Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the growth certainty amidst fluctuations in the light industry manufacturing sector, particularly focusing on the export chain narrative becoming clearer [2] - The report highlights the stability in paper prices and the potential recovery in the pulp and paper sector, with specific companies recommended for investment [2][3] - The report discusses the impact of new tariffs on exports from Vietnam to the U.S. and suggests that this may lead to a recovery in order placements [3] - The report notes the challenges in the new tobacco sector due to increased compliance scrutiny in the U.S. and suggests potential beneficiaries of this trend [4] - The report outlines the performance of various sectors including e-commerce, electrical lighting, and home furnishings, indicating growth opportunities and strategic expansions [7][9][10] Summary by Sections Pulp and Paper - Pulp prices are stabilizing with South American bleached eucalyptus pulp prices at $500-510 per ton, and domestic pulp mills are facing rising costs [2] - Companies like Sun Paper and Xianhe are recommended for their integrated pulp and paper operations and profitability improvements [2] Exports - The recent tariff agreement between the U.S. and Vietnam is expected to enhance order placements and stabilize the export chain [3] - Companies with strong global layouts and those facing short-term performance pressures are highlighted for potential investment [3] New Tobacco - The U.S. FDA is increasing compliance checks, leading to a significant drop in e-cigarette shipments, which may benefit compliant companies [4] E-commerce - "Jiao Ge Peng You" reported impressive sales during the 618 shopping festival, indicating a successful technology-driven retail strategy [7] Electrical Lighting & Smart Home - Bull Group's international strategy is yielding results with significant sales in Germany, while other companies are exploring high-end markets [9] Home Furnishings - The launch of new product systems by "Bei Wo" and the anticipated restart of national subsidies are expected to boost consumer confidence in home furnishings [10] Consumer Products - The report notes a divergence in growth trends within the personal care sector, with certain brands showing strong performance [11] Gold and Jewelry - The demand for boutique gold jewelry is strengthening, with stable gold prices expected to support overall industry recovery [12][13] Two-Wheel Vehicles - Tao Tao Vehicle's strong profit forecast indicates growth potential in the electric vehicle sector [14] Cross-Border E-commerce - Companies like Xiao Shang Pin Cheng and Ji Hong are expected to perform well as tariff uncertainties diminish [15] Packaging - Yongxin and Yutong Technology are projected to maintain steady growth, with a focus on functional and differentiated materials [16]

双方将共同依托各自优势，构建更便捷、透明、安全的黄金流通闭环，提升消费者信任度与体验感。在高端金制品定制与精深加工领域，百镒金业的精细化 制造标准将与中深亿金的智能制造能力相结合，致力于提升产品精度、工艺复杂度与个性化定制水平，服务于高端客户与特定行业需求。 与中深亿金的战略携手，是百镒金业深化产业布局、强化核心竞争力的关键一步。中深亿金在技术创新与智能制造方面的卓越实力，将极大赋能百镒金业的 产品力与服务力。此次合作不仅是资源的整合，更是理念与愿景的融合，双方都期待共同打造引领市场需求的标杆性产品与服务，为贵金属行业的繁荣发展 注入澎湃新动力。 本次百镒金业与中深亿金的全面战略合作，标志着双方在构建贵金属产业新生态、引领行业高质量发展道路上迈出了坚实一步。未来，双方将持续深化合作 内涵，以创新为驱动，以品质为基石，以客户为中心，共同书写贵金属产业融合创新的辉煌篇章。(周通) 7月4日，百镒金业有限公司与国内领军黄金珠宝服务商中深亿金(深圳)黄金珠宝有限公司在济南举行战略合作签约仪式，双方高层代表以及相关人员出席活 动，共同见证这一重要时刻。 百镒金业作为专注于贵金属全产业链服务的领先企业，深耕于贵金属投资、 ...

