记者丨 吴抒颖 编辑丨骆一帆 上市之初威风了一阵的周六福，股价近期震荡下行。 2025年7月11日，周六福收于34.6港元/股，下挫7.49%，总市值为149.66亿港元。相比26.7港 元/股的开盘价，周六福当下的股价仍有不小涨幅，但与上市时被热捧相比，投资者的心态已 然变化。 上市之前，周六福热度颇高。 在认购阶段，周六福全球发售5382.92万股H股股份，香港公开 发售占43.48%，国际发售占56.52%。定价24港元/股，全球发售净筹约11.93亿港元。 周六福被热捧的外部因素之一，是老铺黄金股价屡创新高，市场寄望周六福成为下沉市场 的"王者"复制老铺黄金的奇迹，但它似乎"后劲不足"。上市仅两周余，周六福股价已经坐过山 车一般，冲上52.5港元/股的高点又迅速回落。 周六福走的是与老铺黄金完全不同的商业模式。 它的扩张主要通过加盟，而且没有自有工 厂，对加盟商是"合作"的关系，双方没有强绑定，加盟商的货品可以不全部从周六福采购，采 取了一种完全"轻资产"的卖品牌模式。 同时，从资本市场的实操角度，周六福股权过于集中以及上市前的突击分红，也为这家黄金饰 品企业未来的股价表现，罩上了不确定性。多重夹击下 ...

Group 1 - Domestic gold prices are rising, with Chow Sang Sang leading the increase by 8 CNY to 1007 CNY per gram, reclaiming the highest price position [1][3] - The price difference between the highest and lowest gold stores has expanded to 38 CNY per gram, with Shanghai China Gold maintaining the lowest price at 969 CNY per gram [1] - Other major brands' gold prices include Lao Miao at 1000 CNY per gram, Liufuk at 1005 CNY per gram, and Zhou Dafu at 1005 CNY per gram, all showing minimal changes [1][3] Group 2 - The gold recovery price has seen a slight increase of 4.3 CNY per gram, with significant price differences among brands [4] - The recovery prices for various brands are as follows: Cai Bai at 762 CNY, Zhou Sang Sang at 766.1 CNY, Zhou Dafu at 769.5 CNY, and Lao Feng Xiang at 775 CNY [4] - International gold prices experienced a V-shaped movement, with the lowest at 3296.09 USD per ounce and closing at 3336.35 USD per ounce, reflecting a 0.04% increase [6] Group 3 - The market is currently influenced by U.S. tariff announcements and geopolitical tensions, which are affecting investor sentiment towards gold [6] - China's central bank reported an increase in gold reserves to 7390 million ounces (approximately 2298.55 tons), marking the eighth consecutive month of accumulation, which strengthens confidence in gold's long-term value [6] - The overall expectation is for gold prices to remain volatile as the market observes developments regarding U.S. tariffs and Middle Eastern tensions [6]

受益于黄金价格的不断攀升，老铺黄金股价也不短创下新高。 但是近期，黄金价格表现疲弱。 本文首发于"见闻VIP"作者 张帆 ，为见闻付费会员文章，现作为粉丝福利免费试读，欢迎订阅"见闻VIP"。 作为新消费的代表之一，老铺黄金股价一路高歌猛进。作为一家主营业务为黄金饰品的公司，其股价与黄金价格走势曾颇为一致。 最近三周黄金价格从3453美元每盎司下跌至3300，跌幅接近5%，但同期老铺黄金股价反而上涨了8%。 为何 老铺黄金股价近期脱离黄金走势？ 老铺黄金股价疯涨，突破1000港元 6月30日，老铺黄金涨14.94%，股价突破1000港元，盘中最高触及1035港元/股。 消息面上，6月28日老铺黄金在中国奢侈品地标之一的 上海国金中心 正式开业。券商中国报道称，开业当天采取满千减百活动并享受商场3倍积分，销售火热， 排队时长接近2小时。 此外，老铺黄金出海也" 首战告捷 "。华尔街见闻此前曾报道称，老铺黄金新加坡滨海湾金沙店于6月21日开业，摩根大通分析师在6月23日至24日 对老铺黄金 新加坡滨海湾金沙店进行实地调研后，发现其表现超预期。 具体来说，新加坡滨海湾金沙店 人流络绎不绝、转化率高达95%以上、每小 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 百亿美元市值公司的最新动态。 当资本渴望快速制造一个奢侈品神话时，老铺黄金的真正挑战或许是让市场接受 "慢" 的可能。 文 丨 胡昊 或许，老铺黄金的聪明之处就在于，他没有给自身品牌做明确定位或对标，这种有意营造出的模糊感 或独特性，恰恰是助推其形成目前资本价格和舆论热度的重要催化剂。 尽管 "古法黄金" 这一标签反映出老铺所属的行业赛道和业务属性，但从资本市场 100 倍的 PE 水平和 媒体舆论时常将其对标爱马仕门店坪效的呈现结果来看，市场对老铺的想象力可能早已跳脱出了金铺/ 金饰行业的一般商业逻辑。 现在老铺所展现的一个概念或可能性是，其更像是一个拥有强大势能潜力（或 "点石成金" 能力）的品 牌运营商，填补的是基于中国本土奢侈品或高端品牌的市场空缺，这可能是国内上市公司范围内的独 一份。 当然，老铺对此并不会做任何的回应或解释，因为尽可能维持这种神秘感的存在，或许是对其现阶段 商业效益和资本收益最优的选择。 所以，任它东西南北风，相比于这个时代公司创始人们纷纷走上前台，老铺黄金创始人徐高明或许更 愿意静处、喝茶、和念佛。 这背后的逻辑其实跟奢侈品这 ...

