在互动练习环节，郭志鹏展示了如何用腾讯混元模型进行AI辅助3D珠宝设计出图，AI一键生成的3D模 型文件可直接导入3D打印机进行打样，缩短设计验证周期。"传统设计依赖设计师个人经验，而AI能快 速整合市场趋势、消费者偏好与工艺可行性，提供科学化设计建议。"他说。 胡涛聚焦黄金销售场景带来分享。他以"向新婚夫妇推销30克素圈手镯"为例，现场演示操作流程。输入 相关问题后，AI迅速生成了包含情感共鸣开场白、市场数据分析、品牌保障承诺等内容的专业销售话 术。他强调，AI话术不是简单的套用模板，而是要结合实际场景，为顾客提供有价值的信息和贴心的 服务。在"新媒体运营全攻略"环节，他还围绕当下热门的短视频、直播、社交媒体等平台，分享了AI在 黄金行业新媒体运营中的应用策略。 【深圳商报讯】（记者陈姝）"AI为设计工作提供了全新的思路和方法，也让我看到了黄金行业未来发 展的无限可能。"在由深圳市职业技能培训指导中心联合巨匠培训工坊主办的 "AI赋能黄金行业，智造 未来新生态"主题研讨会上，一位设计师如此感叹。活动特邀全国技术能手郭志鹏、新媒体专家胡涛 等"大咖"担任主讲嘉宾，现场讲解和演示AI如何成为黄金行业从业者的得力 ...

以下文章来源于投中网 ，作者纪佳文 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 本文来自微信公众号： 投中网 （ID：China-Venture） ，作者：纪佳文，编辑：刘燕秋，题图来 自：AI生成 王宁刚拿到麦刚那200万元天使投资时，曾经激动地对麦刚说，"如果我是周杰伦，你就是吴宗宪"。 麦刚是不是吴宗宪我不知道，但那时王宁可能还是对周杰伦有些误解，因为他不会想到周杰伦在抖音 只是简单地开个账号，能让周母亲叶惠美是实控人的港股巨星时代，一天翻倍收盘超过百亿市值，能 让A股的"周杰伦"概念股集体躁动。 王宁的泡泡玛特、蜜雪和老铺集团，也在各个资本市场拥有自己的拥趸和概念股。"港股三姐妹"崛起 的故事，想必大家都耳濡目染一阵子了。 但我还一直特好奇一个事，新崛起的"港股三姐妹"为什么不是"三兄弟"？如果说是源自美股的"七姐 妹"，那她们一开始为什么不叫"七兄弟"？语言是思维的外放，甚至一想到如果有人把这三家崛起的 新消费公司称作"三兄弟"，我 ...

Core Viewpoint - Southeast Asia is emerging as a significant growth area for the gold and jewelry industry, presenting strategic opportunities for Chinese brands to expand internationally [1][2]. Industry Overview - The Southeast Asian gold and jewelry market is experiencing rapid growth, becoming a crucial growth engine for the global industry [2]. - The GDP of the six core Southeast Asian countries is expected to maintain steady growth, with Vietnam, the Philippines, and Indonesia projected to have economic growth rates exceeding that of China over the next three years [2]. - The market size of the gold and jewelry sector in these six countries is expected to reach $11.6 billion in 2024, reflecting a year-on-year growth of 7%, with a CAGR of 7.6% from 2021 to 2024 [2]. Consumer Trends - Traditional culture and emotional value are driving the demand for gold jewelry, while investment gold demand is increasing due to risk aversion [3]. - In Singapore, the high-end jewelry market is characterized by low concentration and a fragmented competitive landscape, with significant demand for luxury jewelry [3]. - Malaysia's jewelry market is growing steadily, with a focus on 22K gold jewelry and a stable share of accessory jewelry [3]. - Thailand shows a preference for 23K gold and gemstones, with a stable competitive landscape among leading brands [3]. - Vietnam's market is stable, with rising demand for investment and accessory jewelry, although overall gold jewelry consumption has seen a decline [3]. - Indonesia's market is rapidly growing, with stable demand for gold jewelry and a surge in investment demand for gold bars and coins [3]. Brand Expansion - Southeast Asia is becoming a strategic launchpad for Chinese gold and jewelry brands due to cultural proximity and a preference for gold products [5]. - Major brands like Lao Pu Gold, Chow Tai Fook, and Luk Fook are successfully expanding their presence in Southeast Asia, with plans for further international growth [6]. - Lao Pu Gold has successfully entered the Singapore market and plans to expand into Japan by 2026 [6]. - Chow Tai Fook reported strong sales performance in Southeast Asia, with 23 stores in the region and a commitment to international development [6]. - Luk Fook Group is also focusing on overseas expansion, with 12 stores in Southeast Asia [6]. - Chao Hong Ji is accelerating its store openings in Southeast Asia, with plans to establish more stores through a franchise model [6]. - Yu Garden Holdings is actively expanding its overseas market presence, particularly in Southeast Asia [6].

