Core Viewpoint - Gold prices have significantly increased, reaching approximately 1040 CNY per gram, driven by expectations of a 25 basis point rate cut by the Federal Reserve and heightened demand for safe-haven assets due to geopolitical uncertainties [2][3]. Group 1: Gold Price Trends - On September 2, 2025, gold retail prices surged, with the highest price from Chow Sang Sang at 1041 CNY per gram and the lowest from China Gold at 819 CNY per gram [2]. - Investment gold bars are priced between 817.20 and 820.50 CNY per gram, while silver is priced at 9.29 CNY per gram [2]. - The current domestic gold price is around 800 CNY per gram, while the international gold price stands at 3474 USD per ounce [4]. Group 2: Market Influences - The market anticipates an 89% probability of a rate cut by the Federal Reserve, which is a significant factor driving gold inflows [2]. - Concerns over the independence of the Federal Reserve following the dismissal of board member Lisa Cook have intensified safe-haven buying [2]. - Ongoing uncertainties regarding U.S. tariff policies and escalating geopolitical tensions, including the Russia-Ukraine conflict and Middle East issues, are providing additional support for gold prices [2]. Group 3: Brand-Specific Gold Prices - Major gold retailers have reported price increases, with the following prices per gram: Lao Miao at 1034 CNY, Liufuk at 1037 CNY, and Chow Tai Fook at 1037 CNY [5][6]. - Other notable prices include Lao Feng Xiang at 1036 CNY and China Gold at 803 CNY [6]. Group 4: Precious Metal Recovery Prices - The current recovery prices for precious metals are as follows: gold at 791 CNY per gram, platinum at 304 CNY per gram, palladium at 248 CNY per gram, and silver at 8.66 CNY per gram [7]. Group 5: Hong Kong Gold Prices - In Hong Kong, the gold price is reported at 32,311 HKD per tael, with major brands like Chow Tai Fook and Liufuk pricing their gold jewelry at 38,730 HKD per tael [8].

9月1日金价大幅上涨，来到了1020元/克上方，2025年9月1日，各大品牌黄金零售价格大幅上涨，据金 投网统计，目前是周大福价格最高，为1027元/克（工费另计），中国黄金价格最低，为969元/克（工 费另计），投资金条价格每克807.52-823.50元左右，白银价格9.29元/克。 在杰克逊霍尔年会上，鲍威尔明确指出，随着经济风险天平发生位移，相应的货币政策或将迎来调整。 对此，施耐德深入解读道："透过其发言不难看出，美联储已不再拘泥于2%的固定通胀目标，而是将更 多目光投向了经济增速放缓以及劳动力市场疲软的相关迹象。" 这一政策风向的转变，在上周五（8月29日）公布的数据中得到了有力佐证——通胀水平如预期般出现 回升态势。依据美国商务部发布的报告，作为美联储重点关注的通胀衡量指标，剔除食品与能源项目后 的核心个人消费支出（PCE）价格指数，在过去12个月（截至7月）内涨幅达到2.9%。 地缘政治层面的不确定性将持续为金价提供支撑。当前，特朗普总统与美联储之间的矛盾冲突不断升 级，这正逐渐动摇美元作为全球储备货币的地位，进而增强了黄金作为避险资产的吸引力。 目前国内黄金价格每克807元，国际金价为347 ...

Core Viewpoint - The most profitable investment in the first half of the year was the Russian Ruble, which appreciated by 41% against the US dollar by June 30, 2023, largely due to a high base interest rate of 20% in Russia [5][6]. Group 1: Investment Trends - The capital that left the US market primarily followed three paths: returning to its origin, filling value gaps, and flowing into speculative markets [6]. - The South Korean stock market ranked second in performance, attributed to its low average price-to-earnings ratio of around 10 times, making it an attractive investment despite political instability [7]. - The Hong Kong Hang Seng Index grew by 20% in the first half of the year, influenced by major companies like Meituan, JD.com, and Alibaba, which have significant weight in the index [8]. Group 2: Market Analysis - The Hong Kong market is seen as a better investment alternative compared to South Korea, Spain, and Germany, especially after a decline from 2020 to 2023, leading to attractive valuation levels [8]. - Some Hong Kong companies maintain high cost-performance ratios, while others, particularly the so-called "four little dragons" of consumption, have inflated valuations [9]. - The A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, indicating potential for a bull market [10]. Group 3: Investment Strategies - A conservative investment strategy favors low price-to-earnings ratio stocks, particularly large commercial banks, as global liquidity is expected to ease [11]. - The real estate sector remains a critical issue, with predictions that it may bottom out between 2025 and 2026 based on historical data [12]. - Gold prices increased by 26% in the first half of the year, and while there is potential for further gains, caution is advised against leveraging investments in gold due to its speculative nature [13][14].

