黄金税收新政 - 水贝一线调研直击 20251121 摘要 黄金珠宝品牌通过每克加价 60-80 元应对税负增加，涨幅约 5-7%，金 价持平背景下消费者接受度高，对 2025 年全年业绩影响不大。 水贝市场受新政冲击严重，商家因严格查处而不愿开票，倾向于接受来 料加工模式，仅赚取加工费，涨价幅度远超品牌。 长荣机 11 月同店销售增长超 50%，创增速新高，净开店 150 家，预计 2026 年加速至 200 家，同店销售额预计维持 20%左右增速，高克重产 品占比提升，复购率达 60%，客单价提升至 6,000-8,000 元。 周六福 11 月 1 日至 18 日销售环比持平略降，同比去年增长 4%，加盟 门店增速更高，提价未对终端销售造成明显冲击，公司仍有信心完成 2025 年利润增长 5%-15%的业绩指引。 周大生维持 2025 年利润增长 5%-15%的目标，西安新店十几天内销售 额达 300 多万元，公司正在调整加盟商货盘结构和门店位置，以期在低 基数下实现业绩改善。 新政目前未显著影响终端销售，但需密切关注未来几个月（11 月至 12 月及 2026 年 1 月至 2 月）的销售数据，尤其是 ...

从 CPI 结构看消费品量价趋势 20251123 摘要 服务消费需求强劲，飞机票和旅游价格上涨，黄金珠宝受国际金价影响 显著上涨，表明体验消费和情绪消费持续增长，服务业供给约束是价格 稳定的关键因素。 PPI 与 CPI 关系非对称，PPI 下行期 CPI 可能保持稳定，对企业有利。预 计 2026 年整体消费量价平稳，食品饮料大众品已现企稳迹象，白酒行 业加速出清后预计 2026 上半年见底。 食品饮料板块中，燕京啤酒、东鹏饮料、百龙创园等大众品龙头明年或 有 30%增长，值得配置；白酒行业应配置品牌和管理能力强的公司，如 汾酒、古井贡酒及茅五泸。 政策支持服务消费，中小学生春秋假推动旅游产业链发展，OTA 竞争格 局改善吸引资金流入，亚朵、华住等酒店公司和景区迎来配置时点。 黄金珠宝市场前景乐观，金价上涨成消费者共识，品牌势能上升和转型 快的"一口价"公司值得关注，同时关注智能眼镜和 AI 教育等 AI 领域。 制造业方面，看好以造纸为代表的中游制造细分赛道，如太阳博汇、九 龙纸业，以及两片罐龙头奥瑞金等，出口链个股如共创草坪等也具备投 资价值。 生猪价格对 CPI 影响显著，预计 2026 年下半年企 ...

Group 1 - The core point of the article is that China Gold announced its second board meeting on November 21, 2025, to discuss adjustments to the annual investment plan [1] - For the fiscal year 2024, the revenue composition of China Gold is as follows: 98.8% from gold jewelry sales, 0.75% from service fees, and 0.44% from other businesses [1] - As of the time of reporting, China Gold's market capitalization is 13.5 billion yuan [1]

Core Insights - The establishment of the designated warehouse by the Shanghai Gold Exchange at the Industrial and Commercial Bank of China (ICBC) in Sanya reflects a strategic move to enhance the efficiency of physical gold circulation and reduce operational costs for enterprises, thereby reshaping the local gold industry ecosystem [1][4][5] Group 1: Strategic Importance - The new warehouse in Sanya is seen as a response to national financial reform and regional development strategies, leveraging Sanya's geographical and policy advantages as a key tourist city and free trade port [2][4] - This initiative is expected to improve liquidity and efficiency in the gold market, promoting the internationalization of the domestic gold market [4][6] Group 2: Infrastructure Development - Designated warehouses are considered essential infrastructure for the gold industry, facilitating the storage, delivery, and transportation of physical gold, allowing for local storage and real-time extraction of raw materials [4][6] - The establishment of the warehouse is part of a broader effort to develop Sanya's gold industry, including the construction of multiple gold and jewelry industrial parks [4][6] Group 3: Financial Implications - ICBC's expansion of designated warehouses strengthens its position in the full-service gold chain, enhancing its capabilities in gold pricing and risk management [6][7] - The warehouse in Hezhou, which was opened earlier, is expected to save local enterprises approximately 10 million yuan annually by addressing issues related to low delivery efficiency and high costs [6][8] Group 4: Regional Collaboration - The collaboration between ICBC and the Shanghai Gold Exchange is anticipated to deepen their partnership, increasing service capabilities and market share in the precious metals sector [7] - The establishment of offshore gold delivery warehouses in Hong Kong is also part of a strategy to enhance cooperation between Hong Kong and Shanghai in the gold market, providing diversified asset allocation options for investors [8][10]

