Core Viewpoint - The Chinese Ministry of Finance released a report on the execution of fiscal policy for the first half of 2025, outlining six key areas of focus for future fiscal policy implementation [1]. Group 1: Fiscal Policy Implementation - The report emphasizes the need for a more proactive fiscal policy, including actions to boost consumer spending through targeted financial subsidies for personal loans in key sectors [3]. - Support for employment and foreign trade is prioritized, with measures to promote job creation and assist businesses in maintaining operations and expanding markets [4]. - The report highlights the importance of fostering new growth drivers by advancing core technologies and promoting emerging industries, while ensuring equal treatment for all business entities [4]. Group 2: Consumer Trends - High-end consumption is showing signs of recovery, with notable improvements in sectors such as Macau gaming and luxury goods, driven by wealth effects and supply optimization [6]. - The luxury market is experiencing growth, with companies like LVMH and Hermès reporting improved sales in China, indicating a positive trend in consumer sentiment [6]. - New consumption sectors, particularly in the tea beverage industry, are expected to see significant profit growth, with leading brands benefiting from strong market positions [8]. Group 3: Policy Support for Consumption - The government is taking steps to enhance service consumption by relaxing entry barriers and removing unreasonable restrictions, which is expected to boost consumer willingness to spend [7]. - Recent policy changes in the duty-free sector aim to improve shopping experiences and increase consumer engagement in duty-free shopping [7].

FERRAGAMO成都IFS新概念旗舰店启幕 庆祝品牌入驻中国三十周年 近日，成都高端时尚领域迎来多个品牌的重要市场活动：意大利品牌 FERRAGAMO 的成都 IFS 新概念旗舰店正式焕新启幕，并同步纪念品牌入驻中国三十 周年；瑞士高级制表品牌爱彼的全球首家全新概念精品店也于成都启幕。此次品牌持续深耕西南市场，既为成都再添高端消费新地，为当地消费者带来更丰 富的高端购物选择与体验，更既彰显了品牌对中国西南高端消费市场的重视。 该精品店坐落于成都核心商圈显眼转角区域，紧邻主入口之一，跨越两层空间。外立面贯通上下两层，形成极具视觉冲击力的建筑语言。旗舰店的首层空间 聚焦于男士与女士的当季手袋与鞋履系列，其中特别设置的Vara陈列装置，致敬最具代表性的Vara蝴蝶结鞋，每一款鞋履都以凸显其视觉美学与独特细节的 方式呈现。沿楼梯拾级而上，二层空间则缓缓展开品牌的完整时尚世界：这里汇集了男女成衣、鞋履与配饰系列，并设有私密的贵宾专属空间，提供更为放 松、专属的购物体验。同时，此层还设有星光熠熠的典藏展区，呈献典藏限量复刻系列。 g 42 13 - 97 e 0 a 12 t - 85- 1 1 # # # # . B ...

Group 1: European Market Focus - Economic growth in the Eurozone is becoming balanced, but recovery remains weak. Manufacturing, services, and composite PMIs are generally better than expected, indicating the economy is in a recovery phase. However, external factors such as increased tariffs from the US and the appreciation of the Euro may suppress growth [12][18][22] - The European Central Bank (ECB) maintained its key interest rates in October, with a neutral stance and a more optimistic assessment of the economy. The ECB is not expected to adjust policy rates in the near future, as the inflation environment is considered stable [16][18] - Stocks in the European market show limited elasticity, with recommendations to focus on the defense sector. Adidas and Moncler are highlighted as key stocks, with Adidas showing strong quarterly performance but facing pressure due to slowing revenue growth in North America [22][24] Group 2: Indian Market Focus - Weak consumer sentiment is constraining economic growth in India. The household debt-to-GDP ratio is low at 43.1%, which may limit future growth. GST revenue growth has also slowed, indicating potential economic deceleration [30][32][34] - The Indian economy is expected to see real GDP growth rates of 6.3% in FY2026 and 6.2% in FY2027, with a potential interest rate cut by the Reserve Bank of India anticipated in December 2025 [32][34] - Key stocks to watch include Mahindra and Hindalco, with Mahindra expected to benefit from GST tax cuts boosting automotive demand, while Hindalco is positioned well in the aluminum sector due to supply disruptions [39][41] Group 3: Singapore Market Focus - The composite PMI in Singapore reached its highest level in 14 months, indicating a positive economic outlook. The Straits Times Index is supported by the 50-day moving average, with key stocks including Keppel Data Centres REIT and CapitaLand [45][47]

