果然财经｜12.5亿欧元！普拉达正式收购竞争对手范思哲 意大利奢侈品牌普拉达集团2日宣布，已正式收购竞争对手范思哲公司，代价是12.5亿欧元。据新华 社，普拉达集团在线上发表声明说，监管机构已完成所有核查，收购正式完成。据了解，这两个奢侈品 牌总部均位于意大利米兰。范思哲品牌由时装设计师詹尼·范思哲创立，迄今已有47年历史。 果然财经｜12.5亿欧元！普拉达正式收购竞争对手范思哲 大众报业·齐鲁壹点23分钟前 移动端评论 暂无评论 鲁ICP备15022957号-13 鲁公网安备 37010202002220号 鲁新网备案号201000101 电信增值业务许可证： 鲁B2-20120085 齐鲁晚报·齐鲁壹点 版权所有(C) All Rights Reserved 联系电话：0531-82625462邮箱： 1790179766@qq.com 热门评论我要评论 微信扫码 ...

Group 1 - The core viewpoint of the article is that UK Prime Minister Starmer emphasizes the need for a serious approach to UK-China relations, criticizing the previous Conservative government's neglect and advocating for a balanced relationship that protects national interests while allowing for cooperation [1][2] - Starmer highlights the historical fluctuations in UK-China relations, referring to a "golden era" followed by a "frozen era," and rejects a binary approach to engagement with China [1] - The Prime Minister acknowledges China's significant role in technology, trade, and global governance, labeling the previous government's failure to manage relations with China as a dereliction of duty [1] Group 2 - Starmer asserts that protecting national security is paramount, but also indicates that cooperation with China can occur in sectors such as financial services, creative industries, pharmaceuticals, and luxury goods, which present substantial export opportunities [2] - Since Starmer's administration, there have been multiple visits to China by cabinet ministers, indicating a sustained effort to improve relations, with plans for Starmer to visit China next year [2] - The commentary from a researcher suggests that Starmer's approach reflects a systematic reflection on the Conservative Party's long-standing policies, emphasizing cooperation to signal a willingness to improve relations with China while addressing domestic security concerns [2]

NO.2 82岁爱马仕继承人被骗150亿美元细节曝光 近日，爱马仕第五代继承人尼古拉·皮埃什被骗150亿美元的惊人案件细节逐渐浮出水面。他公开指控 称，自己曾拥有的大量爱马仕股份已经"蒸发"，而他曾信任了长达25年的财富管理人埃里克·弗雷蒙德 是幕后"玩弄阴谋诡计"的罪魁祸首。 点评：对奢侈品板块，此案暴露了超高端财富管理中的信任风险与监管漏洞，将推动行业头部企业强化 股权锁定与内控机制。对于股市整体而言，这一极端案例为高净值人群资产配置敲响警钟，也让市场更 重视上市公司股权结构透明度与委托理财风险管控。 NO.3 美可卓蓝胖子回应假奶粉事件 近期，部分网上直播间及非正规渠道销售的"蓝胖子"奶粉涉嫌假冒伪劣，"假奶粉奶精加淀粉"相关话题 引发社会关注。12月1日，据报道，美可卓专卖店店铺工作人员对假奶粉报道回应称，Maxigenes美可卓 蓝胖子奶粉是100%澳大利亚原装进口的正规产品。为了确保消费者购买到100%正品，强烈建议通过美 可卓官方授权的渠道购买，并认准美可卓品牌。 ｜2025年12月2日星期二｜ NO.1惠氏营养品和雀巢婴儿营养品在中国市场将迎来合并 12月1日，据报道，根据最新安排，在大中华区 ...

Core Insights - Despite short-term pressures, the Chinese consumer market remains large and diverse, presenting opportunities for companies with clear product positioning [2] - Understanding Chinese consumers is crucial, as their purchasing power is a key driver of economic growth and corporate expansion [2] Consumer Trends - The post-1995 generation, while only about 20% of the population, contributes approximately 40% of consumption, with their spending expected to grow by about 400% to 16 trillion RMB by 2035 [3] - This demographic values self-expression and authentic experiences, favoring experiential consumption such as travel and concerts, and they are significant contributors to luxury goods spending [3] - The average age of high-end consumers in China is only 29, indicating a young market with increasing purchasing power due to wealth inheritance [3] Market Dynamics - Local brands are gaining market share across various sectors, including electric vehicles, beauty products, and collectibles, due to their better understanding of Chinese consumers and competitive pricing [4] - The luxury goods sector is also witnessing a shift towards high-quality, creative brands that reflect Chinese craftsmanship [4] - The jewelry market, characterized by a large capacity and relatively few international competitors, presents opportunities for brands that emphasize cultural and artisanal value [4] Travel and Consumption - The rapid recovery of outbound tourism is expected to impact domestic luxury consumption, as international flight capacity has reached approximately 93% of pre-pandemic levels, with a 20% year-on-year increase in international passenger flights from January to August [4] - The growth of outbound tourism aligns with the demand for experiential consumption, although it may divert some spending from domestic luxury markets [4] Long-term Outlook - The continuous growth of local brands and the recovery of outbound tourism indicate a diversification of the Chinese consumer market [4] - The increasing purchasing power of the post-1995 generation suggests a positive long-term outlook for the Chinese consumption market, despite short-term challenges [4]

