2025.05. 24 本文字数：820，阅读时长大约1.5分钟 作者 | 第一财经 樊志菁 据央视新闻消息，当地时间5月23日，美国总统特朗普在社交媒体上表示，建议自6月1日起对欧盟征 收50%的关税，而如果产品在美国制造或生产，则不必缴纳关税。 特朗普发文称，欧盟成立的主要目的就是"在贸易上占美国的便宜"。他表示，欧盟设置了强大的贸易 壁垒、征收增值税、企业罚款、非货币贸易壁垒、货币操纵、针对美国公司不公平且不合理的诉讼 等。特朗普称，美国与欧盟的谈判"毫无进展"。 欧洲的奢侈品行业生产手袋、鞋子、时装等商品，对海外市场高度敏感，美国被视为该行业今年增长 的最大希望。 法国经济部的数据显示，法国奢侈品行业规模全球第一，雇佣了60多万人。意大利则 是高端皮革制品主要生产国，这两个国家是美国大多数奢侈品的最大出口国。 路易威轩创办人兼主席阿尔诺(Bernard Arnault)近日表示，欧盟对美国总统特朗普贸易要求的立场 必须软化，并通过谈判达成协议，以避免高关税，保护欧洲就业。美国是路易威轩集团最重要的市场 之一，占年销售额的25%。 贝恩资本合伙人达尔皮齐奥（Claudia D'Arpizio）本周在一次 ...

Core Insights - The Chinese luxury market is undergoing a structural transformation from "symbolic consumption" to "cultural identity," with Xiaohongshu emerging as a key strategic platform for luxury brands to connect with Chinese consumers, reshaping the consumption decision chain and promoting cultural empathy and resonance [1][19]. Consumer Behavior Changes - High-net-worth individuals show "counter-cyclical" consumption resilience, with 43% indicating they will increase daily luxury goods consumption in the coming year, shifting their focus from materialism to values, culture, and lifestyle experiences [2][24]. - Middle-class consumers are leaning towards "long-termism," emphasizing classic items and product value retention, with discussions around "long-termism" on Xiaohongshu reaching 950 million views [2][26]. - Decision-making factors are evolving from "symbolic consumption" to "cultural identity," with younger consumers prioritizing brand alignment with personal identity, as seen in the "New Chinese Style" fashion content on Xiaohongshu [2][31]. Consumer Segmentation on Xiaohongshu - Xiaohongshu categorizes luxury consumers into six profiles: "Luxury Lifestyle Enthusiasts," "Self-Celebrators," "Trendy Luxury Seekers," "Subtle Luxury Intellectuals," "Luxury Newcomers," and "Socially Conscious Consumers," providing brands with targeted operational strategies [3][66]. Cultural Translation and Resonance - Cultural translation is crucial for localizing luxury brands, with examples like Bulgari's snake-themed exhibition increasing search interest by over 300% and Gucci's bamboo elements bridging Eastern and Western cultures [4][5]. - Events like DeBeers' high-end jewelry dinner and Cartier's art exhibitions leverage Xiaohongshu for deeper brand cultural recognition, with Cartier's event generating over 15 million exposures [6][5]. Full-Scale Transformation - Xiaohongshu's mini-programs and stores are driving a closed-loop system for brands, with Dior's mini-program achieving full-category sales and Longchamp's custom services seeing a 600% increase in DGMV [7][19]. - The collaboration between Xiaohongshu and platforms like Taobao is enhancing the consumer journey from interest to purchase, with brands like Maison Margiela seeing a 70% increase in e-commerce ROI [8][19]. Strategic Importance of Xiaohongshu - Xiaohongshu is positioned as a critical partner for luxury brands in understanding and engaging with the Chinese market, transforming from a social content platform to a strategic high ground for luxury marketing [19][18]. - The platform's unique user-generated content ecosystem fosters emotional resonance and cultural innovation, allowing brands to co-create narratives with consumers rather than merely transporting cultural elements [36][37].

Group 1 - The DAX index in Frankfurt experienced significant volatility, closing down 1.54% at 23,629.58 points, with an intraday high of 24,149.08 points and a low of 23,274.85 points [1] - The market initially rose due to slightly better-than-expected German GDP data, but concerns over a potential new round of transatlantic trade war emerged after President Trump announced punitive tariffs on EU goods starting June 1 [1] - The automotive, luxury goods, and metals sectors were notably impacted, with the STOXX 600 automotive manufacturers index dropping over 3.5%, and major companies like Porsche, BMW, Volkswagen, and Mercedes-Benz seeing declines exceeding 3% [1] Group 2 - Analysts highlight that the EU's negotiation strategy will be crucial, as the current unstable environment complicates market pricing [2] - There are concerns that the ongoing trade war could depress profits and potentially lead to inflation [2] - Investors are closely monitoring the upcoming global Purchasing Managers' Index (PMI) data, which will serve as a key economic indicator amid ongoing worries about European economic growth [2]

