Market Overview - A-shares experienced mixed fluctuations on November 3, with the Shanghai Composite Index rising by 0.05%, while the Shenzhen Component and ChiNext Index fell by 1.06% and 1.37%, respectively [1][2] - The total market turnover was approximately 1.4 trillion yuan, slightly lower than the previous day, with nearly 2,600 stocks declining [2] Sector Performance - The coal, oil and petrochemical, media, and banking sectors saw gains, while lithium battery, precious metals, and semiconductor sectors faced significant declines [2][3] - The precious metals sector, particularly jewelry stocks, experienced a collective drop, with notable declines in companies like Chaohongji and Pengxin Resources [6][7] Hong Kong Market - The Hong Kong market also showed volatility, with the Hang Seng Index up by 0.58% and the Hang Seng Technology Index down by 0.24% [4][5] - Chow Tai Fook led the decline among Hang Seng constituents, dropping over 7% [5][11] Regulatory News - On November 1, the Ministry of Finance and the State Administration of Taxation announced tax policy changes regarding gold transactions, which may impact market sentiment [11][12] Company-Specific Developments - Qingyue Technology's stock hit the daily limit down of 20% due to an investigation by the China Securities Regulatory Commission for suspected financial misconduct [19][20][23] - The stock of Shikong Technology, which had previously seen a significant rise, also fell to its limit down [23] Energy Sector Activity - The coal and oil sectors were active, with companies like Antai Group and China Oilfield Services seeing substantial gains [14][16] - The recent cold weather has increased seasonal demand for coal, which may support prices in the near term [14]

Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration regarding tax policies on gold transactions may reduce the attractiveness of investing in physical gold through non-exchange channels, leading ordinary investors to prefer gold ETFs and other exchange-traded products that offer tax benefits and investment convenience [1][3]. Summary by Relevant Sections Tax Policy Changes - The new policy states that from now until December 31, 2027, transactions of standard gold through the Shanghai Gold Exchange and Shanghai Futures Exchange will be exempt from value-added tax (VAT) for sellers [3]. - For transactions that do not involve physical delivery, the exchanges will exempt VAT; for those that do, there will be a distinction between investment and non-investment uses of standard gold, applying different VAT policies accordingly [3]. Market Impact - Following the announcement, retail gold stocks experienced significant declines, with Hong Kong-listed companies such as Luk Fook Holdings, Chow Tai Fook, and Lao Puhuang seeing drops exceeding 7%, and Luk Fook Holdings experiencing a decline of nearly 9% [5]. - A-share listed companies like Chao Hong Ji approached their daily limit down, while other companies like Zhou Dsheng and Man Ka Long also saw declines of over 2% [5]. Industry Insights - Industry experts suggest that the policy aims to enhance the regulation of the precious metals market, encouraging compliance among industry players, including institutions and retailers, to trade through exchange channels [4]. - The tax exemption for exchange-based gold transactions is expected to lower costs for institutions and the jewelry industry, promoting a more favorable tax environment for compliant trading [4].

11月3日，工商银行发布公告称，受宏观政策影响，根据本行风险管理要求，自2025年11月3日起，暂停 受理如意金积存业务的开户、主动积存、新增定期积存计划以及提取实物的申请，存量客户处于有效期 内的定期积存计划的执行以及办理赎回、销户不受影响。相关业务恢复事宜，请关注后续公告。 两部门明确黄金有关税收政策 财政部、国家税务总局11月1日发布公告，明确黄金有关税收政策。 根据公告，在2027年底前，对会员单位或客户通过上海黄金交易所、上海期货交易所交易标准黄金，卖 出方会员单位或客户销售标准黄金时，免征增值税。未发生实物交割出库的，交易所免征增值税；发生 实物交割出库的，区别标准黄金的投资性用途和非投资性用途，分别按规定适用增值税即征即退政策， 以及免征增值税、买入方按照6%扣除率计算进项税额政策。 业内人士表示，上述政策是对现有黄金市场政策的进一步完善，可以更好区分黄金的商品和金融属性， 且本次政策调整只是对交易所购买黄金的增值税政策进行了适当调整，对交易所外的黄金销售政策没有 变化。总体看，我国对黄金产业的税收政策支持力度要优于国际主要黄金市场政策支持力度。 中国财政科学研究院公共收入研究中心主任梁季表示， ...

