海外消费行业周更新：LVMH中国市场挑战严峻，泉峰控股发布盈喜

Investment Rating - The report indicates a challenging environment for the luxury goods sector, particularly for LVMH in the Chinese market, suggesting a cautious outlook for investments in this industry [4][5]. Core Insights - LVMH's Q3 2024 revenue decreased by 3% year-on-year to €19.076 billion, falling short of market expectations of €20.05 billion [5]. - The Asia-Pacific region, excluding Japan, saw a significant revenue decline of 16%, highlighting the impact of macroeconomic factors on consumer confidence [5]. - The report emphasizes that while Western consumer demand is gradually improving, it remains slow due to inflation and high interest rates [5]. - The luxury goods market in China is under pressure, but LVMH management remains optimistic about the long-term recovery potential driven by the rising middle class [5]. Summary by Sections Macroeconomic Data - China's GDP grew by 4.8% year-on-year in the first three quarters of 2024, with per capita disposable income increasing by 4.9% [2]. - Retail sales in China totaled ¥353.564 billion, reflecting a year-on-year growth of 3.3% [2]. Event Updates - LVMH's Q3 performance showed varied results across regions, with Europe up by 2% and the U.S. remaining flat, while Japan grew by 20% [5]. - The wine and spirits segment reported a 7% decline in revenue, attributed to lower champagne production [5]. - The fashion and leather goods segment also faced a 5% revenue drop, primarily due to decreased sales and currency effects [5]. Stock Performance - The S&P 500 Consumer Discretionary index increased by 1.22%, while the Hang Seng Consumer index decreased by 5.06% [6]. - Notable stock movements included significant gains for companies like 高鑫零售 (+25.14%) and 泡泡玛特 (+9.79%), while 九毛九 saw a decline of 16.99% [6]. Important Announcements - 泉峰控股 announced a substantial profit increase, projecting a net profit of approximately $100 million for the nine months ending September 30, 2024, compared to $23 million in the same period last year [8]. - LVMH's DFS division announced the departure of its CEO, with Ed Brennan stepping in as interim CEO [8].