Group 1 - The price of physical gold remains stable at 1328 CNY per gram for brands such as Chow Tai Fook and Chow Sang Sang [1] - There is a price differentiation in bank investment gold bars, with China Construction Bank quoting 969.60 CNY per gram and Industrial and Commercial Bank of China quoting 979.15 CNY per gram [1]

（记者 曾健辉） 截至发稿，周大生市值为135亿元。 每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 2025年1至6月份，周大生的营业收入构成为：珠宝首饰占比100.0%。 每经AI快讯，周大生（SZ 002867，收盘价：12.4元）发布公告称，2025年12月5日，周大生接受信达证 券、尚正基金调研，公司证券事务代表荣欢参与接待，并回答了投资者提出的问题。 ...

周大生珠宝股份有限公司 代码：002867 证券简称：周大生 编号：2025-042 投资者关系活动记录表 投资者关系活动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他(电话会议) 参与单位名称 及人员姓名 共计 2 位投资者（排名不分先后）： 信达证券：骆峥 尚正基金：王惠民 时 间 2025 年 12 月 5 日 地 点 总部会议室 上市公司接待人员 姓名 证券事务代表：荣欢 投资者关系活动 主要内容介绍 一、 问答环节： 投资者主要就行业情况、自营店规划、国家宝藏、产品结构、产品 毛利率情况、终端销售情况、分红规划等进行了交流，可参阅前次活动 记录表之问答和已披露公告。 接待过程中，公司严格按照《信息披露管理制度》等规定，保证信 息披露的真实、准确、完整、及时、公平，没有出现未公开重大信息泄 露等情况。同时，现场调研的投资者已按深交所要求签署承诺函。 附件清单（如有） 无 日期 2025 年 12 月 5 日 ...

Group 1 - The price of physical gold from Zhou Dasheng remains unchanged at 1328 CNY per gram as of December 2, 2025 [1] - Platinum prices have decreased by 5 CNY per gram to 669 CNY per gram on the same day [1] - The previous day's prices were 1328 CNY for gold and 674 CNY for platinum [1] Group 2 - The context of the pricing is influenced by ongoing diplomatic discussions between the US and Ukraine regarding modifications to the preliminary peace plan concerning the Russia-Ukraine conflict [1] - European leaders expressed collective support for Ukrainian President Zelensky on December 1, 2025 [1] - US Special Envoy Witkoff is visiting Moscow to communicate the progress of negotiations [1]

Market Overview - The jewelry sector experienced a decline of 0.78% on December 2, with ST Xinhua Jin leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Notable gainers included: - Cai Zi Co., Ltd. (605599) with a closing price of 15.56, up 1.77% on a trading volume of 56,200 shares [1] - Shenhua A (000017) closed at 7.88, up 1.42% with a trading volume of 386,000 shares [1] - Major decliners included: - ST Xinhua Jin (600735) with a closing price of 5.76, down 4.95% on a trading volume of 203,300 shares [2] - Man Ka Long (300945) closed at 16.98, down 2.30% with a trading volume of 51,400 shares [2] Capital Flow Analysis - The jewelry sector saw a net outflow of 97.37 million yuan from institutional investors, while retail investors contributed a net inflow of 134 million yuan [2][3] - The capital flow for key stocks showed: - Zhou Dazheng (002867) had a net inflow of 14.17 million yuan from institutional investors, but a net outflow of 27.60 million yuan from speculative funds [3] - China Gold (600916) experienced a net inflow of 5.58 million yuan from institutional investors, with a net outflow of 3.92 million yuan from speculative funds [3]

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 ...

