沈阳萃华金银珠宝股份有限公司 简式权益变动报告书 上市公司名称：沈阳萃华金银珠宝股份有限公司 股票上市地点：深圳证券交易所 股票简称：萃华珠宝 股票代码：002731 信息披露义务人名称 1：邵增明 住所/通讯地址：河南省柘城县邵元乡邵元村四组 信息披露义务人名称 2：邵慧丽 股份变动性质：股份减少（通过证券交易所的集中竞价交易） 签署日期：2025 年 11 月 10 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号-权益变动报告书》及相关法律、法规和规范性文件编写本报告。 二、信息披露义务人签署本报告已获得必要的授权和批准。 三、依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 收购管理办法》《公开发行证券的公司信息披露内容与格式准则第15号-权益变 动报告书》的规定，本报告已全面披露了信息披露义务人在沈阳萃华金银珠宝股 份有限公司拥有权益的股份变动情况。截至本报告签署之日，除本报告披露的持 股信息外，信息披露义务人没有通过任何其他方式增加或减少其在沈阳萃华金银 珠 ...

Market Overview - The jewelry sector increased by 0.2% on November 11, with Jin Yi Culture leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Jin Yi Culture (002721) closed at 3.60, up 4.35% with a trading volume of 1.8633 million shares and a transaction value of 670 million yuan [1] - Xinghua Jewelry (002731) closed at 15.40, up 3.84% with a trading volume of 257,700 shares and a transaction value of 393 million yuan [1] - Other notable performers include: - Shenhua A (000017): closed at 6.96, up 2.50% [1] - Mankalon (300945): closed at 18.60, up 1.81% [1] - Mingpai Jewelry (002574): closed at 6.00, up 1.01% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 46.22 million yuan from institutional investors, while retail investors saw a net inflow of 54.50 million yuan [2] - The capital flow for individual stocks shows: - Jin Yi Culture had a net inflow of 84.44 million yuan from institutional investors [3] - Shenhua A had a net inflow of 11.18 million yuan from institutional investors [3] - Mankalon had a net inflow of 1.32 million yuan from institutional investors [3]

Group 1 - Spot gold has reached $4,100 per ounce for the first time since October 27, with a daily increase of approximately 2.5% [1] - J.P. Morgan Private Bank predicts that gold prices may exceed $5,000 per ounce next year, driven primarily by central bank purchases from emerging market economies [1] - By the end of 2026, gold prices could reach $5,200 to $5,300 per ounce, representing an increase of over 25% from current trading levels [1] Group 2 - As of November 10, 2025, the CSI Hong Kong-Shenzhen Gold Industry Stock Index has risen by 2.77%, with notable increases in constituent stocks such as ChaoHua Jewelry (up 7.62%) and Huayu Mining (up 7.16%) [3] - The gold stock ETF fund has achieved a four-day consecutive increase, with a latest price of 1.59 yuan and a one-week cumulative increase of 2.45% [3] - The trading volume for the gold stock ETF fund was active, with a turnover of 11.11% and a transaction value of 12.0096 million yuan on November 10 [3] Group 3 - The gold stock ETF fund has seen a net asset value increase of 42.46% over the past six months, ranking 646 out of 3866 index stock funds, placing it in the top 16.71% [4] - Since its inception, the gold stock ETF fund has recorded a maximum monthly return of 20.05% and an average monthly return of 9.45% [4] - The historical one-year profit probability for the gold stock ETF fund stands at 100% [4] Group 4 - As of November 7, 2025, the gold stock ETF fund has a Sharpe ratio of 1.74, ranking in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] - The management fee for the gold stock ETF fund is 0.50%, and the custody fee is 0.10% [5] - The CSI Hong Kong-Shenzhen Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in the mainland and Hong Kong markets [5]

