"痛金"——这个源自二次元"痛文化"的概念，正在为传统黄金行业注入新活力。在金价持续高位运行，传统黄金消费略显疲软的当下， 搭上动漫IP的"痛金"产品却逆势成为增长黑马。 在丝绒衬垫柜台中，一颗不过指甲盖大小的黄金转运珠，旁边的价签却显示它的身价是当日国际金价的近三倍。这并非什么金融衍生 品，而是正在席卷年轻人钱包的"最保值谷子"——"痛金"。 品牌与IP联名宣传图 图源：品牌官方社交媒体 据媒体报道，过去一年IP黄金类商品成交同比增长294%。周大福、老凤祥、周生生排队与动漫握手，把皮卡丘、星矢、游戏皮肤通通炼 成足金。这些重量仅1-2克、售价却动辄上千元的"金疙瘩"，正在社交媒体上频繁刷屏，成为新兴的"社交货币"。 高溢价、能保值的标签让"痛金"迅速破圈，但也引来争议。它究竟是"Z世代为爱发电"的情感刚需，还是新一轮营销噱头下的泡沫游戏？ 当金价波动、热度退潮，"痛金"会不会只留下"痛"？ 当二次元遇到"金" 老牌金店都纷纷下场 8月的上海Redland漫展上，一位身背"痛包"的二次元爱好者成为全场焦点，包内多张金光闪闪的IP联名金钞引人瞩目，总价值超过万 元。这些金钞每张原价899元、仅重1克，如今在二 ...

潮流玩具收藏玩家张红华告诉经济导报记者，"痛金"概念源于二次元"痛文化"。该文化通过物品个性化改造，公开表达对特定 动漫角色的喜爱。黄金品牌将动漫形象与传统金饰结合，推出各类IP联名产品。这类产品颇受年轻人的追捧。 8月上海Redland漫展上，一名身背"痛包"的二次元爱好者成为全场焦点，包内陈列着多张金光闪闪的IP联名金钞，总价值过万 元。该金钞原价899元/张，重量仅1克，如今在二手平台上已被炒至近1600元/张，仍有上百人标记"想要"。 不仅是金钞，更多IP联名黄金产品正掀起抢购潮。老庙黄金与国创小说《天官赐福》合作的联名金饰套装在二手平台标价1.66万 元，吸引上万人浏览。以总克重约11克估算，其单价高达1509元/克。周大福与日本IP《Chiikawa》推出的金章挂件，每克价格 更是冲上2800元。 张红华表示，年轻消费者成为主要购买群体。18至34岁的消费者贡献了超过三分之一的黄金首饰销售额。这些消费者将"痛 金"视为情感价值载体，既能满足收藏需求，又具备一定保值功能。 近期，随着"淘金"热愈演愈烈，"痛金"(泛指带有IP元素的黄金产品)正在年轻消费者中流行。这类融合动漫元素的黄金制品被部 分年轻 ...

Core Insights - In 2025, while gold prices remain high, the consumption of gold jewelry in China has seen a significant decline of 26%, contrasting with a 23.69% increase in gold bar and coin consumption [1][4] - Traditional jewelry companies are struggling, yet innovative concepts like "golden buildings" in cities such as Wuhan and Changsha are emerging, focusing on experiential and cultural engagement to attract younger consumers [1][4][18] Group 1: Market Trends - The consumption of gold bars and coins has increased by 23.69% year-on-year in the first half of 2025, while gold jewelry consumption has decreased by 26% [1] - E-commerce has captured 30% of traditional gold sales, prompting physical stores to innovate their customer engagement strategies [1][4] Group 2: Innovative Concepts - "Golden buildings" are being developed in cities like Wuhan, Changsha, and Zhengzhou, transforming gold sales into immersive cultural experiences [5][6][9] - These buildings aim to shift consumer perception of gold from a mere investment tool to a daily consumable item, integrating cultural elements and entertainment [4][12][15] Group 3: Cultural Integration - The upcoming Henan golden building will feature a blend of local culture, including performances and advanced technology like AR for an immersive shopping experience [12][17] - Companies are increasingly focusing on storytelling and cultural participation, moving from product sales to cultural experiences, enhancing consumer engagement and loyalty [17][18] Group 4: Future Outlook - The success of these golden buildings will depend on their ability to integrate cross-industry resources and deepen cultural engagement, marking a shift in the gold industry towards cultural consumption [17][18] - The evolution of gold from a mere commodity to a culturally rich experience represents a new commercial paradigm in the industry [18]