新华财经查询发现，国内金饰价格也有较大幅度增长，周生生报价为每克1041元，较前日上涨16元，老 庙黄金报价每克1034元，单日上涨了11元，周大福则报每克1037元，单日上涨10元。 美联储降息预期升温及市场避险情绪共振，黄金、白银2日延续上一交易日涨势。现货黄金升破3500美 元关口，刷新历史新高，一度触及每盎司3508.69美元。 来源：新华财经 ...

个股跌多涨少，市场共861只个股上涨，44只个股涨停，4485只个股下跌。 9月2日上午，市场再现"跷跷板"效应。 高股息资产表现活跃，银行、电力等板块上涨。科技主线回调，算力产业链相关个股下跌，德科立、剑桥科技、英维克、麦格米特等个股大跌，新易盛、 天孚通信、中兴通讯等龙头股下跌。 A股三大股指集体回调，创业板下挫近3%。截至午间收盘，沪指下挫至3844.84点，跌0.79%，深证成指跌2.21%，创业板指跌2.9%。 现货黄金创历史新高 9月2日，现货黄金盘中一度突破3500美元/盎司，创下历史新高。年初至今，金价累计涨幅超33%。 | 3495.755 | | 昨结 | 3475.450 | | 3477.065 | | | --- | --- | --- | --- | --- | --- | --- | | +20.305 +0.58% | | 总量(kg) | 0.00 | | 现手 | 0 | | 最高价 3508.690 | | 特 仓 | 0 | | 4 | 0 | | 最低价 | 3473.878 | 增 仓 | 0 | | | O | | 分时 | 五目 | EK | EK | 月K | ...

9月2日，A股指数走弱，截至10:48，共4600只个股下跌。 沪深两市成交额连续第70个交易日突破1万亿，较昨日此时有所缩量。 8月以来，两融余额连续多个交易日增长，期间9只个股获融资净买入超30亿元，寒武纪（688256.SH）、新易盛（300502.SZ）、胜宏科技 （300476.SZ）位居前三，分别获融资净买入68.95亿元、59.57亿元、59.1亿元，寒武纪、新易盛、天孚通信（300394.SZ）8月以来股价翻倍。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 数字货币、消费电子、算力硬件等板块跌幅居前。 | 稳定币 | 小基站 | eSIM-F | 智能IC | 数字货币 | | --- | --- | --- | --- | --- | | -5.76% | -5.40% | -5.21% | -4.91% | -4.87% | | 网络切片 | | 高速铜连接航天科工系第三方支付电子身份证 | | | | -4.64% | -4.49% | | -4.25% -4.24% | -4.21% | | 汽系 -4.60% | 卫星 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][11]. Core Views - The company reported a significant increase in profit margins despite a decline in revenue, showcasing resilience in its business model [3][4]. - The brand strategy and product optimization are effectively mitigating risks associated with fluctuations in gold prices, enhancing the company's competitive edge [4]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 45.97 billion yuan, a year-on-year decrease of 43.92%. The net profit attributable to shareholders was 5.94 billion yuan, down 1.27% year-on-year [1]. - The second quarter of 2025 saw revenue of 19.24 billion yuan, a decline of 38.47% year-on-year, but net profit increased by 31.32% to 3.42 billion yuan [1][2]. - The gross profit margin improved by 11.96 percentage points to 30.34% in H1 2025, driven by product mix optimization and pricing benefits from rising gold prices [3]. Business Segments - The franchise business generated 24.25 billion yuan in revenue, down 59.12% year-on-year, reflecting reduced replenishment frequency by franchisees due to high gold prices [2]. - The self-operated offline business reported revenue of 8.9 billion yuan, a decrease of 7.56%, while the e-commerce segment achieved 11.68 billion yuan, down 1.94% [2]. - Notably, the fashion silver jewelry and other auxiliary products saw a revenue increase of 11.11% to 3.2 billion yuan, highlighting a structural growth opportunity [2]. Profitability and Forecast - The company forecasts net profits of 11.6 billion yuan, 13.4 billion yuan, and 15.4 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 14.7%, 15.8%, and 15.0% [4][5]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 13X for 2025, 11X for 2026, and 10X for 2027, indicating attractive valuation levels [4][5].

