记者丨 吴抒颖 编辑丨骆一帆 上市之初威风了一阵的周六福，股价近期震荡下行。 2025年7月11日，周六福收于34.6港元/股，下挫7.49%，总市值为149.66亿港元。相比26.7港 元/股的开盘价，周六福当下的股价仍有不小涨幅，但与上市时被热捧相比，投资者的心态已 然变化。 上市之前，周六福热度颇高。 在认购阶段，周六福全球发售5382.92万股H股股份，香港公开 发售占43.48%，国际发售占56.52%。定价24港元/股，全球发售净筹约11.93亿港元。 周六福被热捧的外部因素之一，是老铺黄金股价屡创新高，市场寄望周六福成为下沉市场 的"王者"复制老铺黄金的奇迹，但它似乎"后劲不足"。上市仅两周余，周六福股价已经坐过山 车一般，冲上52.5港元/股的高点又迅速回落。 周六福走的是与老铺黄金完全不同的商业模式。 它的扩张主要通过加盟，而且没有自有工 厂，对加盟商是"合作"的关系，双方没有强绑定，加盟商的货品可以不全部从周六福采购，采 取了一种完全"轻资产"的卖品牌模式。 同时，从资本市场的实操角度，周六福股权过于集中以及上市前的突击分红，也为这家黄金饰 品企业未来的股价表现，罩上了不确定性。多重夹击下 ...

Group 1 - Domestic gold prices are rising, with Chow Sang Sang leading the increase by 8 CNY to 1007 CNY per gram, reclaiming the highest price position [1][3] - The price difference between the highest and lowest gold stores has expanded to 38 CNY per gram, with Shanghai China Gold maintaining the lowest price at 969 CNY per gram [1] - Other major brands' gold prices include Lao Miao at 1000 CNY per gram, Liufuk at 1005 CNY per gram, and Zhou Dafu at 1005 CNY per gram, all showing minimal changes [1][3] Group 2 - The gold recovery price has seen a slight increase of 4.3 CNY per gram, with significant price differences among brands [4] - The recovery prices for various brands are as follows: Cai Bai at 762 CNY, Zhou Sang Sang at 766.1 CNY, Zhou Dafu at 769.5 CNY, and Lao Feng Xiang at 775 CNY [4] - International gold prices experienced a V-shaped movement, with the lowest at 3296.09 USD per ounce and closing at 3336.35 USD per ounce, reflecting a 0.04% increase [6] Group 3 - The market is currently influenced by U.S. tariff announcements and geopolitical tensions, which are affecting investor sentiment towards gold [6] - China's central bank reported an increase in gold reserves to 7390 million ounces (approximately 2298.55 tons), marking the eighth consecutive month of accumulation, which strengthens confidence in gold's long-term value [6] - The overall expectation is for gold prices to remain volatile as the market observes developments regarding U.S. tariffs and Middle Eastern tensions [6]

受益于黄金价格的不断攀升，老铺黄金股价也不短创下新高。 但是近期，黄金价格表现疲弱。 本文首发于"见闻VIP"作者 张帆 ，为见闻付费会员文章，现作为粉丝福利免费试读，欢迎订阅"见闻VIP"。 作为新消费的代表之一，老铺黄金股价一路高歌猛进。作为一家主营业务为黄金饰品的公司，其股价与黄金价格走势曾颇为一致。 最近三周黄金价格从3453美元每盎司下跌至3300，跌幅接近5%，但同期老铺黄金股价反而上涨了8%。 为何 老铺黄金股价近期脱离黄金走势？ 老铺黄金股价疯涨，突破1000港元 6月30日，老铺黄金涨14.94%，股价突破1000港元，盘中最高触及1035港元/股。 消息面上，6月28日老铺黄金在中国奢侈品地标之一的 上海国金中心 正式开业。券商中国报道称，开业当天采取满千减百活动并享受商场3倍积分，销售火热， 排队时长接近2小时。 此外，老铺黄金出海也" 首战告捷 "。华尔街见闻此前曾报道称，老铺黄金新加坡滨海湾金沙店于6月21日开业，摩根大通分析师在6月23日至24日 对老铺黄金 新加坡滨海湾金沙店进行实地调研后，发现其表现超预期。 具体来说，新加坡滨海湾金沙店 人流络绎不绝、转化率高达95%以上、每小 ...

