Core Insights - Gold prices have reached a new historical high, leading to increased purchases of "pain gold" among young consumers [1][3] - "Pain gold" refers to gold jewelry or collectibles that are co-branded with popular anime and gaming IPs, appealing to the younger demographic [3][5] - The market for IP gold products has seen a significant increase, with a reported 294% year-on-year growth in transactions [3] Group 1 - The trend of "pain gold" is characterized by small gold items, often weighing only 1-2 grams, being sold at prices significantly higher than traditional gold jewelry, sometimes up to three times the international gold price [1][3] - Major gold brands like Chow Tai Fook and Lao Feng Xiang are collaborating with anime and gaming franchises to create these products, which are becoming popular on social media as a new form of "social currency" [3][5] - The resale market for these items has seen dramatic price increases, with some products nearly doubling in value since their original sale [5] Group 2 - Despite the popularity, there are concerns that the value of "pain gold" may decline if the associated IPs lose relevance, as the market is highly dependent on the popularity of these franchises [5][7] - The premium pricing of "pain gold" is attributed to IP licensing fees and emotional value, making it a niche market rather than a dominant category in the gold economy [7] - The craftsmanship limitations in representing the intricate details and colors of the IPs may also restrict the appeal and market size of these products [7][9]

2025.09. 02 本文字数：2637，阅读时长大约4分钟 作者 | 第一财经 齐琦 封图 | 周大福官网 金价再破历史新高，年轻人开始抢购"金谷子"。 进入9月，黄金价格再度开启上涨模式。COMEX黄金期货连续两个交易日刷新历史高位，截至目前，维持在每盎司3578.4美 元的历史高位。 9月1日凌晨2:41，刚开学的大二学生阿霁在被窝里刷手机，突然看到国际金价突破3500美元/盎司，再创历史新高。她的室友 都睡了，但阿霁一点也不困，她立刻打开某线上二手交易平台——"戴了三次，带购买记录！"大学生卖家小林挂出的Chiikawa 乌萨奇联名金章正在转卖，比收藏时的价格又涨了50元。 这款约0.2克的金章挂件官方售价560元，但是已经售罄。"我在社交媒体上画一张稿子才赚80块，我把暑假兼职画稿的钱都用 来买金谷子了。金价每涨1美元，我的谷子就帮我打工。"阿霁和记者说起这段经历时有点小激动。 当国内零售金价突破千元大关，年轻人用"痛金"重新定义了黄金，它不仅是大宗商品、避险资产、婚庆三金，而是可以挂在"痛 包"、手机壳上的"社交货币"。 克单价2800元，金饰计价逻辑生变 近期，"痛金"、黄金"谷子"在年轻消费 ...

Core Insights - The article discusses the changing dynamics of brand collaborations in the beverage industry, particularly focusing on the contrasting strategies of brands like Heytea and Guming, highlighting a trend towards cautious collaboration by some brands while others aggressively pursue partnerships [1][7]. Group 1: Brand Collaboration Trends - Heytea has adopted a more cautious approach to collaborations in 2025, with no major brand partnerships announced so far, contrasting with its previous year where it had multiple high-profile collaborations [1][7]. - Guming, on the other hand, has successfully launched collaborations, such as with the popular game "Honkai: Star Rail," which led to significant consumer engagement and even caused their online platform to crash due to high traffic [3][4]. - The overall number of collaborations among major brands remains stable, with 149 collaborations announced in 2024, similar to 155 in 2023, indicating a consistent interest in brand partnerships across the industry [7][22]. Group 2: Strategic Differences in Collaborations - Different brands exhibit varying preferences in collaboration types, with Heytea favoring lifestyle and fashion brands, while Guming focuses on popular anime and gaming IPs [9][11]. - The choice of collaboration partners reflects the brands' positioning and development stages, with Heytea emphasizing cultural value and brand identity over aggressive market expansion [11][13]. - Brands in expansion phases, like Guming, leverage popular IPs to enhance brand visibility and product premiumization, targeting specific consumer demographics [13][15]. Group 3: Consumer Sentiment and Market Dynamics - Consumer interest in brand collaborations is showing signs of fatigue, with over 60% of consumers feeling that collaboration activities lack novelty, leading to a more rational approach towards such marketing strategies [22][23]. - The article notes that while successful collaborations can drive sales and brand influence, excessive or poorly executed partnerships may lead to consumer distrust and a decline in brand loyalty [22][24]. - The ideal collaboration strategy should align with the brand's core identity and long-term goals, balancing short-term gains with sustainable brand positioning [23][24].