Core Insights - The Shanghai New World Daimaru Department Store is launching its year-end promotion, the 2025 Membership Festival, focusing on product promotions, international consumer service upgrades, and exclusive member experiences for over 1.1 million members [1] Group 1: Promotion Strategies - The department store is implementing a high-impact subsidy program targeting the rising demand for gold, offering 500 vouchers worth 800 yuan for jewelry purchases, redeemable upon spending 8,000 yuan at designated counters [3] - A refined promotional scheme includes a "100 membership points plus 299 yuan for a 600 yuan universal voucher" offer, limited to 1,100 units, with priority access for diamond card members and long-term active members [3] - Various product categories, including cosmetics, clothing, and home appliances, will feature tiered gift vouchers to cater to diverse consumer shopping needs [3] Group 2: International Service Upgrades - The department store has seen a significant increase in tax refund processing, with 8,839 transactions recorded by October 31, reflecting a 149.27% year-on-year growth, prompting the launch of a "Friendly Passport for Overseas Consumption" service guide [4] - A professional foreign language sales team has been established to assist foreign customers with a full range of services, including consultation, shopping assistance, and tax refund processing [4] - The luggage storage service has served nearly 10,000 customers, enhancing the shopping experience by addressing the "heavy shopping" pain point [4] Group 3: Member Experience Enhancements - The department store aims to transform its commercial space into a diverse social venue by offering exclusive vouchers and various gift options for members, including co-branded toiletries and premium beverages [5] - Cultural and artistic elements will be introduced during the event, featuring a high-end fashion show, performances by an a cappella group, and a jazz band, alongside a public safety knowledge comedy show [5] - The general manager emphasized that the festival combines value-driven gold discounts, warm international services, and diverse quality experiences to create a memorable annual shopping event for consumers [6]

证券代码：000017、200017 证券简称：深中华 A、深中华 B 深圳中华自行车（集团）股份有限公司 投资者关系活动记录表 | 3、请问王总，您对公司最近 3 年有没有什么规划？ | | --- | | 尊敬的投资者您好，关于公司经营情况和规划，在公司的年度 | | 报告里都有相关阐述，请投资者关注每年度的年度报告中"公 | | 司未来发展的展望"相关章节内容。2025 年公司经营计划如 | | 下：1、加强公司治理，规范运作，进一步改革和完善内部经 | | 营管理机制、考核机制等，加强管理团队、业务团队、技术团 | | 队建设，完善公司发展规划。2、黄金珠宝业务方面，进一步 | | 搭建供应商体系和拓展客户资源，特别是珠宝行业知名品牌商 | | 和上市公司层面的业务合作，拓展国际业务，加强产品开发和 | | 质量管理，推动创新工艺应用，加强知识产权保护及转化运用， | | 完善内部业务流程和内控体系建设，推进供应链系统平台搭建 | | 提升运营质量效率，争取实现营业收入增长。3、自行车电动 | | 自行车及新能业务方面，以品牌维护和市场维护拓展为目标， | | 加强销售网络建设，加强质量管理，加强品牌 ...

周大生表示，此次战略转型的意义已超越企业个体层面，正为全行业的数字化转型树立全新标杆。 战略层面，周大生对生态共建的内涵作出了全新阐释，这并非线下业务向线上的简单迁移，而是以全新 战略重构产业价值网络的系统变革。在执行层面，周大生开创了传统产业与数字生态深度融合的创新范 式。 基于"供应链硬实力+内容软实力"的战略互补体系，"大生无忧"围绕店播矩阵建设、垂类达人孵化、海 南离岛免税、跨境电商出海、新零售场景打造、文化消费综合体建设及IP联动等七大业务板块协同推 进，系统构建从产品研发到用户情感连接的完整价值链。这一布局旨在打造黄金珠宝产业"线上线下 （300959）融合、境内境外联动"的新业态，展现了战略规划的系统性与前瞻性。 通过全方位、多层次的业务部署，周大生表示，致力于将其数字化转型打造成一场贯穿产业全链路的系 统性重构，而非零散的局部尝试，旨在为行业开辟一条可持续发展的创新路径。周大生表示，公司与无 忧传媒的战略合作为正处于数字化转型深水区的传统行业，提供了极具参考价值的转型路径。 周大生进一步指出，这一范式首先跳出传统渠道扩张、价格博弈的框架，通过"供应链+内容生态"深度 绑定，周大生精准对接消费者 ...

