来源：新浪证券-红岸工作室 11月26日，中国黄金跌0.37%，成交额1.16亿元。两融数据显示，当日中国黄金获融资买入额864.98万 元，融资偿还470.31万元，融资净买入394.67万元。截至11月26日，中国黄金融资融券余额合计3.52亿 元。 融资方面，中国黄金当日融资买入864.98万元。当前融资余额3.50亿元，占流通市值的2.60%，融资余 额低于近一年30%分位水平，处于低位。 融券方面，中国黄金11月26日融券偿还1200.00股，融券卖出600.00股，按当日收盘价计算，卖出金额 4818.00元；融券余量20.08万股，融券余额161.24万元，超过近一年50%分位水平，处于较高位。 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业从事"中国黄金"品 牌黄金珠宝产品研发、设计、生产、销售、品牌运营的大型企业,是中国黄金集团黄金珠宝零售板块的 唯一平台,是我国黄金珠宝销售领域知名的中央企业。主营业务收入构成为：黄金产品98.83%，品牌使 用费0.67%， ...

Core Viewpoint - The performance of Chow Tai Fook Jewelry Group has been under pressure due to significant fluctuations in the international gold market since 2025, with a reported revenue decline and challenges in maintaining store numbers amid changing consumer preferences [2][6]. Financial Performance - For the first half of the 2026 fiscal year, Chow Tai Fook reported a revenue of HK$38.986 billion, a year-on-year decrease of 1.1%, marking the lowest level in five years [2][3]. - The net profit attributable to shareholders remained stable at HK$2.534 billion, with earnings per share at HK$0.26 [3]. - The overall gross profit margin for the reporting period was 30.5%, down 0.9 percentage points year-on-year, with a notable decline in the mainland China business gross margin [4]. Market Trends - The high gold prices have led consumers to shift towards lighter and smaller products, with sales of priced jewelry in mainland China increasing by 9.3%, contributing 29.6% to total revenue [5]. - The retail value of priced jewelry in mainland China grew by 16.1%, while the retail value of weight-priced gold jewelry decreased by 5.8%, indicating a shift in consumer purchasing behavior [5]. Store Operations - The number of stores in mainland China decreased by 606 to 5,895, returning to 2022 levels, while the company opened 57 new retail points during the reporting period [6]. - Chow Tai Fook is focusing on optimizing its channel structure and enhancing store efficiency through the opening of new image stores in high-end locations [6]. Online Business Growth - Chow Tai Fook's online retail value in mainland China increased by 27.6%, accounting for 7.1% of total regional retail value, with significant growth in its official mall and Douyin platform [7]. - Despite the rapid growth in online sales, the overall scale remains relatively limited, and the sustainability of this growth amid high competition and costs is yet to be validated [7].

Core Viewpoint - The performance of Chow Tai Fook Jewelry Group has been under pressure due to fluctuations in the international gold market, with a notable decline in revenue and store count, prompting the company to adapt its strategies to maintain market share and profitability [1][3]. Financial Performance - For the first half of the fiscal year 2026, Chow Tai Fook reported a revenue of HK$ 38.986 billion, a year-on-year decrease of 1.1%, marking the lowest level in five years [1][4]. - The net profit attributable to shareholders remained stable at HK$ 2.534 billion, with earnings per share at HK$ 0.26 [4]. - The overall gross profit margin for the period was 30.5%, down 0.9 percentage points year-on-year, with a notable decline in the mainland China business gross margin [4][5]. Market Trends - The high gold prices are driving consumers towards lighter and smaller products, with small-weight gold products (under 10 grams) accounting for 45% of total gold jewelry sales in the first half of 2025, an increase of 8 percentage points from 2023 [5]. - The implementation of a new value-added tax policy starting November 2025 is expected to push manufacturers and retailers to focus on developing high-value products, which typically have better margins [5]. Store Operations - Chow Tai Fook's store count in mainland China decreased by 606 to 5,895, returning to 2022 levels, while the company opened 57 new retail points during the same period [6]. - The company is focusing on optimizing its channel structure and enhancing the shopping experience through new store formats and high-end locations [6]. Online Business Growth - The online retail value in mainland China increased by 27.6%, accounting for 7.1% of total retail value, with significant growth in the official online store and Douyin platform [7]. - Despite the rapid growth in online sales, the overall scale remains relatively limited, and the sustainability of this growth amidst high competition and costs is yet to be validated [7].

材质 销售价格回收价格投资金964930首饰金1097930铂金389328 白银 15.49.9 注：黄金价格是实时变化的，以上回收金价仅供参考，具体以结算价格为准！（11：15） 来源：市场资讯 （来源：今日金价行情） 11月26日水贝价格（单位元/克） ...

