Industry Overview - In 2025, social consumption and retail enterprises are slowly recovering, with segments like gold jewelry benefiting from high gold prices, while cosmetics and medical aesthetics face intense competition and the rise of domestic brands. Notably, "emotional consumption" remains a key indicator of market vitality [2][8]. Segment Analysis Gold Jewelry - The industry has undergone significant changes, with high gold prices and declining wedding demand affecting traditional brand competitiveness. The rise of emotional consumption and social media marketing has led to the emergence of new brands with differentiated products and consumer insights. Opportunities are seen in high-end Chinese gold and trendy gold segments [3][25]. Retail E-commerce - Offline retailers are transforming from selling "goods" to offering "services and experiences," leveraging their advantages to attract traffic back. Online cross-border e-commerce is expected to enter a demand improvement phase with the easing of interest rates, further enhanced by AI integration [3][19]. Cosmetics - Domestic brands are capitalizing on cultural roots and emotional value to increase market share. Innovations in product safety and emotional value are key, with opportunities in regional and technological narratives, sensitive skin anti-aging, and domestic color cosmetics [3][85]. Medical Aesthetics - High-end consumers show resilience, with a focus on differentiated products from upstream manufacturers and mergers and acquisitions among downstream medical institutions to drive growth [3][5]. Investment Recommendations - Gold Jewelry: Favor brands with differentiated product strength and consumer insights, recommending Chao Hong Ji, Lao Pu Gold, and Chow Tai Fook, with beneficiaries including Chow Sang Sang [3][52]. - Retail E-commerce: Support offline retailers adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket, Ai Ying Shi, Ji Hong Co., and Sai Wei Times [3][82]. - Cosmetics: Highlight domestic brands that meet emotional value and safety innovation, recommending Mao Ge Ping, Pechoin, Shangmei Co., Juzi Biological, Wanmei Biological, and Runben Co. [3][52]. - Medical Aesthetics: Focus on differentiated medical aesthetic product manufacturers and expanding chain medical institutions, recommending Ai Mei Ke and Ke Di-B, with beneficiaries including Mei Li Tian Yuan Medical Health [3][52].

Core Points - Langzi Co., Ltd. announced on October 31 that it has applied for a credit limit of RMB 50 million from CITIC Bank Beijing Branch to meet its daily operational and business development funding needs [2] - The company's controlling shareholder and actual controller, Mr. Shen Dongri, along with his spouse, Ms. Weng Jie, will provide guarantee collateral for the credit [2]

Market Overview - As of October 31, the Shanghai Composite Index closed at 3954.79 points, down 32.11 points, a decrease of 0.81% [1] - The Shenzhen Component Index closed at 13378.21 points, down 153.91 points, a decrease of 1.14% [1] - The ChiNext Index closed at 3187.53 points, down 75.49 points, a decrease of 2.31% [1] Stock Performance - A total of 63 A-shares had a turnover rate exceeding 20% on October 31, with Haike Xinyuan reaching a turnover rate of over 50% [1] - The top stocks by turnover rate included: - Haike Xinyuan (301292) with a closing price of 36.25 yuan and a turnover rate of 55.34%, increasing by 17.69% [1] - Chaoying Electronics (603175) with a turnover rate of 42.83%, decreasing by 9.99% [1] - Haixia Innovation (300300) with a turnover rate of 42.56%, increasing by 20.02% [1] - Other notable stocks included: - C Beite (688759) with a turnover rate of 42.39%, decreasing by 1.92% [1] - Marco Polo (001386) with a turnover rate of 40.99%, decreasing by 7.33% [1] Additional Notable Stocks - Other stocks with significant turnover rates included: - Daway Co. (002213) with a turnover rate of 40.46%, increasing by 3.89% [1] - Chuling Information (300250) with a turnover rate of 39.32%, increasing by 0.64% [1] - Huadong CNC (002248) with a turnover rate of 37.94%, increasing by 3.24% [1] - C Heyuan (688765) with a turnover rate of 37.86%, increasing by 4.79% [1] - The performance of other stocks varied, with some experiencing declines, such as: - Jianfa Zhixin (301584) with a turnover rate of 36.07%, decreasing by 8.09% [1] - Geer Software (603232) with a turnover rate of 33.38%, decreasing by 8.91% [1]