双贲驭险,中期伏波 -- 申万宏源 2026 年全球资产配置投资策略 展望 2026 年, 全球资产配置环境或从美联储预防式降息, 逐步过渡至财政 与货币政策双宽松驱动的再通胀周期，密切关注年内流动性拐点对资产轮 动的影响。国内大类资产逻辑也有望逐步从流动性宽松推动转向基本面趋 势准动。 | 指数 涨跌 (%) | | --- | | 名称 | | ┣证指数 3972 -0.46 3.45 -1.16 | | 深证综指 2512 0.01 4.79 -0.7 | | 风格指数 (%) | | | | --- | --- | --- | | 大盘指数 -0.65 | 1.69 | 18.16 | | 中盘指数 --0.32 -- | 2.64 | 27.58 | | 小盘指数 | 5.26 | 25.08 | | 涨幅居前 行业(%) | FEE | 近１个月 近６个月 | | | --- | --- | --- | --- | | 海川 | 6.47 | 18.46 | 24.24 | | 焦炭Ⅱ | 6.2 | 26.46 | 57.21 | | 地面兵装II | 6.05 | 4.27 | 47.35 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In Q3 2025, the company achieved revenue of 14.65 billion yuan, a year-on-year increase of 16.0%, while the net profit attributable to shareholders decreased by 41.6% to 220 million yuan. The non-recurring net profit also saw a decline of 7.5% to 220 million yuan. For the first three quarters, total revenue was 48.0 billion yuan, down 8.7%, with a net profit of 1.44 billion yuan, down 19.1%, and a non-recurring net profit of 1.27 billion yuan, down 25.0% [2][4][6] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 14.65 billion yuan, marking a 16.0% increase year-on-year. However, the net profit attributable to shareholders fell by 41.6% to 220 million yuan, and the non-recurring net profit also decreased by 7.5% to 220 million yuan. For the first three quarters, the company generated a total revenue of 48.0 billion yuan, which is an 8.7% decline year-on-year, with a net profit of 1.44 billion yuan, down 19.1%, and a non-recurring net profit of 1.27 billion yuan, down 25.0% [2][4][6] Business Operations - The company experienced pressure in its wholesale business for gold and jewelry in Q3, but the gross profit amount increased. The company opened a net of 75 new stores, bringing the total to 5,625, with 76 new franchise stores and a slight decrease in direct stores. The gross profit margin improved to 7.01%, up 0.49 percentage points year-on-year, primarily due to rising gold prices, resulting in a 25% increase in gross profit amount [6][9] Future Outlook - The company anticipates improvements in accounts receivable in Q4 2025, with expectations of a reversal of credit losses and a recovery in operating cash flow. The company has been actively managing its accounts receivable and expects to see a significant reduction in these figures in Q4 2025 [6][9] Investment Recommendations - The report suggests focusing on the recovery of industry demand and the company's performance turning point. The expected earnings per share (EPS) for 2025-2027 are projected to be 3.13 yuan, 3.48 yuan, and 3.84 yuan respectively, maintaining a "Buy" rating [6][9]

Group 1 - The year 2025 marks a transition in China's economic development from "quantitative accumulation" to "qualitative leap," emphasizing the importance of corporate social responsibility (CSR) in achieving sustainable growth and core competitiveness [1] - The 20th National Congress of the Communist Party of China outlines a vision for accelerating green transformation and enhancing green development momentum, aligning with the ESG (Environmental, Social, and Governance) framework as a necessary component for high-quality development [1][2] - Numerous domestic enterprises are actively embracing their new responsibilities by integrating ESG principles into their strategies and operations, thereby promoting high-quality economic and social development [1] Group 2 - A roundtable conference titled "Building ESG Systems, Empowering New Quality Development" was held to foster consensus among various sectors and explore innovative paths for corporate social responsibility in the new development stage [2] - The conference gathered experts and representatives from various industries, focusing on how enterprises can implement new development concepts and contribute to China's modernization [2][3] Group 3 - The "Responsibility Light" roundtable has evolved into a platform for sharing insights and practices in corporate social responsibility, having addressed various topics over its five-year history [3] - ESG has become a "required course" for enterprises aiming for high-quality development and building core competitiveness [3] Group 4 - Experts discussed the significance of CSR innovation in shaping responsible brand images and how ESG systems can drive digital and green transformations in enterprises [4] - The roundtable highlighted the achievements of various sectors in fulfilling CSR and the active exploration of ESG principles [4] Group 5 - Zhang En, a professor, proposed a "Six Good" framework for building a Chinese ESG system, emphasizing the importance of good management, good projects, good reports, good communication, good reputation, and good partnerships [7][8] - The framework aims to integrate social responsibility into corporate governance and operational management, ensuring a systematic approach to ESG implementation [7] Group 6 - Huaxia Bank is committed to integrating ESG principles into its development strategy, focusing on green finance to support the real economy and enhance its own high-quality development [11] - The bank aims to align its operations with national strategies and contribute to ecological civilization and economic structure optimization [11] Group 7 - Beijing Caishikou Department Store has a long-standing commitment to social responsibility through various public welfare projects and cultural initiatives [14] - The company is focused on digital transformation and sustainable practices while promoting traditional culture and values [14] Group 8 - Huawei's Digital Inclusion project has benefited over 510,000 people, demonstrating the company's commitment to sustainable development and social responsibility [16] - The company integrates ESG principles into its operations and collaborates with partners to enhance digital education and green initiatives [16] Group 9 - Beijing Performing Arts Group emphasizes cultural innovation as a core aspect of its social responsibility, contributing to the cultural development of the capital [18] - The group aims to integrate ESG principles into all aspects of its operations, enhancing its role in promoting cultural and economic benefits [18] Group 10 - Jingneng Group is actively involved in green transformation and energy supply for the capital, positioning itself as a pilot enterprise for ESG initiatives [20] - The company is focusing on renewable energy projects and digital transformation to support sustainable development [20] Group 11 - HeLiang China is promoting a collaborative approach to corporate social responsibility by engaging employees and partners in community initiatives [23] - The company has launched programs focused on rural revitalization and children's health, demonstrating a commitment to social impact [23]