Group 1 - The Shanghai Gold Exchange has issued a notice urging member units to enhance market risk control due to increasing volatility in international gold prices, with gold jewelry prices in China surpassing 1300 RMB per gram [1] - As of November 19, the international spot gold price briefly exceeded 4100 USD per ounce, with a year-to-date increase of over 55%, making gold one of the best-performing asset classes this year [1] - Major Chinese gold jewelry brands have reported prices for 24K gold jewelry exceeding 1300 RMB per gram, with specific brands like Chow Sang Sang and Chow Tai Fook pricing at 1307 RMB and 1305 RMB per gram respectively [1] Group 2 - Global central banks have shown increased enthusiasm for gold purchases, with a net purchase of 220 tons in Q3 2025, a 28% increase from Q2 and a 10% year-on-year rise [2] - As of the end of October, China's gold reserves reached approximately 2304.457 tons, marking a continuous increase for 12 months, although the recent increment was slightly lower than previous months [2] - Morgan Stanley suggests that many central banks, especially in emerging markets, will continue to increase their gold holdings despite potential reductions in buying intensity due to rising prices [3]

第十五届全国运动会临近尾声，本届全运会的召开也催动了一些行业的消费，比如处于高金价背景下的 黄金珠宝行业，全运会系列产品的热销给行业带来暖意。 此前受到国际金价高企的影响，我国黄金首饰消费整体受到一定冲击。据中国黄金（600916）协会的数 据和资料，2025年前三季度，我国黄金消费量682.730吨，同比下降7.95%。其中黄金首饰270.036吨， 同比下降32.50%。不同品类黄金产品的表现差异明显，轻克重、附加值高的首饰产品仍保持较强市场 吸引力，销售情况较好。 证券时报记者从行业龙头企业周大福珠宝集团方面了解到，近日该集团全运会系列产品受到市民欢迎。 据悉，自推出以来，周大福×全运会系列销售良好，精彩赛事进一步推动相关产品销售，尤其受到大湾 区市场青睐，其中以吉祥物为设计主题的产品最受欢迎。 ...

Group 1: Company Overview and Activities - Shenzhen China Bicycle (Group) Co., Ltd. participated in the 2025 Shenzhen Listed Companies Investor Online Reception Day [1] - The event took place on November 20, 2025, from 14:30 to 17:00, via the Panoramic Network's investor interaction platform [2] - The company representatives included Chairman Wang Shenghong, President Li Hai, and other key executives [2] Group 2: Business Strategy and Future Plans - The company aims to strengthen governance and improve internal management mechanisms, focusing on team development and operational efficiency [3] - In the gold and jewelry sector, the company plans to enhance supplier systems, expand customer resources, and improve product quality management [3] - The electric bicycle and new energy sectors will focus on brand maintenance, sales network construction, and exploring breakthroughs in lithium battery and new materials [3] Group 3: Financial Performance and Core Business - The gold and jewelry business constitutes over 99% of the company's revenue, highlighting its significance as the core operational area [3] - The company does not have its own lithium battery production facility, indicating a focus on other core competencies [3] Group 4: Market Outlook and Economic Context - The macroeconomic outlook is positive, with growth potential in exports benefiting various industries [4] - The company is committed to maintaining asset security and supporting stakeholder interests amid ongoing legal matters [3]

Price Adjustments - Several domestic gold jewelry brands have raised their prices for pure gold jewelry, with notable quotes being: Chow Sang Sang at 1307 CNY/gram, Chow Tai Fook at 1305 CNY/gram, and Lao Feng Xiang at 1302 CNY/gram [1][2] International Gold Prices - On November 19, international gold prices saw a significant reversal, with New York's December gold futures reaching 4114.8 USD/ounce, an increase of 1.19%, and London spot gold at 4113.8 USD/ounce, up by 1.15% [2][5] Market Sentiment and Economic Factors - The market sentiment regarding potential interest rate cuts by the Federal Reserve has shifted, with the likelihood of a December rate cut now below 50%, influenced by a lack of economic data due to a government shutdown and concerns over high valuations in tech stocks [5][6] Technical Analysis - Analysts suggest that the next target for December gold futures is to break through the historical high of 4398 USD/ounce, while the short-term bearish target is to fall below the strong support level of 4000 USD/ounce [6] Risk Management - The Shanghai Gold Exchange has issued a notice emphasizing the need for market participants to maintain risk control measures due to recent market instability, advising investors to manage their positions carefully [7]

