Chinanews. com December 5 th (Zhongxin Finance reporter Zuo Yukun) The price of gold has climbed to a record high.

　　On December 4, Beijing time, futures gold and spot gold opened sharply higher in the morning. COMEX gold futures stood at the $2,150/oz mark, and spot gold rose to $2,144/oz. Although it has declined since then, a "new high" has been born.

　　Under the hot situation, gold and jewelry companies have once again ignited the enthusiasm for listing, and they have handed in their watches to attack IPO.

　　"The big gold bracelet on your hand is more valuable."

　　At the beginning of this week, the price of gold continued to rise and broke the "ceiling" again.

　　New york gold futures (referred to as "COMEX gold") and London spot gold once both broke through the $2,100/oz mark in early Asian session on December 4th. COMEX gold futures hit a maximum of $2,152.3 per ounce in intraday trading; Spot gold in London rose to a maximum of $2,144.68 per ounce, both of which continued to hit record highs.

　　Industry analysts believe that the rise in gold prices is related to the recent performance of the US dollar. According to reports, last week, the Federal Reserve reiterated that it would be cautious and tried to downplay the expectation of interest rate cuts, but the market did not buy it. On the contrary, Wall Street’s expectation of interest rate cuts was further strengthened, pushing the price of gold to continue to rise. In addition, the US economic data showed a more obvious weakening, resulting in a significant drop in the interest rate of US debt and the US dollar, which also benefited the price of precious metals.

　　In addition, the data released by the World Gold Council on October 31 showed that the global central bank purchased 337 tons of gold net in the third quarter, which was the third highest quarterly net gold purchase in history. Although it failed to break the record in the third quarter of 2022, the central bank’s demand for gold purchases since the beginning of 2023 has reached 800 tons, setting a new record since the association has this data. Central banks are expected to maintain strong demand for gold purchases for the rest of this year.

　　Practitioners have also felt this shock. Mr. Yu, who is engaged in gold jewelry business in Shenzhen Shuibei, told Zhongxin Financial reporter on the 4th: "Yesterday, there were some gold prices in Shuibei below 480 yuan/gram, and today the highest point actually reached 495g/yuan, although it fell back in the afternoon, but it is really rare to see such a big increase in one day."

　　"Daikin bracelets" and "Daikin necklaces" also rose in value. The reporter learned that on the 4th, the domestic gold price of gold jewelry brands such as Chow Tai Fook, Luk Fook Jewelry and Chaohongji continued to rise compared with the previous day, and many of them have exceeded 630 yuan/gram.

　　"Recently, the price of gold was relatively cheap during the period of’ October 1st’, and the price of gold jewelry was more than 580 yuan without being reduced. Since then, it has been rising. In the middle and late October, the price of grams has already fallen above 600 yuan. " A salesperson of Chow Tai Fook told reporters.

　　In the face of rising gold prices, consumers are inevitably happy and worried. I want to make a move, and I want to sigh. But besides you and me, there are still some people and enterprises that are experiencing the "golden torment", and they are the gold jewelry companies that want to go public.

　　"Hot" seeks listing, and gold jewelry companies queue up for IPO.

　　The soaring gold price and the enthusiasm of terminal consumption have once again ignited the desire of gold jewelry companies to seek listing.

　　Recently, Laopu Gold, known as the first gold jewelry company in China to promote the concept of "ancient gold", launched an impact on the IPO of Hong Kong stocks. This is the second time that Laopu Gold has hit the capital market. Previously, it sought a listing in A shares in 2021, and it was cancelled the day before the meeting. The company has also been questioned by the market because of negative cash flow, high inventory and the transfer of suppliers’ interests.

　　The popularity of the national tide continues, and the old shop gold with high-end positioning also has a higher gross profit level. From 2020 to the first half of 2023, its gross profit margin was 43.1%, 41.2%, 41.9% and 41.7% respectively, which is very high in the whole gold jewelry market.

　　In the prospectus submitted by Laopu Gold this time, it also introduced its own products with quite a style. For example, gold inlaid products such as rose window necklace, butterfly clavicle necklace and bindilian treasure box gold ware; All-gold gold products, such as silk safety buckle, Ruyi Xiangyun pattern bracelet, one-horned magic symbol, etc.

　　Coincidentally, Mengjinyuan Gold Jewelry Group Co., Ltd. (referred to as "Mengjinyuan") also submitted a listing application to the main board of the Hong Kong Stock Exchange in September this year. Before the listing in Hong Kong, Mengjinyuan also failed to hit the A-share IPO.

　　Mengjinyuan has positioned itself as "China high-purity seiko gold jewelry expert" and is one of the few gold jewelry brands that can mass-produce 999.9 gold jewelry. It also claims that the company has made breakthrough achievements in the fields of gold purification and precision manufacturing. According to the disclosure in the prospectus, on the whole, the performance of Mengjinyuan is on the increase.

　　Although the income ranks high, the gross profit margin of Mengjinyuan is less than 6% in the past three years because of the high proportion of plain gold ornaments in the product structure, while the gross profit margins of peers such as Chow Tai Fook and Zhou Shengsheng are all higher than 20% in 2022. In addition, most gold jewelry brands mainly purchase gold from Shangjin Institute, while Mengjinyuan mainly focuses on "exchange of old materials" for a long time. Previously, when Mengjinyuan applied for listing in A-shares, these issues were the focus of regulatory attention.

