如果说踏空泡泡玛特还可以归咎为"代沟"，那么大量踏空更像"奢侈品"的老铺黄金，看上去更像是方法论出了问题。 本文约 3 3 0 0 字，推荐阅读时长 1 0 分钟，欢迎关注新财富公众号。 许多资深Commodity投资者， 特别是经历过2008年金市崩盘的，大多错过了老铺黄金前期的上涨行情。 段永平3月12日在雪球回复对老铺的看法时讲"餐厅毛利率普遍很高，但纯利率普遍很低。黄金生意我搞不懂大街上到处都是金铺，跟餐厅差不多。"很多 人和大道的看法一样。年初看空老铺、抄底白酒是更多人的选择。 回看半年前的主流short观点，主要是两方面： 1）一方面认知到黄金是老铺β的投资人，他们对于金价出现了错误判断; 2）另一方面未认知到黄金是老铺β的投资人，他们无法理解老铺破圈的原因。一是他们对于黄金能够成为珠宝是持底层质疑的，他们认为黄金作为饰品 售出非金价的溢价是不可持续的;二是在中国，对于门店数量天花显而易见的商业模式（老铺奢侈品打法的门店选址门槛很高），从业时间较长的PM会 保持高度谨慎，他们认为SSSG的持续增长在中国的商业模式中几乎不存在。 市场会给出最真实的答案，从资本市场100倍的PE水平和媒体舆论时常将其 ...

让我们将视线聚焦于这场风暴的中心——上海。上海豫园商圈的老庙黄金率先打响价格战，直接推 出"克减100元"的优惠活动，使得实际到手价仅为902元/克，力度空前。周大福也不甘示弱，传承系列 手链直降600元至5400元，创下年内最大折扣幅度。七夕节前夕，上海各大金店柜台人头攒动，顾客蜂 拥而至。老庙黄金门前排队的人群甚至蜿蜒至商场中庭，场面火爆。周大福店员频繁补货，几乎每小时 三次，但仍旧供不应求。一位顾客为了抢购一条"小象呼禄"手链，心甘情愿排队六小时。单店日均销售 额轻松突破50万元，爆款单品日销量更是高达2000件以上。 其他品牌也纷纷加入这场促销大战。老凤祥推出"克减40元 满1000送60元券"的活动，单件商品最高可 省1200元。豫园某门店更是针对婚庆刚需人群，推出"三金 对戒"套餐，直降3000元。这些精准的营销 策略，有效地刺激了消费者的购买欲望。 在七夕"中国情人节"的消费浪潮中，国内黄金市场正经历一场由上海引爆并席卷全国的狂欢。各大金店 摩拳擦掌，祭出连环折扣，力图在这场节日盛宴中分得一杯羹。然而，在这场看似皆大欢喜的促销盛况 背后，品牌、消费者和市场都面临着各自的挑战与机遇。 社交媒体在这 ...

老铺黄金的创始人徐高明，曾在业绩会上这么说：老铺黄金已经摆脱了跟国际金价的关联性，摆脱了对黄金本身材质价值产生溢价的依赖。 这一反市场逻辑的品牌定位反而造就了当前的老铺黄金，带着"古法黄金"突围传统金饰，试图用中式奢侈品重新定义以保值逻辑为核心的黄金行业。 从目前的动作看，老铺黄金管理层似乎确信这是一套可行且必然成功的商业模式，将经营所得、融资款项几乎全部投入存货和门店扩张，在保值逻辑的金价 市场中坚持一口价、定期调价模式，也不对冲黄金风险，在业务扩张期坚持每年两次分红百分之五十未分配利润。 这一扩张逻辑形成了"越赚钱、越缺钱"的财务现象——2025年上半年取得123.55亿元营业收入，经营性现金流却净流出22.15亿元。 老铺黄金的融资能力并不差，在资本市场上股票一年涨超20多倍，市盈率虽从百倍降回目前约80倍，但仍远高于同行企业，据管理层称"各大银行信用授信 额度尚有接近80%未使用"，然而，这些融资空间的收缩都取决于未来业绩走向。 当老铺黄金对未来加上更高的杠杆，也意味着它将背负上更重的业绩压力。 多数收入和融资款项投入新一轮扩张 2025上半年，老铺黄金新增18.1亿元银行贷款，配发新股所得款项净额2 ...

