凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行。本届论坛以"新格局·新路径"为主题，汇聚全球政商 学界精英，共同洞察变局脉络、探寻发展新机。 在论坛间隙，著名经济学家付鹏就市场高度关注的股市、房地产、汽车等核心行业热点话题发表了独家观点。 谈及当前资本市场表现时，他指出，当前市场存在资金过度向特定板块集中的现象，导致整体赚钱效应未能广泛扩散 —— 这一结构性特征，正是市 场表面看似交易活跃，但始终难以吸引大量新投资者开户入市的关键原因。 对于备受瞩目的房地产行业，付鹏进一步明确表示："房地产已彻底回归居住属性。" 01 资金全挤向科创小微，普涨行情尚未到来 针对当前市场"余额回升但新开户数未激增"的现象，付鹏向凤凰网财经给出了他的解读。 著名经济学家付鹏（左一） 他认为，当前市场参与者分为两类：一是追求稳定股息的红利的低风险偏好"老钱"，它们构成了市场的稳定基本盘；二是追求超额收益（阿尔法）的 资金，这类资金在7月份后高度集中于科创板、小微盘等领域，创造了局部的财富效应。 付鹏指出，由于资金过度集中于特定板块，未能形成广泛的赚钱效应，这解释了为何市场看似活跃，但 ...

随着国庆假期的临近，黄金市场再度成为消费者关注的焦点。9月28日，周大福、周生生、六福珠宝等 品牌足金首饰报价1108元/克，周六福1070元/克，老凤祥、老庙黄金1100元/克。 周大福、潮宏基、周生生等品牌 确认涨价 针对市场传闻的周大福"一口价"黄金饰品即将涨价的消息，9月19日，周大福相关负责人回应称，现阶 段确认"一口价"黄金产品将于10月开始陆续加价，调价幅度后续将公布。 9月24日至25日，据媒体报道，北京周大福、潮宏基、周生生等多家品牌黄金珠宝专柜已开始或即将上 调产品价格。 周大福柜台工作人员介绍，不同品类涨幅不一，部分畅销款涨幅可能达30%–40%，已有顾客"赶在涨价 前预订购买"。这是周大福年内第二次上调"一口价"产品价格。今年3月，该品牌已完成一轮10%至20% 的调价。 宝兰从今天起全线产品价格调整。此前发布调价通知之后，门店迎来了一波销售高峰。一位营业员 说："打包打包，手都搓冒烟了。"据店员透露，这波平均涨幅可能超过15%。这是宝兰年内的第二次调 价。今年4月，国际金价飞涨，宝兰也调过一次，当时涨幅在5%至15%。 "痛金"在年轻人中迅速走红 价格远超普通首饰金价 近期，国际金价 ...

Core Viewpoint - The gold market is gaining attention as the National Day holiday approaches, with various brands adjusting their gold jewelry prices, indicating a potential upward trend in gold prices [1][2][3]. Price Adjustments - Major brands such as Chow Tai Fook, Chow Sang Sang, and Luk Fook Jewelry have set their gold prices at 1108 CNY per gram, while other brands like Lao Feng Xiang and Lao Miao are priced at 1100 CNY per gram [1][2]. - Chow Tai Fook confirmed that its "fixed price" gold products will see price increases starting in October, with specific adjustments to be announced later [2][3]. - Recent reports indicate that some brands have already begun or are about to increase their product prices, with potential increases of 30%-40% for popular items [3]. Emerging Trends - A new product called "Pain Gold," which resonates with younger consumers, has gained popularity, priced at 2800 CNY per gram, significantly higher than standard gold jewelry prices [4]. - The collaboration between traditional brands and popular culture, such as Chow Tai Fook's partnership with the game "Black Myth: Wukong," has resulted in substantial sales, exceeding 1.5 billion CNY [4]. Market Dynamics - The "谷子" (Guzi) economy, which includes merchandise from comics, games, and animations, is projected to reach a market size of 168.9 billion CNY in 2024, growing over 40% from 2023 [5]. - Gold's intrinsic value provides a more stable investment compared to other merchandise in the "谷子" category, even as trends fluctuate [5]. Price Influences - Multiple factors are contributing to the sustained high gold prices, including anticipated interest rate cuts by the Federal Reserve and geopolitical risks [6][7]. - Historical data suggests that gold prices tend to rise following interest rate cuts, with an average increase of 6% within 60 days [6]. - The long-term outlook for gold remains positive due to the restructuring of the global monetary credit system and the weakening of the dollar's reserve status [7].