Core Insights - The apparel and home textile sector increased by 0.93% on October 31, with Aokang International leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Aokang International (603001) closed at 9.01, up 10.01% with a trading volume of 233,400 shares and a transaction value of 205 million yuan [1] - Other notable gainers included: - Jialinjie (002486) at 3.02, up 5.59% [1] - Kute Intelligent (300840) at 19.02, up 4.74% [1] - Bangjie Co. (002634) at 5.08, up 4.10% [1] - Conversely, Meibang Fashion (002269) saw a significant decline of 10.16%, closing at 2.21 with a trading volume of 3,501,900 shares and a transaction value of 780 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 101 million yuan from institutional investors and 137 million yuan from speculative funds, while retail investors contributed a net inflow of 239 million yuan [2] - Notable capital flows included: - Langzi Co. (002612) had a net inflow of 51.68 million yuan from institutional investors [3] - Jialinjie (002486) saw a net inflow of 32.02 million yuan from institutional investors [3] - Aokang International (603001) had a net inflow of 28.18 million yuan from institutional investors [3]

证券代码：002612 证券简称：朗姿股份 公告编号：2025-066 法定代表人：申东日 朗姿股份有限公司 关于接受关联方担保的公告 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。 一、关于接受关联方担保的情况概述 为满足日常经营和业务发展资金需要，朗姿股份有限公司（以下简称"公司" 或"朗姿股份"）向中信银行股份有限公司北京分行（以下简称"中信银行"）申请 授信额度人民币 5,000 万元，公司控股股东、实际控制人申东日先生及其配偶翁 洁女士为公司提供保证担保。 公司控股股东、实际控制人申东日先生及其配偶翁洁女士为公司提供本次保 证担保，该担保不向公司收取任何担保费用，也不需要公司提供反担保。 二、被担保人基本情况 朗姿股份 注册资本：442,445,375 元人民币 成立日期：2006 年 11 月 09 日 注册地址：北京市顺义区马坡镇白马路 63 号 经营范围：一般项目：服装服饰零售；服饰研发；服饰制造；服装服饰批发； 服装、服饰检验、整理服务；服装辅料销售；互联网销售（除销售需要许可的商 品）；服装辅料制造；服装制造；针纺织品及原料销售；鞋帽批发； ...

Core Viewpoint - Langzi Co., Ltd. has shown a significant increase in stock price, reaching 19.94 CNY per share with a market capitalization of 8.822 billion CNY, indicating strong investor interest and trading activity [1]. Company Overview - Langzi Co., Ltd. was established on November 9, 2006, and went public on August 30, 2011. The company is based in Chaoyang District, Beijing, and specializes in the design, production, and sales of branded women's clothing [1]. - The main revenue composition of Langzi includes: non-surgical medical beauty (41.59%), women's skirts (11.34%), women's tops (11.22%), children's clothing (10.90%), women's outerwear (9.55%), surgical medical beauty (6.21%), children's products (4.70%), women's pants (3.31%), and others (1.18%) [1]. Shareholder Information - Among the top ten circulating shareholders of Langzi, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 24,300 shares in the third quarter, now holding 2.021 million shares, which accounts for 0.79% of the circulating shares [2]. - The Southern CSI 1000 ETF has a total scale of 76.63 billion CNY and has achieved a year-to-date return of 27.12%, ranking 2130 out of 4216 in its category [2]. Fund Management - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 360 days. The total asset scale under management is 122.76 billion CNY, with the best fund return during the tenure being 182.39% and the worst being -15.93% [3].

Core Viewpoint - Langzi Co., Ltd. is a well-known enterprise in the domestic fashion consumption sector, with strong brand influence and resource reserves in the medical beauty industry [1] Group 1: Business Performance - In Q3 2025, Langzi achieved a revenue of 4.328 billion yuan, ranking 5th among 38 companies in the industry, with the top company, Hailan Home, generating 15.599 billion yuan [2] - The net profit for the same period was 1.019 billion yuan, ranking 3rd in the industry, with the top company, Youngor, reporting 2.334 billion yuan [2] - The main business composition includes non-surgical medical beauty at 1.16 billion yuan (41.59% of revenue) and women's clothing at 316 million yuan (11.34% of revenue) [2] Group 2: Financial Ratios - As of Q3 2025, Langzi's debt-to-asset ratio was 52.95%, down from 54.17% year-on-year, which is higher than the industry average of 38.41% [3] - The gross profit margin for the same period was 59.35%, up from 58.92% year-on-year, exceeding the industry average of 44.68% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.93% to 51,400, while the average number of circulating A-shares held per shareholder increased by 12.27% to 4,957.27 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with notable changes in their holdings [5] Group 4: Management Compensation - The chairman, Shen Dongri, received a salary of 899,600 yuan in 2024, a slight decrease from 900,000 yuan in 2023 [4] - The general manager, Shen Jinhua, also received a salary of 899,600 yuan in 2024, reflecting the same decrease [4] Group 5: Strategic Developments - The company has been actively expanding its medical beauty segment, acquiring Chongqing Milan Baiyu Time Aesthetic Hospital, and has established seven medical beauty acquisition funds with a total scale of 2.837 billion yuan [6] - The revenue from the light medical beauty chain brands "Jingfu Medical Beauty" and "Hancheng Medical Beauty" grew by 6.0% and 9.5%, respectively, in the first half of 2025 [6]

