Core Viewpoint - The 2025 Shanghai International Jewelry Exhibition will take place on May 9, 2025, showcasing the latest trends and innovations in the jewelry industry, with participation from top jewelers globally [1][3]. Group 1: Exhibition Overview - The exhibition will cover an area of 25,000 square meters and feature over 1,000 booths, attracting nearly a thousand top jewelers from around the world [3]. - The event will display a full range of jewelry and gemstones, including gold, jade, colored diamonds, crystals, pearls, and more, highlighting craftsmanship, design concepts, and innovations in the industry [3]. Group 2: Featured Brands and Exhibitors - Notable brands such as Lao Feng Xiang and Edison Pearls will showcase their products, including the "盛唐风华" series by Lao Feng Xiang, which emphasizes grandeur in design [3]. - The jade exhibition area will feature groups from various regions, including Jieyang and Pingzhou, showcasing leading enterprises in the jade industry [3]. Group 3: Special Features and Services - The exhibition will include a special area for colored gemstones, featuring over a hundred varieties from domestic and international companies [5]. - An independent jewelry designer exhibition, organized by the China Jewelry and Jade Association, will present diverse works from emerging designers, emphasizing originality and artistic value [5]. - The event will also provide free jewelry identification and consumer consultation services in collaboration with the National Jewelry and Jade Testing Group [7].

1 | | 天风证券 李璇 | | --- | --- | | | 华安基金 孔涛 | | | 申万菱信 黄书瀚 | | 时间 | 2025 年 5 月 9 日 | | 地点 | 公司会议室 | | 上市公司接待 | 董事长兼总经理孙松鹤、董事兼副总经理吴长峰、副总经理兼董事会 | | 人员姓名 | 秘书许恬 | | | 一、介绍环节 | | | 公司副总经理兼董事会秘书许恬就公司 年度及 年一季 2024 2025 | | | 度经营情况做了介绍。 | | | 二、问答环节 | | | 1、曼卡龙的优势是什么？在未来可能出现的困难及挑战？ | | | 答：我们核心优势在于线上化的能力，未来线下门店的运营想要突破 | | | 半径，就得借助强大的线上运营能力，所以这里最大、最重要的挑战 | | | 是对加盟商的筛选，我们需要能感知年轻消费者的需求，懂得如何线 | | | 上线下相结合进行运营的加盟商。 | | | 2、如何做符合年轻人喜好的产品？ | | | 答：在产品研发时，我们注重对消费者的研究，且要关注国际时尚资 | | 投资者关系活动 | 讯，将前沿的流行趋势融入设计，所以公司产品一定是从中国文化出 ...

代码：002867 证券简称：周大生 编号：2025-017 投资者关系活动记录表 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他(电话会议) | | | | 共计 54 位投资者（排名不分先后）： | | | | 交银基金：陈均峰、楼慧源 | 广发证券：包晗 | | | 长江证券（自营）:蔡念恒 | 上海原泽私募基金:姚姗 | | | 深圳前海云溪基金:李志勇 | 金科投资:张诚 | | | 福建豪山资管:蔡再雄 | 西部利得基金:林静 | | | 长江证券（上海）资管:杨杰 | 西南证券（自营）:李佳为 | | | 中加基金:陈晨 | 谦璞投资:张若溪 | | | 国泰君安资管:周晨 | 中泰证券（上海）资管:陈佳玲 | | 参与单位名称 | 鑫巢资本:王璞 | 农银汇理基金:魏刚 | | 及人员姓名 | 财通证券资管:李真 | 光大证券（自营）:苏晓珺 | | | 青骊投资（上海）:李署 | 北京沣沛投资:李爽 | | ...

