（原标题：早知道：纳斯达克中国金龙指数涨2.39%；宇树科技最新机器人亮相） 人民财讯10月21日电，今年前三季度我国GDP同比增长5.2%；9月北京新房价格环比转涨；大商所：扩大合格境外投资者参与商品期货、期权交 易范围；香港证监会：支持市场推动数字资产基金及代币化基金的监管合规；《风能北京宣言2.0》发布，未来五年装机目标翻倍式上调；周大福 将开启年内第二次调价："一口价"黄金产品提价约12%至18%；宇树科技最新机器人亮相：高180cm，重70kg；美股三大指数集体收涨，纳指涨 1.37%，苹果涨近4%创历史新高，纳斯达克中国金龙指数涨2.39%。 ...

10月20日，新京报贝壳财经记者在周大福天猫旗舰店查询发现，多款主力"一口价"产品虽尚未更新价 格，但已出现"下架"或"售罄"状态。多家线下柜台也确认涨价即将执行，但目前"新价签未到店"。一位 周大福专柜工作人员透露，目前店内定价产品没有任何折扣活动，热门款如"五帝钱足金手链"等均已无 货，"近期不少顾客赶在涨价前购买"。 这已是周大福定价产品年内第二次提价。今年3月，该品牌曾完成一轮10%-20%的调价。以一款1.09克 故宫系列吊坠为例，售价从2月的2380元上调至3月的2580元，目前在天猫官方旗舰店仍维持这一价格， 但已显示无货。 周大福金价走势显示，今年以来已从836元/克涨至1262元/克，不足一年涨幅近51%。 新京报贝壳财经讯(记者曲筱艺)针对网传"10月20日涨价"一事，周大福方面向新京报贝壳财经记者回应 称，将在10月底上调定价黄金产品。 周大福方面称，此次涨价主要系"金价持续上涨对成本的影响"，集团计划在10月底提高定价黄金产品的 零售价格，大多数产品的提价幅度预计在12%-18%。周大福方面强调，公司"设有机制密切监测金价波 动，并适时作出价格调整，以应对市场变化。" ...

Investment Rating - The report maintains an "Outperform" rating for the retail sector, indicating expected performance above the market index [3][41]. Core Views - The overall consumption growth remains stable, with retail sales in August 2025 reaching CNY 3.97 trillion, a year-on-year increase of 3.4%. The growth in commodity retail sales was 3.6%, while catering revenue grew by 2.1% [1][14]. - The report highlights that individual stock performance will be more significant than overall industry trends in the current market environment, emphasizing the importance of stock selection [1][11]. Summary by Sections Beauty and Personal Care - The third quarter is typically a slow season for the cosmetics industry, but marketing efforts have been advanced in preparation for Q4 promotions. Despite a supportive year-on-year growth forecast, rising online channel costs and a lack of product innovation are expected to increase expense ratios, leading to continued stock differentiation within the sector [1][12]. Gold and Jewelry - In August 2025, the gold and jewelry sector saw a retail sales increase of 16.8% year-on-year. The sector is expected to perform well due to low base effects and rising gold prices. Products that appeal to younger consumers, such as fixed-price gold items, are anticipated to see growth above the industry average [1][12]. Supermarkets and Department Stores - From January to August 2025, department store retail sales slightly increased by 1.2%, while supermarket sales grew by 4.9%. The sector is undergoing a transformation, and companies are expected to stabilize their performance in the second half of the year, setting the stage for a potential rebound in 2026 [2][12]. Cross-Border E-commerce - Major companies in the cross-border e-commerce sector are expected to benefit from steady overseas demand and domestic product innovation. However, profit margins may vary due to external environmental disruptions. Leading domestic platforms are seen as resilient against risks due to their strong product capabilities and flexible tariff strategies [2][12]. Investment Recommendations - The report recommends several companies across different segments, including: - Beauty and Personal Care: Upgrading products and refining channel operations are expected to enhance market share for domestic leaders like Shiseido, Aokang Technology, and others [3][41]. - Gold and Jewelry: Companies focusing on differentiated designs and fixed-price products, such as Chow Tai Fook and Man Ka Long, are expected to benefit from current market conditions [3][41]. - Offline Retail: Companies like Miniso and Yonghui Supermarket are highlighted for their potential to improve performance amid a stable domestic demand environment [3][41]. - Cross-Border E-commerce: Companies with strong risk resilience, such as Small Commodity City and Focus Technology, are recommended for investment during market dips [3][41].