特朗普再发关税威胁！ 当地时间5月23日，特朗普针对苹果公司和欧盟的关税表态，令苹果公司股价、欧洲主要股票市场以及美股均出现大幅波动。 特朗普对关税连续表态全球金融市场巨震 5月23日，美国总统特朗普在社交媒体上，对不迎合他贸易政策的公司和地区发难。 对于苹果公司，特朗普表示，如果在美国销售的iPhone不是美国生产和制造，将征收至少25%关税。特朗普表示，他很早就告诉苹果CEO蒂姆.库克，希望 其在美国销售的iPhone将在美国制造和生产，而不是在印度或其他任何地方。 随后，他又对迟迟未能达成关税协议的欧盟进行谴责。他表示，欧盟成立的主要目的是"在贸易上占美国的便宜"，与他们打交道一直非常困难。特朗普 称，欧盟设置了强有力的贸易壁垒、增值税、荒谬的企业罚款、非货币贸易壁垒、操作货币、针对美国公司的不公正诉讼等。 特朗普表示，美国与欧盟的谈判毫无进展，因此建议从2025年6月1日起对欧盟直接征收50%的关税。如果产品在美国制造或生产，则不征收关税。 在特朗普施压下，正在交易的欧洲股市出现大幅下挫，截至发稿，欧洲斯托克50、德国DAX、法国CAC40指数下跌幅度均超过2%。汽车行业成为重灾 区，大众、奔驰、宝马 ...

5月23日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.24%，国企指数涨0.31%，恒生科技指数跌 0.09%。 分板块看，影视股再度上扬。阿里影业（01060.HK）涨8.45%，近4个交易日上涨63.83%。花旗指出大 麦2025财年稳健增长，认为其IP商品潜力尚未完全释放，「Chiikawa」和「蜡笔小新」将在2026财年带 来新贡献。其它概念股，猫眼娱乐（01896.HK）涨4.05%，柠萌影视（09857.HK）跟涨。 光伏太阳能概念股走高。福耀玻璃（03606.HK）涨4.64%，彩虹新能源（00438.HK）涨2.5%。此外， 部分核电概念股也涨幅居前，中广核矿业（01164.HK）涨8.5%，中广核电力（01816.HK）涨1.72%。 汽车产业链中，特斯拉概念、锂电池股、汽车经销商、汽车股等纷纷上扬。耐世特（01316.HK）涨 4.4%，永达汽车（03669.HK）涨2.37%，华晨中国（01114.HK）涨3.13%，长城汽车（02333.HK）涨 2.42%。据乘联分会5月22日最新调研，预计本月狭义乘用车零售市场总量将达到约185万辆，同比增长 8.5%，环比增长5.4%。 医药 ...

来源丨 深响 （ID： deep-echo ） 深响 . 挖掘增长密码，探解生意本质。 以下文章来源于深响 ，作者深响 作者丨 林之柏 图源丨 midjourney 最近的奢侈品行业波诡云谲，几个顶尖奢侈品集团的高层更迭尤为频繁。 LVMH集团内部进行了一场"乾坤大挪移"，顶奢羊绒品牌诺悠翩雅的CEO调任路易威登副CEO，钟表 部门CEO接任诺悠翩雅CEO，芬迪CEO改任迪奥副CEO；开云集团在今年年初分别为圣罗兰和巴黎 世家找来了新CEO。 高层频繁调整，固然体现了企业主动求变的决心。但这背后，或许还有不得不变的压力与焦虑——从 近期业绩来看，大家的处境都不容乐观： 爱马仕增速较去年同期下滑10个百分点； 开云集团录得双位数跌幅，Gucci销售额已连跌五个季度； LVMH集团的销售额远不及市场预期，其中酒水业务收入大跌； 利润暴跌94%的Burberry则在发财报当天宣布裁掉全球约五分之一的员工，希望能在2027财年 节省6000万英镑开销。 据麦肯锡统计，从2019年至2024年期间，奢侈品行业的经济利润增长了近三倍。这主要由于多数品 牌执行了提价策略——在经历了数年仅1%-2%的涨价后，从2019-20 ...

Investment Rating - The report indicates a positive investment outlook for the luxury goods industry in China, emphasizing the potential for sustained growth driven by high-net-worth consumers and evolving consumer behaviors [10][12][17]. Core Insights - The luxury goods market in China is undergoing a structural transformation, with a shift from "symbolic consumption" to "cultural recognition," reflecting deeper consumer values and preferences [41][44]. - High-net-worth individuals are increasingly viewing luxury goods as essential, with 43% indicating plans to increase their spending on daily luxury items in the coming year [21][24]. - The report highlights the role of Xiaohongshu (Little Red Book) as a critical platform for luxury brands, facilitating consumer engagement and decision-making through a unique content ecosystem [9][10][50]. Summary by Sections Chapter 1: Consumer Behavior Changes - The report outlines a behavioral map of consumers, noting that high-net-worth individuals exhibit resilience in luxury spending, even during economic downturns [17][24]. - Four new trends in luxury consumption among high-net-worth individuals are identified, including a focus on cultural values and experiences over mere materialism [24][25]. - The concept of "long-termism" is gaining traction, with consumers increasingly valuing classic designs and sustainable luxury products [30][35]. Chapter 2: Xiaohongshu's Role in Luxury Consumption - Xiaohongshu is positioned as a pivotal platform for luxury brands, acting as a "relationship incubator" that fosters trust and engagement between brands and consumers [64][66]. - The platform's unique search behavior, where 70% of users start their luxury product searches from a scene or category perspective, enhances brand visibility and consumer connection [54][55]. - Xiaohongshu's content-driven approach allows luxury brands to create emotional resonance and cultural narratives that align with consumer identities [49][50]. Chapter 3: Market Dynamics and Strategic Implications - The report emphasizes the importance of cultural empathy and storytelling in luxury branding, as consumers seek deeper connections with brands that reflect their values [44][45]. - The luxury market is characterized by a dual demand for both exclusivity and accessibility, necessitating a nuanced approach to marketing and consumer engagement [24][25]. - Brands are encouraged to leverage Xiaohongshu's ecosystem to enhance their market positioning and drive sustainable growth through targeted content strategies [66][74].

