2025 年上半场，对全球奢侈品来说无疑是低迷的。增长停滞、投资情绪冷淡、消费信心徘徊。但进入第三季度后，行业情绪开始微妙转变——美国市场 重新启动，中国市场触底企稳，设计创意回暖，奢侈品似乎正尝试一次 "软着陆"。 分析师普遍预计，第三季度财报将出现温和增长。 二、美国：财富效应推着奢侈品重新上路 真正推动行业反弹的，是美国。 经历了春季的 "关税震荡" 后，美国市场迅速恢复信心。特朗普政府的贸易政策短暂扰动股市，但如今美股再创新高，财富效应重启。Rambourg 表 示："第三季度的最大惊喜来自美国。拥有强大本土业务的品牌，表现最好。" Scotti 进一步指出，美元企稳、利率下降、股市上扬，共同减轻了奢侈品定价压力。"市场曾担心欧元走强会迫使品牌上调美国售价，但美元稳定后，这 个风险缓解了。" 汇丰银行预测全球奢侈品销售额环比增长 1.3%，此前一、二季度分别下滑 0.4% 和 0.8%。汇丰全球消费与零售研究主管 Erwan Rambourg 表示："上半年 情况确实不理想，但第三季度略有改善，投资者的兴趣也开始回升。" 不过，业内共识是：复苏仍然分化。伯恩斯坦分析师 Luca Solca 直言："品 ...

现货黄金突破4180美元/盎司 再创历史新高 受贸易紧张局势和鲍威尔降息信号推动，现货黄金突破4180美元/盎司，再创历史新高，日内上涨 0.9%。（智通财经） 重视市值管理 多家上市公司发布股份回购计划 进入10月，多家上市公司发布新一轮回购计划。据记者统计，国庆中秋长假后4个交易日，已有中远海 控、奥比中光、九安医疗、中工国际等10多家上市公司发布回购股份相关公告，用真金白银持续向市场 传递积极信号，为市场注入信心。记者关注到，股份回购已成为上市公司市值管理的重要工具。中远海 控、九安医疗均表示，公司股票收盘价格低于公司最近一期每股净资产，希望通过回购增强投资者信 心，推进公司股票市场价格与内在价值相匹配。从回购特点看，奥比中光、富士莱等公司在年内多次推 出回购计划，华新水泥等公司执行效率高，火速实施回购。上市公司正以实际行动，向市场传递对企业 自身发展与经济前景的长期看好。（人民财讯） 港股IPO定价新规后仅1家破发 新股涨幅猛散户中签难 2025年以来，港股市场迅速回暖，港股IPO更是在前三季度重登全球集资额首位。尤其是在8月4日新股 定价机制改革新规正式实施后，港股新股上市首日表现越来越好，19家新 ...

| | | 全球主要股票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 道琼斯工业平均 | 现价 46270.46 | 涨跌 202.88 | 涨跌幅 0.44% | | | 纳斯达克 | 22521.7 | -172.91 | -0.76% | | | 标普500 | 6644.31 | -10.41 | -0.16% | | 欧美 | 欧洲斯托克50 | 5552.05 | -16.14 | -0.29% | | | 英国富时100 | 9452.77 m | 129.9 | 0.10% | | | 法国CAC40 | | 7919.62. gogud =14.64 | -0.18% | | | 德国DAX | 24236.94 | -150.99 | -0.62% | | | 俄罗斯RTS | 1001.3 | -2.49 | -0.25% | | | 上证指数 | 3865.23 | -24.27 | -0.62% | | | 深证成指 | 12895.11 | -336.36 | -2.54% | | | 创业板指 | 2955.98 | -12 ...

三家知名奢侈品公司，集体被罚！ 据新华社，欧盟委员会当地时间10月14日通报，欧洲三个奢侈时尚品牌古驰、蔻依、罗意威限制第三方线上及线下零售商对其产品定价的行为"妨碍竞 争"，违反欧盟反垄断法规，对三家企业处以合计约1.57亿欧元（约合人民币13亿元）的罚款。 | Company | | Reduction for cooperation Fine (after reduction) | | --- | --- | --- | | Gucci | 50% | €119 674 000 | | Chloé | 15% | €19 690 000 | | Loewe | 50% | €18 009 000 | 其中，古驰和罗意威的处罚金额均获得50%的减免。欧盟委员会提到，罚款金额的减免反映了每起个案中合作的时间点和价值。 据中国基金报，欧盟委员会执行副总裁Teresa Ribera表示："我们对三家欧洲时装公司处以罚款，理由是他们违反欧盟竞争规则，干扰其独立零售商的价 格。在欧洲，所有消费者，无论他们购买什么、在哪里购买，无论是在线上还是线下，都应该享受真正的价格竞争。这一决定向时尚界及其他行业发出了 一个强烈 ...