　　Leofoo Jewelry is also a gold jewelry company that is also exploring on the way to listing. As early as May 2019, Leofoo had pre-disclosed the prospectus for the first time. After that, there were twists and turns, and three A-share IPOs failed. The most recent one was on November 8 this year, when Shenzhen Stock Exchange decided to terminate the review of the initial public offering of Leofoo Jewelry and its listing on the main board. Some people think that Leofoo may follow the example of Laopu Gold and Mengjinyuan and switch to IPO of Hong Kong stocks.

　　It is found that the well-known enterprises in the industry have basically set foot on the capital market. Chow Tai Fook, Zhou Shengsheng and Luk Fook Group are listed in Hong Kong stocks, while enterprises such as Lao Fengxiang, China Gold and Zhou Dasheng are listed in A shares. Other brands are really "hard not to be jealous".

　　"In mainland A-shares, the market valuation of such enterprises is generally not high, and it is not an innovative industry, so it is difficult to go public; Relatively speaking, companies such as Hong Kong stocks are listed more, and the threshold is low, and the valuation comparison is relatively intuitive, so they seek to go public in Hong Kong. " Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International Joint Business School, told reporters. (End)

　　The fifth in a series of comments on "strictly administering the party in an all-round way"

　　Ma Zhenqing

　　Since the 18th National Congress of the Communist Party of China, the supreme leader has made a series of important expositions on strengthening Party building, and put forward many new ideas, viewpoints and conclusions. These important expositions have enriched the theoretical treasure house of Marxist party building, deepened the understanding of the law of party building under the new historical conditions, provided an action guide for comprehensively administering the party strictly, and opened up a new realm of Marxist ruling party building. At present, the biggest risk and challenge facing the party is corruption and unhealthy tendencies within the party. The task of strictly administering the party is more arduous and urgent than ever before. We must adhere to the rule of law and regulations, build an all-round system of strictly administering the party, and constantly create a new situation in party system construction.

　　Strictly administering the party in an all-round way depends on strict party rules and discipline.The construction of inner-party laws and regulations system is an important part of the strategy of governing the country according to law. We must deeply understand the necessity and urgency of perfecting the inner-party laws and regulations system, focus on building a perfect inner-party laws and regulations system, a strict implementation system and a strict supervision system, and ensure that the inner-party laws and regulations system is more perfect, scientific and effective, and that the party is strictly governed by laws and regulations.

　　Since taking office, the Communist Party of China (CPC) has successively formulated and promulgated a large number of important inner-party laws and regulations, initially forming the framework of the inner-party laws and regulations system, which provides important legal guarantee and institutional support for managing the party and the country. On October 27th, the Sixth Plenary Session of the 18th Central Committee of communist party, China was successfully concluded. The plenary session deliberated and adopted "Several Guidelines on Inner-Party Political Life under the New Situation" and "Regulations on Inner-Party Supervision in the Communist Party of China (CPC)", which further pointed out the direction, defined the tasks and provided the basis for the strict administration of the Party. The whole party and the whole society generally believe that these two internal party laws and regulations are a new milestone in our party’s management of the party.

　　Strictly administering the Party in an all-round way should be severely punished and nip in the bud.Many corruption problems occur, on the one hand, cadres relax their vigilance and ignore discipline and rules; On the other hand, there is no vaccination in advance. A large number of corruption cases show that it is necessary to "put power in the cage of the system". The two inner-party laws and regulations deliberated and adopted at the Sixth Plenary Session of the CPC Central Committee made us deeply feel the Communist Party of China (CPC)’s concern and love for party member cadres.

　　Be strict at ordinary times, and don’t be confused when something happens. Strictly administering the Party means not only severely punishing cadres who violate the law and discipline, but also reminding and admonishing cadres more, preventing problems before they happen, strengthening supervision and discipline, guiding, educating and protecting cadres, doing a good job in building a cadre team, grasping early and small, grasping early rather than late, and grasping the symptoms is better than grasping the consequences.

　　It requires strong leadership to strictly manage the party in an all-round way.A team with chaotic thoughts and loose organizational discipline cannot form strength, gain the trust and support of the people, complete its historical mission, and even fail to fulfill its fundamental purpose. The Communist Party of China (CPC), which has more than 88 million party member, is easy to play its own trumpet, go its own way and keep pace with each other without a strong core as its leader. There must be a core to strictly manage the party in an all-round way. An important achievement of the Sixth Plenary Session of the 18th CPC Central Committee is to clarify the core position of the General Secretary of the Supreme Leader and formally put forward the "Party Central Committee with the Comrade of the Supreme Leader as the core". This is of great and far-reaching significance to safeguarding the authority of the CPC Central Committee, maintaining the unity and centralized leadership of the Party, better rallying the strength of the whole Party, the whole army and the people of all ethnic groups throughout the country to seize opportunities and overcome challenges, uniting the whole Party as one, making Do not forget your initiative mind move forward, and ensuring the prosperity and long-term stability of our Party and country.

　　Governing the country must first govern the party, and the party must be strict. To ensure that the Communist Party of China (CPC) becomes a strong Marxist ruling party and always becomes a strong leading force in Socialism with Chinese characteristics’s great cause, we must combine ideological party building with institutional party management, strictly implement the party’s main responsibility, constantly improve the party’s ruling ability and level, formulate and improve the party’s laws and regulations according to the principle of governing the party according to law, improve and perfect the system of internal party laws and regulations, and manage, manage and build the party with strict rules and regulations, so as to build a well-off society in an all-round way, deepen reform in an all-round way, and comprehensively. (The author is a professor and doctoral supervisor at Marxism College of Beijing Normal University.)