Core Viewpoint - The article discusses a significant financial fraud involving a company called Huashiao Holdings, led by its actual controller Yu Zengyun, who has allegedly orchestrated a scheme that defrauded investors of 7 billion yuan, leaving over 100,000 investors with substantial losses. The company's executives have been arrested, while Yu and two other bosses have fled the country [1][3][30]. Group 1: Company Overview - Huashiao Holdings, under the leadership of Yu Zengyun, was involved in a fraudulent gold investment scheme that promised high returns to investors [5][9]. - The company operated a financial platform called "Qiaohang Tianxia," which presented itself as a legitimate investment opportunity in gold leasing, attracting investors with returns between 5.2% and 7.3% [7][11]. - By mid-2023, Huashiao Holdings managed over 20 billion yuan in funds, but by September 2023, the company abruptly stopped all gold investment payouts, leading to a crisis among investors and employees [20][22]. Group 2: Financial Impact - The financial report for 2024 indicated that the revenue of a related entity, Jiubianli, fell to 1.679 billion yuan, a decrease of 3.77%, with a net loss of 109 million yuan, a staggering drop of 468.03% [1][3]. - The total amount of unpaid funds from the gold leasing business reached over 4 billion yuan, with total unpaid amounts exceeding 7 billion yuan across various financial products [24][26]. - The fraudulent activities have severely impacted the reputation of China Gold, which denied any association with Huashiao Holdings, stating that the contracts were forged [26][29]. Group 3: Legal and Regulatory Developments - Yu Zengyun has been wanted for suspected fundraising fraud since September 2024, leading to a series of investigations and legal actions against the company and its executives [3][34]. - Nine executives from Huashiao Holdings have been detained, while Yu and two others have confirmed their departure from the country [33][34]. - Investigations revealed that investor funds were not used for gold purchases but were instead funneled into numerous shell companies, with significant amounts transferred overseas [26][27].

Group 1 - The core viewpoint of the articles highlights the rising trend of gold investment among young people, particularly the post-90s and Gen Z demographics, who are increasingly viewing gold as a viable investment option rather than a traditional commodity [2][5]. - In the past year, gold prices have surged significantly, doubling from around 400 RMB/g to nearly 1000 RMB/g at peak times, indicating a strong market performance [2]. - The concentration of gold trading activity occurs during evening hours (8 PM to 11 PM), aligning with the leisure time of young investors, showcasing a trend towards "fragmented financial management" [2]. Group 2 - The global economic uncertainty has reinforced gold's status as a safe-haven asset, with spot gold prices rising by 25% in the first half of the year, driven by central bank purchases, geopolitical risks, and inflation pressures [3]. - Industry experts believe that the foundation for a long-term bull market in gold remains solid, with strategic allocation value highlighted by the China Gold Association [3]. - The long-term annualized return of gold is approximately 8%, comparable to global nominal GDP growth, with expectations for an upward shift in return rates due to accelerated central bank purchases [4]. Group 3 - JD Finance has positioned gold investment as a core competitive advantage, offering a comprehensive platform that includes physical gold, accumulation gold, gold ETFs, and gold recycling services [5]. - The platform aims to enhance investor education, improve product offerings, and refine professional service systems to support gold investment, particularly targeting the younger demographic [6]. - The growing interest in gold among young investors reflects a broader trend of seeking asset preservation strategies in uncertain economic times, with digital natives redefining the meaning of investment stability [6].

投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 天风证券何富丽女士 博时基金付伟先生 新华基金成斐昳女士 胤胜投资谭佩佩女士 华夏基金张盈女士 时间 2025 年 7 月 4 日（星期五） 地点 公司会议室 上市公司接待人 员姓名 公司董事长王晓峰先生 公司董事兼总经理 王晓丹女士 公司证券事务代表 张雅女士 投资者关系活动 主要内容介绍 1、关于越王珠宝、越王古法黄金的历史情况及品牌情况？ 回复：公司旗下越王珠宝品牌起始于 1901 年，前身为"陈氏银楼"，是 "中华老字号"品牌。公司于 2015 年收购越王珠宝，"越王古法金"是公司 2019 年开发的古法黄金品类。 2、2024 年度公司黄金珠宝主要产品分类及占比情况？ 回复：公司黄金珠宝产品体系主要为珠宝首饰、投资金条等。其中，珠 宝首饰占营业收入比例在 90.87%，投资金条占营业收入比例为 8.66%。 3、公司黄金珠宝板块各个品类产品的毛利率水平如何？ 回复：古法黄金的毛利率约为 28%，镶嵌类产品的毛利率约为 32% ...