Group 1: Foreign Investment Trends in Baijiu Sector - Foreign investment in the baijiu sector has been decreasing, with Kweichow Moutai's foreign ownership dropping from 26% to nearly 13% over the past five years, representing a reduction of about 50% [1] - Other major baijiu companies have also seen significant reductions in foreign holdings, with Luzhou Laojiao decreasing from 8.1% to 4.5% (44% reduction), Yanghe from 27.4% to 3.5% (87% reduction), and Gujing Gong from 10.3% to 3.8% (63% reduction) [2] - Wuliangye has experienced a similar trend, with foreign ownership decreasing from 26% to approximately 7%, equating to a 73% reduction over the last five years [3] Group 2: Recent Performance and Forecasts - Recent quarterly data indicates that Kweichow Moutai had two quarters of net buying and two quarters of net selling, with total shares held decreasing from 87 million to 73 million, a 16% reduction over the past year [1] - Forecasts for the first half of 2025 suggest Kweichow Moutai will see a revenue growth of 9%, while Wuliangye is expected to grow by 1-2%, and Luzhou Laojiao is projected to decline by 6-10% [10] - Shanxi Fenjiu is an exception, with foreign holdings increasing from 36 million to 49 million shares over the past year, indicating a 36% increase in foreign investment [12] Group 3: Overall Industry Sentiment - The overall sentiment in the baijiu industry appears cautious, with many companies experiencing declines in foreign investment, suggesting that the industry's fundamentals may not have fully bottomed out [9] - The baijiu index has been one of the worst-performing indices this year, raising concerns about whether the actual earnings will meet broker expectations [10]

Core Viewpoint - The article highlights the surge in precious metal prices amid global economic uncertainty, leading to increased criminal activities targeting gold and silver concentrates [1][6]. Group 1: Criminal Activities - A truck carrying 33 tons of gold and silver concentrates was hijacked in Mexico, with the truck recovered but the trailer still missing [2][5]. - The stolen precious metals belong to Grupo Minero Bacis, and the incident reflects a rise in highway robberies in Mexico, occurring approximately every 50 minutes [6]. Group 2: Precious Metal Prices - In the past two weeks, silver prices have risen significantly, with international silver futures surpassing $38 per ounce, marking a nearly 14-year high [3][6]. - Domestic silver prices have also increased, with spot T+D prices closing at 9028 yuan per kilogram on July 11, while gold prices remained stable, closing at 769.30 yuan per gram [6]. Group 3: Company Performance - Companies like Zhongjin Gold, Hunan Gold, and Western Gold have forecasted substantial profit increases for the first half of 2025, with Zhongjin Gold and Western Gold expecting over 50% growth [4][8]. - Hunan Gold anticipates a net profit of 613 million to 701 million yuan, reflecting a year-on-year growth of 40% to 60% [8]. Group 4: Market Trends - Global gold ETFs saw an increase of $38 billion in the first half of the year, with central banks continuing to purchase gold, and China's gold reserves rising for the eighth consecutive month [9]. - Despite a positive outlook for gold, gold stock ETFs experienced a decline of over 2% in the past week, with major holdings like Zijin Mining and Shandong Gold dropping more than 5% [9].

