美国那边，最近有人动了脑筋，盯上了一条原本没人注意的边角料规定。结果一试，发现还真能把对中国的高额关税给绕过去。消息一出，商业圈炸开 了锅，有人叫好，有人皱眉，气氛一下子变得复杂又紧张。 说白了，美国企业靠这招，名正言顺地绕开了部分对中国加征的高关税。有人甚至用了合法偷税这个词，但严格来说，不违法。只是被挖出来的方式过 于巧妙，打了不少人一个措手不及。 这条规则其实早就摆在那里，只不过没几个人真去琢磨。直到2018年，美国对中国商品大规模加征关税，有的进口商觉得吃不消，开始咨询律师、找办 法，结果就翻出了这条沉睡的规定。从那以后，一些大公司悄悄开始用，包括做奢侈品的，也有搞生物技术的，还有美国本土的烧烤炉制造商，动静一 点点变大。 可不是谁想用就能用的，条件不少：两次以上独立交易、每次都得是真实买卖、得有文件能说明交易结构和金额，最关键的是，得让中国那边的供应商 说实话——把实际出厂价格交代清楚。这一步，其实最难。谁都知道，中间商能赚就是靠这个价格差。你让他告诉沃尔玛，货其实才5美元一件？不愿 意的不少，心里打鼓的更多。 但一旦配合好了，利益巨大。比如对中国商品加征的关税是30%，可实际算下来，有时甚至超过3 ...

Core Viewpoint - Gucci is closing its outlet store in Bicester Shanghai Village on June 2, following the closure of two other stores in Shanghai, indicating a strategic shift in response to declining performance in the Chinese market [1][3]. Group 1: Store Closures and Performance - Since the second half of last year, Gucci has accelerated store closures in China, shutting down four stores in Fuzhou, Dalian, Shenyang, and Taiyuan, as part of a broader strategy to enhance brand positioning and reduce reliance on outlet sales [3]. - Kering Group's latest financial report shows a 14% decline in revenue for Q1 2025, totaling €3.883 billion, with a 25% drop in the Asia-Pacific market and 13% declines in Europe and North America [3][8]. - Gucci's revenue for Q1 2025 was €1.57 billion, marking a 25% decline in comparable sales, the lowest quarterly performance in recent years [8]. Group 2: Market Dynamics and Brand Strategy - The shift towards outlet stores has created a disparity between the performance of outlet and full-price stores, leading Gucci to reduce its dependence on discount channels and focus on brand value and full-price sales [4][5]. - The luxury market is facing overall growth slowdown, with Bernstein downgrading the global luxury goods growth forecast for 2025 from +5% to -2% [8]. - Competitors like Burberry are also adjusting their strategies to stabilize their pricing structures, with some brands reducing prices on select products by over 20% [7]. Group 3: Financial Challenges and Future Outlook - Kering Group's net debt remains above €10 billion, making it the most financially vulnerable among the four major luxury goods groups [10]. - The company has been selling properties to alleviate financial pressure, including the sale of The Mall Luxury Outlets for a net gain of €350 million and a recent bond issuance of €750 million [10]. - The appointment of new creative director Demna Gvasalia in July is anticipated to bring changes, but the company is expected to remain in a challenging period [10].

原油期货方面，周一，美欧关税谈判的积极消息缓解了市场担忧的情绪，另外，美国油田技术服务公司 贝克休斯当天发布的数据显示，上周美国运营中的石油钻井平台数量为465个，较前一周减少8个，为 2021年11月以来最低水平，这显示出低油价环境下美国能源企业正在压缩产能。不过当天又有消息称， 欧佩克+将7月产量会议召开日期提前1天至5月31日，市场预计将发布大幅增产计划。国际油价承压下 跌。截至收盘，7月交货的伦敦布伦特原油期货价格收于每桶64.74美元，跌幅为0.06%。纽约油价由于 提前结束交易，没有形成结算价。 26日国际金价回落 贵金属方面，贸易方面的利好消息抑制了投资者避险情绪，国际金价周一有所回落。纽商所6月黄金期 价全天在每盎司3330美元-3350美元之间波动，较前一交易日的收盘价小幅下跌。因交易所提前结束交 易，纽约黄金期价当天没有收盘价。 （总台央视记者 贺嘉婧） 【#欧盟计划加快与美国贸易谈判##沃尔沃宣布将裁员3000人#】当地时间周一，美国和英国股市因传统 假日休市一天。美国总统特朗普在与欧盟委员会主席冯德莱恩通话后，同意将原定6月1日对欧盟商品征 收50%关税的计划推迟至7月9日。与此同时， ...

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...

