and potential upward trends [7]

Group 1 - The traditional pricing model for gold jewelry, based on weight, is facing challenges as prices approach 1500 yuan per gram, while "fixed price" models that integrate traditional craftsmanship and cultural elements are gaining popularity among younger consumers [1][2] - The "fixed price" gold products are preferred by consumers due to their perceived value, as they include all costs such as base gold price and craftsmanship fees, making them less sensitive to daily fluctuations in international gold prices [2][3] - Major brands like Chow Tai Fook and Chow Sang Sang are following the trend initiated by Lao Pu Gold, launching their own fixed-price gold products, indicating a shift in consumer preferences towards this pricing model [2][3] Group 2 - Despite the rising gold prices impacting overall sales, certain categories of gold jewelry, particularly those with high added value, continue to attract consumers, as evidenced by strong sales performance in lightweight and high-value products [4] - Companies like Chow Tai Fook are projecting significant profit growth, with expected net profits for 2025 ranging from 436 million to 533 million yuan, reflecting a year-on-year increase of 125% to 175% [4] - Upstream companies in the gold mining sector are benefiting from rising gold prices, with firms like Chifeng Gold and Zijin Mining forecasting substantial profit increases for 2025, driven by higher sales prices and stable production levels [5][6] Group 3 - Analysts are optimistic about the long-term outlook for gold prices, with Goldman Sachs raising its target price for gold to $5,400 per ounce by the end of 2026, driven by ongoing demand from central banks and investors [6] - The World Gold Council anticipates that the gold market will enter a new phase characterized by dynamic balance, influenced by geopolitical uncertainties and potential economic recovery [6] - Experts predict that gold prices may experience a period of high volatility but overall remain strong, with a target range of $4,500 to $5,000 per ounce for 2026 [6]

Core Viewpoint - International gold prices have continued their strong performance from 2025 into 2026, with prices surpassing $4800 per ounce, driven by multiple factors including geopolitical tensions and economic risks [1][2]. Price Trends - The London spot gold price increased from $2624 per ounce at the end of December 2024 to $4318 per ounce by the end of December 2025, marking a 64.56% increase. As of January 20, 2026, the price was reported at $4763 per ounce, with a peak of over $4800 on January 21, 2026 [1][2]. Factors Driving Price Increase - Key reasons for the rise in gold prices include: 1. Federal Reserve interest rate cuts leading to lower real interest rates, enhancing the appeal of gold as a non-yielding asset [2]. 2. Increased demand for gold due to geopolitical conflicts and rising risk aversion, with central bank purchases and ETF inflows as significant drivers [2]. 3. Global economic risks and debt pressures [2]. 4. Inflation expectations and a weakening dollar [2]. Industry Performance - Upstream mining companies are directly benefiting from rising gold prices. For instance, Zijin Mining Group expects a net profit of 51 to 52 billion yuan for 2025, a year-on-year increase of 59% to 62%, with gold production around 90 tons [3]. - Chifeng Jilong Gold Mining anticipates a net profit of 3 to 3.2 billion yuan for 2025, reflecting a growth of 70% to 81% [3]. - Despite the increase in gold prices impacting gold jewelry consumption, Guangdong Chao Hong Ji Industrial expects a net profit of 436 to 533 million yuan for 2025, a significant increase of 125% to 175% [3]. Strategic Recommendations - Upstream companies should enhance resource reserves and optimize cost structures to seize market opportunities, while downstream companies are encouraged to innovate products and manage price volatility risks through financial tools [4].

Market Overview - The jewelry sector experienced a decline of 0.65% on January 22, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - ST Xinhua Jin (600735) saw a closing price of 6.20, with an increase of 5.08% and a trading volume of 21,200 shares, totaling 13.12 million yuan [1] - Mingpai Jewelry (002574) closed at 6.41, up 1.91%, with a trading volume of 441,000 shares and a turnover of 280 million yuan [1] - Ruibeka (600439) closed at 2.90, up 1.40%, with a trading volume of 225,200 shares and a turnover of 64.79 million yuan [1] - Mankalon (300945) led the decline with a closing price of 17.94, down 4.06%, and a trading volume of 221,800 shares, totaling 396 million yuan [2] Capital Flow Analysis - The jewelry sector experienced a net outflow of 196 million yuan from institutional investors, while retail investors saw a net inflow of 141 million yuan [2] - The main capital inflow and outflow for individual stocks showed varied trends, with Ruibeka experiencing a net inflow of 6.76 million yuan from institutional investors [3] - ST Xinhua Jin had a net inflow of 5.10 million yuan from institutional investors, while it faced a net outflow of 2.88 million yuan from speculative funds [3]

