Company Dynamics - The company reported a retail value growth of 26% year-on-year for 3QFY26 (October-December 2025), with retail values in mainland China, Hong Kong and Macau, and overseas markets growing by 26%, 20% respectively [1] - Same-store sales in mainland China and Hong Kong and Macau increased by 7% and 31%, and 16% respectively [1] - The company achieved better-than-expected accelerated growth in 3QFY26, with retail value and same-store sales growing by 26% and 15% year-on-year, respectively [1] Market Performance - In mainland China, despite a high base effect, retail value grew by 26%, with brand store same-store sales increasing by 31%, outperforming self-operated stores which grew by 7% [1] - The company opened 19 new self-operated stores, bringing the total to 235, while brand stores decreased by 66 to 2,701 [1] - The Hong Kong and Macau markets benefited from product price differences, entertainment activities, and RMB appreciation, with retail value growing by 20% and same-store sales by 16% [1] Product Performance - Pricing for gold products continued to perform well, with same-store sales for self-operated and brand stores in mainland China showing a decline of 2% and an increase of 30% respectively [1] - Same-store sales for priced jewelry grew by 56% and 38% for self-operated and brand stores respectively, with priced gold products increasing by 93% and 60% [1] - In the Hong Kong, Macau, and overseas markets, same-store sales for gold products and priced jewelry grew by 17% and 14% respectively, with priced gold increasing by 27% [1] Sales Momentum - Since the beginning of 2026, terminal sales have continued to show positive momentum, with consumers adapting to high gold prices [2] - The adjustment of the gold value-added tax policy in mainland China has widened the price gap between the Hong Kong market and the mainland, boosting sales performance in the Hong Kong market [2] - The company’s same-store sales performance improved further in the first week of January compared to 3QFY26, indicating ongoing positive trends [2] Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at HKD 2.70 and HKD 3.02 respectively, with the current stock price corresponding to 10x and 9x FY26/27 P/E [2] - The target price has been raised by 12% to HKD 34.31, reflecting a valuation uplift due to improved industry sentiment, corresponding to 13x and 11x FY26/27 P/E, indicating a 25% upside potential [2]

（来源：经济参考报） 西江之畔，骑楼光影与宝石流光交相辉映。作为"世界人工宝石之都"，全球每10颗人工宝石中就有7颗 产自这里。这座岭南古城为何能凭借宝石打造出一张璀璨的产业名片？答案藏在四十多年来产业与时代 的交融之中。 记者走进梧州国际宝石首饰产业园，看到自动化切磨设备高速运转，晶莹的宝石毛坯在机械臂操控下完 成精准切割，原本需要人工数小时才能完成的工序如今只需几分钟时间。这里聚集的300余户加工主 体，让"一粒宝石从毛坯到成品"的本地完成率超过90%，形成了从原料供应、机械制造到设计镶嵌、市 场营销的全产业链闭环。 统计数据显示，2025年前三季度，梧州宝石产业出口额达2.7亿元，同比增长35%，东盟市场占比提升 至两成，而南美市场的巴西、阿根廷、智利的订单更是增长了40%，形成"欧美+东盟+南美"的多元市场 格局。 四十年崛起特色产业集群 1982年，香港商人崔福明回梧州探亲，敏锐察觉到这里的轻工业基础与富余劳动力潜力，创办了当地第 一家人工宝石加工厂，如同在西江之畔播下了一颗闪耀的种子。"当时梧州的轻工配套已经有一定基 础，工人手脚麻利又肯钻研，加上靠近粤港澳，进出口运输很方便，直觉告诉我这里适合做 ...

Group 1 - The core viewpoint of the articles highlights the recent price adjustments in gold jewelry by Chao Hong Ji, with increases ranging from hundreds to tens of thousands of yuan, reflecting the rising gold prices in the market [1][2][3] - Chao Hong Ji's gold jewelry prices have seen a significant increase, with some high-end products experiencing price hikes of approximately 38%, such as a necklace that rose from 49,879 yuan to 68,879 yuan [3] - The company is targeting the younger consumer market by offering lightweight and co-branded gold products, which has contributed to its sales growth despite the challenges of rising raw material costs [4][5] Group 2 - Chao Hong Ji's financial performance has shown volatility, with net profits fluctuating significantly over the years, including a projected net profit of 436 million to 533 million yuan for 2025, representing a year-on-year increase of 125% to 175% [6][7] - The company faces challenges related to goodwill impairment, which has impacted profitability, with a reported goodwill impairment of 171 million yuan in the third quarter of 2025 [7] - Chao Hong Ji is planning to expand its international presence with new stores in Malaysia, Thailand, and Cambodia, as part of its strategy to enhance global market reach and connect with overseas capital [7]

