5月12日国内金价快报：国内各大金店金价继续下跌，老庙黄金金价已触及1000元/克的关口，其他金店金价也有望跌下千 元。周六福等金店金价跌了14元/克，最新标价1008元/克，仍是最高价金店。菜百金价下跌7元/克，报价988元/克，取代上 海中国黄金成为最低价金店。今日金店黄金价差20元/克，价差又小了点。 具体各大品牌金店最新价格见下表格： | | | 今日金店黄金价格一览(2025年5月12日) | | | | --- | --- | --- | --- | --- | | 金店报价 | 今日金价 | 单位 | 变动幅度 | 涨跌 | | 老庙黄金价格 | 1000 | 元/克 | 19 | 跌 | | 六福黄金价格 | 1008 | 元/克 | 14 | 脱 | | 周大福黄金价格 | 1008 | 元/克 | 14 | 联 | | 周六福黄金价格 | 1008 | 元/克 | 14 | 跌 | | 金至尊黄金价格 | 1008 | 元/克 | 14 | 缺 | | 老凤祥黄金价格 | 1002 | 元/克 | 20 | 跌 | | 潮宏基黄金价格 | 1008 | 元/克 | 14 | 跌 | | 周 ...

Economic Developments - Significant progress has been made in high-level economic talks between the US and China, with both sides reaching important consensus [1][3] - The US Treasury Secretary Scott Bessent expressed satisfaction with the productive nature of the negotiations, indicating that a detailed briefing would follow [3] - The US Trade Representative emphasized the constructive nature of the discussions, highlighting the need to address the substantial trade deficit [3] Market Reactions - Following the news of the trade talks, US stock futures surged, with the Dow Jones rising by 1%, S&P 500 by 1.2%, and Nasdaq by 1.5% [1] - The offshore Chinese yuan experienced a significant increase, rising nearly 200 points, while Asian markets opened positively across the board [1] Gold Market Dynamics - International gold prices opened lower, with a decline exceeding 1%, and prices dropping to below $3,260 per ounce [4] - COMEX gold futures also faced pressure, opening nearly 2% lower at $3,283.7 per ounce [5] - Domestic gold jewelry prices followed suit, with notable decreases in prices for major brands [6] Future Gold Price Predictions - Analysts predict short-term volatility in gold prices, but a long-term upward trend is expected, with Goldman Sachs forecasting prices to reach $3,700 per ounce by the end of 2025 and $4,000 by mid-2026 [9] - China's gold reserves have increased for six consecutive months, with a total of 7.377 million ounces reported at the end of April, reflecting a growing trend in central bank gold purchases globally [10] Regulatory Actions - Several banks have issued warnings against using credit cards for gold trading, citing risks associated with market volatility and regulatory compliance [12][13] - The banks emphasize that credit card funds should only be used for daily consumption and not for investment purposes, including gold [12][13]

Core Viewpoint - The profitability of Dia Shares (301177.SZ) has been continuously declining since its IPO, with revenue and net profit decreasing for three consecutive years from 2022 to 2024, indicating a significant downturn from its peak performance in 2021 [1][3][4]. Revenue and Profit Decline - In 2021, Dia Shares achieved a revenue of 46.23 billion yuan and a net profit of 13.02 billion yuan, marking a year-on-year growth of 87.57% and 131.09% respectively [3][4]. - From 2022 to 2024, the company's revenue decreased from 36.82 billion yuan to 14.82 billion yuan, with year-on-year declines of 20.36%, 40.78%, and 32.01% [4][5]. - The net profit for the same period fell from 7.29 billion yuan to 0.53 billion yuan, with declines of 43.98%, 90.54%, and 23.10% [4][5]. Store Closures - Dia Shares has been closing stores consistently, with 172 closures in 2024 and a total of 356 closures over the past two years, resulting in a net decrease of 315 stores [2][5]. - The total number of stores decreased from 688 in 2022 to 373 by the end of 2024, which is lower than the 461 stores at the end of 2021 [5]. Dividend Payments - Despite declining profitability, Dia Shares has maintained aggressive cash dividend payouts, distributing a total of 4 billion yuan in dividends over 2023 and 2024, with a payout ratio exceeding three times [2][8]. - The actual controllers, Zhang Guotao and Lu Yiwen, received approximately 3.6 billion yuan from these dividends, reflecting their significant ownership of about 90% of the company's shares [2][8]. Financial Strategy - The company has relied on investment income from the IPO proceeds of 46.76 billion yuan to maintain profitability, as its net profit excluding non-recurring gains has shown losses of 1.20 billion yuan and 1.26 billion yuan in 2023 and 2024 respectively [6][8].

