Core Viewpoint - The company, Zhou Dashing, reports a gradual recovery in terminal sales and consumer demand, indicating a positive trend in the market [1] Group 1: Sales and Demand - The company observes a gradual recovery in terminal sales [1] - Consumer demand is showing signs of recovery [1] Group 2: Product Strategy - The company continues to focus on optimizing product structure [1] - There is an emphasis on differentiated design in classic gold and embedded jewelry categories [1] Group 3: Profitability - The company aims to enhance overall gross margin through refined management [1]

Group 1: Investor Relations Activity Overview - The investor relations activity involved a specific audience survey with two investors: Liu Ying from Tianhong Fund and Zhang Bingqing from Guosheng Securities [2] - The meeting took place on January 15, 2026, in the headquarters conference room [2] Group 2: Discussion Topics - Investors inquired about industry conditions, self-operated store planning, brand matrix, product structure, gross margin situation, terminal sales performance, and dividend planning [2] - The company ensured compliance with the information disclosure management system, guaranteeing the authenticity, accuracy, completeness, timeliness, and fairness of the disclosed information [2] Group 3: Compliance and Documentation - During the reception, no significant undisclosed information leakage occurred, and investors signed a commitment letter as required by the Shenzhen Stock Exchange [2]

Core Viewpoint - Zhou Dasheng Jewelry Co., Ltd. has disclosed the status of newly added self-operated stores for December 2025, emphasizing the company's commitment to transparency and accurate information disclosure [1] Group 1: New Store Openings - The company has provided an overview of the new self-operated stores added in December 2025, in compliance with the Shenzhen Stock Exchange's regulations [1] - The total investment amount for these new stores includes initial inventory, renovations, props, fixed assets, and the transfer of goods from old stores to new ones [1] - The reported area pertains to either building area or leased area, with specifics to be confirmed in signed contracts [1] Group 2: Financial Data and Reporting - The operational data presented is preliminary and subject to final confirmation in periodic reports, highlighting the importance of accurate financial reporting [1]

Core Insights - The price of Zhou Dasheng gold on January 14 is reported at 1436 CNY per gram, reflecting an increase of 10 CNY per gram or 0.70% compared to the previous day [1] - Compared to the beginning of the month, the price has risen by 79 CNY per gram, which is a 5.82% increase [1] - The current price is at the highest point for the month, with no difference from the highest price recorded, and a difference of 79 CNY per gram from the lowest price [1] Monthly Statistics - Daily price on January 14 is 1436 CNY per gram [2] - Daily increase percentage is 0.70% [2] - Highest price for the month is 1436 CNY per gram [2] - Lowest price for the month is 1357 CNY per gram [2] - Difference from the highest price is 0 CNY per gram [2] - Difference from the lowest price is 79 CNY per gram [2] - Average price for the month is 1391 CNY per gram [2]

证券代码：002867 证券简称：周大生 公告编号：2026-001 特此公告。 周大生珠宝股份有限公司 周大生珠宝股份有限公司 关于公司 2025 年 12 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 12 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 | 2) (m | 额（万元） | 类别 | | 1 | 周大生国家宝藏嘉兴八佰伴 专卖店 | 华东 | 2025.12.1 | 专卖 店 | 90 | 1050 | 素金、镶嵌 | | 2 | 周大生国家宝藏无锡大东方 百货专柜 | 华东 | 2025.12.2 | 联营 专柜 | 109.49 ...

证券之星消息，1月14日饰品板块较上一交易日上涨0.76%，明牌珠宝领涨。当日上证指数报收于 4126.09，下跌0.31%。深证成指报收于14248.6，上涨0.56%。饰品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000017 | 深中华A | 7.90 | -1.86% | 23.53万 | 1.87亿 | | 600612 | 老凤祥 | 45.80 | -1.40% | 3.16万 | 1.45亿 | | 600916 | 中国黄金 | 8.18 | -1.21% | 37.40万 | 3.08亿 | | 002867 | 周大生 | 12.37 | -1.04% | 8.71万 | 1.08亿 | | 600439 | 瑞贝卡 | 2.86 | 0.00% | 26.34万 | 7549.96万 | | 600735 | ST新华锦 | 5.56 | 0.00% | 32.64万 | 1.86亿 | | 605299 | 菜百股份 | 17.32 | 0. ...