Market Overview - The jewelry sector increased by 2.54% on November 10, with Cuihua Jewelry leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Cuihua Jewelry (002731) closed at 14.83, up 7.62%, with a trading volume of 324,000 shares and a turnover of 478 million yuan [1] - Mankalon (300945) closed at 18.27, up 5.24%, with a trading volume of 183,300 shares and a turnover of 330 million yuan [1] - ST Xinhua Jin (600735) closed at 6.96, up 4.98%, with a trading volume of 188,700 shares and a turnover of 6.13 million yuan [1] - Other notable performers include Jin Yi Culture (002721) up 4.86%, Chao Hong Ji (002345) up 4.56%, and Cai Zi Co. (605599) up 3.70% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 71.3 million yuan from institutional investors, while retail investors experienced a net inflow of 10.6 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors showing stronger interest compared to retail investors [2] Detailed Capital Flow for Selected Stocks - Jin Yi Culture (002721) had a net inflow of 48.1 million yuan from institutional investors, but a net outflow of 41.1 million yuan from retail investors [3] - Mankalon (300945) saw a net inflow of 27.5 million yuan from institutional investors, while retail investors had a net outflow of 27.6 million yuan [3] - ST Xinhua Jin (600735) experienced a significant net inflow of 22.5 million yuan from institutional investors, with retail investors also showing a net outflow [3]

Core Viewpoint - The recent surge in gold prices is driven by multiple factors, including a significant increase in layoffs in the U.S. private sector, a notable decline in global AI-related stocks, and ongoing geopolitical tensions across various regions [1][6]. Gold Price Movement - On November 10, gold prices experienced a sharp increase, with spot and futures prices reaching new highs for November. As of 13:20, London gold was quoted at $4,053.37 per ounce, up 1.32%, while COMEX gold was at $4,062.10 per ounce, up 1.30% [1]. - The gold jewelry index in the A-share market rose by 1.91%, with notable increases in individual stocks such as Cuihua Jewelry (+7.76%), Hunan Gold (+4.92%), and Chaohongji (+4.48%) [1][2]. Domestic Gold Jewelry Prices - Domestic gold jewelry brands have also seen price increases, with prices for major brands such as Chow Tai Fook at 1,279 RMB per gram, Lao Feng Xiang at 1,273 RMB per gram, and Chow Sang Sang at 1,276 RMB per gram [3][4]. - Major brands, including Chow Tai Fook, have raised prices due to increased costs from recent tax policies affecting gold procurement and production [4]. Market Outlook - Analysts suggest that the recent rise in gold prices is supported by a weaker U.S. dollar, risks of government shutdown, and geopolitical tensions. The Challenger report indicated that layoffs in October exceeded 150,000, the highest level in over 20 years, which has led to expectations of potential interest rate cuts by the Federal Reserve [6]. - According to China International Capital Corporation (CICC), gold prices may continue to rise in the coming year, supported by the trend of de-globalization and strategic security concerns prompting emerging market central banks to increase gold reserves [6].

Group 1 - The core viewpoint of the news highlights a strong performance in the new consumption sector in Hong Kong and A-shares, driven by multiple favorable policies and market dynamics [2] - Key stocks in the Hong Kong market, such as "沪上阿姨" (Hushang Auntie) and "泡泡玛特" (Pop Mart), saw significant gains, with increases of over 16% and 6% respectively, indicating robust investor interest [2] - In the A-share market, the consumer sector also experienced a strong rally, with stocks like "欢乐家" (Huanle Jia) and "会稽山" (Kuaijishan) hitting the daily limit, reflecting a broad-based enthusiasm for consumer goods [2] Group 2 - Guojin Securities identifies four main themes in the new consumption sector: 1) Brand expansion into emerging markets, 2) Growth in emotional value sectors such as toys and pet products, 3) Functional value driven by AI applications in e-commerce and education, and 4) Channel transformation focusing on instant retail and cost-effective dining [3] - According to Everbright Securities, the market is likely in a bull phase but may enter a period of wide fluctuations, with a focus on defensive and consumer sectors in the short term, while maintaining interest in TMT and advanced manufacturing sectors for the medium term [3]

