"痛金"一词中的"痛"，源自日本御宅族文化，指在物品上添加动漫元素，以公开表达喜好，就好像自己被这份喜 爱"痛"到，非得大声喊出来一样。这种文化不断发展，就有了"痛金"。 "很多年轻人来这里咨询IP联名金饰，也就是所谓的'痛金'，但因为我们没有版权，所以不会摆在柜台销售。"近日，记者 走访深圳水贝黄金珠宝市场，有商家表示："这边金价和工费比品牌金饰低很多，而且这些饰品具有情感投射与投资保值 的双重属性。" （水贝市场销售的黄金挂饰吴家明/摄） 记者在多个社交平台上看到，"痛金"相关话题浏览量都已经突破百万。在闲鱼等二手交易平台，相关金饰的热度很高，价 格也明显高于市场价格。例如，一款老凤祥和高达联名的限量黄金摆件，100克的重量要价128000元，相关帖子的浏览量 突破4万。更有克重为1克的金钞，目前在二手交易平台上已被炒至近1600元。 多家品牌金饰与知名IP合作推出的系列产品，涵盖了动漫、游戏等多个领域，特别受到年轻消费者的欢迎，成为各大黄金 珠宝品牌"进攻"年轻市场的重要突破口，似乎也成为品牌金饰的增长点。例如，市场公开信息显示，周大福与游戏《黑神 话：悟空》合作的系列产品半年销量超10万件，老庙与《圣 ...

Core Viewpoint - The article discusses the rising popularity of "pain gold" (痛金) in the gold market, particularly among younger consumers, as a form of emotional consumption that combines investment and personal expression [1][2][6]. Group 1: Market Trends - The upcoming "Qixi" festival marks a traditional peak season for gold consumption, with the market maintaining a certain level of activity despite consumers becoming more cautious [1][9]. - "Pain gold" has gained significant traction, with related jewelry becoming bestsellers, reflecting a shift in consumer preferences towards products that offer both emotional value and investment potential [1][5][6]. - The browsing volume for "pain gold" topics on social media has surpassed one million, indicating strong interest and engagement from consumers [5]. Group 2: Consumer Behavior - Young consumers, particularly those aged 18 to 24, show a high ownership rate of gold jewelry at 62%, a significant increase from 37% in 2019, highlighting a growing trend in gold consumption among this demographic [6]. - Consumers are increasingly cautious, waiting for gold prices to drop before making purchases, and showing a preference for lower-cost products like gold beans and small gold bars due to their lower processing fees [9][11]. - The pricing strategy for "pain gold" varies significantly, with many items priced per piece rather than by weight, often leading to higher prices due to design premiums and copyright costs [5][6]. Group 3: Industry Response - Major gold brands are launching promotional activities and new product lines to attract younger consumers, with collaborations with popular IPs in anime and gaming becoming a key strategy for growth [5][6]. - Despite high international gold prices, which have remained stable for four months, demand for lightweight, high-design jewelry continues to thrive, contributing positively to the profitability of retailers [11]. - Analysts suggest that while "pain gold" can yield significant short-term profits, companies should focus on building stable emotional connections with consumers to ensure long-term success [6].

Core Viewpoint - The article discusses the recent trends in precious metals, particularly gold, platinum, and silver, highlighting the sales performance and consumer preferences in the Shenzhen market, especially in the context of fluctuating prices and market dynamics [1][4]. Group 1: Market Trends - Gold prices have been stagnant around $3500 per ounce for over three months, while platinum and silver have seen significant price increases [1]. - The sales of silver jewelry have increased, with prices around 15 yuan per gram, and sales of silver bars rising by 20% compared to June [1][3]. - Platinum jewelry has experienced a monthly sales growth of over 30% since May, with retail prices surpassing 350 yuan per gram [4]. Group 2: Consumer Behavior - Young consumers are becoming the main buyers of platinum jewelry, valuing design and cost-effectiveness [4]. - Consumers are cautious about purchasing silver jewelry online, as some products marketed as "pure silver" contain only about 25% silver, with the rest being other metals [3][4]. - Many consumers are waiting for gold prices to drop before making purchases, showing a preference for gold beans and small gold bars due to their lower processing fees and ease of resale [4]. Group 3: Investment Insights - Deutsche Bank predicts that the strong fundamentals for platinum will continue until 2026 due to a four-year supply deficit and structural demand [4]. - Compared to gold, platinum has a smaller market size and lower liquidity, but both platinum and silver offer diversified investment options to mitigate risks in the precious metals market [4].