背后的逻辑其实很直白。现货黄金在9月中旬一度突破3700美元每盎司，再度创下历史新高。今年以来金价涨幅接近40%，这意 味着品牌在生产、采购和库存端的综合成本确实在上升。（数据来源：Wind） 在这样的背景下，社交平台上的讨论也越来越多。有消费者抱怨一口价工费太高，觉得买来投资不划算；也有人选择在涨价前 捡漏，赶紧把心仪的款式拿下。 那金价为什么会在近期持续飙升呢？小夏觉得有几方面的原因。 一方面，是美联储进入降息通道。9月中旬，美联储宣布下调联邦基金利率目标区间25个基点，这是今年以来的首次降息。降息 一方面削弱了美元的吸引力，另一方面提升了黄金的配置价值，毕竟，黄金是不生息的资产，利率越低，它的比较优势更明 显。历史数据显示，美联储进入降息周期后，黄金往往表现更为亮眼。 最近，黄金市场又一次刷屏了。不同于以往按克计价的首饰日常跟随金价浮动，这次让大家直呼涨得离谱的，是一口价黄金产 品。 短短几天，某些品牌的转运珠的价格就涨了200到500元，有些款式甚至要贵上几千元。朋友圈里，品牌柜姐们开始提醒顾客赶 紧下手，而线下门店里，不少消费者则选择趁涨价前火速买单。（环球网 20250915） 那么，什么是一口价 ...

Group 1 - Chow Tai Fook's stock rose over 3%, currently up 2.62% at HKD 16.06, with a trading volume of HKD 147 million [1] - The company confirmed that its "fixed price" gold products will see price increases starting in October, with further details on the adjustment to be announced later [1] - Huatai Securities noted that in Q1 FY26 (April to June 2025), the same-store sales growth (SSSG) in mainland China narrowed to -3.3%, while the Hong Kong and Macau markets turned positive at +2.2% [1] Group 2 - The rising gold prices and the changing consumer perception towards high-margin products like diamond-studded items have reinforced the value retention attributes of gold [1] - However, rapidly increasing gold prices have suppressed some traditional demand, and cost-plus pricing for gold products is facing gross margin pressure [1] - The breakthrough in design and craftsmanship has significantly enhanced the fashion attributes of gold, opening up self-indulgent consumption scenarios [1] Group 3 - The "fixed price" gold jewelry with strong product design has achieved a perfect blend of "fashion + value retention," with several companies reporting over 100% growth in this category for 2024 [1] - The gross margin for premium "fixed price" products ranges from 30% to 40%, ensuring the profitability of companies [1]

Group 1 - Chow Tai Fook's stock price increased by over 3%, currently trading at HKD 16.06 with a transaction volume of HKD 147 million [1] - The company confirmed that its "fixed price" gold products will see price increases starting in October, with the adjustment range to be announced later [1] - Huatai Securities reported that Chow Tai Fook's same-store sales growth (SSSG) in mainland China narrowed to -3.3% for Q1 FY26, while the Hong Kong and Macau market showed positive growth at +2.2% [1] Group 2 - Guosen Securities noted that the continuous rise in gold prices has reinforced consumers' perception of gold as a store of value, despite some traditional demand being suppressed [2] - The introduction of fashionable gold jewelry with strong product design has opened up new consumer scenarios, leading to over 100% growth in "fixed price" gold jewelry for several companies in 2024 [2] - The gross margin for premium "fixed price" products is between 30% and 40%, ensuring profitability for companies in the sector [2]

