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]

Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

纺织服装 行业周报（20250629-20250705） 同步大市-A(维持) 361 度超品店达 49 家，周六福 6 月 26 日登陆港交所 2025 年 7 月 7 日 行业研究/行业周报 纺织服装行业近一年市场表现 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：6 月 26 日，周六福于港交所上市 6 月 26 日，周六福于港交所上市。公司成立于 2004 年 4 月，首家加盟店于中国新疆维吾 尔自治区开业；2009 年，公司推出第一代门店形象；2012 年，公司于中央电视台首次亮 相；2013 年，公司开始通过线上渠道进行销售；2019 年，全国门店突破 3000 家；2022 年，全国门店突破 4000 家。2024 年，周六福品牌连续九年获得"中国 500 最具价值品 牌证书"。 管理团队方面，公司执行董事共四名。董事长李伟柱先 ...

Price Change Trends - The official price range for Wakuku dolls is between 69 yuan and 129 yuan, with the "leopard hat little devil" doll experiencing a secondary market premium of approximately 10%-25% after frequent exposure, leading to actual transaction prices between 140 yuan and 160 yuan for a doll originally priced at 129 yuan [1] - The limited edition "leopard hat" doll by Yu Shuxin saw prices soar to over 3000 yuan in the secondary market before restocking, representing a more than 30-fold increase from its original price of 99 yuan, and after restocking, prices fell to the 400-600 yuan range, still reflecting a 4-6 times premium [1] - The limited edition blind box collaboration with Wang Yibo sold out within 48 hours, with a secondary market premium reaching 300%, where the original price of 199 yuan was sold for around 800 yuan [2] Special Channel Limited Editions - The "Fat Dada XXL Doll" launched at MINISO's Beijing flagship store sold out within 2 hours, resulting in a 90.3% increase in store sales, with scalper prices doubling compared to the original price [2] Sales Performance Driven by Celebrity Influence - The "Fox and Rabbit" series in Shanghai, promoted by Yu Shuxin and Ding Yuxi, achieved record-breaking single-day sales, with secondary market premiums ranging from 150% to 200% [3] - Yu Shuxin has gifted the Wakuku dolls to over 10 public figures, which has significantly increased visibility and triggered a stockout phenomenon, as evidenced by her leopard hat design receiving over a million likes [4] Pricing Strategy and Market Dynamics - The brand employs a "limited release + channel exclusivity" strategy, creating artificial scarcity, as seen with the need for customers to queue for hours at pop-up stores, which further drives up premiums [6] - The presence of counterfeit versions priced at 39 yuan has inadvertently enhanced the value of the authentic products, as some consumers prefer the higher-priced genuine items for their association with celebrity endorsements [7]

"宝宝们，上班，考研，都可以拍这款紫色的水晶！" "这款颜色非常正，2号链接刷新小黄车可以拍！" 晚上10点，某水晶直播间正进入热水朝天的时刻，热门款式迅速售罄，屏幕上不断弹出疑问："这条补货吗""属牛戴什么""戴左手还是右手""接五行定制 吗？" 水晶，按照宝石学和国家标准《珠宝玉石名称》（GB/T 16552）中的界定，是由自然界产出的，化学成分为二氧化硅（SiO₂）、矿物成分为石英的单晶体 石英。 虽然没有任何科学依据直接表明，水晶具有特殊疗愈效果，但在塔罗、占星、魔法、能量疗愈等西式玄学中，水晶总是与占卜、魔法相关，在我国古代典 籍中，《太乙救苦天尊宝诰》将水晶列入"道教七宝"，这也使得水晶和玄学挂钩，许多年轻人将其视为"转运"媒介。 近两年，凭借颜值高、寓意佳、性价比高等优势，水晶成为潮流消费新趋势，吸引了不少年轻人购买。各路明星、达人开始带货水晶商品，更使得水晶的 热度不断攀升。 有从业者坦言，借玄学概念将一个平平无奇的水晶卖出很高价格的现象长期存在，正变得越来越广泛。此前，演员徐艺洋卖水晶就陷入了水晶价格争议， 其直播间推荐的商品包含天然水晶与碧玺，价格从几十到上千元不等，有售价289元的紫水晶 ...