商贸零售 商贸零售 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-05 2024-09 2025-01 商贸零售 沪深300 关注零售行业中期投资策略：深挖情绪消费景气赛道 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 零售行业 2025 年中期投资策略：悦享生活，深挖情绪消费景气赛道 相关研究报告 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 《年报一季报陆续披露，关注高景气 板块优质公司—行业周报》-2025.4.27 本周我们发布零售行业 2025 年度中期投资策略，分板块来看，（1）传统零售： 线上流量红利接近见顶、电商查税等问 ...

Group 1: Company Insights on Haitai New Light - Haitai New Light's endoscope repair business grew by 14% year-on-year in Q1 2024, with major customer demand increasing by over 25% [1] - The company is progressing with production line construction in the US and Thailand, with the US subsidiary expected to be certified by July 2024 and the Thailand subsidiary completed by the end of 2024 [1] - The company plans to establish a national marketing team of over 50 experienced members in 2024, with a focus on transitioning to complete machine sales [1] - The optical business is expected to see a slight decline in 2024, while the medical optical business is projected to grow by 23% in 2024 and 71% in Q1 2025 [1] - The company maintains a gross margin above 60%, with a good product yield rate of over 98% for complete machine products [1] Group 2: Company Insights on Zhou Dashing - Investors engaged in discussions regarding the 2024 annual report and Q1 2025 financial indicators, brand matrix, product structure, and terminal sales during a conference call [2] - The company ensured compliance with information disclosure regulations, maintaining the accuracy and completeness of disclosed information [2] Group 3: Institutional Overview of Hongshang Asset - Hongshang Asset was established in October 2013, created by a team from public funds and Sequoia Capital, serving as Sequoia's only equity securities asset management platform in China [3] - The company focuses on absolute return equity investment strategies, driven by fundamental research, and has received multiple industry awards for its performance [3] - The investment research team includes experienced professionals from large fund companies and top analysts, ensuring robust management and industry influence [3]

商贸零售 商贸零售 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《悦享生活，深挖情绪消费景气赛道 —2025 年零售行业中期投资策略》 -2025.5.7 《零售企业经营持续承压，关注高景 气优质公司—行业周报》-2025.5.5 《年报一季报陆续披露，关注高景气 板块优质公司—行业周报》-2025.4.27 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 零售行业 2025 年中期投资策略：悦享生活，深挖情绪消费景气赛道 本周我们发布零售行业 2025 年度中期投资策略，分板块来看，（1）传统零售： 线上流量红利接近见顶、电商查税等问题出现，反观实体店能为消费者提供视/ 触/听/嗅觉全方位体验， ...

IPO Dynamics - Green Tea Group Limited has initiated its IPO process, set to end on May 13, 2025, with plans to list on the Hong Kong Stock Exchange under the stock code "6831" on May 16, 2025 [3] - The company plans to issue a total of 168,364,000 shares, with 16,836,400 shares available for public offering in Hong Kong and 151,527,600 shares for international offering [3] - Green Tea Group ranks third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, indicating its market scale and strength for an IPO [3] Acquisition Dynamics - The Australian Competition and Consumer Commission (ACCC) has begun an informal assessment of Lactalis' proposal to acquire assets from Fonterra, with Rothschild acting as an advisor for Lactalis [5] - The ACCC is seeking public feedback on the acquisition, highlighting potential overlaps in raw milk procurement, dairy processing, and supply to food service businesses [5] - The acquisition could impact consumers and the market, as Lactalis may leverage its global network to enhance the visibility of Mainland Group's brands [5] Brand Dynamics - A Bathing Ape (Bape) has collaborated with singer JJ Lin to launch a limited edition series, coinciding with his concert tour [7] - The collection features three items designed in JJ Lin's favorite purple color, including a notable Bape Sta Color Camo Purple sneaker [7] - This collaboration is expected to create a new wave of demand due to the combination of Bape's streetwear appeal and JJ Lin's celebrity influence [7] Financial Data - Puma reported a 63.7% decline in EBIT for Q1 2025, dropping from €159 million to €57.7 million, with sales slightly increasing by 0.1% to €2.07 billion [22] - Sales in the Europe, Middle East, and Africa region grew by 5.1% to €891.7 million, while the Americas saw a 2.7% decline to €753.7 million, primarily due to poor performance in North America [22] - The Asia-Pacific region experienced a 4.7% sales decline to €430.5 million, with ongoing weakness in the Greater China market being a significant factor [22] - Pandora achieved a 7% organic sales growth in Q1 2025, with total sales reaching 7.35 billion Danish Krone, driven by an 18% increase in online sales [25] - The company maintains its forecast for 2025, expecting organic growth between 7% and 8%, with notable growth in the U.S. market at 11% [25] - European sales grew by 4%, with strong performances in mature markets like Spain and Portugal [25] Personnel Dynamics - Tory Burch has announced three management appointments, with Thibault Vilet becoming the new President for Asia-Pacific, Japan, Europe, and the Middle East [29] - Paolo Zullo has been appointed as the President for Europe and the Middle East, effective July 2025, overseeing retail, e-commerce, and distribution in the region [29] - Joshua Chen will join the brand, with Vilet continuing to report to CEO Pierre-Yves Roussel [29]

