北京时间9月3日晚间，现货黄金首次升至3560美元/盎司上方，再创历史新高，年内累涨逾35%。美股黄金股开盘上涨，其中哈莫尼黄金涨逾5%，盎格鲁 黄金涨逾3%。 值得一提的是，国际金价已连续七个交易日上涨。 | 黄金专区 | | | | | --- | --- | --- | --- | | 避险抗通胀,长期配黄金 | | | | | 国内现货 | 国际现货 | 黄金实物 | | | 智牌 银行 | 同收 | | | | 品牌 | | 价格(元/克) 日涨跌幅 | | | 周大福 | | 1053 | +1.54% | | 老凤祥 | | 1050 | +1.35% | | 周六福 | | 1021 | +0.79% | | 周生生 | | 1056 | +1.44% | | 六福珠宝 | | 1053 | +1.54% | | 金至尊 | | 1053 | +1.54% | | 老庙 | | 1052 | +1.74% | 在深圳水贝黄金珠宝市场，今日的克价已经涨到818元/克，8月30日水贝市场的金饰克价在796元左右。 "对于普通消费者来说，克价800元是个分水岭。"在水贝从事黄金珠宝生意的陈经理对证券 ...

北京时间9月3日晚间，现货黄金首次升至3560美元/盎司上方，再创历史新高，年内累涨逾35%。美股黄金股开盘上涨，其中哈莫尼黄金涨逾5%，盎格鲁 黄金涨逾3%。 每经编辑｜金冥羽 值得一提的是，国际金价已连续七个交易日上涨。 9月3日下午，上海黄金交易所发布通知，对黄金延期品种与白银延期合约交易保证金水平和涨跌停板比例进行调整。 自2025年9月5日（星期五）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等合约的保证金水平从 13%调整为14%，下一交易日起涨跌幅度限制从12%调整为13%；Ag（T+D）合约的保证金水平从16%调整为17%，下一交易日起涨跌幅度限制从15%调整 为16%。 上金所要求各会员增强风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作，合理控制仓位，理性投资，确保市场稳定健康运行。 金饰价涨破1050元 9月3日，国内多家黄金珠宝品牌公布的境内足金首饰价格继续上涨，周生生足金首饰价格报1056元/克，周大福、六福珠宝等品牌足金首饰价格报1053元/ 克。 | 黄金专区 | | | | | | --- ...

摘要9月3日金价继续攀升，多个金店金饰价格突破1050元/克，2025年9月3日，各大品牌黄金零售价格 大幅上涨，据金投网统计，目前是周生生价格最高，为1056元/克（工费另计），中国黄金价格最低， 为989元/克（工费另计），投资金条价格每克826-837.00元左右，白银价格9.38元/克。 9月3日金价继续攀升，多个金店金饰价格突破1050元/克，2025年9月3日，各大品牌黄金零售价格大幅 上涨，据金投网统计，目前是周生生价格最高，为1056元/克（工费另计），中国黄金价格最低，为989 元/克（工费另计），投资金条价格每克826-837.00元左右，白银价格9.38元/克。 尽管美联储降息预期仍在市场蔓延，但投资者的情绪已显著转向避险模式。美国主要股指普遍回调，而 黄金和白银等传统避险资产价格则强势攀升——白银突破每盎司40.40美元，黄金更是站上3500美元/盎 司大关。这一走势反映出市场在周五（9月5日）美国非农就业报告发布前的谨慎与防御心态。 风险偏好降温主要源于特朗普近期的关税言论，重新引发市场对能源制裁、供应链断裂与通胀复燃的担 忧。此外，地缘政治紧张局势再度升温，尤其是以色列与伊朗代理人 ...

截至6月30日，中国黄金股东户数11.80万，较上期减少0.55%；人均流通股14239股，较上期增加 0.55%。2025年1月-6月，中国黄金实现营业收入310.98亿元，同比减少11.54%；归母净利润3.19亿元， 同比减少46.35%。 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。 融券方面，中国黄金9月2日融券偿还9100.00股，融券卖出5000.00股，按当日收盘价计算，卖出金额 4.16万元；融券余量20.35万股，融券余额169.31万元，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98.42%，管理服 务费0.49%，其他(补充)0.44%，K金珠宝产品0.39%，品牌使用费0.26%。 来 ...

