新华财经北京10月24日电（王姝睿）最新公布的PMI调查数据显示，随着持续一年的制造业萎缩态势终 结，英国10月私营部门增长速度超出预期，表明经济正开始摆脱工党政府加税政策的影响。 数据显示，英国综合PMI初值从9月的50.1升至51.1，不仅高于经济学家预测的50.5，且持续站在50荣枯 线之上。新订单总量重返增长区间，就业岗位减少速度放缓至5月以来最慢水平。投入成本通胀放缓， 价格竞争使产出费用温和上涨。企业对未来业务活动预期改善。 服务业产出持续增长但幅度微弱，企业普遍归因于消费者情绪低迷，以及为等待11月预算案而推迟商业 决策。 不过，乐观迹象是，英国消费者信心指数与零售销售数据均优于预期，表明消费者对预算问题担忧有 限。英国9月零售额意外增长0.5%，同时本月消费者信心亦微幅上升，两项数据均与市场预期的恶化趋 势背道而驰。经济学家表示，第三季度零售额增长0.9%，这将为更广泛的经济增长提供支撑。英国国 家统计局数据显示在线珠宝商黄金销量强劲，这在金价近期显著飙升的背景下尤为值得关注。尽管政府 可能于下月宣布增税计划，但即便存在预算案公布前的焦虑情绪，数据中也未见端倪。 总的来看，英国企业活动可能正处 ...

2025 年 10 月 24 日 星期五 ➢ 每日大市点评 周四港股低开高走。恒生指数一度突破 26,000 点，但是最终回顺，收报 25,968 点，上升 0.7%。国企指数收报 9,301 点， 上升 0.8%。成交配合大市增长，全日港股成交 2,453 亿港元，高于周三的 2,275 亿港元。分类指数方面，能源、非必需 性消费、电讯分别上升 1.6%、1.0%、0.8%，工业、必需性消费、医疗保健分别下跌 0.1%、0.2%、1.2%。蓝筹个股方面， 李宁(2331 HK)及中国宏桥(1378 HK)领涨，分别上升 6.6%及 4.5%；泡泡玛特(9992 HK)及石药集团(1093 HK)领跌，分别 下跌 9.4%及 3.0%。 四中全会公报昨日发布。内容整体符合预期。全会提出了"十五五"经济社会发展的主要目标：(一)高质量发展取得显 着成效；(二)科技自立自强水平大幅提高；(三)进一步全面深化改革取得新突破；(四)社会文明程度明显提升；(五)人 民生活品质不断提高；(六)美丽中国建设取得新的重大进展；(七)国家安全屏障更加巩固。全会也提出，到 2035 年经济 实力、科技实力、国防实力、综合国力和国 ...

Core Insights - The launch of the 10th anniversary custom Labubu necklace by POPOP, a jewelry brand under Pop Mart, has sparked significant market discussion, particularly regarding consumer recognition of IP emotional value and Pop Mart's brand premium capability [2] Group 1: Brand Extension Challenges - Pop Mart's introduction of the jewelry brand POPOP represents a crucial attempt to diversify the monetization of IP value [4] - POPOP's products, primarily made from S925 silver, shell pearls, and zircon, are priced between 319 yuan and 26,990 yuan, with one necklace priced at 19,800 yuan, challenging traditional jewelry pricing norms [4] - Unlike traditional jewelry that emphasizes material premium, Pop Mart recognizes that Generation Z is reconstructing jewelry consumption logic through emotional premium, positioning itself at the intersection of "affordable luxury" and "IP collectibles" [4] Group 2: Consumer Decision-Making Challenges - Transitioning from purchasing blind boxes priced in the tens or hundreds of yuan to jewelry costing thousands significantly increases decision-making costs for consumers [5] - The challenge lies in conveying the emotional value of IP jewelry to justify its high prices [6] - Establishing a differentiated competitive advantage amidst competition from traditional jewelry and affordable luxury brands is essential [6] Group 3: Strategic Value of Official Websites - An official website is crucial for brand differentiation, offering three irreplaceable advantages over third-party platforms: [8] - Brand narrative autonomy, allowing complete control over content presentation [8] - Ownership of user data, enabling direct insights into consumer behavior without reliance on third-party data [7] - Pricing control, eliminating price comparison interference from third-party platforms [8] Group 4: Building Emotional Connections - The official website serves as the most effective medium for conveying brand value propositions [9] - Pop Mart positions its jewelry as an "IP personality extension," with product logic translating "toy personas" into accessories [9] - The website can showcase meticulous attention to detail through high-quality visuals, storytelling, and simulated usage scenarios [10][11][12] Group 5: Pricing Authority - The official website aids in establishing pricing authority by highlighting unique value and shifting consumer focus [14] - Pop Mart employs a fixed pricing model, with a Baby Molly gold bead priced at 1,380 yuan, reflecting a price per gram significantly higher than traditional gold jewelry [14] - By guiding consumer decisions towards emotional value, design complexity, and collectible significance, sensitivity to material costs diminishes [14] Group 6: Future Vision of Official Websites - The future of corporate websites will evolve into the core of a brand's digital ecosystem [16] - Acting as a user data hub, providing insights for product development and marketing strategies [17] - Serving as a connector for offline stores, social media, and e-commerce platforms, ensuring a unified brand experience [18] - Functioning as a reservoir for private traffic, converting visitors into engaged user assets through membership systems and content marketing [19] Group 7: Conclusion on Brand Value and Pricing - When brand value is effectively communicated through the official website, and differentiation is accurately perceived, companies naturally gain pricing power [20] - This pricing authority is not merely a cost-plus approach but reflects the rich interest of the brand's emotional account [20]

