齐鲁晚报.齐鲁壹点魏银科 0.2克黄金售价达679元，二次元金饰被炒至每克2800元……近期，"痛金"这一新兴概念在年轻消费群体中掀起热潮，成为黄金市场不可 忽视的现象。所谓"痛金"，源自二次元"痛文化"，是将动漫、游戏等二次元IP与黄金饰品相结合的产物。在国际金价震荡4个月始终未能 突破每盎司3500美元的历史高位，以及黄金消费整体疲软的大环境下，"痛金"却异军突起，为多家金饰品牌打开了一扇次元门。 其二，黄金的天然保值属性，为这份"情感消费"加上了一层"安全垫"。在经济不确定性增加的当下，年轻人既想满足兴趣爱好，又不愿 承担过高的消费风险。对比价格波动大、二手市场流动性差的盲盒、手办，"痛金"既有IP带来的收藏感，又有黄金本身的保值属性—— 即便未来IP退热，至少还能保留贵金属的基础价值，这种"情感+保值"的双重属性，让它成为年轻人眼中"更稳妥的兴趣消费选择"。 但狂欢背后，隐忧早已写进剧本。首当其冲的就是严重的溢价问题。普通黄金饰品价格通常在每克1000元左右，而"痛金"产品每克售价 却普遍达到2000元甚至更多，是普通黄金价格的2倍以上。高溢价的背后，是IP授权费用、设计成本以及商家利用消费者对热门I ...

（文章来源：证券日报） 人民财讯8月23日电，今年上半年，黄金价格走高。伦敦现货黄金价格上半年累计涨幅达25.84%，并在 4月下旬一度触及3500美元/盎司的历史高位。受金价强劲走势影响，上半年，金矿上市公司业绩持续高 增长，整体发展态势向好；与此同时，下游多家黄金饰品上市公司业绩表现亮眼。 ...

本报记者 贺王娟 基于对未来金价走高的预测，机构纷纷调高对黄金矿业的业绩预期。中邮证券认为，尽管2025年黄金已 经取得较大涨幅，但本轮上涨尚未结束。黄金作为大类资产配置中的重要品种，在地缘政治持续扰动和 关税政策起伏的背景下，走牛仍存在较大可能性。随着金价中枢稳健上移，黄金矿企黄金产销量稳中有 升，预计未来黄金矿企业绩有望进一步提升。 今年上半年，黄金价格走高。伦敦现货黄金价格上半年累计涨幅达25.84%，并在4月下旬一度触及3500 美元/盎司的历史高位。受金价强劲走势影响，上半年，金矿上市公司业绩持续高增，整体发展态势向 好；与此同时，下游多家黄金饰品上市公司业绩表现亮眼。 苏商银行特约研究员武泽伟在接受《证券日报》记者采访时表示，从中长期来看，支撑金价上涨的因素 依然坚实，市场预测，未来一年半内金价可能挑战3700美元/盎司甚至4000美元/盎司的关口，金价有望 进一步走高。 对于下游金饰企业而言，武泽伟认为，金饰企业若能持续深化产品差异化与品牌价值建设，提升品牌溢 价能力，减少对原材料价格波动的依赖，并加强产品创新，其业绩有望持续保持韧性。 金矿企业业绩向好 今年上半年，多家金矿企业业绩实现增长。 ...

在今年上半年国内黄金饰品消费整体疲软的大环境下，老铺黄金成为例外，交出一份亮眼的成绩单。 8月20日午间，古法黄金第一股老铺黄金披露2025年中期业绩。今年上半年，公司实现收入123.54亿元人民币，同比 大幅增长251.0%；期内净利润达22.68亿元，同比增长285.8%；拟派中期股息每股9.59元。 在发布优于预期的上半年业绩后，8月20日，老铺黄金股价盘中涨幅一度超10%。 | HK 老铺黄金 | | | | | Z | | --- | --- | --- | --- | --- | --- | | 06181 港股通 L2 ▼ | | | | | | | 786.500 37 | | 718.000 最高 | 795.000 | 最低 | 699.000 | | 212.3万股 | 68000 快手 | 1.52% 总量 9.46% | | 金额 | 16.09亿 | | 总值受 | 1358亿 市盈 | 39.56 市净 | 16.17 | | 開多 | | 口 大行评级:海通国际首次给予增持评级,目标价 955.8 港元 | | | | | | | 更多, | 日K 五日 | 分时 周长 | 目 ...

8月20日午间，古法黄金第一股老铺黄金披露2025年中期业绩。今年上半年，公司实现收入 123.54亿元人民币，同比大幅增长251.0%；期内净利润达22.68亿元，同比增长285.8%； 拟派中期股息每股9.59元。 在发布优于预期的上半年业绩后，8月20日，老铺黄金股价盘中涨幅一度超10%。 快速开店扩张 销售开支翻倍 定位为高端奢侈品的老铺黄金，上半年在核心商圈加速扩张。 【导读】老铺黄金上半年频频开店，营收和净利润双双大涨 中国基金报记者 牛思若 在今年上半年国内黄金饰品消费整体疲软的大环境下，老铺黄金成为例外，交出一份亮眼的 成绩单。 作为国内首个推广"古法黄金"概念的品牌，其"重工艺、高溢价"模式使其毛利率长期维持在 40%以上。 老铺黄金在今年2月进行过一次调价，随后金价继续走高，短期压缩了毛利空间，使整体毛利 率降至38.1%。 近期，老铺黄金发布公告称，将于8月25日再度进行调价。这将是年内第二次提价，但目前来 看，尚未因调价预告而再度出现大规模排队抢购的现象。 从销售渠道来看，期内线下门店贡献了老铺黄金86.9%的营收。与2024年同期相比，公司 2025年上半年同店收入增长率约为200. ...

