自2023年土耳其实施黄金进口配额政策以来，土耳其国内黄金价格持续显著高于国际市场。在全球避险 需求推升金价的背景下，供给受限与价格扭曲叠加，对该国黄金产业链形成明显冲击。当前，如何 在"保护黄金储备"与"维持产业链运行"之间取得平衡，正成为该国面临的挑战。 进口配额叠加高金价下游加工与出口环节承压 记者在伊斯坦布尔大巴扎走访发现，曾经密集分布的黄金加工作坊如今明显冷清下来，多处工作台空 置、设备闲置。土耳其TURKCAN珠宝公司合伙人费赫米·詹勒告诉记者，公司业务高度依赖海外订 单，但国际客户正陆续退出，"出口订单基本停了，最近有几个客户过来，只是为了道别。" 行业数据印证了这一变化。据统计，今年1月，高度依赖黄金制品的土耳其珠宝出口额同比下降59%， 近60%的工坊和工厂关闭或面临停业。 土耳其出口商协会表示，全球金价因地缘政治紧张和市场波动而飙升，而该国此前推出的黄金进口配额 政策加剧了行业压力。按照规定，持牌企业和出口商每月仅能进口12吨未加工黄金。 行业数据显示，黄金进口配额实施后，土耳其国内金价与国际市场的价差一度扩大至每公斤约7000美 元，目前仍维持在4000美元左右。业内人士指出，价差抬升了 ...

2025 年中国高端消费市场初显回暖信号，呈现理性复苏与结构性分化特征。全年境内个人奢侈品市场同比降幅收窄至 3%-5%，虽仍处调整期，但相较 2019 年仍保持 50% 以上增长体量，长期成长韧性凸显。市场复苏呈 "前低后高" 的 J 型修复，3Q25 起受资本市场回暖与政策发力带动，景气度持续回升，4Q25 销售额同比转正至 1%-3%。 品类方面，消费结构从 "物质占有" 向 "体验优先" 转型。高端服务消费表现亮眼，奢华酒店 RP 持平、入境邮轮游客同比激增 210%，健康保健、旅游等体 验类消费成为高净值人群支出增长重点；商品端呈 K 型分化，美妆个护逆势增长 4%-7%，珠宝品类降幅收窄至 0%-5%，而皮具箱包、腕表分别下滑 8%-11% 和 14%-17%。 复苏动力源于多因素共振：境内外奢侈品价差显著收窄至 12% 左右，叠加消费回流趋势，为内地市场带来增量；促消费政策落地、海南封关与离岛免税新 政拓宽消费渠道；楼市企稳与股市慢牛释放财富效应，高净值人群消费信心修复；外资品牌加强本土化适配，产品与营销更贴合中国市场需求。 人群特征呈现代际分化：Z 世代以悦己消费和文化自信为核心，偏好国潮与线 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：002345 股票简称：潮宏基 公告编号：2026-004 ■ 注：上述投资金额主要包括首次铺货和装修。 以上经营数据为初步统计数据，最终数据以定期报告为准，特此提醒投资者注意。 特此公告 广东潮宏基实业股份有限公司 董事会 广东潮宏基实业股份有限公司 关于公司1月份新增直营门店情况 简报的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据《深圳证券交易所上市公司自律监管指引第3号一一行业信息披露》的要求，广东潮宏基实业股份 有限公司（以下简称"公司"）现将2026年1月份公司旗下珠宝品牌新增直营门店概况公告如下： 2026年2月26日 ...

证券研究报告 可选消费 海外看中国：高端消费复苏启示录 可选消费 增持 (维持) 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 惠普 研究员 SAC No. S0570524090006 SFC No. BSE005 孙丹阳 研究员 SAC No. S0570519010001 sundanyang@htsc.com SFC No. BQQ696 +(86) 21 2897 2038 张霜凝* 研究员 SAC No. S0570525070015 zhangshuangning@htsc.com 华泰研究 复盘 2025 年海外集团在华经营表现，我们认为我国高端消费初显回暖信号。 以 LVMH 为例，FY3Q25 中国区销售额回正，录得中-高个位数同比增长 （vs1H25 亚太区：-9%），改善趋势逐步显现。品类上看，消费者重视价 值与体验，从面子走向里子，高端服务消费领先复苏，高端商品表现分化。 拉长看 ...

【文/观察者网 王恺雯】在高性价比、文化自信等因素的推动下，中国本土奢侈品牌正在快速崛起，引 发西方媒体的关注。 "当'中国风'引领潮流，欧洲奢侈品牌该担忧了"，英国《金融时报》2月19日以此为题刊文，指出随着 本土产品大量涌现，中国奢侈品牌正迎来高光时刻。 2011年，意大利奢侈品牌普拉达（Prada）赴港上市，15年后，中国高端时装品牌之禾（ICICLE）被曝 正评估在巴黎上市。 文章指出，中国奢侈品牌崛起的背后，标志着一个国家形象的蜕变，中国不再只是生产廉价仿制品 的"工厂"，取而代之的是创新：从比亚迪的电动汽车，到DeepSeek的人工智能，以及无处不在的拉布布 （Labubu）所代表的潮玩文化。 文章分析称，中国本土奢侈品牌的兴起，一方面得益于政府对"国潮"的倡导，另一方面也源于中国人文 化自信的增强。眼下，这股"中国风"正横跨所有彰显地位的消费领域：时装、珠宝、汽车与高端葡萄 酒。 随着中国奢侈品牌影响力不断扩大，西方媒体也担忧起自家奢侈品的处境。"这对欧洲奢侈品公司构成 了威胁。"《金融时报》写道。 彭博社此前注意到，全球顶级奢侈品公司路威酩轩（LVMH）CEO阿尔诺去年9月到访上海时，很多人 ...