11月26日金价先抑后扬，多个金店金饰价格涨到1316元/克附近，2025年11月26日，各大品牌黄金零售 价格上涨，据金投网统计，目前是周生生价格最高，为1316元/克（工费另计），菜百首饰黄金价格最 低，为1280元/克（工费另计），投资金条价格每克965-1004元左右，白银价格11.87元/克。 尽管仍有"鹰派"人士担忧通胀顽固，目前通胀率仍高于2%的目标水平，摩根士丹利和摩根大通等机构 也并未完全确信降息的必要性，但市场的多头情绪依然高涨。美债净多头头寸已达到15年来的最高水 平，显示出投资者对降息前景的强烈信心。 此外，一份延迟一个多月发布的PPI数据也在此时意外亮相，为市场增添了新的变数。核心PPI涨幅创下 自去年7月以来的新低，虽然其对货币政策的影响有限，但有助于市场更准确地估算美联储最为关注的 PCE通胀指数。有预测认为，9月的核心PCE可能降至2.8%，这无疑为降息支持者提供了更多的依据。 然而，值得注意的是，当美联储在12月召开会议时，他们将面临数据滞后的挑战。最新的通胀数据将滞 后近三个月，而10月的就业数据则需等到会议结束后才能获得。这意味着，美联储在做出决策时，将不 得不依靠相对陈 ...

值得注意的是，与黄金珠宝行业息息相关的国际金价近期仍呈现高位震荡格局。伦敦金价格10月突破 4300美元/盎司后回落，10月下旬一度回到4000美元/盎司以下，但此后有所回升。截至11月26日中午 12：16，伦敦金报4160.77美元/盎司。 在国际金价居高不下的背景下，国内品牌黄金珠宝店的金饰克价也水涨船高，日前已普遍超过1300元/ 克。11月26日，智通财经查阅周大福今日金价，报于1312元/克。 这对周大福的业绩造成直接的影响。据公司的中期业绩报告，在高毛利定价首饰贡献提升及黄金价格上 涨的支持下，集团毛利率维持于30%以上，处于历史较高水平；期内经营溢利保持韧性，达到68.23亿 港元，同比增长0.7%；公司股东应占溢利同比小幅增长0.1%。 来源：智通财经 11月26日，周大福珠宝集团有限公司（01929.HK）公布半年报业绩后，股价低开低走，一度跌超 7.8%。截至午间收盘，公司股价收跌7.48%，报收14.1港元/股，总市值约1391亿港元。 11月25日晚，周大福发布截至2025年9月30日止的中期业绩。根据公告，2026财年上半年共实现营收 389.9亿港元，同比下降约1.1%，低于市场 ...

Core Viewpoint - The article highlights the increasing concerns of merchants in the Shui Bei gold and jewelry market regarding account freezes due to fraud-related activities, exacerbated by the rise in money laundering through gold transactions and the enforcement of anti-fraud measures [6][10][12]. Group 1: Fraud and Account Freezes - Merchants in Shui Bei have faced numerous account freezes due to suspected involvement in fraud, with cases reported frequently in recent years [6][9]. - A specific case involved a merchant named Feng Feng, whose account was frozen after a transaction with a buyer who turned out to be involved in a fraud scheme [5][12]. - The phenomenon of account freezes is attributed to the "断卡行动" (Card Cutting Action) initiated in 2020, which increased scrutiny on financial transactions, particularly in high-value gold trading [9][10]. Group 2: Legal and Regulatory Context - The article discusses the legal framework surrounding account freezes, emphasizing that banks and payment institutions are required to take preventive measures against suspicious transactions [23]. - Legal experts note that the current anti-fraud measures may lack precision, often leading to the freezing of multiple accounts associated with a single suspected transaction [25][26]. - The need for stricter identification and verification processes for transactions over a certain amount is highlighted as a necessary step to mitigate risks [26]. Group 3: Merchant Experiences and Challenges - Merchants like Chen Chen have shared experiences of multiple account freezes, indicating a widespread issue within the Shui Bei market [7][9]. - The article notes that many merchants rely on experience to identify potential fraud, but this approach is often insufficient [22]. - The challenges faced by merchants include not only the operational impact of frozen accounts but also the lengthy process required to resolve these issues and restore account access [24][26]. Group 4: Recommendations for Prevention - Experts recommend implementing comprehensive risk management strategies, including strict adherence to real-name transactions and thorough verification of transaction parties [26]. - Merchants are advised to maintain detailed records of transactions and communications to facilitate the resolution of any disputes arising from account freezes [26]. - The importance of using corporate accounts for transactions to separate business and personal financial risks is emphasized [26].