在昨日全线上攻之后，今日国内品牌金价整体趋于平稳，仅个别品牌有所波动。目前市场最高价仍维持在1498元/克（周大 福、潮宏基、周大生），菜百黄金价格未变，继续保持1432元/克的最低价位。今日金店高低价差仍为66元/克，与前一日报 价持平。 以下是各大品牌金店详细报价： | | | 今日金店黄金价格一览(2026年1月22日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1496 | 元/克 | 3 | 涨 | | 六福黄金价格 | 1496 | 元/克 | 0 | ਜ | | 周大福黄金价格 | 1498 | 元/克 | 0 | 27 | | 周六福黄金价格 | 1493 | 元/克 | 10 | 涨 | | 金至尊黄金价格 | 1496 | 元/克 | 0 | 27 | | 老凤祥黄金价格 | 1495 | 元/克 | 3 | 缺 | | 潮宏基黄金价格 | 1498 | 元/克 | 0 | 27 | | 周生生黄金价格 | 1492 | 元/克 | 3 | 跌 | | 菜百黄金价格 | ...

证券代码：002345 证券简称：潮宏基 公告编号：2026-003 广东潮宏基实业股份有限公司 关于控股子公司完成工商变更登记的公告 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。 2、类型：股份有限公司（港澳台投资、未上市） 3、法定代表人：林斌生 4、注册资本：人民币79,261,364元 5、成立日期：1992年02月24日 6、住所：惠州市龙丰共联尖尾坑6号 7、经营范围：一般项目：箱包制造；皮革制品制造；服饰制造；日用杂品 制造；家居用品制造；鞋制造；家具制造；毛皮制品加工；箱包销售；皮革制品 广东潮宏基实业股份有限公司（以下简称"公司"）于2025年12月1日召开 第七届董事会第七次会议审议通过了《关于控股子公司终止股权激励暨关联交易 的议案》，同意终止广东菲安妮皮具股份有限公司（以下简称"菲安妮"）股权 激励事项，并由菲安妮回购除林斌生外其他激励对象持有的菲安妮7%的股份。本 次股份回购完成后，将对回购股份进行注销，菲安妮注册资本变更为7,926.1364 万股，其中公司持股94.62%，菲安妮仍为公司控股子公司。具体详见公司于2025 年12 ...

金价一路猛涨，黄金首饰销售承压已久。但这不妨碍年轻消费者在黄金柜台前青睐那些有趣、可爱的饰 品：迪士尼、小马宝莉、疯狂动物城、线条小狗、黑神话悟空……顶流IP与黄金品牌的联名款一个接一 个，不断推高市场热度，点燃年轻人的购买热情。 小克重也不断被赋予新注解：一两克的足金挂坠不少，与此同时，还有0.2克的金牌，不足0.1克的黄金 挂件、纯金贴片，从两三千元、五六百元再到几十元，消费者可以"丰俭由人"买个开心、图个高兴。 正如有人所说，"二次元"被"镀"了金。黄金为何跨界遇上了"二次元"？又将如何影响黄金消费市场？ "轻量化""可晒性"—— 买黄金"图个开心" 潮玩IP、卡通形象，正登上各大品牌黄金首饰柜台。 在北京一家周大福门店，迪士尼、疯狂动物城、黑神话.悟空等IP联名金饰，被陈列在门店内显眼位 置；一旁的潮宏基（002345）店内，黄油小熊、线条小狗、酷洛米、蜡笔小新等IP联名金饰也连成一 片，成为陈列展柜里一道活泼亮丽的风景线，吸引不少年轻消费者驻足。 不仅联名IP众多，产品形态也愈加丰富。有常见的足金挂坠，加工打造成各式IP形象；也有黄金挂件、 贴片等形态更为新颖的黄金产品，这些薄薄的金片被加工成萌趣I ...

Investment Rating - The report maintains an "Overweight" rating for the industry, focusing on service consumption, beauty care, IP derivatives, and new consumption sectors such as gold and jewelry [6][27]. Core Insights - The report highlights a significant increase in consumer activity during the upcoming Spring Festival, with travel bookings and hotel reservations showing substantial year-on-year growth [4][25]. - Notable developments in the beauty care sector include the approval of a new medical device by Juzi Biotechnology and strategic partnerships between companies like Ruoyuchen and Meisidike [3][25]. - The retail sector is experiencing mixed results, with Chaohongji expected to report a net profit increase of 125% to 175% for 2025, while Chongqing Department Store anticipates a revenue decline [5][26]. Summary by Sections Market Performance - During the week of January 12-16, 2026, the performance of the commerce retail, social services, and beauty care sectors was -1.47%, +1.53%, and -0.21%, respectively, ranking them 23rd, 6th, and 14th among 31 primary industries [15][18]. Key Industry Events and News - The State Council, led by Premier Li Qiang, discussed measures to boost consumption and develop new growth points in service consumption [3][25]. - In the beauty care sector, Juzi Biotechnology's new product received regulatory approval, and several companies are pursuing strategic partnerships and IPOs [3][25]. - Travel bookings for the Spring Festival are significantly higher than last year, with a 70% increase in hotel reservations for popular cities [4][26]. - The retail sector is seeing varied performance, with Chaohongji projecting substantial profit growth while Chongqing Department Store reports a revenue decline [5][26]. Investment Recommendations - The report suggests focusing on companies such as Ruoyuchen, Maogeping, Shangmei, Pop Mart, Chaohongji, and Laopu Gold as potential investment opportunities within the highlighted sectors [6][27].