Summary of the Conference Call for Xirui Company Industry Overview - Xirui Company holds a leading position in the global general aviation aircraft market, with a market share of 23% in 2024, surpassing Cessna and Diamond Aircraft [2][3] - The general aviation market is experiencing unexpected growth in 2025 due to factors such as the North American replacement cycle, post-pandemic demand recovery, wealth effects from the U.S. stock market, and favorable tax policies [2][9] Company Performance - In Q1 2025, Xirui delivered 150 aircraft, doubling its year-on-year growth, contributing to a total expected delivery of over 870 aircraft for the year, a 19% increase [6][19] - The S2 series piston aircraft has been the best-selling model globally for 23 consecutive years, while the Vision Jet has also maintained a leading position since its first delivery in 2016 [3][4] Financial Metrics - Xirui's revenue structure consists of approximately 85% from aircraft sales and 15% from service operations, with service business showing significant growth potential [4][14] - The company's gross margin has increased from 32.8% in 2021 to 34.5% in 2024, with a stable net margin around 10% [4][14] Pricing Strategy - Xirui employs a differentiated pricing strategy, with the average price of the S2 series around $1.1 million and the Vision Jet at approximately $3.4 million, reflecting a price increase that outpaces U.S. inflation [2][7][8] - From 2020 to 2024, the price of the S2 series increased by 26%, while the Vision Jet saw a 24% increase [8] Competitive Advantages - Xirui maintains its leading position in the private jet market through safety features like a patented whole-aircraft parachute system and convenience features such as a one-button return function [4][13] - The company has established a strong brand effect among consumers, with an accident rate significantly lower than the industry average [4][13] Shareholder Structure - Xirui is primarily controlled by AVIC General Aviation, which holds 80.1% of the shares, making it a Chinese enterprise with production lines mainly located in the U.S. [5] Market Positioning and Growth Potential - Xirui is positioned as a high-end equipment manufacturer with significant barriers to entry, reflecting its strong brand premium and competitive edge [10][17] - The company’s valuation is currently below that of similar U.S. companies, indicating substantial room for valuation improvement [4][18] Future Outlook - The North American general aviation market is expected to continue outperforming, while the Chinese market, despite its current limitations, shows potential for future growth as infrastructure improves [15][16] - Xirui's business model and luxury attributes suggest a positive growth trajectory, with an optimistic outlook for its valuation and market performance [18][20] Investment Consideration - Xirui is considered a rare and growth-oriented asset in the Hong Kong stock market, making it a compelling investment opportunity at this time [20]

每经AI快讯，国金证券指出，复盘燃油豪华车，具备追求溢价的市场，具备品牌溢价、设计溢价、技 术溢价三大属性。新能源时代豪华车竞争的变化体现在技术属性削弱、部分品牌仍在确立期，核心仍是 品牌和设计。高端市场的国产替代不易受市场价格战影响，品牌力要求下竞争格局注定优良，目前系增 量需求与国产替代共存，新能源时代的高端市场豪华车主要看品牌溢价&设计溢价两大主线。 （文章来源：每日经济新闻） ...

国金证券指出，复盘燃油豪华车，具备追求溢价的市场，具备品牌溢价、设计溢价、技术溢价三大属 性。新能源时代豪华车竞争的变化体现在技术属性削弱、部分品牌仍在确立期，核心仍是品牌和设计。 高端市场的国产替代不易受市场价格战影响，品牌力要求下竞争格局注定优良，目前系增量需求与国产 替代共存，新能源时代的高端市场豪华车主要看品牌溢价&设计溢价两大主线。 ...

复盘燃油豪华车：追求溢价的市场，具备品牌溢价、设计溢价、技术溢价三大属性。 回顾传统燃油豪华车（高端车），我们认为，豪华车是追求溢价的市场，其核心溢价在在于品牌溢价、设计溢价、技术 溢价三种：1）品牌溢价：豪华车品牌所带来的品牌力上的溢价，并由此在国内将燃油豪华车拆解为一线豪华、二线豪 华和其他豪华品牌，在豪华车溢价体系中，品牌溢价最为重要；2）设计溢价，包括燃油车的产品精细化打造水平和车 辆自身稀缺性，精细化打造即我们常说的"豪华感"，即更好的细节处理、更少的槽点和更优秀的产品体验；稀缺性则 来自个性化和功能的稀缺性上，要求极致的堆料和对个性化的充份体现，并由此诞生了巴博斯、迈莎锐等豪车改装厂， 法拉利、布加迪等超跑公司；3）技术溢价，来自于燃油车发动机、底盘、变速箱三大件，技术溢价需来自于每辆车的 必备品，同时技术上拥有较高的技术壁垒，如燃油车的发动机，大马力便是燃油车体系内的溢价核心。 新能源时代豪华车竞争的变化：技术属性削弱、部分品牌仍在确立期，核心仍是品牌和设计。 新能源车与燃油车在价值体系上出现巨大差异。这主要来自新能源车时代大马力廉价化，平替发动机、变速箱的电机、 电驱又转为供应链主导，形成如华 ...

