Group 1: Company Performance - Estée Lauder reported a 4% year-over-year increase in net sales to $3.48 billion, with a 9% growth in the China market [4][5] - Puma's third-quarter sales declined by 15.3%, with plans to cut 1,400 jobs by the end of 2026 due to ongoing sales challenges [6][7] - Moncler’s revenue for the first three quarters remained stable at €1.8413 billion, with direct-to-consumer channels showing slight improvement [8] Group 2: Corporate Actions and Changes - Prada denied rumors of acquiring Giorgio Armani, focusing instead on strengthening its own brand matrix, reporting a net revenue of €4.07 billion, an 8.9% increase year-over-year [2] - The Outnet was sold for $30 million, indicating a shift in strategy for LuxExperience, which acquired it through the purchase of YNAP [7] - Gucci continues to adjust its management structure, appointing new executives to enhance brand strategy and customer experience [11] Group 3: Market Developments - Eight Horses Tea Company listed on the Hong Kong Stock Exchange, closing its first day at HK$92 per share, an 84% increase from its IPO price, achieving a market capitalization of HK$7.9 billion [10] - Viking Cruises launched new Mediterranean routes tailored for Chinese tourists, enhancing its European offerings after ten years in the Chinese market [13]

Core Viewpoint - European companies have performed better than expected in response to U.S. tariffs, indicating a positive outlook for profit growth in the coming year, with market expectations of double-digit profit increases [1][3]. Group 1: Performance of European Companies - A basket of European stocks most affected by tariffs, compiled by Goldman Sachs, outperformed the market in October, rising approximately 6%, which is double the increase of the European Stoxx 600 index and three times that of domestic stocks [1]. - Companies like Hermès, Unilever, and Galderma have reported significant sales growth in the Americas, with Hermès seeing a 14.1% increase in sales in the region [3][6]. - The frequency of mentions of tariffs in European earnings calls has been declining, indicating a growing optimism among EU companies regarding their outlook [10]. Group 2: Strategic Adjustments and Cost Management - Companies are adapting to tariffs by cutting costs to avoid raising prices, which could push consumers towards cheaper brands, as seen with Unilever's strategy [6]. - Pharmaceutical companies in Europe are negotiating with the U.S. government to lower drug prices and are committing billions in investments to mitigate the impact of upcoming sector tariffs [6][11]. - Some companies, like Stellantis, reported a 13% increase in net income due to recovery in North American business, while also committing to significant investments in the U.S. [11]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the gap between profit growth in the U.S. and Europe is expected to narrow, with a general market expectation of a 12% increase in earnings per share for Stoxx 600 constituents next year [3][6]. - There is a growing belief that tariffs are manageable and will not cause significant damage, although some caution remains regarding the long-term effects and currency impacts on earnings [12].

记者 唐烨 在中国奢侈品行业内有句话："中国奢侈品销售看上海，上海奢侈品销售看静安。"静安奢侈品销售 占上海市场的八成，上海奢侈品销售又占国内市场的一半以上。 过去几个月，静安的奢侈品销售表现格外突出。记者从静安商务委获悉，今年7月至9月，静安连续 三个月实现奢侈品销售额的正增长，9月份的销售额增长更是达到5.08%；不少奢侈品品牌在静安的销 售增长，远远跑赢了该品牌的全球增速。 不可否认，静安此轮奢侈品销售增长发生在全球奢侈品回暖的背景下，但记者采访发现：今年以 来，静安主动作为、创新突破，助推了静安奢侈品销售走出了这波行情。 "巨轮"带动静安行情 在此轮整体回暖中，奢侈品品牌之间的回暖程度并不一样，涨幅不一，甚至涨跌互现。有市场人士 分析：顺应市场与消费趋势，调整得快的奢侈品品牌，销售额涨幅较大。 在众多奢侈品品牌中，路易威登在静安跑出了"加速度"。LVMH集团的财报并没有透露路易威登在 中国市场的销售情况，但集团董事长、CEO伯纳德·阿尔诺提到，停泊在上海静安的"路易号"，是路易 威登全球所有店铺中销售量最大的店铺之一。 "对奢侈品来说，人气并非提升销售量的关键。'路易号'更大的'贡献'在于：开创了一种 ...