Company Developments - ByteDance announced it will advance related work according to Chinese laws to ensure TikTok's U.S. operations continue to serve American users [6] - Xiaomi announced a recall of 116,887 units of its SU7 standard electric vehicles, produced between February 6, 2024, and August 30, 2025 [6] - Moore Threads' IPO on the Sci-Tech Innovation Board will be reviewed on September 26, with less than three months from application acceptance to review [6] - Chow Tai Fook confirmed that its "one-price" gold products will see price increases starting in October, with the adjustment range to be announced later [6] - Li Auto signed a five-year comprehensive strategic cooperation agreement with CATL, which will provide various battery systems for Li Auto's entire product line [6] - The State Administration for Market Regulation has initiated an investigation into Chengdu Kuai Gou Technology Co., Ltd. for suspected violations of the E-commerce Law [6] Investment News - The China Securities Regulatory Commission emphasized the need for risk prevention, strong regulation, and high-quality development in the capital market, accelerating a new round of reforms [4] - In 2023, the number of newly established index-enhanced funds reached 129, a 207% increase from the previous year, with a total scale of 72.843 billion yuan [4] - As of September 12, the number of domestic securities investment private equity firms with over 10 billion yuan in assets reached 92, with quantitative private equity firms making up nearly half [4] Macro Economy - The Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued a plan to stabilize growth in the light industry for 2025-2026 [2] - The Ministry of Commerce and nine other departments proposed to achieve the "Hundred Cities, Ten Thousand Circles" goal by 2030, promoting the expansion and upgrade of convenient living circles in cities [2] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system [2] - From January to August, the number of newly established foreign-invested enterprises reached 42,435, a year-on-year increase of 14.8%, while the actual use of foreign capital decreased by 12.7% to 506.58 billion yuan [2][3]

智通财经9月19日电，针对市场传闻的周大福"一口价"黄金饰品即将涨价的消息，周大福相关负责人回应智通财经记者称，现阶段确认"一口 价"黄金产品将于十月开始陆续加价，调价幅度后续将公布。 图片源于周大福 年初以来，国际现货黄金价格从2625美元/盎司起步，最高触及3707美元/盎司，迄今累计涨幅已超40%。 素材来源于智通财经 ...

智通财经9月19日电，针对市场传闻的周大福"一口价"黄金饰品即将涨价的消息，周大福相关负责人回应智通财经记者称，现阶段确认"一口价"黄金产品 将于十月开始陆续加价，调价幅度后续将公布。 年初以来，国际现货黄金价格从2625美元/盎司起步，最高触及3707美元/盎司，迄今累计涨幅已超40%。 来源：智通财经 编辑：菡木 ...

Core Viewpoint - The spot gold price has reached a historic high, surpassing $3600 per ounce, driven by various macroeconomic factors and increasing demand for gold as a safe-haven asset [2][6][7]. Group 1: Gold Price Movement - On September 6, spot gold prices briefly exceeded $3600 per ounce, marking a new historical record, with a closing price of $3586, reflecting a 1.15% increase [2]. - Year-to-date, spot gold has risen by $976, representing a 37% increase, particularly notable after a four-month period of consolidation around $3300 per ounce [2]. - The recent surge in gold prices has led to an increase in domestic gold jewelry prices, with many brands now pricing above 1060 yuan per gram [3][4]. Group 2: Factors Driving Gold Prices - Four main factors are identified as driving the recent rise in gold prices: concerns over U.S. monetary policy independence, expectations of interest rate cuts by the Federal Reserve, geopolitical and economic uncertainties, and a sustained increase in gold purchases by global central banks [6]. - Goldman Sachs maintains a bullish outlook on gold, projecting prices to reach $3700 per ounce by the end of 2025 and $4000 per ounce by mid-2026, citing risks associated with U.S. institutional credibility and concentrated commodity supply [7][8]. Group 3: Market Sentiment and Future Outlook - Market sentiment remains optimistic regarding gold's future trajectory, with analysts suggesting that if private investors diversify into gold similarly to central banks, prices could exceed $4500 per ounce [8]. - Analysts predict that gold prices may continue to rise, with targets set at $3700 per ounce for the year and potentially reaching $4200 per ounce due to ongoing macroeconomic factors [8].