Core Viewpoint - The gold market is gaining attention as the National Day holiday approaches, with various brands adjusting their gold jewelry prices, indicating a potential upward trend in consumer demand and pricing [1][3]. Price Trends - Major brands such as Chow Tai Fook, Lao Feng Xiang, and others are currently pricing their gold jewelry around 1108 CNY per gram, with slight variations among different brands [2][3]. - Chow Tai Fook confirmed that its "fixed price" gold products will see price increases starting in October, with an average increase expected to exceed 15% [3]. Emerging Trends - The "pain gold" trend is rapidly gaining popularity among young consumers, priced at 2800 CNY per gram, significantly higher than standard gold jewelry prices [4]. - Collaborations between traditional brands and popular culture, such as Chow Tai Fook's partnership with the game "Black Myth: Wukong," have resulted in substantial sales, exceeding 150 million CNY [5]. Market Dynamics - The gold market's performance is positively correlated with gold prices, influenced by various factors including geopolitical risks and monetary policy changes [6][7]. - Analysts suggest that the recent rise in international gold prices is driven by short-term expectations of U.S. Federal Reserve interest rate cuts and ongoing geopolitical uncertainties [7][8]. Long-term Outlook - The long-term outlook for gold is shaped by a restructuring of the global monetary credit system, with a weakening of the dollar's dominance and increasing demand for gold as a safe-haven asset [8].

自动播放 对于同样引起热议的"谷子经济"（如潮玩IP产业），付鹏肯定了其简单清晰的盈利模式，但也警示了其 中存在的泡沫风险。他用一个生动的"期现联动"模型进行了解读：将相关公司股票视为期货，而将实物 潮玩（如泡泡玛特的拉布布）视为现货。现货市场（黄牛炒价）的狂热会推动期货市场（股价）上涨， 形成正向反馈；但一旦现货价格泡沫破裂，股价也将受到剧烈冲击。 付鹏进一步指出，此类IP经济的核心挑战与投资价值关键在于用户粘性的持久性。他以日本三丽鸥 （Hello Kitty）运营数十年为例，说明了经得起时间考验的IP所蕴含的长期价值。他表示，希望中国IP 能持续发展，但能否拥有长达数十年的生命力，仍需时间来验证。 凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行。本届论坛 以"新格局·新路径"为主题，汇聚全球政商学界精英，共同洞察变局脉络、探寻发展新机。 就"新质生产力"下的细分赛道投资价值，东北证券首席经济学家付鹏对凤凰网财经表示，目前人工智能 上游领域已展现出清晰的盈利模式，是已经"跑出来"的赛道。相比之下，低空经济等领域则尚未完全成 熟。 ...

Core Viewpoint - The short drama market, particularly in the realm of animated short dramas, is experiencing significant growth and is expected to become a mainstream content consumption form in China, with user numbers reaching 696 million by June 2025, accounting for nearly 70% of internet users [1][4]. Group 1: Market Trends - The animated short drama segment is currently the hottest keyword in the short drama landscape, leveraging AI technology to combine fast-paced storytelling with limitless creative possibilities [1][3]. - Douyin's animated short dramas have seen over 90% year-on-year growth in both views and likes in the first half of this year, with the market expected to exceed 20 billion yuan in the next two years [1][3]. - Major platforms like Douyin, Kuaishou, and Bilibili are accelerating their investments in animated short dramas, launching support plans to foster this new segment [4][6]. Group 2: Consumer Insights - The target audience for animated short dramas is primarily young males, with 90% of users fitting this demographic, indicating a shift in viewer engagement and preferences [7][8]. - The "谷子经济" (Guzi Economy) and virtual economy trends highlight the strong purchasing power and mature payment habits of the secondary dimension audience, who demand high-quality content [6][8]. Group 3: Production Dynamics - AI technology is significantly lowering production costs and time, allowing for a more stable and controllable production process compared to traditional live-action dramas [6][8]. - Animated short dramas are characterized by a different narrative approach, focusing on imaginative settings and character development rather than immediate viewer engagement [7][8]. Group 4: Future Outlook - The animated short drama industry is on the brink of explosive growth, with expectations for increased production and variety in the coming 2-3 years [8]. - Industry experts believe that a blockbuster animated short drama akin to "家里家外" (Home and Away) will emerge soon, indicating a promising future for this content format [3][8].

1块5，如今可能连一瓶像样的饮料都买不到，但却能换来当下年轻人中最具代表性的"社交货币"之一——那些可自由搭配在鞋和包上的各式小配件，徽章 （"吧唧"）、亚克力立牌、迷你树脂玩偶…… 它们不再只是不起眼的小装饰，而已然越来越多地成为运动鞋、背包上的个性化标识，悄悄地改变着运动消费生态。 以19岁的游泳爱好者蔡蔡为例，她每周都会逛谷子店，最近刚购入两枚《Free! 男子游泳部》主题吧唧别在训练包上。"训练很辛苦，但看到喜欢的角色就 特别治愈，"她表示。她还热衷于DIY装饰Crocs洞洞鞋，身边也有朋友刚入手《排球少年》痛包。对这些年轻人来说，周边产品不仅是装饰物，更承载了 情感陪伴与身份认同。 这股起源于二次元社群的"痛文化"正与蓬勃发展的"谷子经济"深度融合，席卷年轻消费市场，也开始吸引到众多运动品牌的布局。 艾媒咨询报告显示，2024年中国谷子经济市场规模已达1689亿元，预计2029年将突破3000亿元。这个市场的快速发展，离不开一条完整产业链的支撑。这 些情感附加值极高的配件，串联起从广东揭阳模具制造、浙江义乌装配生产、跨境电商销售再到新消费品牌孵化的完整产业链条。痛鞋、痛包类配饰市场 增长显著，已从早 ...