金价的千元时代，起伏不断。 2025年上半年，黄金价格延续强势上涨态势，高价位环境对黄金首饰消费也产生明显抑制，多家黄金珠 宝企业营收承压。 9月1日，沪金2510合约收盘上涨2.08%，报价800.56元/克，重回800元/克上方。金价上涨效应传导至黄 金消费市场，多个品牌金饰价格重回每克千元的高位。9月2日，周大福、潮宏基等品牌足金饰品均报价 1037元/克，菜百足金报价1005元/克。 黄金价格居高不下，"淘金"的黄金珠宝企业2025年上半年业绩进一步分化。以老铺黄金为代表的优等生 梯队交出"高分"答卷，营收与净利润呈现爆发式增长，甚至半年内两度提价，同样表现亮眼的还有进军 港股的周六福、逆势扩张的潮宏基及以投资金条见长的菜百股份。相比之下，部分传统黄金珠宝企业巨 头如老凤祥、周大生等则深陷营收净利双双下滑的困境。 新京报贝壳财经记者注意到，金价高企促使消费端更为冷静与审慎，轻克重、设计感强、附加值高的首 饰产品受青睐，金店金条需求仍然旺盛，但利润较低。各大黄金首饰品牌纷纷挤入"古法"赛道，并一窝 蜂地打造IP跨界产品。然而，喧嚣背后，同质化竞争日益加剧，如何实现真正差异化突破，已成为摆在 行业面前的关 ...

在连续数月窄幅震荡之后，国际金价再度破纪录。 9月3日，现货黄金短线拉升，突破3545美元/盎司，续创新高，日内涨0.4%。年初至今，金价累计涨幅 超30%。 国内黄金市场同样迎来一波强劲涨势——周大福、六福珠宝、金至尊等品牌金饰价格均已升至1053元/ 克；周生生突破1056元/克，单周涨幅普遍超过15元/克！ 当前形势下，多家金融机构持续看好黄金：瑞士银行已将2026年上半年国际金价目标价上调至3700美 元/盎司；美国银行的分析师甚至预计，到2026年上半年国际金价可能触及4000美元/盎司的高位；巨象 金业分析师金缠也认为黄金正处在爆发前夕。 视频制作/实习生 晋仕博 文/北京青年报记者 宋霞 编辑/周超 ...

Domestic Gold Market - Domestic gold prices continue to rise, with increases up to 20 CNY per gram, and most stores reporting an increase of 18 CNY per gram, reaching 1053 CNY per gram at the highest-priced stores [1] - Shanghai China Gold reported the lowest price at 989 CNY per gram, with a price difference of 64 CNY per gram compared to the highest price, which has narrowed from the previous day [1] - Specific gold prices from various brands include: Lao Miao at 1052 CNY, Liu Fu at 1053 CNY, and Zhou Da Fu at 1037 CNY, among others [1] Gold Recycling Prices - The gold recycling price has also increased by 7.9 CNY per gram, with significant price differences among brands [2] - Current recycling prices include: 799.30 CNY for general gold, 804.80 CNY for Cai Zi gold, and 812.10 CNY for Lao Feng Xiang gold [2] International Gold Market - Spot gold experienced a decline to a low of 3469.99 USD per ounce but rebounded to close at 3532.69 USD per ounce, marking a 1.65% increase [4] - As of the latest update, spot gold is trading at 3530.84 USD per ounce, showing a slight decrease of 0.05% [4] - Factors influencing gold prices include uncertainty surrounding Trump's tariff policies, weak economic data, and increased geopolitical tensions, leading to a shift of funds into safe-haven assets like gold [4] - Analysts suggest that gold prices may continue to rise due to seasonal demand and expectations of interest rate cuts by the Federal Reserve [4]