Core Viewpoint - The rising tensions in the Middle East have led to a significant increase in gold prices, with COMEX gold futures surpassing $3,400 per ounce, reflecting a rise of over $100 per ounce compared to the previous week [2] Industry Impact - The surge in gold prices is negatively impacting gold jewelry processing companies, as expectations of continued price increases are leading to reduced purchasing power from downstream gold retailers, particularly ahead of the Mid-Autumn Festival and National Day [3][5] - Many small gold processing enterprises are facing closures due to insufficient orders from retailers, leading to intense competition over processing fees [3][5] - The World Gold Council reported a 32% year-on-year decline in gold jewelry demand in Q1, totaling 125 tons, attributed to high gold prices and a reduction in retail store numbers [3] Long-term Challenges - A significant long-term challenge for the gold jewelry processing industry is the declining marriage and birth rates, which are expected to reduce the rigid demand for gold jewelry, accounting for over 30% of overall metal demand [4] - Companies are focusing on capacity reduction strategies to adapt to the changing market dynamics and consumer preferences [4][7] Operational Adjustments - To survive the downturn, companies are shifting production from heavier gold items to lighter, lower-cost products, despite lower processing fee revenues [6] - Many processing firms are abandoning self-operated procurement models to mitigate financial risks associated with rising gold prices and shrinking retailer orders [6][7] Market Dynamics - The number of gold retail stores is decreasing, with major chains like Chow Tai Fook and Chow Sang Sang closing hundreds of locations [7] - Processing companies are adapting to new procurement models that require additional logistics and management efforts, increasing operational costs [9][10] Financial Pressures - The processing fee income has dropped by over 25% due to price wars, and additional costs from logistics and order management are squeezing profit margins [11] - Companies are exploring overseas markets to offset domestic declines, but face challenges in adapting to different consumer preferences and cultural contexts [12]

近段时间以来，泡泡玛特的Labubu引发全球现象级热潮，甚至"一BU难求"。有观点认为，Labubu的火 爆预示着新消费时代，年轻消费者愿意为情绪价值买单。 Labubu火爆全球同时，敏锐的深圳水贝商家也嗅到了情绪价值的"机会"。有市场消息指出，深圳水贝黄 金市场出现许多黄金版"Labubu"饰品。 不过，记者走访发现，网上所称的大克重黄金版"Labubu"饰品并没有在柜台销售。"大克重黄金 版'Labubu'饰品一般在10克左右，只要拿自己喜欢的Labubu来，我们都可以做成吊坠等饰品。"有商家 表示，"不过，这些饰品涉嫌侵权盗版，所以不会公开摆在柜台销售，您要的话只能预定。" 警惕炒作相关潮玩的风险 随后，记者也以消费者身份咨询泡泡玛特客服，客服人员表示，泡泡玛特目前没有销售黄金 版"Labubu"饰品，也并未授权任何商家生产相关黄金饰品。 近日，尽管国际金价再度震荡走高，但深圳水贝各大卖场里的人气不减，记者看到仍有许多消费者在选 购金饰。 对黄金终端卖家而言，高金价带来的"身价"上涨并不见得就是好事，销售额下降成为普遍现象。不过， 商家们也在"见招拆招"。记者采访发现，很多消费者都把目标放在设计感十足的 ...

近段时间以来，泡泡玛特的Labubu引发全球现象级热潮，甚至"一BU难求"。有观点认为，Labubu的火 爆预示着新消费时代，年轻消费者愿意为情绪价值买单。 Labubu火爆全球同时，敏锐的深圳水贝商家也嗅到了情绪价值的"机会"。有市场消息指出，深圳水贝黄金市 场出现许多黄金版"Labubu"饰品。 近日，证券时报记者实探水贝市场发现，网上所说的黄金版"Labubu"饰品多为手机挂件，价格在28元至100 元之间。商家强调，"这些黄金挂件与正版并非完全一样"，而对于大克重黄金版"Labubu"饰品，商家表示， 涉嫌侵权盗版，不会公开在柜台销售，只能预定。 几十元"满足"情感价值 近日，证券时报记者来到深圳水贝的多个黄金批发市场并向商家进行咨询发现，网上所说的黄金 版"Labubu"饰品多为手机挂件，类似于此前热销的手机贴片，含金量很低，价格多在28元至100元之间。 "这些黄金挂件与正版并非完全一样，只是大致相似。"有商家一再强调，"这些饰品的销售情况很好，很多年 轻消费者都喜欢这些小玩儿，有外地商家来这里大批量拿货。"有商家感慨，现在是新消费时代，情绪价值需 要表达，现在金价高，几十块钱的黄金手机挂件一样可 ...