王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 06 | 月 | 27 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 13.70 | | | | | 一 年 内 高 / 低 | 最 | 最 | | 18.18/4.02 | | | | | （元） | | | | | | | | | 总市值（百万元） | | | | 12,172.62 | | | | | 流通市值（百万元） | | | | 11,877.96 | | | | | 总股本（百万股） | | | | 888.51 | | | | | 资产负债率（%） | | | | 41.56 | | | | | 每股净资产（元/股） | | | | 4.19 | | | | | 资料来源：聚源数据 | | | | | | | | 证券研究报告 纺织服饰 | 饰品 非金融|首次覆盖报告 hyzqdatemark 2025 年 07 月 01 日 丁一 SAC：S1350524040003 ding ...

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 ...

Group 1 - The Shanghai Composite Index has recently surpassed the annual high set on March 18, 2025, and is approaching the high from October 8, 2024, indicating a significant market movement [1] - There is a noticeable divergence among various sectors, with banking, agriculture, personal care, military, chemical, transportation, and petrochemical industries showing a higher proportion of stocks exceeding their March 18, 2025 closing prices [1] - Conversely, sectors such as steel, electronics, home appliances, telecommunications, computers, and electrical equipment have a lower proportion of stocks exceeding their March 18, 2025 levels [1] Group 2 - In the secondary industry analysis, financial (banking, insurance, diversified finance), military (naval equipment, ground weaponry), agriculture (animal health, agricultural products, planting, feed), precious metals, personal care products, and chemical pharmaceuticals show a higher proportion of stocks exceeding their March 18, 2025 closing prices [4] - Sectors like home appliances, electrical equipment, TMT (television broadcasting, communication services, consumer electronics, semiconductors, optical electronics), general steel, and machinery (engineering machinery, automation equipment) have a lower proportion of stocks exceeding their March 18, 2025 levels [4] - Comparing to the October 8, 2024 closing prices, banking, motorcycles, military (ground weaponry, aerospace equipment), chemicals (plastics, non-metallic materials), and new consumption (entertainment products, personal care products, retail, accessories) show a higher proportion of stocks exceeding their previous levels [4]

Group 1 - The core viewpoint of the articles highlights that Generation Z consumers prioritize emotional connection and identity expression over traditional utility in their purchasing decisions [1][2][3] - Generation Z, defined as those born between 1995 and 2009, represents over 2.4 billion individuals globally, accounting for approximately 32% of the world's population, with a significant presence in Asia, Latin America, and Africa [2] - The purchasing logic of Generation Z is more emotional and expressive, favoring products that resonate with their identity rather than those that are merely functional [2][3] Group 2 - Generation Z's favorite purchases include items that express individuality, emotions, and a sense of participation [5] - In the realm of trendy toys, 75% of Bubble Mart's global consumers are aged 18-29, with over 65% being overseas Generation Z users, indicating a high repurchase rate of 42% compared to other age groups [6] - The emotional engagement of Generation Z has transformed the consumption logic, where they view trendy toys as a means of emotional expression rather than static collectibles [6] Group 3 - In the beauty sector, Generation Z is shifting from "tool-based consumption" to "expression-based consumption," valuing packaging design and cultural relevance over product efficacy [8] - Over half of Generation Z consumers are willing to pay a premium for products that express their individuality, with TikTok trends emphasizing emotional and visual storytelling [8] - Fast fashion consumption among Generation Z is characterized by frequent purchases of small, interchangeable items rather than high-priced basics, reflecting their desire for self-expression [9] Group 4 - Brands targeting Generation Z must consider whether products are "shareable" on social media, as over 58% of this demographic prioritize items that can be showcased online [11] - The competition in categories like trendy toys and cosmetics is not solely based on price or intellectual property but on the ability to create products that resonate with Generation Z's desire for social media sharing [12] - The concept of "co-creation" is essential, as Generation Z prefers to engage with brands that allow them to participate in content creation and storytelling [13] Group 5 - The lifecycle of popular products is shortening, necessitating a greater variety of SKUs and faster response times to trends, as evidenced by Bubble Mart's strategy of testing new characters on TikTok before mass production [16] - The supply chain dynamics have shifted from data-driven inventory management to trend-responsive strategies, emphasizing the importance of understanding Generation Z's preferences and emotional expressions [17] - Successful international expansion requires brands to deeply understand Generation Z's desires and expressions, focusing on emotional resonance rather than traditional advertising [17]