虽然本周市场炒作美国"未来数据不好"的预期，一度将国际金价推高。但要小心掉期市场并无数据反映这种状况，而且以目前通胀水平，利率已 经接近中性利率区间，美国通胀如果未能大幅回软，美联储则没有空间再大幅降息。炒作预期与现实存在落差下，新数据公告的影响较为关键。 按照过去美国政府"停摆"后的规律，预计美国劳工统计局负责的10月就业报告数据，可能最快在下周二至周中公告，但CPI、生产者物价指数 （PPI）、进出口物价、就业成本指数还有JOLTS（职位空缺和劳动力流动调查）这些数据，还得往后拖。美国商务部的那些数据——比如个人收 入支出、零售销量、耐用品订单、季度国内生产总值（GDP），就连11月的就业和通胀报告，说不定都要晚至少一周。原本定在11月26日的个人 消费支出（PCE）报告能不能按时发布，还得再看情况。 来源：中国黄金网 美国政府"停摆"期间，已经让不少经济数据没法按时发布，严重影响大家对美国就业和经济的判断。9月至10月的关键数据——比如非农就业报 告、居民消费价格指数（CPI）、零售销量、个人收入和支出这些全得往后拖。 为啥会拖？美国政府一"停摆"，劳工部、商务部底下的统计机构就没法正常收集、发布数据了 ...

Core Insights - The domestic gold jewelry prices have increased due to fluctuations in international gold prices, with notable price hikes reported on November 3rd [1] Price Summary - Chow Tai Fook's gold jewelry price is reported at 1259 CNY per gram, an increase of 61 CNY from the previous day [1][2] - Cai Bai Jewelry's price is at 1238 CNY per gram, rising by 70 CNY [1][2] - Yayi Gold Store's price stands at 1256 CNY per gram, up by 63 CNY [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, and Yayi Gold Store also at 1256 CNY [2] - Other notable mentions include Zhou Da Sheng and Liu Fu Jewelry, both priced at 1198 CNY per gram, with no change [2] - Cai Bai Jewelry ranks lower with a price of 1238 CNY per gram, reflecting a significant increase of 70 CNY [2]

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]

Core Viewpoint - Recent significant drop in international gold prices, attributed to profit-taking after a prolonged period of price increases, with a total decline of approximately 8% and a market value loss exceeding $2.5 trillion [1][2] Group 1: Price Movements - International gold prices have seen a substantial increase since September, with a nearly 60% rise this year, peaking at $4,014.60 per ounce on October 7 and approaching $4,390 per ounce on October 16 [1] - The recent two-day decline in gold prices is characterized as a "technical correction" following a period of severe overbuying in the market [2] Group 2: Factors Influencing Price Changes - Key drivers for the recent surge in gold prices include rising economic and geopolitical uncertainties, the U.S. government shutdown crisis, inflation concerns, significant central bank gold purchases, ongoing trade policy uncertainties, and increased expectations for Federal Reserve interest rate cuts [1] - The strengthening of the U.S. dollar, easing geopolitical tensions, and optimistic expectations regarding trade disputes have contributed to the recent profit-taking by investors [1] Group 3: Market Outlook - Most market institutions predict that gold prices will likely remain high in the short term, with a potential for consolidation, while the long-term upward trend remains intact [2] - Citigroup anticipates a bearish outlook in the short term if the U.S. government shutdown is resolved and trade tensions ease, while Goldman Sachs views the price drop as a technical correction without altering the long-term macroeconomic backdrop [2] - Morgan Stanley believes the recent price drop is a short-term adjustment rather than the end of a bull market, supported by ongoing central bank gold purchases and geopolitical risks [2] - Standard Chartered has raised its average gold price forecast for 2026 from $3,875 to $4,488 per ounce, citing increasing global uncertainties and strong demand for gold investments as key factors [2]

