Core Viewpoint - LVMH faced a challenging year in 2025, with both revenue and profit declining due to global geopolitical instability, currency fluctuations, and market policy adjustments, indicating a need for further strategic shifts in the luxury sector [1][2]. Financial Performance - LVMH reported total revenue of €80.807 billion for 2025, a decrease of €3.876 billion (approximately ¥32.263 billion), representing a 5% year-on-year decline [1][3]. - The company's recurring operating profit and net profit also fell by 9% and 13%, respectively, amounting to €17.755 billion and €10.878 billion [1][3]. - The group's sales in the fourth quarter reached €22.7 billion, with organic revenue growth of 1%, showing signs of recovery in consumer demand, particularly in the Asia-Pacific and U.S. markets [1]. Business Segment Analysis - The fashion and leather goods segment, LVMH's largest, saw a revenue decline of 8% to €37.77 billion, with organic sales down 5% [4]. - The wines and spirits division was the hardest hit, with revenue of €5.358 billion and a 5% organic decline, while recurring operating profit dropped 25% to €1.016 billion [5]. - The selective retailing segment, particularly Sephora, showed resilience with organic growth of 4% and revenue of €18.348 billion, alongside a 28% increase in recurring operating profit [7]. Market Dynamics - The Asia-Pacific market, excluding Japan, became a key driver for recovery, contributing 26% of LVMH's revenue in 2025, despite a slight decrease from 28% in 2024 [10]. - LVMH's strategy in China includes opening larger stores while closing underperforming ones, reflecting a shift towards enhancing operational efficiency [11]. - The company is optimistic about the Chinese market, viewing it as a testing ground for new strategies, despite challenges posed by tariffs and geopolitical tensions [12]. Future Outlook - CEO Bernard Arnault acknowledged the ongoing economic and geopolitical challenges but expressed confidence in LVMH's cash flow, which grew by 8% to over €11 billion, allowing for sustained long-term strategic initiatives [2]. - The luxury market is showing signs of polarization, with high-end brands performing better than those heavily reliant on fashion and leather goods [8].

证券之星消息，1月29日旅游零售板块较上一交易日上涨2.74%，中国中免领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。旅游零售板块个股涨跌见下表： 从资金流向上来看，当日旅游零售板块主力资金净流入3.31亿元，游资资金净流出1.78亿元，散户资金净 流出1.53亿元。旅游零售板块个股资金流向见下表： | 代码 名称 主力净流入（元） 主力净占比 游资净流入（元） 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | 3.31亿 | 5.53% | -1.78亿 | -2.98% | -1.53亿 | -2.55% | | WILL - A TT WILL CLASS | | | | | | | | 代码 | 名称 | 收盘价 | | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | | ...

紫金矿业再砸280亿海外"淘金" 2025年预盈510亿市值站稳万亿 湖南黄金重组27亿资产增加资源储备 金锑钨价格上涨大赚超12.7亿创新高 牛散余韩操纵股价五年被罚没超10亿 博士眼镜一年5000万买流量研发仅300万 上汽通用五菱负债率攀升至85.24% 销量增20.5%仍较巅峰少53.5万辆 苏农银行"村改支"遭18%中小股东反对 总资产2311亿营收仅增0.41% 鸣鸣很忙开店2.1万家 IPO前突击分红5.26亿赵定减持套现1.3亿 西贝新一轮融资获张勇胡晓明力挺 千亿市值梦面临挑战 中国中免27亿收购打造国际业务中台 业绩连降6季合作LVMH突围待观察 海康威视重拾增长年盈利142亿 加强回款管理九个月"回血"137亿 "狂人"俞浩百万亿美元豪言引关注 22.82亿入主嘉美包装或推追觅上市 牧原股份多卖猪638万头扣非锐降26.5亿 成本优势遭极限考验 16倍牛股天普股份重申"无注资" 中昊芯英独立IPO杨龚轶凡买壳成谜 天海电子应收账款52亿逾期3.67亿 原子公司同步IPO关联交易"理不清" 携程集团遭反垄断调查毛利率高达81% 市占率56%被指"携流量以令商家" 德邦股份主动退市京东38亿 ...