Group 1 - The core point of the article highlights the stock price increases of CATL, Luoyang Molybdenum, and Laopu Gold due to their inclusion in the Hang Seng Index, while Zhongsheng Holdings will be removed, leading to a decrease in its stock price [1] - CATL's stock price rose by 3% following the announcement [1] - Luoyang Molybdenum and Laopu Gold both saw their stock prices increase by 6% [1] Group 2 - The adjustment to the Hang Seng Index will take effect on March 9, increasing the number of constituent stocks from 88 to 90 [1] - Zhongsheng Holdings' stock price fell by 2% as a result of being removed from the index [1]

Group 1 - The founder of Pang Donglai, Yu Donglai, announced his retirement after the Chinese New Year, transitioning to an advisory role, with the company's operations to be overseen by the Pang Donglai Decision Committee [3] - In 2025, Pang Donglai's total sales are projected to exceed 23.531 billion yuan, with the supermarket segment being the core contributor, generating sales of 12.643 billion yuan [3] - The jewelry segment is expected to achieve sales of 2.451 billion yuan, while the tea segment's annual sales are projected to reach 1.063 billion yuan [3]

Core Insights - The article highlights the emergence of cross-border e-commerce live streaming as a key driver for promoting Guangdong-made products globally, positioning it as a new starting point for "Guangdong goods going global" [1][2]. Group 1: Cross-Border E-Commerce Live Streaming - The cross-border e-commerce live streaming industry is thriving in the Hengqin Guangdong-Macao Deep Cooperation Zone, with global live broadcasts showcasing Guangdong-manufactured products like toys, jewelry, bags, and electronics [1]. - The team led by Guo Yuping, known as "Sister Sha," has conducted over 20,000 live streams, primarily targeting markets in the UK, US, Japan, and Southeast Asia [2]. - Utilizing foreign hosts to represent Guangdong products is seen as an effective strategy to engage overseas consumers, with local influencers enhancing trust and relatability [2][4]. Group 2: Product Selection and Quality - A 2,000 square meter global product selection center supports the live streaming efforts, showcasing high-quality products from various Guangdong industrial sectors, with over 80% of the products being from Guangdong [3]. - The selection center allows cross-border sellers to efficiently choose and promote Guangdong products, which are characterized by diversity and high cost-effectiveness [3]. Group 3: Innovative Marketing Strategies - The "remote planting grass" strategy involves sending product samples to local influencers who create relatable content, enhancing consumer trust and engagement [4]. - This approach contrasts with traditional bulk export methods, shifting towards a more direct and agile model that leverages live streaming and short videos to connect with consumers [4].

Core Viewpoint - The founder of Pang Donglai, Yu Donglai, reiterated the company's commitment to remain unlisted and emphasized its educational nature, stating that after achieving its planned goals, the company will cease expansion [1][4]. Group 1: Strategic Planning - Yu Donglai announced four core strategic points: maintaining the company's educational nature, ensuring that the highest management exits power before the age of sixty, committing to never go public, and stopping further expansion after achieving planned goals [4][5]. - The newly established decision-making committee consists of eight members, all of whom are the first supervisors of core business areas, with a rotating general manager system implemented to promote management transition [1][3]. Group 2: Management Transition - Yu Donglai's retirement marks a significant management transition, with the decision-making committee taking over operational responsibilities, indicating a shift towards a more institutionalized management structure [1][3]. - The rotating management system includes daily rotations for store managers, monthly for business unit general managers, and quarterly for the group general manager, focusing on cultural development, strategic planning, risk management, and team building [3]. Group 3: Financial Performance - Pang Donglai's projected sales for 2025 are over 23.531 billion yuan, reflecting a year-on-year growth of 38.71% [3][7]. - The company's sales breakdown shows that the supermarket segment is the largest contributor, with sales reaching 12.643 billion yuan, followed by jewelry and tea sales [7].

Core Viewpoint - The major shareholder, Eurostar Diamond, plans to reduce its stake in Laishen Tongling Jewelry Co., Ltd. by up to 3.00% through various trading methods [2][5]. Group 1: Shareholder Information - Eurostar Diamond directly holds 17,156,192 shares of the company, representing a 5.0015% stake, acquired through judicial transfer and centralized bidding [2]. - There are no concerted actions among the major shareholder and other parties [2]. Group 2: Reduction Plan Details - Eurostar Diamond intends to reduce its holdings by no more than 1.00% through centralized bidding and up to 2.00% through block trading, totaling a maximum reduction of 3.00% [2]. - The actual start of the reduction may be postponed if the company's stock is suspended during the pre-disclosure period [3]. - If the company's total share capital changes during the reduction period, the number of shares to be reduced will remain the same, with the reduction ratio adjusted accordingly [3]. Group 3: Risk Considerations - Eurostar Diamond does not face any restrictions on share reduction as per relevant regulations [4]. - The implementation of the reduction plan is subject to market conditions, stock price performance, and regulatory factors, leading to uncertainties in the actual number and price of shares to be reduced [4].