不过值得注意的是，尽管面临高金价的冲击，但相关企业经营总体仍保持稳健，彰显出行业的韧性。 金价高企，影响了消费者对黄金首饰的消费意愿。 黄金价格高企之下，主要黄金珠宝企业的销售普遍受到冲击，相关企业营收普遍同比下滑。近日，行业龙头企业周大福披露的2025财年业绩进一步印证了这种现 象，该企业2025财年营业额同比下跌17.5%。 有专家在接受证券时报记者采访时认为，长期来看，特朗普就任后逆全球化趋势进一步加强，局部地缘冲突不断，央行购金行为持续，国内开放险资购金形成了新 的购买力量和信心提振，黄金的战略配置意义持续凸显。 金价高企之下 又有黄金珠宝龙头企业营业额下滑 日前，在港股上市的黄金珠宝龙头企业周大福披露了2025财年（截至2025年3月31日止年度）业绩。财报显示，受宏观经济外部因素及金价高企影响，2025财年周 大福集团营业额同比下跌17.5%至896.56亿港元。 另外，由于黄金价格波动，导致重估黄金借贷合约时产生亏损，抵销了经营溢利的增幅，使2025财年的股东应占溢利减少9.0%。 周大福的营收下滑，只是近年金价持续高企的大环境下，黄金珠宝行业主要企业营收下滑的一个缩影。 此前披露业绩的业内大型 ...

Core Viewpoint - The rising gold prices have led to a shift in consumer preferences for Father's Day gifts, with younger consumers increasingly choosing gold items over traditional gifts like belts or alcohol [1][3]. Group 1: Gold Price Trends - As of June 13, the international gold price reached $3,414.07 per ounce, while domestic gold prices were reported at 790.80 yuan per gram, marking a significant increase [1]. - The price of gold jewelry has also risen, with some items exceeding 1,030 yuan per gram [1]. Group 2: Consumer Behavior - Younger consumers, particularly those under 35, now represent 50% of gold buyers, showing a notable increase in interest in gold gifts for Father's Day [3]. - Unique gold products, such as gold certificates and small gold items, are becoming popular as they offer emotional value and a lasting presence compared to traditional gifts [3][5]. Group 3: Market Dynamics - The demand for gold recycling has surged, with a reported 200% increase in transaction volume in the Chengdu area, driven by rising gold prices and upcoming events like Father's Day [5]. - Retailers are responding to consumer preferences by offering a variety of lightweight gold products and personalized services, such as custom bracelet weaving and trade-in options [7]. Group 4: Investment Considerations - Experts advise consumers to avoid speculative buying and instead adopt a phased investment approach to mitigate risks associated with gold price volatility [7].

在资本市场，以"三朵金花"为代表，包括宠物经济、医美化妆、疗愈经济、新饮品等行业或细分领域， 被统一称为"悦己消费"，即相关消费行为通常以满足消费者情感价值、个性化需求及自我提升为核心。 过去一年时间，"三朵金花"股价均实现翻倍甚至数倍增长，整个"悦己消费"也成为资本市场最火热的概 念。 每经评论员杜恒峰 在混杂着不解、怀疑、惊叹、遗憾的声音中，6月12日泡泡玛特盘中股价摸高至283.4港元，再创历史新 高，总市值一度突破3800亿港元；同为港股"三朵金花"的老铺黄金，收盘价上涨5.66%至914港元，总市 值1578亿港元，将周大福这样的老牌巨头甩在了身后；另一朵"金花"蜜雪集团收盘价也维持在历史高 位，总市值2023亿港元。 事实上，"悦己消费"也为企业摆脱"内卷式"竞争提供了新的思路，泡泡玛特不需要卷价格，蜜雪集团也 不是想要通过低价垄断新茶饮市场。正是对自身市场清晰的定位、对产品和服务的极致打磨，由此形成 的竞争力不仅仅适用于中国市场，也能在国际市场闯出一片天地。 契合年轻消费者需求、有增长、不内卷、有国际化潜力，这是"悦己消费"估值迭创新高的定价逻辑。消 费市场竞争残酷，消费者偏好、预算分配也随时在 ...

6月13日国内金价快报：国内品牌金店金价继续上涨，整体价格来到1030元/克。周生生黄金上涨13元/ 克，报1033元/克，还是最高价金店。上海中国黄金价格价格还是没动静，报价969元/克，为最低价金 店。今日金店黄金价差64元/克，价差扩大中。 具体各大品牌金店最新价格见下表格： 今日金价 单位 变动幅度 涨跌 老庙黄金价格 1026 元/克 13 涨 周大福黄金价格 1030 元/克 13 涨 周六福黄金价格 六福黄金价格 1030 元/克 13 涨 1010 元/克 13 涨 今日金店黄金价格一览（2025年6月13日） 金店报价 金至尊黄金价格 1030 元/克 13 涨 老凤祥黄金价格 1029 元/克 13 涨 潮宏基黄金价格 1030 元/克 13 涨 969 周生生黄金价格 1033 元/克 13 涨 菜百黄金价格 990 元/克 0 平 上海中国黄金价格 元/克 0 平 周大生黄金价格 1030 元/克 13 涨 在关注黄金走势之余，再让我们看下铂金价格。还是以周生生黄金为例，今日黄金饰品价格上涨13元/ 克，铂金饰品价格上涨6元/克，报价518元/克。如果大家还想知道其他金店的铂金报价，欢 ...

