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。 DFS香港于本公告日期营运的以下香港DFS店铺：1、DFS香港，广东道(新太阳广场)2、D ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is accelerating the integration of financial markets, providing significant opportunities for the development of cross-border asset management centers, particularly benefiting small and medium-sized securities firms [1][2] - Small and medium-sized securities firms need to leverage the policy and market advantages of the Greater Bay Area to explore differentiated development paths, transitioning from "scale chasing" to "value creation" [1][2] Policy and Market Support - The Greater Bay Area is positioned as a crucial support for China's deepening reform and opening up, with a multi-layered policy support system being established to facilitate cross-border financial innovations [2] - Recent measures have lowered the entry barriers for small and medium-sized securities firms in cross-border asset management, creating favorable conditions for differentiated competition, especially in green finance and technology finance [2] Market Demand and Opportunities - The Greater Bay Area encompasses high-end manufacturing, biomedicine, and technology innovation, leading to strong demand for asset management services due to a large number of high-tech enterprises [3] - There is a growing demand for cross-border asset allocation among high-net-worth individuals and small and micro enterprises, with the establishment of the Nansha cross-border asset management center expected to expand the regional asset management scale [3] Challenges for Small and Medium-sized Securities Firms - Small and medium-sized securities firms face challenges such as limited resources and homogeneous competition, with many relying heavily on channel business and experiencing a decline in asset management income [4] - The lack of proactive management capabilities and a robust research system hinders their ability to meet diverse asset allocation needs, leading to higher risks compared to larger firms [4][6] Client Base and Channel Limitations - The client base of small and medium-sized securities firms is primarily composed of local small and micro enterprises and individual investors, with a low proportion of high-net-worth and institutional clients [5] - Limited brand influence and branch network restrict their ability to scale customer acquisition, making it difficult to compete with larger firms that have established comprehensive channels [5] Resource Integration and Cultural Challenges - Compared to larger firms, small and medium-sized securities firms struggle with resource integration across business lines, leading to inefficiencies and a lack of collaborative development [6] - Some firms exhibit a short-term profit-seeking mentality, neglecting investor protection and failing to incorporate a strong industry culture into their business practices, which hampers sustainable development [6] Strategic Pathways for Development - The strategic opportunities in the Greater Bay Area necessitate a systematic approach for small and medium-sized securities firms to enhance their product offerings, client engagement, operational capabilities, ecological collaboration, and cultural integrity [7] - Innovations in cross-border asset management products and a focus on industry-specific offerings are essential for creating competitive advantages [7][8] Future Trends - The asset management business of small and medium-sized securities firms is expected to see three major trends: deepening cross-border business, integration with strategic emerging industries, and comprehensive adoption of technology [8] - Despite facing challenges such as market volatility and regulatory pressures, firms that embrace differentiation and enhance their active management and client service capabilities can achieve sustainable growth [8]

Core Viewpoint - Santander Bank has received approval to establish a branch in Shenzhen, marking its third presence in mainland China, following branches in Shanghai and Beijing, but it has not yet registered as a legal entity bank in the region [1][3]. Group 1: Business Strategy and Local Partnerships - The Shenzhen branch will continue the bank's localization strategy, leveraging its global network to serve domestic enterprises looking to expand internationally, with a key partnership with a leading local bank in Shenzhen [2][5]. - Santander Bank aims to provide financial services to Spanish-speaking citizens and enterprises, focusing on the outward-oriented economy of Shenzhen and the Greater Bay Area [3][5]. - The bank's collaboration with local banks like Shanghai Bank will be crucial, as both institutions have overlapping operational areas but different business focuses, creating a natural complementarity [5][7]. Group 2: Historical Context and Market Position - Santander Bank has a long history in China, having entered the market in 1993 and establishing its first representative office in Beijing, followed by branches in 2008 and 2014 [3][9]. - The bank's asset size reached €1.85 trillion, with a net profit of €13.744 billion in 2024, and it has a significant market presence, being the highest-valued bank in continental Europe as of April 2024 [3][9]. - The bank's strategy of partnering with local city commercial banks has been a consistent approach to expand its influence and service offerings in China, as seen in its collaborations with Beijing Bank and Shanghai Bank [9][10]. Group 3: Regulatory and Operational Challenges - As a non-legal entity bank, Santander's operational scope is limited, which has led to its reliance on partnerships with local banks to enhance its service capabilities and market reach [4][10]. - The bank's focus on cross-border clients and support for its parent bank's expansion in mainland China highlights the strategic importance of these partnerships in navigating regulatory constraints [10][11]. Group 4: Competitive Landscape - Other foreign banks, such as DBS Bank, have also shown a preference for regional banks to enhance their market presence in the Greater Bay Area, indicating a broader trend among foreign financial institutions [11]. - As of the end of 2024, there are 35 foreign banks operating in Shenzhen, with a total asset exceeding 400 billion yuan, showcasing the competitive environment for foreign banks in the region [12].