Core Viewpoint - International gold prices have been fluctuating around the historical high of $3500 per ounce for nearly three months, with minimal impact on retail sales in Shenzhen's gold market [1][2] Group 1: Market Behavior - Retailers in Shenzhen, such as those in the Shui Bei area, report that high gold prices have not significantly affected their business, as consumers are becoming accustomed to the current price levels [1] - Consumers are showing interest in purchasing gold products like gold beans and small gold bars, which have lower processing fees and are easier to liquidate [1] - The price point of 800 yuan per gram is seen as a critical threshold for consumers, with some retailers successfully selling smaller gold items at prices below this level [1] Group 2: Price Stability and Future Outlook - The recent stability in gold prices has led to a lack of significant increase in gold recycling volumes, indicating consumer confidence in future price trends [2] - Analysts suggest that breaking through the previous high of $3500 per ounce requires new external factors, while current U.S. monetary policy and tariff uncertainties are influencing gold price stability [2] - The cautious outlook on U.S. monetary policy may limit gold price movements in the near term, despite ongoing inflation concerns related to tariffs [2]

Core Insights - The company has shown strong growth in the first half of the year, with a 107% year-on-year increase in both operating revenue and industrial output value, and a 120% increase in total profit [1] - The total output of precious metals increased by 64.6%, achieving 61.9% of the annual production target, marking the highest semi-annual output in the past five and a half years [1] - The company has successfully implemented strategic guidance and support from Shaanxi Nonferrous Metals Group to navigate challenges in the precious metals market [1] Financial Performance - Operating revenue and industrial output value both increased by 107% year-on-year [1] - Total profit increased by 120% year-on-year [1] - Precious metals total output increased by 64.6%, achieving 61.9% of the annual target [1] Product Development - The production of the "Qinjin" brand standard gold ingots increased by 73.06%, while small gold bars saw a 112.2% increase, and ultra-thin gold sheets experienced a 189.2% increase [3] - The company maintained a 100% product qualification rate and customer satisfaction rate, with the standard gold processing recovery rate improving to 99.98% [3] Technological Innovation - The company has focused on technological innovation as a key driver for growth, successfully overcoming several technical challenges [3] - Automation processing lines for silver strip products achieved mass production breakthroughs, with specifications of 2.45×0.10 mm and 2.45×0.13 mm [3] - Upgrades in gold rolling equipment and the successful application of intelligent gold ingot casting technology have significantly improved processing recovery rates [3] Future Outlook - The company aims to further consolidate its positive growth momentum in the second half of the year, focusing on production organization, process optimization, and market expansion [4] - The company is committed to contributing to the high-quality development of Shaanxi Nonferrous Metals Group and enhancing its reputation in the non-ferrous metal high-tech materials sector [4]

Core Viewpoint - The gold and jewelry market is undergoing significant changes due to persistently high gold prices, leading to shifts in consumer behavior and market dynamics [4][6][12]. Group 1: Market Trends - The market is witnessing a trend towards lower-priced products, with a notable decline in the sales of heavier gold items, while lighter gold bars (10g to 30g) are gaining popularity among consumers [6][11]. - Retailers are adjusting their product offerings, emphasizing lighter and higher-value items, such as silver, pearls, jade, and platinum, which were previously considered secondary products [6][10]. - The introduction of innovative products, like the collaboration between brands and local cultural elements, reflects the industry's shift towards lightweight and high-value offerings [6][10]. Group 2: Channel Restructuring - The industry is experiencing a phenomenon of store closures, particularly in rural areas, as consumer spending power diminishes in smaller towns [7][10]. - The emergence of small-scale "goldsmith" shops caters to consumers seeking unique, handcrafted items, indicating a deeper market segmentation [10][11]. - The market is evolving with a demand for low-cost models, necessitating regulatory oversight to ensure compliance and product quality [10][11]. Group 3: Consumer Behavior and Trust - High gold prices have altered consumer perceptions, leading to a cautious approach towards purchasing, with a decline in demand for larger gold items [11][12]. - The introduction of gold-plated silver products has raised concerns about industry integrity, prompting discussions on ensuring accurate metal content and maintaining consumer trust [11][12]. - There is a generational divide in purchasing preferences, with younger consumers more open to paying for design and craftsmanship, while older consumers prioritize the intrinsic value of gold [11][12]. Group 4: Brand Strategies - The industry is undergoing structural adjustments, with some brands focusing on high-end offerings while others seek differentiation and refined operations [12][14]. - Brands are encouraged to adopt rational store opening strategies, emphasizing quality over quantity in their market presence [14]. - The market's evolution necessitates brands to embrace innovation, uphold integrity, and accurately position their value to thrive in a challenging environment [14].

