张明明 国盛证券商社分析师: 各位投资者，大家晚上好。我是国盛商社的张冰清，然后今天给大家汇报一下我们最新外 发的菜百股份的深度报告。首先，菜百这个公司，它其实是在一个在华北地地区，特别说 是北京区域，它有非常久的历史和品牌新质的一个黄金珠宝品牌。它的前身是 1956 年设 立的北京市宣武区的菜市口的一个百货商场。然后 1985 年因为国内放开了这个黄金饰品 的零售政策，所以它开始做一些黄金珠宝零售的生意。然后 2010 年的时候，它是彻底从 一个百货公司转型成为一个黄金珠宝的专营连锁公司。 然后它是一个全直营扩张的模式，到 25 年的 6 月底，它在北京有一家总店。然后直营连 锁面，门店一共有 103 家。然后北京这家总店是有 8800 平米，就是营业面积。然后这个 物业是他自有的。它也是这个国内领先的单体的零售门店，然后它在去年的 4 月，它开了 一个祥云小镇店，就是北京的二店，然后那个面积也有 1600 平米。然后从整体的开店节 奏上来看，它其实是一个直营扩张的模式。然后门店数是从 18 年的 31 家提升到了 25 年 6 月底的 103 家，然后这中间大概每年净增 6~17 家左右。 然后公司的营收 ...

马年就要到了,"马"元素的文创产品,以传统文化为内涵,通过现代化的表现方式,受到了大家的喜爱。在瓷都景德镇,融合了千年瓷艺与马年雅韵的文创产品,成 为人们心中的新春佳品。 赏千年瓷艺品马年雅韵 把年味儿带回家 在江西景德镇创意设计中心,新春文创新品展热闹开场。从瓷盘、对杯到摆件,这些融合了创意设计的"马"元素的文创产品,将生肖寓意、非遗技艺与传统美学 融于方寸之间。"踏定乾坤"马瓷雕——昂首挺胸、气势如虹,高温颜色釉体现出马的肌肉线条和精气神。 不少市民游客把这里当成"边逛边买"的年货好去处。"马上有福"等这类吉祥主题的"马"元素的文创产品深受年轻消费者的喜爱。 这场新春文创新品展,让千年瓷都的传统手艺搭上创意设计的快车,让人们把年味儿和祝福一起带回家。 "六合同风马" 打造文旅消费新场景 福建泉州推出马年生肖IP"六合同风马",围绕生肖"马"的系列文创产品和配套活动集中亮相古城街巷,通过更多元的方式融入节日消费场景。 在福建泉州市鲤城区,一组名为"六合同风马"的马年生肖文创近期亮相古城街巷。整体造型兼具艺术感与观赏性,成为春节前古城里的热门文化景观。 "六合同风"出自《汉书·王吉传》,体现了中华文化对"天下 ...

长沙晚报1月31日讯（全媒体记者 蒋志斌）1月30日清晨，"青春小店"年货节现场已是一派忙碌景象。 湘之甜科技负责人张本杰一边整理货架，一边向驻足顾客热情介绍："这是芷江甜茶，天然不含糖，却 有助于控制血糖，既是茶饮，也是一味药材，口感清新回甘。" 这场由团市委精心策划的年货节，汇聚了三十余个青年创业品牌。这里不仅是采购年货的热闹集市，更 是传统与创新碰撞、手艺与青春交织的生动舞台。 此外，年货节现场特设乡村振兴直播带货区，主推整合多家青春小店优质产品的"青春小店燃料包"；互 动体验区则提供非遗手作、春联书写、肖像拍摄等活动，让市民在参与中沉浸式感受传统文化的魅力与 现代创意的趣味。 人流如织，创意涌动。这场年货节不仅洋溢着节日的热闹，更跃动着长沙青年创新创业的蓬勃脉搏。在 这里，古老技艺与当代审美对话，乡土情怀与城市活力共鸣，每一处展位都是一个青春梦想的缩影，每 一次交谈都可能碰撞出新的火花。传统正因青春而焕新，未来正在这里悄然生长。 市集里，一抹明亮的"爱马仕橙"格外引人注目——这是百年老字号"王胖子炒货"的全新视觉标识。品牌 第七代传承人、1999年出生的湘妹子王昕宇，正热情推介新研发的炒货产品。从一度 ...