November 3, 2025 01:33 AM GMT China Gold & Jewelry | Asia Pacific M Update Gold VAT reform: Scenario analysis Key Takeaways For details see our note: China Gold & Jewelry: VAT reform for gold procurement from Gold Exchange – Our initial thoughts (2 Nov 2025) Exhibit 1: Scenario analysis: Margin and profit if there is a 7% increment VAT for gold procurement from Gold Exchange | Negative impact if more VAT imposed on gold procurement (Highest to Lowest) -> | | | | | | --- | --- | --- | --- | --- | | Lao Feng ...

Core Insights - Domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Changes - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY per gram from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY per gram [1][3] - A Yi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY per gram [1][2] Ranking of Gold Jewelry Prices - The ranking of gold jewelry prices shows Chow Tai Fook leading at 1259 CNY per gram, followed by Lao Feng Xiang at 1256 CNY per gram, and A Yi Gold Store also at 1256 CNY per gram [2][3] - Other notable prices include: - Zhou Da Sheng at 1198 CNY per gram with no change - Liu Fu Jewelry at 1198 CNY per gram with no change - Cai Bai Jewelry at 1238 CNY per gram, up by 70 CNY per gram [2][3]

尽管金价一路攀升，但黄金珠宝企业的盈利却反向下行，多家头部品牌已开始缩减门店规模。 周大生（002867.SZ）最新财报显示，截至2025年9月30日，公司终端门店数量为4675家，较上年同期净 减少560家，其中加盟门店减少380家，成为关店主力。仅在2025年第三季度，周大生就净关闭43家门 店，加盟门店占比超过八成。 10月28日，周大生公布2025年三季报，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82 亿元，同比上升3.1%；扣非归母净利润为8.53亿元，同比上升1.9%；经营现金流净额为5.8亿元，同比 下降55.9%；EPS（全面摊薄）为0.8121元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 除了周大生之外，头部品牌普遍选择"关低效店、开高效店"的策略，以提升单店盈利能力和整体网络质 量。2025年第三季度，另一黄金珠宝品牌周大福净关闭296家门店，六福集团则减少了49家。 责任编辑：宋雅芳 其中第三季度，公司营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6%； 扣非归母净利润为2.72亿元，同比上升 ...

来源：界面图库 尽管金价一路攀升，但黄金珠宝企业的盈利却反向下行，多家头部品牌已开始缩减门店规模。 周大生（002867.SZ）最新财报显示，截至2025年9月30日，公司终端门店数量为4675家，较上年同期净减少560家，其 中加盟门店减少380家，成为关店主力。仅在2025年第三季度，周大生就净关闭43家门店，加盟门店占比超过八成。 10月28日，周大生公布2025年三季报，公司营业收入为67.7亿元，同比下降37.3%；归母净利润为8.82亿元，同比上升 3.1%；扣非归母净利润为8.53亿元，同比上升1.9%；经营现金流净额为5.8亿元，同比下降55.9%；EPS(全面摊薄)为 0.8121元。 其中第三季度，公司营业收入为21.8亿元，同比下降16.7%；归母净利润为2.88亿元，同比上升13.6%；扣非归母净利润 为2.72亿元，同比上升7.7%；EPS为0.2651元。 截至三季度末，公司总资产81.92亿元，较上年度末增长4.5%；归母净资产为62.61亿元，较上年度末下降1.5%。 公司还表示，在各项业务中，报告期内自营线下业务实现营业收入13.42亿元，电商业务则实现营业收入19.45亿元 ...

