中证报中证网讯(记者董添)10月16日至10月20日，2025中国国际珠宝展在北京举行，期间还举办了2025 珠宝产业资本论坛。 中宝协基金董事沙拿利在会上表示，珠宝产业必须打破传统路径依赖，重塑品牌与用户逻辑，构建跨品 类、跨渠道的协同生态，共同构建一个规范、健康、富有活力的产业新未来，开启中国珠宝产业高质量 发展的新局面。 会上，中宝协基金还发布了《2025中国珠宝上市公司研究报告》及《2025国际奢侈品行业研究报告》， 通过宏观经济形势研判、公司数据解读及发展趋势归纳，深入分析了2025年国内珠宝产业及国际奢侈品 产业的现状及趋势：珠宝品牌跨界融合开辟增长新赛道；IP黄金类商品成交金额同比大幅增长；今年前 三季度，包括中国黄金（600916）、菜百首饰、周大福、老凤祥（600612）、周大生（002867）等在内 的16个黄金品牌已与47个IP发起53次联名开发与市场推广活动。 今年以来，金价一路高歌猛进，从全球来看，中国市场金饰与金条、金币的需求领跑全球，黄金消费已 形成"饰品+投资"双轮驱动新动力。中宝协统计数据显示，2025年上半年，我国黄金消费量505.205吨， 其中金条及金币264.242吨 ...

《马到功成》的设计灵感源自唐代舞马塑像、马蹄金、开元通宝等多件国宝文物，凝练出"功成、 富贵、精神"三重吉兆。细观作品，铜马马首微颌，马蹄上扬，丰硕身躯饰以卷草牡丹纹，尽显盛唐气 象;马鞍嵌铜钱纹，暗合"马上有钱"的吉祥寓意;铜马侧身悬挂的唐弓胸针，弓身盘绕魑龙纹，取"龙马精 神"所蕴含的进取志向。特别值得一提的是，铜马所背弓箭可取下作为胸针单独佩戴，巧妙实现了文化 寓意与实用价值的统一。 10月16日，"宝藏千年 金启长安"马年文化金品发布会在西安唐华华邑酒店隆重举行。时值丙午马年 将至，"朱炳仁・铜"与周大生强强联手，共同推出铜金跨界的马年新品《马到功成》。国家级非遗铜雕 技艺代表性传承人、"朱炳仁・铜"品牌创始人朱军岷亲赴现场，与嘉宾共同品鉴作品精粹，共话马文化 传承，一同见证这一融合传统匠心与时代祝福的联名佳作问世。 母年文化金品发布 - f .. G A H T : , , al 作为以中国铜雕泰斗朱炳仁名字命名的品牌，"朱炳仁・铜"自2008年由其子朱军岷创立以来，始终 秉持"让铜回家"的使命，专注于中国高端文化礼与生活铜文创。从参与故宫铜美学的共创，到推进全国 200余家线下体验馆的布局，其作品 ...

Market Overview - The jewelry sector increased by 0.85% on October 15, with ST Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - ST Xinhua Jin (600735) closed at 4.57, with a rise of 5.06% and a trading volume of 318,200 shares, amounting to a transaction value of 140 million yuan [1] - Other notable performers include: - Cuihua Jewelry (002731) at 13.55, up 2.65% [1] - Caizhi Co. (6655509) at 15.20, up 2.63% [1] - Chaohongmu (002345) at 14.73, up 2.58% [1] - Mankalon (300945) at 21.79, up 2.35% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 2.9829 million yuan from institutional investors, while retail investors contributed a net inflow of 28.087 million yuan [2] - However, there was a net outflow of 31.0699 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - ST Xinhua Jin had a net inflow of 15.7082 million yuan from institutional investors, but a net outflow of 4.5480 million yuan from speculative funds [3] - Chaohongji (002345) experienced a net inflow of 9.0915 million yuan from institutional investors, with a net inflow of 3.8748 million yuan from speculative funds [3] - Other stocks like Gold One Culture (002721) and Cuihua Jewelry (002731) also showed varying levels of net inflows and outflows from different investor types [3]