Core Viewpoint - The article highlights the successful collaboration between New Oriental Live Room and Minbao Mama to promote the German children's nutrition brand inne through a sourcing journey in Germany, showcasing the brand's commitment to high-quality, safe, and effective products for children [1][18]. Group 1: Brand Standards and Production - At the inne headquarters in Germany, the sourcing team learned about the brand's high standards for production, specifically the "dedicated production line" approach, which prevents cross-contamination and ensures product safety for infants [2][6]. - inne emphasizes the selection of high-quality natural ingredients globally, developed using pharmaceutical methods, ensuring product purity, safety, and efficacy, with certifications from authoritative bodies like SGS and GMP [4]. Group 2: Product Safety and Transparency - All inne products are free from preservatives, sugars, artificial flavors, and colors, which has garnered positive feedback from parents concerned about product safety and purity [7]. - The brand's commitment to transparency is evident in its allergen lists and testing reports, which reassure parents about the safety of products like inne's small gold bars and bamboo calcium [7]. Group 3: Market Presence and Recognition - inne has gained recognition in the German pharmacy market, with its products being favored by major pharmacy chains like Europa-apotheke and Arndt-apotheke, indicating strong local market acceptance [9][10]. - The brand's collaboration with German pharmacies has led to professional endorsements from pharmacists, enhancing its credibility and market influence [14][16]. Group 4: Global Outreach and Consumer Engagement - The sourcing live broadcast allowed global consumers to connect with the brand, breaking geographical barriers and fostering a better understanding of the scientific nutrition offered by inne [18]. - Through transparent communication and professional insights, inne aims to strengthen its reputation and growth prospects in the global market [18].

Group 1 - The core viewpoint is that gold prices reaching new highs have driven significant profit growth for gold mining stocks, with a collective net profit of approximately 39.7 billion yuan and an average growth of 76.7% [1] - Despite the overall profit growth, some companies like Shandong Gold and Hengbang Co. have reported declining profit margins due to increased production costs [1][3] - Industry experts suggest that while high gold prices provide strong momentum for the gold sector, companies must balance production expansion and cost control amid market volatility [1] Group 2 - West Mining achieved a revenue of 7.001 billion yuan, a year-on-year increase of 56.68%, and turned a loss of 274 million yuan into a profit of 290 million yuan, primarily due to increased gold sales and prices [2] - Shandong Gold reported a revenue of 82.5 billion yuan and a net profit of 2.952 billion yuan, reflecting year-on-year growth of 39.21% and 26.8%, respectively, but its profit margins did not increase despite rising gold prices [2] - Hengbang Co. experienced a decline in gold product profit margins, dropping by 1.16 percentage points to 0.71%, with raw material costs rising significantly by 64.02% to 52.2 billion yuan [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 2024年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及第13.10B條 及香港法例第571章證券及期貨條例第XIVA部 作 出。 下文載列截至2024年9月30日止九個月山東黃金礦業股份有限公司（「本公司」） 的2024年 第 三 季 度 報 告。該 報 告 所 載 的 財 務 報 告 乃 根 據 中 國 企 業 會 計 準 則 編 製，且 未 經 審 計。 本 公 告 以 中 英 文 兩 種 語 言 編 製。如 中 英 文 版 本 有 任 何 歧 義，概 以 中 文 版 本 為 準。 承董事會命 山東黃金礦業股份有限公司 ...