Group 1 - The Hong Kong stock market experienced a slight rebound after three consecutive days of decline, with the Hang Seng Index rising 0.35% to 25,145 points and the Hang Seng Tech Index increasing 0.52% to 5,608 points [1] - The textile and apparel sector showed overall strength, with notable gains from companies such as Li Ning (up over 3.5%), Anta Sports, and others [1] - The State Council issued an opinion aimed at enhancing sports consumption potential and promoting high-quality development in the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030 [1] Group 2 - Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) from 509 HKD to 524 HKD, maintaining a "Buy" rating, reflecting confidence in the company's strategic direction and long-term growth potential [2] - Despite a recent weak performance in the Hong Kong stock market, analysts believe that the market remains undervalued globally, with significant inflows from southbound funds exceeding 112.1 billion HKD in August [2] - Analysts from Guotai Junan Securities (Hong Kong) and Guoyuan Hong Kong express optimism about the structural opportunities in the Hong Kong market, particularly in the technology, consumer, and pharmaceutical sectors [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | | 呈交日期: | 2025年9月3日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | 證券代號 (如上市) | 01913 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 2,558,824,000 | EUR | 0.1 | EUR | 255,882,400 | | 增 ...

Group 1 - The report by Zhong Chengxin Certification Research provides a comprehensive quantitative assessment of the diversity and inclusion (D&I) performance of 760 companies listed on the Hong Kong Stock Exchange with a market capitalization exceeding HKD 5 billion, using a framework that integrates ISO 30415:2021 standards and HKEX ESG guidelines [1][12][14] - The overall D&I performance of Hong Kong listed companies shows a pattern of "initial development with significant differentiation," with an average score of 48.52 out of 100 and a median score of 47.11, indicating that most companies are still in the early stages of D&I practices [1][13][41] - 28% of companies scored below 40, while 51% scored between 40 and 60, and only 7% exceeded a score of 70, highlighting the need for improvement in D&I practices across the market [1][41][44] Group 2 - Leading companies in D&I performance are primarily in the financial sector, with HSBC Holdings scoring 85.3 and AIA Group scoring 83.7, attributed to their strong governance, high levels of internationalization, and significant investment in human capital [1][13][52] - The report identifies common issues across the market, such as the lack of substantial equity indicators like "gender pay ratio" and low disclosure rates for data on employees with disabilities, indicating a gap in transparency and accountability [1][2][13] - The financial industry leads with an average score of 65.8, followed by non-bank financial services at 62.5, while sectors like real estate and electronics lag behind with scores of 45.6 and 43.2, respectively, reflecting significant industry disparities in D&I performance [2][13][56] Group 3 - The report suggests that companies should adopt ISO 30415 as a guideline to strengthen governance commitments, data-driven decision-making, and enhance transparency in disclosures [2][14] - Investors are encouraged to incorporate D&I assessments into their investment frameworks and conduct industry comparisons, as D&I performance is expected to become a key non-financial indicator of investment value in the Hong Kong capital market [2][14] - The findings indicate that the Hong Kong market is at a critical transition period for D&I practices, moving from mere compliance to creating strategic value, which is essential for gaining investor trust [2][14]

Core Insights - Luxury brands face significant challenges in their marketing strategies for the Qixi Festival, struggling to balance high-end branding with the need for effective sales tactics in a competitive market [1][12][13] - The industry is experiencing a trend of homogenized marketing approaches, leading to a dilution of brand identity and consumer engagement [5][6][9] Group 1: Industry Challenges - Despite substantial investments in Qixi marketing, luxury brands continue to rely on traditional methods such as "poster campaigns + celebrity short films + limited products," resulting in a lack of creativity [2][5] - The overuse of similar celebrity-driven marketing strategies has led to decreased consumer attention and engagement, with static ads seeing lower reach and video completion rates [6][9] - The pressure to maintain a high-end image while pursuing aggressive sales tactics has created a conflict for many luxury brands, as evidenced by declining profits and revenues across major companies like LVMH and Kering [12][13] Group 2: Marketing Innovations - In response to these challenges, luxury brands are exploring new marketing strategies, including engaging with younger consumers through fan economy and social media interactions [15][17] - Brands are shifting towards short-form content, such as mini-dramas, to capture consumer interest and differentiate themselves from traditional advertising formats [18][20] - There is a growing emphasis on cultural sensitivity, with brands moving away from superficial representations of Chinese culture to more universally relatable emotional themes [20][21] Group 3: Consumer Engagement Strategies - Luxury brands are increasingly inviting consumer participation in marketing campaigns, fostering a sense of community and shared experience [27] - The trend of "de-festivalization" in product design aims to create items that can be appreciated year-round, reducing the risk of excess inventory post-holiday [24][25] - Collaborations with local artists and creatives are being utilized to enhance cultural relevance and reduce the risk of misinterpretation in marketing messages [23]

该行将2025年的销售额、EBIT及每股盈利预测分别下调2%、2%及4%，2026年下调3%、5%及6%，基 于由于汇率增长预期略微下调、汇率不利因素，以及持续的营运和资本开支投资，目标价由52.3港元降 至45.5港元，维持"中性"评级。 花旗发表研究报告指，普拉达次季收入增速放缓至单位数(6%)，其中Prada品牌自2020年以来首次出现 负增长，而Miu Miu表现虽然逐渐正常化，但增长仍优于同行。该行认为集团仍需要大量投资于广告与 促销、生产、IT基础设施及Miu Miu的零售网络扩张，或限制利润率进一步扩张。 ...