Core Points - The London Stock Exchange's FTSE 100 index closed at 9717.25 points on October 31, down 42.81 points, representing a decline of 0.44% [1] - Major European stock indices also experienced declines on the same day, with the CAC40 index in Paris down 0.44% and the DAX index in Frankfurt down 0.67% [1] Top Gainers in London Stock Market - The top five gainers included: - Smith & Nephew, a medical device supplier, with a stock price increase of 2.78% - Metrel, an energy and metals company, with a stock price increase of 2.08% - BT Group, with a stock price increase of 1.28% - Babcock International, an outsourcing services company, with a stock price increase of 1.08% - Diageo, a beverage company, with a stock price increase of 0.98% [1] Top Losers in London Stock Market - The top five losers included: - WPP, an advertising and media giant, with a stock price decrease of 4.96% - Auto Trader Group, with a stock price decrease of 3.51% - Burberry Group, a luxury goods company, with a stock price decrease of 3.32% - InterContinental Hotels Group, with a stock price decrease of 2.30% - Whitbread, a restaurant and hotel group, with a stock price decrease of 2.29% [1]

Core Insights - Gucci has appointed Dario Gargiulo as the new Chief Customer, Marketing, and Commercial Officer, effective from November 15 [1] - Gargiulo will oversee brand and commercial strategy across multiple departments including retail, digital business, customer service, and market communication [1] - The primary goals of this appointment are to create closer customer relationships, enhance brand influence, and maximize revenue growth [1] Company Overview - Dario Gargiulo previously served as the CEO of Bottega Veneta for the Greater China region [1] - The appointment reflects Gucci's strategic focus on strengthening its market position and customer engagement [1]

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The international gold price is fluctuating at a high level, which is expected to promote gold jewelry consumption due to its value preservation and appreciation attributes. After the public gradually accepts high gold prices, terminal consumption is likely to rebound [10][15] - The luxury goods market in China is showing signs of recovery, with significant performance differentiation among luxury groups in Q3. LVMH and Prada exceeded expectations, indicating a positive trend in the luxury sector [4][33] Summary by Sections Gold and Jewelry - The international gold price is currently at 935.60 RMB per gram as of October 24, 2025. The expectation of a continuous interest rate cut cycle in the U.S. supports a bullish outlook on gold prices, which may lead to a recovery in terminal consumption as the public adapts to high prices [10][15] - Investment suggestions include focusing on companies with a high proportion of fixed-price products, such as Laopu Gold, which benefits from stable pricing amid rising gold prices. Other companies to watch include Chaohongji and Mankalon [15] Duty-Free and Tourism - The new duty-free policies in Hainan are expected to significantly boost tourist flow and consumption. The policies include expanding the range of duty-free goods and allowing more categories of domestic products to be sold duty-free [19][21] - The tourism sector is recovering, with domestic travel increasing by 18.0% year-on-year in the first three quarters of 2025, reaching 4.85 trillion RMB in spending. Companies like Changbai Mountain and Dalian Shengya are recommended for investment, especially during the upcoming winter tourism season [27][29] Luxury Goods - Prada reported a revenue of 1.33 billion euros in Q3 2025, with an 8% year-on-year increase, maintaining a strong growth momentum for 19 consecutive quarters. The brand Miu Miu was a significant growth driver with a 28.6% increase [33][34] - LVMH's revenue reached 18.28 billion euros in Q3 2025, marking a 1% growth, with notable improvements in various business segments, particularly in the beauty sector, which is expected to drive future growth [64][69] - Kering Group's revenue declined by 5% in Q3 2025, but the decrease was less severe than expected, indicating a potential recovery in the luxury market [40][46]

Group 1 - The core viewpoint of the article indicates that Prada's revenue growth has slowed to single digits in Q2 and Q3, with the Prada brand experiencing its first negative growth since 2020 [1] - Miu Miu brand continues to grow faster than peers, but its growth is normalizing, requiring significant investment in advertising, manufacturing, IT infrastructure, and retail network expansion, which may suppress profit margin expansion [1] - The target price for the company has been raised from HKD 45 to HKD 53.8, while maintaining a "neutral" rating [1] Group 2 - The overall sales forecast for the group has been increased by approximately 1% for 2025, while forecasts for 2026 and 2027 have been reduced by about 1% due to adverse currency factors [1] - Operating expenses are expected to normalize, leading to EBIT and earnings per share forecasts for 2025 to 2027 being adjusted upwards by 3%, 1%, and 2% respectively [1] - The profit margin for 2024 is projected to remain at 23.6%, which is approximately 350 basis points lower than historical highs [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Prada's third-quarter retail sales largely met market expectations, with a year-on-year growth of 7.6% when calculated at constant exchange rates [1] Group 1: Sales Performance - Retail sales for the Prada and Miu Miu brands were in line with market expectations, showing a year-on-year decrease of 0.8% for Prada and a year-on-year increase of 29% for Miu Miu [1] - The Chinese market for the Prada core brand still experienced negative growth, but there was a quarter-on-quarter improvement in the third quarter [1] - Positive growth was achieved in the Americas, Europe, and Japan, driven by strong local demand and a slight improvement in tourism demand, leading to quarter-on-quarter improvements [1] Group 2: Management Outlook - Management believes that the worst period for the Chinese market has passed [1] Group 3: Valuation and Rating - Credit Lyonnais maintains a "Outperform" rating for Prada with a target price of HKD 50, citing the company's ongoing market share expansion [1] - The valuation is considered low at 26 times enterprise value/EBITDA, representing a 53% discount compared to the industry average [1]

