格隆汇1月28日｜摩根大通分析师在一份研究报告中称，LVMH集团公布的第四季度和2025年业绩好坏 参半，但该公司展现了非常严格的成本控制，这有助于其抵消营收波动的影响。这些分析师称，尽管这 家法国奢侈品巨头的第四季度销售额基本符合摩根大通的预期，但可能弱于投资者的期望。摩根大通 称，好于预期的盈利能力或许会带来一些短期提振，但由于销售增长不平稳以及估值仍高于历史平均水 平，目前该股料将区间震荡。该公司股价下跌7.2%，至542欧元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月28日，欧洲斯托克50指数开盘涨0.45%，德国DAX指数跌0.1%，英国富时100指数平 开，法国CAC 40指数跌0.5%。LVMH股价下跌6.2%。 ...

LVMH shares fell 7% on Wednesday following its fourth-quarter results announcement, with the market disappointed at the luxury group's weaker margins and cautious tone on the initial signs of a recove... ...

Group 1 - The core viewpoint of the article highlights that the strengthening of the euro against the dollar is becoming a focal point as investors seek to diversify their asset allocation away from the US, which may cast a shadow over European stock markets [1] - Citigroup strategists indicate that the ongoing appreciation of the euro will reinforce a neutral outlook on European equities due to recent transatlantic tensions and tariff uncertainties that have weakened short-term investment prospects [1] - According to Citigroup's estimates, a 10% increase in the euro against the dollar could lead to a reduction of approximately 2% in the earnings per share of European companies [1] Group 2 - The sectors most likely to be impacted by the euro's appreciation include commodities, food and beverage, healthcare, luxury goods, and the automotive industry [1]

分业务来看，Q4时装与皮具业务有机收入下降3%，全年总收入同比下降约8%至377.7亿欧元，略低于 分析师预期的377.9亿欧元。需求放缓、关税和海关问题打击酒类业务，Q4有机收入下降9%，全年收入 约53.6亿欧元，经常性营业利润锐减约25%。Q4手表与珠宝业务有机收入增长8%，大超预期，全年收 入为104.9亿欧元，Tiffany、Bvlgari等品牌旗舰及高端系列带动亮点。 格隆汇1月28日｜全球最大奢侈品集团LVMH公布2025年Q4业绩，总营收同比下降5.1%至227.2亿欧元， 略高于分析师预期的225.9亿欧元；有机营收同比增长1%，增速持平三季度，好于市场预期的小幅下降 0.42%。就2025年全年而言，LVMH总营收约为808.1亿欧元，同比下降4.6%，符合市场预期；经常性经 营利润同比下降9%至约178亿欧元，净利润同比下降13%至约109亿欧元。 分地区来看，Q4日本以外亚洲地区的有机收入增长1%，而分析师预计下降2.1%，本地需求回暖强于市 场预期，尤其在中国出现积极信号；日本、欧洲的有机收入则分别下降5%、2%，美国的有机收入增长 1%。 ...

【信达消费】老铺黄金更新 看昨天的老铺走势（冲高回落）就能想到今天股价走势可能偏弱，主要是因为短期资金更多还是买黄金价格突破 和老铺排队扩圈，对于老铺全年业绩和长期逻辑分歧依然明显，建议可以看看我们刚发的个股深度和前面发的百 页奢侈品报告，同时结合三大商圈调研（SKP、恒隆、万象）作为辅助。 老铺今年国内门店的优化和海外门店的扩张明确，1）如果销量假设不增长，那估值大概率会类似泡泡回落至15- 20X，仅考虑金价上涨带来的EPS提升，预计业绩会在70亿港币左右，因此底线应该在1200亿港币左右，略高于老 铺启动前的位置。 2）如果假设销量有所增长，高基数、高金价下依然持续破圈，印证奢侈品底蕴，那估值大概率会高于20X，中性 假设80亿港币，25X估值，对应2000亿港币。 看昨天的老铺走势（冲高回落）就能想到今天股价走势可能偏弱，主要是因为短期资金更多还是买黄金价格突破 和老铺排队扩圈，对于老铺全年业绩和长期逻辑分歧依然明显，建议可以看看我们刚发的个股深度和前面发的百 页奢侈品报告，同时结合三大商圈调研（SKP、恒隆、万象）作为辅助。 老铺今年国内门店的优化和海外门店的扩张明确，1）如果销量假设不增长，那估值 ...

新浪财经1月28日消息，全球奢侈品联盟LVMH（路易威登集团）发布2025年全年业绩报告，2025年实 现营收808.1亿欧元，较2024年同比下降约4.6%。全年经常性业务利润为177.55亿欧元，同比下降9%； 集团净利润为108.78亿欧元，同比下降13%。尽管利润承压，但其运营自由现金流表现强劲，同比增长 8%至113.33亿欧元。董事会将提议派发每股13欧元的年度股息。 LVMH董事长兼首席执行官伯纳德·阿尔诺表示，尽管环境仍不确定，集团对未来保持信心，并将继续 专注于品牌建设和成本控制。 尽管整体业绩受汇率及地缘政治影响有所波动，在亚洲（除日本）地区，LVMH称其业务趋势在下半年 已"明显改善"并恢复增长。 新浪财经1月28日消息，全球奢侈品联盟LVMH（路易威登集团）发布2025年全年业绩报告，2025年实 现营收808.1亿欧元，较2024年同比下降约4.6%。全年经常性业务利润为177.55亿欧元，同比下降9%； 集团净利润为108.78亿欧元，同比下降13%。尽管利润承压，但其运营自由现金流表现强劲，同比增长 8%至113.33亿欧元。董事会将提议派发每股13欧元的年度股息。 LVMH董事 ...

