Market Overview - The jewelry sector experienced a slight decline of 0.03% on February 4, with China Gold leading the drop [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Notable gainers included: - Caizhi Co., Ltd. (605599) with a closing price of 25.23, up 5.43% and a trading volume of 305,900 shares, totaling 773 million yuan [1] - Shenhua A (000017) closed at 7.53, up 1.62% with a trading volume of 178,300 shares, totaling 134 million yuan [1] - Major decliners included: - China Gold (600916) closed at 12.17, down 6.31% with a trading volume of 2,423,000 shares [2] - Xinghua Jewelry (002731) closed at 11.05, down 0.90% with a trading volume of 307,700 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 465 million yuan from institutional investors, while retail investors contributed a net inflow of 464 million yuan [2] - The main capital flow for selected stocks showed: - Zhou Dazheng (002867) had a net inflow of 15.87 million yuan from institutional investors, while retail investors had a net outflow of 608,600 yuan [3] - Diya Co., Ltd. (301177) experienced a net inflow of 7.01 million yuan from institutional investors, with a net outflow of 68,700 yuan from retail investors [3]

Group 1 - The recent significant drop in gold and silver prices marks the largest decline in over 40 years, with gold prices falling from a historical high of $5626.8 to a low of $4423.2, a decrease of over 20%, and silver prices dropping from $121.785 to $71.2, a decline exceeding 40% [2] - As of February 3, international gold prices rebounded, with New York gold prices surpassing $4900 per ounce, reaching a peak of $4975.5 per ounce, reflecting a 6.11% increase [2] - Domestic gold retailers have adjusted their prices accordingly, with retail prices for gold jewelry exceeding 1450 yuan per gram, and specific brands like Chow Tai Fook and Chow Sang Sang quoting prices as high as 1495 yuan per gram [2] Group 2 - Due to the volatility in gold prices, many customers are opting to wait before making purchases, as illustrated by a customer who noted that the price of a similar gold bracelet has increased from over 5000 yuan to 12000 yuan [3] - To balance consumer interest and risk, several brands are innovating by introducing lightweight luxury gold items and offering trade-in options, which are attracting cautious buyers [3] - Analysts suggest that despite the recent price corrections, gold still holds long-term investment value, with expectations that prices could rise to $8000 per ounce in the next two years, advising investors to consider gold as part of a diversified asset allocation [3]

【#黄金租赁成多家珠宝企业标配#，按吨向银行"借金"，对冲金价下跌风险】#多家黄金企业按吨向银 行租赁黄金#为应对金价下跌带来的存货减值风险，黄金租赁已成为部分珠宝企业的"标配"。2月2日， 周大生发布公告称，2026年度开展黄金租赁业务交易最高额度不超过4000千克的议案已获得董事会审议 通过。 分析人士指出，企业普遍在租赁的同时进行套期保值操作，主要是为了应对金价单边上涨带来的亏损风 险，结合国际金价走势，企业要避免黄金租赁带来的亏损，应在风险管理体系和操作纪律上加强建设。 #黄金回购也要限额了#（红星资本局） 据了解，黄金租赁是指企业向银行借入黄金原材料用于生产经营，按照合同约定支付租赁费用，当租借 到期后，通过向上海黄金交易所购入或以自有库存将等质等量的黄金实物归还银行。 红星资本局梳理发现，自2017年上市以来，周大生每年均开展了黄金租赁业务，交易最高额度从1500千 克一度涨至5000千克。除周大生之外，此前潮宏基、中国黄金、湖南黄金等企业也开展过黄金租赁业 务，这些企业均按吨向银行租赁黄金，同时，普遍会进行套期保值操作。 ...

Group 1: US Manufacturing and Trade Developments - The US ISM Manufacturing PMI for January recorded at 52.6%, significantly above the expected 48.5%, marking a year-on-year increase of 4.7 percentage points, the fastest growth since 2022 [2] - Key sub-indices showed strong performance, with the New Orders Index at 57.1%, up nearly 10 points from the previous value of 47.7%, and the Employment Index reaching a one-year high of 48.1% [2] - The US and India reached a trade agreement reducing tariffs, with the US lowering its "reciprocal tariff" on India from 25% to 18%, while India will also reduce its tariffs on US goods, potentially increasing procurement of over $500 billion in US products [3][4] Group 2: Real Estate and Housing Market Initiatives - Shanghai has initiated a program to acquire second-hand housing for affordable rental projects, with financial support from local banks, aiming to stabilize the second-hand housing market [6] - Other cities like Hangzhou and Haikou are also implementing similar policies to support the real estate market, focusing on acquiring existing properties to convert into affordable housing [6] Group 3: Corporate Developments and Market Reactions - SpaceX announced the acquisition of AI startup xAI, with a projected valuation of $1.25 trillion, aiming to address the growing demand for computational power and energy in advanced AI systems [7] - Zhou Dasheng plans to engage in gold leasing business, allowing transactions up to 80% of its gold inventory, which is a common practice in the jewelry industry to mitigate price volatility [8][9] - The Hang Seng Tech Index briefly entered a technical bear market, dropping over 20% from its peak, influenced by market rumors regarding tax rate increases for internet companies [10][11] Group 4: Market Performance and Sentiment - On February 3, the Shanghai Composite Index and other indices saw gains, recovering from previous declines, with significant trading volume and a broad increase in stock prices across various sectors [14][15] - The market experienced volatility due to unfounded rumors affecting investor sentiment, but quickly rebounded as these rumors were debunked [15]

