据多家媒体报道，近日江苏的吴女士（化姓）在网上投诉称，她在周大生门店购买的金戒指，内侧的钢印竟是"周大金"。 印着周大金的戒指 吴女士介绍，2月21日，她和闺蜜一起去江苏泰州一家周大生门店购买一款金戒指，花了7300元。因感觉圈口偏大，就想去门店更换，闺 蜜也决定要买这款戒指。22日她们到店后，店方称店里没有合适圈口的，但可以去总部调货。 此前视频 2月27日，吴女士的丈夫到店里拿到了新戒指，吴女士回家她发现质保单上没有克数，金额也不对，戒指也没有吊牌。3月1日，门店重新 开了质保单，基于对周大生品牌的信任，她只是复称了克重，因为没有纠结吊牌问题。 门店称印错了 让吴女士没想到的是，几天后，她无意中发现戒指内圈写的是"周大金"，询问闺蜜后发现她的戒指内的钢印也为"周大金"。吴女士认为， 她买的肯定不是正品，希望门店按照"假一赔三"的标准予以赔偿。 3月29日，记者联系到吴女士， 她表示在市场监管部门的协调下，目前已经协商达成一致，门店退了戒指原本的7300元，并额外补偿了 12000元；闺蜜的戒指退了5319元，额外补偿了9000元。 记者在黑猫投诉平台注意到3月25日17时14分，在接到转账两分多钟后，投诉 ...

Core Viewpoint - The article discusses the significant drop in gold prices, which has erased the gains made throughout the year, and its implications for the gold market and related companies [3][7]. Group 1: Gold Price Decline - As of the report, New York gold futures fell nearly 8%, approximately $4,250 per ounce, marking a significant decline that wiped out the annual gains for 2026 [3][7]. - The gold sector overall experienced a drop of nearly 8%, with companies like Zhou Dasheng, Lao Fengxiang, and Zhou Shengsheng seeing stock prices decline by over 3.5% [3][13]. Group 2: Company Responses - Lai Shen Tong Ling expressed uncertainty about future developments and consumer purchasing behavior regarding gold [4]. - China Gold reported an increase in customer traffic at some stores, suggesting that the price drop could boost sales and performance [4][16]. - Lao Fengxiang indicated that the current gold price has not yet reached their cost line, and they are still assessing the market [5][16]. - Zhou Dasheng noted a significant increase in customer traffic in the Shui Bei market, indicating that lower prices may attract more buyers [5][16]. Group 3: Market Reactions - The Shanghai Gold Exchange issued a notice regarding market risk control, highlighting the significant volatility in precious metal prices and advising investors to manage their positions carefully [9]. - Social media discussions revealed a divide among gold investors, with some believing prices will rise again and encouraging purchases, while others are waiting for even lower prices [11]. Group 4: Price Adjustments - Many gold retailers have adjusted their prices downward, with notable reductions: - Cai Bai's price dropped to 1,418 CNY per gram, down 30 CNY - Zhou Da Fu's price fell to 1,375 CNY per gram, down 22 CNY - Lao Fengxiang's price decreased to 1,374 CNY per gram, down 44 CNY [17]. - Retailers are actively promoting the lower prices, with some offering gold at 1,225 CNY per gram, down from approximately 1,397 CNY per gram just days prior [17][19]. Group 5: Market Analysis - Analysts attribute the recent price drop to several factors, including geopolitical tensions affecting oil prices and inflation expectations, which have shifted market focus from "geopolitical risk" to "inflation expectations and monetary policy" [19]. - The significant weekly decline in gold prices is noted as the largest in 40 years, with key technical levels being breached [19].