| 实物黄金 单位元/克 | | | | --- | --- | --- | | 周大幅 間大福 | 司六福 周六福 | # # # # # # # 間生生 | | 1305.00 | 1273.00 | 1307.00 | | 金条价格 1143.00 | 金条价格 1168.00 | 金条价格 1148.00 | | 周大堂 周大生 | 酬 潮宏基 | 市狮珠霞 六福珠宝 | | 1305.00 | 1305.00 | 1303.00 | | 铂金价格 633.00 | 铂金价格 633.00 | 金条价格 1143.00 | | 秒 老凤祥 | 命 老庙黄金 | (= 中国黄金 | | 1302.00 | 1302.00 | 932.60 | | 足金价格 1302.00 | 金条价格 1257.00 | 零售价 948.60 | 国际金价方面，昨日出现大反转。北京时间19日18时35分，纽约商品交易所12月黄金期价报每盎司4114.8美元，涨幅为1.19%；伦敦现货黄金报每盎司 4113.8美元，涨幅为1.15%。截至北京时间20日15时50分，金价有所回调。 11月20日，国内黄金饰品价格对比显示， ...

国际金价方面，昨日出现大反转。北京时间19日18时35分，纽约商品交易所12月黄金期价报每盎司4114.8美元，涨幅为1.19%；伦敦现货黄金报每盎司 4113.8美元，涨幅为1.15%。截至北京时间20日15时50分，金价有所回调。 前几日，国际金价连续几日下跌。18日，伦敦现货黄金盘中一度跌破4000美元，部分国内品牌金饰价格近日也出现四连跌。 每经编辑｜陈柯名 11月20日，国内黄金饰品价格对比显示，多家黄金珠宝品牌公布的境内足金首饰价格较昨日有所上调，周生生报价1307元/克，周大福报价1305元/克，老 凤祥报价1302元/克，老庙黄金上海区域克价为1302元，六福珠宝报价1303元/克。 图片来源：视觉中国 经济日报近日发文指出，近一段时间，在美国步入降息周期、地缘政治风险延续、全球央行持续购金支撑等因素推动下，不确定性的增强促使金价表现强 势。然而，经历短期多日连涨，黄金技术面已出现超买信号，再加上对国际局势动荡预期缓和与投机资金获利了结等因素的影响，金价在高位持续震荡。 招联首席研究员董希淼表示，黄金作为避险资产的属性仍然较强，短期回调没有根本改变金价中长期上涨逻辑，投资者也正逐渐适应近期的波 ...

面对这一时代机遇和挑战，老萬年的回应是"金丝为脉，文化为魂"的创新实践。 "金丝为脉"体现为对"金银细工制作技艺"、"金银丝镶嵌技艺"两项非遗及苏作工艺的传承坚守，同 时结合现代化科技手段和工具进行革新和创造；"文化为魂"则是从传统东方元素和中式哲学中汲取灵 感，打造"可佩戴的东方美学器物"。"萬年好运"、"东方韵·西方美"等新品系列对非遗技艺和东方文化的 融合表达，阐释了老萬年打造东方底蕴高端品牌走出去的坚定步伐。 除产品创新外，老萬年正积极构建更广阔的文化平台和生态。蔡自斌介绍了老萬年黄金博物馆作为 沉浸式多元文化体验平台的实践，以及今年10月发起并承办的第一届中国国际黄金周在促进产业交流、 文化展示方面的成果。黄金周同期揭牌的"丝路文化研究院"，将系统梳理丝路黄金文化脉络，致力推动 中国黄金文化和非遗技艺走向世界。 11月18日，第三届"一带一路"文化和科技融合发展大会在北京昌平召开。大会由丝路规划研究中 心、中国民间组织国际交流促进会、民盟中央文化委员会、中国艺术科技研究所、中央财经大学共同主 办。以"国际化视角下的人工智能＋文化科技新生态"为主题，汇聚来自15个国家的400余位代表，共同 探讨创新驱 ...