美国《华尔街日报》 10 月 20 日文章，原题：卢浮宫盗贼试图出售被盗珠宝的黑暗地下世界 几名盗贼近日公然闯入巴黎卢浮宫博物馆抢劫，盗走9 件法国王室珠宝。除了一顶属于拿破仑三世的妻子欧仁妮皇后的王冠已被警方找到外，其余仍下落不明，专业人员正在展开追查，以防其流入黑 市。人们担心，这些文物可能会被拆解并被出售。 "现在业内所有人都在谈论这件事。"美国联邦调查局（FBI）前艺术品犯罪组首席探员罗伯特·惠特曼说道。他所说的"所有人"，既包括珠宝盗 贼，也包括那些靠追捕盗贼为生的私人调查公司。据FBI称，世界上存在着一个关于被盗艺术品的全球秘密网络，这里每年会交易价值数十亿美 元的非法艺术品。从迪拜和德里的钻石切割店，到纽约和安特卫普的珠宝商，这个网络遍布全球。 目前尚不清楚这起抢劫案是否是有组织的犯罪团体所为。根据美国零售联合会的数据，美国近40%的珠宝盗窃案都是由有组织的犯罪集团实施 的。其中一些团伙比其他盗窃团伙更为狡猾和老练，他们装备精良、善于伪装。在过去几十年里，巴尔干地区最臭名昭著的珠宝盗窃团伙"粉红 豹"在欧洲和亚洲各地犯下了数十起珠宝盗窃案，涉案金额达数亿美元。 19 世纪珠宝为何被瞄准 惠特曼表 ...

2025.10.23 本文字数：2828，阅读时长大约4分钟 作者 |第一财经 王方然 短短几个月时间，曾经风光无限的港股新消费板块，就从一路高歌猛进，走向了"杀估值"的急剧下跌。 10月23日，港股新消费板块持续走低，泡泡玛特（09992.HK）盘中一度跌近11%，最终报收232.4港元/ 股，跌幅9.36%，最新总市值为3121亿元；两只明星股古茗、蜜雪集团（02097.HK），也分别跌超 6%、4%。 目前，泡泡玛特、老铺黄金（06181.HK）、蜜雪集团等明星股，较年内高点已普遍跌幅超20%，三大 龙头市值蒸发超2800亿港元。泡泡玛特交出同比增长245%-250%的亮眼三季报后，股价仍连续下挫。 资金流向显示，南下资金虽然仍在流入，但香港本地、国际中介机构的资金，却出现一定程度撤离。 业内人士分析，增长见顶的担忧、商业模式的再审视，以及巨大的获利了结压力，共同构成了本轮调整 的三重推手。在当前阶段，机构分歧正在加剧——是短暂回调还是叙事终结，将成为决定板块未来走势 的关键。 三大龙头较年内高点蒸发2800亿港元 恒生指数持续震荡之际，年内表现一度领跑港股的新消费板块，近期遭遇集体重挫，多只明星股自年 ...

天眼查App显示，近日，合肥杰然不同珠宝有限公司成立，法定代表人为李珍，注册资本10万人民币， 经营范围为一般项目：珠宝首饰零售；珠宝首饰批发；珠宝首饰制造；珠宝首饰回收修理服务；艺 （美）术品、收藏品鉴定评估服务；互联网销售（除销售需要许可的商品）；工艺美术品及礼仪用品制 造（象牙及其制品除外）；工艺美术品及礼仪用品销售（象牙及其制品除外）；日用陶瓷制品制造；日 用杂品制造；日用品销售；金属制日用品制造；日用杂品销售；日用陶瓷制品销售；日用玻璃制品销 售；日用木制品销售；日用玻璃制品制造；皮革销售；文化娱乐经纪人服务；其他文化艺术经纪代理； 专业设计服务（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Group 1: Market Overview - The Hang Seng Index rose by 168 points, closing at 26,027 points, marking a two-day cumulative increase of 780 points or 3.09% [3][4] - The total market turnover for the day was 26.46 billion HKD, with a net inflow of 1.171 billion HKD from northbound trading [3][4] Group 2: Macro & Industry Dynamics - Hong Kong's Financial Secretary emphasized the commitment to maintaining a free and open trade and investment environment, urging global cooperation to promote sustainable economic growth amid rising unilateralism and tariff challenges [7] - The Hong Kong Financial Development Council launched a global promotional campaign showcasing Hong Kong's unique advantages in capital markets, emphasizing its unmatched capital leadership and vibrant international financial market [8] Group 3: Company News - Little Fish Interactive reported the successful application of AIGC technology in producing five short dramas, significantly reducing production costs and time [12] - HKTVmall's total order value for September was 649 million HKD, reflecting a month-on-month decline of 4.28% and a year-on-year decrease of 2.41% [13] - Luk Fook Holdings announced a 10% increase in same-store sales for the second quarter, with overall retail value and income also showing significant growth [14] - China Telecom reported a 5.03% year-on-year increase in net profit for the first three quarters, with service revenue growing by 0.9% [15]