Market Overview - In Q4 2025, market volatility increased, with A-shares and Hong Kong stocks ending the year amidst fluctuations. The Shanghai Composite Index rose by 2.22%, while the CSI 300 Index fell by 0.23%, and the ChiNext Index decreased by 1.08%. The Hang Seng Index dropped by 4.56%, and the Hang Seng China Enterprises Index fell by 6.72% [1][18]. Sector Performance - Despite the overall market performance being lackluster, there was a stark contrast within sectors. The technology growth sectors, represented by AI computing power and semiconductors, performed exceptionally well, while industries such as real estate, pharmaceuticals, and computers faced pressure [1][19]. Fund Manager Strategies - Star fund managers like Fu Pengbo and Li Xiaoxing achieved significant excess returns in Q4 2025, with Fu's Ruiyuan Growth Value Fund and Li's Yinhua Small Cap Select both rising over 60% for the year, driven by heavy investments in AI computing power and semiconductors [2][19]. - Balanced allocation funds, such as Zhu Shaoxing's Fuguo Tianhui Select Growth A, showed stable performance with over 20% annual growth, benefiting from diversified holdings across finance, consumption, and manufacturing sectors [2][19]. Technology Sector Focus - Fu Pengbo's Ruiyuan Growth Value Fund increased its allocation to data center liquid cooling and related companies, with the top ten holdings now concentrated at 70.38%. The fund's top three holdings include Xinyi Solar, Shenghong Technology, and CATL [4][22]. - Li Xiaoxing's Yinhua Small Cap Select emphasized AI hardware innovation and application investment opportunities, with seven of its top ten holdings in the semiconductor industry, reflecting a shift towards advanced process breakthroughs and domestic chip investments [23][24]. Traditional Value Sector - Fund managers like Zhang Kun, Liu Yanhun, and Ge Lan continued to focus on traditional assets such as consumption and pharmaceuticals. Zhang's E-Fund Blue Chip Select maintained a stable stock position, emphasizing confidence in the long-term prospects of the Chinese consumer market [24][25]. - Ge Lan's China Europe Medical Health A faced net value pressure in Q4 2025, with all top ten holdings experiencing negative returns, despite previous positive performance [26][27]. Policy and Market Sentiment - Fund managers noted that "anti-involution" policies are becoming key variables affecting corporate fundamentals, with expectations for improved business environments and competition dynamics [31]. - Despite market rebounds and rising valuations, many managers believe that equity assets still hold significant allocation value, particularly in light of changes in traditional high-yield channels [32]. Importance of Stock Selection - The emphasis on stock selection has intensified, with fund managers highlighting the need for deep research and careful selection of companies with core advantages, especially in a concentrated market environment [33].

