证券日报网1月9日讯 ，飞亚达在接受调研者提问时表示，2025年前三季度，由于手表主要业务销售下 滑，公司整体实现营业收入26.75亿元，同比下降12%。面对手表消费市场持续承压的挑战，公司积极 推进一系列的经营与管理优化措施，2025年全年未出现趋势性的变化。2026年，消费市场仍存在不确定 性，公司将继续夯实经营管理基础，深耕手表基本盘业务，加快推进转型升级进程，努力提升经营业 绩。 （文章来源：证券日报） ...

看着茅台酒开放限购每人每天12瓶的信息，我一度陷入了恍惚，难道茅台不是需要抢的吗？ 曾记得22年"i茅台"刚上线的时候，抢茅台的在线人数一度给系统干到崩溃。身边的很多同事也加入了抢茅台 的大军，每抢到一瓶茅台增加几百块的溢价可以快速脱手。 抢茅台成了很多打工族工作之余增加收入的一个途径，每天朋友圈里都会有人晒茅台订单，能抢到在当时是 被看做运气好的表现。 最近确实发朋友圈炫耀自己抢到茅台的人少了，没想到三四年的时间，这个抢购小游戏也玩不下去了。 表面是开放限购是为了更多的人能买到，为了方便用户。但是在商言商，商家每一步操作背后的算盘都打的 噼啪作响，核心还是为了赚钱。 开放限购的更合理解释是销售压力大，是真卖不动了。 茅台酒只是晴雨表，如果你仔细盘点会惊奇的发现，是几乎所有的老登资产都卖不动了。 何谓老登资产，顾名思义就是老登喜欢的资产。是因为中老年人的偏好，被作为投资品的资产。名烟、名 酒、名表、古玩、字画便是非常典型的老登资产。 中年人相对于年轻人已经完成了原始财富的积累，因此手里有闲钱来购买能够体现雄厚财力、增加情绪价值 的东西。 老登资产非生活必需品，拥有与否并不能让人的实际生活有改善。他的主要价值是 ...

Core Viewpoint - Feiya Technology (000026.SZ) is primarily engaged in the watch business while actively cultivating strategic emerging industries such as precision manufacturing and smart wearables. Currently, the revenue from the smart wearables segment constitutes a small portion of the total revenue, and related policies do not have a significant impact on the company's overall operations [1]. Group 1 - The company focuses on the watch business as its main operation [1] - The company is also developing precision manufacturing and smart wearable industries as strategic emerging sectors [1] - Revenue from the smart wearables segment is currently minor compared to total revenue [1] Group 2 - Related policies do not significantly affect the company's overall business operations [1]

相关报告：智研咨询发布的《2026-2032年中国手表行业市场现状调查及投资方向研究报告》 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年11月中国电动手表进口数量为55万只，同比增长48%，进口金额为0.44 亿美元，同比增长7.8%。 近一年中国电动手表进口情况统计图 ...

【财华社讯】西普尼(02583.HK)公布，根据对集团截至2025年11月30日止11个月未经审核综合管理帐目 初步审阅，录得净利润超过人民币9000万元，相对于截至2024年12月31日止年度净利润约人民币4900万 元，预期集团截至2025年止年度将录得更高的净利润。预期增长主要基于饰品的销售收入增加；及由于 销售手表的毛利率增加。 本文源自：财华网 ...

Core Points - The United States and Switzerland have reached a framework agreement to reduce tariffs on Swiss imports from 39% to 15% [1] - Swiss companies have committed to invest $200 billion in the U.S., with $67 billion planned for 2026 [1] - The two countries aim to expedite trade agreement negotiations, targeting completion by early 2026 [1] Trade Impact - The U.S. tariffs on Swiss goods, which were implemented in August, have significantly impacted Switzerland's export-oriented economy, with approximately 18% of Swiss exports going to the U.S., and nearly 60% affected by these tariffs [1] - Key Swiss exports to the U.S. include watches, pharmaceuticals, chocolate, and cosmetics [1] - The Swiss mechanical and electrical engineering association noted that the reduction of tariffs to 15% only alleviates the competitive disadvantage faced by Swiss producers compared to EU or Japanese manufacturers, indicating that challenges remain [1]