Core Viewpoint - The event "Knowledgeable Hubei Super Cultural Tourism Day" and the fifth Hubei Intangible Cultural Heritage Carnival showcased nearly 200 intangible cultural heritage projects and over 500 inheritors, highlighting the unique charm of Jingchu culture through the exhibition and sale of more than 3,000 intangible cultural heritage products and cultural tourism items [1]. Group 1 - The event attracted many citizens and tourists to Wuhan's Yangtze River New Area, where they experienced local culture and purchased New Year goods [1]. - Various traditional folk customs were performed, creating a lively atmosphere reminiscent of childhood Spring Festivals, with attendees engaging with intangible cultural heritage projects like bronze bells and shadow puppetry [2]. - The integration of traditional craftsmanship with modern consumer preferences was emphasized, as artisans created contemporary items like bookmarks and ornaments inspired by traditional shadow puppetry [2]. Group 2 - The artistic performances included regional folk songs and traditional operas, showcasing the innovative fusion of different cultural elements [3]. - A new collaboration between traditional incense and weaving techniques was introduced, aiming to revitalize intangible cultural heritage products for the market [6]. - The "Jingchu Intangible Cultural Heritage International Reception Hall" was inaugurated, facilitating international cooperation and promoting Hubei products globally [6][7]. Group 3 - The event featured a variety of Jingchu intangible cultural heritage items, including wood carvings and tea, appealing to both local and international audiences [7]. - A total of 3,000 New Year gift packages were sent from Hubei to countries like Hungary, Serbia, and Malaysia, spreading New Year blessings to overseas compatriots [7]. - The event not only showcased local products but also fostered cultural exchange, as international attendees experienced Chinese New Year traditions and local delicacies [7][8].

Core Insights - Yiwu, known as the "world supermarket," is preparing for the upcoming Christmas season, highlighting its role as the largest distribution center for Christmas goods globally [1][3] - The city exports over 20,000 types of Christmas products, accounting for nearly 80% of the global market, and serves over 100 countries and regions [3][4] - The early start of the Christmas export season this year, with a significant increase in orders beginning in April, indicates a shift in purchasing behavior among international buyers [3][4] Market Dynamics - The export value of Yiwu's Christmas goods reached 5.17 billion yuan in the first three quarters of this year, reflecting a year-on-year growth of 22.9% [3][4] - Diverse market distribution across Europe, Southeast Asia, Central Asia, and the Middle East helps mitigate risks from external market fluctuations [4] - The export markets for Yiwu's Christmas products saw significant growth, with Latin America and the EU increasing by 17.3% and 45.0% respectively [4] Innovation and Product Development - Continuous innovation is crucial for maintaining competitiveness, with companies like Luocheng Craft Co. launching new interactive products, such as a dancing Santa Claus, which is priced 33% higher than traditional items [6] - The local manufacturing ecosystem allows companies to collaborate closely, enabling the launch of approximately 300 new products annually [6] - As the New Year and Spring Festival approach, Yiwu's domestic market for products like New Year paintings and calendars is also experiencing a surge in orders [6] Global Trade Impact - Yiwu's comprehensive product range, quick response times, and efficient trade models position it as an essential player in the global holiday economy, especially amid complex international trade conditions [7]

Core Viewpoint - The report from CITIC Securities predicts significant revenue growth for Laopu Gold (06181) from 2025 to 2027, with revenues expected to reach 252.8 billion, 333.7 billion, and 413.9 billion yuan respectively, reflecting year-on-year growth rates of 197.3%, 32.0%, and 24.0% [1] - The company has implemented its third price increase of the year, with gold products seeing price hikes of approximately 24%-30% for plain gold items and 16%-26% for diamond-studded products [1][2] Financial Performance - Following the recent price increase, the gross profit margin for Q4 of this year is expected to rebound to 40%, with the second half of the year maintaining a gross margin around 38% [2] - The recent surge in gold prices has led to a significant increase in the average price per gram for Laopu's products, with plain gold products priced at approximately 1,600 yuan per gram and diamond-studded products at around 2,100-2,200 yuan per gram [1][2] Customer Base and Market Growth - The company aims to attract a growing customer base primarily composed of high-net-worth individuals, with a focus on expanding into the luxury segment [3] - The Chinese jewelry market is projected to reach a scale of 778.8 billion yuan in 2024, with the gold jewelry market expected to grow by 9.8% to 568.8 billion yuan [3] Strategic Positioning - The recent price increases have effectively widened the price gap between Laopu Gold and mass-market jewelry brands, reinforcing its positioning as a high-end gold brand [1][3] - The company is focusing on optimizing existing stores domestically while planning to open 3-4 new stores overseas, particularly in high-end markets [5] Brand Development and Valuation - The company is enhancing its brand value by reducing customer sensitivity to gold prices and introducing new product lines that incorporate cultural elements [6] - The valuation of Laopu Gold is expected to increase, aligning more closely with luxury brands like Hermès and LVMH, with potential for upward adjustment in its PE ratio [6]

