近期，国际黄金市场热度居高不下，价格屡创新高，国内金饰市场也随之进入"高价时代"。9月17日， COMEX黄金期货盘中一度触及3732.80美元/盎司；国内多家金饰企业的黄金首饰价格则突破1080元/ 克，其中周生生集团国际有限公司的黄金首饰价格更是高达1092元/克。 事实上，自2024年起，黄金及金饰价格便开启了持续飙升模式。金价的高位运行，导致黄金首饰消费承 压。在此背景下，过去单纯依靠"金价波动"吸引消费的模式难以为继，金饰企业开始主动求变，敏锐捕 捉到"情绪消费"这一新兴风口，纷纷通过推出个性化产品、强化高端化品牌叙事等策略精准破局。 对此，中关村物联网产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示，在"情绪消费"驱动 下，企业往往会更加注重产品创新和品牌塑造，这有助于提升国产品牌的整体形象和国际竞争力。此 外，行业价值逻辑的重构还将引导企业从价格竞争转向产品差异化、品牌个性化竞争，带动行业向更高 质量、更具创新性的方向发展。 加大产品创新力度 除了通过个性化产品抢占年轻消费市场，"强化高端化品牌叙事"也逐渐成为金饰企业在"情绪消费"趋势 下的另一重要发力方向。不少金饰企业开始布局高端黄金消费 ...

Core Viewpoint - The article discusses the challenges faced by Niu Technologies in maintaining its high-end positioning and pricing strategy in the increasingly competitive electric two-wheeler market, particularly as smart features become more common and subscription service costs rise [2][10][12]. Group 1: Smart Service Pricing - Niu's subscription service fees have increased significantly over the years, from 38 yuan per year in 2015 to 69 yuan per year currently, with three-year packages rising from 129 yuan to 159 yuan [4][10][11]. - Users are questioning the value of Niu's smart services, perceiving them as overpriced compared to competitors [6][10]. - The increase in subscription fees has led to dissatisfaction among long-term users, with some opting not to renew after the free service period [6][10]. Group 2: Competitive Landscape - The electric two-wheeler market has seen a rise in competitors offering similar smart features at lower prices, diminishing Niu's unique selling proposition [11][12][15]. - Niu's smart service fees are the highest in the market, compared to competitors like Ninebot and Yadea, which offer lower annual fees [11][12]. - The gap in technology and features among brands is narrowing, making it harder for Niu to justify its premium pricing [12][15]. Group 3: Financial Performance and R&D Investment - Niu's R&D investment from 2019 to 2024 totaled 764 million yuan, significantly lower than Ninebot's 826 million yuan in 2024 alone [18]. - Despite a temporary increase in sales due to favorable policies, Niu has not demonstrated the profitability expected from a high-end brand [17][21]. - Niu's average selling price has decreased from 4,928 yuan in 2019 to 3,203 yuan in 2024, indicating a shift towards a more price-sensitive market strategy [17][21]. Group 4: Future Strategies - Niu is exploring international markets and higher-end electric motorcycle segments to sustain growth and maintain its high-end narrative [18][19]. - The company faces intense competition from both traditional motorcycle manufacturers and emerging electric brands, necessitating a strong product offering to convince consumers [19][21].