史诗级崩盘！金银创40年最大单日暴跌，27万账户爆仓，普通人避坑指南藏不住了 1月30日晚到31日凌晨，我盯着电脑屏幕上的K线图，心脏跟着忽上忽下——不是我炒了多少金银，是后台上千条读者留言炸了锅，全在问"黄金怎么突然崩 了""我买的金条要不要抛""白银跌成这样还有救吗"。 这不是普通的回调，是载入史册的暴跌。现货黄金单日最大跌幅冲到12.92%，跌穿4700美元/盎司，创下1980年4月以来的最大单日跌幅；现货白银更狠，盘 中闪崩35.89%，刷新1983年以来的纪录，从121美元的高位直接砸到74美元附近，一天跌没了近三分之一的市值。 #热爆趣创赛# 更扎心的是，这场暴跌不是悄无声息来的。就在前一天，1月29日，黄金还摸到了5598.75美元/盎司的高位，白银更是创下121.6540美元/盎司的历史峰值， 不少人跟风追高，有人甚至加了高杠杆进场，想着"躺赚"，结果一夜之间被深套，甚至爆仓。 先给大家捋清楚，这几十个小时里，到底发生了什么。 时间线拉回1月30日下午，北京时间两点多，国际金银价格开始出现异动，小幅跳水后短暂回弹，不少投资者还以为是正常波动，甚至有人趁机"抄底"。但 没人想到，这只是风暴的前奏 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 兰杰 Busy Money 挪瓦咖啡完成数亿元C轮融资 1月26日，挪瓦咖啡（NOWWA COFFEE）已经完成数亿元C轮融资。本轮融资吸引了君联资本、昇望基金、华映资本、挑战者创投、源星资本、金沙江 创投等多家机构。 据公开信息，挪瓦咖啡成立至今已经完成7轮融资。去年12月，品牌曾对外宣布，其门店数突破万家，成为继瑞幸、库迪、幸运咖之后，国内第四个迈 入"万店俱乐部"的咖啡品牌。 AI漫剧公司灵漫快创获千万元融资 36氪获悉，灵漫快创宣布获得AIGC软件A股上市公司万兴科技千万级战略投资，资金主要用于扩充团队、锁定头部编剧团队资源、强化内容发行能力。 AI原生知识内容平台"ThetaWave AI"宣布完成数百万美金融资 36氪获悉，据高瓴创投，1月28日AI原生知识内容平台"ThetaWave AI"宣布完成数百万美金融资，高瓴创投（GL Ventures）与BAI Capital、MBA Fund联合投资，老股东奇绩创坛持续加投。 ThetaWave AI成立于2023年，由两位2003年生的创业者李文轩和钟子湫联 ...

Market Overview - US stock indices opened higher on January 9, with the Dow Jones up 0.41%, S&P 500 up 0.56%, and Nasdaq up 0.72% as of early January 10 [1] - By the close, the Dow increased by 237.96 points (0.48%) to 49,504.07, Nasdaq rose by 191.33 points (0.81%) to 23,671.35, and S&P 500 gained 44.82 points (0.65%) to 6,966.28 [1] Technology Sector - Major tech stocks showed mixed performance, with Intel rising over 8%, reaching a new intraday high since April 2024 [1] - The Philadelphia Semiconductor Index increased by over 2%, with ASML up more than 5% and Micron Technology up over 3% [1] Chinese Stocks - Chinese stocks listed in the US experienced declines, with the Nasdaq Golden Dragon China Index falling nearly 1.4% [2] - Alibaba, Manbang Group, and Xpeng Motors each dropped over 3%, while Vipshop and Li Auto fell over 2% [2] Commodity Market - International gold prices saw a short-term increase, with spot gold rising by 0.6% to $4,504.76 per ounce [3] - The price of a specific gold necklace from Chow Sang Sang on Tmall increased from 120,800 yuan to 136,000 yuan overnight, reflecting a surge of 15,200 yuan [3][8] - Gold jewelry prices from major brands approached 1,400 yuan per gram, with Chow Sang Sang's price at 1,392 yuan per gram, up 16 yuan from January 5 [11] - Silver prices also surged, with spot silver rising by 3.88% to $79.88 per ounce and COMEX silver increasing by 6.66% [11][12] Energy Sector - International oil prices rose, with WTI crude oil increasing by 2.94% to $59.46 per barrel and Brent crude oil up by 2.56% to $63.58 per barrel [12]

