平均值 1532.11 摘要2026年2月11日，潮宏基黄金价格报1550.0元/克，较月初（1489.0元/克）上涨了4.00%。 2026年2月11日，潮宏基黄金价格报1550.0元/克，较月初（1489.0元/克）上涨了4.00%。 潮宏基黄金行情月度统计（2026年2月2日-2026年2月11日，单位：元/克） 当日价 1550.0 日涨幅 0.00% 最高价 1566.0 最低价 1482.0 顶位差 -16.0 低位差 68.0 如何抓住黄金波段机会？聪明钱的选择，黄金+股票一键搞定>> ...

潮宏基：重视自身强alpha，低位布局，静待春节情人节数据催化 # 短期催化：金价上涨，1月中旬启动提价，同步限时促销组合，抢占春节+情人节双节旺季市场，动销数据存在 超预期可能 # 重申中期看好自身成长性： ①# 加盟展店仍在红利期：空白点位较多，一线城市购物中心仍为核心拓店区域，舒芙蕾子品牌加速展店 ②# 差异化小克重基本盘稳固：高金价抑制单次消费预算，珠串类小克重相对受益；IP联名实现饰品潮玩化与深层 情感联结，聚集忠实年轻客群，推动二次传播 ③# 系列化高克重扩大人群覆盖："故宫"、"臻金"等核心大克重系列持续形成爆品，实现从产品售卖到文化经营战 略升级 长期看，# 领先行业增速的alpha来自强设计能力：增长主要来自于自主设计产品。 新品研发体系成熟、资源投入远超同业，设计平台开源极大拓展扩展能力边界 # 短期催化：金价上涨，1月中旬启动提价，同步限时促销组合，抢占春节+情人节双节旺季市场，动销数据存在 超预期可能 # 重申中期看好自身成长性： ①# 加盟展店仍在红利期：空白点位较多，一线城市购物中心仍为核心拓店区域，舒芙蕾子品牌加速展店 ②# 差异化小克重基本盘稳固：高金价抑制单次消费预算，珠串类 ...

Core Viewpoint - The upcoming Chinese New Year has led to increased consumer activity in the Shenzhen Luohu Shuibei market, the largest gold and jewelry trading hub in China, despite rising gold prices and associated challenges for jewelry companies [1]. Group 1: Market Activity - The Shuibei market is bustling with both wholesale and retail customers, with gold prices displayed at 1292 yuan per gram [2]. - Consumer enthusiasm remains high, with individuals like Ms. Lu purchasing gold jewelry as a reward for their hard work, indicating a positive sentiment towards gold investment despite higher prices compared to last year [2]. - Retailers are adapting to changing consumer preferences, with a focus on smaller weight gold jewelry and innovative designs, such as gold phone stickers featuring popular motifs [2]. Group 2: Challenges Faced by Businesses - The significant fluctuation in raw material costs poses a major challenge for market dealers, prompting a shift from traditional inventory models to new strategies that reduce operational risks [2][3]. - Companies are facing doubled funding requirements for inventory, necessitating improved cash flow management and inventory optimization to alleviate financial pressure [3]. Group 3: Industry Responses - Companies in the gold jewelry sector are employing hedging strategies, product innovation, and channel expansion to capitalize on market opportunities amid fluctuating gold prices [4]. - Hedging has become a standard tool for larger listed companies to mitigate risks associated with gold price volatility, with firms like Beijing Caishikou Department Store engaging in hedging aligned with their business scale [4]. - Product innovation is crucial for maintaining competitiveness, with companies like Zhou Dasheng introducing lightweight and personalized gold products aimed at younger consumers [4]. - Channel development is essential, with companies like Chao Hong Ji actively pursuing an omnichannel strategy and expanding internationally, particularly in Southeast Asia [4].

智通财经APP获悉，东方证券发布研报称，在金价的持续高涨之下，国内黄金首饰的消费量明显受到抑 制，而金条和金币类更具投资属性的产品消费量同比快速上升，且在绝对量上大大超过了黄金首饰。然 而，受益于精细化的品牌运营能力和产品的差异化(多数与中国传统文化深度链接)，相关公司一口价产 品的销售占比持续上升，一方面推动了其综合盈利能力，另一方面也在部分减缓了金价波动带来的周期 性冲击。标的上，重点看好品牌化、差异化显著且积极布局出海的公司。 东方证券主要观点如下： 2025年金价持续高涨之下国内黄金首饰消费量明显下降，金条和金币类消费量同比快速增长 根据中国黄金协会的最新统计，2025年我国黄金消费量950.096吨，同比下降3.57%。其中：黄金首饰 363.836吨，同比下降31.61%;金条及金币504.238吨，同比增长35.14%。2025年12月底上海黄金交易所 Au9999黄金收盘价较年初开盘价上涨58.78%。在金价的持续高涨之下，国内黄金首饰的消费量明显受 到抑制，而金条和金币类更具投资属性的产品消费量同比快速上升，且在绝对量上大大超过了黄金首 饰。高金价对黄金珠宝首饰的消费结构影响在26年仍有望延 ...