Core Insights - The global fashion and luxury goods industry is experiencing significant divergence, with strong recovery in North America and China driving growth for some brands while others face structural challenges [1] Group 1: Company Performance - Canada Goose reported a 20% year-on-year revenue increase in the Asia-Pacific market, with strong double-digit growth in mainland China, driven by direct-to-consumer (DTC) channels [2] - Ralph Lauren's global revenue grew by 17% to $2 billion, with over 30% growth in the Chinese market, reflecting a successful high-end strategy [3][4] - Brooks, a professional running shoe brand, achieved a 17% increase in global revenue, with an impressive 82% growth in the Asia-Pacific market [11][12] Group 2: Structural Challenges - Coty Group's net revenue fell by 6% to $1.577 billion, with all business segments and markets declining, raising concerns about its position in the global beauty market [5] - Hugo Boss reported a 4% decline in total sales, particularly struggling in the Asia-Pacific region, indicating a lack of local brand resonance [10] - Michael Kors showed signs of stabilization with a slight revenue decline of 1.8%, marking a potential recovery phase after several quarters of negative growth [9] Group 3: Strategic Adjustments - Olivier Rousteing's departure from Balmain marks a new phase for the brand as it seeks to reshape its creative and commercial strategies [6] - LVMH showcased its commitment to sustainable fashion at the China International Import Expo, highlighting its ongoing relationship with the Chinese market [7] - The luxury brands are shifting from price-driven strategies to experience-driven competition, as evidenced by the pricing strategies of Louis Vuitton and Gucci in China and the U.S. [16] Group 4: Legal and Regulatory Developments - Shanghai police arrested 22 individuals involved in a major counterfeit luxury goods operation, reflecting increasing protection for brands and intellectual property in China [14]

Core Insights - The luxury goods market is experiencing a downturn, with Bain & Company predicting a decline in global luxury sales by 2% to 5% by mid-2025, marking the first significant slowdown since 2009 [5] - Despite the overall market decline, luxury goods have gained renewed consumer interest during the Double Eleven shopping festival, with significant year-on-year growth reported by various e-commerce platforms [4][6] Market Trends - The luxury market in China and the U.S. has shown a downward trend, influenced by macroeconomic factors and changing consumer behaviors, particularly among younger consumers who are becoming more rational in their spending [5][8] - The demand for luxury goods is diversifying, with consumers increasingly valuing newness, personalized experiences, and high cost-performance ratios, leading to a reshaping of the luxury consumption landscape [5][8] E-commerce Performance - Tmall reported double-digit growth in luxury brand sales during the Double Eleven event, with over 200 major brands launching exclusive seasonal products [6] - JD.com noted a significant increase in sales for luxury down jackets and jewelry, with some categories experiencing growth of 1.5 times year-on-year [6] - Vipshop has also seen over 30% year-on-year growth in luxury goods sales, driven by the appeal of discounted luxury items [6][3] Consumer Behavior - The perception of luxury is shifting from brand-centric to value-oriented, with consumers prioritizing emotional value and experiences over mere brand prestige [8][10] - The rise of discount luxury shopping channels is notable, as consumers seek entry-level luxury products at competitive prices [8][9] Industry Innovations - The introduction of independent authentication services by China Inspection and Quarantine (CIQ) on e-commerce platforms aims to enhance consumer confidence in discounted luxury goods [9] - The luxury market is increasingly influenced by younger generations, who prioritize style and personal resonance with brands over traditional brand loyalty [10]

Summary of Conference Call Records Industry Overview - The U.S. economy is facing stagflation risks, with both soft and hard data indicating weakness, particularly in employment and consumer spending [1][2][3] - The sales of corrugated boxes have hit a ten-year low, reflecting sluggish consumer demand, with early Christmas stocking up in July peaking and then declining in August and September [1][2] - The U.S. U6 unemployment rate reached 8.1% in August, with youth unemployment at 9.2%, compounded by student loan repayment pressures, limiting consumer capacity [1][2][3] Key Points and Arguments - The government shutdown has led to 750,000 federal employees being furloughed or working without pay, with a suspension of $24 billion in federal spending, impacting GDP by approximately 0.1% weekly [1][3][4] - If the shutdown continues, the GDP could decline by more than 2% in Q4 [1][3] - The Federal Reserve's interest rate cut expectations have dropped sharply from 90% to 60% due to comments from Chairman Powell, exacerbating liquidity tightening and negatively affecting stocks and risk assets [1][4] - The reduction of food stamp amounts in November by half affects about 1/8 of the U.S. population, leading to an expected additional decline in consumer growth by about 0.5% [1][4][6] Economic Challenges - The U.S. economy is experiencing a K-shaped recovery, where AI-related investments are driving demand for chips, storage, and power equipment, while demand for ordinary consumer goods remains weak [2][5][9] - Exports of graphics cards from Taiwan to the U.S. increased by 138.2%, and South Korea's semiconductor exports grew by 25.4%, while traditional manufacturing countries like Vietnam and Mexico are facing weaker exports [2][5][8] Consumer Behavior and Market Impact - Chipotle and McDonald's Q3 earnings reports indicate a significant decline in spending among their primary consumers—young people and low-income groups [3][4] - The Michigan Consumer Sentiment Index fell to 50.3 in November, the lowest since June 2020, indicating severe consumer confidence issues [3] - The K-shaped recovery is evident in consumer behavior, with luxury goods remaining strong while middle and low-income groups shift to cheaper shopping options [9][10] Future Monetary Policy - Given the complex economic environment, the Federal Reserve may adopt a more accommodative monetary policy, with expectations for interest rate cuts in December [11] - The Fed may have no choice but to implement easing measures to support overall economic stability amid reduced fiscal spending and rising unemployment [11]