Core Insights - Switzerland's trade surplus narrowed to 2.8 billion Swiss francs in September, marking the lowest level since May of this year [1] Import Analysis - Imports surged by 9.4% month-on-month, reaching 19.9 billion Swiss francs, driven primarily by a 34.2% increase in pharmaceutical and chemical products and a 19.5% rise in clothing and jewelry [1] - Notably, imports from Russia skyrocketed by 491.9% year-on-year, while imports from South Korea increased by 245%. In contrast, overall imports from non-Eurozone countries plummeted by 21.4%, indicating a significant shift in import sources [1] Export Analysis - Total exports in September amounted to 22.8 billion Swiss francs, with a month-on-month growth rate slowing to 3.4%. The growth was mainly fueled by vehicle exports (+21.8%), clothing and jewelry (+17.3%), and paper and printing products (+11.4%) [1] - Exports to the United States saw a substantial increase of 44.8%, highlighting strong demand for Swiss high-end manufacturing and luxury goods despite tariff barriers. However, exports to several European and North American markets experienced significant declines: exports to Slovenia fell by 29.6%, to Poland by 24.1%, and to Canada by 18.1% [1]

Market Performance - The A-share market continues to rise, with the ChiNext Index increasing by 3%, the Shanghai Composite Index rising nearly 1% to return to 3900 points, and the Shenzhen Component Index up nearly 2% [1] - The Shanghai Composite Index closed at 3900.04, up by 36.15 points or 0.94% [2] - The ChiNext Index closed at 3074.98, up by 81.52 points or 2.72% [2] - The Shenzhen Component Index closed at 13048.63, up by 235.42 points or 1.84% [2] - The Sci-Tech Innovation 50 Index closed at 1396.70, up by 28.80 points or 2.11% [2] - The CSI 300 Index closed at 4601.92, up by 63.70 points or 1.40% [2] - The Shanghai 50 Index closed at 3006.45, up by 31.58 points or 1.06% [2] Sector Performance - CPO, storage chips, cultivated diamonds, engineering machinery, and Apple concept stocks led the market in gains, with over 4300 stocks rising across the market [1]

Core Viewpoint - The article highlights a surge in IPOs among gold-related companies in Hong Kong, driven by rising international gold prices and the need for companies to expand their financing channels and global presence [1][3][10]. Group 1: Gold Price Trends - International gold prices have reached historical highs this year, with significant fluctuations noted recently [3]. - Despite a temporary adjustment in domestic gold prices on October 20, the overall upward trend in gold prices throughout the year remains impressive [3]. Group 2: Companies Going Public - Several gold-related companies have listed on the Hong Kong Stock Exchange this year, including Zijin Gold International, Zhou Li Fu, and Chifeng Jilong Gold [3][4]. - Zijin Gold International, listed on September 30, 2025, is a leading global gold mining company with interests in eight gold mines across Central Asia, South America, Oceania, and Africa [3]. - Chifeng Jilong Gold went public on March 10, 2025, and operates seven gold and polymetallic mines across China, Southeast Asia, and West Africa [4]. - Other companies, such as Shan Jin International and Chao Hong Ji, are also pursuing IPOs in Hong Kong to enhance their global footprint [5][10]. Group 3: Stock Performance - Newly listed gold companies have generally performed well in the stock market, with significant increases in share prices compared to their initial offering prices [7]. - For instance, Xipuni's stock price has surged over four times its issue price, while Chifeng Jilong Gold and Zijin Gold International have seen increases of over 100% and nearly 100%, respectively [7][8]. Group 4: Strategic Goals and Market Outlook - Companies are targeting the Hong Kong market for IPOs to broaden financing options and accelerate their globalization efforts, as evidenced by their prospectuses [10]. - Zijin Gold International plans to use IPO proceeds for acquisitions and upgrades of mining operations, while Chao Hong Ji aims to expand overseas and enhance production capabilities [10]. - According to PwC, Hong Kong is expected to see 90 to 100 IPOs in 2025, with total fundraising potentially exceeding HKD 200 billion [10].