2025年10月9日，中国黄金珠宝行业领军企业老凤祥（股票代码：600612）宣布一项重大战略举措：入 股德国奢华品牌迈巴赫奢侈品亚太公司，并同步获得其多元生活产品系列在上海的独家经营权以及亚太 的非独家经销权。这一合作不仅标志着老凤祥首次跨界进军高端奢侈品领域，更被视为其品牌战略升级 的关键一步，旨在通过入股国际顶级奢侈品牌拓展快速增长的高端消费市场。此举将加速老凤祥从传统 黄金珠宝商向多元化奢侈品集团的转型，为中国品牌迈向高端化与国际化树立新标杆。 老凤祥与迈巴赫奢侈品亚太有限公司签署《战略合作协议》 迈巴赫作为德国汽车巨头梅赛德斯-奔驰旗下的奢华品牌，象征着尊贵身份与匠心传承，其产品线涵盖 高端汽车、皮具和配饰，在全球奢侈品市场享有盛誉。此次战略合作，意味着老凤祥将与迈巴赫奢侈品 共同推进其旗下高端产品在亚太市场的品牌推广、渠道建设及客户运营工作，为双方创造深度协同效 应。 深度剖析：品牌战略转型的核心引擎 从单一黄金珠宝商升级为聚合奢侈品品类的高端消费生态构建者，老凤祥实施这一战略的关键点在于通 过与迈巴赫奢侈品的合作进入高端奢侈品消费赛道，聚焦"资源整合与品牌升维"，具体表现在品牌形 象、市场扩容、 ...

点击上图▲立即报名 文 / 巴九灵（微信公众号：吴晓波频道） 初冬的泉州，是被时光偏爱的城。异木棉铺就一路浪漫花海，古街青石板镌刻千年沧桑，开元寺的石柱承载着宋元遗风，清真寺的回响诉说着海 丝传奇。 这座马可・波罗笔下的"东方第一大港"，既有"古韵刺桐"的人文肌理，又藏着敢闯敢拼的商业基因。此次吴晓波激荡讲堂冬季课，以《中国式商 业模式及成败探讨》为主题，将来自各行各业的企业家学员集聚在这个城市。 三天的思想盛宴中，吴晓波老师以泉州千年商业文明为底色，围绕中国式商业模式的底层逻辑、迭代方向与成败关键，带来了深入浅出的干货分 享。 拥有25年奢侈品牌管理经验的宝珀中国副总裁廖信嘉先生，以"在时间中修行"为主题，深度拆解了顶级品牌如何构建不可撼动的核心竞争力， 分享了流量时代下品牌营销与调性坚守的平衡之道。 课程落幕，思考不止。学员们带着满满的收获与感悟，将所见所闻、所思所悟落笔成文，字里行间既有对自身商业模式的复盘，也有对行业未来 的展望。我们将其中精华整理成册，化作这场思想之旅的珍贵回响，与你共赏。 左右滑动 ▲ 查看更多 高秀荣 寻根商业基因 ， 锚定未来方向 吴晓波激荡讲堂 激荡班 辽宁凤翥荣熙文化传媒广 ...

Core Insights - The article emphasizes that Western companies' previous perception of the Chinese market as a "cash cow" is over, and they now face a challenging and competitive environment [1][3][5] Group 1: Market Dynamics - The Chinese market has transformed from a comfortable zone to a complex and competitive landscape, with foreign companies now facing significant challenges from local competitors [3][5] - Brands like Starbucks have lost their market leadership to local players such as Luckin Coffee, which employs aggressive pricing and speed strategies [3][5] - Foreign companies are now engaged in a fierce battle to protect their profits, having to lower prices and compete in ways they previously did not [3][5] Group 2: Competitive Pressure - The Chinese market is described as a "high-pressure chamber" for global business competition, where companies must innovate and control costs more effectively than in other regions [5][12] - Local companies' rapid product iterations and strict cost controls create a challenging environment for Western firms accustomed to slower development cycles [5][12] Group 3: Adaptation Strategies - Many Western brands are undergoing significant transformations to survive, such as Guerlain launching more affordable product lines to attract younger Chinese consumers [7] - Companies like 3M have reduced their product launch cycles to 10 months to keep pace with local competitors, while Volkswagen has increased its new model development speed by 30% [7][8] - Procter & Gamble has established R&D centers in China, treating the market as a testing ground for global innovation [8] Group 4: Corporate Decision-Making - There is a notable disconnect between the efforts of local teams in China and the conservative decision-making of their headquarters in the West, influenced by geopolitical tensions [10] - Some companies, like Ralph Lauren and 3M, have managed to achieve growth in China by quickly adapting to local market rhythms and committing to localization strategies [10] Group 5: Future Outlook - For most foreign companies, the Chinese market is no longer just a source of profits but a test of their competitive strength [12] - The choice for foreign firms is clear: either continue to struggle in the Chinese market to build competitiveness or retreat to their comfort zones and risk being surpassed by Chinese companies [12]

