Core Insights - The article discusses the rising trend of "pain gold," which refers to gold products infused with elements from anime, manga, and gaming, appealing particularly to younger consumers [1][2][5][11] Group 1: Market Trends - "Pain gold" products are gaining popularity, with collaborations between gold brands and popular anime IPs leading to high demand and significant sales, particularly in Hong Kong [5][11] - The market for "pain gold" is part of a broader "谷子经济" (grain economy), which is projected to reach a market size of 1,689 billion yuan in 2024, with the broader anime-related market expected to reach 5,977 billion yuan [7] - Young consumers are increasingly prioritizing emotional value in their purchases, with "pain gold" serving as both a collectible and a form of investment [7][11] Group 2: Consumer Behavior - Consumers like Lin Jia are willing to spend significant amounts on customized "pain gold," viewing it as a rational investment compared to other collectibles that may depreciate in value [2][13] - The trend reflects a shift towards younger demographics in gold consumption, with individuals aged 18-34 contributing over one-third of gold retail sales in China [11][12] - The emotional connection to characters and the desire for unique, personalized items drive the demand for custom "pain gold" products [6][9] Group 3: Risks and Legal Concerns - The customization of "pain gold" raises potential legal issues, particularly regarding copyright infringement if products are created without proper authorization from IP holders [2][17][21] - Consumers face risks related to quality and after-sales service when purchasing customized items, as many products may not meet expectations or could be of inferior quality [16][21] - The article highlights the importance of respecting intellectual property rights, as unauthorized reproductions can lead to legal consequences for both consumers and producers [20][21]

Core Insights - The rapid development of the IP industry reflects structural changes in demand and the maturity of the supply chain, with young consumers seeking emotional expression and instant gratification, leading to the evolution of the "Guzi Economy" [2][3] - The domestic derivative market is projected to exceed 1,000 billion yuan by 2024, driven by the popularity of leading IPs like "Nezha," which exhibit significant elasticity in influence [2][3] - The financial health of IP companies has improved, providing a foundation for external investments, while the supply chain's maturity allows for capacity release in the industry [1][2] Industry Trends - Long-term evolution paths for IP companies include transitioning from single head content to IP matrix platforms and deep operational management, with a focus on diversifying income and extending IP value [3] - Companies are enhancing their awareness of multi-form development and are making strategic changes to evolve from content creators to operators through extensive licensing, self-operation, and strategic partnerships [3] - The future of IP companies is expected to see accelerated industrial production capabilities, with a dual leap in content scale and quality through capacity upgrades and technological innovation [4] Strategic Focus - Companies are advised to build a networked value structure through "multiple income pillars + multiple regional markets," emphasizing resource integration and product iteration [4] - The cultivation of IP as a core asset capable of transcending economic cycles is anticipated, highlighting the importance of strategic positioning within the industry [4]

除了各大厂商和热门游戏产品外，CJ还吸引了诸多模玩厂商、周边厂商搭建展台现场贩售，在IP经济、 谷子经济加持下，中国厂商正在不断用原创的设计、精良的生产打造头部品牌。记者注意到，在相关展 台中，有很大一部分是来自广东的企业，有工作人员告诉记者，在东莞等地打造潮玩之都的发展指引 下，广东的潮玩产业已发展出完善的产业链与产业生态，获得中国乃至海外消费者的广泛认可。 8月1日，第二十二届中国国际数码互动娱乐展览会(2025ChinaJoy)1日在上海新国际博览中心拉开帷幕， 大量玩家来到BTOC互动娱乐馆，体验试玩海内外展商带来的最新游戏产品。 21世纪经济报道记者吴立洋上海报道 ...

