Market Overview - The jewelry sector increased by 1.43% on August 20, with Chao Hong Ji leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 15.59, up 4.21% with a trading volume of 290,900 shares and a turnover of 446 million yuan [1] - Shen Zhonghua A (000017) closed at 6.84, up 4.11% with a trading volume of 455,800 shares and a turnover of 313 million yuan [1] - Lai Xi Tong Ling (603900) closed at 10.68, up 2.79% with a trading volume of 274,500 shares and a turnover of 289 million yuan [1] - Man Ka Long (300945) closed at 19.17, up 2.29% with a trading volume of 194,000 shares and a turnover of 370 million yuan [1] - Ming Pai Jewelry (002574) closed at 5.90, up 2.08% with a trading volume of 210,800 shares and a turnover of 123 million yuan [1] - Di A Shares (301177) closed at 29.93, up 1.91% with a trading volume of 21,800 shares and a turnover of 64.5 million yuan [1] - Cai Zi Shares (605599) closed at 15.26, up 1.46% with a trading volume of 51,000 shares and a turnover of 77.2 million yuan [1] - Xing Hua Jewelry (002731) closed at 13.57, up 1.34% with a trading volume of 100,200 shares and a turnover of 135 million yuan [1] - Zhou Da Sheng (002867) closed at 13.09, up 1.16% with a trading volume of 76,500 shares and a turnover of 99.5 million yuan [1] - Lao Feng Xiang (600612) closed at 47.67, up 0.82% with a trading volume of 18,000 shares and a turnover of 85.6 million yuan [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 87.08 million yuan from institutional investors, while retail investors experienced a net outflow of 138 million yuan [2] - The overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2]

Core Insights - The trend of "pain gold" is gaining popularity among young consumers, with prices reaching as high as 2800 yuan per gram, nearly double the daily gold price since 2025 [1][8] - Various gold products linked to popular IPs are experiencing significant price increases, with some items being sold at nearly double their original prices on secondary markets [4][7] Industry Trends - The overall gold consumption market is currently weak, but collaborations between gold brands and popular anime or gaming franchises are emerging as growth points for several jewelry brands [7] - Notable collaborations include a high-priced pure gold series from Old Fengxiang and Bandai Namco, which sold out quickly, and a gold pendant from Chow Tai Fook priced at 2800 yuan per gram, 2.76 times the daily gold price [7] Consumer Behavior - Young consumers are increasingly purchasing "pain gold" not only for its aesthetic appeal but also for its perceived value retention, as it combines emotional connection with collectible attributes [6][8] - A collector reported that the value of certain "pain gold" items has appreciated significantly, with one item originally priced at 880,000 yuan now exceeding 1 million yuan due to rising gold prices and limited availability [7][8]

| 序 | 门店名称 | 所在 | 开设时间 | 经营 | 面积 | 总投资金 | 主要商品 | | --- | --- | --- | --- | --- | --- | --- | --- | | 름 | | 地区 | | 形式 | (m2) | 额(万元) | 类别 | | 1 | 周大生厦门杏林万科里专卖 店 | 华南 | 2025. 7. 1 | 专卖 店 | 31.5 | 450 | 素金、镶嵌 | | 2 | 周大生经典杭州西湖银泰专 | 华东 | 2025. 7. 1 | 联营 | 75 | 550 | 素金、镶嵌 | | | 柜 | | | 专柜 | | | | | 3 | 周大生国家宝藏成都 SKP 白 | 西南 | 2025. 7. 1 | 联营 | 45. 5 | 670 | 素金、镶嵌 | | | 货专柜 | | | 专柜 | | | | | 4 | 周大生国家宝藏重庆万象城 | 西南 | 2025. 7. 18 | 专卖 | 94 | 600 | 素金、镁嵌 | | | 专卖店 | | | 居 | | | | | રે | 周大生昆明西山万达广场专 | 西南 | 2025. 7.2 ...

证券代码：002867 证券简称：周大生 公告编号：2025-031 周大生珠宝股份有限公司 关于公司 2025 年 7 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 2025 年 7 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 店 | 周大生厦门杏林万科里专卖 | 华南 | 2025.7.1 | 专卖 店 | 31.5 | 450 | 素金、镶嵌 | | 2 柜 | 周大生经典杭州西湖银泰专 | 华东 | 2025.7.1 | 联营 专柜 | 75 | 550 | 素金、镶嵌 | | 3 | 周大生国家宝藏 ...