Group 1 - The game "Black Myth: Wukong" has sparked a consumer frenzy with its official merchandise, achieving significant sales in a short period, such as over 2000 units of the "Yang Jian" collectible figure priced at 498 yuan within three days [1] - The official retail brand "Black Myth BLACKMYTH" is set to open its first offline store in Hangzhou on September 25, covering approximately 1000 square meters and offering around 120 SKUs across six categories [1] - The rise of the "Guzi economy" has led to substantial online sales for game merchandise, with some companies achieving over 100 million yuan in sales during major shopping events like "Double 11" [2] Group 2 - The traditional monetization model for game IPs often relies on low-risk licensing agreements, which limits control over product quality and design [3] - The opening of the "Black Myth BLACKMYTH" store represents a shift in the gaming industry towards deeper exploration of IP, moving from "traffic operation" to "brand operation" [3] - Offline retail stores serve as promotional platforms for games, enhancing player engagement and attracting new users, while also extending the lifecycle of the IP beyond the typical lifespan of games [4]

Group 1: Gold Market Overview - On September 22, 2025, gold retail prices varied widely among major brands, ranging from 859 yuan to 1088 yuan per gram, indicating brand premiums and market supply-demand diversity [1] - Major brands like Chow Tai Fook, Chow Sang Sang, and others set their gold prices at 1078 yuan per gram, while Chow Sang Sang led at 1088 yuan per gram [3] - Bank gold bars were priced more affordably at 845 yuan per gram, while silver was priced at 9.6 yuan per gram [1] Group 2: Gold Recycling Prices - The recycling price for 99.9% pure gold was 818 yuan per gram, while 22K gold (91.6% purity) was priced at 717 yuan per gram [3] - Other recycling prices included 18K gold at 591 yuan per gram, 14K gold at 457 yuan per gram, platinum at 290 yuan per gram, palladium at 231 yuan per gram, and silver at 7.6 yuan per gram [3] Group 3: Domestic Gold Futures Market - The domestic gold futures market showed active trading with main contracts experiencing price increases, such as the main contract priced at 834.9 yuan per gram, up by 8.04 yuan (0.96%) [3][4] - Other contracts like the next main contract and various future contracts also reported similar upward trends, with prices ranging from 836.82 yuan to 840.74 yuan per gram [4] Group 4: Z Generation Consumption Trends - A unique consumption phenomenon called "gold IP" is gaining popularity among the younger generation, where gold products are combined with popular IPs from anime and games [5] - The World Gold Council reported that the 18 to 34 age group contributes over one-third of gold jewelry sales, indicating a significant shift in consumer demographics [5] - The market for "gold IP" products is expected to grow, with the "谷子经济" market projected to exceed 300 billion yuan by 2029, driven by the Z generation's demand for personalized and emotionally resonant products [6] Group 5: Secondary Market Trends - Limited edition gold "谷子" products are experiencing significant price increases in the secondary market, with some items selling for much higher than their original prices [8] - Consumers are willing to pay a premium for products that combine gold with beloved IP elements, reflecting a trend where these items serve as social currency and personal identity markers [8]

Core Viewpoint - The current coffee market has shifted to a stock competition phase, where relying solely on product and collaboration innovations may not create a long-term competitive advantage [1] Group 1: Collaboration and Consumer Behavior - Luckin Coffee's collaboration with "Honkai: Star Rail" sold out quickly, with a package priced at 36.9 yuan that included two cups of coffee and exclusive merchandise [2][3] - Consumers are increasingly focused on obtaining exclusive merchandise rather than the coffee itself, leading to a phenomenon where people are willing to pay extra for collectibles [5][8] - The marketing strategy emphasizes the sale of merchandise over coffee, with consumers expressing that they are essentially buying merchandise and receiving coffee as a bonus [9][10] Group 2: Marketing Costs and Financial Implications - Luckin Coffee's marketing expenses have risen significantly, with Q1 2025 marketing costs reaching 496.4 million yuan, a 52.4% increase year-over-year [12] - The company has been successful in generating sales through collaborations, but this has led to increased marketing costs that may not be sustainable in the long term [13] - The reliance on collaborations for sales growth raises concerns among investors about the long-term viability of this strategy, as it may not contribute to sustainable brand growth [13] Group 3: Market Competition and Pricing Strategies - The coffee market is experiencing intense competition, with many brands lowering prices to attract consumers, leading to a price war [14][15] - Luckin Coffee has adjusted its pricing strategy in response to external competition, reducing the number of discounted products and increasing some prices [15][16] - The company needs to find new growth engines as the market reaches saturation, with merchandise sales currently being the most direct method to drive revenue [16]