Core Viewpoint - The recent decline in gold prices has led to a paradoxical decrease in sales for jewelers, as consumer behavior tends to favor purchasing during price increases rather than decreases [1] Group 1: Market Trends - Gold prices have dropped to a new low since June, impacting sales negatively, with some jewelers reporting a 30% decrease in sales compared to when prices were rising [1] - Despite fluctuating gold prices, the consumption of gold jewelry remains strong, indicating a persistent consumer interest in the market [3] Group 2: Consumer Complaints - The number of complaints in the gold jewelry industry surged to 8,544 in 2024, a 136.28% increase year-on-year, with total claims exceeding 95.23 million yuan [3] - The complaints are primarily focused on false advertising, pricing disputes, and difficulties in obtaining refunds, with young women emerging as the most active complainants [5][12] - The effective resolution rate for complaints in the industry stands at 36.59%, with a total of 33.46 million yuan recovered for consumers [3] Group 3: Complaint Characteristics - Complaints related to false advertising account for 22.82% of total complaints, with issues such as mislabeling K-gold as pure gold and misleading promotional tactics being common [5] - Pricing disputes make up 19.05% of complaints, with consumers expressing concerns over opaque pricing methods and hidden conditions in promotional offers [7] - Refund disputes constitute 16.35% of complaints, with many consumers reporting that merchants do not allow returns on gold jewelry after purchase [7] Group 4: Brand Performance - China Gold leads in complaint volume with 19.74% of total complaints, followed by Zhou Li Fu and Lao Feng Xiang [8] - Lao Feng Xiang has the highest complaint resolution rate at 94.08%, significantly above the industry average, while Zhou Li Fu's resolution rate is notably low at 15.07% [7][8] Group 5: Consumer Demographics - Female consumers account for 86.02% of complaints, highlighting their dominant role in gold jewelry purchases and their heightened awareness of consumer rights [12] - The age group of consumers filing complaints has shifted, with those born after 2000 now representing 45.18% of complaints, surpassing those born in the 1990s [12] Group 6: Regional Insights - Guangzhou has the highest complaint rate at 5.54%, followed by Dongguan and Shanghai, reflecting the regional distribution of gold jewelry consumption capabilities [15]

Group 1 - The core viewpoint of the article highlights the strong performance of Laopu Gold, which has seen its stock price increase by over 300% this year, making it a benchmark case for public funds investing in the gold consumption sector [1][2] - As of July 3, Laopu Gold's stock price reached 969 HKD per share, with a total market capitalization of 167.32 billion HKD, reflecting the capital market's preference for high-end gold craftsmanship [1] - The driving forces behind Laopu Gold's price surge are attributed to the dual resonance of global inflation expectations and the trend of domestic consumption, particularly the growing consumer interest in traditional gold jewelry [1][3] Group 2 - Specific holdings show that three funds, including GF Value Core Mixed A and Xinao Enjoy Life Mixed A, have over 9.6% of their net asset value in Laopu Gold, nearing the 10% "full position" limit [2] - The strong performance of Laopu Gold has translated into significant returns for the funds, with an average net asset value growth rate of 19.17% for the 39 funds holding the stock [2] - The article suggests that the Hong Kong stock market is currently in a structural window of opportunity, particularly in the context of rising risk appetite, with a focus on AI and consumer sectors [2][3] Group 3 - Looking ahead, the article identifies two main lines for investment in Hong Kong consumer stocks: first, leading companies in segments with pricing power, such as gold jewelry; second, domestic brands benefiting from policy stimulus, which are expected to see valuation premiums rise as performance materializes [3]