Industry Overview - In 2025, social consumption and retail enterprises are slowly recovering, with segments like gold jewelry benefiting from high gold prices, while cosmetics and medical aesthetics face intense competition and the rise of domestic brands. Notably, "emotional consumption" remains a key indicator of market vitality [2][8]. Segment Analysis Gold Jewelry - The industry has undergone significant changes, with high gold prices and declining wedding demand affecting traditional brand competitiveness. The rise of emotional consumption and social media marketing has led to the emergence of new brands with differentiated products and consumer insights. Opportunities are seen in high-end Chinese gold and trendy gold segments [3][25]. Retail E-commerce - Offline retailers are transforming from selling "goods" to offering "services and experiences," leveraging their advantages to attract traffic back. Online cross-border e-commerce is expected to enter a demand improvement phase with the easing of interest rates, further enhanced by AI integration [3][19]. Cosmetics - Domestic brands are capitalizing on cultural roots and emotional value to increase market share. Innovations in product safety and emotional value are key, with opportunities in regional and technological narratives, sensitive skin anti-aging, and domestic color cosmetics [3][85]. Medical Aesthetics - High-end consumers show resilience, with a focus on differentiated products from upstream manufacturers and mergers and acquisitions among downstream medical institutions to drive growth [3][5]. Investment Recommendations - Gold Jewelry: Favor brands with differentiated product strength and consumer insights, recommending Chao Hong Ji, Lao Pu Gold, and Chow Tai Fook, with beneficiaries including Chow Sang Sang [3][52]. - Retail E-commerce: Support offline retailers adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket, Ai Ying Shi, Ji Hong Co., and Sai Wei Times [3][82]. - Cosmetics: Highlight domestic brands that meet emotional value and safety innovation, recommending Mao Ge Ping, Pechoin, Shangmei Co., Juzi Biological, Wanmei Biological, and Runben Co. [3][52]. - Medical Aesthetics: Focus on differentiated medical aesthetic product manufacturers and expanding chain medical institutions, recommending Ai Mei Ke and Ke Di-B, with beneficiaries including Mei Li Tian Yuan Medical Health [3][52].

国际金价如过山车般剧烈波动，10月28日跌破3900美元/盎司后，仅一天便重返4000美元关口。 随着金价传导至零售端，周生生、老凤祥等品牌金饰克价在 10月31日重新站上1200元大关。 然而，与金价飙升形成鲜明对比的是，周大生前三季度门店净减少560家，周大福单季度关闭296家零售点，一场行业寒冬 正在上演。 2025年以来，国际金价从每盎司2300-2500美元区间一路飙涨，年内累计涨幅接近60%。 10月初，纽约黄金期货价格甚至突破每盎司4000美元，创下历史新 高。 这一涨势直接推动国内金饰价格水涨船高，从一年前的每克766–768元跃升至1200元以上，涨幅超过50%。 然而，终端市场却异常冷清。 广东中山的金店加盟商林消透露："今年顾客明显谨慎了，有的拿着手机查实时金价，一看到涨就说'再等等'。 "他的进货量 较去年同期减少了约三分之一，婚庆类金饰订单也明显下滑。 这种观望情绪在全国范围内蔓延，今年上半年全国黄金消费量同比下降3.54%，其中黄金首饰 消费量降幅高达26%。 面对高金价，加盟商陷入两难境地。 开源证券分析师将这一现象归纳为"涨价陷阱"：金价急涨导致消费者犹豫观望，门店不得不加大折 ...

2025 年 11 月 02 日 营收降幅持续收窄，电商渠道快速增长 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-10-31 | | --- | --- | | 当前股价（元） | 13.84 | | 总市值（亿元） | 150 | | 总股本（百万股） | 1085 | | 流通股本（百万股） | 1079 | | 52 周价格范围（元） | 11.33-16.34 | | 日均成交额（百万元） | 142.22 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 周大生 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《周大生（002867）：利润显著 改善，渠道提质加速推进》2025- 09-08 2、《周大生（002867）：国家宝藏 系列高端升级，一盘货战略持续深 化》2025-08-08 公司作为中国珠宝首饰领先企业，坚 ...