Core Insights - The trend of "pain gold" is gaining popularity among young consumers, with prices for certain gold products being driven up to nearly double the daily gold price since 2025, leading to a supply shortage [1] - The rise of "pain gold" is attributed to its emotional connection and social currency among young people, who are willing to pay a premium for items linked to their favorite IPs [8] Group 1: Market Trends - The "pain gold" concept, originating from Japanese otaku culture, involves adding anime elements to items, making it a form of expression for fans [7] - The browsing volume for the hashtag 痛金 on Xiaohongshu has surpassed 2.25 million, indicating significant interest [7] - In the past year, transactions for IP gold products on Taobao have increased by 294%, prompting the platform to create a dedicated category for "IP gold" [7] Group 2: Product Pricing and Demand - A gold note product originally priced at 899 yuan per gram is now being resold for nearly 1,600 yuan on second-hand platforms, reflecting a significant markup [3] - A gold jewelry set in collaboration with "Tian Guan Ci Fu" is being sold for 16,600 yuan on second-hand platforms, with an estimated price of 1,509 yuan per gram [3] - The collaboration between Lao Feng Xiang and Bandai Namco for a gold series priced at 80,000 yuan sold out quickly, demonstrating strong demand [7] Group 3: Investment Potential - Some collectors have reported significant appreciation in the value of "pain gold," with one collector noting a potential increase of over 120,000 yuan in value [7] - A limited edition gold collectible from Lao Feng Xiang originally priced at 880,000 yuan is now valued at over 1 million yuan, highlighting the investment potential of these items [7] - The price of gold has risen by approximately 25% since April 2025, further enhancing the value of these collectibles [8]

Core Insights - The trend of "pain gold" is gaining popularity among young consumers, with prices reaching up to 2800 yuan per gram, significantly higher than the current gold price [1][5] - Several gold products linked to popular anime and gaming IPs are being sold at prices 2-3 times higher than their original value, indicating a strong demand and supply shortage [1][3] Industry Trends - The "pain gold" concept combines gold with anime elements, appealing to young consumers as a form of emotional expression and investment [3][6] - In August, a gold note originally priced at 899 yuan was resold for nearly 1600 yuan on second-hand platforms, showing a price increase of almost 78% [3] - Collaborations between gold brands and popular IPs, such as "Mobile Suit Gundam" and "Saint Seiya," have resulted in rapid sell-outs, indicating a successful marketing strategy [4][6] Market Dynamics - The overall gold consumption market is experiencing weakness, yet "pain gold" products are emerging as growth points for several gold brands [3][6] - The emotional connection and social currency associated with these products encourage young consumers to pay a premium, despite the risk of price corrections in the secondary market [6]

Core Insights - "Pain Gold" is gaining popularity among young consumers as a perceived "most valuable asset" due to its association with anime elements and emotional connections [1][3] - The market for IP gold products has seen a significant increase, with a year-on-year transaction growth of 294% in the past year [3] Group 1: Market Trends - The browsing volume for "Pain Gold" topics on social media has surpassed 2.25 million [3] - Several gold products linked to popular anime IPs have been sold at prices nearly three times the daily gold price, indicating high demand [1][3] - Major jewelry brands are leveraging anime collaborations to drive growth, with products like the 80,000 yuan "Mobile Suit Gundam" gold series selling out quickly [3] Group 2: Consumer Behavior - Consumers are increasingly attracted to gold jewelry with trendy IP designs, often combining new pieces with existing ones for a cost-effective approach [11] - The emotional connection and social currency associated with IPs encourage young consumers to pay a premium for "Pain Gold" products [11] - While initial demand is high, some previously popular items have returned to original prices after the hype subsided, suggesting caution in the secondary market [11]

Group 1 - The term "pain gold" is gaining popularity among young consumers, with prices of certain gold products being driven up to nearly double the daily gold price since 2025, indicating a supply-demand imbalance [1] - The first stock of the "Guzi economy," Pop Mart, reported impressive half-year results with revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8%, leading to a market capitalization exceeding 400 billion HKD [3] - The price of "gold banknotes" has doubled, with a specific product originally priced at 899 yuan now being sold for nearly 1600 yuan on second-hand platforms, reflecting a significant appreciation in value [4] Group 2 - Major gold brands are collaborating with popular IPs to launch limited edition products, which are quickly sold out, indicating a shift in consumer preferences towards unique and collectible items [6] - The emergence of IP-linked gold products is revitalizing the traditional gold jewelry market, which has been facing growth challenges, by attracting new consumer demographics [6][7] - The Z generation, comprising 260 million individuals (19% of the total population), is reshaping market dynamics with a focus on emotional and experiential value in their consumption choices [8] Group 3 - The rise of new consumption trends among the Z generation is reflected in the significant market performance of companies like Pop Mart and Lao Feng Xiang, with stock prices soaring and market capitalizations reaching new heights [9] - The shift in consumer behavior from basic survival needs to emotional value is transforming industry standards, as young consumers prioritize self-expression and community recognition [8][9]