Group 1 - The consumer industry is undergoing a profound transformation from scale expansion to quality upgrading, driven by policy incentives, technological iterations, and changes in consumer preferences and habits [1][14]. - The new consumer groups represented by Generation Z, the elderly, and women are pushing consumption demand towards personalization and quality [1][17]. - Domestic brands are experiencing sustained growth, with sensory experiences becoming the core touchpoint linking consumers and products [1][29]. Group 2 - The importance of domestic demand has been reaffirmed, with a shift in focus from short-term demand stimulation to systematically enhancing consumer willingness, supported by policies such as employment and entrepreneurship initiatives [2][50]. - From January to May 2025, the total retail sales of consumer goods increased by 5.0% year-on-year, indicating a recovery in domestic demand [2]. Group 3 - Four major consumption trends are identified: the rise of domestic brands, emotional consumption, the silver economy, and AI+ consumption [3][4]. - The silver economy is driven by an aging population, with the proportion of individuals aged 65 and above exceeding 14% in 2021, and expected to surpass 30% by 2035 [21][23]. - Emotional consumption is characterized by a shift from functional to self-rewarding and social value, with consumers willing to pay for emotional value [3][20]. Group 4 - The report recommends focusing on structural opportunities in the consumer sector, highlighting four core investment themes: the rise of domestic brands, high-growth emotional consumption, the burgeoning silver economy, and AI+ consumption [4][18]. - Specific companies are recommended for investment, including domestic brands like Lao Pu Gold, Shangmei Co., and Midea, as well as emotional consumption leaders like Pop Mart and Heytea [5][4]. Group 5 - The integration of AI into the consumer chain is emphasized, with a focus on companies that demonstrate strong product innovation capabilities [3][4]. - The rise of online sales driven by live streaming and e-commerce is reshaping the retail landscape, with online retail sales reaching 6.0 billion in the first five months of 2025, reflecting an 8.5% year-on-year growth [41][40]. Group 6 - The sensory experience is becoming a core value of brands, with consumers increasingly demanding high-quality sensory interactions [32][39]. - The marketing landscape is shifting towards decentralized models, with KOL and KOC marketing gaining prominence, allowing brands to achieve precise targeting and higher ROI [49][40].

一、价格下跌：国际市场及国内市场表现 国际现货黄金价格已跌破3250美元/盎司，创下一个月新低，伦敦市场报价徘徊在3279美元/盎司左右，部分报价显示为3290美元/盎司。白银市场同样低迷， 伦敦现货白银价格约为36.03美元/盎司，部分报价为36.24美元/盎司。 换算成人民币，国内黄金实时价格约为761.6元/克，白银约为8.2元/克，铂金约为310.7 元/克。 这并非简单的价格下跌，而是多种宏观经济因素共同作用的结果。 二、价格差异：国内金店报价及金条价格优势 国内黄金市场价格与国际现货价格存在差异，主要受品牌溢价、加工费及税费等因素影响。知名品牌如周大福、六福珠宝、金至尊和潮宏基的黄金价格约为 989元/克，周生生和谢瑞麟略低，约为985元/克。然而，金条价格却呈现出更明显的优势。周生生和谢瑞麟的金条价格约为928元/克，而菜百首饰和周六福 的金条价格甚至低至878元/克，价格差距显著。这使得金条成为追求投资价值消费者的理想选择。 三、价格波动背后的经济信号 黄金价格下跌的主要驱动因素是美元走强，导致资金回流美元资产，从而抑制了黄金价格。此外，全球通胀数据缓和，市场风险偏好回升，避险需求下降， 进一 ...

珠宝美妆&纺服轻工行业 2025 年中期投资策略 20250701 摘要 黄金珠宝行业终端销售快速增长，但消费需求分化，投资金条和金币需 求显著增加，而黄金饰品消费量同比下滑。高端古法金和低克重饰品满 足中产及年轻客群悦己需求，成为市场热点。 预计 2025 年下半年金价维持高位，受地缘冲突、避险因素、央行购金 及美元信用问题支撑。美国降息预期亦有影响，但上半年已显著上涨， 下半年进一步突破需更强驱动。投资金需求或降温，高端古法和低克重 饰品将持续增长。 化妆品行业整体增速放缓，国产替代和渗透率提升逻辑未变，但竞争加 剧，电商红利消退。应关注国货美妆公司在单品打造、多品牌多品类拓 展方面的能力。 卫生巾行业受舆情扰动和 618 大促影响，格局短期波动，但百亚股份积 极应对，全国化步伐坚定，高端自由点系列增长。口腔护理需求刚性， 细分赛道发展驱动单价提升，登康口腔线上渠道爆发式成长。 Q&A 2025 年上半年黄金珠宝市场的表现如何？ 2025 年上半年，黄金珠宝市场表现强劲。1 月至 5 月，金银珠宝类累计社会 消费品零售总额增速超过 12%，显著跑赢整体社零增速。尤其在 4 月至 5 月期 间，这一增速更加 ...