比如你看上了一款爱马仕的包，但要想买到手，还需要买爱马仕的拖鞋、皮带等周边产品。 那么为什么会出现这种情况呢？ 作为经销商的你，有没有遇见厂家强制配货的时候。 就是我打款定一批货，品牌方业务员说必须要搭配这些货，我才能给你发货。 这个套路是不是很熟悉。 没错在奢侈品行业，这属于基本操作。 这是因为奢侈品的产品本身具有稀缺性，一款包分配到每家店里都有数量限制，但想要购买的人不少，因此你要想拥有优先购买权利，就必须要配货，配 货的价格越高，拿到心仪的包的概率才越大。 比如就有人花140万配货仍被拒。 所以但这个看上去并不"公平"的潜规则，并没有人质疑。 回到快消品行业，为什么在如此内卷的今天，品牌方还会给经销商搭配产品呢？ 首先能够实行这种策略大概率是一线品牌，而且是一线品牌里的畅销产品。 品牌方业务员会告诉你，今年政策很好，你做的又是畅销大单品，但是我不能把你的款全部安排成畅销大单品，一是货太好卖了，数量有限，我们要均衡 其他地区的市场需求，所以给到我手里只有这么多。 二来呢，公司今年也出了一些新品，我手上也有任务，所以要给你配点货，帮你增加产品sku，如果新品卖起来了，对你来说也是好事。 那如果经销商拒绝呢？ ...

拒绝妥协，欧美谈判进展缓慢 全球奢侈品巨头LVMH掌门人Bernard Arnault罕见地对欧美关税谈判进展表达了的不满。 周三，Bernard Arnault在法国议会听证会上直言不讳地批评欧盟与美国的谈判"开局不利"。他敦促欧盟 与特朗普政府进行"建设性"谈判，并特别指出英国迅速与华盛顿达成贸易协议的成功案例。 Bernard Arnault说道， 谈判必须以建设性方式推进......需要双方互作让步。你们看到英国人的做法，他们谈判得非 常出色。我希望凭借我有限的资源和关系网，能够说服欧洲采取同样建设性的立场。 这位奢侈品巨头掌门人认为，美国是全球最大市场，对欧洲而言与美达成协议至关重要。"就目前来 看，我认为谈判开局相对不利。" Arnault与特朗普保持着私人关系，两人相识数十年，他出席了特朗普1月的总统就职典礼。 按市值计算，LVMH是欧洲最大的企业之一。在奢侈品行业本就面临销售放缓之际，关税可能进一步冲 击该行业销售。 美东时间5月21日周三，媒体援引知情者消息称，欧盟预计将向美国分享一份修订后的贸易提案，双方 将持续讨论这些提议，目标是下月初举行政治层面的会晤。 不过，欧美谈判进展依然十分缓慢 ...

欧盟、日本都准备对小包裹收税，Shein、Temu 们的压力更大了。 据媒体报道，欧盟计划取消价值低于 150 欧元（约 170 美元）的小包裹免税政策，去年欧盟市场大 约有 46 亿件这样的包裹，其中超过 90% 来自中国。这些包裹经由亚马逊、Shein、Temu 等跨境电 商平台卖到欧洲。直接寄给消费者的小包裹将被征收 2 欧元的税，发到欧洲本地仓库的包裹将被征 税 0.5 欧元。 日本也有同样计划，此前价值低于 1 万日元（约合 495.56 人民币）的进口商品免征关税和消费 税，2026 年详细税收新政出来后，这样的免费政策可能被取消。 Temu、Shein 等中国跨境电商平台原本准备准备从美国之外的市场找到更多增量，上个月两家都增 加了在欧洲的线上广告投放。这可能是为了弥补美国市场的影响：5 月 2 日起，所有寄往美国价值 不超过 800 美元的包裹都要被征税。但现在美国之外的市场压力也更大了。 百度一季度营收同比增长 7%，AI 相关收入增速超过 100%。 百度 2025 年一季度核心营收（不含爱奇艺）达 255 亿元，同比增长 7%，净利润同比增长 48% 至 76.3 亿元。管理层在电话会上 ...