Group 1 - The core strategy of the company is to drive growth through a dual business model, focusing on both traditional gold and jewelry retail and information technology services [1][2] - The traditional gold and jewelry segment targets the mid to high-end market with a competitive pricing strategy, emphasizing value for money [1] - The company aims to enhance store efficiency by improving brand management and developing distinctive products that reflect its unique brand identity [1] Group 2 - After acquiring Kaike Weishi, the information technology segment has become a strategic focus, with the company leveraging Kaike Weishi's expertise in financial technology [2] - Kaike Weishi has established itself as a leader in the fintech sector, serving over 200 banking clients and excelling in wealth management solutions and payment clearing services [2] - The integration of AI applications and blockchain technology into the company's offerings is expected to drive future growth, particularly in digital currency and AI finance [2]

编号：2025-006 | | ☑特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 | | □业绩说明会 | | | | □新闻发布会 | | □路演活动 | | | 类别 | □现场参观 | | | | | | □其他 国海证券 | （请文字说明其他活动内容） 刘熹 | 国海证券 | 刘思敏 | | | 国元证券 | 宇之光 | 银河证券 | 吴砚婧 | | | 银河证券 | 邹文倩 | 银河证券 | 冯雨淇 | | | 银河证券 | 董迎东 | 银河证券 | 辛云明 | | 参与单位名称及 | 华源证券 | 丁一 | 中航证券 | 卢正羽 | | 人员姓名 | 国联民生证券 | 陈安宇 | 国投证券 | 杨楠 | | | 国泰海通 | 宋小寒 | 永赢基金 | 庄子童 | | | 渤海人寿权益 | 赵硕 | 财通基金 | 王逸欣 | | | 九和岛基金 | 王新宇 | 北京风炎投资 | 王鹏 | | | 嘉实基金 | 夏国强 | 博润银泰 | 尚方健 | | 时间 | 2025 年 7 月 | 10 日（星期四） ...

Group 1 - In June, the Manufacturing Purchasing Managers' Index (PMI) in China was 49.7%, an increase of 0.2 percentage points from the previous month, indicating a slight recovery in the manufacturing sector [1][2] - The Non-Manufacturing Business Activity Index rose to 50.5%, also up by 0.2 percentage points, reflecting stable expansion in the non-manufacturing sector [1][2] - The Composite PMI Output Index increased to 50.7%, marking a rise of 0.3 percentage points, suggesting overall economic improvement [1][2] Group 2 - The PMI for large enterprises was 51.2%, up by 0.5 percentage points, while medium-sized enterprises saw a PMI of 48.6%, an increase of 1.1 percentage points; however, small enterprises experienced a decline to 47.3%, down by 2 percentage points [3] - Various sub-indices showed positive changes, with production, new orders, and export orders indices rising between 0.2 to 2.6 percentage points, indicating a general recovery across different industries [4] - The logistics and procurement analyst noted that the slight PMI increase reflects the effectiveness of recent policies aimed at boosting demand, although the overall PMI remains below the growth threshold [4][5] Group 3 - The Non-Manufacturing PMI has consistently remained above 50% this year, with a new orders index of 46.6%, which has increased by 0.5 percentage points, indicating a narrowing decline in demand [6][8] - In the construction sector, the Business Activity Index rose to over 52%, reflecting increased investment-related activities, supported by expanded special bond allocations [7] - The financial services sector also showed growth, with both the Business Activity Index and new orders index exceeding 60%, indicating heightened activity as the quarter ends [7] Group 4 - Overall, the average Non-Manufacturing Business Activity Index for the second quarter was 50.4%, similar to the first quarter, suggesting stable expansion in the non-manufacturing sector [8] - As policy benefits gradually materialize, investment and consumption-related demand are expected to continue to improve, enhancing the internal driving force of economic operations [8]

3月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。 数据显示，3月份，制造业采购经理指数（PMI）、非制造业商务活动指数和综合PMI产出指数分别为 50.5%、50.8%和51.4%，比上月上升0.3、0.4和0.3个百分点，均连续两个月上升。 值得注意的是，制造业领域新动能较快上升，装备制造业新订单指数创2023年4月以来的新高。建筑业商 务活动指数连续2个月环比上升，创2024年6月以来的新高，显示一季度，建筑业活动持续稳步推进。 分析认为，中国采购经理指数的三大指数均在扩张区间继续上行，我国经济总体保持扩张，经济回升苗头 更为明显。二季度宏观经济预计继续取得"量的稳定增长"和"质的较快提升"。 制造业产需加快释放 3月份，制造业PMI继续上升。13个分项指数中，同上月相比，生产指数、新订单指数、新出口订单指数 和原材料库存指数上升，指数升幅在0.1至0.7个百分点之间。 积压订单指数、产成品库存指数、采购量指数、进口指数、购进价格指数、出厂价格指数、从业人员指 数、供应商配送时间指数和生产经营活动预期指数下降，指数降幅在0.3至2个百分点之间。 分行业看，四大行业市场价格 ...