2008年，从硅谷回国的马越创立了"恒拓开源"——用开源软件帮助企业摆脱数据库、ERP等大型软件的束缚，赚到第一桶金之后，马越收购了"开源中国社 区"，后者即是被市场熟知的开源中国。开源中国的发展历经数次转型，从开源社区，拓展到代码托管、代码工具链。商业化探索方面，也经历了从母公司 剥离独立发展，2019年被百度战略控股，最后又在中美竞争、国产替代浪潮中决定重新独立发展，谋求上市的变化。在开源中国最艰难的时候，创始人马越 个人背负了高达1.8亿元的债务，是创业的信念一直支撑他坚持下去。如今的开源中国已经成长为全球第二大的代码托管平台，汇聚了超过1800万开发者。 其自主研发的DevOps工具链已在金融、军工等关键领域广泛使用，市场渗透率达到80%。 昨日，总部位于阿布扎比的阿联酋第二大主权基金穆巴达拉公布了2024年的成绩单。截至2024年末，公司资产管理规模同比增长9.1%，达1.2万亿迪拉姆， 约合2.4万亿人民币，过去五年年化回报率达10.1%。今年是穆巴达拉正式进入中国市场的第十年。在此期间，穆巴达拉已经在华完成了近170亿美元的投 资，约合1230亿人民币，投资超过100个项目，广泛覆盖消费、医疗健 ...

新晋"排队王"老铺黄金（06181.HK）又有了新动作。5月8日，老铺黄金发布公告称，计划配发新股，配售的所得 款项净额为26.98亿港元。配售是港股公司实现再融资的手段之一，此时距离老铺黄金上市时间尚不足一年。今年 以来，老铺黄金凭借古法黄金技艺异军突起，门店频频大排长龙，成为低迷黄金消费市场中的一匹黑马。然而， 随着周大福等传统巨头纷纷加码古法黄金赛道，这家"黄金新贵"的竞争压力也与日俱增。 "抢跑"解禁窗口期融资 上市不到一年时间，老铺黄金又计划配发新股。5月8日，老铺黄金发布公告称，计划发行431万股新H股，配售价 格为每股630港元，较5月7日收市价685港元折让约8.03%。配售所得款项总额预计为27.15亿港元，净额约为26.98 亿港元，配售将于截止日期(即2025年5月15日 )，或于该公司与配售代理所协定的其他时间或日期完成。 需要注意的是，2024年6月28日老铺黄金才在港交所挂牌上市，彼时以每股40.5港元的IPO发行价募资10.42亿港 元，此次配股融资额度已远远超过IPO募资额度。 在这期间，老铺黄金又完成两次融资。2024年7月30日，老铺黄金宣布悉数行使了超额配股权，所谓超额配 ...

Core Viewpoint - The consumption industry in China has undergone significant changes and innovations over the past few years, leading to a unique economic structure that balances both consumption and production. The evolution of consumer demand, product innovation, and management innovation is driven by factors such as demand stratification, technological iteration, the rise of domestic brands, and emotional value needs [1][3]. Macro Observations - The "three-phase overlap" in China will ultimately create a unique economy that emphasizes both consumption and production. Changes in population dynamics, such as aging and smaller family units, influence different consumption categories [5][6]. - By the end of 2023, household consumption expenditure is expected to account for less than 40% of GDP, but this trend is on the rise due to a decrease in the weight of real estate in household asset allocation [6][8]. - China's high savings rate has seen household savings increase from over 90 trillion to nearly 160 trillion in the past five years, improving the overall asset-liability structure and cash flow of households [8]. - The structural changes in population demographics, particularly the rise of Generation Z as a consumer force, are significantly impacting demand structures and consumption patterns [8][9]. - The unique structure of the Chinese market, being both the largest producer and the second-largest consumer, allows for distinctive business model evolution, characterized by integrated commercial models that combine multiple brands and products [9][10]. Technological Progress and Management Innovation - Technological advancements are driving the integration of business models and management innovations, allowing for rapid response and product iteration in the consumer services sector [10][12]. - The digital capabilities of companies in China enable them to analyze consumer behavior data effectively, leading to optimized operations and improved profitability [12][13]. - Over time, technological progress will amplify differences in corporate capabilities and accelerate the differentiation among companies within the same industry [13]. Industry Observations and Case Studies - Consumption trends in China reflect a coexistence of upgrading, downgrading, and stratification, with different consumer segments experiencing varying trends [15][16]. - International brands are losing their allure in China, while domestic brands are gaining market share in sectors like cosmetics and durable goods due to improved product quality and consumer perception [18][19]. - The rise of domestic brands in high-end markets, such as automobiles, indicates a shift in consumer preferences and a growing confidence in local products [19]. - The industrialization of IP (intellectual property) in China is supported by a strong talent pool in software engineering and design, leading to significant advancements in various sectors [20][21]. - The penetration and concentration of the chain service industry in China are expected to increase, with the current penetration rate in the hotel industry being only around 30%, significantly lower than in developed countries [22][23]. Conclusion - Despite recent challenges in the consumption industry, there are abundant investment opportunities across various segments as the economy gradually recovers and new consumption patterns emerge. China is poised to become a unique market that balances manufacturing and consumption, with significant potential for domestic brands to expand both locally and internationally [24].