Core Viewpoint - President Donald Trump has abandoned the threat of imposing a 50% tariff on EU imports, allowing more time for negotiations between Washington and the 27 EU countries [1] Group 1: EU Exports to the US - In 2024, the US is the largest export partner for the EU, accounting for 20.6% of EU exports [1] - The top three countries exporting from the EU to the US are Germany (€161 billion, approximately $182.6 billion), Ireland (€72 billion), and Italy (€65 billion) [3] - The main products exported from the EU to the US include pharmaceuticals (€120 billion), automobiles (€40 billion), and aircraft and related equipment [3][4] Group 2: Pharmaceuticals - In 2024, the EU exported approximately €120 billion worth of pharmaceutical products to the US [3] - Major pharmaceutical companies in the EU include Novo Nordisk, Bayer, Roche, and Novartis [3] Group 3: Automobiles - The EU exports about 750,000 cars to the US annually, valued at approximately €40 billion, representing 14% of the EU's total automotive production [4] - Major car manufacturers affected by US trade policies include Mercedes-Benz, Stellantis, and Volvo [4] - Volkswagen is significantly impacted by tariffs due to its high-end Audi brand not being produced in the US, but plans to announce production of some best-selling models in the US [4] Group 4: Aircraft and Equipment - Airbus is the second-largest exporter in France, with about 12% of its aircraft sold to the US, some of which are assembled locally [5] - CFM International, a major supplier for Airbus and Boeing, is co-owned by Safran and GE Aviation [5] Group 5: Alcohol and Beverages - In 2024, the EU exported approximately €9 billion worth of alcoholic beverages to the US, with European spirits valued at €2.9 billion [9] - Major European beverage producers include Heineken, Diageo, and Carlsberg [9] Group 6: Cosmetics - The EU exported cosmetics, perfumes, and personal care products worth approximately $10.47 billion to the US in 2024 [10] - French company L'Oréal exports about €2.5 billion worth of cosmetics to the US annually [11] Group 7: Luxury Goods - About one-quarter of products from major luxury goods groups are aimed at US consumers, with smaller brands having varying market shares [12] - The French luxury goods industry is the largest globally, employing over 600,000 people [13] - The luxury goods sector is significantly affected by US tariffs, as companies have limited ability to shift production to the US [14]

Core Viewpoint - Companies are increasingly utilizing the "first sale rule" to reduce tariff costs, allowing them to calculate duties based on the initial sale price rather than the final import price, thus alleviating cost pressures from tariffs [1][2]. Group 1: Implementation of the First Sale Rule - The first sale rule has been in existence since 1988 but gained renewed attention during the Trump administration due to increased tariffs [1][2]. - The rule allows retailers to pay duties based on the initial sale price, which can significantly lower costs, as demonstrated by a case where a T-shirt's initial price was $5 compared to a final retail price of $40 [1]. - Companies must provide comprehensive documentation to prove compliance with the first sale rule, including orders, contracts, and invoices [3]. Group 2: Challenges and Considerations - The application of the first sale rule can be complex, requiring companies to establish trust among parties involved and to ensure that transactions meet specific criteria [4]. - Companies need to carefully plan their supply chain structures and maintain all relevant documentation to support their claims during customs reviews [3][4]. Group 3: Industry Adoption and Benefits - The first sale rule is particularly advantageous in high-value consumer goods and luxury sectors, where profit margins are larger [5]. - Companies like Moncler have reported significant benefits to their cost structures from utilizing the first sale rule, with initial sale prices being much lower than retail prices [5]. - Other companies, such as Kuros Biosciences and Traeger, are also adjusting their business structures to take advantage of the first sale rule as a means to lower tariffs and costs [5]. Group 4: Policy Implications - While the first sale rule is legally compliant, its widespread use may undermine the Trump administration's goals of increasing tax revenue through tariffs and promoting domestic manufacturing [6].

Core Viewpoint - Chanel reported a global revenue decline of 5.3% to $18.7 billion and a net profit drop of 28.2% to $3.4 billion, indicating challenges in certain markets despite being a key indicator in the luxury goods sector [1][2]. Market Performance - Sales in the Americas decreased by 4.3%, while the Asia-Pacific region saw a more significant decline of 9.3%. In contrast, the European market showed slight resilience with a 1.2% increase [1]. - China remains a vital market for Chanel, with 127 stores and plans to open an additional 15 stores, reflecting the brand's commitment to this region [1]. Business Segments - The ready-to-wear segment experienced a growth of 23% in 2023 and has maintained positive growth in 2024, raising questions about the impact of rising handbag prices on overall performance [1]. - Since 2019, Chanel has implemented a strategy of increasing handbag prices to enhance their investment value, with the price of the classic flap CF bag doubling from 38,100 RMB to 84,000 RMB in China [1]. Pricing Strategy - The recent performance decline raises questions about Chanel's pricing strategy, especially as competitors like Hermès have raised prices in response to U.S. tariff issues [2]. - Chanel's CFO indicated that the company is currently observing the unstable U.S. tariff situation before making any pricing decisions [2]. Expansion Plans - In 2024, Chanel plans record investments, focusing on acquiring high-end properties in Paris and New York, and expanding its store network in China and Japan, showcasing a more aggressive expansion strategy compared to cautious peers [2]. Creative Direction - Chanel appointed Matthieu Blazy as the new artistic director, marking a significant leadership change within the brand. His debut is scheduled for October, and there are speculations about potential entry into the menswear market, despite previous statements against it [2][3]. - The brand emphasizes the need for time to understand its essence under the new leadership, indicating a long-term vision rather than immediate results [3].

