天眼查App显示，近日，昆明楠瑞槿珠宝有限公司成立，法定代表人为朱子楠，注册资本50万人民币， 经营范围为一般项目：珠宝首饰零售；珠宝首饰批发；珠宝首饰回收修理服务；工艺美术品及礼仪用品 销售（象牙及其制品除外）；销售代理；包装服务；商务代理代办服务；寄卖服务；金银制品销售；贵 金属冶炼；金属矿石销售；金属制品销售；金属制品研发。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）。 ...

天眼查App显示，近日，瑞丽市燕石珠宝有限责任公司成立，法定代表人为刘秋燕，注册资本100万人 民币，经营范围为一般项目：珠宝首饰批发；珠宝首饰零售；工艺美术品及礼仪用品销售（象牙及其制 品除外）；互联网销售（除销售需要许可的商品）；艺（美）术品、收藏品鉴定评估服务；珠宝首饰回 收修理服务；个人互联网直播服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

天眼查App显示，近日，广州市潮涵情侣服饰有限公司成立，法定代表人为罗志广，注册资本1万人民 币，经营范围为宠物销售;珠宝首饰零售;珠宝首饰批发;安防设备销售;文具用品零售;文具用品批发;办公 用品销售;食用农产品零售;食用农产品批发;保健食品（预包装）销售;食品销售（仅销售预包装食品）; 食品互联网销售（仅销售预包装食品）;家具销售;家居用品销售;机械设备销售;建筑材料销售;建筑装饰 材料销售;会议及展览服务;计算机软硬件及辅助设备零售;计算机软硬件及辅助设备批发;电子产品销售; 日用品销售;日用品批发;化妆品零售;化妆品批发;针纺织品销售;针纺织品及原料销售;服装服饰零售;服装 辅料销售;服装服饰批发;贸易经纪;国内贸易代理;技术进出口;货物进出口。 ...

Investment Rating - The report maintains a GDP growth forecast of 5% for the year and 4.5% for Q4 2025, indicating a stable outlook for the industry [5][8]. Core Insights - China's fiscal spending growth is below expectations, primarily due to strong export growth, which allows for a 5% annual growth target to be achievable. This has led to a tightening of fiscal policy in October, but some policy space is reserved for 2026 to ensure a strong start [5][8]. - The focus of China's economic policy for the coming year will be on stabilizing domestic demand, supporting high-tech manufacturing, and stabilizing the real estate market, with key discussions expected in upcoming political meetings [8][12]. - The labor market shows slight improvement but remains at historical lows, limiting consumer recovery. Consumer confidence has improved slightly, influenced by the stock market, but overall consumer spending remains weak [9][10]. Summary by Sections Fiscal Policy - In October, fiscal spending growth was lower than market expectations, leading to an unexpected tightening of broad fiscal indicators. However, the report maintains a GDP growth forecast of 5% for the year [5][6]. Consumer Market - October retail sales data showed accelerated growth in categories like cosmetics and jewelry due to the Double Eleven shopping festival, but this is expected to decline in November. Sales of home appliances and automobiles, supported by trade-in subsidies, have lagged behind other categories, indicating that price promotions and temporary subsidies cannot sustain durable goods consumption [6][7]. Labor Market and Consumer Confidence - The labor market remains weak, with historical low employment levels limiting consumer recovery. Consumer confidence showed slight improvement, potentially due to stock market performance, but overall consumer spending is still weak [9][10]. Fixed Asset Investment (FAI) - FAI growth has significantly slowed, dropping to approximately -11% in October. The decline in real estate investment, along with reductions in infrastructure and manufacturing investments, has contributed to this downturn. The report suggests that only 40% of the decline can be attributed to known factors, with the remaining 60% possibly due to statistical adjustments [13][14]. Policy Recommendations - To stimulate household consumption, the report suggests measures such as creating job opportunities, increasing minimum wage standards, and enhancing service consumption supply. Specific policies include subsidies for the service industry and labor-intensive sectors, as well as relaxing restrictions on high-end consumption [12][16]. Investment Opportunities - The report identifies 35 policy-supported industries that account for approximately 60% of the total market capitalization of listed companies. These industries are expected to provide better investment returns based on the analysis of the Fifteenth Five-Year Plan [15][16].