Core Viewpoint - The article highlights the significant divergence in performance among various sectors in the Chinese stock market during Q4 2025, with technology and growth sectors like AI computing and semiconductors outperforming traditional sectors such as real estate and pharmaceuticals [1][2][4]. Summary by Sections Market Performance - In Q4 2025, the Shanghai Composite Index rose by 2.22%, while the CSI 300 Index fell by 0.23%, and the ChiNext Index decreased by 1.08%. The Hang Seng Index dropped by 4.56%, and the Hang Seng China Enterprises Index fell by 6.72% [1]. Fund Manager Strategies - Star fund managers like Fu Pengbo and Li Xiaoxing achieved significant excess returns, with Fu's Ruiyuan Growth Value Fund and Li's Yinhua Small Cap Select both rising over 60% in 2025, driven by heavy investments in AI computing and semiconductors [1][2]. - Balanced allocation funds, such as Zhu Shaoxing's Fuguo Tianhui Select Growth A, showed stable performance with over 20% annual growth, benefiting from diversified holdings across multiple sectors [2][12]. Technology Growth Focus - Funds focusing on technology growth, like those managed by Fu Pengbo and Xie Zhiyu, saw rewards for their strategies, with increased allocations to data center cooling, storage, and computing-related companies [4][5]. - Li Xiaoxing emphasized AI as a key investment theme, with a strong focus on semiconductor companies, indicating a shift towards domestic advanced processes and military-civilian integration opportunities [6]. Traditional Value Sector - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, facing significant net value pressure in Q4 2025. Liu's fund saw a decline of 5.85% in Q4, while Zhang's fund remained stable but adjusted sector allocations [8][10]. - Despite challenges, the pharmaceutical sector showed signs of improvement due to policy changes and innovation, with opportunities emerging in innovative drug chains and medical devices [9][10]. Consensus Among Fund Managers - Despite differing investment styles, fund managers shared common views on the impact of "anti-involution" policies on corporate fundamentals and the relative attractiveness of equity assets in the current market environment [16][17]. - The importance of stock selection has increased significantly, with a focus on identifying core companies with competitive advantages in both growth and value sectors [17].

每经AI快讯，中国中免(01880.HK)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 ...

此外，中国中免拟斥3.95亿美元收购DFS大中华业务，并引入LVMH作为新股东。东吴证券发布研报 称，本次收购是中免的首次跨境并购，中免将进一步强化在港澳地区免税市场的优势地位，整合DFS会 员、品牌和门店资源，拓展海外渠道，推进国际化战略。LVMH作为股东和战略合作方，有利于推进旗 下品牌与中免在各个渠道的进一步合作。 中国中免（601888）(01880)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港元。 消息面上，1月21日，财政部等五部门合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天 河国际机场等41个口岸各新设1家口岸进境免税店，同时调整部分口岸进境免税店。中银国际指出，此 举将增加我国口岸进境免税店数量，覆盖范围将进一步扩大，且有望进一步便利进境旅客免税购物消 费、进一步发挥免税店支持提振消费的作用。 ...

智通财经APP获悉，中国中免(01880)午后涨超5%，截至发稿，涨4.85%，报94港元，成交额2.07亿港 元。 消息面上，1月21日，财政部等五部门合印发《关于口岸进境免税店有关事宜的通知》，提出在武汉天 河国际机场等41个口岸各新设1家口岸进境免税店，同时调整部分口岸进境免税店。中银国际指出，此 举将增加我国口岸进境免税店数量，覆盖范围将进一步扩大，且有望进一步便利进境旅客免税购物消 费、进一步发挥免税店支持提振消费的作用。 此外，中国中免拟斥3.95亿美元收购DFS大中华业务，并引入LVMH作为新股东。东吴证券发布研报 称，本次收购是中免的首次跨境并购，中免将进一步强化在港澳地区免税市场的优势地位，整合DFS会 员、品牌和门店资源，拓展海外渠道，推进国际化战略。LVMH作为股东和战略合作方，有利于推进旗 下品牌与中免在各个渠道的进一步合作。 ...

| | | 半日交投活跃行业、主题ETF一览 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨幅 (%) | 总金额(元) | | 512400 | 有色金属ETF | 2.618 | 2.71 | 48.28亿 | | 517520 | 黄金股ETF | 3.165 | 2.26 | 26.18亿 | | 588200 | 科创芯片ETF | 2.783 | -2.01 | 18.66亿 | | 159562 | 黄金股ETF | 3.444 | 2.65 | 15.81亿 | | 159870 | 化工ETF | 0.931 | -0.32 | 15.33亿 | | 560860 | 工业有色ETF万家 | 2.186 | 2.48 | 14.57亿 | | 512880 | 证券ETF | 1.186 | -0.92 | 13.06亿 | | 159516 | 半导体设备ETF | 1.877 | -2.8 | 13.02亿 | | 159206 | 卫星ETF | 1.961 | -0.61 | 12.30亿 | | 512980 | 传 ...

旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...