近段时间，金价震荡上涨，国内各大品牌金饰品价格也一路走高。 有金店老板的"租黄金"生意十分火爆。龙凤盘旋的足金颈链、刻着双喜的手镯、黄金制作而成的结婚证书……广州市白云区的一家金饰店老板专门为可供 租赁的三金配饰开了个专柜。他说，租赁黄金业务已开办5年。 随着金价的走高，如今越来越多的人愿意接受这种"租三金"的方式。 | 品牌黄金价格 | | 最新:2025.05.09 10:29 | | | --- | --- | --- | --- | | 日期 | 名称 | 价格 | 涨跌 | | 05.09 | 水贝黄金 | 777.95 元/克 | 实时 | | 05.09 | 周大福 | 1022元/克 | 跌18 | | 05.09 | 周生生 | 1020元/克 | 跌18 | | 05.09 | 六福珠宝 | 1022元/克 | 跌18 | | 05.09 | 等支障 | 1022元/克 | 跌18 | | 05.08 | 潮宏基 | 1040元/克 | 持平 | | 05.09 | 老凤祥 | 1020元/克 | 跌19 | | 05.09 | 老庙黄金 | 1019元/克 | 跌17 | 美国银行的大宗 ...

国内金饰回落18元 金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格有所回落，多家价格下跌18元/克至1022元/ 克。 ...

Group 1 - The market has shown resilience in liquidity due to external risk expectations and strong policy support for medium to long-term capital inflow [1] - The performance of A-shares is expected to improve as financing may stop its outflow process, creating new opportunities for inflow when new themes emerge [1] - In Q1 2025, the revenue growth rate of all A-shares is expected to decline compared to Q4 2024, while the net profit growth rate is expected to turn positive, indicating significant improvement [1] Group 2 - On Thursday, the A-share market opened lower but experienced upward fluctuations, with the Shanghai Composite Index facing resistance around 3359 points [2] - The focus of policies has shifted towards expanding domestic demand, with attention on the implementation of fiscal policies and consumption stimulus measures [2] - The central bank has signaled easing, and the increase in financing balance is expected to support market liquidity, with ETF funds continuing to flow in [2] Group 3 - The three major indices collectively rose on Thursday, with the Shanghai Composite Index remaining above the 5-day moving average, indicating a short-term bullish trend [3] - A series of financial policies were released, signaling the start of new incremental policies aimed at enhancing economic resilience and stability [3] - More incremental policies are expected to be introduced, particularly in fiscal policy, domestic demand expansion, and stabilizing foreign trade [3]

代码：002867 证券简称：周大生 编号：2025-016 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | √其他(电话会议) | | | | 共计 50 位投资者（排名不分先后）： | | | | 百年资管：戴斌、徐超 | 东吴证券：吴劲草、郗越 | | | 华安基金：吴政、刘潇 | 广发证券：包晗 | | | 中信建投资管：黄鹏 | 广东正圆私募基金：黄志豪 | | | 富敦投资：刘宏 | 天风资管：邱天 | | | 东方基金：金凤 | 上海证券自营：邵锐 | | | 上银基金：林竹 | 聚鸣：吴莹莹 | | | 誉辉资管（北京）：王灿 | Pickers Capital：Stanley Yip | | | 九泰基金：袁多武、邓茂 | nb 公募：吴瑾 | | 参与单位名称 | 循远投资：田超平 | 东吴人寿：赖政 | | 及人员姓名 | 星泰投资：曹秉超、贾雨朦 | 天弘基金：董志强 | | | 仙人掌私募基金：卢崇春 | 混 ...