证券研究报告 晨会 hyzqdatemark 2025 年 08 月 17 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年08月15日 华源晨会精粹 20250817 固定收益 当前我们为何坚定看多债市？——债市短评：股市对债市的扰动是阶段性 的，债市最终取决于经济基本面。近期债市回调源于债基及券商自营系统性主动降 久期，与赎回及经济基本面无关，7 月经济数据大幅走弱，信贷则罕见地负增长。2024 年股市"924"行情带动债市快速调整，主要是由于股市强势使得部分投资者产生经 济复苏预期及担忧股市分流债市资金。当 10 月 8 日股市阶段性见顶之后，债市快速 企稳。而后 2024 年 11 月初-12 月底债市迎来一波快牛行情。股市对债市资金的分 流有限，更多为情绪压制。本轮股市行情或源于存款等利率大幅下行驱动股票估值 系统性提升，与基本面关系较弱。当前我们为何坚定看多债市？1）央行持续宽松， 资金利率有望保持低位，债券正 carry 明显。2）年内经济下行压力或加大。3）央行 可能重启国债买入。4）银行负债成本有望持续下行，信贷需求偏弱。5）年内政府 债券净发行高峰已过，预计 Q4 净发行规模 ...

Inflation Data Summary - July CPI decreased by 0.1 percentage points year-on-year to 0.0%, primarily due to weak food prices[3] - Core CPI improved for the third consecutive month, rising by 0.1 percentage points to 0.8%, driven by higher gold prices and strong service consumption[3] - July PPI remained at a near 23-month low, with a year-on-year decline of -3.6%[3] Food Prices Impact - July food CPI fell by 0.2% month-on-month, significantly below seasonal levels by 0.9 percentage points[4] - Year-on-year food CPI dropped by 1.6%, influenced by a high base from the previous year[4] - Fresh vegetable and meat prices increased by 1.3% and 0.4% month-on-month, respectively, but were still below seasonal averages[4] Core CPI Drivers - Service prices remained stable at 0.5% year-on-year, with significant increases in travel-related costs: airfares up 17.9%, hotel stays up 6.9%[5] - Gold and platinum jewelry prices surged by 37.1% and 27.3% year-on-year, respectively, due to rising gold prices[5] - Transportation fuel prices saw a reduced decline of 1.8 percentage points to -9.0% year-on-year[5] PPI Trends - PPI's month-on-month decline narrowed by 0.2 percentage points, reflecting the impact of "anti-involution" measures[6] - International oil prices increased, contributing to a 3.0% rise in oil and gas extraction month-on-month[6] - Investment demand remains weak, limiting PPI recovery to a gradual improvement[6]

Group 1 - Gold futures prices on the COMEX rose by 2.01% on August 1, with Shanghai gold futures increasing by 1.33% on the night of August 2 [1] - The U.S. unemployment rate increased by 0.1 percentage points to 4.2% in July, with significant downward revisions of 258,000 jobs for May and June combined, leading to a rise in market expectations for a rate cut in September from 40% to 82% [1] - Financial analysts predict that a weak non-farm payroll report in October 2024 may lead the Federal Reserve to initiate rate cuts in November, with ongoing inflation pressures and stimulus policies expected to continue until the mid-term elections in 2026 [1] Group 2 - Young consumers aged 18 to 34 account for over one-third of gold jewelry sales, driving innovation in the market [2] - Major gold jewelry brands are innovating in design, materials, and collaborations to better meet the preferences of younger consumers, with notable partnerships such as Chow Tai Fook's Chiikawa collection and Lao Feng Xiang's Saint Seiya series [2] - Key companies in the gold jewelry sector include Lao Feng Xiang, Chao Hong Ji, and Cai Bai Co., which are adapting to the changing consumer landscape [2]

Core Viewpoint - The stock price of Zhou Li Fu has been experiencing a downward trend after an initial surge post-IPO, indicating a shift in investor sentiment towards the company [2][10]. Group 1: Company Overview - Zhou Li Fu's IPO was highly anticipated, with a global offering of 53.83 million H-shares priced at 24 HKD per share, raising approximately 1.193 billion HKD [4]. - The company operates a "light asset" model primarily through franchising, lacking its own manufacturing facilities, which allows franchisees to source products independently [4][8]. - As of 2024, Zhou Li Fu had 4,129 stores, with over 97% being franchise outlets, contributing significantly to its revenue [7]. Group 2: Financial Performance - Revenue from product sales to franchisees was approximately 843 million CNY, 2.02 billion CNY, and 2.041 billion CNY from 2022 to 2024, while service fee income was around 798 million CNY, 833 million CNY, and 849 million CNY during the same period [8]. - The revenue from franchise sales and service fees accounted for over 50% of total revenue in the respective years [8]. Group 3: Market Position and Challenges - Zhou Li Fu's brand lacks the strong recognition and premium pricing power seen in established competitors like Chow Tai Fook and Chow Sang Sang, which may hinder its long-term growth [7][11]. - The company's stock ownership is highly concentrated, with the founders holding approximately 83.4% of the voting rights, raising concerns about governance and future capital market performance [9][10]. - The company has faced scrutiny due to pre-IPO dividend distributions totaling 645 million CNY in 2024, benefiting primarily the founders [9]. Group 4: Industry Outlook - The gold jewelry market presents opportunities in the mid-to-low-end segments, driven by diverse consumer preferences [11]. - Zhou Li Fu needs to enhance its marketing strategies and brand reputation to compete effectively in the consumer market [11].

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]