Summary of the Conference Call on the Gold and Jewelry Market Industry Overview - The gold and jewelry market in Henan experienced a significant slowdown in growth, with an increase of only 3.6% in October 2025, compared to 30%-50% in previous months. This slowdown is attributed to a 50% rise in gold prices and uncertainty surrounding tax reforms, particularly affecting the capital city, Zhengzhou, due to low wedding demand [1][4]. Key Points and Arguments - **Impact of Tax Reform**: The tax reform primarily targets investment gold bars, with upstream factories currently invoicing at a 13% VAT, leading to an increase of 70 RMB per gram in upstream costs, resulting in retail prices exceeding 1,200 RMB per gram. Domestic brands like Lao Feng Xiang and Lao Miao allow the exchange of old materials, mitigating cost pressures compared to Hong Kong brands like Chow Tai Fook and Chao Hong Ji, which do not allow such exchanges [1][5]. - **Sales Performance**: In November, overall sales performance was poor due to the off-season, with a 6.3% increase in monetary sales but a 24.6% decline in inventory weight. Lao Feng Xiang showed the best performance with a 12.6% year-on-year growth, while Chow Tai Fook reported a sales figure of 2.27 billion RMB due to software issues [2]. - **Market Dynamics**: The investment gold bars account for about 3% of the market, with most sales still focused on jewelry. The proportion of fixed-price products has increased, with Chow Tai Fook at 35.7% in Henan, while other brands like Lao Feng Xiang and Lao Miao are lower at 10-12% [3][10]. - **Inventory and Supply Chain**: There was a 20% decline in inventory in November, influenced by gold price fluctuations, rumors of the end of the Russia-Ukraine war, and uncertainties from tax reforms. Many brands reduced their purchase volumes due to cash flow issues caused by rising gold prices [11]. - **Government Regulation**: The government may enhance regulations on the recovery and trading of old materials and require upstream factories to purchase raw materials from the Shanghai Gold Exchange to reduce tax evasion [7]. - **Consumer Sentiment**: Consumers are primarily feeling the impact of rising gold prices. However, with increased transparency regarding potential tax increases, their initial wait-and-see attitude has eased, and wedding demand remains a significant factor [9]. Additional Important Insights - **Brand Strategies**: Major brands are reducing pressure on franchisees and developing IP series and high-end products to increase margins. Approximately 70% of purchases from leading brands are now series or IP products, which helps differentiate them from lower-end brands [12][13]. - **Future Expectations**: The willingness of consumers to spend in 2026 will depend on the clarity of tax policies. If the government clarifies that only investment gold bars will be taxed, it could significantly lower costs for franchisees and boost confidence in purchasing [17]. - **Franchisee Challenges**: Franchisees are currently facing challenges due to high tax burdens and are reducing inventory in anticipation of price corrections and tax policy changes. Many are also experiencing cash flow issues due to high inventory costs [15][16]. - **Brand Goals for 2026**: Brands are discussing their targets for 2026 with franchisees, with many facing declining sales targets due to store closures and high tax burdens. For instance, Lao Miao has projected a nearly 20% decline in order volume for 2025 [18].

Market Overview - The jewelry sector increased by 0.27% on December 1, with Chao Hong Ji leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 13.18, up 3.05% with a trading volume of 187,700 shares and a turnover of 247 million yuan [1] - Fei Ya Da (000026) closed at 15.50, up 0.98% with a trading volume of 39,500 shares and a turnover of 61.44 million yuan [1] - China Gold (600916) closed at 8.11, up 0.87% with a trading volume of 153,500 shares and a turnover of 124 million yuan [1] - Other notable performances include Deep China A (000017) up 0.78%, and Mingpai Jewelry (002574) up 0.65% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 113 million yuan from institutional investors, while retail investors saw a net inflow of 116 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow by Stock - China Gold saw a net inflow of 5.32 million yuan from institutional investors, while retail investors had a net inflow of 760,400 yuan [3] - Di A Shares (301177) had a net inflow of 1.49 million yuan from institutional investors, but a net outflow of 294,700 yuan from retail investors [3] - ST Xin Hua Jin (600735) faced significant outflows, with a net outflow of 9.41 million yuan from institutional investors [3]

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]