Group 1 - The Chinese market has become a crucial part of brand strategy and a source of creativity for luxury brands [1][9] - Kering's CEO, Luca de Meo, emphasized the importance of collaboration and innovation in the luxury sector during his first visit to China [4][6] - LVMH's CEO, Bernard Arnault, and other executives are actively engaging with local brands to understand their appeal and strengthen connections with Chinese consumers [3][7] Group 2 - Luxury brands are increasing their investments in China despite challenges, with a focus on local market integration and resonance [3][6] - The growth of local brands like 山下有松 and 裘真 is seen as a positive signal for the luxury market, indicating a shift in consumer preferences [9] - Companies are adopting innovative practices from the Chinese market to enhance their global operations, recognizing China's role as a leader in market innovation [9]

同时，迪奥工坊的面料余料与经升级再造的奢美材质也被赋予了新的生命，化作生动俏皮的野生小动 物，被带到此次进博会上：诸多能工巧匠以手工剪裁与缝制技艺，精心打造出小狗、蜜蜂、松鼠等灵动 造型。大自然的灵感与匠心工艺在此交汇，巧妙呼应迪奥对可持续理念的诗意诠释。 此外，迪奥还以一系列影像，邀请观众见证品牌在多个维度的可持续发展战略——生物多样性与自然资 源保护、减缓气候影响、创意循环以及员工与合作伙伴的共同承诺，全方位展现品牌以创新行动诠释可 持续之美的愿景。这些影像作为记录，将推动时尚行业迈向更负责任的未来。 2025年11月5日-10日，迪奥再赴中国国际进口博览会(CIIE)，续写品牌与中国的深厚情缘。在本届进博 会中，迪奥再次重申其对传承、艺术美学与社会责任的承诺，不断拓展卓越的边界。 最后，在本次进博会中，还特设了一座"LVMH迷你博物馆"，集中呈现集团旗下品牌的经典佳作与创新 匠艺。迪奥于此呈献两款代表作品：其一为中国艺术家鞠婷赋新演绎的经典LADY DIOR手袋，该作品 灵感源自动态艺术的表现原理，由起伏波动的面板构成，营造出动感十足的律动效果与视觉错觉，专为 2025年度的"DIOR LADY ART ...

Core Insights - Major cities like Shanghai and Shenzhen are experiencing significant changes, reflecting deeper market logic shifts that require attention to the real needs and feelings of residents rather than just economic metrics [1][9] Employment Market - The job market in Shanghai and Shenzhen is polarized, with high-end positions facing intense competition, while basic manufacturing and service jobs struggle to attract workers [3] - For example, a factory in Shenzhen offers a monthly salary of 8,000 yuan but still cannot find workers, indicating a mismatch between educational output and industry demand [3] Real Estate Market - There is a stark divide in the real estate market, with luxury properties in Shanghai seeing a 15% increase in sales volume year-on-year, while demand for affordable housing has dropped by 22% [3] - In Shenzhen, the average price of second-hand homes has decreased from 83,000 yuan per square meter at its peak to 65,000 yuan, yet ordinary buyers still find it unaffordable [3] Consumer Behavior - There is a trend of consumption downgrade and increased savings, with luxury goods sales in Shanghai dropping by 8% year-on-year, while sales of fast-moving consumer goods under 100 yuan rose by 25% [5] - The proportion of residents saving money has increased to 38%, with families saving an average of 2,000 yuan more per month compared to before [5] Talent Migration - A "reverse siphon" effect is occurring, with more young people leaving first-tier cities for second-tier cities, as evidenced by a 45% increase in those returning to seek jobs in second-tier cities from Shenzhen [7] - The willingness of fresh graduates in Shanghai to stay has fallen below 60%, driven by high living costs and pressures in first-tier cities [7] Conclusion - The four phenomena observed in Shanghai and Shenzhen are indicative of a fundamental change in market dynamics, emphasizing the need for urban development to balance economic growth with the well-being of residents [9]

Group 1 - LVMH views China as a crucial strategic market and is confident in future development, planning to increase investments through cultural cooperation, sustainable development, technological innovation, and local talent cultivation [1] - The company is advancing its "LIFE 360" environmental strategy, aiming to eliminate single-use plastics, reduce carbon emissions and resource consumption, and optimize logistics to lower carbon footprints by 2026 and align with the UN's 2030 Sustainable Development Agenda [1] - LVMH emphasizes its commitment to the Chinese market, citing resilient consumer behavior and increasing demand for high-quality products, leading to continuous innovation in offerings such as immersive spaces and limited edition collaborations [1] Group 2 - LVMH maintains a "Made in France" core strategy focused on sustainability, high quality, consumer safety, and innovation, with plans to integrate technological advancements while preserving French cultural heritage [2] - The "SHOW ME" project aims to train young artisans in traditional crafts, aligning with China's emphasis on vocational skills and craftsmanship, demonstrating LVMH's commitment to long-term development in the region [2]