宏观经济 | 专题报告 报告发布日期 2025 年 12 月 02 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.com.cn | | | 021-63326320 | | 戴思崴 | 执业证书编号：S0860525040001 | | | daisiwei@orientsec.com.cn | | | 021-63326320 | 难有高增长，或有超预期 消费会成为 2026 年宏观热点吗？ 研究结论 内需增速放缓，看好增长质量：10 月经济 数据点评 2025-11-15 为"并跑领跑"时代构筑制度根基：宏观 角度看四中全会与"十五五 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国新闻周刊 12月开局伊始，意大利奢侈品牌华伦天奴（VALENTINO）就陷入举报风波。 图源：小红书@VALENTINO华伦天奴 据多家行业媒体报道，华伦天奴大中华区多名员工联名向品牌总部及股东开云集团提交举报信，称大中 华区首席执行官Janice Lam（林讯甄）存在业绩造假、职场霸凌等多项违规行为。 而这起内部风波的背后，是品牌全球业绩下滑、管理层动荡等多重困境。 这个有着近百年历史的奢侈品牌，究竟怎么了？ 员工因何多次举报？ 在此之前，华伦天奴已深陷业绩下滑、管理层震荡、供应链丑闻、资本整合遇阻的多重泥潭。 此次员工举报的核心，聚焦于华伦天奴大中华区管理层的违规操作与高压管理模式。 其中，"主角"是华伦天奴大中华区首席执行官Janice Lam。据悉，Janice Lam在时尚和奢侈品行业曾担 任过多个高级职位，包括历峰集团Alfred Dunhill（登喜路）中国区总经理，和Prada（普拉达）中国区 总经理。 有意思报告获得的举报材料及公开信息显示，自2022年Janice Lam上任后，为美化销售数据以应对集团 业 ...

Economic Growth and Consumer Spending - The IMF predicts a global economic growth rate of 3.2% for 2025, which is similar to last year's performance, supported by strong consumer spending in the U.S. [1] - In Q2 2025, U.S. personal consumption expenditures (PCE) increased by 2.5%, indicating that consumers are still willing to spend [1]. Impact of Tariffs and Corporate Performance - PCE is expected to decline to 2% in Q3 and further to 1.5% in Q4, with the negative effects of tariffs starting to manifest, particularly impacting high-end manufacturing in Europe [3]. - Companies like LVMH reported an 8% revenue drop, and Porsche's operating profit plummeted by 99%, attributed to the adverse effects of U.S. tariffs [3]. Technology Sector and AI Investment - The five major U.S. tech companies (Meta, Google, Oracle, Microsoft, Amazon) are projected to increase their capital expenditures by 30% annually by 2027, highlighting the significant role of AI in driving economic growth [3]. - Alibaba's AI-related revenue has seen triple-digit growth for seven consecutive quarters, with Alibaba Cloud's growth reaching 18% [5]. Global Debt and Economic Risks - Global debt is expected to exceed $337.7 trillion by 2025, with an increase of $21 trillion in the first half of the year, raising concerns about the sustainability of this debt burden [8]. - Many European countries are facing bankruptcy risks, indicating a precarious economic situation [8]. Structural Changes in Global Trade - The world is experiencing a "re-globalization" trend, moving away from "de-globalization," with countries seeking diversified trade partners and reshaping global supply chains [9]. - Tariff policies under the Trump administration have created a more complex global trade environment, with varying rates for allies and other nations [12]. Monetary Policy and Market Sentiment - The Federal Reserve's independence is crucial for maintaining stability in U.S. debt rates and the dollar, with potential fluctuations expected in the market [14]. - Investors are currently wary of the dollar, but a rebound is anticipated, contingent on the Fed's ability to maintain its policy independence [14]. Economic Challenges Ahead - The global economy is facing a slowdown, with high debt levels and reliance on stimulus measures creating a vicious cycle [16]. - Structural inflation persists, making it difficult for governments, businesses, and consumers to navigate a high-interest, high-debt environment [18].

