Core Viewpoint - The domestic gold jewelry prices have significantly decreased, with multiple brands reporting a notable drop in their gold prices per gram [1] Group 1: Price Adjustments - Zhou Shengsheng's gold price has fallen to 1353 yuan per gram [1] - Lao Feng Xiang's price is now 1363 yuan per gram [1] - Lao Miao Gold is priced at 1359 yuan per gram [1] - Chow Tai Fook's price remains at 1363 yuan per gram [1] - Liufuk Jewelry's price is the highest at 1403 yuan per gram [1]

Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].

Group 1 - The company, Yuyuan Holdings, announced that as of December 31, 2025, it has repurchased a total of 8.8 million shares, which represents approximately 0.226078% of its total share capital [1] - The highest purchase price for the repurchased shares was 5.42 CNY per share, while the lowest was 5.12 CNY per share [1] - The total amount spent on the share repurchase was approximately 46.81 million CNY [1]

Core Viewpoint - Yuyuan Group (600655.SH) has announced a share repurchase plan, having repurchased a total of 8.8 million shares, which represents approximately 0.226078% of the company's total share capital [1] Summary by Categories Share Repurchase Details - The company has repurchased 8.8 million shares as of the end of December 2025 [1] - The highest purchase price was 5.42 yuan per share, while the lowest was 5.12 yuan per share [1] - The total amount paid for the repurchased shares is 46,808,276.18 yuan, excluding transaction fees [1]

关于以集中竞价交易方式回购公司 A 股股份 的进展公告 | 证券代码：600655 | 证券简称：豫园股份 | 公告编号：临 | 2026-001 | | --- | --- | --- | --- | | 债券代码：242519 | 债券简称：25豫园01 | | | | 债券代码：242813 | 债券简称：25豫园02 | | | | 债券代码：242814 | 债券简称：25豫园03 | | | 上海豫园旅游商城（集团）股份有限公司 上海豫园旅游商城（集团）股份有限公司（以下简称"公司"）于 2025 年 11 月 10 日召开第十一届董事会第四十六次会议审议通过了《关于以集中竞价交易方 式回购公司 A 股股份的议案》。本次回购股份价格为不超过人民币 8.60 元/股，本 次回购股份的资金总额不低于人民币 20,000 万元（含），不超过人民币 30,000 万元（含）。回购期限为自公司董事会审议通过本次回购股份方案之日起 12 个月 内。详细情况请参见上海证券交易所网站披露的《上海豫园旅游商城（集团）股 份有限公司关于以集中竞价交易方式回购公司 A 股股份方案的公告》（公告编号： 临 2025-09 ...

Core Viewpoint - The article discusses the recent significant decline in domestic gold jewelry prices and analyzes the potential for a continued bull market in gold for 2026, influenced by various economic factors and investor behavior [1][3]. Price Comparison - As of December 30, 2025, several gold jewelry brands reported a notable price drop for domestic 24K gold jewelry, with Lao Feng Xiang and Chow Tai Fook both priced at 1363 CNY per gram, while Lao Miao Gold was at 1359 CNY per gram, and Chow Sang Sang at 1353 CNY per gram. Liufu Jewelry maintained a price of 1403 CNY per gram [1][2]. Market Dynamics - The international gold price has seen fluctuations, dropping from a previous high of 4550 USD to around 4350 USD. The article raises the question of whether the gold bull market can continue into 2026 [2][3]. Support for Gold Market - Key factors supporting the gold market include expectations of interest rate cuts by the Federal Reserve, with three cuts totaling 75 basis points in 2025 and an anticipated 2-3 cuts in 2026. Additionally, global central bank gold purchases are expanding beyond geopolitical nations, with the share of dollar assets in global reserves decreasing from 72% to 56%, while gold reserves have increased to 25% [3]. Investor Behavior - Gold investment returns and capital inflows are positively correlated, with significant demand for gold observed in 2025, totaling 551.5 tons, 477.5 tons, and 537.2 tons in the first three quarters, respectively. Gold ETF and derivatives investments also showed strong performance, with figures of 226.6 tons, 170.5 tons, and 221.7 tons, all higher than the previous year. Despite a decline in gold jewelry consumption compared to the previous year, quarterly consumption remains high at nearly 400 tons [3]. Potential Risks - Possible negative factors for gold in 2026 include easing inflation pressures in the U.S., which historically led to declines in gold prices during periods of high inflation retreat. Additionally, liquidity pressures could prompt central banks to sell gold, as seen during the 1997 Asian financial crisis when global central banks sold gold, leading to significant price drops [4].