Group 1 - The international gold price has surged, reaching a nearly five-month high and breaking the historical record of $3500 per ounce [1][3] - The total net profit of six major domestic gold and jewelry listed companies exceeded 5.2 billion yuan in the first half of the year, showing a year-on-year increase of over 37% [1][3] - Despite the overall profit increase, the performance of individual companies varied significantly, with some experiencing declines in revenue and profit [3] Group 2 - Lao Feng Xiang, the leading company, reported a revenue of 33.3 billion yuan, a year-on-year decline of 16% [3] - Zhou Da Sheng's revenue nearly halved, with a slight profit decrease of 1.27% [3] - Hong Kong-listed Lao Pu Gold saw a remarkable net profit increase of 290% [3] - China Gold experienced the most significant profit drop, with a year-on-year decrease of 46% [3] Group 3 - Overall, the total revenue of the six companies declined by nearly 5%, indicating that while profits increased, sales volumes did not improve [3] - The rise in gold prices has highlighted gold's value as a safe-haven asset amid strong expectations for Federal Reserve interest rate cuts and ongoing geopolitical conflicts [3] - Domestic gold consumption has decreased by 3.54% year-on-year, with gold jewelry sales dropping significantly by 26% [3] Group 4 - Consumers are becoming more rational, opting to invest in gold bars and coins, which have increased by nearly 24%, rather than purchasing gold jewelry [3] - High gold prices are suppressing terminal consumption, leading to noticeable sales pressure on some brand stores [3] - Future performance will depend on the Federal Reserve's policy decisions and the easing of geopolitical risks [3] - Investment in gold stocks should focus on leading brands with strong cash flow and diversified product offerings [3]

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-09-03 个股表现 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 727.50 | | --- | --- | | 总股本/流通股本（亿股）1.73 | | | 总市值/流通市值（亿港 | 1,256.22 | | 元） | | | 周内最高/最低价 52 | 1082/ 239.80 | | 资产负债率(%) | 38.1336 | | 市盈率 | 87.1113 | | 第一大股东 | 有限公司 | 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 股票投资评级 老铺黄金 (6181.HK) 增持|维持 拓店与出海并举，年内二次提价，未来展望积极 事件 中报：公司发布 2025 年中报，2025 年上半年公司销售业绩（含 税收入）人民币 142 亿元，同比增长 249%，收入人民币 123 亿元，同 比增长 251%，经调净利润 23.5 亿元，同比增长 291%，期间利润 22.7 亿元，同比增长 285%。中报业绩位于正面盈利预告区间偏上位置。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the sports footwear and apparel sector, including Anta Sports, Li Ning, and Xtep International, with respective 2025 PE ratios of 18x, 19x, and 12x [5][9][10]. Core Insights - The sports footwear and apparel sector shows robust growth, with a 9.1% year-on-year revenue increase to 65.9 billion yuan in H1 2025, and a net profit growth of 8.2% to 10.54 billion yuan after adjusting for one-time gains and losses from the previous year [1][17]. - A-shares in the branded apparel sector experienced stable revenue but significant profit pressure, with a slight revenue decline of 0.1% and a net profit drop of 17.5% in H1 2025 [2][17]. - The textile manufacturing sector faced a weakening trend in Q2 2025 compared to Q1, with a revenue increase of 2.7% but a net profit decline of 9.8% [3][17]. - The gold and jewelry sector saw weak demand, with gold jewelry consumption down 27% and 24% in Q1 and Q2 2025, respectively, highlighting the importance of product and brand strength [4][17]. Summary by Sections H-Shares Sports Footwear and Apparel - Revenue for key companies grew 9.1% to 65.9 billion yuan, with net profit increasing 8.2% to 10.54 billion yuan after adjustments [1][17]. - Companies are focusing on expanding differentiated store formats and enhancing product performance in running shoes while entering new outdoor categories for long-term growth [1][17]. A-Shares Branded Apparel - Revenue remained stable with a slight decline of 0.1%, while net profit fell 17.5% due to increased sales expenses [2][17]. - The home textile category showed stable demand, while fashion and leisure apparel companies exhibited varied performance [2][17]. - The outlook for H2 2025 suggests potential easing of profit pressure as companies manage expenses more effectively [2][17]. Textile Manufacturing - The sector's performance weakened in Q2 2025, with revenue growth of 2.7% and a net profit decline of 9.8% [3][17]. - The impact of changing tariff policies is noted, with Southeast Asian products gaining market share in the U.S. [3][17]. - Companies with integrated and international supply chains are expected to benefit from market share gains in the long term [3][17]. Gold and Jewelry - Overall demand for gold jewelry remains weak, with significant declines in consumption [4][17]. - Companies with strong product and brand capabilities are focusing on product development and marketing to differentiate themselves in a competitive market [4][17].