（记者 张明双） 每经AI快讯，深中华A（SZ 000017，收盘价：7.73元）11月26日晚间发布公告称，截至本公告日，深圳 市国晟能源投资发展有限公司累计质押股数约为6351万股，占其所持股份比例为100%。 每经头条（nbdtoutiao）——国开行辟谣的"人民资产"是什么？记者实探：号称投资600元80天赚8万 元！一位投资人的女儿：劝不住她，警察都拦不住 2025年1至6月份，深中华A的营业收入构成为：珠宝黄金占比99.7%，自行车锂电池材料及其他占比 0.3%。 截至发稿，深中华A市值为53亿元。 ...

中发展控股(00475)发布截至2025年9月30日止6个月的中期业绩，该集团取得收益6791万港元，同比减 少21.71%;公司拥有人应占亏损1021.4万港元，同比增加9.9%;每股亏损2.48港仙。 公告称，收益减少乃主要由于能源业务及珠宝业务的营业额双双下跌所致。 ...

智通财经APP讯，中发展控股(00475)发布截至2025年9月30日止6个月的中期业绩，该集团取得收益6791 万港元，同比减少21.71%;公司拥有人应占亏损1021.4万港元，同比增加9.9%;每股亏损2.48港仙。 公告称，收益减少乃主要由于能源业务及珠宝业务的营业额双双下跌所致。 ...

Core Insights - Shenzhen Tongchen Jewelry Co., Ltd. has been established with a registered capital of 50,000 RMB and is represented by Zheng Zhong [1] Company Overview - The company engages in a variety of business activities including wholesale and retail of jewelry, jewelry recycling and repair services, and sales of gold and silver products [1] - It also deals in metal ores, metal products, and various types of metal sales including non-ferrous metal alloys and metal chains [1] - The company is involved in the retail and wholesale of arts and crafts, excluding ivory products, and offers storage services for general goods [1] Business Activities - The company provides financial consulting and information consulting services, excluding licensed information consulting [1] - It engages in investment activities using its own funds and offers marketing planning and consulting services [1] - The company is authorized to conduct import and export of gold and silver products, subject to approval from relevant authorities [1]

该行指出，考虑到金价涨幅超出预期，周大福上调了其毛利率和经营利润率指引，并预计2026财年下半 年的对冲损失将更加可控，且受最新的增值税政策变化影响有限。该行将周大福2026至2028财年各年核 心净利润(撇除对冲损失)预测分别上调7%、2%及3%，以反映最新的指引，特别是2026财年黄金对冲损 失更易控制，及金价走势更有利的预期。中银国际预期，集团将在2026财年下半年，乃至2027财年受益 于同店销售增长的改善，从而实现盈利增长，并有望维持其在中国珠宝行业的领导者地位。 中银国际指，周大福9月底止2026财年上半年业绩看似平淡，收入和净利润分别同比下滑1.1%和增长 0.1%。但基本数据表明，周大福通过战略调整，已大幅提升了单店平均销售额。从2025年10月1日至11 月18日期间的同店销售增长表现来看(中国内地同比增长35.1%)，这趋势已得到验证，数据展现出强劲 的增长势头，尽管面临挑战，下半财年展望更加乐观。 中银国际发布研报称，有关迹象表明周大福(01929)的策略转型正取得成功，并有望在所有业务板块中 获得更多市场份额;重申"买入"评级，目标价从17.8港元上调至18.1港元，相当于预测2026 ...

该行指出，考虑到金价涨幅超出预期，周大福上调了其毛利率和经营利润率指引，并预计2026财年下半 年的对冲损失将更加可控，且受最新的增值税政策变化影响有限。该行将周大福2026至2028财年各年核 心净利润(撇除对冲损失)预测分别上调7%、2%及3%，以反映最新的指引，特别是2026财年黄金对冲损 失更易控制，及金价走势更有利的预期。中银国际预期，集团将在2026财年下半年，乃至2027财年受益 于同店销售增长的改善，从而实现盈利增长，并有望维持其在中国珠宝行业的领导者地位。 中银国际指，周大福9月底止2026财年上半年业绩看似平淡，收入和净利润分别同比下滑1.1%和增长 0.1%。但基本数据表明，周大福通过战略调整，已大幅提升了单店平均销售额。从2025年10月1日至11 月18日期间的同店销售增长表现来看(中国内地同比增长35.1%)，这趋势已得到验证，数据展现出强劲 的增长势头，尽管面临挑战，下半财年展望更加乐观。 智通财经APP获悉，中银国际发布研报称，有关迹象表明周大福(01929)的策略转型正取得成功，并有望 在所有业务板块中获得更多市场份额; 重申"买入"评级，目标价从17.8港元上调至18.1港 ...