Group 1 - The cultivated diamond sector experienced an initial rise on February 9, with significant gains in several companies [1] - Sifangda saw an increase of nearly 9%, while Huanghe Xuanfeng and Power Diamond both rose over 5% [1] - Jing Sheng Mechanical and Chao Hong Ji also showed positive movement, with increases exceeding 4% [1]

看好品牌化、差异化发展并具备出海亮点 的龙头 ——黄金珠宝板块投资机会分析 核心观点 ⚫ 2025 年金价持续高涨之下国内黄金首饰消费量明显下降，金条和金币类消费量同比 快速增长。根据中国黄金协会的最新统计，2025 年我国黄金消费量 950.096 吨，同 比下降 3.57%。其中：黄金首饰 363.836 吨，同比下降 31.61%；金条及金币 504.238 吨，同比增长 35.14%。2025 年 12 月底上海黄金交易所 Au9999 黄金收 盘价较年初开盘价上涨 58.78%。在金价的持续高涨之下，国内黄金首饰的消费量明 显受到抑制，而金条和金币类更具投资属性的产品消费量同比快速上升，且在绝对 量上大大超过了黄金首饰。我们认为高金价对黄金珠宝首饰的消费结构影响在 26 年 仍有望延续。 ⚫ 金价大涨之下板块分化显著，少数品牌化、差异化特征明显的龙头仍呈现快速增 投资建议与投资标的 展望 26 年，我们认为高金价的压力依然存在，黄金珠宝板块的内部分化仍将延续， 但板块渠道端整体的出清将逐步接近尾声。投资机会上，我们重点看好品牌化、差异化 显著且积极布局出海的公司，重点看好潮宏基(002345，增持) ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 作者 纺织服饰 周专题：adidas 披露业绩 2025Q4 业绩预告；VF FY2026Q3 经 营表现优异 【专题一：adidas 披露 2025 年度业绩预告】 adidas 披露 2025Q4 业绩预告，经营表现优异，公司启动股票回购。根 据公司披露，货币中性基础上 2025Q4 adidas 品牌营收同比增长 11%， 若考虑到同期的 Yeezy 产品销售收入后，2025Q4 公司营收增长 10%，毛 利率同比提升 1pcts 至 50.8%。2025 全年来看，货币中性基础上 adidas 品牌营收增长 13%，所有渠道以及地区均有双位数增长，若考虑到同期的 Yeezy 产品销售收入后，2025 年公司营收增长 10%，公司毛利率同比提 升 0.8pcts 至 51.6%，经营利润率同比提升 2.6pcts 至 8.3%。基于强劲的 基本面表现及管理层对未来的信心，公司宣布启动股票回购，计划从 2026 年 2 月初开始，回购价值高达 10 亿欧元的股票。 【专题二：VF 公司披露 FY2026Q3 季报】 F ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

2025 年增速喜人, 瞄准年轻时尚客群 -- 朗云县(002345) □ 证券研究报告 | 妙 投资评级:买入(维持) | | --- | | 基本数据 | 2026-02-06 | | --- | --- | | 收盘价(元) | 13.56 | | 流通股本(亿股) | 8.67 | | 每股净资产(元) | 3.99 | | 总股本(亿股) | 8.89 | 最近 12 月市场表现 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《Q3 珠宝主业利润+81.5%，盈利迈入 上升拐点》 2. 《新品迭代+跨界合作双轮驱动,深化时 尚非遗》 3.《业绩高增, 品牌势能向上, 景气度延续》 2025-08-27 核心观点 密利频则 | 市神（人民币） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,900 ...

筑牢设计壁垒，多元IP 精准触达年轻客群。继与"哆啦A 梦"，"蜡笔小新"等知名IP 合作设计联名产品 后，公司于2025 年深化与三丽鸥合作，正式上线"布丁狗"及"人鱼汉顿"系列。针对Z 世代消费主力，公 司成功将珠宝转化为具备社交属性的"情感潮玩"。同时，公司近期更与麦当劳合作推出产品，跨界营销 取得进一步的成效，IP 矩阵效应持续释放，进一步夯实了公司在时尚珠宝领域的差异化壁垒。 投资建议：公司立足于时尚珠宝，渠道扩张和单店店效提升双轮驱动，我们预计公司2025-2027 年实现 归母净利润4.9/6.5/7.5 亿元。对应PE 分别为24.4/18.5/16.0 倍，维持"买入"评级。 "一城一非遗"战略落地，文化赋能商业转化效果卓越。在南京站，公司联动非遗"绒花"传承人赵树宪， 推出"双生海棠"艺术品，借代言人宋轶引爆#新中式千金#等热搜话题；在汕头站，携手非遗"嵌瓷"传承 人许少雄，将燕京八绝之首的花丝镶嵌与潮汕嵌瓷深度融合。据宝创家微信公众号，汕头活动期间产品 销售额同比+238%；2025 年8 月23 日揭幕日当天销售额同比大增751%，门店排名全国第一。潮宏基 从"售卖产品"向"经营文化" ...