周大福(1929.HK) 于2025年6月12日公布财报。2025年报，公司实现总营业收入827.37亿元，同比减少 17.75%；税前利润为73.06亿元，同比减少9.29%；实现净利润54.59亿元，同比减少8.98%。 黄金产品组合优化驱动毛利率显著提升，彰显产品定价与高端化能力 ：2025财年公司毛利率 由24.0%大幅增至29.5%，主要得益于黄金与镶嵌产品结构优化及定价能力提升。黄金首饰及产品的平 均售价上涨12.5%至6,300港元，珠宝镶嵌首饰平均售价上涨21.25%至9,700港元。周大福传福系列及故 宫系列销售额均突破40亿港元，成为业绩增长的重要支柱。 东南亚市场战略扩张加速国际化进程，挖掘新兴市场增长潜力 ：公司在FY2025期间于东南亚 及海外核心地段净增3个零售点，并计划在FY2026进一步推进扩张。通过开设新形象店、优化门店选址 及推广文化设计产品，公司积极捕捉本地消费者与中国游客的购买力，将东南亚市场定位为关键增长引 擎。 强化资本管理与客户体验，展现稳健经营与品牌升级决心 ：2025财年公司实现147.46亿港元经 营溢利，同比增长9.8%，并拟实施末期股息为每股32.0港仙 ...

2025年至今股票市场没有呈现出总体性的趋势机会，上半年都运行在下有底上有顶的波动之中，"分 化"成了股票市场的关键词。作为驱动股票市场的根本动力，我国宏观经济的运行情况在分化。一方面 以房地产产业链为代表的旧动能仍在下行，虽然可喜的是在相关政策托举之下，其下行的速度已经趋 缓，在细分结构上甚至有表现良好的其余和品类；另一方面以高端制造、新消费为代表的新质生产力表 现良好，为稳住我国经济的增速起到了一定作用。因此，汽车、家电等有一定政策托举力度的行业，半 导体、电子、机械等涉及AI、人形机器人等新技术、新增长方向，休闲零食、黄金珠宝零售等涉及新 产品、新需求的行业，有相对更好的表现。投资股票市场的资金结构也在分化。近年来，"国家队"和保 险公司成为新增资金的重要来源，个人散户和私募成为活跃资金的重要来源。因此，宽基指数、银行等 红利品种、小微盘品种在今年的表现更为亮眼。 (责任编辑：叶景) 站在年中的时点，我们展望下半年的股票投资策略，分化仍将继续主导权益市场的运行，轮动也将在投 资中起到更重要的作用。经过上半年的上涨，基本面较好的新消费和炒作较明显的主题投资积累了不小 的累计涨幅，有些品种的估值也到了较高的 ...

Price Trends - Domestic gold prices continue to rise, with an overall increase of 11 CNY per gram, and the highest price reported by Chow Sang Sang at 1020 CNY per gram [1][4] - The price difference among various gold retailers has widened to 51 CNY per gram, indicating a growing disparity in pricing [1] Gold Retail Prices - The latest gold prices from major retailers are as follows: - Lao Miao: 1013 CNY per gram, up by 10 CNY - Liufuk: 1017 CNY per gram, up by 11 CNY - Chow Tai Fook: 1017 CNY per gram, up by 11 CNY - Zhou Liufu: 997 CNY per gram, up by 11 CNY - Jin Zun: 1017 CNY per gram, up by 11 CNY - Lao Feng Xiang: 1016 CNY per gram, up by 10 CNY - Chao Hong Ji: 1017 CNY per gram, up by 11 CNY - Cai Bai: 990 CNY per gram, up by 5 CNY - Shanghai China Gold: 969 CNY per gram, unchanged [1][3][4] Platinum Prices - Platinum prices have also seen an increase, with Chow Sang Sang reporting a rise of 16 CNY per gram, now priced at 512 CNY per gram [4] Gold Recovery Prices - The gold recovery prices have increased by 7.6 CNY per gram, with the following recovery prices noted: - Chow Sang Sang: 767.10 CNY per gram - Chow Tai Fook: 770.50 CNY per gram - Lao Feng Xiang: 776.10 CNY per gram - Cai Bai: 768.40 CNY per gram [4][5][6] International Gold Market - The spot gold price reached a peak of 3360.44 USD per ounce, closing at 3355.02 USD per ounce, reflecting a 0.95% increase [8] - As of the latest update, spot gold is trading at 3370.58 USD per ounce, with a 0.46% increase [8] - Geopolitical tensions and weak U.S. economic data are contributing to rising gold prices, with market participants showing increased risk aversion [8]

