炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财通社 今日，国际黄金期货与现货价格再创新高，盘中一度突破5500美元/盎司。 行情大好之际，大量持金者选择趁高位变现，资金开始从囤金转向兑现。 这一变化，本应为交易活跃的黄金市场注入更多流动性，却在深圳水贝引发了一场意想不到的风暴。 作为全国最大的黄金珠宝集散地，往年临近春节，水贝总是人声鼎沸。 但1月下旬，这里的空气却明显变了味。人流依旧密集，情绪却从热闹转向焦灼，甚至带着几分绝望。 金价暴涨的背景下，深圳市杰我睿珠宝有限公司（下称"杰我睿"）的黄金交易平台出现提现困难，迅速 成为水贝乃至全国黄金圈关注的焦点。 01 一个平台，三套玩法 但近年来，杰我睿的业务结构发生了明显变化。公司逐步将触角伸向贵金属零售领域，并向散户开放黄 金预定价交易，风险敞口也随之放大。 在线下，杰我睿在水贝设有实体门店，主营贵金属及珠宝买卖、回收。 而在线上，公司先后搭建了多个小程序平台，包括"杰我睿珠宝""龙冶金""金城金世界"。 其中，"杰我睿珠宝"负责回收业务，"龙冶金"销售贵金属板料，"金城金世界"则承载零售黄金成品业 务。 三个小程序看似各 ...

证券研究报告·海外公司研究简报·专业零售(HS) 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | 20.71 | (8.98) | 50.00 | 12.23 | 11.04 | | EPS-最新摊薄（港元/股） | 0.66 | 0.60 | 0.90 | 1.01 | 1.12 | | P/E（现价&最新摊薄） | 20.43 | 22.44 | 14.96 | 13.33 | 12 ...

Core Viewpoint - The article discusses the financial crisis faced by Shenzhen Jie Wo Rui Jewelry Co., highlighting the difficulties in cash redemption faced by consumers and investors, leading to widespread anxiety and despair among them [4][5][7]. Group 1: Company Overview - Shenzhen Jie Wo Rui Jewelry Co. is described as the "largest gold and jewelry distribution market" in China, which was expected to thrive during the peak season before the New Year [4]. - The company has been involved in a business model that includes both ordinary trading customers and high-leverage investment clients, with operations centered around gold recovery and investment [47][48]. Group 2: Consumer Experiences - Consumers like Lin Wei and Cai Lin invested significant amounts of their savings into Jie Wo Rui, believing in the platform's promises of easy gold transactions and returns [9][20]. - The platform initially provided a sense of security and convenience, allowing users to buy and sell gold easily, which led to a false sense of safety among investors [16][26]. Group 3: Crisis Development - The crisis began to unfold when the company's cash reserves were reported to be severely lacking, leading to a halt in cash redemptions for consumers [36][45]. - Reports indicate that the company had been experiencing operational anomalies prior to the public announcement of the crisis, with withdrawal limits imposed on users [38][39]. Group 4: Financial Impact - The estimated amount involved in the crisis exceeds 200 million yuan, with some reports suggesting that the total could be over 1 billion yuan, affecting thousands of consumers [45]. - The company proposed two redemption plans for investors, offering either a 20% or 40% return on their principal, contingent upon signing non-disclosure agreements [57][61]. Group 5: Regulatory Response - Following the crisis, local authorities initiated an investigation into Jie Wo Rui's operations, with a focus on ensuring the company fulfills its responsibilities towards investors [83].

证券研究报告·海外公司研究简报·专业零售(HS) [Table_Tag] [Table_Summary] 投资要点 [Table_Summary] 投资要点 2026 年 01 月 29 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 周大福（01929.HK） 黄金珠宝百年龙头品牌，战略转型+产品升级 开启成长新篇章 买入（首次） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 108,713 | 89,656 | 94,265 | 99,234 | 105,213 | | 同比(%) | 14.82 | (17.53) | 5.14 | 5.27 | 6.03 | | 归母净利润（百万港元） | 6,499 | 5,916 | 8,873 | 9,958 | 11,058 | | 同比(%) | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - Chow Tai Fook is a leading brand in the gold and jewelry industry with a rich history, established in 1929 and listed in Hong Kong in 2011. The company is the largest gold jewelry brand in China, with a total of 5,813 stores as of the end of FY26Q3 [7][8]. - The company has shown significant improvement in overall performance, with a retail revenue growth of 18% year-on-year in FY26Q3, driven by strong sales in mainland China and Hong Kong/Macau [14][18]. - The company is undergoing a strategic transformation, focusing on product upgrades and enhancing brand value, which has led to a notable increase in the proportion of fixed-price products in sales [9][24]. Summary by Sections Financial Performance - For FY2025, the company achieved total revenue of HKD 89.66 billion and a net profit of HKD 5.92 billion, with projections for FY2026-2028 showing revenue growth of 5.14%, 5.27%, and 6.03% respectively [1][24]. - The gross profit margin has been steadily increasing, reaching 30.5% in FY26H1, while the net profit margin remains stable at around 6.5% [20][24]. Store Operations - The company is in a store closure cycle, having reduced its total number of stores by 228 in FY26Q3, while still maintaining strong same-store sales growth, particularly in mainland China [7][18]. - The same-store sales growth in mainland China for FY26Q1, Q2, and Q3 were -3.3%, +7.6%, and +21.4% respectively, indicating a positive trend [18]. Product Strategy - The proportion of fixed-price products has significantly increased, with retail value growth of 59.6% year-on-year for these products in FY26Q3, contributing to 40.1% of total sales [9][24]. - The company is focusing on high-end positioning by closing underperforming stores in lower-tier markets and opening new concept stores in higher-tier cities [14][24].

