纺织服饰25W32周观点：奢侈品专题：亚太环比改善，Hermes表现相对坚挺-20250810

Investment Rating - The report maintains an "Outperform" rating for the luxury goods sector [6]. Core Insights - The luxury goods sector in the Asia-Pacific region (excluding Japan) shows a sequential improvement, with Hermes demonstrating relative resilience [3][12]. - In Q2 2025, LVMH, Hermes, and Kering reported revenue changes in Asia (excluding Japan) of -6%, +5%, and -19% year-on-year, respectively [3][12]. - Hermes continues to grow across all regions, while LVMH and Kering face challenges, particularly in the Asia-Pacific market [3][12][28]. Summary by Sections 1. Luxury Goods Sector Performance - The luxury goods sector in Asia (excluding Japan) has improved sequentially, with Hermes showing a 5.6% year-on-year revenue increase in Q2 2025 [3][21]. - LVMH's revenue decreased by 4% to €19.5 billion, with a 22% drop in net profit to €5.7 billion, affected by macroeconomic uncertainties and currency fluctuations [14][15]. - Kering's revenue fell by 18% to €3.7 billion, with Gucci and YSL brands experiencing significant declines [28]. 2. Investment Recommendations - The report suggests focusing on sectors benefiting from policy support and consumer recovery, including major home appliances and pet products [30][31]. - Key companies to watch include Midea Group, Haier Smart Home, and Gree Electric for home appliances, and brands like Anta Sports and Li Ning in the apparel sector [30][31]. 3. Market Trends - The home appliance sector saw a weekly increase of 2.3%, while the textile and apparel sector rose by 4.23% [34][36]. - Cotton prices are reported at ¥15,178 per ton, reflecting a slight decrease of 0.54% [36].