该团队精选的欧洲资本密集型股票组合包括阿斯麦(ASML)、赛峰(Safran)、LVMH、液化空气(Air Liquide)和空中客车(Airbus)；轻资本型组合则包含欧莱雅(L'Oreal)、Adyen、DSV AS和西门子医疗等企 业。 格隆汇2月25日｜高盛报告指出，投资者正日益青睐具有所谓"HALO效应"的股票，即重资产、低技术 淘汰风险(heavy assets and low obsolescence)的股票，主要集中在公用事业、基础资源和能源等领域。 高盛指出，随着投资者寻求能规避人工智能(AI)颠覆的避风港，拥有有形生产性资产的企业股票表现更 佳。自2025年初以来，其选定的资本密集型股票组合(其经济价值源于实物资产)表现优于依赖人力或数 字资本的轻资本型企业组合，跑赢约35%。报告称，市场正在奖励产能、高密度制造网络、基础设施以 及极其复杂的制造项目工程，这些资产复制成本极其昂贵，且需要AI系统持续耗巨资进行试错式生产 试验，因此也更不易受到AI技术淘汰的冲击。报告表示，更高的实际收益率，以及推动财政支出增加 与制造业支持的地缘政治因素，正在支撑资金向资本密集型市场板块迁移。 高盛指出，对 ...

今日早参 2026 年 2 月 25 日 庄汀洲 石油与化工行业首席研究员 座机：010-56793939 邮箱：zhuangtingzhou@htsc.com 刘俊 电力设备与新能源行业首席研究员 座机：85293275834 邮箱：karlliu@htsc.com 边文姣 电力设备与新能源行业联席首席研究 员 座机：0755-82776411 邮箱：bianwenjiao@htsc.com 今日热点 基础化工：美将磷系农资列入战略资源影响深远 2026 年 2 月 18 日，特朗普政府援引《国防生产法》发布行政令，正式将磷 元素与草甘膦除草剂列为美国战略资源，以保障国内供应链安全。全球近几 年 80%的磷资源下游用于磷肥，草甘膦由于转基因抗性种子需求成为全球第 一大除草剂，二者是全球农资的核心环节。据 USGS，2025 年美国磷矿石 进口依存度 16%，主要来自秘鲁及摩洛哥。美国草甘膦本土产能充足，但考 虑厂商到对欧洲及南美的供应，仍需进口中国产草甘膦。相对而言，中国磷 矿石自给率较高，而草甘膦净出口且产能略过剩。我们认为，磷系农资列入 战略物资因美国对二者供应稳定性的强调，短期在粮价低迷需求不振背景 ...

(Bloomberg) -- Saks Global Enterprises said hundreds of brands, including Burberry and those owned by luxury powerhouses LVMH and Kering, have either resumed or continued shipping to the troubled retailer as it tries to emerge from bankruptcy.The company, which includes Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman stores, is set to receive around $1.2 billion in merchandise over the next few months, Chief Executive Officer Geoffroy van Raemdonck said in an interview with Bloomberg News. Those goods ...

21世纪经济报道记者高江虹实习生张贺芸 过去这一周，中国在放假过春节，国际市场大事依旧不断。 头部集团陆续披露财报，表现各异。爱马仕稳健增长并放缓提价幅度，Moncler业绩超预期聚焦美亚市场。人事层 面，Valentino、LVMH、梅西百货纷纷启用行业资深高管，优化核心团队以适配战略转型。零售与电商领域， Aritzia、eBay通过收购补位布局，无印良品加码欧洲市场寻求新增长；运动赛道上，New Balance实现逆势高增， 成为行业洗牌中的突出赢家。另有意大利多元化时尚集团Oniverse打通"日常时尚+高端生活"，跨界游艇、餐饮、 葡萄酒。 整体来看，行业仍处在变化的快车道上，企业纷纷通过业绩优化、人事调整、区域扩张等举措，应对市场变化与 行业竞争。 1.梅西百货挖走Saks Global高管Dayna Ziegler 2月20日，美国零售巨头梅西百货宣布，任命Dayna Ziegler为高级副总裁兼女装成衣总经理，该任命于3月2日正式 生效，Ziegler将向梅西首席采购官Nata Dvir汇报工作。 Ziegler此前任职于陷入破产保护程序的Saks Global，担任高级副总裁兼商品总经理，负 ...