Group 1: 85 Degrees C Bakery Brand - The bakery chain "85 Degrees C" has closed multiple stores in cities like Nanjing and Hangzhou, with some locations seeing a reduction in store count by half [1] - The brand has not disclosed the exact number of closures or reasons, but industry analysis suggests declining same-store sales and competition as primary factors [1] - The brand's rapid expansion was driven by its "coffee + bread" model, peaking at over 1,000 stores nationwide, indicating a potential adjustment period for traditional bakery models [1] Group 2: Gold Jewelry Price Increase - On October 14, spot gold prices surpassed 1,210 yuan per gram, marking an increase of approximately 400 yuan per gram for the year [2] - Brands like Chow Tai Fook and Chow Sang Sang announced price hikes for their "one-price" gold jewelry, with increases ranging from 10% to 35% starting mid-October [2] - Many styles of gold rings and bracelets from established brands are sold out, indicating a supply-demand imbalance driven by rising gold prices [2] Group 3: Regulation on Low-Price Competition - The newly revised Anti-Unfair Competition Law prohibits platform operators from forcing sellers to sell below cost, aiming to curb disruptive low-price competition [3] - This regulation is expected to limit the aggressive pricing strategies of leading brands, potentially alleviating operational pressure on smaller businesses [3] - The law may help restore the pricing system and promote quality competition in the industry, highlighting the importance of compliance and product differentiation for brands [3] Group 4: "Yujian Xiaomian" IPO Application - "Yujian Xiaomian" has received approval from the China Securities Regulatory Commission for its overseas listing application, planning to issue up to 235 million shares [4] - The company aims to convert 613 million shares held by 11 shareholders into shares for overseas listing on the Hong Kong Stock Exchange [4] - A successful IPO could enable the company to accelerate store openings and upgrade its supply chain, positively impacting the restaurant sector's sentiment [4]

金价持续创新高下如何看黄金珠宝销售 20251014 摘要 2025 年黄金周期间，各品牌终端零售额因金价同比上涨约 50%而增加， 但克重略有下滑。潮宏基通过 IP 更新吸引年轻客群，河南地区 8 月增幅 显著，全国增幅达 52%。周大福则受益于产品结构调整和多元客群，销 售保持稳定。 金价上涨显著提升各品牌客单价，如老凤祥从 80-120 元提升至 170- 180 元。但门店每克黄金利润从原先的 120-150 元降至 50-80 元，主 要通过基础金价的贴牌费和工费盈利。各品牌通过精工分离报价，降低 基础金价并调高工费来维持利润。 折扣后毛利率普遍下滑 3-4 个百分点，精工类产品约 22%-25%，普货 类产品约 15%-18%，整体拉平约 18%-20%。品牌商对加盟商管理相 对放松，导致市场普遍存在降维操作，加盟商为应对竞争选择降价销售。 头部品牌普遍处于关店调整阶段，如周大生、老凤祥、老庙和周大福均 在减少门店数量。潮宏基是唯一净开店品牌，受益于门店基数较小和成 功的产品结构调整，从 K 金之王转型为串珠之王。 Q&A 今年（2025 年）十一黄金周期间各品牌的销售情况如何？ 截至 2025 ...

Core Insights - The price of spot gold has been rising continuously, with domestic gold jewelry prices exceeding 1210 RMB per gram, an increase of over 20 RMB compared to the previous day, and significantly higher than the approximately 1100 RMB per gram before the National Day holiday [1] Group 1: Company Performance - Laopuhuang (老铺黄金, 06181.HK) reported a revenue of 12.354 billion RMB for the first half of 2025, a year-on-year increase of 251%, and a net profit of 2.268 billion RMB, up 285.8% [2] - Other traditional gold jewelry brands such as Chow Sang Sang (周生生, 00116.HK), China Gold (中国黄金, 600916.SH), Chow Tai Fook (周大福, 01929.HK), and Zhou Dasheng (周大生, 002867.SZ) faced performance pressures, with revenue declines of over 10% for China Gold, over 20% for Chow Tai Fook, and over 40% for Zhou Dasheng [2] Group 2: Market Trends - The rising gold prices have created a divide in the industry, with some brands benefiting while others struggle, leading to increased operational pressures for gold retailers [2] - The China Gold Association reported a 26% year-on-year decline in gold jewelry consumption in the first half of 2025, indicating a weakening demand in the market [2] - The World Gold Council noted that the ongoing weakness in gold jewelry consumption has led to a reduction in retail outlets, further constraining consumer purchasing channels and exacerbating the low demand for gold jewelry [3] - Despite short-term challenges, the closure of underperforming stores may benefit the market's long-term health, shifting focus from price competition to emotional value and design in gold jewelry [3]