Core Viewpoint - The popularity of Labubu from Pop Mart indicates a new consumption era where young consumers are willing to pay for emotional value [2][4][7] Group 1: Market Trends - Labubu has sparked a global phenomenon, leading to a surge in demand for related products, including gold versions of Labubu accessories [2][4] - In Shenzhen's Shui Bei market, many gold "Labubu" items are being sold as mobile phone charms, priced between 28 to 100 yuan, with low gold content [4][6] - The trend reflects a shift towards expressing emotional value through affordable gold accessories, as high gold prices have not deterred consumer interest [4][7] Group 2: Product Authenticity and Sales - Sellers emphasize that the gold versions are not identical to the original Labubu products and are often considered unauthorized replicas [4][6] - High-weight gold versions of Labubu are not openly sold due to potential copyright infringement, and customers must pre-order them [6][7] - Despite rising international gold prices, sales in Shenzhen's gold markets have seen a decline, prompting sellers to focus on smaller, design-oriented gold items [7] Group 3: Investment and Speculation - Reports suggest that the core of IP toy consumption is the immediate satisfaction of emotional value, with Labubu meeting this demand [7] - A unique mint green Labubu recently sold for 1.08 million yuan at an auction, highlighting the speculative nature of the market [7] - Some collectors view purchasing Labubu as a form of investment, but there are warnings about the risks of market speculation [8]

近段时间以来，泡泡玛特的Labubu引发全球现象级热潮，甚至"一BU难求"。有观点认为，Labubu的火 爆预示着新消费时代，年轻消费者愿意为情绪价值买单。 Labubu火爆全球同时，敏锐的深圳水贝商家也嗅到了情绪价值的"机会"。有市场消息指出，深圳水贝黄金市 场出现许多黄金版"Labubu"饰品。 近日，证券时报记者实探水贝市场发现，网上所说的黄金版"Labubu"饰品多为手机挂件，价格在28元至100 元之间。商家强调，"这些黄金挂件与正版并非完全一样"，而对于大克重黄金版"Labubu"饰品，商家表示， 涉嫌侵权盗版，不会公开在柜台销售，只能预定。 几十元"满足"情感价值 近日，证券时报记者来到深圳水贝的多个黄金批发市场并向商家进行咨询发现，网上所说的黄金 版"Labubu"饰品多为手机挂件，类似于此前热销的手机贴片，含金量很低，价格多在28元至100元之间。 "这些黄金挂件与正版并非完全一样，只是大致相似。"有商家一再强调，"这些饰品的销售情况很好，很多年 轻消费者都喜欢这些小玩儿，有外地商家来这里大批量拿货。"有商家感慨，现在是新消费时代，情绪价值需 要表达，现在金价高，几十块钱的黄金手机挂件一样可 ...

Group 1 - The next decade is considered the "golden decade" for Chinese IP, driven by the rise of "new consumption" themes in the Hong Kong stock market, particularly favored by younger generations and women [1][4] - The emotional consumption preferences of women are identified as a primary driver of the new consumption trend, with a focus on products that resonate emotionally rather than just functionally [2][3] - Companies like Pop Mart and others are experiencing significant stock price increases, indicating a growing interest from long-term foreign investors in high-margin themes related to Chinese innovation [3][4] Group 2 - The emotional connection to IP products is seen as a key factor in their global appeal, with the loneliness experienced by the only-child generation enhancing their emotional reliance on these products [4][7] - The growth of new consumption is expected to continue, with projections indicating that sectors like trendy toys and new beverage brands will benefit from changing consumer behaviors and the increasing popularity of domestic brands [4][6] - The valuation of new consumption companies is becoming challenging, with some companies reaching high static PE ratios, necessitating a focus on growth metrics like PEG [5][6] Group 3 - The importance of international expansion is emphasized, with companies like Pop Mart planning significant store openings in Southeast Asia and Australia, and experiencing substantial revenue growth in these regions [7] - Sustained innovation is crucial for maintaining high profit margins, with a shift from traditional low-margin manufacturing to high-margin businesses driven by proprietary IP and technological advancements [8][9] - Companies in various sectors, including toys, gold retail, pharmaceuticals, and semiconductors, are achieving high gross margins, indicating a broader trend of improving profitability through innovation and R&D investment [9]