21世纪经济报道记者高江虹实习生张贺芸 过去这一周，中国在放假过春节，国际市场大事依旧不断。 头部集团陆续披露财报，表现各异。爱马仕稳健增长并放缓提价幅度，Moncler业绩超预期聚焦美亚市 场。人事层面，Valentino、LVMH、梅西百货纷纷启用行业资深高管，优化核心团队以适配战略转型。 零售与电商领域，Aritzia、eBay通过收购补位布局，无印良品加码欧洲市场寻求新增长；运动赛道上， New Balance实现逆势高增，成为行业洗牌中的突出赢家。另有意大利多元化时尚集团Oniverse 打通 "日 常时尚 + 高端生活"， 跨界游艇、餐饮、葡萄酒。 整体来看，行业仍处在变化的快车道上，企业纷纷通过业绩优化、人事调整、区域扩张等举措，应对市 场变化与行业竞争。 1. 梅西百货挖走Saks Global 高管Dayna Ziegler 2月20日，美国零售巨头梅西百货宣布，任命Dayna Ziegler 为高级副总裁兼女装成衣总经理，该任命于3 月2日正式生效，Ziegler将向梅西首席采购官Nata Dvir汇报工作。 Ziegler 此前任职于陷入破产保护程序的Saks Global，担任高级副总 ...

此外，里昂的渠道调查显示，受金价波动影响，黄金珠宝销售仍面临压力，而部分奢侈品牌则在年初至 今表现强劲。该行认为，春节数据更偏向强劲的出行及旅游业，且高端消费表现良好，将有利里昂首选 股包括：新秀丽(01910)、法国奢侈品巨擘LVMH和卡地亚母公司瑞士历峯集团(Richemont)，以及与国 内需求相关的安踏体育(02020) 。 里昂发布研报称，虽然正等待内地文化和旅游部的春节数据，但截至昨日(23日)数据显示，内地消费整 体维持正面，旅游出行热度良好。跨境旅游方面，国家移民管理局预计，日均跨境客流量年增约14%。 海南免税店的消费在更强劲的促销活动及政策推动的增量需求下保持韧性，但很大程度上已反映在中国 中免（601888）(01880,601888.SH)的股价中。但电影票房表现疲软，创下八年来的最低纪录。 ...

此外，里昂的渠道调查显示，受金价波动影响，黄金珠宝销售仍面临压力，而部分奢侈品牌则在年初至 今表现强劲。该行认为，春节数据更偏向强劲的出行及旅游业，且高端消费表现良好，将有利里昂首选 股包括：新秀丽(01910)、法国奢侈品巨擘LVMH和卡地亚母公司瑞士历峯集团(Richemont)，以及与国 内需求相关的安踏体育(02020) 。 智通财经APP获悉，里昂发布研报称，虽然正等待内地文化和旅游部的春节数据，但截至昨日(23日)数 据显示，内地消费整体维持正面，旅游出行热度良好。跨境旅游方面，国家移民管理局预计，日均跨境 客流量年增约14%。海南免税店的消费在更强劲的促销活动及政策推动的增量需求下保持韧性，但很大 程度上已反映在中国中免(01880,601888.SH)的股价中。但电影票房表现疲软，创下八年来的最低纪录。 ...