Core Viewpoint - The article discusses the pricing and marketing strategy of Xiaomi's new umbrella, priced at 169 yuan, questioning its value and the rationale behind such pricing in the context of the automotive accessories market [4][6][32]. Group 1: Product Overview - The Xiaomi Life umbrella is priced at 169 yuan and can also be exchanged for 1690 points, indicating a marketing strategy aimed at existing Xiaomi car owners [6][19]. - The umbrella features a unique design that matches the color scheme of Xiaomi cars, with a UPF50+ sun protection rating and a one-button open/close mechanism [9][18]. - The umbrella is marketed as a stylish accessory for Xiaomi car owners, emphasizing its aesthetic appeal and compatibility with the vehicle's storage [9][18]. Group 2: Market Context and Strategy - The article highlights the competitive nature of the automotive industry, where companies like Xiaomi are seeking alternative revenue streams through accessory sales due to low profit margins on vehicle sales [26][29]. - Xiaomi's strategy of selling high-priced accessories, such as the umbrella and other car-related products, is seen as a response to the industry's price wars and a way to leverage brand influence for higher margins [29][31]. - The pricing of the umbrella is compared to luxury brands, suggesting that Xiaomi is attempting to establish a premium perception in the market despite being a newcomer in the automotive sector [23][31].

Core Viewpoint - The core viewpoint emphasizes the need to rethink competition concepts in the photovoltaic industry, advocating for a shift from "competition" to "co-opetition" to foster a healthier industry ecosystem [2][3]. Group 1: Industry Self-Regulation - The market's essence is competition, but it can be categorized into "good competition" that creates value and "bad competition" that destroys it. The industry must recognize the dangers of "involution" competition [3][4]. - Industry associations should prioritize self-regulation, focusing on policy formulation, technological innovation, and combating unfair competition [6][5]. Group 2: Industry Consolidation - The industry should move from fragmentation to consolidation to increase concentration and combat involution. Mergers and acquisitions can help create industry leaders and improve market structure [7][8]. - Historical examples, such as the restructuring of Japan's cement industry, illustrate the benefits of consolidation followed by proportional capacity reduction [9]. Group 3: Capacity Management - The photovoltaic industry currently has a capacity of 1200 GW, while global demand is only 600 GW. The first step is to reduce output to stabilize prices and profits, followed by limiting capacity [10][12]. - Implementing production limits has proven beneficial, as seen in the cement industry, where profits significantly increased after capacity management [12]. Group 4: Pricing Strategy - Companies should focus on price-based profit rather than solely on volume and cost. Understanding the relationship between price, volume, and profit is crucial for effective management [15][18]. - Successful companies prioritize quality and service over aggressive pricing strategies, which can lead to long-term profitability [18][21]. Group 5: Innovation and Value Creation - To transition from a "red ocean" to a "blue ocean," companies must innovate and enhance core competitiveness through differentiation, segmentation, high-end products, and branding [19][20]. - The emphasis on brand value and premium pricing is essential for sustainable growth, encouraging companies to avoid price wars and focus on high-quality offerings [21].

Core Insights - Temasek aims to build a resilient investment portfolio that can navigate through economic cycles, emphasizing long-term returns over short-term performance [1][2] - The company's net asset value reached SGD 434 billion, an increase of SGD 45 billion from the previous fiscal year, with a one-year total shareholder return of 11.8% [1] - Temasek's investment strategy has evolved alongside the Chinese market, focusing on sectors like energy transition and life sciences [1][2] Investment Strategy - Temasek's investment portfolio is divided into three main segments: Singapore-based assets (41%), global direct investments (36%), and cooperative investment projects (23%) [3][4] - The Singapore-based assets include well-known companies such as Singapore Airlines and DBS Bank, providing stable long-term returns [3] - Global direct investments align with structural trends like digitalization, sustainability, and new consumption, allowing Temasek to navigate different economic cycles [4] Early-Stage Investments - Temasek continues to invest in early-stage companies but maintains a limit, with early investments not exceeding 6% of the global portfolio [5][6] - The company focuses on supporting successful companies through multiple funding rounds, exemplified by its ongoing investment in Innovent Biologics [5][6] Focus on China - Temasek's exposure to Chinese assets is 18%, slightly down from 19% in the previous fiscal year, but the net asset value in China increased by approximately SGD 4 billion [6][7] - The company emphasizes innovation as a key investment theme, noting the shift in China's competitive advantages from manufacturing to engineering and R&D [6][7] New Consumption Trends - Temasek observes a significant shift in the perception of Chinese brands, moving from low-cost to premium branding, as seen with companies like Pop Mart and LABUBU [9][10] - The emergence of brands that offer emotional value and aesthetic appeal indicates a new era for Chinese consumer products, with potential for global market success [9][10] Stablecoin Insights - Temasek recognizes the early-stage development of stablecoins and their potential in enhancing payment efficiency and reducing cross-border transaction costs [11] - The company is monitoring the regulatory landscape surrounding stablecoins, emphasizing the importance of regulatory alignment for long-term viability [11]