Group 1 - The core viewpoint of the news is that the China-South Korea Free Trade Zone concept has seen a significant increase of 1.45%, leading the concept sector in terms of growth, with nine stocks rising, including Langzi Co. and ST Xinhua Jin, which hit the daily limit [1][2] - Among the top gainers in the China-South Korea Free Trade Zone concept, Langzi Co. rose by 10.02%, while Qingdao Double Star and Hailong Bonda increased by 2.71% and 2.31% respectively [3][4] - The concept sector attracted a net inflow of 245 million yuan, with seven stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow, led by Langzi Co. with a net inflow of 136 million yuan [2][3] Group 2 - The top stocks by net inflow ratio in the China-South Korea Free Trade Zone concept include Langzi Co. at 25.08%, ST Xinhua Jin at 15.39%, and Qingdao King at 6.37% [3][4] - The overall performance of the concept sector shows a mixed trend, with some stocks like Hao Dang Jia and Chun Xue Food experiencing declines of 1.65% and 0.65% respectively [1][2]

Market Overview - The Shanghai Composite Index closed at 3986.90 points, above the six-month moving average, with a decline of 0.73% [1] - The total trading volume of A-shares reached 246.43 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 48 A-shares have surpassed the six-month moving average today, with notable stocks including: - Boke Co., Ltd. (涨幅 14.10%, 乖离率 10.80%) - Langzi Co., Ltd. (涨幅 10.02%, 乖离率 7.67%) - Zhongrui Co., Ltd. (涨幅 10.14%, 乖离率 7.49%) [1] Stocks with Significant Deviation Rates - Stocks with the largest deviation rates from the six-month moving average include: - Boke Co., Ltd. (乖离率 10.80%) - Langzi Co., Ltd. (乖离率 7.67%) - Zhongrui Co., Ltd. (乖离率 7.49%) [1] - Other stocks with notable performance include: - Tongli Rising (涨幅 9.99%, 乖离率 7.25%) - Guangha Tongxin (涨幅 8.06%, 乖离率 6.24%) [1] Additional Stocks with Minor Deviations - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Tangshan Port (乖离率 marginal) - Shanxi Fenjiu (乖离率 marginal) - Yanhua Intelligent (乖离率 marginal) [1]

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 4017.63 points, remaining above the six-month moving average, indicating a stable market trend [1]. Group 1: Market Performance - As of 10:29 AM today, the A-share total trading volume reached 1,170.496 billion yuan [1]. - The Shanghai Composite Index experienced a change of 0.03% [1]. Group 2: Stocks Breaking the Six-Month Line - A total of 81 A-shares have surpassed the six-month moving average today, with notable stocks including: - Buke Co., Ltd. (涨幅: 13.75%, 乖离率: 10.47%) - Langzi Co., Ltd. (涨幅: 10.02%, 乖离率: 7.67%) - Sijin Intelligent (涨幅: 10.01%, 乖离率: 7.64%) [1]. - Other stocks with smaller deviations from the six-month line include: - Qianjiang Motorcycle - Fushun Special Steel - Pino Technology [1]. Group 3: Detailed Stock Data - The following stocks have significant deviations from the six-month moving average: - Buke Co., Ltd. (Latest Price: 101.00 yuan, 半年线: 91.43 yuan) - Langzi Co., Ltd. (Latest Price: 18.99 yuan, 半年线: 17.64 yuan) - Sijin Intelligent (Latest Price: 14.94 yuan, 半年线: 13.88 yuan) [1]. - Additional stocks with notable performance include: - New Steel Co., Ltd. (涨幅: 6.98%, 乖离率: 6.65%) - Huaihe Energy (涨幅: 7.08%, 乖离率: 6.26%) [1].