为应对金价下跌带来的存货减值风险，黄金租赁已成为部分珠宝企业的"标配"。2月2日，周大生（002867.SZ）发布公告称，2026年度开展黄金租赁业务 交易最高额度不超过4000千克的议案已获得董事会审议通过。 多家企业按吨向银行"借金" 对冲金价下跌存货减值风险 2月2日，周大生发布公告称，董事会审议通过了《关于2026年度开展黄金租赁业务的议案》，根据目前公司黄金类日常库存及2026年经营计划需求，2026 年度公司开展黄金租赁业务交易最高额度不超过公司黄金类总库存量的80%，且不超过4000千克，交易额度可在授权期间内滚动使用。 红星资本局梳理发现，自2017年上市以来，周大生每年均开展了黄金租赁业务，交易最高额度从1500千克一度涨至5000千克。 分析人士指出，企业普遍在租赁的同时进行套期保值操作，主要是为了应对金价单边上涨带来的亏损风险，结合国际金价走势，企业要避免黄金租赁带来 的亏损，应在风险管理体系和操作纪律上加强建设。 资料图 图据IC photo 图片来源：周大生公告截图 据了解，黄金租赁是指企业向银行借入黄金原材料用于生产经营，按照合同约定支付租赁费用，当租借到期后，通过向上海黄金交易所 ...

Core Viewpoint - The article discusses how jewelry companies, including Zhou Dasheng, are increasingly adopting gold leasing as a standard practice to mitigate inventory impairment risks due to falling gold prices [1][3]. Group 1: Gold Leasing Business - Zhou Dasheng announced a maximum gold leasing transaction limit of 4,000 kilograms for the year 2026, approved by its board of directors [2][3]. - Since its listing in 2017, Zhou Dasheng has engaged in gold leasing annually, with transaction limits increasing from 1,500 kilograms to a peak of 5,000 kilograms [5][6]. - Other companies like Chao Hong Ji, China Gold, and Hunan Gold have also engaged in gold leasing, typically renting gold from banks in tonnage and often employing hedging strategies [1][5]. Group 2: Risk Management and Financial Optimization - Companies utilize gold leasing primarily for risk management and optimizing financing costs, allowing them to avoid large upfront cash investments in raw materials [6][7]. - By leasing gold, companies can establish a risk position that counteracts the price fluctuations of their owned inventory, effectively hedging against potential impairment losses [6][7]. - The leasing arrangement allows companies to manage cash flow more efficiently, freeing up capital for other operational activities [6]. Group 3: Market and Accounting Risks - The article highlights that gold leasing can lead to actual losses if gold prices rise significantly during the leasing period, as companies would face higher costs to repurchase gold for return [7][8]. - Accounting measurement risks arise from the need to recognize fair value changes during the lease period, which can negatively impact reported profits even if the company plans to hold the leased gold until maturity [7][8]. - Companies are advised to enhance their risk management frameworks and operational discipline to mitigate these risks, including careful determination of leasing scales and terms based on market expectations [9]. Group 4: Hedging Strategies - Companies often engage in hedging operations alongside gold leasing, such as entering into forward contracts to lock in future costs for repaying leased gold [8][9]. - The strategy aims to stabilize operating costs and ensure predictability, allowing companies to focus on production rather than speculation on gold prices [8][9]. - The article notes that international gold prices have seen significant increases, with a rise of over 70% in 2025, emphasizing the importance of effective risk management in the current market environment [8].