Core Viewpoint - Chao Hong Ji plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, international brand image, and competitiveness while connecting with overseas capital markets [1] Strategic Motives - The H-share listing is a key move in Chao Hong Ji's "Eastern Culture + Capital Going Global" strategy, aiming to expand into Southeast Asia and replicate its successful business model [2] - The official rationale for the H-share issuance is to advance globalization and enhance brand image, but it also aims to address the valuation bottleneck in the A-share market, where the dynamic P/E ratio is significantly higher than the industry average [2] - The timing of the H-share listing aligns with the recovery of the Hong Kong IPO market, allowing the company to benefit from policy incentives and avoid tightening regulations in the A-share market [2] Financial Challenges - In 2024, Chao Hong Ji's revenue increased by 10.48% to 6.518 billion yuan, but net profit dropped by 41.91% to 194 million yuan, indicating a "scale without economy" issue [3] - The decline in profit is attributed to rising gold prices and increased costs from channel expansion, with the average gold price up 18% and sales expenses rising by 32% due to the opening of 129 new stores [3] - The company faces liquidity challenges, with inventory turnover days increasing to 202 and operating cash flow declining by 29.22% to 435 million yuan, highlighting supply chain and franchisee financial pressures [3] - The funds raised from the H-share issuance will be used for working capital, debt repayment, and overseas expansion, indicating a need for debt structure optimization [3] Capital Arbitrage Risks - The H-share issuance presents risks related to valuation discrepancies and governance issues, as the A+H valuation system may lead to conflicts between cash flow focus in Hong Kong and speculative valuations in A-shares [4] - The controlling shareholder's opaque shareholding structure raises concerns about potential dilution of minority shareholders' rights through various financial instruments [4] - The sustainability of the business model is questioned, with overseas revenue currently below 5% and challenges in price competitiveness in Southeast Asian markets [4] Market Insights - Chao Hong Ji's H-share listing reflects broader challenges in the gold and jewelry industry, balancing between hedging against gold price fluctuations and capturing consumer premium [6] - A successful listing could prompt similar actions from A-share peers, but it may also expose common industry weaknesses such as reliance on franchise expansion and price competition [6] - Investors should be cautious of the disconnect between cultural narratives and financial fundamentals, with the need to validate the profitability of the Southeast Asian expansion and the scalability of traditional craftsmanship [6]

⚫ 根据之前的年报，我们调整盈利预测并引入 2027 年的盈利预测，预计 2025-2027 年 每股收益分别为 2.86、3.30 和 3.75 元（原 25-26 年为 4.37 和 4.88 元），参考可比 公司，给予 2025 年 22 倍 PE 估值，对应目标价 62.92 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱，金价波动影响终端消费等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 71,436 | 56,793 | 49,371 | 52,115 | 57,047 | | 同比增长 (%) | 13.4% | -20.5% | -13.1% | 5.6% | 9.5% | | 营业利润(百万元) | 3,968 | 3,423 | 2,618 | 3,018 | 3,424 | | 同比增长 (%) | 31.5% | -13.7% | -23.5% | 15.3% | 13.5% | | 归属母公司净利润(百 ...

从盲盒收藏热到复古零食兴起，当"保持童真"成为年轻人的生活哲学，一种名为"Kidult经济" 的千亿级 新经济形态正逐渐形成。"Kidult经济"是怎样的存在？一起来看看吧~ Kidult是什么？消费力有多强？ "Kidult"是"kid"（孩子）和"adult"（成人）的组合词，指那些对传统儿童爱好感兴趣的、年龄范围在20 岁+至50岁+的成年人。这一群体催生并正在壮大着独特的"Kidult经济"。 Kidult经济之所以兴起，其价值或主要源于两个方面： 1、满足解压需求：随着生活压力越来越大，如今的成年人希望从简单的事物中找到安慰。重温童年乐 趣，已经成为压力之下的成年人一种治疗解决方案。 2、实现身份认同：Kidult群体在社交媒体上活跃，乐于分享与玩具相关的体验和收藏，形成了一种独 特的社交文化。 市场数据清晰地印证了这一趋势。根据市场分析机构Circana的数据，尽管美国整体玩具销售额在2023 年下降了8%，但成人消费板块逆势增长8%，以17.3%的占比、约67亿美元的整体销售额，展现强劲韧 性。 （资料参考：环球时报《Kidult热潮席卷全球 怀旧玩具销售"逆势上涨"》，2025.1.20） 欧 ...