智通财经7月25日电，路威酩轩(LVMH)股价加速上涨，现涨近5%。 ...

Financial Performance - LVMH's fashion and leather goods unit sales decreased by 9%, slightly worse than expected [1] - Wines and spirits unit performed slightly better than expected, but remained negative due to cognac's struggles in the US and China [3] - Watches and jewelry division, including Tiffany and Bulgari, remained flat [2] Market Trends and Dynamics - Concerns exist that LVMH's top brands are no longer delivering "best in class" performance compared to brands like Brunello Cucinelli, which experienced 10% growth [2] - Tourism spending is weaker, with Chinese tourists spending less in Japan and American tourists curbing spending in Europe due to a weaker dollar [4] - Champagne sales in the US are showing slight improvement, and overall local demand is relatively resilient [3] Strategic Considerations - Investors are paying more attention to the conglomerate discount as growth slows [5] - Fashion and leather goods, along with wines and spirits, are struggling simultaneously [6] - There is no current indication of spinning off assets like Sephora or other major restructuring, though some cleaning up may occur [6][7]

美联储"装修门"升级，特朗普首次"上门"施压降息，但解雇鲍威尔警报暂停，贝森特指有其他风 险。 欧洲央行八连降后收手，维持利率不变，静待美方关税政策明朗化，9月降息预期骤降；拉加德警 告：若欧美贸易摩擦升级，将对通胀施加下行压力。 美国上周首申人数连续第六周下降，至4月中旬以来最低水平，续请失业金人数维持2021年来高 位。 中国强力"反内卷"！时隔27年，价格法重新修订。 第二十五次中国－欧盟领导人会晤举行。 报道：OpenAI准备在8月初推出GPT-5。 英特尔二季度营收超预期，宣布裁员约15%，但CEO未缓解市场对公司竞争力担忧，股价盘后先 涨6%后转为跌近4%。 高奢巨头渴望欧美协议，LVMH Q2核心业务营收意外降9%，CFO称15%关税是"好结果"。 ...

Core Viewpoint - LVMH's CFO indicated that the group can increase production capacity in the U.S. due to tariffs [1] Group 1 - The company is considering expanding its production capabilities in the United States [1] - Tariffs are influencing the company's strategic decisions regarding production [1]

Group 1 - The CFO of LVMH stated that DFS's losses are narrowing but have not yet reached breakeven [1] - The company will retain certain brands only if it is a reasonable operator for them [1] - Moët Hennessy plans to potentially start delivery activities in the second half of 2026 [1]

Group 1 - The CFO of LVMH emphasized that price increases must be accompanied by product improvements [1]

路威酩轩（LVMH）首席财务官：在中国市场看到明显的改善，当地消费者表现积极。 ...

Group 1 - The CFO of LVMH indicated that the decline in the Japanese market is the main reason for the sequential slowdown [1]

Core Viewpoint - The Chief Financial Officer of LVMH highlighted the significant impact of currency fluctuations on the tourism industry [1] Group 1 - Currency fluctuations are affecting consumer behavior and spending patterns in the tourism sector [1] - The tourism industry is experiencing notable changes due to varying exchange rates, which influence luxury goods purchases [1]

Core Viewpoint - The Chief Financial Officer of LVMH highlighted that the slowdown in the tourism industry has had a particularly significant impact on Japan [1] Group 1 - The tourism industry's slowdown is affecting luxury goods sales in Japan more than in other regions [1] - LVMH is closely monitoring the situation as it could influence future sales and growth strategies [1] - The company is adapting its approach to mitigate the effects of the tourism decline [1]