摘要2025年8月19日，实物黄金周大生黄金报价1002元/克，相比昨日保持不变。铂金价格今天报价545 元/克，相比昨日下跌了6元/克。 2025年8月19日，实物黄金周大生黄金报价1002元/克，相比昨日保持不变。铂金价格今天报价545元/ 克，相比昨日下跌了6元/克。 附表： 基本面： 芬兰总统：我们谈及了类似《北大西洋公约》第 5 条的安全保障。我们的目标是维护乌克兰的主权和领 土完整。特朗普总统认为打电话给普京并提议泽连斯基与普京举行双边会晤是个好主意。一周内我们可 能会在美方安全保障方面得到更具体的内容，随后将推进双边事宜，有望在几周内完成。 新浪合作大平台期货开户 安全快捷有保障 2025年8月19日 1002 541 - 元/克 2025年8月18日 1002 547 - 元/克 金投网提示：以上报价仅供参考，据此交易，风险自担。 周大生 黄金价格 铂金价格 金条价格 单位 ...

Market Overview - On August 18, the jewelry sector rose by 0.11% compared to the previous trading day, with Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up by 0.85%, while the Shenzhen Component Index closed at 11835.57, up by 1.73% [1] Individual Stock Performance - Xinhua Jin (600735) closed at 8.44, with a gain of 2.93% and a trading volume of 194,700 shares, amounting to a transaction value of 164 million yuan [1] - Ruibeka (600439) closed at 3.14, up by 1.95%, with a trading volume of 362,900 shares and a transaction value of 114 million yuan [1] - Diya Co. (301177) closed at 29.33, gaining 1.56% with a trading volume of 17,400 shares and a transaction value of 51 million yuan [1] - Other notable performances include: - Mingpai Jewelry (002574) at 5.78, up by 1.05% [1] - Chaohongji (002345) at 15.36, up by 0.66% [1] - Mankalon (300945) at 18.72, up by 0.38% [1] - China Gold (600916) at 8.16, up by 0.25% [1] - Laofengxiang (600612) at 47.37, up by 0.06% [1] - Zhou Dazheng (002867) at 13.02, down by 0.15% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 166 million yuan [2] - Notable capital flows for individual stocks include: - Chaohongji (002345) had a net inflow of 9.94 million yuan from institutional investors [3] - Xinhua Jin (600735) saw a net outflow of 6.83 million yuan from institutional investors [3] - Laofengxiang (600612) had a slight net inflow of 0.24 million yuan from retail investors [3] - Zhou Dazheng (002867) experienced a net outflow of 1.02 million yuan from institutional investors but a net inflow of 3.67 million yuan from retail investors [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail sector shows steady recovery with a year-on-year increase of 4.8% in total retail sales from January to July 2025, and a 3.7% increase in July alone [5][25] - Online channels continue to grow, while offline growth rates are marginally slowing down; specific categories like gold and jewelry, as well as cosmetics, show significant improvement [5][30] - The report emphasizes the importance of consumer sentiment and suggests focusing on high-growth segments such as gold jewelry and domestic beauty brands [8][34] Summary by Sections Retail Market Overview - The retail index closed at 2214.55 points, up 0.44% for the week, underperforming the Shanghai Composite Index which rose by 0.86% [7][16] - The commercial property management sector saw the highest increase this week, while the jewelry sector has led the gains since the beginning of 2025 with a 30.19% increase [20][22] Retail Sales Data - In July 2025, retail sales reached 38,780 billion yuan, with a year-on-year growth of 3.7% [25] - Online retail sales for the first seven months of 2025 reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online sales at 70,790 billion yuan, up 6.3% [27][28] Key Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuangjin and Chaohongji [8][34] - **Cosmetics**: Highlighting the rise of domestic brands and the need for innovation in product offerings, with recommendations for brands like Maogeping and Pola [8][35] - **Offline Retail**: Emphasizing the transformation of retail enterprises to adapt to changing consumer behaviors, recommending companies like Yonghui Supermarket and Aiyingshi [8][34] - **Medical Aesthetics**: Suggesting investment in companies with differentiated product lines, recommending Aimeike and Kedi-B [8][36] Company Performance Highlights - Laopuhuangjin reported a revenue of 85.06 billion yuan in 2024, with a net profit increase of 253.9% [40] - Maogeping achieved a revenue of 38.85 billion yuan in FY2024, with a growth of 34.6% [36] - Yonghui Supermarket's revenue for Q1 2025 was 174.79 billion yuan, reflecting a decline of 19.3% [36]