Core Viewpoint - The introduction of a 39% tariff on Swiss goods by the US administration has significantly impacted Swiss watch exports, leading to a decline in sales [1][2]. Impact of Tariffs - The 39% tariff is described as "horrible" and has resulted in a drastic drop in Swiss watch exports [2][1]. - The watch industry has responded by increasing prices globally by 4% to mitigate the impact of tariffs, although this is insufficient to cover the full tariff cost [3][4]. Market Performance - Despite the tariff challenges, the US market for luxury watches is reportedly booming, with strong double-digit growth in sellout figures [4]. - Consumer sentiment in the US remains positive, contrasting with the negative outlook in Europe, particularly in Germany and France, where political instability is a concern [4][5]. Regional Insights - China, while not a major market (4-5% of revenues), has shown signs of stabilization and growth in recent months [7][8]. - Other regions such as South America, the Middle East, and India are performing well, contributing to a generally positive outlook for the luxury watch industry [9][10]. Industry Dynamics - The luxury watch market is expected to concentrate around a few dominant brands, which will control a significant market share, while niche brands may still survive [13][14]. - The industry is experiencing a globalization of taste, with a few brands emerging as leaders, similar to trends seen in other sectors like fashion and entertainment [16].

Core Insights - Casio's consolidated sales for April to June decreased by 5%, and operating profit fell by 18%, primarily due to a 30% drop in watch sales in China as a result of the economic slowdown [2][7] - The introduction of new products, such as the ring watch, is part of Casio's strategy to attract new customers and adjust its business structure [2][6] Product Launch and Sales Performance - The ring watch "CRW-001-1JR" features a width of 19.5mm and includes functions like time display, calendar, and stopwatch, despite its compact size [4] - The ring watch sold out quickly upon release, with a price of 19,800 yen (approximately 915 RMB), and it has been well-received both domestically and internationally [6] - The upcoming G-Shock ring watch "DWN-5600" will maintain traditional G-Shock features such as shock resistance and 20 ATM water resistance, while being significantly smaller [7] Market Response and Future Plans - The ring watch's success has led to plans for continuous sales of ring-type watches, with the G-Shock version set to launch on November 8 [7] - Casio's sales figures for April to June 2025 indicate a continued decline, with a consolidated sales figure of 62.1 billion yen and a 30% drop in watch sales in China [7] - The company is also focusing on other products, such as the small pet robot "Moflin," which has shown strong sales performance [7]

Core Viewpoint - The report by Zhiyan Consulting highlights the current state and investment directions of the Chinese watch industry from 2025 to 2031, emphasizing significant changes in import and export figures for September 2025 [1] Import and Export Analysis - In September 2025, China imported 1.04 million watches, marking a year-on-year increase of 32.9%, while the import value was $24.1 million, reflecting a year-on-year decrease of 8.7% [1] - The export figures for the same month showed that China exported 48.79 million watches, which is a year-on-year increase of 5.3%, but the export value was $18.5 million, indicating a year-on-year decline of 3.3% [1] Data Sources - The data presented in the report is sourced from China Customs and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in the import of mechanical watches in China, with a 25.3% decrease in quantity and a 23.8% decrease in import value year-on-year as of August 2025 [1] Industry Overview - In August 2025, China imported 60,000 mechanical watches, which represents a substantial drop compared to the previous year [1] - The total import value for this period was $159 million, indicating a notable reduction in market activity [1] Market Analysis - The data is sourced from Chinese customs, reflecting a broader trend in the mechanical watch market within China [1] - Zhiyan Consulting, a leading industry consulting firm, emphasizes its commitment to providing in-depth industry research and tailored consulting services to support investment decisions [1]