Market Overview - The jewelry sector increased by 2.75% on February 3, with Cai Bai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Cai Bai Co., Ltd. (605599) closed at 23.93, up 10.02% with a trading volume of 125,100 shares and a transaction value of 292 million [1] - ST XinHuaJin (600735) closed at 6.33, up 4.98% with a trading volume of 195,800 shares and a transaction value of 122 million [1] - Chao Hong Ji (002345) closed at 12.70, up 4.44% with a trading volume of 214,600 shares and a transaction value of 268 million [1] - Man Ka Long (300945) closed at 19.33, up 4.26% with a trading volume of 349,200 shares and a transaction value of 665 million [1] - Other notable stocks include Shen Zhonghua A (000017) at 7.41, up 4.07%, and Mingpai Jewelry (002574) at 6.47, up 3.69% [1] Capital Flow - The jewelry sector experienced a net outflow of 555 million from institutional investors, while retail investors saw a net inflow of 392 million [2] - The net inflow from speculative funds was 162 million [2] Individual Stock Capital Flow - Cai Bai Co., Ltd. had a net inflow of 65.33 million from institutional investors, but a net outflow of 46.25 million from retail investors [3] - Zhou Da Sheng (002867) had a net inflow of 13.05 million from institutional investors, with a net outflow of 7.68 million from retail investors [3] - Lao Feng Xiang (600612) saw a net inflow of 12.57 million from institutional investors, while retail investors had a net outflow of 17.84 million [3] - Other stocks like ST XinHuaJin and Di A Co., Ltd. also showed varied capital flows with both inflows and outflows from different investor types [3]

国际金价宽幅震荡的当下，行业企业借助多种金融手段平抑风险。 周大生（002867）2月2日晚间公告，公司于2026年1月30日召开第五届董事会第十一次会议，审议通过 了《关于2026年度开展黄金租赁业务的议案》。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 周大生已连续多年开展黄金租赁业务。黄金租赁是指公司向银行借入黄金原材料用于生产经营，按照合 同约定支付租赁费用。当租借到期后，通过向上海黄金交易所购入或以自有库存将等质等量的黄金实物 归还银行。由于黄金租赁因黄金价格波动与公司黄金类库存上的价格波动所形成的损益反向影响，因此 黄金租赁业务可以有效对冲公司黄金类库存在黄金价格大幅下跌时的存货减值风险。 公告显示，根据目前公司黄金类日常库存及2026年经营计划需求，本年度周大生开展黄金租赁业务交易 最高额度不超过公司黄金类总库存量的80%，且不超过4000千克，交易额度可在授权期间内滚动使用。 具体实施方式方面，将由财务部门根据与银行就具体黄金租赁业务洽谈的实际情况，使用向该行的融资 授信额度或按交易量支付相应的保证金。单笔黄金租赁业务不超过12个月，黄金租赁的费率不超过同期 银行贷款基准 ...

Group 1 - The core point of the announcement is that Zhou Dazheng Jewelry Co., Ltd. has approved the implementation of gold leasing and forward trading business for the year 2026 to mitigate risks associated with gold price fluctuations [1][9]. Group 2 - Gold leasing involves borrowing gold from banks for production and operations, with the company paying rental fees and returning equivalent gold at the end of the lease [1]. - The maximum limit for gold leasing transactions is set at 80% of the company's total gold inventory, not exceeding 4,000 kg, and the trading limit can be used on a rolling basis [3]. - The company will authorize its legal representative or designated personnel to manage the leasing operations within the approved limits [4]. - The financial department will negotiate with banks for specific leasing terms, with individual leases not exceeding 12 months and rates capped at the benchmark bank loan interest rate [5]. Group 3 - The gold forward trading and leasing combination business aims to lock in gold prices to mitigate risks from price fluctuations during leasing [9][10]. - The expected trading volume for the combination business is also capped at 4,000 kg, with no additional collateral required beyond the bank's credit limit [12]. - The company will only engage in this business to hedge against price fluctuations, avoiding speculative trading [10]. Group 4 - The board meeting held on January 30, 2026, approved the proposals for both gold leasing and the combination business, with unanimous support from all attending directors [19][21][23]. - The company plans to apply for a bank credit limit of up to 4 billion RMB for various financing needs, including gold leasing [20].

| | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | 其他(电话会议) ☑ | | | | 共计 位投资者（排名不分先后）： 16 宝盈基金：李欣 | 广东正圆私募基金：黎君仪 | | | 国海证券：施卫 | 上银基金：杨东朔 | | | 北京诚盛投资：吴畏 | 摩根士丹利基金：陈修竹 | | 参与单位名称 | | | | 及人员姓名 | 上海丹羿投资：葛颂 | 圆信永丰基金：齐昊麟 | | | 上海复胜资管：周菁 | 中国国际金融：王凯 | | | 交银施罗德基金：陈均峰 | 西部利得基金：林静 | | | 星石投资：蒋京杰 | 浦银安盛基金：尹新悦 | | | 上海景林资管：王雄 | 财通证券：杨澜 | | 时 间 | 2026 年 2 月 2 日 | | | 地 点 | 总部会议室 | | | 上市公司接待人员 | 证券事务代表：荣欢 | | | 姓名 | | | | | 一、 问答环节： | | | 投资者关系活动 | | 投资者主 ...