Market Overview - The A-share market experienced a collective pullback on September 2, with the Shanghai Composite Index falling to 3844.84 points, down 0.79%, the Shenzhen Component Index down 2.21%, and the ChiNext Index down 2.90% [1][2]. Sector Performance - The brokerage sector saw a sudden surge in the morning, with notable gains including Pacific Securities hitting the daily limit, Guosheng Financial increasing by 5.82%, and Changcheng Securities rising over 4% [3][4]. - Financial stocks generally performed well, with major banks like China Merchants Bank rising nearly 3%, and other banks such as China Construction Bank, CITIC Bank, and Industrial and Commercial Bank of China increasing by over 1% [3][4]. Consumer Sector - Several consumer stocks rose against the market trend, with BeiGene up 9.84% and Midea Group also showing gains. Kweichow Moutai's stock price briefly returned to 1500 yuan, currently reported at 1488.07 yuan per share [4][6]. Gold and Silver Market - The gold and jewelry sector saw significant gains, with stocks like Mankalon rising by 16% and several others hitting the daily limit. Gold futures and spot prices both surpassed the $3500 mark, influenced by expectations of U.S. interest rate cuts and a weak dollar, with gold prices up over 33% year-to-date [10][12]. Declining Sectors - The photovoltaic sector faced significant declines, with CPO modules, optical communication, and digital currency-related stocks among the hardest hit, showing drops of over 5% [8][9].

Market Overview - On September 2, A-shares experienced a collective pullback, with the ChiNext index dropping nearly 3%. The Shanghai Composite Index fell to 3844.84 points, down 0.79%, while the Shenzhen Component Index decreased by 2.21% [1] - The trading volume reached 2.08 billion hands with a turnover of 529.16 billion yuan, reflecting a turnover rate of 3.91% [2][4] Sector Performance - The brokerage sector saw a sudden surge in the morning, with notable stocks such as Pacific Securities hitting the daily limit, and Guosheng Financial Holdings rising by 5.82% [5][6] - Financial stocks generally performed well, with China Merchants Bank increasing by nearly 3%, and other major banks like Construction Bank and Industrial and Commercial Bank of China rising over 1% [6][7] Consumer Sector - Several large consumer stocks rose against the trend, including BeiGene, which increased by 9.84%, and Midea Group, which also saw gains [9] - The food and beverage sector experienced a broad increase, with Kweichow Moutai's stock price briefly returning to 1500 yuan, currently reported at 1488.07 yuan per share [10] Gold and Silver Market - The gold and jewelry sector saw significant gains, with stocks like Mankalon rising by 16% and several others hitting the daily limit. Gold futures and spot prices both surpassed the 3500 USD mark, marking a historical high [17][20] - Silver also saw a notable increase, with Hunan Silver rising by 6.48% [18]

Group 1 - The price of spot gold in London has surpassed $3,500 per ounce, marking a historical high, with a year-to-date increase of over 33% [1] - Domestic gold jewelry prices have also seen significant increases, with Chow Sang Sang priced at 1,041 RMB per gram, up 16 RMB from the previous day, and Lao Miao Gold at 1,034 RMB, rising by 11 RMB in a single day [4] - The current prices for various gold and platinum products are as follows: 24K gold jewelry at 1,034 RMB per gram, platinum at 470 RMB per gram, and gold bars at 989 RMB per gram [5] Group 2 - Chow Sang Sang's selling price for 24K gold jewelry is 1,041 RMB per gram, with a gold exchange price of 907 RMB [6] - The selling price for 950 platinum jewelry is 571 RMB per gram, with a gold exchange price of 459 RMB [6] - The selling price for Shengsheng Gold is 921 RMB per gram [6]