Core Insights - LVMH and Kering both experienced significant stock price increases following their Q3 earnings reports, indicating positive market sentiment towards the luxury goods sector [1][2][3] Financial Performance - LVMH's quarterly revenue growth rates were -3%, -4%, and 1% for Q1 to Q3, showing a shift from negative to positive growth in Q3 [4] - Kering's revenue growth rates were -14%, -15%, and -5%, with a notable reduction in the decline during Q3 compared to previous quarters [4] - Prada maintained stable growth rates of 13%, 8%, and 8% across the same quarters [4] - Hermès showed consistent growth with rates of 7%, 9%, and 10%, indicating a steady upward trend [5] - Overall, all four luxury brands reported strong performance in Q3, with most showing improved year-over-year growth compared to the previous two quarters [6] Regional Sales Analysis - LVMH saw improved revenue growth in all regions except Europe, with the U.S. and Asia (excluding Japan) achieving positive growth rates of 3% and 2% respectively [7] - Kering reported a positive turnaround in North America with a 3% growth rate, while the Asia-Pacific region (excluding Japan) saw a significant narrowing of decline by 9 percentage points [7] - Prada's retail sales in the Asia-Pacific region (excluding Japan) grew by 10%, while the Americas experienced a 14.8% increase in retail sales [7] - Hermès reported growth across all regions, with North America leading at 14% [8] Market Trends and Influences - The luxury goods market is showing signs of recovery, particularly in North America, attributed to a strong high-net-worth consumer base and their resilience to economic cycles [10] - There is a notable correlation between luxury spending and stock market performance, with an 87% correlation between luxury demand and the S&P 500 index [10] - The U.S. stock market's performance has positively impacted the wealth of high-net-worth individuals, thereby boosting luxury consumption [11] Chinese Market Dynamics - The Chinese luxury market is showing signs of improvement, influenced by currency fluctuations that have affected consumer behavior [12] - The depreciation of the yen made luxury goods in Japan cheaper for foreign tourists, leading to a temporary decline in Chinese luxury spending abroad [12] - As the yen strengthens, some consumer demand is returning to the Chinese market, although the overall recovery remains limited [12] Future Outlook - The significant improvements in Q3 for LVMH and Kering, particularly in North America and the narrowing of declines in Asia, suggest a potential turning point for the luxury goods sector [13] - The sustainability of this recovery will depend on performance in Q4, as both companies face high base comparisons from the previous year [13]

Core Viewpoint - The financial reports of LVMH and Kering indicate a significant recovery in the luxury goods sector, as evidenced by improved year-on-year revenue growth in Q3 compared to the previous two quarters [1][9]. Group 1: Company Performance - LVMH's quarterly revenue growth rates were -3%, -4%, and 1%, showing a positive shift in Q3 [1]. - Kering's revenue growth rates were -14%, -15%, and -5%, with a notable reduction in the decline in Q3 [1]. - Prada maintained stable revenue growth rates of 13%, 8%, and 8% across the quarters [2]. - Hermès showed increasing revenue growth rates of 7%, 9%, and 10% in the same period [3]. Group 2: Regional Sales Performance - LVMH saw improved revenue growth in all regions except Europe, with the U.S. and Asia (excluding Japan) achieving positive growth rates of 3% and 2%, respectively [4]. - Kering reported a significant recovery in North America, with a positive growth rate of 3% in Q3, while the Asia-Pacific region (excluding Japan) saw a 10% decline, which was a substantial improvement [5]. - Prada's retail sales in the Asia-Pacific region (excluding Japan) grew by 10%, while the Americas saw a 14.8% increase in retail sales [4][5]. - Hermès experienced revenue growth across all regions, with North America leading at 14% [5]. Group 3: Market Trends and Influences - The luxury goods market's recovery is significantly influenced by the performance of the U.S. stock market, which has a strong correlation with luxury spending [6][7]. - The increase in wealth among high-net-worth individuals in the U.S. has contributed to the growth in luxury goods consumption [6]. - The depreciation of the Japanese yen has attracted foreign tourists to Japan, boosting luxury sales there, although this trend is expected to reverse as the yen strengthens [7][8]. Group 4: Future Outlook - The sustainability of the recovery in the luxury sector will depend on whether the positive trends in Q3 can continue into Q4, as companies face high base effects from the previous year [11].