Market Performance - US stock indices opened higher on January 9, with the Dow Jones up 0.41%, S&P 500 up 0.56%, and Nasdaq up 0.72% [1] - As of January 10, the Dow Jones index was at 49,466.36, Nasdaq at 23,648.48, and S&P 500 at 6,960.51 [2] Technology Sector - Major tech stocks showed mixed performance, with Intel rising over 8%, reaching a new high since April 2024 [2] - The Philadelphia Semiconductor Index increased by over 2%, with notable gains from ASML (up over 5%) and Micron Technology (up over 3%) [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell nearly 1.4%, with Alibaba, Manbang Group, and Xpeng Motors dropping over 3% [3] Commodity Prices - International gold prices rose by 0.6%, reaching $4,504.76 per ounce, while silver prices surged by 3.88% to $79.88 per ounce [4][10] - The price of gold jewelry from Chow Sang Sang increased significantly, with a specific necklace rising from ¥120,800 to ¥136,000 overnight, a jump of ¥15,200 [4][6] Precious Metals - The price of gold jewelry per gram reached ¥1,392, up from ¥1,376 per gram on January 5, indicating a rise of ¥16 per gram [9] - COMEX silver futures saw a significant increase of 6.66% [10] Energy Prices - International oil prices also saw an increase, with WTI crude oil rising by 2.94% to $59.46 per barrel and Brent crude oil up by 2.56% to $63.58 per barrel [10]

Market Overview - US stock indices opened higher on January 9, with the Dow Jones up 0.41%, S&P 500 up 0.56%, and Nasdaq up 0.72% [1] Technology Sector - Major tech stocks showed mixed performance, with Intel rising over 8%, reaching a new intraday high since April 2024. The Philadelphia Semiconductor Index increased by over 2%, with ASML up over 5% and Micron Technology up over 3% [2] Stock Performance - Notable stock movements include: - Intel (INTC): $44.52, up 8.29% [3] - Google (Alphabet-C): $329.23, up 0.99% [3] - Tesla: $438.17, up 0.54% [3] - Facebook (Meta Platforms): $646.15, up 0.01% [3] - Apple: $258.37, down 0.26% [3] - Nvidia: $184.56, down 0.26% [3] - Microsoft: $474.13, down 0.83% [3] - Amazon: $243.24, down 1.24% [3] Chinese Stocks - Chinese stocks experienced declines, with the Nasdaq Golden Dragon China Index falling nearly 1.4%. Alibaba, Manbang Group, and Xpeng Motors dropped over 3%, while Vipshop and Li Auto fell over 2% [2] Commodity Market - International gold prices saw a short-term increase, with spot gold rising by 0.6% to $4504.76 per ounce. A specific gold necklace from Chow Sang Sang saw a price increase from 120,800 yuan to 136,000 yuan overnight, reflecting a surge of 15,200 yuan [4][6] - Gold jewelry prices approached 1,400 yuan per gram, with Chow Sang Sang's gold jewelry priced at 1,392 yuan per gram, up 16 yuan from January 5 [9] - Silver prices also surged, with spot silver up 3.88% to $79.88 per ounce, and COMEX silver rising by 6.66% [9] Energy Market - International oil prices increased, with WTI crude oil rising by 2.94% to $59.46 per barrel and Brent crude oil up by 2.56% to $63.58 per barrel [10]

Core Insights - The World Gold Council's report indicates that while total demand for gold jewelry in China may decline in 2025 compared to 2024, consumer spending on gold jewelry is expected to remain high due to seasonal factors driving demand in the second half of the year [1][7]. Group 1: Demand and Spending Trends - In the first half of 2025, total demand for gold jewelry in China fell to 194 tons, a 28% year-on-year decrease, marking the lowest level for the first half of the year since 2009 [5]. - Despite the decline in demand volume, consumer spending on gold jewelry reached 137 billion RMB (approximately 19 billion USD), remaining stable compared to 2024 and not far from the historical peak of 163 billion RMB in 2013 [5][6]. - The proportion of spending driven by "self-wear" purchases increased to 37% in 2025, up from 27% in 2024, indicating a shift towards personal expression and self-satisfaction in jewelry purchases [1][31]. Group 2: Product Performance - Gold products continue to dominate sales in Chinese jewelry stores, with hard gold products outperforming other categories [4][12]. - The sales of ancient gold and hard gold jewelry remain the core profit sources for retailers, despite a general decline in the weight of gold jewelry sold [4][52]. - Retailers reported that 32% of respondents noted an increase in sales of hard gold products in the first half of 2025, making it the best-performing category among gold products [16]. Group 3: Consumer Behavior - The trend towards lighter-weight gold products is evident, with products weighing less than 10 grams accounting for 45% of total gold jewelry sales, up from 37% in 2023 [26][28]. - Young consumers, while still significant contributors to sales, showed a slight decrease in their spending contribution compared to older consumers, likely due to the rising gold prices affecting their purchasing power [36]. - The importance of "self-wear" purchases is reinforced, as this category remains the largest contributor to jewelry store sales, while wedding-related jewelry sales have declined from 24% in 2024 to 19% in 2025 [31][32]. Group 4: Retailer Outlook - Retailers maintain a positive outlook for gold product sales, with 47% expecting growth in the next 1-2 years, despite cautious inventory management due to rising gold prices and economic uncertainties [40][46]. - Over 60% of retailers plan to increase the proportion of lightweight gold products (under 10 grams) in their offerings, reflecting a strategic shift in response to consumer preferences [48]. - The trend of combining gold with other materials, such as enamel and various gemstones, is gaining traction, appealing to younger consumers seeking unique and fashionable designs [23][52].