编辑／郝俊慧 8月1日，2025年第二十二届中国国际数码互动娱乐展览会（以下简称"ChinaJoy"）在上海开幕。"谷子经济"是毫无疑问的焦点，这个源自日语"Goods"的 舶来词，早已超越了二次元周边的范畴，演变为一场席卷Z世代的文化现象。 作者／IT时报记者毛宇 01 Z世代消费群体，情感认同驱动的圈层革命 作为谷子经济核心消费群体的95后、00后乃至10后，正掀起一场"谷子"消费热潮。 年轻人穿梭于各大商场的谷子店，精心挑选心仪的动漫角色徽章、手办或是文具，将其视为珍宝；北京王府井的二次元主题空间，常见年轻人排着长队， 只为购买限量版周边；上海静安大悦城也因二次元打卡热潮，成为年轻人的热门聚集地，商场数据显示，70%的客群来自8公里之外，而30%以上来自上 海之外。他们在这里"吃谷"，将真金白银变成一种社交货币。 ChinaJoy现场，同样都是"吃谷人"。万代南梦宫展台的二次元周边引大量玩家与粉丝入场；完美世界展台兑奖区则排起十米长队，几乎每个参展观众都背 着硕大的"羊毛袋"，内装淘来的各种周边。他们成长于互联网时代，对文化产品的情感认同远超以往，愿意为喜爱的IP支付溢价，通过购买周边来表达自 我、寻找 ...

2025年8月1日，第二十二届中国国际数码互动娱乐展览会（以下简称ChinaJoy）在上海新国际博览中心正式开幕。 今年展会共吸引参展企业743家，其中外资企业237家，来自美国、加拿大、英国、德国、日本和韩国等37个国家和地区，占比达31.9%。BTOB （面向企业）商务洽谈馆共有超460家企业参展，展区面积2.5万平方米，其中外资企业近208家，占比45.2%。BTOC（面向公众）互动娱乐馆展 区总面积11万平方米，共有280余家企业参展。腾讯、网易、华为、世纪华通、完美世界、高通、索尼等国内外知名企业带来最新产品并提供现 场试玩。此外，展会还首次设立"智慧娱乐机器人"展位，打造AI（人工智能）科技体验场景。 此前，上海宣布于7月4日至8月10日举办首届上海国际动漫月，以CCG、Bilibili World与ChinaJoy三大动漫展会为核心，要将上海打造成"全球次 元文化新地标"。全球动漫游戏爱好者相聚上海，体验动漫游戏行业与城市文化的多元融合，推动文旅商体展深度融合发展。 由上海新国际博览中心2号入口进入，首先便是"骁龙主题馆"。而在 ChinaJoy开幕前一天，高通就在上海外滩召开了一年一度的"骁龙 ...

每经记者｜丛森 每经编辑｜陈俊杰 2025年8月1日，第二十二届中国国际数码互动娱乐展览会（以下简称ChinaJoy）在上海新国际博览中心正式开幕。 今年展会共吸引参展企业743家，其中外资企业237家，来自美国、加拿大、英国、德国、日本和韩国等37个国家和地区，占比达31.9%。BTOB（面向企 业）商务洽谈馆共有超460家企业参展，展区面积2.5万平方米，其中外资企业近208家，占比45.2%。BTOC（面向公众）互动娱乐馆展区总面积11万平方 米，共有280余家企业参展。腾讯、网易、华为、世纪华通、完美世界、高通、索尼等国内外知名企业带来最新产品并提供现场试玩。此外，展会还首次设 立"智慧娱乐机器人"展位，打造AI（人工智能）科技体验场景。 此前，上海宣布于7月4日至8月10日举办首届上海国际动漫月，以CCG、Bilibili World与ChinaJoy三大动漫展会为核心，要将上海打造成"全球次元文化新地 标"。全球动漫游戏爱好者相聚上海，体验动漫游戏行业与城市文化的多元融合，推动文旅商体展深度融合发展。 由上海新国际博览中心2号入口进入，首先便是"骁龙主题馆"。而在 ChinaJoy开幕前一天，高通 ...