Core Insights - The article highlights the revival and innovation of traditional silver and copper craftsmanship in Lu Shaer, Qinghai Province, showcasing its significance as a national intangible cultural heritage and its role in local economic development [1][2]. Group 1: Heritage and Craftsmanship - The "silver and copper craftsmanship and gilding technique" has a history of over a hundred years and was included in the third batch of national intangible cultural heritage in 2011, involving complex processes such as refining silver, shaping, and engraving [1]. - Wang Fubang, a representative inheritor of this craft, emphasizes the ongoing production of various silver and copper items, indicating a vibrant and bustling workshop environment [1]. Group 2: Economic Impact and Community Development - The establishment of the Lu Shaer ethnic handicraft processing base, supported by Nanjing's assistance, has created a 97-acre industrial park, attracting over 30 cooperatives and individual artisans, with nearly 40% of the village's 400 households benefiting from this craft [2]. - The annual output value of the silver and copper handicraft industry surpassed 100 million yuan in 2021, demonstrating significant economic contributions [2]. Group 3: Innovation and Future Prospects - The involvement of young artisans returning to their hometowns has led to innovative product development, integrating local ecological culture and aesthetics into new offerings such as titanium copper products and aluminum tiles for ancient buildings [2]. - There is a strong hope that traditional craftsmanship and the spirit of artisanship will attract more young people, driving comprehensive rural revitalization [2].

Core Insights - The recent tax policy changes by the Ministry of Finance and the State Administration of Taxation have led to increased compliance costs for gold merchants, prompting them to raise prices to maintain profit margins [1][3] - The gold price in the Shui Bei market experienced a significant surge, reaching approximately 996 yuan per gram, marking the largest single-day increase in five years [1][2] - The new tax policy aims to differentiate tax management based on the investment and non-investment use of gold, which is expected to reduce speculative behavior in the market and promote healthy competition [3] Industry Impact - Merchants in the Shui Bei market are currently hesitant to engage in transactions, opting to observe market conditions due to the new tax regulations [1][2] - Major jewelry brands, including Chow Tai Fook, have begun adjusting their prices in response to the increased costs associated with the new tax policy [3] - A report from the World Gold Council indicates that global gold demand reached a record high in Q3 2023, driven primarily by investment demand, which surged by 47% year-on-year [3] Market Demand - In Q3 2023, China's retail gold investment and consumption demand totaled 152 tons, reflecting a year-on-year decline of 7% and a quarter-on-quarter drop of 38% [4] - Despite the decline in volume, the monetary value of China's retail gold investment and consumption demand reached 120.4 billion yuan, representing a 29% year-on-year increase and setting a record for Q3 [4]

Core Insights - The recent policies implemented to support duty-free shopping and enhance inbound tourism are expected to significantly boost domestic consumption and investment demand, providing new momentum for economic growth [1][3][4] Policy Enhancements - Starting from November 1, new policies have been enacted to improve the duty-free shopping experience, including the expansion of product categories in duty-free stores and the adjustment of duty-free shopping policies for travelers in Hainan [3] - The number of entry ports eligible for a 240-hour visa-free transit will increase from 60 to 65, effective November 5 [1] - The implementation of online entry card filling for foreigners will begin on November 20 [1] Consumption Trends - Inbound consumption is experiencing a notable increase, with data showing that in Q3, the number of inbound and outbound foreign travelers reached 20.134 million, a growth of 22.3% year-on-year, and visa-free inbound travelers numbered 7.246 million, up 48.3% [2] - From January to September, the number of foreign travelers who processed departure tax refunds surged by 229.8%, with the refund amount increasing by 97.4% [2] Future Recommendations - Experts suggest further refining policies to enhance regional layouts, increase international recognition of domestic brands, and improve cross-border after-sales support to sustain the growth of inbound consumption [4] - Recommendations include dynamically adjusting the duty-free product list to include emerging categories, enhancing the integration of duty-free shopping with cultural and tourism resources, and expanding the coverage of departure tax refund stores [4]

Core Insights - The "Chengdu Must-Buy + Chongqing Yu Ban Li" joint exhibition market opened in Chengdu's Qingyang District, attracting a large number of citizens and tourists during the National Day and Mid-Autumn Festival period, becoming a popular consumer destination [1] Group 1: Event Overview - The market focuses on two major brands: "Chengdu Must-Buy" and "Chongqing Yu Ban Li," showcasing local time-honored brands, new national goods, cultural and creative products, and intangible cultural heritage crafts [3] - The event features a vibrant atmosphere with a variety of food and cultural products, allowing visitors to experience the unique flavors and cultural heritage of the Chengdu-Chongqing area [5] Group 2: Product Highlights - Chengdu's offerings include well-known condiments like Dan Dan Douban and Pixian Douban, traditional snacks, and cultural products such as silver jewelry and creative gifts, catering to diverse taste preferences [3] - Chongqing's products feature local cultural items like silk scarves and traditional hot pot base, along with unique handicrafts that blend traditional techniques with modern aesthetics [5] Group 3: Alcoholic Beverages - The market showcases a variety of alcoholic beverages from four core production areas in Chengdu, highlighting the quality and cultural significance of Sichuan liquor [7] - Notable brands from different regions, including traditional and innovative flavors, are presented to meet various consumer demands [7] Group 4: Cultural Experience - The market includes a "non-heritage theme exhibition" with performances such as Sichuan opera and storytelling, enhancing the festive atmosphere and cultural experience for visitors [7] - The event will continue until October 8, with additional promotional activities and performances planned to further engage attendees [7]