Market Overview - The Shanghai and Shenzhen stock markets experienced fluctuations today, with trading volume remaining around 1 trillion yuan. The precious metals sector became the focus, with gold and silver stocks generally rising, and some companies reaching new highs [1]. Performance of Sectors - In contrast, the consumer and pharmaceutical sectors showed weaker performance, indicating a clear shift of market funds towards precious metals [2]. Drivers of Precious Metals Sector - The rise in the precious metals sector is driven by several factors, including: - Strong international gold prices, which have recently surpassed significant thresholds, boosting related stock sentiment [6]. - Increased demand for safe-haven assets due to global economic and geopolitical uncertainties, leading to a shift in fund allocation towards precious metals [6]. - Notable inflows of funds into gold-related stocks, increasing trading volumes [6]. - A weaker US dollar, which typically benefits gold prices [6]. - Expectations of a loose global monetary policy, enhancing the attractiveness of precious metals [6]. - Heightened risk aversion in international markets, prompting funds to buy precious metals [6]. Fund Flow Characteristics - The trading activity in the precious metals sector has significantly increased, reflecting a strong short-term characteristic of the sector [7]. Future Observations - Future attention on the precious metals sector will focus on various factors that will influence whether the sector can maintain its momentum [7]. Conclusion - The collective rise of the precious metals sector today was primarily driven by the increase in international gold prices and heightened risk aversion. In the short term, there is a noticeable inflow of funds, but long-term performance will depend on macroeconomic conditions and industry supply-demand dynamics. Investors are advised to view the short-term activity in the precious metals sector rationally, considering international market trends and the fundamentals of leading companies, rather than merely chasing market trends [8].

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, with total operating income decreasing by 30.68% compared to the same period in the previous year, primarily due to structural adjustments in the consumer industry and fluctuations in international gold prices [1][2][3]. Summary by Category Business Performance - The total operating income for the first half of 2025 was approximately 19.11 billion yuan, down from 27.57 billion yuan in the same period last year [2][3]. - The gross profit margin decreased by 32.11% year-on-year, indicating a challenging operating environment [2][3]. - The jewelry segment saw a slight increase in gross profit margin by 0.43%, while the restaurant management and services segment experienced a decrease of 0.74% [1][2]. Revenue Breakdown by Industry - The main business segments included: - Jewelry: Revenue of approximately 14.54 billion yuan, with a gross profit margin decrease of 35.87% [1]. - Food and Beverage: Revenue of approximately 510.89 million yuan, with a gross profit margin decrease of 16.69% [1]. - Other segments, such as pharmaceuticals and cosmetics, also reported varying changes in revenue and gross profit margins [1][2]. Revenue Breakdown by Region - Revenue by region showed significant variances: - Shanghai: Revenue decreased by 40.70% to approximately 14.08 billion yuan [3]. - Sichuan: Revenue increased by 121.59% to approximately 535.18 million yuan [3]. - Notable declines were observed in regions like Japan, where revenue fell by 61.75% [3]. - The overall regional performance reflects a mixed impact of market conditions and operational adjustments [3]. Store Network - As of June 2025, the company operated a total of 4,249 retail outlets under the "Lao Miao" and "Ya Yi" brands, down from 4,615 at the end of 2024 [4]. - The company continues to adjust its store network based on regional market conditions, indicating a strategic response to changing consumer behaviors [4].

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-076 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于公司 2025 年半年度经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司自律监管指引第3号》、《关于做好主板上市公司2025年半年度报告 披露工作的重要提醒》要求，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）现将2025年上半年度公司分行业、分地区营业收入，主要营业网点情况披露如下： 一、 本报告期内，公司主营业务分行业情况 单位:元 币种:人民币 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 营业收 入比 ...

| 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临2025-051 | | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | 债券代码：242813 | 债券简称：25豫园02 | | | 债券代码：242814 | 债券简称：25豫园03 | | 上海豫园旅游商城（集团）股份有限公司 关于公司 2025 年第一季度经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司自律监管指引第3号》、《关于做好主板上市公司2025年第一季度报 告披露工作的重要提醒》要求，上海豫园旅游商城（集团）股份有限公司（以下简称"公 司"）现将2025年第一季度公司分行业、分地区营业收入，主要营业网点情况披露如下： 一、 本报告期内，公司主营业务分行业情况 单位:元 币种:人民币 | | | 主营业务分行业情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成 ...