Group 1: New Consumption Trends - The rise of new consumption reflects a shift from traditional asset accumulation to emotional and personalized experiences, driven by generational changes in consumer preferences [2][4] - The "self-pleasing consumption" initiative in Shanghai emphasizes the importance of emotional value over basic functionality, indicating a significant change in consumer behavior [2] - Companies like Guangbo Co. and Mixue Ice City are leveraging flexible supply chains and rapid product iterations to capture growth in the new consumption sector [2] Group 2: Key Investment Themes in Technology - The commercialization of IP and the trend of "潮玩" (trendy toys) highlight the potential of emotional connections and cultural recognition in driving consumer engagement, with companies like Pop Mart and Aofei Entertainment leading the way [4] - The integration of traditional culture with modern design is revitalizing industries such as gold jewelry, with brands like Lao Pu Gold and Lao Feng Xiang achieving significant premium pricing through cultural and design attributes [4] - The pet economy is expanding due to changing family structures and increasing single populations, with companies like Zhongchong Co. and Petty Co. capitalizing on this trend [4] Group 3: Technological Advancements and Market Opportunities - The importance of domestic technology capabilities is underscored by the rise of Huawei's Ascend ecosystem, which is crucial for building a self-sufficient digital infrastructure [7] - The Chinese consumer electronics industry is positioned for growth, driven by a large affluent and middle-class population with strong purchasing power for innovative products [7] - The demand for computing power is surging due to advancements in AI and big data, creating opportunities in data centers and cloud services, with companies like Taicheng Light and Shenghong Co. playing significant roles [7]

以下文章来源于腾讯财经 ，作者尤然 肖风生 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 将投中网设为"星标⭐"，第一时间收获最新推送 旧金重铸、情侣定制、文化符号加持……黄金正从单纯的保值资产，蜕变成年轻人自我表达的媒介。 作者丨尤然 肖风 编辑丨刘鹏 来源丨腾讯财经 买不起品牌黄金的年轻人，涌向打金店，一门全新的生意悄然生长。 随着金价暴涨，一边是传统金店柜台日渐冷清，一边是"打金店"生意火爆——美团数据显示，"打金店"搜索量同比激增213%，小红书 相关笔记超过10万条。与其为品牌溢价买单，年轻人更愿意买金条再加工，单件省出上万元。 性价比之外，"仪式感"和"情绪价值"也是关键驱动因素。北京85后王静用10分钟下单买金条，32610元打出品牌店标价54348元的同款 手镯；贵州王宇一个月内做了十多件饰品，轻松省下万元加工费；居家打金达人白鸽买来百元工具，虽然初次失败损失几百元，却乐在 其中。 旧金重铸、情侣定制、文化符号加持……黄金正从单纯的保值资产，蜕变成年轻人自我表达的媒介。 东吴证券消费商社行业首席分析师吴劲草表示，这种现象体现了年轻人个性化消费、追求性价比与高金价下的避险心理。但 ...

Core Insights - The event held on May 9 in Shanghai marked a significant shift in the gold jewelry industry, with the World Gold Council collaborating with 12 leading retail brands to redefine the market logic of gold jewelry through standardization and a youthful narrative [1][2]. Industry Standards - The category of hard gold has existed for years but was previously characterized by a "conceptual confusion." The introduction of a standardized definition is crucial for clarity in the market [2][6]. - The newly implemented industry standard for hard gold jewelry specifies a minimum purity of 990‰ and a minimum Vickers hardness of 60HV, providing clear guidelines for retailers and manufacturers [6][5]. Market Performance - Hard gold has rapidly become the fastest-growing category in the gold jewelry market, with its market share increasing over the past three years [7]. - The appeal of hard gold lies in its ability to meet the diverse needs of younger consumers, offering stylish designs and durability that traditional gold jewelry lacks [7][8]. Consumer Engagement - The World Gold Council aims to promote the spiritual value of hard gold through digital media, targeting the Z generation and positioning hard gold as a lifestyle choice [8]. Future Potential - There is significant potential for growth in the male market segment for hard gold, which currently has low penetration but is expected to expand with ongoing innovation and marketing efforts [9]. - The World Gold Council is also pursuing international expansion for hard gold products, leveraging China's competitive technology and the global demand for stylish gold jewelry [9].

Wind数据显示，27日晚间，国际贵金属期货普遍收跌，现货黄金跌1.26%，报3301.79美元/盎司， COMEX黄金期货跌1.87%，报3302.70美元/盎司。28日早间，二者均有小幅上涨，截至发稿，现货黄金 涨0.07%，报3302.930美元/盎司，COMEX黄金期货涨0.18%，报3306.2美元/盎司。 | 贵金属 こ | | | | --- | --- | --- | | 伦敦金现 | 伦敦银现 | COMEX黄金 | | 3302.930 | 33.232 | 3306.2 | | +2.440 +0.07% | -0.019 -0.06% | +5.8 +0.18% | | COMEX白银 | SHFE黄金 | SHFE自银 | | 33.410 | 771.38 | 8243 | | +0.099 +0.30% | -5.48 -0.71% | -12 -0.15% | 受此影响， 28日国内金饰价格普遍下跌，单克纷纷跌至千元前后。老庙黄金为997元/克 ，单克较前一 日下跌10元； 周六福足金999为996元/克 ，较前一日下跌16元；老凤祥为1001元/克，较前一日下跌9 元；周生生 ...