大家早上壕！ 先看海外要闻： 贸易担忧重燃，科技股回落拖累美股大盘。三大美股指中仅道指收涨，鲍威尔讲话后，盘初跌超1%的标普转涨，盘初跌超2%的纳指一度接近抹 平跌幅，但尾盘标普转跌，纳指跌幅扩大。收盘标普500跌0.16%，道指涨0.44%，纳指跌0.76%。 芯片指数收跌超2%，英伟达跌超4%，博通跌3.5%。中概指数跌近2%，幸福来收跌超35%，趣活跌12%，蔚来跌超5%，阿里跌超2%。公布三季 度业绩向好后，奢侈品巨头LVMH美股收涨近9%。 美债价格涨势消减，十年期美债收益率近一个月来首次盘中下破4.0%，后抹平降幅。 美元指数逼近两月高位后转跌；离岸人民币盘中跌超百点逼近7.15；加密货币回落，比特币盘中跌超5%，以太坊一度跌超9%。 黄金两日连创历史新高，现货黄金曾涨近2%；期银继续创收盘新高，但盘中涨超4%后转跌；纽铜盘中跌超4%。 IEA上调全球油市过剩预期，原油回落至五个月新低，美油盘中跌3%。 英伟达官网预告：GTC华盛顿特区大会10月27日至29日举行，黄仁勋将发表主题演讲，会议主题涉及量子计算等领域。 特斯拉官微预告11月7日将举行2025年股东大会：一个大胆而振奋人心的计划即将揭晓 ...

美国总统特朗普周二美股尾盘时在社交媒体上发文，称其政府正在考虑"终止与中国有关食用油的商业 往来"。受此消息影响，三大指数跳水，纳指、标普500指数最终收跌。 【美股】截至收盘，道指涨202.88点，涨幅为0.44%，报46270.46点；纳指跌172.91点，跌幅为0.76%， 报22521.7点；标普500指数跌10.41点，跌幅为0.16%，报6644.31点。博通(AVGO.US)跌3.5%，英伟达 (NVDA.US)跌4.4%，纳微半导体(NVTS.US)涨26%。纳斯达克中国金龙指数跌1.95%，阿里巴巴 (BABA.US)跌超2%。 【欧股】德国DAX30指数跌120.72点，跌幅0.50%，报24254.56点；英国富时100指数涨8.38点，涨幅 0.09%，报9451.25点；法国CAC40指数跌14.64点，跌幅0.18%，报7919.62点；欧洲斯托克50指数跌 12.74点，跌幅0.23%，报5555.45点；西班牙IBEX35指数涨45.21点，涨幅0.29%，报15583.51点；意大利 富时MIB指数跌83.59点，跌幅0.20%，报42084.00点。 IMF称央行需对货币宽 ...

Core Insights - LVMH reported a surprising 1% organic revenue growth in Q3, reaching €18.28 billion, ending two consecutive quarters of decline and exceeding analyst expectations of zero growth [1][4] - Following the positive earnings report, LVMH's stock surged over 8%, positively impacting other luxury brands like Kering and Richemont [1] Financial Performance - Q3 organic revenue growth of 1% to €18.28 billion, ending two quarters of decline, with a 9-month revenue of €58.1 billion, down 4% year-on-year [4] - Fashion and leather goods segment saw a 2% decline in Q3, better than the expected 4% drop, while perfumes and cosmetics grew by 2% and specialty retail (including Sephora) grew by 7% [4] - The wine and spirits segment unexpectedly grew by 1%, reversing a forecasted 3% decline, driven by champagne restocking in the U.S. [5] Regional Performance - Asia (excluding Japan) grew by 2% in Q3, contrasting with a 9% decline in the first half of the year, indicating a potential recovery in the Chinese market [5] - The U.S. market showed a solid 3% growth, while Europe declined by 2% due to currency fluctuations and reduced tourist spending [7] - Japan experienced a significant 13% decline, attributed to a high comparative base from the previous year when a weak yen attracted tourists [7] Structural Challenges - The fashion and leather goods segment, which contributes over two-thirds of LVMH's profits, reported a revenue drop of 8% in the first nine months of the year [3] - LVMH is undergoing a major creative overhaul with new creative directors appointed across several brands, but the long-term commercial success of these changes remains uncertain [3][6] - Despite the Q3 growth, LVMH's CFO cautioned that the fourth quarter will present more challenging comparisons, indicating potential volatility in future performance [5][6]