Investment Rating - The report maintains an "Overweight" rating for the retail sector, emphasizing investment opportunities in both high-end and low-end consumer segments [1]. Core Insights - The retail sector is currently experiencing a weak overall sentiment, but many sub-sectors are at historically low valuation levels, providing a good safety margin for medium to long-term investments. Key segments such as gold and jewelry, travel chains, education services, and retail are noted to have core companies that have fallen below the historical 10th percentile in terms of PE-TTM ratios, indicating high investment value [5][10]. - The retail sector is characterized by companies with light asset operations and low capital expenditure needs, resulting in strong cash flows and high dividend payouts. As of March 20, 2026, several leading companies in the sector have attractive dividend yields, with some reaching as high as 10% [5][10]. - A selection of 10 recommended stocks with low valuations and high dividend yields has been identified, including companies like Shangmei Co. (PE 15.3, dividend yield 5.0%), China Oriental Education (PE 11.4, dividend yield 7.6%), and others, showcasing the potential for defensive investment strategies [5][10]. Summary by Sections Industry Trends - The report highlights that multiple sub-sectors within the retail industry are currently undervalued, with many companies showing a PE-TTM ratio below the historical 10th percentile, indicating a favorable entry point for investors [5][10]. Dividend Observations - The retail sector's companies generally maintain high dividend payout ratios due to their stable business models and strong cash flows. As of March 20, 2026, several leading firms exhibit dividend yields of 5% to nearly 10%, making them attractive for income-focused investors [5][10]. Recommended Stocks - The report lists 10 stocks that combine low valuation with high dividend characteristics, including: 1. Shangmei Co. (2145.HK): PE 15.3, dividend yield 5.0% 2. China Oriental Education (0667.HK): PE 11.4, dividend yield 7.6% 3. Action Education (605098.SH): dividend payout ratio near 100%, yield 5.6% 4. Beijing Renli (600861.SH): PE 8.9, yield 5.6% 5. Xiaomen Xiangyu (600057.SH): PE 9.2, yield 5.3% 6. Zhou Daxing (002867.SZ): yield 9.8% 7. Liufu Group (0590.HK): yield 8.6% 8. Zhou Dafu (1929.HK): yield 7.9% 9. Haidilao (6862.HK): yield 5.9% [5][10].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the launch of JD's cross-border e-commerce platform Joybuy in six European countries, marking a shift to comprehensive retail operations and emphasizing a self-operated model to enhance competitive differentiation [25][27] - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption themes, including gold jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Industry Overview - The retail and social service indices reported a decline of 4.55% and 4.00% respectively during the week of March 16-20, 2026, with the retail index down 12.57% year-to-date [6][15] - The hotel and restaurant sector showed the smallest decline this week, while it has the highest growth year-to-date at 3.19% [18][20] Company-Specific Insights - Joybuy's self-operated model is expected to create a competitive edge through quality control and service reliability, with over 60 logistics warehouses established in Europe [27][28] - The report recommends several companies based on their growth potential: - **Old Puhuang**: Expected net profit growth of 226%-233% in 2025, driven by channel expansion and brand enhancement [32][41] - **Chao Hong Ji**: Anticipated net profit growth of 125%-175% in 2025, supported by differentiated product strength and multi-channel marketing [35] - **Mao Ge Ping**: Expected revenue growth of 31.3% in H1 2025, benefiting from its position as a high-end domestic cosmetics brand [35] - **Meili Tianyuan Medical Health**: Projected net profit growth of 34% in 2025, leveraging strong market positioning in high-end beauty [35] Market Dynamics - The report emphasizes the importance of adapting to consumer trends, with a focus on emotional value and innovative product safety in cosmetics and personal care [30][31] - Companies are encouraged to explore opportunities in the evolving landscape of cross-border e-commerce, particularly those with strong brand and supply chain capabilities [27][30]

证券代码：002867 证券简称：周大生 公告编号：2026-008 周大生珠宝股份有限公司 关于公司第一期员工持股计划存续期展期的公告 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。 周大生珠宝股份有限公司（以下简称"公司"）于 2026 年 3 月 17 日召开第 五届董事会第十二次会议，审议通过了《关于公司第一期员工持股计划存续期展 期的议案》，同意将公司第一期员工持股计划（以下简称"本次员工持股计划"） 的存续期展期 24 个月，即存续期展期至 2028 年 5 月 10 日。现将具体情况公告 如下： 一、 本次员工持股计划基本情况 （1）公司于 2018 年 4 月 14 日召开了第二届董事会第十八次会议、于 2018 年 5 月 10 日召开了 2017 年度股东大会，审议通过了《关于<周大生珠宝股份有 限公司第一期员工持股计划（草案）>及其摘要的议案》等相关议案，本次员工 持股计划筹集资金总额不超过 15,000 万元，具体金额根据实际出资缴款金额确 定，资金来源为公司员工的合法薪酬、自筹资金和向控股股东借款等法律、行政 法规允许的其他方式取得的 ...