世间珍宝何其多，要说哪种宝石更能够体现女性自信优雅的强大气质？ 那我一定毫不犹豫选—— 祖母绿 ！ 作为 「四大名贵宝石」之一、绿宝石之王 ，祖母绿拥有无可比拟的翠绿之色。 如一泓湖水静流，柔和又浓艳，有着沁人心脾的高贵感。 祖母绿不仅是 历代尊贵女性的身份象征， 现在也是 明星名媛出席重要活动的标配！ 不过，天然祖母绿价格相当昂贵， 动辄几万、十几万，真不是咱普通人能随便拥有的！ 退一步说，就算咱咬咬牙花个几万买回来小小一颗祖母绿， 平时多半也是供着，根本舍不得戴 啊 —— 祖母绿是很脆弱的宝石， 万一磕着碰着有了划痕，或是不小心搞丢了，得肉痛死！ ▼ 选用 上乘哥伦比亚天然祖母绿晶种培育 ，质感非常优秀！ 我戴着去店里悄咪咪对比了， 肉眼根本瞧不出差别～ 关键是 连大克拉价格都相当亲民！ 至低只要 99元起 ， 花个一两百、两三百，就能圆"大克拉之梦"！ 玖钻也是咱老朋友了，之前他家莫桑钻卖得超级火爆，大家都很喜欢， 好评和回购就没间断 过。 镶有11颗哥伦比亚梨形祖母绿宝石王冠 创下了祖母绿王冠的拍卖记录 | | | | | | 1 | | | | --- | --- | --- | --- | --- ...

康乃馨香沁心房, 烛光暖暖映纱窗。 春晖脉脉传千里,慈爱涓涓润四方。 又是一年芳菲月,又逢一季感恩时。 今天就带大家了解一下母亲节礼物 背后蕴含的税收小知识吧! 型 花 l. 增值税政策: 农业生产者 自产自销的农业生产者(包括个 人和单位)销售花卉 免征增值税。 小规模纳税人 〈 在2023年1月1日至2027年12月31日 之间，小规模纳税人销售购进的花卉, 如果一个季度的销售额在30万元以内目 末开具增值税专用发票,这部分销售额 免征增值税。如果销售额超过30万元或 者开具的是增值税专用发票,则需要按 规定缴纳增值税。 2023年1月1日 | 20 2027年12月31日 个季度销售额 ▽ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 曾值税专用发票 || 电 TH 撸信祝 30 同元以内 个季度销售额 》 增值税专用发票 缴纳 语 18 0 - 7 F 般纳税人 销售购进的鲜花,鲜花属于农产品, 增值税税率为9%。如果对花卉进行进一步 加工,如制成工艺品,税率为13%。 撸值税 销售购进的 >> 世主体 税率为9% 增值 ...

今年是海南自由贸易港封关运作之年。 建设海南自由贸易港，是习近平总书记亲自谋划、亲自部署、亲自推动的重大国家战略。2022年4月， 习近平总书记在海南考察时强调："加快建设具有世界影响力的中国特色自由贸易港，让海南成为新时 代中国改革开放的示范"。2024年12月，习近平总书记听取海南省委和省政府工作汇报时强调："努力把 海南自由贸易港打造成为引领我国新时代对外开放的重要门户"。 牢记习近平总书记嘱托，海南省不断完善自由贸易港政策制度体系，通过高水平对外开放，实现货物贸 易、服务贸易年均20%以上的增长，实际使用外资规模稳步增长。 近日，记者在海南采访，受访企业负责人对海南自由贸易港建设充满信心，对封关运作充满期待："外 部风险挑战阻挡不了我们走向世界的步伐！" 在扩大开放中练内功强本领 "21%的关税减免，这对销售端是重大利好！"海南京润珍珠有限公司董事总经理周朔说。 加工增值内销免关税，是海南自由贸易港政策之一，2021年落地洋浦保税港区后，经过两次扩围，现已 覆盖海南全岛。该政策明确，对于海南鼓励类产业企业，进口料件后在海南自由贸易港加工成货物，如 果增值超过30%（含），进入内地销售时可免征进口料件的 ...