Core Insights - Adidas reported a 7% year-on-year revenue growth for FY2025H1, reaching €12.105 billion, with a net profit increase of 121% to €798 million [4] - The brand's revenue growth was 14% on a currency-neutral basis, with all regional markets achieving double-digit growth [4] - The company maintains its full-year guidance, expecting high single-digit revenue growth on a currency-neutral basis for FY2025, with double-digit growth for the Adidas brand [4] Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,617.60, up 0.96% [3] - The textile and apparel sector experienced a decline of 2.14% this week, underperforming the broader market [5] - Retail sales of sports and entertainment products grew significantly, with a 22.2% year-on-year increase in the first half of 2025 [5] Industry Dynamics - The Chinese gold consumption in the first half of 2025 was 505.205 tons, a decrease of 3.54% year-on-year, with jewelry consumption dropping by 26% [5] - The pharmaceutical industry is seeing advancements in innovative drugs, particularly in obesity treatments with GLP-1 and Amylin therapies showing promising results in clinical trials [8][11] - In the biopharmaceutical sector, ADC drugs for lung cancer are demonstrating significant efficacy, with several products showing improved outcomes in clinical trials [10][12]

| 截至月份: | 2025年7月31日 | | | | 狀態: | 新提交 | | --- | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | | 呈交日期: | 2025年8月4日 | | | | | | | I. 法定/註冊股本變動 | | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | | 證券代號 (如上市) | 01913 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 法定/註冊股份數目 | 面值 | | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | --- | | 上月底結存 | 2,558,824,000 | EUR | 0.1 | EUR | | 255,882,400 | | 增加 / 減少 (-) | | 0 | | EUR | | | ...

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]

来源：金融界 在日本和欧洲的游客大幅减少在奢侈品上的支出，拖累了奢侈品行业的销售，使这个正在努力应对繁荣 期结束和美国关税影响的行业面临更大挑战。伯纳德·阿尔诺旗下的奢侈品巨头路威酩轩（LVMH）、 普拉达（Prada）和蒙克莱（Moncler）第二季度的销售额都受到了在欧洲和日本的游客减少消费的影 响。 去年，消费者趁日元走软之机，涌入日本购买名牌包包和鞋子，从而提振了不断下滑的奢侈品销售。当 时日元汇率已跌至30多年来的最低水平。与此同时，由于美元走强增强了美国游客在海外的购买力，他 们在欧洲的奢侈品店里肆意消费。但随着日元的复苏和美元的贬值，这些有利因素今年已经消失。路威 酩轩首席财务官卡巴尼斯表示，游客消费模式的变化，是其关键的时尚和皮具部门第二季度销售额有机 下降9%的主要原因。（英国金融时报） ...

Group 1: Company Performance - Hermès reported a 9% sales growth in Q2, reaching €3.9 billion, with all regions showing growth. Leather goods sales increased by 14.8% to €1.76 billion, while watch sales declined by 5.5% to €130 million [14] - Adidas achieved a 7.3% increase in net sales for H1, totaling €12.1 billion, with a gross margin rise of 0.9 percentage points to 51.9% and operating profit up 70% to €1.2 billion [2] - Prada's H1 revenue reached €2.74 billion, marking a 9.1% increase at constant exchange rates, with retail sales up 10.1% to €2.453 billion [2][3] Group 2: Strategic Developments - Kering announced a €20 million signing bonus for new CEO Luca de Meo, alongside a nearly €9 million annual salary, which has positively impacted the company's stock price, rising 24% since the announcement [3] - PUMA appointed Andreas Hubert as COO, effective September 1, to streamline operations by integrating procurement, IT, and logistics under one role [6] - Arena appointed Mark Pinger as the new Chief Brand Officer, effective October 1, leveraging his background in sports and experience in strategic roles [7] Group 3: Market Trends and Challenges - L'Oréal's Q2 sales grew by 1.6% to €22.47 billion, with an operating margin of 21.1%, indicating a recovery from previous performance issues [8] - Canada Goose reported a strong start to the new fiscal year with a 22.4% revenue increase to CAD 107.8 million, showcasing brand resilience [9] - SMCP's sales grew by 2.7% to €601.1 million, with all regions outside Asia showing growth, indicating a stable performance despite regional challenges [11] Group 4: Leadership Changes and Impacts - Jil Sander's CEO Serge Brunschwig resigned after six months, indicating potential instability in leadership [13] - Nicolas Puech, the largest individual shareholder of Hermès, no longer holds shares, raising concerns about brand image and market confidence [5][6]