Market Overview - The jewelry sector increased by 1.18% on October 14, with Mankalon leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Mankalon (300945) closed at 21.29, up 3.96% with a trading volume of 387,200 shares and a turnover of 829 million yuan [1] - Xinhua Jewelry (002731) closed at 13.20, up 2.56% with a trading volume of 237,900 shares and a turnover of 318 million yuan [1] - Other notable performers include: - Caizhi Co. (665569) at 14.81, up 1.93% [1] - Laofengxiang (600612) at 50.38, up 1.78% [1] - Xinxitongling (603900) at 10.48, up 1.75% [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 138 million yuan from institutional investors, while retail investors experienced a net outflow of 47.98 million yuan [2] - Major stocks with significant capital inflows include: - ST Xinhua Jin (600735) with a net inflow of 63.15 million yuan [3] - Chaohongji (002345) with a net inflow of 25.95 million yuan [3] - China Gold (600916) with a net inflow of 16.89 million yuan [3]

分红方面，周大生A股上市后累计派现52.46亿元。近三年，累计派现27.14亿元。 今年以来周大生已经1次登上龙虎榜，最近一次登上龙虎榜为6月5日，当日龙虎榜净买入-3930.06万 元；买入总计7674.19万元 ，占总成交额比14.37%；卖出总计1.16亿元 ，占总成交额比21.73%。 资料显示，周大生珠宝股份有限公司位于广东省深圳市罗湖区翠竹街道布心路3033号水贝壹号A座19- 23层，成立日期2007年10月15日，上市日期2017年4月27日，公司主营业务涉及从事"周大生"品牌珠宝 首饰的设计、推广和连锁经营。主营业务收入构成为：素金首饰74.30%，品牌使用费8.27%，其他首饰 6.97%，镶嵌首饰6.23%，其他(补充)1.85%，加盟管理服务1.76%，供应链服务0.47%，小贷金融 0.15%。 周大生所属申万行业为：纺织服饰-饰品-钟表珠宝。所属概念板块包括：IP概念（谷子经济）、高派 息、黄金股、电子商务、基金重仓等。 截至6月30日，周大生股东户数3.34万，较上期增加13.49%；人均流通股32281股，较上期减少12.73%。 2025年1月-6月，周大生实现营业收入45. ...

摘要2025年10月13日，实物黄金周大生黄金报价1190元/克，相比昨日上涨了10元/克。铂金价格今天报 价658元/克，相比昨日上涨了17元/克。 2025年10月13日，实物黄金周大生黄金报价1190元/克，相比昨日上涨了10元/克。铂金价格今天报价 658元/克，相比昨日上涨了17元/克。 附表： 周大生 黄金价格 铂金价格 金条价格 单位 2025年10月13日 1190 658 - 元/克 2025年10月11日 1180 641 - 元/克 金投网提示：以上报价仅供参考，据此交易，风险自担。 基本面： 市场预期美联储本月将降息25个基点，12月可能再次降息。美联储主席鲍威尔本周二将在NABE年会发 表讲话，或为货币政策提供新线索。此外，地缘政治方面，特朗普等领导人将在埃及讨论加沙停火计 划，市场对此保持关注。 ...

"你知道吗？最近金价又开始波动了。"小陈一边翻看手机一边对同事说，"我看明后天可能还会有大动作呢。"同事皱了皱眉头，"这我就得关注了，我之前 一直想着买点黄金保值，没想到价格还真有点讲究。"金价的波动总是牵动着不少人的神经，特别是对于喜欢收藏或者投资黄金的人来说，每一克的差价都 很关键。今天咱们就来聊聊10月12日的金价情况，以及买卖黄金时的一些实用建议。 不同种类黄金价格差异 各大黄金品牌最新价格 除了品牌，黄金的种类也会影响价格。深圳水贝市场上，足金999每克911元，纯度99.9%；足金999.9每克912元，纯度99.99%；足金999.99每克913元，纯度 99.999%。古法金和5G黄金每克912元，纯度都是99.9%；3D硬金每克911元。铂金每克393元，纯度99.9%。金条每克911元，纯度99.99%，18K金每克688 元，纯度75%。 先来看看市面上几家比较常见的金店和品牌价格： 看得出来，纯度越高，价格也略高，而且不同工艺的黄金价格也不同。比如古法金和3D硬金，虽然纯度差不多，但加工方式不同，价格就有轻微差异。对 于想买黄金收藏或者投资的人来说，这些差异很值得关注。 中国黄金基础金 ...