Market Overview - The jewelry sector increased by 1.09% on August 21, with Jin Yi Culture leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Individual Stock Performance - Jin Yi Culture (002721) closed at 4.19, up 6.35% with a trading volume of 3.27 million shares and a turnover of 1.377 billion [1] - Chao Hong Ji (002345) closed at 15.97, up 2.44% with a trading volume of 290,000 shares and a turnover of 461 million [1] - Zhou Dazheng (002867) closed at 13.24, up 1.15% with a trading volume of 128,100 shares [1] - Cai Zi Co. (665599) closed at 15.42, up 1.05% with a trading volume of 61,900 shares [1] - Di A Co. (301177) closed at 30.05, up 0.40% with a trading volume of 16,200 shares [1] - Other notable performances include Xin Hua Jin (600735) at 8.21, up 0.37%, and Lao Feng Xiang (600612) at 47.82, up 0.31% [1] Fund Flow Analysis - The jewelry sector experienced a net outflow of 64.21 million from institutional investors and 26.09 million from retail investors, while individual investors saw a net inflow of 90.30 million [2][3] - Jin Yi Culture had a net outflow of 45.76 million from institutional investors, while retail investors contributed a net inflow of 36.87 million [3] - Chao Hong Ji saw a net inflow of 24.50 million from institutional investors and a net outflow of 62.13 million from retail investors [3] - Zhou Dazheng had a net inflow of 6.16 million from institutional investors and a net inflow of 11.70 million from retail investors [3]

Core Viewpoint - The trend of "pain gold" is gaining popularity among young consumers, with prices significantly exceeding the daily gold price, indicating a strong demand and emotional connection to the products [1][4][6]. Group 1: Market Trends - "Pain gold" products have seen prices rise to 2-3 times the daily gold price since 2025, leading to a supply shortage [1]. - A specific gold note originally priced at 899 yuan is now being sold for nearly 1600 yuan on second-hand platforms, reflecting a price increase of almost 78% [4]. - The collaboration between gold brands and popular IPs (intellectual properties) is becoming a growth point for several jewelry brands amid an overall weak gold consumption environment [6]. Group 2: Consumer Behavior - Young consumers are increasingly viewing "pain gold" as a valuable collectible, with emotional ties to the IPs driving their willingness to pay a premium [4][6]. - A gold jewelry set associated with the IP "Tian Guan Ci Fu" is being sold for 16,600 yuan on second-hand platforms, attracting significant interest [4]. - The emotional connection and social currency attributes of "pain gold" are leading to higher demand, with consumers actively seeking these products despite potential price corrections in the future [6]. Group 3: Brand Collaborations - Notable collaborations include a high-priced pure gold series with "Mobile Suit Gundam" that sold out quickly, and a gold pendant linked to "Chiikawa" priced at 2800 yuan per gram, which is 2.76 times the daily gold price [6]. - The rising gold prices have contributed to the appreciation of "pain gold," with some products seeing their values increase significantly since their launch [6].

Market Overview - The jewelry sector increased by 1.43% on August 20, with Chao Hong Ji leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Individual Stock Performance - Chao Hong Ji (002345) closed at 15.59, up 4.21% with a trading volume of 290,900 shares and a turnover of 446 million yuan [1] - Shen Zhonghua A (000017) closed at 6.84, up 4.11% with a trading volume of 455,800 shares and a turnover of 313 million yuan [1] - Lai Xi Tong Ling (603900) closed at 10.68, up 2.79% with a trading volume of 274,500 shares and a turnover of 289 million yuan [1] - Man Ka Long (300945) closed at 19.17, up 2.29% with a trading volume of 194,000 shares and a turnover of 370 million yuan [1] - Ming Pai Jewelry (002574) closed at 5.90, up 2.08% with a trading volume of 210,800 shares and a turnover of 123 million yuan [1] - Di A Shares (301177) closed at 29.93, up 1.91% with a trading volume of 21,800 shares and a turnover of 64.5 million yuan [1] - Cai Zi Shares (605599) closed at 15.26, up 1.46% with a trading volume of 51,000 shares and a turnover of 77.2 million yuan [1] - Xing Hua Jewelry (002731) closed at 13.57, up 1.34% with a trading volume of 100,200 shares and a turnover of 135 million yuan [1] - Zhou Da Sheng (002867) closed at 13.09, up 1.16% with a trading volume of 76,500 shares and a turnover of 99.5 million yuan [1] - Lao Feng Xiang (600612) closed at 47.67, up 0.82% with a trading volume of 18,000 shares and a turnover of 85.6 million yuan [1] Capital Flow Analysis - The jewelry sector saw a net inflow of 87.08 million yuan from institutional investors, while retail investors experienced a net outflow of 138 million yuan [2] - The overall capital flow indicates a strong interest from institutional investors despite the outflow from retail investors [2]