受去年春季关税引发的股价暴跌影响，投资者寄希望于销售额在经历了两年停滞后能够回升，推动了股 价的复苏。尽管瑞士珠宝制造商历峰集团(Richemont)公布的早期业绩显示增长好于预期，但由于担心 关税和汇率波动会影响利润率，其股价仍出现下跌。 数据显示，上季度奢侈品板块估值升至近四年来的最高水平，高盛追踪该行业的股票组合的市盈率超过 30倍。该板块自去年4月份跌至低点以来，截至2025年底已上涨21%。 周一，受美国总统特朗普最新关税威胁的影响，该指数下跌3.3%，连续第六天下跌，并触及三个月来 的最低点。 摩根士丹利分析师Natasha Bonnet在一份报告中写道："中国市场尚未成为催化剂，利润率面临的不利因 素日益明显，现阶段盈利缺乏真正的增长势头，高端估值的上涨空间有限。" 截至发稿，LVMH下跌4.2%，开云集团下跌3.1%，历峰集团下跌3%，布鲁内罗.库奇内利集团下跌 2.8%，博柏利集团下跌2.5%。 欧洲奢侈品股在2026年开局不利，一些分析师警告称，该行业近期的上涨行情导致估值看起来过高。摩 根士丹利周一将LVMH的评级下调至"中性"，称关税和汇率波动都可能对该公司今年的盈利造成压力。 与此同 ...

Summary of the Conference Call on China Duty Free Group's Acquisition of DFS Company and Industry Involved - **Company**: China Duty Free Group (中国中免) - **Industry**: High-end travel retail, specifically in the Asia-Pacific region Core Points and Arguments - **Acquisition Details**: China Duty Free Group's wholly-owned subsidiary will acquire DFS's Greater China business for up to **$395 million** in cash, which includes 100% equity of DFS Cotai Limited and related assets from two stores in Hong Kong, as well as intangible assets in the Greater China region [1][2] - **Strategic Investment**: Following the acquisition, LVMH's indirect wholly-owned subsidiary and the Miller family trust will purchase **7,330,100 shares** and **4,637,400 shares** of China Duty Free's H-shares at a price of **HKD 77.21 per share** [1] - **Market Positioning**: The acquisition is expected to deepen the partnership with global luxury giant LVMH, solidifying China Duty Free's leading position in the tourism retail sector in Hong Kong and Macau [1][2] Financial Highlights - **Performance Metrics**: The target business is projected to generate **CNY 4.149 billion** in revenue and **CNY 128 million** in net profit for the fiscal year 2024. For the first nine months of 2025, it has already achieved **CNY 2.754 billion** in revenue and **CNY 133 million** in net profit, surpassing the total profit for 2024 [3] - **Valuation**: The market valuation of the target business is estimated at **CNY 3.134 billion**, with a price-to-earnings ratio of approximately **21.6 times** for the year 2024 [3] Additional Important Information - **Funding Source**: The acquisition will be financed through China Duty Free's own funds [3] - **H-share Issuance**: The total amount from the H-share issuance is expected to be up to **HKD 924 million**, with a one-year lock-up period for the subscribing parties [3] - **Shareholding Changes**: Post-transaction, China Tourism Group's shareholding will slightly decrease from **50.30%** to **50.01%**, while LVMH will hold approximately **0.35%** and the Miller family will hold about **0.22%** of the total share capital [3]

消息面上，1月19日，中国中免全资孙公司中免国际与DFS新加坡、DFS香港签署《框架协议》，约定中免国际以不超过 3.95亿美元现金方式收购对方持有的DFS大中华区旅游零售业务相关股权及资产， 包括DFS新加坡、DFS香港持有的DFS Cotai Limitada100%股权及DFS香港持有的2家门店的相关资产(包括人员、租赁合同、店面固定资产、存货等)，以及DFS大 中华区无形资产(包括品牌所有权、会员体系、知识产权等)，资金来源为中免国际自有资金。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 同日，中国中免与LVMH签署战略合作谅解备忘录，拟在双方战略契合的零售领域建立合作关系。此次合作将使得中国中免 与LVMH可以凭借各自优势，进一步深化大中华区的合作、实现互利共赢。双方将在产品销售、门店开设、品牌推广、文化 交流、旅游服务及客户体验等领域开展合作。 1月20日，中国中免A股涨近7%报99.81元，H股涨超10%报96.8港元，均创2023年10月以来新高。 ...