Core Viewpoint - The ongoing impact of Trump's tariff policy is leading to an inevitable price increase in the U.S. consumer market, affecting various well-known companies across different sectors [1]. Group 1: Retail Sector - Walmart announced a price increase in mid-May due to anticipated tariff impacts, with CEO Doug McMillon stating that the company cannot absorb all the cost pressures given the thin profit margins in retail [2]. - CFO John David Rainey indicated that consumers might see price hikes as early as the end of May, prompting a strong reaction from President Trump, who urged Walmart to stop using tariffs as an excuse for price increases [2]. Group 2: Luxury and Toy Industries - Ralph Lauren plans to raise prices more significantly than originally intended to offset tariff impacts, with increased price hikes for both the fall and spring collections [3]. - Mattel, a toy manufacturer, announced price increases for some products sold in the U.S., citing the macroeconomic environment and evolving tariff situation, while also suspending its full-year financial guidance [3]. Group 3: Automotive and Sportswear Industries - The automotive sector is feeling the pressure, with Volvo's CEO stating that customers would bear a significant portion of the increased costs if tariffs on EU imports are implemented [4]. - Subaru of America and Ford have both announced price increases for various models in response to current market conditions and tariffs [4]. - Adidas and Nike are also raising prices, with Adidas' CEO noting that higher tariffs will ultimately increase costs across their product range in the U.S. [4]. Nike is set to increase prices on adult apparel and footwear, aligning with the broader trend in the industry [4].

Group 1: On and Canadian Goose Performance - On is accelerating its expansion in China with plans to open over 20 new stores in 2024, aiming for direct sales to contribute 10% of total sales [2] - Canadian Goose reported a 7.9% revenue growth in the Greater China region for Q4 of FY2025, with a 15.2% increase in the Asia-Pacific market for the year, driven by effective marketing strategies [3] Group 2: Luxury Brands and Market Challenges - Chanel's net profit plummeted by 28.2% in FY2024, with total sales down 5.3% to $18.7 billion, marking the first decline in revenue and profit since the pandemic [8] - Victoria's Secret initiated a "poison pill" strategy to fend off hostile takeovers, with its stock price dropping over 50% in the year and a 28% decline in net profit for 2024 [12] Group 3: Inditex and Swatch Group Developments - Inditex announced a management reshuffle focusing on financial optimization and ESG strategies, raising concerns about potential impacts on innovation due to a conservative approach [5] - Swatch Group faced a 70% drop in net profit year-on-year, with a 10.94% decline in stock price, as it resisted external capital intervention from activist investor Steven Wood [6] Group 4: Asics and Amer Sports Growth - Asics achieved quarterly revenue exceeding 200 billion yen, with an 18% increase in net profit, driven by high-end running shoes and a 50% surge in sales from its fashion sub-brand [11] - Amer Sports reported a 23% revenue growth in Q1 2025, with the Greater China region becoming a core growth engine, contributing $446 million in revenue [10] Group 5: Market Exits and Strategic Adjustments - Shiseido announced the exit of its "醉象" brand from the Japanese market, citing a 65% drop in sales due to misalignment with local consumer preferences [10] - The luxury market is facing challenges as brands like Chanel and Victoria's Secret struggle with declining sales and shifting consumer behaviors [8][12]

2、海光信息：拟通过换股方式吸收合并中科曙光，股票停牌 海光信息公告称，公司与中科曙光正在筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票 的方式换股吸收合并中科曙光，并发行A股股票募集配套资金。公司A股股票将于2025年5月26日开市时 起开始停牌，预计停牌时间不超过10个交易日。 3、翔港科技：实控人拟减持不超3%公司股份 翔港科技公告称，因个人资金需求，控股股东、实控人及一致行动人董建军计划于2025年6月18日至 2025年9月17日减持不超648.42万股，占公司总股本的3.0%。 // 今日关注 // // 中国股票预警 // 1、中科曙光：海光信息拟换股吸收合并公司，股票停牌 中科曙光公告称，公司与海光信息正在筹划由海光信息通过向公司全体A股换股股东发行A股股票的方 式换股吸收合并中科曙光，并发行A股股票募集配套资金。公司A股股票将于2025年5月26日开市时起开 始停牌，预计停牌时间不超过10个交易日。 4、科源制药：股东问泽鸿拟减持不超过3%公司股份 科源制药公告称，公司持股7.76%的股东问泽鸿计划以集中竞价及大宗交易方式，减持公司股份不超过 324.87万股（占公司总股本的3%） ...