整理 ｜ 贺哲馨 #Big News# 爱马仕继承人起诉LVMH， 称市值 百亿欧元股份遭"非法转移" 爱马仕继承人与LVMH股份纠纷再起。 当地时间12月2日，据报道，爱马仕第五代继承人、82岁的尼古拉·皮埃什（Nicolas Puech）已对 LVMH集团及其董事长贝尔纳·阿尔诺（Bernard Arnault）提起诉讼。皮埃什指控其长达25年的财富 管理人埃里克·弗雷蒙德（Eric Freymond），通过隐瞒与欺骗手段，将其曾持有的大量爱马仕股份 秘密转移给了LVMH集团。 根据诉讼文件摘录，巴黎司法法院曾在5月估计，皮埃什曾拥有的相关股份按现价计算价值约140亿 欧元。巴黎检察官办公室已就此展开刑事调查，目前仅弗雷蒙德被正式立案，阿尔诺及LVMH尚未被 列为调查对象。被告方均未对此置评。 LVMH与爱马仕的恩怨可追溯至2010年。2001年至2013年间，LVMH曾通过复杂操作增持爱马仕股 份至超23%，2014年，双方经法律交锋后以LVMH承诺不再增持并转让股份告终，"双方皆称自己取 得了胜利。" 根据两者最后达成的协议，处于阿尔诺控制下的奢侈品巨头LVMH酩悦·轩尼诗-路易·威登集团 (LVMH ...

Investment Dynamics - Baolan Gold has completed over 100 million RMB in Series A financing, led by Challenger Capital, with participation from Kering Group and Shunwei Capital [3] - The funds will be used to deepen brand value, expand channel layout, upgrade supply chain resilience, and empower core talent, further consolidating its advantage in the high-end gold jewelry sector [3] Acquisition Dynamics - JD.com has acquired 85.2% of Ceconomy, a leading European consumer electronics retailer, for approximately 2.2 billion euros (about 181 billion RMB) [6] - This acquisition allows JD.com to access Ceconomy's established offline store network and local supply chain, aiming to transform stores into instant retail warehouses and reduce delivery times from 2-3 days to hours [6] - This deal marks the largest acquisition by a Chinese e-commerce company in Europe, enhancing JD.com's overseas business growth [6] - Canadian plant-based snack company Trubar has been acquired by Turkish food company ETİ Gıda for approximately 201 million CAD (about 10 billion RMB) [8] - The acquisition is expected to be completed by Q1 2026, with Trubar's shares delisting from the Toronto Stock Exchange [8] - The deal may open a window for mergers among local startups in the Canadian plant snack market [8] Brand Dynamics - COS, a brand under H&M Group, will reopen its flagship store in Beijing's Sanlitun on December 24, with plans for additional stores in Dalian, Jinan, and Wuhan by early 2026 [9] - The flagship store's design integrates contemporary minimalist aesthetics with Beijing's cultural heritage, reflecting the brand's alignment with local culture [9] - COS aims to strengthen its presence in first-tier and new first-tier cities in China [9] - Let Tea has launched its "Guava Oil Kumquat Jasmine Tea" across all channels, expanding its no-sugar fruit tea category [16] - The new product features a health-focused formula with zero sugar and calories, combining guava and kumquat flavors for a unique taste [16] - This launch is expected to enhance Let Tea's position as a leader in the no-sugar fruit tea segment and drive industry upgrades [16] - French fashion brand Etam has announced its complete withdrawal from the Chinese market, closing its online stores on platforms like Tmall and Xiaohongshu [17] - This marks the end of Etam's operations in China after over 30 years in the market [17] Personnel Dynamics - Nike has announced significant executive changes, including the elimination of the Chief Commercial Officer position and the departure of the Chief Technology Officer [21] - A new Chief Operating Officer has been appointed, with expanded responsibilities including leadership of the technology department [21] - These changes are part of Nike's strategy to drive growth and performance [21] - Valentino has appointed Davide Tosi as Chief Merchandising Officer to lead global product planning and pricing strategies [24] - Tosi's experience with brands like Gucci and Prada is expected to help Valentino address revenue declines [24] - Former public relations head of Shui Jing Fang, Hong Zonghua, has joined PepsiCo as Vice President of Corporate Affairs for the Asia-Pacific region [27] - Hong's extensive background in public relations and government relations in foreign consumer companies is seen as a valuable asset for PepsiCo [27] - Fendi has appointed Francesca Leoni as the new Global Chief Communications Officer, succeeding Cristiana Monfardini [30] - Leoni brings over 25 years of experience in the luxury goods sector, aiming to enhance Fendi's brand strategy and public relations efforts [30]

