2025年12月2日，实物黄金周大生黄金报价1328元/克，相比昨日保持不变。铂金价格今天报价669元/ 克，相比昨日下跌了5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： 在美国与乌克兰就修改俄乌和平初步方案进行磋商之际，欧洲多国领导人于12月1日集体发声，表达对 乌克兰总统泽连斯基的支持。同日，美国总统特朗普的特使威特科夫前往莫斯科，计划向俄方说明谈判 进展。 附表： 周大生 黄金价格 铂金价格 金条价格 单位 2025年12月2日 1328 669 - 元/克 2025年12月1日 1328 674 - 元/克 ...

证券之星消息，12月2日饰品板块较上一交易日下跌0.78%，ST新华锦领跌。当日上证指数报收于 3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。饰品板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605599 | 菜自股份 | 15.56 | 1.77% | 5.62万 | | 8712.61万 | | 000017 | 深中华A | 7.88 | 1.42% | 38.60万 | | 3.04亿 | | 002345 | 潮宏基 | 13.18 | 0.00% | 18.00万 | | 2.35亿 | | 600916 | 中国黄金 | 8.10 | -0.12% | 9.31万 | | 7525.63万 | | 600439 | 瑞贝卡 | 3.04 | -0.33% | 15.16万 | | 4588 ...

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：基金重仓、融资融券、创投、 中盘、高派息等。 截至9月30日，周大生股东户数3.07万，较上期减少8.30%；人均流通股35203股，较上期增加9.05%。 2025年1月-9月，周大生实现营业收入67.72亿元，同比减少37.35%；归母净利润8.82亿元，同比增长 3.13%。 分红方面，周大生A股上市后累计派现55.17亿元。近三年，累计派现29.85亿元。 机构持仓方面，截止2025年9月30日，周大生十大流通股东中，红利低波（512890）位居第三大流通股 东，持股2858.12万股，相比上期增加330.03万股。嘉实新消费股票A（001044）位居第四大流通股东， 持股859.63万股，相比上期减少58.38万股。香港中央结算有限公司位居第五大流通股东，持股802.30万 股，相比上期减少203.68万股。国泰双利债券A（020019）位居第十大流通股东，持股600.98万股，为 新进股东。易方达中证红利ETF（515180）、创金合信中证红利低波动指数A（005561）退出十大流通 股东之列。 责任编辑：小浪快报 12月2日，周大 ...

黄金珠宝经销商专家交流 20251201 摘要 税改主要针对投资性金条，但上游工厂报税是在 1 月中后期，因此目前仍按 13%的增值税开票。这样一来，上游加价 70 元/克，使得终端售价超过 1,200 元/克。部分品牌如周大福、潮宏基等港资品牌不允许用旧料换货，因此进货成 本较高。而国内品牌如老凤祥、老庙、周大生允许用旧料换货，从而规避了一 部分成本。 不同品牌在应对价格战方面采取了哪些策略？ 国内一些自由品牌或小型品牌通过降低加工费来参与价格战。例如，周大生的 卖价约为 1,000 元，加工费较低，而潮宏基则为 1,150 元。这种差异主要源于 是否带税以及是否使用旧料换货。 2025 年 10 月河南黄金珠宝市场增幅显著放缓至 3.6%，与此前八九月 份 30%-50%的增幅形成对比，主要受金价上涨 50%及税改观望情绪影 响，尤其省会郑州受婚庆需求占比低的影响较大。 黄金税改主要针对投资性金条，但上游工厂暂按 13%增值税开票，导致 上游加价 70 元/克，终端售价超 1,200 元/克。周大福、潮宏基等港资品 牌因不允许旧料换货，进货成本较高，而老凤祥、老庙、周大生等国内 品牌允许旧料换货，成本压力 ...

证券之星消息，12月1日饰品板块较上一交易日上涨0.27%，潮宏基领涨。当日上证指数报收于3914.01， 上涨0.65%。深证成指报收于13146.72，上涨1.25%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002345 | 潮宏基 | 13.18 | 3.05% | 18.77万 | 2.47亿 | | 000026 | 飞亚达 | 15.50 | 0.98% | 3.95万 | 6143.71万 | | 600916 | 中国黄金 | 8.11 | 0.87% | 15.35万 | 1.24亿 | | 000017 | 深中华A | 7.77 | 0.78% | 54.39万 | 4.29亿 | | 603900 | 苹细通灵 | 9.21 | 0.77% | 8.21万 | 7614.18万 | | 600612 | 老凤祥 | 45.04 | 0.65% | 1.36万 | 6110.09万 | | 002574 | 明牌珠宝 | 6.24 | 0. ...

Investment Rating - The report maintains an "Overweight" rating for the retail trade industry, particularly focusing on the gold and jewelry sector [1]. Core Insights - The demand for gold and jewelry is expected to recover significantly, driven by a stable increase in gold prices since 2025 and a rebound in overall consumer spending [1][14]. - Major listed companies in the gold and jewelry sector are currently valued at historically low levels, with strong cash flow quality and dividend capabilities, making them attractive investment opportunities [1][14]. - Key recommended stocks include Zhou Dasheng, Lao Fengxiang, Chao Hong Ji, Cai Bai Co., China Gold, and Hong Kong stocks such as Chow Tai Fook and Luk Fook Holdings [1][14]. Summary by Sections Industry Viewpoint - The report highlights the significant recovery in the performance of leading Hong Kong gold and jewelry companies, Chow Tai Fook and Luk Fook Holdings, in FY26H1, with Chow Tai Fook reporting revenue of HKD 38.986 billion (down 1.1% YoY) and net profit of HKD 2.534 billion (up 0.1% YoY) [5][10]. - Luk Fook Holdings achieved revenue of HKD 6.843 billion (up 25.6% YoY) and net profit of HKD 619 million (up 42.52% YoY) in the same period [5][10]. - The same-store sales for both companies in mainland China showed significant recovery, with Chow Tai Fook's same-store sales up 2.6% YoY in FY26H1 [11]. Profitability - The increase in gold prices and adjustments in product mix have positively impacted profitability, with Chow Tai Fook maintaining a gross margin of 30.5% and Luk Fook achieving a record high gross margin of 34.7% [12][12]. - Both companies have shown improvements in their expense ratios, contributing to enhanced profitability [12]. Market Trends - The report notes that the gold price has been on a stable upward trend since 2025, which consumers have adapted to, leading to an anticipated rapid release of terminal consumption demand in 2026 [14]. - The report emphasizes that the tax reform in November is expected to benefit compliant gold and jewelry brands by increasing market concentration [14].

