纺织服饰行业深度报告：存量时代的奢侈品分析框架：分化的底层逻辑

Investment Rating - The report maintains an "Overweight" rating for the luxury goods industry [2]. Core Insights - The underlying logic of luxury goods demand is driven by individual self-positioning in a democratic society, where luxury brands serve as symbols to satisfy top-tier users' social positioning needs [2][7]. - The luxury goods industry is entering a new normal characterized by significant differentiation, with core customers contributing disproportionately to demand [2][8]. - The best single-brand company, Hermès, demonstrates more stability compared to multi-brand companies like LVMH, achieving the highest revenue and profit growth rates with minimal volatility over the past 14 years [2][25]. Summary by Sections 1. Underlying Logic of the Luxury Goods Industry - Luxury goods fulfill the self-positioning needs of individuals in a democratic society, where consumption becomes a means of social status [7]. - The industry is experiencing a new normal of differentiation, with a clear divide between core and non-core customers [8]. 2. Differentiation: The Case of Hermès - Hermès has established itself as a model for luxury brand operations by continuously enhancing brand prestige and controlling supply to maintain scarcity [2][25]. - The report highlights that Hermès' core product, the Birkin bag, has a customer base that represents only 0.04% of all luxury consumers, showcasing extreme scarcity and strong pricing power [2]. 3. Investment Opportunities in Luxury Goods - Long-term investment should focus on Hermès at the bottom of the cycle, while short-term opportunities can be found in brands like Prada and Gucci, which exhibit fashion elasticity [2]. - The report emphasizes the importance of adhering to principles over mere resource endowment in luxury brand management, suggesting that Chinese companies have the potential to succeed in this space [2].