行 家用电器 2026 年 03 月 01 日 业 研 究 家用电器 Moncler：高端消费验证转化效率 投资要点： Moncler 集团 2025 年全年业绩超预期，美亚地区表现亮眼 行 业 定 期 报 告 Moncler 集团发布 2025 年财报，全年实现营收 31.3 亿欧元，同 比增长 1%（固定汇率 +3%），第四季度按固定汇率增长 7%，边际 明显提速；净利润 6.27 亿欧元，整体高于预期。分品牌看，Moncler 主 品牌稳健增长，Stone Island 四季度同比增长 16%，修复弹性突出。 区域层面，亚洲占比已达 52%，四季度增长 11%，中国与韩国表现较 好；美洲维持扩张，欧洲受旅游疲弱拖累。更值得关注的是结构变化： 集团增长核心持续来自 DTC 直营渠道；门店扩张亦高度匹配区域增 长重心，亚洲与美洲持续加码，欧洲以存量优化为主。 制冷剂监管升级：空调产业进入"配额约束+生命周期管理"时代 随着《基加利修正案》履约进入实质削减阶段，生态环境部发布 《关于进一步加强消耗臭氧层物质和氢氟碳化物管理的通知》（环大 气〔2026〕8 号）并自 3 月 1 日实施，标志着制冷剂管理由"替代 ...

任天堂股价涨幅收窄，部分原因在于市场预期其合作银行或将减持这家京都游戏巨头约3000亿日元(约 合19亿美元)的战略持股。 根据企业披露文件，截至去年9月底，京都银行持有任天堂约4.19%的股份。数据显示，2025年日本市 场股票发行总额已达约3.2万亿日元，逼近2024年创下的3.66万亿日元历史高位。 据知情人士消息，三菱UFJ银行及京都银行等金融机构预计将出售所持股份，而任天堂则计划进行股票 回购。三菱UFJ银行发言人延续其一贯立场，拒绝对具体企业事宜置评。任天堂与京都银行方面暂未回 应置评请求。 京都金融集团(旗下包括京都银行)长期以来主张持有企业客户股份有助于为创新提供稳定基础。但该集 团及其他金融机构正面临来自监管机构和投资者日益加大的压力，要求其减持此类被视为有碍良好公司 治理的交叉持股。 Toyo Securities分析师Hideki Yasuda表示："若配合股票回购举措，此次减持对股票流动性影响有限。此 举完全符合监管机构和东京证券交易所关于减持战略持股的要求，并无特别之处。" 截至发稿，任天堂股价涨幅收窄至约3%，盘中一度触及4.1%的高点。 ...

By Miho Uranaka and Sam Nussey TOKYO, Feb 27 (Reuters) - Nintendo announced on Friday an unwinding of strategic shareholdings that ‌will see companies including MUFG Bank and the Bank ‌of Kyoto selling shares in the company behind gaming franchises such as "Super Mario". The ​sale, which was first reported by Reuters, will total about 290 billion yen ($1.9 billion) at Friday's closing price, excluding an overallotment. Kyoto-based Nintendo also said it would spend up to 100 billion yen buying back ‌up ...

CINCINNATI--(BUSINESS WIRE)--Old Spice is embarking on an epic exploration into unexplored galaxies to give men a 24/7 freshness Power-Up with the new, limited-edition, Old Spice and The Super Mario Galaxy Movie Collection. In celebration of the new Nintendo and Illumination action-comedy movie event arriving in theaters April 1, 2026, it's the only out-of-this-world grooming lineup that ensures intergalactic freshness. The modern guy views grooming as an extension of his identity. By uniting two universall ...

据 Tech4Gamers 报道，起初，卡普空曾质疑 Switch 2 的性能，认为其不足以流畅运行《生化危机：安 魂曲》这类对配置要求极高的游戏。但最终成品效果让开发团队大为震惊，甚至反复确认了三遍才敢相 信。 IT之家注意到，任天堂此前宣传 Switch 2 是一台能够流畅运行 3A 大作的掌机。发售后该承诺未能立刻 兑现，一度引发外界对其性能的质疑；而一年后的今天，所有疑虑都已烟消云散。 IT之家 2 月 25 日消息，Switch 2 发售一年后，这款掌机终于迎来了成熟的第三方游戏支持。大量 3A 级 大作计划登陆这款小巧机型，其中最受关注的当属《生化危机：安魂曲》，距离发售仅剩几天时间。 在任天堂最新一期 《开发者心声》视频中，游戏总监 Koshi Nakanishi 分享了为 Switch 2 开发本作的经 历。团队最初同样怀疑这款掌机能否运行游戏，但实际表现令他们十分震撼。 我们开发团队第一次亲手体验时也持怀疑态度，所以反复确认了好几次。我们当时心 想："哇，这真的是在任天堂 Switch 2 上运行的吗？" 从试玩演示中可以看到，Switch 2 展现出了出色的光线追踪效果，且帧率表现十分稳定 ...