据此，卖方同意出售，而买方同意购买目标公司DFS Cotai Limitada的全部已发行股本(股份收购)，及 DFS香港同意出售，而买方同意透过资产转让方式购买业务(由DFS香港于香港经营的旅游零售业务(包 括大中华区的无形资产))(资产收购，连同股份收购统称为该等收购事项)。 透过该等收购事项，本公司将取得DFS位于香港及澳门的旅游零售店铺，以及在大中华区独家使用的包 括DFS品牌在内的无形资产。此举将进一步拓展本公司于大湾区的服务网络，发挥产业引领作用，不断 整合优质旅游零售网络，并确立本集团于区域旅游零售市场的领先地位，同时依托港澳窗口优势，推动 国货精品出海，打造国潮出海平台及建立国际业务中台。 中国中免（601888）(01880)高开近3%，截至发稿，涨2.8%，报89.85港元，成交额479.8万港元。 消息面上，中国中免发布公告，于2026年1月19日，中免国际有限公司(买方)(中国旅游集团中免股份有 限公司(本公司)的间接全资附属公司)与DFS Venture Singapore(Pte)Limited(DFS新加坡)及DFS Group Limited(DFS香港，连同DFS新加坡统称为 ...

智通财经APP获悉，中国中免(01880)高开近3%，截至发稿，涨2.8%，报89.85港元，成交额479.8万港 元。 据此，卖方同意出售，而买方同意购买目标公司DFS Cotai Limitada的全部已发行股本(股份收购)，及 DFS香港同意出售，而买方同意透过资产转让方式购买业务(由DFS香港于香港经营的旅游零售业务(包 括大中华区的无形资产))(资产收购，连同股份收购统称为该等收购事项)。 透过该等收购事项，本公司将取得DFS位于香港及澳门的旅游零售店铺，以及在大中华区独家使用的包 括DFS品牌在内的无形资产。此举将进一步拓展本公司于大湾区的服务网络，发挥产业引领作用，不断 整合优质旅游零售网络，并确立本集团于区域旅游零售市场的领先地位，同时依托港澳窗口优势，推动 国货精品出海，打造国潮出海平台及建立国际业务中台。 消息面上，中国中免发布公告，于2026年1月19日，中免国际有限公司(买方)(中国旅游集团中免股份有 限公司(本公司)的间接全资附属公司)与DFS Venture Singapore (Pte) Limited (DFS新加坡)及DFS Group Limited(DFS香港，连同DFS ...

Group 1 - OpenAI plans to launch its first hardware device in 2026, with projected revenue exceeding $20 billion in 2025, a significant increase from $6 billion in 2024. The company's computing power is expected to rise from 0.6 GW in 2024 to 1.9 GW in 2025, with active user numbers reaching historical peaks [2] - Google’s Gemini business is experiencing a surge, with API calls increasing over 100% to 85 billion and enterprise subscriptions growing to 8 million. This growth is anticipated to boost Google Cloud's revenue as clients invest more in AI [5] - China Duty Free Group's subsidiary plans to acquire DFS's retail business in Greater China for up to $395 million, including 100% equity of DFS Cotai Limitada and two store assets [6] Group 2 - The Shanghai Futures Exchange is adjusting the trading limits for silver and nickel futures contracts starting January 20, 2026, while hedging and market-making trades will not be subject to these limits [24] - The People's Bank of China is set to announce the one-year and five-year Loan Prime Rates (LPR) on January 20, with expectations of a potential reduction of 5-10 basis points for the five-year LPR [25] - The initial GDP data for the fourth quarter of the United States will be released on January 20, with market attention focused on the economic growth situation [26]

2026年1月19日，公司分别与Delphine SAS(为LVMH的间接全资附属公司)及Shoppers Holdings HK Limited(为The Mountain Trust Company(以麦礼贤先生及其家族("麦氏家族")为受益人的私人家族信托的 持牌受托人身份行事的公司)的间接全资附属公司)订立两份股份认购协议("股份认购协议")，据此，待 该等收购事项交割后，Delphine SAS及Shoppers Holdings HK Limited(统称为"认购方")各自将认购公司 将予发行且股份数量由认购方各自于交割前通知公司的新H股(就Delphine SAS而言，不超过733.01万股 新H股及就ShoppersHoldings HK Limited而言，不超过463.74万股新H股)("认购股份")("认购事项")。 2026年1月19日，公司与LVMH订立谅解备忘录(将于该等收购事项交割后生效)，拟在双方战略契合的 零售领域建立合作关系，该合作也将符合LVMH旗下品牌当下的商业模式。此次合作将使得公司与 LVMH可以凭藉各自优势，进一步深化大中华区的合作、实现互利共赢。双方将在产品销售 ...