Core Viewpoint - Zhongrun Resources Investment Co., Ltd. has undergone significant transformations, including divesting from real estate, focusing on gold mining, and changing its controlling shareholder to a state-owned enterprise, resulting in a dramatic increase in stock price from 0.89 yuan to 10.81 yuan per share within a year, marking a 970.3% increase [2][4][5] Group 1: Company Transformation - The company has successfully divested from its real estate business, which previously accounted for 58.11% of its total revenue in 2021, and shifted its focus to mining [4][6] - In October 2024, a state-owned enterprise, Shandong Zhaojin Ruining Mining Co., Ltd., acquired a 20% stake in Zhongrun Resources, changing its actual controller to state-owned assets [4][6] - The company plans to change its name to Zhaojin International Gold Co., Ltd. and its stock abbreviation to Zhaojin Gold, reflecting its new focus on gold [6] Group 2: Financial Performance - Despite the stock price surge, the company still faces challenges in turning around its operating losses, with a reported revenue of 3.33 billion yuan in 2024 but a net loss of 1.27 billion yuan [5][8] - The company reported a revenue of 978.6 million yuan in the first quarter of 2025, showing a year-on-year growth of 95.79%, but still incurred a net loss of 310.47 million yuan [8] Group 3: Mining Operations - Zhongrun Resources' core asset, the Vatukoula Gold Mine in Fiji, has over 100 tons of gold resources, with current mining capacity at 750 tons per day and plans to upgrade to 2000 tons per day [2][9] - The company is investing 500 to 600 million yuan in technical upgrades for the Vatukoula Gold Mine, with expectations to resolve immediate operational issues by the end of this year [9][10] - The mine's current recovery rate is approximately 80%, with plans to enhance processing capabilities significantly [10] Group 4: Market Outlook - The company remains optimistic about gold prices, which have risen to over 3300 USD per ounce, providing a favorable environment for growth [6][11] - Zhongrun Resources is currently under significant institutional interest, indicating a positive market perception following its transformation [9]

Group 1 - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, with multiple companies initiating this process [1][4] - Companies such as Weichai Power, Tongrentang, and Zijin Mining have submitted applications for their subsidiaries to be listed on the Hong Kong Stock Exchange, indicating a diverse range of industries involved [1][2] - The spinoff model is becoming an important choice for companies to expand their capital landscape, with a focus on sectors like pharmaceuticals, manufacturing, and technology [1][4] Group 2 - Zijin Gold International, spun off from Zijin Mining, is a leading gold mining company with significant global reserves and production, ranking ninth and eleventh respectively as of December 31, 2024 [2] - Tongrentang Medical and Health, a subsidiary of Tongrentang Group, is the largest non-public Chinese hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% in the industry [2] - The spinoff of companies like GoerTek and Noli has also been initiated, with GoerTek Microelectronics being a leader in the MEMS device sector and Noli focusing on intelligent logistics solutions [3] Group 3 - The Hong Kong market is increasingly favoring rapidly growing companies, particularly those with strong cash flow and clear asset evaluations, as it lacks high-potential manufacturing and technology firms [4] - The trend of spinoffs is seen as a way to enhance the overall market supply in Hong Kong while providing companies with new growth opportunities and improving their international presence [4][7] - Companies with "heavy assets and strong operations" are encouraged to consider independent listings to unlock valuation ceilings, especially in sectors like energy services and industrial logistics [4] Group 4 - The performance of companies that have already completed spinoffs shows a mixed trend, with South Mountain Aluminum International's stock rising 36% since its listing, while iFlytek Medical Technology has seen a 21.74% increase [6] - The increasing number of "A拆H" cases is leading to diverse capital structures, as seen with the Tongrentang group potentially forming a triangular structure in the Hong Kong market with multiple subsidiaries [6] Group 5 - The impact of spinoff listings on parent companies' equity can be positive if the subsidiary's stock price rises, although some profits will be shared with external shareholders post-spinoff [7] - The acceptance of "A拆H" in the market is viewed as more favorable compared to A-share spinoffs, which may increase stock supply and investor resistance [7] - The overall valuation of the Hong Kong market remains lower than that of the A-share market, and the capacity for accommodating additional listings needs further observation [7]