原本有望由汽车和奢侈品牌复苏主导的法国和德国企业利润全面回升，如今看起来正面临愈发严峻的风险。Bloomberg Intelligence汇编的统计数据显示，近期市场对今年以来屡创历史新高的法国CAC40指数和德国DAX指数明年的盈利预 期持续下调，而对欧洲其他区域性基准股票指数的盈利预期则在上调，这也解释了为何上半年屡创新高的法德基准股 指自10月以来持续回调，但是其他欧洲基准股指仍处于上行轨迹。 据了解，与医疗保健权重较高的瑞士SMI指数以及金融板块主导的西班牙IBEX指数相比，法国和德国的基准指数在成 分结构上，对非必需消费与工业板块的权重更高——这两个行业在明年恐怕难以完全兑现市场给出的高预期，而医疗 与金融这两大长期以来的股票市场价值板块近期表现非常强劲，且分析师对于瑞士和西班牙市场的预期持续上修，带 动瑞士与西班牙股市在11月大幅跑赢法德以及欧洲股市基准股指——斯托克600指数。 来自德意志银行的分析师Adam Cochrane表示："股价修复的速度以及投资者对新任CEO将带来的业绩大幅改善前景都 令人印象深刻，但也存在一种风险，即市场一致预期可能跑得过快。"他补充表示，预计在该公司明年公布中长期 ...

昨夜美国就业数据低于预期，美联储12月降息概率提升，欧美股市都小涨，今天亚太市场也是涨多跌 少，甚至港股尾盘也拉升，但是A股表现较差，虽然五大指数里红了三个，甚至双创涨幅都超过1%， 但盘面依然很弱。我统计了本周情况： 周一3400上涨，1900下跌；周二1500上涨，3700下跌；周三 1400上涨，3900下跌；周四是1400上涨，3900下跌，这整周四分之三都是跌多涨少，差不多和上上周走 势类似。 …… 这是简版按语，全文在下面的链接里 …… 好不容易上周缓和一下，本周又开启地狱模式，今天更为严重：一方面是大小分化厉害，沪深黄线领 跌，临近尾盘开口都还在放大，沪深300涨了0.34%，微盘股跌了1.7%，赚钱效应极差，反差让人不 适。另一方面，市场涨跌很不对称，领涨板块有两条主线，一个是太空算力和商业航天，另一个是人形 机器人，其实市场利好都还是比较突出的，但它们平均涨幅只有1.3%，领跌板块飞船密集，平均跌幅 超过3%。 …… 12月中旬有高层经济会议，今天有报道提到预期，中国日报引用 · 收盘来看，五大指数全天探底回升收盘涨跌不一。沪指下跌0.06%，深证成指涨0.40%，创业板指涨 1.01%，科 ...