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a shift towards quality growth and long-term strategies, moving away from reliance on traffic bonuses [25][26] - The industry is focusing on emotional consumption themes, with high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics being highlighted as investment opportunities [5][29][30] Summary by Sections Retail Market Review - The retail industry index rose by 3.45% during the week of November 24-28, 2025, outperforming the Shanghai Composite Index by 2.05 percentage points [4][13] - The multi-format retail sector showed the highest growth this week, with a 6.18% increase, while the jewelry sector led the year-to-date performance with a 22.11% increase [18][19] Retail Insights: Brand Building and Technological Aesthetics - The 2025 Cosmetics Annual Conference highlighted the importance of brand building and technological aesthetics for domestic beauty brands to achieve growth [25][26] - Companies like Shiseido and Shanghai Jahwa are focusing on quality and profitability, while Elysian Group is transitioning from operational to technological drivers [26][27] Investment Recommendations - **Gold Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Chow Tai Fook and Lao Pu Gold [5][29] - **Offline Retail**: Highlighting companies adapting to trends and exploring AI-enabled cross-border e-commerce, with recommendations for Yonghui Supermarket and Aiyingshi [5][30] - **Cosmetics**: Emphasizing brands that meet emotional value and safety innovation, recommending companies like Maogeping and Proya [5][30] - **Medical Aesthetics**: Targeting differentiated product manufacturers and expanding medical chains, recommending companies like Aimeike and Kedi-B [5][30] Company-Specific Insights - **Chow Tai Fook**: Achieved revenue of HKD 38.986 billion in FY2026H1, with a slight decline in revenue but a stable profit margin [36][37] - **潮宏基 (Chao Hong Ji)**: Reported a revenue increase of 28.4% in Q1-Q3 2025, with a strong performance in Q3 [39][40] - **永辉超市 (Yonghui Supermarket)**: Experienced a revenue decline of 22.2% in Q1-Q3 2025, but is undergoing a transformation towards quality retail [43][44]

周大生珠宝股份有限公司（以下简称"公司"）第五届董事会第十次会议通知于2025年11月22日以通讯及 电子邮件等形式送达全体董事，会议于2025年11月25日以通讯方式召开。本次会议应出席董事11人，实 际出席董事11人。本次会议由董事长周宗文先生主持。本次会议的召集、召开和表决程序均符合《公司 法》、《公司章程》及《董事会议事规则》的有关规定。 二、董事会会议审议情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002867 证券简称：周大生 公告编号：2025-057 周大生珠宝股份有限公司 第五届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 1、审议通过《关于公司对外担保的议案》 表决结果：同意11票；反对0票；弃权0票。 董事会认为：公司根据实际业务发展需要，为黑龙江省符合条件的下游加盟商在广发银行的融资授信提 供担保，有助于满足其经营采购的资金需求，赋能渠道终端经营，推动加盟业务发展。公司通过业务流 程监控、数据监控、反担保措施等风险防范措施，有效防范和控制风险，不会损害公司及全体股 ...

Core Viewpoint - The company plans to provide a guarantee for its franchisees in Heilongjiang Province to help them reduce financing costs and meet their operational procurement needs, thereby enhancing channel stability and sales capabilities [2][7][10]. Summary by Sections 1. Overview of Guarantee Situation - The company intends to sign a cooperation agreement with Guangfa Bank to recommend franchisee clients for loans, with a total loan limit not exceeding RMB 30 million [2]. - The loan proceeds will be specifically used for purchasing goods from Heilongjiang Hengrun Jewelry Co., Ltd., the company's designated supplier in the region [2]. 2. Guarantee Agreement Main Content - The maximum guarantee amount will be 10% of the total loan amount, capped at RMB 3 million [6]. - The guarantee period is set from December 1, 2025, to November 30, 2028 [6]. 3. Board of Directors' Opinion - The board believes that providing this guarantee aligns with the company's business development strategy and will positively impact the growth of the franchise business [7][10]. - The company has established a three-tier review mechanism to ensure the quality of clients eligible for loans, thereby reducing default risks [8]. 4. Risk Assessment and Mitigation Measures - The company will sign a counter-guarantee agreement with Hengrun Jewelry and its actual controllers to mitigate risks associated with the guarantee [9]. - A monitoring mechanism will be established to track the operational data of borrowing franchisees, allowing for timely risk alerts and adjustments to credit limits if necessary [9]. 5. Cumulative External Guarantee Amount - After this guarantee, the total external guarantee amount will account for 1.78% of the company's latest audited net assets, with no overdue guarantees or litigation issues reported [12].

证券日报网讯11月26日晚间，周大生（002867）发布公告称，截至本公告披露日，公司及控股子公司不 存在逾期担保、涉及诉讼的担保及因担保被判决败诉而应承担损失等情形。 ...