一、开展黄金远期交易与黄金租赁组合业务目的 随着公司业务规模扩大，公司在黄金租赁量较大，当金价出现较大波动时， 黄金租赁业务产生的公允价值变动损益对公司的经营业绩造成一定影响。为了降 低因金价波动使黄金租赁业务产生的公允价值变动损益对公司利润的影响，公司 拟与部分银行开展黄金远期交易与黄金租赁组合业务。 二、开展黄金远期交易与黄金租赁组合业务基本情况 关于 2026 年度开展黄金远期交易与黄金租赁组 合业务的可行性分析报告 1、概述 公司黄金远期交易与黄金租赁组合业务是指公司在从事黄金租赁业务时，依 据公司库存量及黄金租赁量，通过买入黄金远期交易与黄金租赁组合产品方式对 黄金租赁业务合约上的黄金价格波动进行锁定，即与交易银行同时签订黄金租赁 合约与黄金远期合约，黄金租赁合约与黄金远期合约的交易数量、品种、期限相 一致，以黄金远期合约锁定到期应偿还黄金的数量和金额，通过该组合的对冲， 以锁定黄金租赁成本，规避黄金价格波动造成黄金租赁风险的经营行为。公司进 行黄金远期交易与黄金租赁组合业务只能以规避黄金租赁产生的价格波动等风 险为目的，不进行投机和套利交易、不单独开展黄金远期交易。 2、开展黄金远期交易与黄金租赁 ...

关于公司 2026 年 2 月份新增自营门店情况简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2025 年修订）》第四章第八节珠宝相关业务的要求，周大生珠宝股份有限公 司现将 2026 年 2 月份公司新增自营门店概况披露如下： | 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 地区 | | 形式 | (m 2) | 额（万元） | 类别 | | 1 | 周大生上海黄浦博荟广场专 卖店 | 华东 | 2026.2.4 | 专卖 店 | 82.43 | 800 | 素金、镶嵌 | | 2 | 周大生经典重庆百货渝北商 场专柜 | 西南 | 2026.2.9 | 联营 专柜 | 45 | 650 | 素金、镶嵌 | | 3 | 周大生经典淄博商厦专柜 | 华东 | 2026.2.10 | 联营 专柜 | 47 | 900 | ...

证券代码：002867 证券简称：周大生 公告编号：2026-009 周大生珠宝股份有限公司 关于2026年度日常关联交易预计公告 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、日常关联交易基本情况 3. 本次日常关联交易预计事项已经公司于 2026 年 3 月 17 日召开的第五届 董事会独立董事专门会议第五次会议以同意 3 票、反对 0 票、弃权 0 票的表决结 果审议通过。基于独立判断，公司独立董事认为：公司本次日常关联交易预计事 项是基于公司落实与无忧传媒集团有限公司共同设立合资公司后深化战略合作 的重要业务开展方向，并经管理层充分论证和决策，符合公司实际发展需要。本 次关联交易遵循公平、公正的原则，定价公允、合理，不存在损害公司及全体股 1 东利益的情形，公司亦不会因此类交易而对关联人形成主要依赖。因此一致同意 将《关于 2026 年度日常关联交易预计的议案》提交公司董事会审议，董事会在 审议该议案时，关联董事应按规定回避表决。 4. 根据《深圳证券交易所股票上市规则》以及《公司章程》等相关规定， 本次日常关联交易预计事项在董事会决策权限范围内 ...

证券代码：002867 证券简称：周大生 公告编号：2026-010 周大生珠宝股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 重要提示： 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等 法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 04 月 02 日 15:00:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 04 月 02 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投 票的具体时间为 2026 年 04 月 02 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日： ...

周大生珠宝股份有限公司 第五届董事会独立董事专门会议第五次会议决议 周大生珠宝股份有限公司（以下简称"公司"）第五届董事会独立董事专门会 议第五次会议通知于2026年3月14日以通讯及电子邮件等形式送达全体独立董事， 会议于2026年3月17日以通讯方式召开。本次会议应出席独立董事4人，实际出席 独立董事4人。本次会议的召集、召开和表决程序均符合《公司法》、《上市公 司独立董事管理办法》、《公司章程》及《独立董事专门会议工作制度》的有关 规定。本次独立董事专门会议发表相关说明及审核意见如下： 周大生珠宝股份有限公司 独立董事：陈绍祥、毛健、李启华、徐莉萍 2026年3月18日 一、审议通过《关于2026年度日常关联交易预计的议案》 表决结果：同意4票；反对0票；弃权0票。 经认真审阅并与公司沟通，基于独立判断，我们认为：公司本次日常关联交 易预计事项是基于公司落实与无忧传媒共同设立合资公司后深化战略合作的重 要业务开展方向，并经管理层充分论证和决策，符合公司实际发展需要。本次关 联交易遵循公平、公正的原则，定价公允、合理，不存在损害公司及全体股东利 益的情形，公司亦不会因此类交易而对关联人形成主要依赖。 因此 ...