（文章来源：每日经济新闻） 每经AI快讯，2月25日，日经225指数开盘涨0.65%，住友电气工业涨2.84%，TOKYO ELECTRON涨 1.51%，丰田汽车涨1.04%；瑞穗金融集团跌1.93%，三井住友金融集团跌1.27%，任天堂跌1.09%。 ...

Core Viewpoint - The article discusses the potential investment opportunities in American Blue-Chip stocks, particularly in the context of significant price drops, suggesting that a 40% decline over six months may attract investors looking for value [1]. Group 1: Investment Strategy - The author emphasizes a value-oriented approach to investment, indicating that valuation is more indicative of long-term opportunities or risks rather than short- to mid-term timing [1]. - The article suggests that ratings may not adequately reflect time horizons or investment strategies, advocating for a more nuanced understanding of stock performance [1]. Group 2: Analyst Position - The analyst holds a beneficial long position in Nintendo shares, indicating confidence in the company's future performance [2]. - The article is presented as an independent opinion, with no external compensation influencing the analysis, reinforcing the credibility of the insights provided [2].

Group 1 - The core viewpoint is that the recent appointment of Asha Sharma as the new CEO of Xbox is seen as a negative development, with expectations that she will gradually dismantle the Xbox brand in favor of an AI-centric business model [1][3] - Seamus Blackley warns that Xbox, like many non-AI core businesses, is being phased out, and he predicts that Sharma's role will be akin to that of a palliative care physician, leading to the quiet demise of Xbox [3] - Blackley highlights that Microsoft's significant investments in AI under CEO Satya Nadella indicate a shift in focus, with AI expected to dominate all industries, including gaming [3] Group 2 - Critics express concern that game studios may replace developers and artists with generative AI tools, questioning the ability of machine learning to replicate human artistic creation [4] - Blackley is puzzled by Microsoft's decision to abandon a mature and reliable business model in favor of unproven alternatives, despite the company's historical struggles to compete with Nintendo and PlayStation [4] - Asha Sharma emphasizes a renewed commitment to Xbox hardware and games, stating that the company will start by reinforcing its investment in the console business, although skepticism remains among players regarding this strategic shift [4]

行业研究丨深度报告丨媒体Ⅱ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 受过去一年业绩增长、政策优化和 AI 应用落地的共同推动，游戏板块整体估值已回升至历史中 枢附近。长线产品和丰富产品储备对增强游戏公司业绩确定性和提振板块估值具有关键作用， 从海外游戏厂商估值来看，优质 IP 和平台化能力为高估值的核心支撑。从国内游戏板块历史来 看，技术革新、政策支持和业绩提升多周期共振，使行业迎来估值中枢的持续上修。展望未来， AI 和玩法创新将带来持续增量，中国市场成长确定性强，行业中长期估值有望进一步向海外龙 头靠拢。 [Table_Title] 如何看待游戏板块估值天花板：历史复盘和未来 展望 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 32 %% %% %% %% research.95579.com 2 [Table_Title 如何看待游戏板块 2] 估值天花板：历史复盘和未 ...

Core Viewpoint - Microsoft has appointed Asha Sharma as the new head of its Xbox and gaming business, replacing Phil Spencer, and aims to refocus on console users after a period of targeting mobile and PC gamers [1][2]. Group 1: Leadership Changes - Asha Sharma, previously with Instacart and Meta Platforms Inc., has been selected for her consumer expertise and will serve as the CEO of gaming [1]. - Phil Spencer, who led the Xbox business since 2014, is retiring, and Xbox President Sarah Bond will also leave the company [1]. - Matt Booty, the chief of Xbox games studios, will transition to the role of chief content officer, reporting to Sharma [1]. Group 2: Strategic Shift - Microsoft has shifted its focus in recent years to expand beyond its core console audience, targeting PC and mobile gamers, which has led to a series of acquisitions, including the $69 billion purchase of Activision Blizzard Inc. [2]. - This strategic pivot has alienated long-time Xbox fans, and the mobile gaming market has shown signs of slowing down, causing Microsoft's plans in that area to lag [2]. Group 3: Workforce Changes - Since 2024, Microsoft has laid off over 2,500 gaming employees and has closed several studios, including Arkane Austin, the Initiative, and Tango Gameworks, while also canceling long-in-development games [3]. - The company has faced backlash from gamers due to deals that brought significant console games to rival platforms from Sony and Nintendo [3]. Group 4: Commitment to Core Audience - Asha Sharma has expressed a commitment to re-engage with core Xbox fans and developers, emphasizing a renewed focus on console gaming, which has been integral to the company's identity [4]. - The company plans to celebrate its roots and recommit to the Xbox brand, starting with console gaming [4]. Group 5: AI Initiatives - Sharma has been overseeing Microsoft's initiatives in AI, working with various AI models and focusing on AI agents, applications, and developer tools [4]. - Early last year, she led a team of about 100 engineers to quickly respond to the industry's interest in AI, resulting in a rapid deployment of software for Microsoft's Azure cloud customers [5].