Group 1 - The company, Hunan Gold Co., Ltd., expects a net profit attributable to shareholders of between 613.31 million yuan and 700.92 million yuan for the reporting period, representing a year-on-year growth of 40% to 60% [1] - The basic earnings per share are projected to be between 0.39 yuan and 0.45 yuan, compared to 0.28 yuan in the same period last year [1] - The increase in performance is primarily attributed to the rise in sales prices of gold and antimony products compared to the previous year [1] Group 2 - The financial data in the performance forecast is based on preliminary calculations by the company's finance department and has not been audited by an accounting firm [1] - The specific financial data will be confirmed in the company's 2025 semi-annual report [1]

证 券 研 究 报 告 新消费需求多点迸发，竞争格局重构进行时 轻工消费2025年夏季策略 证券分析师：屠亦婷 A0230512080003 黄莎 A0230522010002 庞盈盈 A0230522060003 研究支持：张海涛 A0230524080003 张文静 A0230524120005 魏雨辰 A0230525010001 2025.07.11 新消费需求多点迸发，竞争格局重构进行时 新消费 国内人口代际变化 Z世代消费主力军 技术驱动 产品从0到1验证 海外需求变化 供应链 全球化 机遇 国际客户供应链全 球化趋势确认 高股息 行业格局成熟 资本开支放缓 国货品牌崛起 情感、悦己需求 AI硬件 AI软件 电子烟（监管政策） 品类渗透率提升 保温杯、家居等 消费电子包装 包装 家居 国补以旧换新 国货个护：百亚股份、豪悦护理、登康口腔 IP潮玩：布鲁可、晨光股份、 广博股份、创源股份 黄金珠宝： 潮宏基 宠物用品：天元宠物、 朝云集团、依依股份、 源飞宠物 两轮车：雅迪控股、爱玛科 技、九号公司 AI床垫：慕 思股份、喜 临门 家居：顾家家居、公 牛集团 AI眼镜：康耐特光学、明月 镜片、英派斯 ...

Group 1 - The Hong Kong stock market has performed exceptionally well this year, with a double-digit increase in the main index, outperforming many global equity markets [2] - The new stock market has seen significant activity, with many new listings experiencing hundreds of times oversubscription during the offering phase, and post-listing performance has been strong, exemplified by companies like Mixue Group and CATL [2] - From early 2025 to July 11, the post-listing fundraising scale in the Hong Kong market reached HKD 164.418 billion, surpassing the IPO fundraising scale of HKD 123.564 billion, with the half-year post-listing fundraising nearly doubling last year's total [2] Group 2 - Placement has been the primary method for post-listing fundraising this year, with a total of HKD 156.985 billion raised, accounting for 95.5% of the total [4] - BYD and Xiaomi announced placement plans in March, raising HKD 43.509 billion and HKD 42.600 billion respectively, with proceeds aimed at R&D, overseas business development, and general corporate purposes [4] - Following their placements, both BYD and Xiaomi saw their stock prices continue to reach new highs, indicating market recognition of their growth potential [4] Group 3 - NIO raised HKD 4.03 billion through a placement in March for R&D and strengthening its balance sheet, but its stock price did not recover post-placement, reflecting market skepticism about its financial health and future prospects [8] - Robotics companies have also been active in fundraising, with several raising over HKD 1 billion, including Horizon Robotics and Fourth Paradigm [10] - Biotech companies, particularly those not yet profitable, are also seeking funds, with Innovent Biologics raising HKD 4.310 billion to support global expansion and pipeline development [10] Group 4 - Gold-related stocks have capitalized on rising gold prices to raise funds, with companies like Lao Pu Gold and Zhaojin Mining successfully completing fundraising while their stock prices continued to rise [11] - The Hong Kong stock market has seen significant price increases for companies like Pop Mart and Mixue Group, raising questions about whether these companies will also pursue fundraising opportunities [12] - Investor sentiment towards fundraising activities is influenced by the company's fundamentals, the rationale behind the fundraising, and the overall market environment [12] Group 5 - Companies like Innovent Biologics that raised funds while their stock prices were high were viewed positively by investors, while others that saw stock price declines post-fundraising faced skepticism regarding their pipeline progress and capital efficiency [13] - Gold-related fundraising activities are seen as timely moves to expand capacity in a favorable market environment, creating a positive feedback loop between stock price and fundraising [13] - Investors are encouraged to consider the fundamentals and growth prospects of companies rather than making decisions based solely on short-term stock price fluctuations or fundraising activities [14]