Core Viewpoint - The company, China Duty Free Group (中国中免), has announced a significant acquisition involving DFS Venture Singapore and DFS Group Limited, aimed at expanding its presence in the tourism retail market in Hong Kong and Macau, thereby enhancing its strategic positioning in the Greater Bay Area [1][2]. Acquisition Details - The agreement includes the purchase of all issued shares of DFS Cotai Limitada and the acquisition of tourism retail business assets operated by DFS Hong Kong in Hong Kong, which includes intangible assets exclusive to the Greater China region [1][2]. - The acquisition will allow the company to obtain DFS retail stores in Hong Kong and Macau, further integrating its tourism retail network and establishing a leading position in the regional market [2]. Strategic Importance - This acquisition is a crucial step in accelerating the company's international business layout and actively implementing the Greater Bay Area strategy and the "National Trend Brands Going Global" strategy [2]. - The company aims to leverage its advantages in the Hong Kong and Macau markets to promote domestic products internationally and create a platform for national brands [2]. Share Subscription Agreements - On January 19, 2026, the company entered into share subscription agreements with Delphine SAS and Shoppers Holdings HK Limited, which will allow these entities to subscribe for new H shares post-acquisition [3]. - Delphine SAS will subscribe for up to 7.3301 million new H shares, while Shoppers Holdings HK Limited will subscribe for up to 4.6374 million new H shares [3]. Collaboration with LVMH - A memorandum of understanding was signed with LVMH to establish a cooperative relationship in retail, which aligns with LVMH's current business model [4]. - The collaboration will focus on product sales, store openings, brand promotion, cultural exchange, tourism services, and customer experience, aiming for mutual benefits in the Greater China region [4]. - The share subscription represents a complementary investment from LVMH and the Mack family, resulting in them holding approximately 0.57% of the company's total share capital post-transaction [4].

于2026年1月19日，本公司与LVMH订立谅解备忘录(将于该等收购事项交割后生效)，拟在双方战略契 合的零售领域建立合作关系，该合作也将符合LVMH旗下品牌当下的商业模式。此次合作将使得本公司 与LVMH可以凭借各自优势，进一步深化大中华区的合作、实现互利共赢。双方将在产品销售、门店开 设、品牌推广、文化交流、旅游服务及客户体验等领域开展合作。 透过该等收购事项，本公司将取得DFS位于香港及澳门的旅游零售店铺，以及在大中华区独家使用的包 括DFS品牌在内的无形资产。此举将进一步拓展本公司于大湾区的服务网络，发挥产业引领作用，不断 整合优质旅游零售网络，并确立本集团于区域旅游零售市场的领先地位，同时依托港澳窗口优势，推动 国货精品出海，打造国潮出海平台及建立国际业务中台。作为一家由中央企业控股的上市公司，本公司 始终致力于为境内外游客提供高品质的旅游零售消费体验，积极履行其作为央企的责任，为港澳地区零 售经济高质量发展作出贡献。该等收购事项乃加快本公司国际业务布局、积极落实大湾区战略及"国潮 品牌出海"战略的重要举措。 智通财经APP讯，中国中免(01880)发布公告，于2026年1月19日，中免国际有限公司 ...

Market Reaction - European stocks experienced a sharp decline, with the Stoxx Europe 600 index falling 1.2% as investors reacted to President Trump's tariff threats [1][4] - Germany's DAX dropped 1.3% to its lowest level in nearly two weeks, while France's CAC 40 fell 1.8%, heavily impacted by losses in luxury stocks [2][8] - London's FTSE 100 saw a more modest decline of 0.4%, supported by its exposure to defensive sectors [4] Sector Impact - Luxury and automotive sectors were among the hardest hit, with major companies like LVMH, BMW, and Volkswagen facing concerns over potential sales declines in the US market due to new tariffs [4][5] - Defense stocks, however, showed resilience, with shares of Saab, Rheinmetall, and Dassault Aviation rising over 2% as investors anticipated increased military spending in Europe amid rising tensions [6] Tariff Details - Trump announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to increase to 25% by June if negotiations over Greenland fail [5][10] - The tariff threats have raised concerns about the impact on margins and demand for luxury and automotive products in the US, a critical market for European exporters [5] Investor Sentiment - The selloff in European markets was accompanied by a flight to safe-haven assets, with gold prices reaching a new record of $4,672.49 an ounce, reflecting investor anxiety [8] - US futures indicated a rough opening on Wall Street, with S&P 500 and Nasdaq contracts down about 1% as traders anticipated potential retaliatory measures [9] Political Response - European leaders expressed concerns that the tariff threats could escalate tensions, with French President Macron advocating for a strong EU response, potentially restricting US access to the EU market [11][12] - German Chancellor Friedrich Merz emphasized the need for a unified EU position in response to the tariffs, acknowledging differing impacts among member states [12]