Group 1 - The new consumption sector has shown remarkable performance this year, with leading stocks like Pop Mart and Laopu Gold experiencing significant price increases, leading to some funds with heavy investments in this sector seeing net value growth exceeding 60% [1][2] - As of June 12, 2023, Laopu Gold's stock price has increased by over 280%, while Pop Mart's stock price has risen by more than 190% [2] - Funds heavily invested in the new consumption sector, such as Shenwan Lingxin LeRong One-Year Holding Mixed Fund, have reported returns of 65.81%, while Hengyue Craftsman Preferred One-Year Holding Mixed Fund achieved returns of 62.56% [2] Group 2 - The rise of the new consumption sector is attributed to its ability to capture alpha opportunities through structural variables, targeting new consumer groups and channels, leading to relatively rapid growth [3] - The underlying logic of high-performing categories, such as pet products and trendy toys, is based on the replacement of existing market segments, driven by changes in population structure [3] - The analysis of new consumption products should focus more on consumer behavior rather than traditional channel research, as different products have core target consumer groups with common factors influencing their preferences [4] Group 3 - The investment landscape for new consumption companies can be divided into two categories: those with limited ability to revise profit forecasts, which may carry bubble risks, and those whose stock price increases are driven by continuous upward revisions of profit forecasts, presenting good investment opportunities [5] - The sectors with promising growth potential include trendy toys, beauty products, and gold jewelry, as well as companies in feed, complete vehicles, and personal care that are gaining market share through competitive advantages [5]

Group 1 - The next decade is considered the "golden decade" for Chinese IP, driven by the rise of "new consumption" themes in the Hong Kong stock market, particularly favored by younger generations and women [1][4] - The emotional consumption preferences of women are identified as a primary driver of the new consumption trend, with a focus on products that resonate emotionally rather than just functionally [2][3] - Companies like Pop Mart and others are experiencing significant stock price increases, indicating a growing interest from long-term foreign investors in high-margin themes related to Chinese innovation [3][4] Group 2 - The emotional connection to IP products is seen as a key factor in their global appeal, with the loneliness experienced by the only-child generation enhancing their emotional reliance on these products [4][7] - The growth of new consumption is expected to continue, with projections indicating that sectors like trendy toys and new beverage brands will benefit from changing consumer behaviors and the increasing popularity of domestic brands [4][6] - The valuation of new consumption companies is becoming challenging, with some companies reaching high static PE ratios, necessitating a focus on growth metrics like PEG [5][6] Group 3 - The importance of international expansion is emphasized, with companies like Pop Mart planning significant store openings in Southeast Asia and Australia, and experiencing substantial revenue growth in these regions [7] - Sustained innovation is crucial for maintaining high profit margins, with a shift from traditional low-margin manufacturing to high-margin businesses driven by proprietary IP and technological advancements [8][9] - Companies in various sectors, including toys, gold retail, pharmaceuticals, and semiconductors, are achieving high gross margins, indicating a broader trend of improving profitability through innovation and R&D investment [9]

Group 1: New Consumption Trends - The rise of new consumption reflects a shift from traditional asset accumulation to emotional and personalized experiences, driven by generational changes in consumer preferences [2][4] - The "self-pleasing consumption" initiative in Shanghai emphasizes the importance of emotional value over basic functionality, indicating a significant change in consumer behavior [2] - Companies like Guangbo Co. and Mixue Ice City are leveraging flexible supply chains and rapid product iterations to capture growth in the new consumption sector [2] Group 2: Key Investment Themes in Technology - The commercialization of IP and the trend of "潮玩" (trendy toys) highlight the potential of emotional connections and cultural recognition in driving consumer engagement, with companies like Pop Mart and Aofei Entertainment leading the way [4] - The integration of traditional culture with modern design is revitalizing industries such as gold jewelry, with brands like Lao Pu Gold and Lao Feng Xiang achieving significant premium pricing through cultural and design attributes [4] - The pet economy is expanding due to changing family structures and increasing single populations, with companies like Zhongchong Co. and Petty Co. capitalizing on this trend [4] Group 3: Technological Advancements and Market Opportunities - The importance of domestic technology capabilities is underscored by the rise of Huawei's Ascend ecosystem, which is crucial for building a self-sufficient digital infrastructure [7] - The Chinese consumer electronics industry is positioned for growth, driven by a large affluent and middle-class population with strong purchasing power for innovative products [7] - The demand for computing power is surging due to advancements in AI and big data, creating opportunities in data centers and cloud services, with companies like Taicheng Light and Shenghong Co. playing significant roles [7]