2026.01. 29 本文字数：1632，阅读时长大约3分钟 作者 | 第一 财经 宋婕 克价从1400元左右涨到1700元以上，金饰在两周内"身价大增"。 两周前，在第一财经记者走访各大品牌金饰门店时，大部分品牌的金饰克价还在1400元出头。以周 大福为例，按1月29日的金饰克价计算，一个35克的金镯的现价与两周前的报价相比，在门店优惠与 工费不变的情况下，仅克重价的差额就已经高达9800元。 近日，广东南方黄金市场研究院市场研究中心主任宋蒋圳在接受第一财经记者采访时表示，中长期来 看，2026年国际金价预计会持续走高，短期可能存在阶段性休整的过程。总体上金饰价格基本不会 与国内交易所报价和国际金价脱钩。 有金店店员告诉记者，很难讲金价是否能回到以前的价格，当前金饰克价看着高，但或许每天都是最 低价。以店员个人的预判，金饰克价在年前可能去到1800元。 据消费者芳芳回忆，2025年第三季度的时候，她去水贝购买了一件重量为10克的金饰，在买完之 后，金饰克价就开始疯狂飙涨。除了金价上涨外，受黄金税收政策调整的影响，再难以在水贝购买到 克价那么便宜的金饰。那一次是她印象中短期内最后一波买金的风口。 芳芳早在2 ...

| 01.29 | 老凤祥 | 1713元/克 | 涨93 | | --- | --- | --- | --- | | 01.29 | 老庙黄金 | 1722元/克 | 涨104 | | 01.28 | 菜百首饰 | 1550元/克 | 持平 | | 01.28 | 周六福 | 1613元/克 | 持平 | | 01.28 | 周大生 | 1618元/克 | 持平 | 金价又涨了！ 国内金饰价格每克已破1700元 最高一夜涨了104元/克 ↓↓↓ 老庙黄金报价1722元/克 上涨104元/克 周生生报价1708元/克 上涨94元/克 老凤祥报价1713元/克 上涨93元/克 周大福、金至尊报价1706元/克 上涨88元/克 | 品牌黄金价格 | | 最新: 2026.01.29 09:50 | | | --- | --- | --- | --- | | 日期 | 名称 | 价格 | 涨跌 | | 水贝金价 | 1395 元/克 | 实时 | | | 01.29 | 周大福 | 1706元/克 | 涨88 | | 01.29 | 周生生 | 1708元/克 | 涨94 | | 01.28 | 六福珠宝 | 16 ...

本期业绩预增的原因主要系黄金珠宝行业消费趋势变化加速，公司密切关注市场动态，充分发挥直营优 势，各渠道增强联动，品牌影响力持续提升，核心经营指标稳中有进。 菜百股份(605599.SH)发布2025年年度业绩预增公告，预计2025年年度实现归属于母公司所有者的净利 润为106,000万元到123,000万元，与上年同期(法定披露数据)相比，将增加34,099.14万元到51,099.14万 元，同比增加47.43%到71.07%。 ...

菜百股份（605599）(605599.SH)发布2025年年度业绩预增公告，预计2025年年度实现归属于母公司所 有者的净利润为106,000万元到123,000万元，与上年同期(法定披露数据)相比，将增加34,099.14万元到 51,099.14万元，同比增加47.43%到71.07%。 本期业绩预增的原因主要系黄金珠宝行业消费趋势变化加速，公司密切关注市场动态，充分发挥直营优 势，各渠道增强联动，品牌影响力持续提升，核心经营指标稳中有进。 ...

公司本期业绩预增的原因主要系黄金珠宝行业消费趋势变化加速，公司密切关注市场动态，充分发挥直 营优势，各渠道增强联动，品牌影响力持续提升，核心经营指标稳中有进。 格隆汇1月29日丨菜百股份(605599.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润为 106,000.00万元到123,000.00万元，同比增加47.43%到71.07%。预计2025年年度实现归属于母公司所有 者的扣除非经常性损益的净利润为95,154.51万元到112,154.51万元，同比增加39.16%到64.03%。 ...