新 > 社 主管主办 上海譜券報 【市场回顾】 现货黄金、白银1月28日 标普500指数创新高 【个股资讯】 通用汽车预订今年公司 40亿美元之间 (机构观点) 机构上调白银目标价至 将升至7100美元/盎司 美联储1月不降息概率高 C国际宏观） 芝商所调整自银等保证金 日本央行:若前景符合预 【市场回顾】 北京时间1月28日早盘，现货黄金、白银下挫。伦敦金现相继跌破5180美元/盎司、5170美元/盎司、5160美元/盎司关口；伦敦银现向下逼近110美元/盎司 日韩股市28日开盘表现分化。日经225指数跌0.58%，韩国综合指数涨1.19%。 "美联储传声筒"Nick Timirao认为美联储1月将维持利率不变。在谈及可能诱使美联储降息的因素时他表示，这取决于劳动力市场是否出现崩溃，或通胀是否 向2%的目标水平显著回落。而自去年12月议息会议以来，这两种都尚未出现。即便白宫施加了巨大政治压力，美联储仍处于观望状态。 据CME"美联储观察"，美联储1月降息25个基点的概率2.8%，维持利率不变的概率为97.2%。到3月累计降息25个基点的概率为17.4%，维持利率不变的概率 为82.2%，累计降息50个基点的 ...

Group 1 - A new wave of price increases in the global chip industry has emerged, with Samsung Electronics raising LPDDR memory prices for iPhones by over 80% and SK Hynix by nearly 100%. Domestic companies like Zhongwei Semiconductor and Guokewai have also announced price hikes of 15%-50% and 40%-80% respectively for their products [2] - Guotai Junan forecasts a net profit of 27.533 billion to 28.006 billion yuan for 2025, representing a year-on-year growth of 111%-115%. Shenwan Hongyuan expects a net profit of approximately 9.1 billion to 10.1 billion yuan, with a growth of 74.64%-93.83% [2] - Anta Sports has signed an agreement to acquire a 29.06% stake in German sports brand Puma for 1.506 billion euros (approximately 12.28 billion yuan), which will make Anta the largest single shareholder of Puma if the transaction is completed [2] Group 2 - Micron Technology announced a $24 billion investment to build a new memory chip manufacturing facility in Singapore, aiming to meet the growing demand for NAND storage chips in AI and data center applications, with production expected to start in the second half of 2028 [3] - Corning has secured a procurement order worth up to $6 billion from Meta for optical cables, primarily for AI data center construction, further solidifying its market position in fiber optic communications [3] Group 3 - Pizaihuang's controlling shareholder, Jiulongjiang Group, plans to increase its stake in the company by investing between 300 million and 500 million yuan from February 1 to July 31, demonstrating confidence in the company's future development [5] - Hengrui Medicine's drug HRS-5346 has been included in the list of breakthrough therapies, which will accelerate its research and approval process, positively impacting the company's innovative drug pipeline [5] - Shennan Circuit expects a net profit increase of 68%-78% for 2025, driven by sufficient orders, high capacity utilization, and improved profitability from product structure optimization [5] - Zhongjin Gold anticipates a net profit increase of 41.76%-59.48% for 2025, influenced by rising gold prices and increased mineral gold production [5] Group 4 - Ganfeng Lithium expects a net profit of 1.1 billion to 1.65 billion yuan for 2025, turning a profit compared to previous losses, with a fair value change gain of approximately 1.03 billion yuan from its holdings in Pilbara Minerals Limited [6] - Wanda Film forecasts a net profit of approximately 480 million to 550 million yuan for 2025, achieving profitability due to the recovery of the domestic film market and improved operational efficiency [6] Group 5 - Samsung Electronics plans to produce 1 million units of the Galaxy Wide Fold smartphone, targeting competition with Apple's potential foldable products [11] - SK Hynix's market capitalization has surpassed $400 billion due to surging demand for high-bandwidth memory (HBM), with the company considering establishing an AI investment department in the U.S. [11] - Toyota is recalling approximately 162,000 Tundra vehicles in the U.S. due to multimedia display screen issues, while also facing a 9% decline in new car registrations in the EU [11] - LG Energy will supply batteries for Tesla's humanoid robots, marking its expansion into non-automotive applications in the power battery sector [11]

Pauline Brown, former chair of LVMH North America, discusses LVMH's outlook and the global luxury market with Romaine Bostick and Katie Greifeld on "The Close." She says interest has picked up to levels she hasn't seen in years, but the key question is whether it converts into sales. ...