Market Overview - The jewelry sector increased by 0.67% on August 15, with Xinhua Jin leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Xinhua Jin (600735) closed at 8.20, up 3.14% with a trading volume of 258,500 shares and a turnover of 212 million yuan [1] - Feiyada (000026) closed at 66.61, up 1.83% with a trading volume of 332,800 shares and a turnover of 653 million yuan [1] - Xinghua Jewelry (002731) closed at 13.73, up 1.78% with a trading volume of 101,900 shares and a turnover of 138 million yuan [1] - Mankalon (300945) closed at 18.65, up 1.63% with a trading volume of 111,900 shares and a turnover of 207 million yuan [1] - Chaohongji (002345) closed at 15.26, up 1.60% with a trading volume of 179,600 shares and a turnover of 274 million yuan [1] - Jinyi Culture (002721) closed at 4.02, up 0.50% with a trading volume of 1,962,600 shares and a turnover of 786 million yuan [1] - Zhou Dazheng (002867) closed at 13.04, up 0.46% with a trading volume of 51,200 shares and a turnover of 66.7 million yuan [1] - Shen Zhonghua A (000017) closed at 6.42, up 0.31% with a trading volume of 134,100 shares and a turnover of 85.7 million yuan [1] - Laixitongling (603900) closed at 10.30, up 0.29% with a trading volume of 154,100 shares and a turnover of 158 million yuan [1] - Caibai Co. (605599) closed at 15.17, up 0.26% with a trading volume of 37,700 shares and a turnover of 57 million yuan [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 16.31 million yuan from institutional investors and 69.06 million yuan from speculative funds, while retail investors saw a net inflow of 85.37 million yuan [1] - Feiyada (000026) had a net inflow of 28.47 million yuan from institutional investors, while it faced outflows from speculative and retail investors [2] - Xinghua Jewelry (002731) saw a net inflow of 12.94 million yuan from institutional investors, with outflows from speculative and retail investors [2] - Chaohongji (002345) had a net inflow of 12.10 million yuan from institutional investors, with outflows from speculative funds [2] - Zhou Dazheng (002867) experienced a net inflow of 8.85 million yuan from institutional investors, while facing outflows from speculative and retail investors [2] - Xinhua Jin (600735) had a net inflow of 8.81 million yuan from institutional investors, with outflows from speculative funds [2]

Market Overview - The jewelry sector experienced a decline of 0.5% on August 13, with Mankalon leading the drop [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Individual Stock Performance - Feiyada (000026) closed at 21.73, up 1.35% with a trading volume of 685,200 shares and a transaction value of 1.488 billion [1] - Chaohongji (002345) closed at 15.92, up 0.82% with a trading volume of 223,100 shares and a transaction value of 351 million [1] - Laofengxiang (600612) closed at 47.75, up 0.04% with a trading volume of 11,600 shares and a transaction value of 55.34 million [1] - Mankalon (300945) closed at 19.00, down 2.96% with a trading volume of 216,200 shares and a transaction value of 407 million [2] - The overall trading volume and transaction values for various stocks in the jewelry sector indicate mixed performance, with some stocks showing gains while others declined [1][2] Capital Flow Analysis - The jewelry sector saw a net outflow of 391 million from institutional investors, while retail investors contributed a net inflow of 370 million [2][3] - The data indicates that institutional investors are pulling back, while retail investors are increasing their positions in the sector [2][3] Stock-Specific Capital Flow - Laofengxiang (600612) had a net inflow of 8.49 million from institutional investors, but a net outflow from retail investors [3] - Mankalon (300945) experienced a significant net outflow of 31.19 million from institutional investors [3] - The capital flow data suggests varying levels of investor confidence across different stocks within the jewelry sector [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of differentiated membership stores, such as the WS Jiangtun membership store launched by Wushang Group in Wuhan, which focuses on unique products and services [5][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][29] Summary by Sections Retail Market Review - The retail industry index reported a decline of 0.38% for the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index, which increased by 2.11% [14][21] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 6.07% and a year-to-date increase of 32.99% [16][19] Retail Insights - Wushang Group's WS Jiangtun membership store adopts a "paid membership + selected products" model, aiming to provide a differentiated shopping experience [5][24] - The store features a dual membership structure with basic and diamond tiers, enhancing customer engagement and loyalty [25] Investment Recommendations - Focus on gold jewelry brands with differentiated product offerings and consumer insights, recommending companies like Laopu Gold and Chaohongji [8][29] - Highlight the potential of offline retail companies that adapt to consumer trends, recommending Yonghui Supermarket and Aiyingshi [8][29] - Emphasize the growth of domestic cosmetics brands, recommending companies like Maogeping and Pola [8][29] - Suggest investment in medical aesthetics firms with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company Performance Highlights - Laopu Gold achieved a revenue of 8.506 billion yuan in FY2024, with a net profit increase of 253.9% [31][36] - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, with a significant decline in net profit [31] - Chaohongji's Q1 2025 revenue increased by 25.4%, driven by its focus on fashion jewelry [43]