Core Points - The European Commission imposed fines totaling over €157 million on luxury brands Gucci, Chloé, and Loewe for anti-competitive pricing practices [1][2] - The investigation revealed that these companies engaged in resale price maintenance (RPM), restricting independent retailers' ability to set their own retail prices across the European Economic Area (EEA) [1][2] Summary by Category Fines and Penalties - Gucci was fined €119.7 million, Chloé €19.69 million, and Loewe €18.009 million, with Gucci and Loewe receiving a 50% reduction in their fines due to cooperation during the investigation [2] - The fines reflect the seriousness of the violations of EU antitrust rules and the importance of maintaining fair competition [2] Company Practices - The luxury brands were found to have interfered with their retailers' pricing strategies, requiring them to align with the companies' direct sales prices and conditions [1][2] - Specific restrictions included prohibiting retailers from deviating from recommended retail prices, maximum discount rates, and certain sales periods, and in some cases, outright bans on discounts [1]

Core Points - The European Commission imposed fines totaling over €157 million on luxury brands Gucci, Chloé, and Loewe for anti-competitive pricing practices [1][3]. Group 1: Companies Involved - Gucci, Chloé, and Loewe are prominent luxury fashion companies based in Italy, France, and Spain, respectively, and are engaged in the design, production, and distribution of high-end fashion products [3]. - The companies were found to have engaged in resale price maintenance (RPM), restricting the ability of their independent retailers to set their own retail prices [3][6]. Group 2: Nature of Violations - The companies intervened in the commercial strategies of their retailers by imposing restrictions, such as requiring retailers to adhere to suggested retail prices and prohibiting discounts in certain cases [6]. - The infringement behavior was found to cover the entire European Economic Area (EEA) and ended in April 2023 when the European Commission conducted surprise inspections [6]. Group 3: Penalties and Reductions - The fines were distributed as follows: Gucci was fined €119.7 million, Chloé €19.69 million, and Loewe €18.01 million, with Gucci and Loewe receiving a 50% reduction in their fines due to cooperation with the investigation [6][7]. - The European Commission emphasized that this decision sends a strong signal to the fashion industry and other sectors that such practices will not be tolerated, ensuring fair competition and consumer protection [7].

Core Points - The European Commission has imposed fines totaling over €157 million on luxury brands Gucci, Chloé, and Loewe for anti-competitive pricing practices [1][3][6] Summary by Sections Company Overview - Gucci, Chloé, and Loewe are prominent luxury fashion companies based in Italy, France, and Spain, respectively, engaged in the design, production, and distribution of high-end fashion products, including clothing, leather goods, and various accessories [3] Anti-Competitive Practices - The investigation revealed that these companies engaged in "resale price maintenance (RPM)," restricting the ability of their online and physical retailers to set their own retail prices. This infringement affected the entire European Economic Area (EEA) [3][6] - The companies intervened in their retailers' business strategies by imposing restrictions, such as requiring retailers to adhere to suggested retail prices, maximum discount rates, and specific sales periods. In some cases, retailers were prohibited from offering any discounts [6] Penalties and Reductions - The fines were as follows: Gucci was fined €119.7 million, Chloé €19.69 million, and Loewe €18.01 million. Gucci and Loewe received a 50% reduction in their fines due to cooperation during the investigation, while Chloé received a 15% reduction [6][7] - The European Commission's Executive Vice President, Teresa Ribera, emphasized that this decision sends a strong signal to the fashion industry and other sectors that such practices will not be tolerated, ensuring fair competition and consumer protection across Europe [7]