Core Viewpoint - The article discusses the booming second-hand trading market within the ACG (Anime, Comic, Game) community, highlighting the impulsive buying behavior and the subsequent need for selling items at a loss, driven by the popularity of various IPs and merchandise [4][6][62]. Group 1: Market Dynamics - The second-hand market for ACG products has seen significant growth, with items experiencing drastic price fluctuations, such as a character figure dropping from 3000 yuan to hundreds within six months [4][6]. - The rise of IP economy has led to an increase in merchandise releases, with brands frequently launching new collaborations and products, creating a vibrant trading environment [6][7]. - The impulsive buying behavior is prevalent, with consumers often purchasing items at inflated prices during initial releases, only to later sell them at a loss on platforms like Xianyu [7][16]. Group 2: Consumer Behavior - Consumers in the ACG community exhibit a "buy high, sell low" mentality, often relying on second-hand sales to recoup costs from impulsive purchases [16][34]. - The phenomenon of "blind box" purchases has become common, where consumers buy mystery boxes with uncertain outcomes, leading to increased spending driven by the thrill of potential high-value items [35][40]. - Social media platforms like Xiaohongshu play a crucial role in influencing consumer behavior, where users showcase their collections and engage in community discussions before making purchases on trading platforms [57][58]. Group 3: Platform Analysis - Xianyu remains the dominant platform for second-hand ACG transactions, boasting a user base of 105 million and a 75% year-on-year increase in transaction volume [53]. - The emergence of niche platforms like Qindao and Jihuan She caters to specific segments within the ACG community, offering tailored services and community engagement [52][51]. - Xiaohongshu has unexpectedly benefited from the trading boom, becoming a preferred platform for users to showcase and discuss their collections before transitioning to sales on Xianyu [57][58]. Group 4: Challenges and Concerns - The influx of underage users in the second-hand market has raised concerns about impulsive buying and refund requests, complicating transactions for sellers [58][59]. - Issues such as counterfeit products and the need for better regulatory measures have emerged as significant challenges for the trading platforms [60][61]. - The sustainability of the second-hand market is questioned, as it heavily relies on the ongoing popularity of ACG IPs, with potential risks if new hits do not emerge [62].

Core Viewpoint - The Chinese "ACG (Anime, Comic, Game)" gaming sector is experiencing a resurgence after a period of stagnation, with several major titles receiving approval or launching, marking a new industry peak similar to previous waves in 2015 and 2020 [1][2][5] Industry Trends - The current wave of ACG games is characterized by domestic developers no longer blindly following trends but instead focusing on developing their own intellectual properties (IPs) and integrating ACG elements with familiar game types, exploring niche markets [1][11] - The market is seeing a significant influx of new and established players, leading to a competitive environment that may result in a reshuffling of market positions [4][11] Game Launches and Performance - Notable game launches include "Victory Goddess: NIKKE," which achieved $1 billion in global revenue by January 2025, and "Pretty Derby," which returned after a 622-day hiatus, generating approximately $203 million in its first 12 days [2][3] - Other successful titles include "杖剑传说," which generated over 200 million yuan in its first month, and "最终幻想14：水晶世界," which began testing in June 2025 [3][4] Market Dynamics - The ACG gaming sector has experienced three major peaks over the past decade, with the current trend being driven by a more mature understanding of the market and player preferences [5][6] - Previous failures in the sector were often due to a lack of depth in storytelling and gameplay, leading to a "winner-takes-all" scenario where only a few titles succeeded [6][10] Cultural Shifts - The rise of "Guochao" (national trend) has allowed domestic developers to resonate more with local audiences, reducing cultural barriers and enhancing emotional connections with players [12][13] - The development of game-related merchandise is gaining traction, reflecting a shift in focus towards creating a broader ecosystem around ACG titles [12][13] Future Outlook - The current trend indicates a diversification of gameplay styles, with developers exploring various genres such as ARPG, shooting, and open-world games, which may lead to new market opportunities [11][12] - There is speculation about the potential for a "GTA-style" ACG game to emerge, with titles like "异环" and "无限大" being closely watched for their market impact [14][15][16]

