珠宝时尚业务是豫园股份核心收入来源，2024年占总收入63.88%，同时也是公司业绩压舱石。 此前受到行业周期性波动影响，豫园股份收入陷入调整。今年二季度则出现了复苏信号，珠宝时尚业务 实现收入76.12亿元，结束下滑，同比增长了2.1%。核心业务的企稳回升是公司二季度业绩企稳的主要 原因，同时也标志着豫园股份的结构调整初见成效。 近几年，在金价高位运行及外部消费不振的双重影响下，黄金消费需求有所下降。根据中国黄金协会的 统计，2024年国内黄金首饰消费量为532.02吨，同比下降 24.69%。 2025年8月25日，豫园股份发布2025年半年报。二季度实现营业收入103.3亿元，与上年同期持平，收入 增速环比大幅提升，出现了企稳迹象。 值得注意的是，核心收入来源珠宝时尚业务二季度收入同比增长2.1%，结构调整初见成效。在豫园股 份经历一段时间的调整后，释放了积极信号。 目前的豫园股份正在经历"新产业、新业态、新商业模式"的升级，不少领域已经开始取得突破。随着相 关政策的出台，以及公司主动转型调整，重回增长只是时间问题。 珠宝时尚业务企稳 结构调整初见成效 豫园股份的转型已经收到初步成效。今年上半年豫园股份 ...

Group 1 - The core viewpoint of the article emphasizes that the Chinese stock market is entering a "transformation bull" phase, driven by a clearer understanding of economic conditions and a reduction in the marginal impact of valuation contraction [1][2] - The key drivers of the market include a decline in the risk-free interest rate and a systematic reduction in risk perception, which have historically hindered investor willingness to enter the market [2][3] - The article highlights the importance of timely and reasonable economic policies, as well as reforms in the capital market that focus on investor returns, which are crucial for changing the conservative attitudes of investors towards risk [2][3] Group 2 - Emerging technology is identified as a main investment theme, while cyclical finance is seen as a dark horse opportunity. The article suggests that the real issues in the Chinese economy are not solely in real estate but in broader economic stability and innovation [3] - Recommendations for investment include sectors such as financial services (brokerages, banks, insurance), high-dividend companies (telecom operators, highways, public utilities), and emerging technologies (internet, media, robotics, pharmaceuticals, military) [3] - The article also points to new consumption trends and cyclical recovery in commodities, recommending investments in rare earths, chemicals, retail, and cosmetics, as well as themes like AI, regional economic development, and self-sufficiency in technology [3]