Core Viewpoint - Yuyuan Group announced the approval of several resolutions during the 49th meeting of its 11th Board of Directors, including amendments to certain company systems and the election of a new board of directors [1] Group 1 - The company held its 49th meeting of the 11th Board of Directors on December 29 [1] - Resolutions approved include amendments to the company's articles and certain internal regulations [1] - The board of directors will undergo a re-election process as part of the approved resolutions [1]

上海豫园旅游商城（集团）股份有限公司 股东会议事规则 （尚需股东会审议通过） 第五条 股东会根据有关法律、行政法规的规定，按照谨慎授权原则，依据《公司 章程》、《关联交易管理制度》等制度，授予相关权限。 对于公司贷款事项，股东会可以在每个会计年度结束之日起四个月内召开会议，核 定当年度贷款规模，以及在此规模内公司以其资产为上述贷款提供担保的事项。对于发 生在当年度贷款规模范围内的贷款及担保事项，股东会可不再另行召开会议审议，授权 相关主体签署相关协议。 上述授权与有关法律、法规、规范性文件不一致的，以法律、法规、规范性文件为 准。 第六条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当于 上一会计年度结束后的六个月内举行。临时股东会不定期召开，有下列情形之一的，公 司应在事实发生之日起 2 个月以内召开临时股东会： 第一章 总则 第一条 为促进公司规范运作，保证股东会依法行使职权，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《上海证券交易所股票上市规则》和《上市公司股东会规则》及《上海豫 园旅游商城（集团）股份有限公司章程》（ ...

上海豫园旅游商城(集团)股份有限公司 董事、高级管理人员薪酬管理制度 （尚需股东会审议通过） 第一章 总则 第一条 为进一步规范上海豫园旅游商城（集团）股份有限公司（以下简称"公司"） 董 事、高级管理人员的薪酬管理，建立科学有效的激励与约束机制，有效调动公司董事、高 级管理人员的工作积极性，提高公司的经营管理效率，根据《中华人民共和国公司法》《上 市公司治理准则》等法律、法规的规定及《上海豫园旅游商城（集团）股份有限公司章程》 （以下简称《公司章程》）的有关规定，制定本制度。 第二条 本制度适用于以下人员： （一）董事：包括非独立董事、独立董事； （二）高级管理人员：《公司章程》规定的高级管理人员。 第三条 公司薪酬制度遵循以下原则： （一）坚持总体薪酬水平与公司经营规模、实际经营业绩相匹配原则； （二）坚持责、权、利相结合的原则，总体薪酬水平与承担的管理责任、权限相对应； （三）坚持薪酬与公司长远发展和利益相结合的原则，总体薪酬水平与公司持续健康发展 的目标相符； （四）坚持激励与约束并重原则，总体薪酬水平与考核、奖惩、激励机制挂钩。 第二章 薪酬管理机构 第四条 公司股东会负责审议董事的薪酬考核制度和薪 ...

上海豫园旅游商城（集团）股份有限公司 董事会提名与人力资源委员会实施细则 （2025年12月修订） 第一章 总则 第一条 为规范公司领导人员的产生，优化董事会组成，完善公司治理结构，根据 《中华人民共和国公司法》、《上市公司治理准则》、《公司章程》及其他有关规定， 公司特设立董事会提名与人力资源委员会，并制定本实施细则。 第二条 董事会提名与人力资源委员会是董事会按照股东会决议设立的专门工作机 构，主要负责对公司董事和高级管理人员的人选、选择标准和程序进行选择并提出建 议。本细则所称高级管理人员是指《公司章程》中规定的高级管理人员。 第二章 人员组成 第三条 提名与人力资源委员会成员由五名董事组成，独立董事占多数。 第四条 提名与人力资源委员会委员由董事长、二分之一以上独立董事或者全体董 事的三分之一提名，并由董事会选举产生。 第五条 提名与人力资源委员会设主任委员（召集人）一名，由独立董事委员担任， 负责主持委员会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 提名与人力资源委员会任期与董事会任期一致，委员任期届满，连选可以 连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根 ...