Core Viewpoint - Deli, a long-established player in the stationery industry, is facing unprecedented challenges due to the shift towards digitalization and changing consumer preferences, prompting the need for transformation and exploration of new markets [2][4]. Group 1: Company Overview - Deli Group is a typical family-owned enterprise, with major shareholders holding 65%, 30%, and 5% of the shares respectively [2]. - The company is at a crossroads, needing to redefine itself as traditional stationery is no longer a necessity and emotional branding struggles to drive growth [2]. Group 2: Financial Performance - In 2024, Deli's revenue reached 40.235 billion RMB, a modest increase of 7.13 million RMB compared to 2023, with stationery business contributing approximately 60% of total revenue [3]. - The net profit attributable to shareholders was 1.396 billion RMB, reflecting an 8.58% decline year-on-year, while the net profit after deducting non-recurring items decreased by 11.75% [3]. Group 3: Market Challenges - The traditional stationery business is encountering significant growth bottlenecks, with revenue from writing tools, student stationery, and office supplies showing minimal growth rates of 6.86%, 0.14%, and 1.74% respectively in 2024 [4][5]. - The overall stationery market is experiencing a decline in shipment volumes, with a drop of 5% to 8% annually over the past three years, and some traditional categories seeing declines exceeding 10% [4][5]. Group 4: New Market Exploration - Deli is attempting to pivot towards the "Guzi Economy," which has a market size of 168.9 billion RMB in 2024, growing at a rate of 40.63% compared to 2023, and is projected to exceed 300 billion RMB by 2029 [7]. - The company has launched various co-branded products with popular IPs, aiming to attract younger consumers, but faces challenges in profitability due to high costs associated with IP licensing and marketing [9][11]. Group 5: New Energy Sector Entry - Deli is entering the new energy sector, specifically focusing on home charging stations, with plans to launch a 7kW charging station at a competitive price point significantly lower than industry averages [13]. - However, Deli faces challenges in brand recognition and market penetration, as established players dominate the charging station market, and the company lacks core technological expertise in this field [13][15]. Group 6: Strategic Recommendations - The company needs to balance short-term survival with long-term strategic positioning, focusing on improving profitability in traditional business while building competitive advantages in new markets [16][17]. - Emphasizing resource allocation towards areas with sustainable competitive advantages is crucial for Deli to regain growth momentum and ensure a stable transformation journey [17].

Core Viewpoint - The integration of sports, culture, and commerce in the Wulin Square area is driving economic growth and enhancing the consumer experience, particularly through events like the street basketball competition and themed markets [9][10][11]. Group 1: Event Impact - The Hangzhou Business Community Street Basketball Championship, referred to as "楼BA," has attracted numerous teams and spectators, significantly boosting the local economy, particularly in restaurants and cafes [9][10]. - The event has transformed Wulin Square into a vibrant hub, with various themed consumption scenarios like "运閤集" and "武林吨吨冰饮节," featuring over 60 types of ice drinks and desserts [10][11]. Group 2: Cultural and Commercial Integration - The integration of cultural performances and sports events is enhancing the consumer experience, with regular performances at key locations to fill waiting times and extend visitor stays [11][12]. - The "运閤集" market features unique sub-brands and has nearly 400 stalls, with a significant portion dedicated to original brands, including intangible cultural heritage products [12][13]. Group 3: Economic Growth Metrics - The Wulin commercial area has seen a 30% increase in foot traffic and over 1.1 billion yuan in sales during major events, indicating a strong correlation between cultural events and economic performance [14]. - The area is projected to host 115 consumer promotion activities in the second half of the year, further stimulating local commerce [11]. Group 4: Future Developments - The Wulin commercial area aims to attract 108 new stores by 2024, enhancing its status as a premier shopping destination in Hangzhou [16][17]. - Upcoming high-end commercial projects like Hangzhou Hang Lung Plaza are expected to reshape the regional commercial landscape, focusing on youth, trends, and sports [17][18].