Core Viewpoint - The recent price adjustments by Chao Hong Ji reflect the ongoing increase in gold prices, with price hikes ranging from hundreds to tens of thousands of yuan for various gold jewelry items, indicating a broader trend in the industry as other brands also raise prices in response to rising raw material costs [3][4]. Price Adjustments - Chao Hong Ji has initiated a new round of price adjustments for its gold jewelry, with increases varying from several hundred to over 19,000 yuan, and overall price hikes between 10% to 20% [3][4]. - A specific example includes a "turning heart bottle" gold necklace, which saw a price increase of approximately 38%, from 49,879 yuan to 68,879 yuan [5]. Market Trends - The gold jewelry market is experiencing a price surge due to rising gold prices, with Chao Hong Ji's gold jewelry now priced at 1,436 yuan per gram, an increase of 79 yuan since the beginning of the month [4]. - Chao Hong Ji is targeting younger consumers by offering lightweight and co-branded gold products, which have become a significant part of its sales strategy [6]. Financial Performance - Chao Hong Ji's net profit has shown significant volatility, with projections for 2025 indicating a potential increase of 125% to 175% year-on-year, despite past fluctuations in profitability [7][8]. - The company reported a net profit of 4.36 billion to 5.33 billion yuan for 2025, but has faced challenges such as goodwill impairment, which has impacted its profitability [8]. Competitive Landscape - Chao Hong Ji, established in 1997, is positioned as a fashion jewelry brand, contributing over 90% of its revenue from jewelry sales [7]. - The company faces intense competition in the fashion consumer goods sector, and its ability to maintain product and brand competitiveness is crucial for future growth [4][8].

Group 1: Metal New Materials - Copper prices are expected to experience high-level fluctuations in the short term due to inventory accumulation and delayed tariff expectations, with LME and COMEX arbitrage space narrowing [8][9] - Aluminum prices are also anticipated to face high-level fluctuations, driven by inventory accumulation and the impact of delayed tariff expectations [9] - Lithium demand remains strong despite seasonal trends, with carbonate lithium prices entering an upward cycle, while cobalt prices are expected to continue rising due to tight raw material supply [10][11] Group 2: Precious Metals - Gold and silver prices have been rising, attributed to weak U.S. employment data and changes in margin requirements for precious metal contracts, which may increase market volatility [13][14] - The geopolitical situation, including U.S. military actions in Venezuela, has heightened demand for safe-haven assets, contributing to the upward momentum in precious metals [14][15] - China's gold reserves increased to 74.15 million ounces by the end of December 2025, reflecting ongoing central bank purchases that support gold prices [18] Group 3: North Exchange Market - The North Exchange has begun disclosing 2025 earnings, with Lin Tai New Materials and Hai Neng Technology forecasting significant profit increases, indicating a positive market outlook [19][20] - The market is expected to maintain liquidity, with structural investment opportunities arising from the technology sector and a focus on companies with strong fundamentals and reasonable valuations [20] - Key investment directions include companies with expected earnings growth, those in the service consumption sector, and firms in the new energy vehicle export chain benefiting from reduced tariffs [20] Group 4: New Consumption - Chao Hong Ji anticipates a substantial increase in net profit for 2025, driven by store expansion and improved brand strength, with a projected profit range of 436 to 533 million yuan [22][23] - The approval of a new medical device by Juzi Biotechnology marks a significant milestone, indicating growth potential in the healthcare sector [23] - The report emphasizes the importance of understanding new consumer trends and suggests focusing on high-quality domestic brands in various sectors [24][25]

海南自贸港全岛封关运作"满月"成绩单亮眼。 化妆品店门口排长队、金饰店内大量商品售罄、苹果手机被疯抢……这是第一财经记者在海南多家免税店看到的一幕。 海南自由贸易港全岛封关运作12月18日正式启动至今日，刚好"满月"，第一财经记者实地探访海南发现，这一个月以来，赴海南的游客量明显增加，同程旅 行数据显示，截至1月18日，海南自贸港全岛封关后首月的酒店预订热度月环比增长超过40%。在政府消费券、商场打折等多种促消费政策之下，海南免税 购物升温，据海口海关统计，自2025年12月18日至2026年1月17日，海口海关共监管离岛免税购物金额48.6亿元，同比增长46.8%；购物人数74.5万人次，同 比增长30.2%；购物件数349.4万件，同比增长14.6%。 酒店预订增长超40%，外籍游客涌入海南 在封关"满月"前2天，第一财经记者来到海南，封关后旅客到海南出差、旅游不需要额外的手续。且由于封关利好，加之一季度本就是海南旅游相对旺季， 因此赴海南的游客非常多，预订机票和酒店时经常看到满座、满房状态。 同程旅行数据显示，截至1月18日，海南自贸港全岛封关后首月的酒店预订热度月环比增长超过40%，高品质酒店预订热度 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the competitive advantage of Qian Dama through its "community small store + daily clearance mechanism + warehouse and cold chain" model, which enhances supply stability and operational efficiency [3][24][35] - The report emphasizes the importance of emotional consumption themes and identifies high-quality companies in high-growth sectors, recommending specific companies across various segments [6][37] Summary by Sections Industry Overview - The retail and social service indices reported a decline of 1.47% and an increase of 1.53% respectively during the week of January 12-16, 2026 [5][13] - The internet e-commerce sector showed the highest growth, with a year-to-date increase of 11.18% [16][19] Company Highlights - Qian Dama has submitted its IPO application to the Hong Kong Stock Exchange, focusing on fresh food retail in the South China market, with a GMV of 9.8 billion yuan in 2024, significantly outperforming its competitors [24][25] - The company operates 2,983 stores, with 2,898 being franchise stores, contributing over 90% of its revenue [25][31] - The report recommends several companies based on their performance and market positioning, including: - Chaohongji, expected to achieve a net profit of 436-533 million yuan in 2025, driven by brand upgrades and channel expansion [39][43] - Meilitiantian Medical Health, projected to see a revenue increase of 28.2% in FY2025H1 [39] - Zhou Dafu, focusing on product structure optimization and store upgrades [39] Investment Themes - Investment Theme 1: Focus on high-end gold and fashion jewelry brands, recommending Chaohongji and Laopu Gold [6][37] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, recommending Yonghui Supermarket and Aiyingshi [6][37] - Investment Theme 3: Highlight domestic beauty brands that meet emotional value and safety innovation, recommending Maogeping and Pola [6][37] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][37]