Core Viewpoint - The A-share market is experiencing a weak consolidation, with the Shanghai Composite Index slightly declining and the ChiNext Index dropping over 2%, while the consumer sector is showing strength, particularly in food and beverage stocks [1] Industry Summary - The hardware computing industry chain is leading the decline in the market [1] - The consumer sector, particularly food and beverage, is seeing significant gains, with companies like China Duty Free (601888), Huanle Home (300997), and others hitting the daily limit [1] - The Ministry of Finance has released a report indicating continued implementation of policies to boost consumption, including fiscal subsidies for personal consumption loans and related industry loans [1] Company Summary - Companies in the food and beverage sector are expected to benefit from a recovery in demand as the fundamental conditions approach a bottom, with industry headwinds largely released [1] - Some companies are proactively reducing supply to achieve a balance between supply and demand, thereby alleviating channel pressure and risks [1] - The valuation of the food and beverage sector has reached a low point, suggesting that there is no longer a need for pessimism regarding the sector [1]

Group 1 - The consumer sector experienced significant upward movement, particularly in food and beverage and duty-free segments [1] - Notable stocks that reached their daily limit include Huanlejia and Kuaijishan, while Dongbai Group also hit its limit [1] - China Duty Free Group approached its daily limit, with other companies like Cuihua Jewelry, Zhuangyuan Pasture, Huifa Food, Gais Food, and Yingjia Gongjiu showing strong gains [1]

Core Viewpoint - The recent surge in gold and silver prices indicates a significant shift in market dynamics, with gold prices surpassing $4,050 per ounce and a notable increase in the A-share gold and jewelry index, reflecting strong investor interest and potential shifts in asset allocation strategies among central banks [1][4]. Group 1: Market Performance - Gold prices rose sharply, with spot gold reaching $4,042.71 per ounce, up 1.05%, and COMEX gold at $4,055.7 per ounce, up 1.14% [1]. - Silver also saw an increase of 1.2%, reaching $48.907 per ounce [1]. - The A-share gold and jewelry index opened high, gaining over 1.6%, with significant increases in individual stocks such as Cuihua Jewelry (up over 6%) and Hunan Gold (up over 5%) [4]. Group 2: Central Bank Asset Allocation - Deutsche Bank's research indicates that the proportion of gold in global central bank "foreign exchange + gold" reserves is projected to rise from 24% in June 2023 to 30% by October 2025, while the share of the dollar is expected to decline from 43% to 40% [5][6]. - This shift reflects a strategic adjustment in asset allocation by central banks and suggests a potential turning point in the global monetary system [6]. Group 3: Future Price Predictions - Deutsche Bank posits that if gold prices reach $5,790 per ounce, the reserve proportions of gold and the dollar could equalize, although this would require a nearly 45% increase from current levels [6][7]. - Analysts suggest that achieving this price target may depend on various factors, including accelerated de-dollarization, geopolitical risks, and increased demand for gold in key industrial sectors [7]. - However, there are concerns regarding the feasibility of this prediction, as external variables such as a return to interest rate hikes by the Federal Reserve could hinder gold's price trajectory [8].

Group 1: Market Movements - Gold and silver prices experienced a sharp increase on November 10, with spot gold surpassing $4050, reaching $4042.71 per ounce, up 1.05% [1] - Spot silver rose by 1.2%, reaching $48.907 per ounce [1] - COMEX gold was reported at $4055.7 per ounce, reflecting a 1.14% increase [1] Group 2: A-Share Market Performance - The A-share gold and jewelry index opened high, increasing over 1.6% by around 10:00 AM, with several constituent stocks seeing significant gains [3] - Notable stock performances included: - Cuihua Jewelry up over 6% - Hunan Gold up over 5% - Chifeng Gold up nearly 3% [3][5] Group 3: Central Bank Gold Reserves - Deutsche Bank's research indicates that by October 2025, gold's share in global central bank "foreign exchange + gold" reserves is expected to rise from 24% in June to 30% [5] - In contrast, the share of the US dollar is projected to decline from 43% to 40% [5] Group 4: Future Gold Price Predictions - Deutsche Bank suggests that if gold prices reach $5790 per ounce, the reserve shares of gold and the dollar would equalize, requiring a nearly 45% increase from current levels [6] - The potential for achieving this price is influenced by factors such as accelerated de-dollarization, weakening dollar credit, and rising geopolitical risks [6] Group 5: Market Sentiment and Risks - Analysts express caution regarding the feasibility of reaching the predicted gold price, citing multiple variables that could impact the outcome [7] - Concerns include the possibility of the Federal Reserve returning to a rate hike cycle, which could restore dollar credit and diminish the likelihood of achieving the target price [7]