资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是国内专业从事"中国黄金"品 牌黄金珠宝产品研发、设计、生产、销售、品牌运营的大型企业,是中国黄金集团黄金珠宝零售板块的 唯一平台,是我国黄金珠宝销售领域知名的中央企业。主营业务收入构成为：黄金产品98.83%，品牌使 用费0.67%，管理服务费0.22%，其他业务0.15%，K金珠宝类产品0.13%。 截至9月30日，中国黄金股东户数12.10万，较上期增加2.57%；人均流通股13882股，较上期减少 2.51%。2025年1月-9月，中国黄金实现营业收入457.64亿元，同比减少1.74%；归母净利润3.35亿元，同 比减少55.08%。 分红方面，中国黄金A股上市后累计派现25.20亿元。近三年，累计派现18.48亿元。 来源：新浪证券-红岸工作室 11月25日，中国黄金涨0.12%，成交额1.16亿元。两融数据显示，当日中国黄金获融资买入额1034.78万 元，融资偿还1439.87万元，融资净买入-405.09万元。截至11月25 ...

Core Viewpoint - The article highlights the increasing concerns of merchants in the Shui Bei gold and jewelry market regarding account freezes due to fraud-related activities, exacerbated by the rise in money laundering through gold transactions and the enforcement of anti-fraud measures [4][9][18]. Group 1: Fraud and Account Freezes - Merchants in Shui Bei are facing account freezes due to suspected involvement in fraud, with many reporting similar experiences of having their bank accounts and payment platforms restricted [2][4][9]. - The phenomenon of account freezes is linked to the "断卡行动" (Card Cutting Action) initiated in 2020, which aims to combat telecom and online fraud, leading to increased scrutiny of large transactions in the gold market [5][6][10]. - Legal experts note that the combination of gold and virtual currencies has made it easier for criminals to launder money, complicating the tracking of illicit activities [7][10][18]. Group 2: Impact on Merchants - The freezing of accounts significantly disrupts business operations for merchants, as they rely on large transactions for buying and selling gold [9][10][11]. - Merchants report that the freezing of accounts can extend to multiple payment methods, severely impacting their daily operations and personal finances [2][4][9]. - The article mentions specific cases of merchants, such as冯丰 and 陈晨, who experienced account freezes due to transactions that were later linked to fraudulent activities [3][4][9]. Group 3: Regulatory and Preventive Measures - The article discusses the need for stricter regulations in the gold trading market, including mandatory real-name registration for transactions exceeding a certain amount [15][20]. - Industry associations and law enforcement are collaborating to enhance security measures and provide training to merchants on fraud prevention [14][15][20]. - Experts suggest that merchants should implement comprehensive risk management strategies, including thorough identity verification and transaction monitoring, to mitigate the risk of account freezes [20][21][22].

Core Viewpoint - The article highlights the increasing concerns of merchants in the Shui Bei gold and jewelry market regarding account freezes due to fraudulent activities, emphasizing the challenges posed by money laundering and the need for enhanced anti-fraud measures in the industry [6][11][21]. Group 1: Account Freezing Incidents - Merchants in Shui Bei are facing account freezes due to suspected involvement in fraud, with cases reported where funds were frozen for transactions linked to fraudulent activities [4][12][21]. - The phenomenon of account freezing has become common among Shui Bei merchants, with many experiencing multiple incidents over the past few years [7][8][11]. - The "断卡行动" (Card Cutting Action) initiated in 2020 has intensified scrutiny on large transactions, leading to increased freezing of accounts involved in gold trading [8][11][12]. Group 2: Legal and Regulatory Context - The legal framework allows for the freezing of accounts suspected of fraud, with banks and payment institutions required to take preventive measures against suspicious transactions [21][23]. - Legal experts note that the current anti-fraud measures may lack precision, often leading to the freezing of legitimate accounts alongside fraudulent ones [23][24]. - The need for stricter regulations and better enforcement of identity verification in gold transactions has been emphasized to mitigate risks [17][25]. Group 3: Merchant Experiences and Challenges - Merchants report significant operational disruptions due to account freezes, affecting both business transactions and personal finances [11][22]. - Many merchants lack adequate risk management practices, often relying on experience rather than formal procedures to identify potential fraud [20][24]. - The prevalence of cash transactions and informal payment methods in the Shui Bei market increases vulnerability to money laundering activities [19][20]. Group 4: Recommendations for Improvement - Experts recommend implementing strict identity verification and transaction monitoring for high-value trades to prevent account freezes [24][25]. - Merchants are advised to maintain comprehensive records of transactions and communications to facilitate the unfreezing process if their accounts are mistakenly frozen [25]. - The establishment of a more robust risk management framework within the industry is crucial to protect merchants from the adverse effects of fraudulent activities [24][25].