Core Insights - Spot gold has historically surpassed $3980 per ounce, with New York futures crossing $4000 per ounce, and domestic gold prices reaching around 1100 RMB per gram [1][5] - The surge in gold prices is attributed to multiple factors, including U.S. government shutdown risks, persistent geopolitical tensions, dovish signals from the Federal Reserve, and uncertainties in global economic recovery [3][5] - The demand for gold as a safe-haven asset is increasing, with significant retail activity observed during the holiday season, indicating a shift in consumer sentiment towards gold [5][9] Price Movements - Gold prices have seen a dramatic increase from $2625 in January to $4000 in October, reflecting a nearly continuous upward trend with minimal pullbacks [5][9] - The price of gold in China has also risen sharply, with domestic gold jewelry prices exceeding 1100 RMB per gram, marking a significant increase from previous levels [3][5] Market Dynamics - The gold mining sector is experiencing robust growth, with companies reporting increased revenues and profits, and a strong interest in expanding production capabilities [8][9] - Despite a decline in gold jewelry consumption in the first half of 2025, the recent holiday season has brought renewed activity in gold retail, suggesting a potential recovery in consumer demand [8][9] Future Outlook - Analysts predict that gold prices are likely to remain strong, supported by ongoing central bank purchases and macroeconomic uncertainties [9][11] - The World Gold Council forecasts record-high global gold demand in 2024, with central banks expected to purchase over 1000 tons of gold, further underpinning the market [9][11] - The volatility in gold prices is expected to continue, with market dynamics influenced by geopolitical risks and economic conditions [11]

Group 1 - The international gold price has risen significantly, with domestic gold jewelry prices surpassing 1090 CNY per gram for the first time, indicating a strong upward trend in the market [1][6] - As of September 16, 2023, the price of gold jewelry from major brands like Chow Sang Sang and Chow Tai Fook reached 1091 CNY and 1087 CNY per gram respectively, reflecting a daily increase [1][6] - The international gold price has increased over 40% this year, outperforming major assets like the S&P 500 index, driven by factors such as expectations of interest rate cuts by the Federal Reserve and geopolitical uncertainties [6] Group 2 - Upstream gold mining companies are experiencing positive performance, with Western Gold reporting a 69.01% year-on-year increase in revenue to 5.03 billion CNY and a 131.94% increase in net profit [7] - Shandong Gold International also reported strong results, with a 42.14% increase in revenue to 9.25 billion CNY and a 48.43% increase in net profit [7] Group 3 - Downstream gold jewelry companies are facing significant challenges due to rising raw material costs, leading to a mixed performance across the industry [8] - Lao Pu Gold has seen a remarkable increase in performance, with a 251% year-on-year revenue growth to 12.35 billion CNY and a 290.6% increase in adjusted net profit [8] - Conversely, Zhou Dazheng reported a decline in performance, with a 43.92% decrease in revenue to 4.597 billion CNY and a slight drop in net profit by 1.27% [9]

Market Performance - On September 9, the Shanghai Composite Index fell by 0.51%, the Shenzhen Component Index dropped by 1.23%, and the ChiNext Index decreased by 2.23%[3] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2.1 trillion yuan, a decrease of over 300 billion yuan compared to the previous trading day[1] Sector Analysis - The number of declining sectors outnumbered those that rose, with real estate, non-ferrous metals, commerce, and food and beverage sectors showing gains, while electronics and computer sectors experienced declines[1] - The precious metals sector saw an upward trend due to rising gold prices, with domestic gold jewelry prices surpassing 1,070 yuan per gram[5] Fund Flow - On September 9, net outflows from the Shanghai Stock Exchange amounted to 2.117 billion yuan, while the Shenzhen Stock Exchange saw net outflows of 8.788 billion yuan[4] - The top three sectors for capital inflow were batteries, precious metals, and automotive parts, while the sectors with the highest outflows were semiconductors, consumer electronics, and photovoltaic equipment[4] Investment Trends - Institutional investors conducted over 47,000 company surveys in the past month, focusing on industry conditions and company performance[14] - Active equity fund stock positions have surpassed 90%, reaching the highest level since March 2021[14] Industry Developments - The Ministry of Industry and Information Technology plans to promote high-quality development in the AI industry and will introduce an implementation plan for AI + manufacturing[6] - China's manufacturing robot density has reached 470 units per 10,000 people, significantly exceeding the global average[12]

Group 1 - The core viewpoint emphasizes the transformation of Chinese brands from "Made in China" to "Brand from China," highlighting the cultural and emotional narratives that resonate with global consumers [15][16][17] - The article discusses the significant growth of Chinese new consumer brands in international markets, showcasing their ability to connect with local cultures and consumer preferences [15][16] - It notes the increasing recognition of Chinese brands as not just functional products but as carriers of cultural significance and emotional value, enhancing their appeal abroad [16][17] Group 2 - The article highlights the rapid expansion of Chinese brands like Mixue Ice City and Pop Mart, which have gained substantial popularity and market presence globally [15][16] - It points out the strategic shift in branding and marketing approaches, where Chinese companies are now focusing on storytelling and cultural integration to engage foreign consumers [16][17] - The narrative also reflects a broader trend of China's economic rise and cultural soft power, indicating a shift in global perceptions of Chinese products and brands [16][17]