1.东方甄选将在京开首家旗舰店，直播机构扩张线下 东方甄选CEO、新东方集团董事长俞敏洪构想的东方甄选全国百家门店，将迈出第一步。12月3日，记者发 现，东方甄选正以1.5万—3万元薪资招聘北京首家旗舰店的店长，优先有"餐饮+零售"复合业态管理经验的 人才。据了解，这家旗舰店位于北京中关村，面积在400平方米左右，除了生鲜、零食、日百等便利店商 品，还涵盖简餐和咖啡饮品区。 点评：线上巨头布局线下，流量变现探索新版图。 7.微软下调AI软件销售指标，因企业客户对新产品反应冷淡 2.摩尔线程：12月5日在科创板上市 12月3日，摩尔线程公告，经上海证券交易所审核同意，摩尔线程智能科技（北京）股份有限公司发行的人 民币普通股股票将于2025年12月5日在上海证券交易所科创板上市。 3.抖音电商调整"超级福袋"规则，奖品信息禁用"随机发""奖品盲盒"等表述 12月3日，抖音电商安全与信任中心发布公告，宣布"超级福袋"规则升级。抖音电商表示，近期在日常巡查 中发现，少数商家和达人在使用"超级福袋"功能时，存在奖品信息不明确、奖品描述与实际不符、奖品随机 发放等违规行为。 4.麦当劳以3800万港元出售香港慈云山一家门 ...

Core Viewpoint - The article discusses the dramatic loss of $15 billion in wealth by Nicolas Piesch, the fifth-generation heir of Hermès, due to a long-term betrayal by his trusted financial advisor, Eric Freymond, highlighting the vulnerabilities of relying on personal trust in financial management in a complex modern financial landscape [2][4][6]. Group 1: The Betrayal - Nicolas Piesch, once a billionaire with a net worth of $15.6 billion, now finds himself in a precarious financial situation, relying on budget airlines for travel [2][4]. - The betrayal was orchestrated by Eric Freymond, who managed Piesch's wealth and personal affairs for over 25 years, exploiting the trust placed in him [4][6]. - The loss of wealth began during a critical period when LVMH was secretly acquiring shares of Hermès, raising questions about the timing of the financial mismanagement [6][24]. Group 2: The Mechanism of the Fraud - Freymond's strategy involved becoming an indispensable "shadow" to Piesch, managing not only his finances but also his daily life, leading to Piesch's dependency and loss of oversight [9][10]. - He isolated Piesch from external influences, instilling fears about family members wanting to take his shares, which further entrenched Piesch's reliance on Freymond [9][10]. - The pivotal moment came when Piesch was persuaded to convert his Hermès shares into bearer shares and transfer them to Switzerland, allowing for untraceable ownership transfers [10][12]. Group 3: The Aftermath and Broader Implications - A small oversight in 2022 revealed the extent of the fraud, leading to a comprehensive audit that uncovered the majority of Piesch's shares had been sold off by 2021, coinciding with LVMH's acquisition efforts [12][24]. - Freymond's subsequent death, ruled as a suicide, left many questions unanswered and complicated the recovery of the lost assets [14][24]. - The case illustrates the dangers of relying on personal trust in financial matters, emphasizing the need for institutional safeguards and transparency in wealth management [22][28]. Group 4: The Context of Wealth Management - Piesch's situation reflects a broader issue within wealthy families, where traditional trust-based systems may fail in the face of modern financial complexities [16][22]. - The Hermès family had previously taken steps to protect their collective wealth from external threats, but individual members like Piesch remained vulnerable due to a lack of oversight and modern financial literacy [20][22]. - The article concludes with a warning about the internal threats to wealth, suggesting that the most dangerous attacks often come from within rather than from external forces [28][32].

Group 1 - Industrial and Commercial Bank of China (ICBC) has raised the minimum deposit for its 3-year large-denomination certificates of deposit to 1 million yuan, with an annual interest rate of 1.55% [5] - Wanda Group has made its first buyback of a Wanda Plaza after selling over 40 plazas, indicating a strategic shift in its asset management [5] - The storage industry is experiencing significant price increases, leading to predictions of rising prices for smartphones and computers, with manufacturers caught off guard [4] Group 2 - Dell founder Michael Dell and his wife have donated $6.25 billion to establish investment accounts for American children, aiming to provide a financial foundation for 25 million children [8] - The French fashion brand Etam has announced the closure of its online stores in China, indicating a potential exit from the market due to business adjustments [7] - Huawei has regained the top position in China's tablet market with a 31% market share, while Apple's iPad has seen a significant decline in market share to 23% [7]