1月16日晚，莱绅通灵发布公告称，公司当日收到《江苏证监局对欧陆之星钻石（上海）有限公司采取 出具警示函措施的决定》（简称"《警示函》"），欧陆之星钻石（上海）有限公司（简称"欧陆之星"） 因未如实披露相关股东代持事项，违反了《上市公司收购管理办法》相关规定。 彼时，欧陆之星披露的股权结构为亿汇通投资实业（上海）有限公司持股41.67%，AUSTAR DIAMOND & JEWELLERY COMPANY持股33.33%，HENG YUEN INTERNATIONAL INVESTMENT持 股25%。 图片来源：公司简式权益变动报告书 根据莱绅通灵此前披露的2025年第三季度报告，欧陆之星持有1715.62万股莱绅通灵股票，持股比例为 5%。 未真实披露代持 《警示函》内容显示，经查，亿汇通投资实业（上海）有限公司作为欧陆之星名义股东，代Eurostar Diamond International S.A持有欧陆之星41.66%股份。欧陆之星作为莱绅通灵持股5%以上的股东，在 2024年5月、2025年3月公告的《莱绅通灵珠宝股份有限公司简式权益变动报告书》中未真实披露上述代 持事项。 作为信息披露义务人， ...

1月16日晚，莱绅通灵发布公告称，公司当日收到《江苏证监局对欧陆之星钻石（上海）有限公司采取出具警示函措施的决定》（简称"《警示函》"）， 欧陆之星钻石（上海）有限公司（简称"欧陆之星"）因未如实披露相关股东代持事项，违反了《上市公司收购管理办法》相关规定。 作为信息披露义务人，欧陆之星上述行为违反了《上市公司收购管理办法》（证监会令第166号）第三条第三款的规定。根据《上市公司收购管理办法》 （证监会令第166号）第七十五条的规定，江苏证监局决定对欧陆之星采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 根据莱绅通灵此前披露的2025年第三季度报告，欧陆之星持有1715.62万股莱绅通灵股票，持股比例为5%。 未真实披露代持 《警示函》内容显示，经查，亿汇通投资实业（上海）有限公司作为欧陆之星名义股东，代Eurostar Diamond International S.A持有欧陆之星41.66%股份。 欧陆之星作为莱绅通灵持股5%以上的股东，在2024年5月、2025年3月公告的《莱绅通灵珠宝股份有限公司简式权益变动报告书》中未真实披露上述代持 事项。 | 股东名称 | 持股比例 | | | -- ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 1月16日晚，莱绅通灵发布公告称，公司当日收到《江苏证监局对欧陆之星钻石（上海）有限公司采取 出具警示函措施的决定》（简称"《警示函》"），欧陆之星钻石（上海）有限公司（简称"欧陆之星"） 因未如实披露相关股东代持事项，违反了《上市公司收购管理办法》相关规定。 根据莱绅通灵此前披露的2025年第三季度报告，欧陆之星持有1715.62万股莱绅通灵股票，持股比例为 5%。 未真实披露代持 《警示函》内容显示，经查，亿汇通投资实业（上海）有限公司作为欧陆之星名义股东，代Eurostar Diamond International S.A持有欧陆之星41.66%股份。欧陆之星作为莱绅通灵持股5%以上的股东，在 2024年5月、2025年3月公告的《莱绅通灵珠宝股份有限公司简式权益变动报告书》中未真实披露上述代 持事项。 作为信息披露义务人，欧陆之星上述行为违反了《上市公司收购管理办法》（证监会令第166号）第三 条第三款的规定。根据《上市公司收购管理办法》（证监会令第166号）第七十五条的规定， ...