Market Overview - The jewelry sector increased by 0.69% on January 13, with Mingpai Jewelry leading the gains [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Mingpai Jewelry (002574) closed at 6.99, up 10.08% with a trading volume of 487,400 shares and a transaction value of 336 million [1] - Chao Hong Ji (002345) closed at 12.98, up 4.01% with a trading volume of 443,000 shares and a transaction value of 579 million [1] - Mankalon (300945) closed at 17.66, up 1.67% with a trading volume of 191,100 shares and a transaction value of 340 million [1] - Other notable performances include Ying Shen Tong Ling (603900) up 1.57%, Jin Yi Culture (002721) up 1.23%, and Benhua Jewelry (002731) up 0.86% [1] Capital Flow Analysis - The jewelry sector experienced a net outflow of 34.46 million from institutional investors, while retail investors saw a net inflow of 28.50 million [2] - The overall capital flow indicates that retail investors are more active in the sector compared to institutional investors [2] Detailed Capital Flow for Key Stocks - Mingpai Jewelry had a net inflow of 52.62 million from institutional investors, but a net outflow of 34.70 million from retail investors [3] - Mankalon saw a net inflow of 13.14 million from institutional investors, with a net outflow of 20.44 million from retail investors [3] - Jin Yi Culture had a net inflow of 8.88 million from institutional investors, while retail investors experienced a net outflow of 15.44 million [3] - Other stocks like China Gold (600916) and Lao Feng Xiang (600612) also showed mixed capital flows with varying levels of institutional and retail investor activity [3]

Group 1 - The core viewpoint of the news is that Zhou Dasheng's stock has shown a slight increase of 2.05% this year, with a current price of 12.43 yuan per share and a total market capitalization of 13.492 billion yuan [1] - As of September 30, 2025, Zhou Dasheng reported a revenue of 6.772 billion yuan, a year-on-year decrease of 37.35%, while the net profit attributable to shareholders was 882 million yuan, reflecting a year-on-year increase of 3.13% [2] - The company has distributed a total of 5.517 billion yuan in dividends since its A-share listing, with 2.985 billion yuan distributed in the last three years [3] Group 2 - Zhou Dasheng operates in the textile and apparel industry, specifically in the jewelry and watch sector, and is associated with concepts such as IP economy, e-commerce, venture capital, low price-to-earnings ratio, and mid-cap stocks [2] - The number of shareholders as of September 30, 2025, was 30,700, a decrease of 8.30% from the previous period, while the average circulating shares per person increased by 9.05% to 35,203 shares [2] - The company's main business revenue composition includes 74.30% from gold jewelry, 8.27% from brand usage fees, and smaller contributions from other jewelry categories [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Core Perspective - The articles highlight the launch of the "Yimai Jincheng" series by Zhou Daxing, which draws inspiration from the unique cultural heritage of the Miao ethnic group, particularly focusing on their traditional clothing and silver craftsmanship. This series aims to blend ancient cultural elements with modern jewelry design, making heritage accessible and wearable [1][10]. Group 1: Cultural Inspiration - The Miao ethnic group is celebrated for its rich cultural tapestry, with their clothing and silver jewelry serving as a "silent history book" that conveys their migratory memories and spiritual lineage [1]. - The series "Yimai Jincheng" pays homage to intangible cultural heritage by incorporating Miao totem symbols and aesthetics into contemporary jewelry design, thus transforming ancient traditions into modern expressions [1][10]. Group 2: Design Highlights - The "Die Man Qing Shan" piece is inspired by the Miao mythological figure "Butterfly Mother," symbolizing life origins and the sacred cycle of nature, encouraging personal growth and transformation [2]. - "Ling Yun Liu Guang" draws from the silver horns of Miao silver hats, representing the pursuit of light and freedom, and employs advanced techniques like casting and sandblasting to enhance its visual appeal [4][5]. - "Shuang Sheng Yu Le" features a dual fish motif, symbolizing abundance and peace, reinterpreted to resonate with contemporary aesthetics while preserving the essence of Miao heritage [7][8]. Group 3: Cultural and Artistic Integration - The "Yimai Jincheng" series not only showcases jewelry but also serves as a wearable cultural memory, allowing wearers to experience a deep connection with the traditions of the Miao people [10][11]. - The series exemplifies a successful fusion of traditional art and modern aesthetics, making cultural narratives tangible and relatable in today's context [11].