Trade Relations and Tariffs - The US trade representative confirmed that existing trade agreements with the EU will remain in place despite the Supreme Court ruling, emphasizing that tariffs will continue regardless of the litigation outcome [1][2] - The European Commission has urged the US for clarity on future tariff policies, stating that the EU expects the US to honor its commitments and will not accept any increases in tariffs beyond previously agreed levels [3] - European Parliament lawmakers are considering pausing legislative work until clear commitments from the US are secured, highlighting the need for clarity in trade relationships [4] Industry Reactions - The German industry has expressed a mixed reaction, acknowledging the political checks and balances in the US while also noting that uncertainty could hinder investment and supply chain decisions [6][7] - The automotive and chemical industries in Germany are facing unchanged sectoral tariffs of 15%, which are not affected by the recent court ruling [8] - The French trade minister has suggested that the EU should adopt a united approach against the US's new tariffs, indicating a potential for retaliatory measures [10] Market Impact - Following the Supreme Court ruling, the French stock market index, CAC 40, reached a record high, driven by gains in luxury stocks, which are significantly exposed to exports [11][12] - Key export sectors for France, such as aerospace, currently remain unaffected by tariff changes, maintaining a 0% tariff exemption [12] - The French government is focused on adapting to the ruling's consequences while emphasizing the importance of maintaining fair trade rules and reciprocity [13][14]

专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 专题：美最高法院裁定特朗普全球关税违法 特朗普回应裁决是"耻辱" 欧股升至历史新高，此前美国最高法院裁定总统唐纳德·特朗普的大规模全球关税无效。 欧股升至历史新高，此前美国最高法院裁定总统唐纳德·特朗普的大规模全球关税无效。 斯托克600指数一度上涨1.1%，收盘涨幅收窄至0.8%。LVMH和爱马仕国际等对关税敏感的奢侈品制造 商跑赢大盘。 这一裁决削弱了特朗普标志性的经济政策，成为他第二任期以来最大的法律挫败。不过，大法官们并未 就进口商在多大程度上有权获得退款作出裁定，而是将此留给下级法院处理。 据报道，特朗普在白宫早餐会上对与会者表示，关税问题上他有备选方案。 "如果市场认为这一裁决会持续有效，反应会更大，"Premier Miton Investors首席投资官Neil Birrell表 示，"不过关键在于，现在已接近2月底，11月将举行中期选举，特朗普将竭尽全力推动此事。" 欧洲基准股指周五早盘已获提振，此前欧元区企业活动强于预期，得益于德国经济出人意料的增长。美 国经济在2025年最后一个季度的增速低于预期，投资者对此也进行了评估。 ...

Core Viewpoint - The U.S. Supreme Court's ruling to overturn Trump's emergency tariffs could lead to refunds of approximately $175 billion in tariffs, significantly impacting businesses and consumers, although the refund process is expected to be slow [1]. Group 1: Impact on Businesses - Thousands of businesses are now considering pursuing refunds due to the Supreme Court ruling, which affects not only those that sued but also a broader range of companies [1]. - Affected companies, including luxury brands like LVMH and Moncler, saw positive stock reactions following the ruling [1]. - The corporate sector, particularly in consumer goods, automotive, manufacturing, and apparel, has been heavily impacted by tariffs that increased costs and disrupted supply chains [1]. Group 2: Refund Process and Legal Actions - The refund process is anticipated to be lengthy, with many companies potentially waiting months to years to recoup tariffs [1]. - Over 1,800 tariff-related lawsuits have been filed since April, a significant increase from fewer than two dozen in 2024, indicating a growing trend of legal challenges against tariffs [1]. - Companies may face challenges in gathering detailed import data necessary for calculating tariffs paid under various regimes [1]. Group 3: Consumer Impact - The Federal Reserve Bank of New York reported that 90% of the costs from Trump's tariffs are borne by American consumers and companies, countering the argument that foreign entities bear the burden [1]. - The effective U.S. tariff rate was reported at 11.7% as of November, significantly higher than the average of 2.7% between 2022 and 2024 [1]. Group 4: Future Tariff Landscape - Despite the ruling, tariffs are expected to continue under different legal frameworks, particularly in sectors deemed crucial for national security [1]. - The automotive sector will still face significant tariffs not related to the overturned emergency powers, such as the 25% tariffs on vehicles from Mexico and Canada [1]. - Some companies are opting to sell their rights to collect refunds to outside investors, receiving a small upfront payment while forfeiting the remainder [1].