Core Viewpoint - Gucci is facing significant financial challenges, with a 14% revenue decline to €1.343 billion in the latest quarter, marking the seventh consecutive quarter of double-digit drops. The brand's operating profit has halved to €486 million, leading to store closures and layoffs [6][7][20]. Financial Performance - Gucci's revenue has decreased by 14% to €1.343 billion, and the operating profit for the first half of 2025 has dropped by 52% to €486 million [6][20]. - The brand's revenue for the first half of 2025 fell by 26% to €3.027 billion, returning to levels seen in 2017 [20]. Store Closures and Workforce Reduction - Gucci has closed 8 stores in the third quarter and a total of 26 stores globally this year, including significant closures in China [6][7]. - The workforce has been reduced by 22% compared to its peak in 2022, indicating a substantial downsizing [7]. Leadership Changes - Luca de Meo has been appointed as the new CEO of Kering Group, with a focus on addressing Gucci's financial issues and restructuring management [9][24]. - Francesca Bellettini has taken over as Gucci's CEO, while Demna Gvasalia has been appointed as the new creative director, tasked with revitalizing the brand [9][10]. Creative Direction and Brand Strategy - Demna's first collection, "La Famiglia," aims to reestablish Gucci's narrative through innovative marketing strategies, including a film and limited-time sales [12][14]. - The new strategy emphasizes a consumer-centric approach, reducing the influence of individual creative directors on product lines, with 80% of products aligning more closely with market demands [25][27]. Market Position and Consumer Behavior - Gucci's fluctuating performance is attributed to its trend-driven nature, which can lead to instability during economic downturns [19][22]. - The brand's extensive presence in the outlet market and the prevalence of discounted products have negatively impacted its luxury image and sales [22]. Industry Context - The luxury goods sector is experiencing a downturn, with other brands like Chanel and LV also reporting declines, while Coach has seen growth by appealing to younger consumers [33][34]. - The overall luxury market is facing challenges, with consumers shifting towards brands that offer better value and emotional connection [34].

Investment Dynamics - The coffee brand "Bixing Coffee" has completed a Series B financing round of several tens of millions, led exclusively by Suzhou Agricultural Development Industry Science and Technology Innovation Fund. The funds will be used for expanding offline stores and brand promotion [1][3] - The Snow League, a professional winter sports league founded by Shaun White, has raised $15 million in financing, with new investors including 359 Capital, BITKRAFT Ventures, and WISE Ventures. This funding will support the league's first season bonuses and athletes [5] - Zhejiang Ruiwei New Materials Technology Co., Ltd. has completed its third round of equity financing, with investment from the Beautiful Navigation Fund, co-established by L'Oréal and Tiantu Capital. The company focuses on biodegradable materials in the consumer sector [6][7] Brand Dynamics - Prada Group's acquisition of Versace is set to finalize on December 2, with a cash transaction based on a €1.25 billion valuation, which is only 1.33 times Versace's projected $1.03 billion revenue for FY2024, significantly lower than the typical luxury industry valuation of 3 to 5 times [8][10] - The founder of high-end sports fashion brand MooRER has repurchased a 25% stake from Joeone, regaining 100% ownership of the brand, which will now refocus on its high-end niche positioning [12][13] - Katjes Group is in talks to acquire Unilever's snack brand Graze for approximately £35 million, significantly lower than the £150 million Unilever paid in 2019 [14][16] - Nestlé plans to merge its infant nutrition business units in China, which is expected to create new growth opportunities by leveraging the strengths of both brands [18][19] - Beyond Meat has quietly closed its flagship stores on major e-commerce platforms in China, with its factory in Jiaxing ceasing production, primarily due to a small local vegetarian market and high product pricing [22] - Swire Group has laid off about 10% of its Hong Kong headquarters staff, affecting around 40 employees, as part of a restructuring to enhance efficiency [24] - Gao Xin Retail has appointed Li Weiping as the new CEO, marking the third CEO change in two years since the acquisition by Dehong [25][26]

Core Viewpoint - Royal Bank of Canada (RBC) has raised the target price for LVMH from €575 to €650 [1] Company Summary - The adjustment in target price reflects RBC's positive outlook on LVMH's performance and market position [1]