Market Overview - The jewelry sector increased by 0.95% on January 20, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Individual Stock Performance - Cai Bai Co., Ltd. (605509) closed at 18.50, up 3.24% with a trading volume of 73,800 shares and a turnover of 135 million yuan [1] - Chao Hong Ji (002345) closed at 13.56, up 2.34% with a trading volume of 212,200 shares and a turnover of 288.7 million yuan [1] - China Gold (600916) closed at 8.33, up 1.83% with a trading volume of 499,500 shares and a turnover of 414 million yuan [1] - Zhou Dazheng (002867) closed at 12.57, up 1.45% with a trading volume of 90,300 shares and a turnover of 113 million yuan [1] - Man Ka Long (300945) closed at 17.94, up 1.07% with a trading volume of 126,000 shares and a turnover of 225 million yuan [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 72.87 million yuan from institutional investors, while retail investors saw a net inflow of 48.13 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were more active in purchasing [2] Detailed Capital Flow for Selected Stocks - Chao Hong Ji (002345) had a net inflow of 17.99 million yuan from institutional investors, but a net outflow from retail investors of 12.26 million yuan [3] - Lao Feng Xiang (600612) saw a net inflow of 4.22 million yuan from institutional investors, with a net outflow of 4.29 million yuan from retail investors [3] - Cai Bai Co., Ltd. (605509) had a net inflow of 3.86 million yuan from institutional investors, but also faced a net outflow from retail investors of 3.33 million yuan [3] - China Gold (600916) experienced a net inflow of 3.46 million yuan from institutional investors, while retail investors had a net outflow of 10.96 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the consumer discretionary sector, highlighting structural investment opportunities [5][10]. Core Insights - The report indicates that in December, the total retail sales of consumer goods increased by 0.9% year-on-year to 4.5 trillion yuan, with a month-on-month decline of 0.4 percentage points, primarily due to high base effects from durable goods like automobiles and home appliances [7][9]. - The report emphasizes the importance of the new round of trade-in policies for 2026, which focus on core home appliance categories and expand into new categories like smart glasses and products for the elderly, supporting demand in these segments [7]. - The report suggests that consumer sentiment remains strong, particularly in sectors like emotional consumption, technology consumption, and undervalued high-dividend stocks, recommending a focus on domestic brands and global brand expansion [10]. Summary by Sections Retail Sales Performance - In December, retail sales of food and beverages grew by 2.2% and 0.7% respectively, with urban and rural retail sales increasing by 0.7% and 1.7% year-on-year [8]. - Online retail sales of physical goods in December increased by 0.8% year-on-year, with a total annual growth of 5.2%, accounting for 26.1% of total retail sales [8]. Consumer Categories - The report notes a structural differentiation in consumer categories, with home appliances, building materials, and furniture experiencing declines of 18.7%, 11.8%, and 2.2% respectively due to high base effects and trade-in policy impacts [9]. - Conversely, communication equipment saw a significant increase of 20.9% year-on-year, while emotional and self-care products like sports and entertainment goods and cosmetics grew by 9.0% and 8.8% respectively [9]. Investment Recommendations - The report identifies four main investment themes: 1. Rise of domestic brands and global brand expansion, recommending companies like Pop Mart, Shangmei, and Anta Sports [10]. 2. Technology consumption empowered by AI, recommending companies like Midea Group and Haier Smart Home [10]. 3. Emotional consumption, recommending companies like Gu Ming and Yum China [10]. 4. Undervalued high-dividend blue-chip leaders, recommending companies like Li Ning and Shenzhou International [10]. Company-Specific Insights - For Smoore International (6969 HK), the report forecasts a revenue of 10.21 billion yuan for Q1-3 2025, with a year-on-year growth of 21.8%, and maintains a "Buy" rating with a target price of 27.00 HKD [48]. - For Juzhibio (2367 HK), the report highlights the approval of a new collagen product, projecting significant sales potential and maintaining a "Buy" rating with a target price of 85.00 HKD [49]. - For Pop Mart (9992 HK), the report notes a revenue increase of 245-250% in Q3 2025, driven by strong performance in both domestic and international markets, maintaining a "Buy" rating with an updated target price of 410 HKD [51].