Group 1 - The Shanghai Gold Exchange issued a notice to continue risk control measures due to recent market instability, urging member units to maintain market stability and protect investors' rights [1] - Gold prices have seen significant fluctuations this year, with spot gold recently breaking historical highs before dropping to $3,900 per ounce and then rising again to over $4,100 per ounce [1] - Domestic gold jewelry prices have also been affected, with a notable drop in prices followed by a rebound, with brands like Chow Tai Fook and Chow Sang Sang showing varying prices per gram [3][4] Group 2 - The market has reduced expectations for a Federal Reserve rate cut in December, contributing to instability in U.S. stocks and causing gold prices to experience volatility [4] - Long-term outlook suggests that increasing U.S. debt pressure may weaken investor confidence in the dollar, making gold an attractive asset as a hedge against dollar credit [5]

Core Viewpoint - The Shanghai Gold Exchange has issued a notice to continue risk control measures in response to recent market instability, urging member units to maintain market stability and protect investors' rights [2]. Group 1: Market Trends - Gold prices have significantly increased this year, with the Shanghai Gold Exchange issuing multiple risk warnings. Recently, gold prices experienced volatility, reaching a historical high before dropping to $3,900 per ounce and then rebounding to over $4,100 per ounce [3]. - Domestic gold and jewelry prices have generally declined due to the drop in international gold prices, with gold jewelry prices falling by 33 yuan overnight. As of November 20, the price of gold jewelry from major brands has rebounded, with Chow Tai Fook at 1,305 yuan per gram and Chow Sang Sang at 1,263 yuan per gram [5]. Group 2: Price Influencing Factors - According to Everbright Futures, the market has reduced bets on a Federal Reserve rate cut in December, leading to instability in U.S. stocks and causing gold prices to fluctuate. The lack of sustainable positive factors suggests that gold prices may continue to experience high volatility or even weaken in the short term. It is recommended to adopt a wait-and-see approach or consider buying on dips from an asset allocation perspective [6]. - Rida Futures indicates that in the medium to long term, increasing U.S. debt pressure is weakening investor confidence in the dollar. Gold remains an attractive asset as a hedge against dollar credit, and ongoing central bank purchases may further elevate gold price levels [6].

国内市场，零售端黄金价格全面升温。周大福、六福珠宝、周生生等主流品牌金饰克价均突破1300元， 较前一日上涨10-11元；老凤祥、老庙黄金同步上涨11元，报1302元/克；菜百首饰涨幅最大，达12元， 现价1272元/克，仅中国黄金保持1285元/克的价格持平。除了零售金饰，国内现货黄金价格报931.9元/ 克，黄金回收价稳定在918元/克，四大行金条价格则在945.70-958.05元/克之间实时变动，形成了完整的 价格体系。 2025年11月20日，黄金市场迎来一波明显异动，国内品牌金饰价格集体上涨，国际金价则在冲高后震荡 回落，给消费者和投资者都带来了新的思考。 国际市场上截止11点50分。，伦敦现货黄金报4065美元/盎司，美黄金报4063美元/盎司，近期多次冲击 4100美元关口却未能站稳，整体在4040-4110美元/盎司区间宽幅波动。这一波动背后，美联储会议纪要 的鹰派表态成为关键影响因素，直接推动美元指数刷新近两周高点，压制了黄金多头的上涨动能。与此 同时，市场目光正聚焦于即将发布的美国9月非农就业报告，这份数据或将进一步左右黄金后续走势。 对于普通消费者而言，刚需购买无需过度纠结短期波动，可 ...