Core Points - The article discusses the current state of campus recruitment events, highlighting the mixed experiences of students attending these events and the varying quality of presentations from companies [1][4][11] Group 1: Campus Recruitment Events - Campus recruitment events are becoming increasingly significant, with over 7,977 events expected to take place across 350 universities in China from September 22 to October 23, 2023 [19] - Students are often left questioning the value of attending these events, as some feel they are merely promotional rather than informative [11][28] - The expectation for these events includes clear communication of salary, benefits, and career paths, which many companies fail to deliver [26][31] Group 2: Company Practices - Companies like LVMH have faced criticism for their recruitment presentations, which lacked practical information and focused more on brand promotion than on job opportunities [4][9][11] - In contrast, other companies such as Miniso and L'Oréal have been noted for providing more engaging and informative sessions, including direct interactions with HR and immediate feedback [10][26] - The trend of offering promotional gifts at recruitment events has become a common practice, with companies using these gifts to create a positive impression among students [12][15][32] Group 3: Student Perspectives - Students are increasingly viewing recruitment events as opportunities to collect promotional items rather than as serious job-seeking venues, leading to the phrase "recruitment events are shopping events" [13][32] - Many students express frustration when events do not provide tangible recruitment opportunities, leading to a sense of wasted time [28][31] - The competitive nature of recruitment has led students to attend events across different universities, even if the companies are not directly recruiting from their institution [22][24]

Core Viewpoint - The report from Lyon indicates a mixed trend in consumer spending during the recent holiday period, with strong travel demand but varying performance across sectors [1] Group 1: Travel and Consumer Trends - Overall travel demand showed a year-on-year increase of 6.9% in total cross-regional travel volume [1] - The luxury goods sector is experiencing continuous improvement, benefiting from easier comparative bases, targeted customer development, and increased promotional activities in shopping malls [1] Group 2: Sector Performance - The film box office and sportswear sectors are noted to be underperforming [1] - Sales in the gold and jewelry sector benefited from rising gold prices, although overall sales volume remains weak [1] Group 3: Company Insights - Channel checks reveal that Lao Pu Gold (06181) continues to perform strongly, with reduced sales pressure due to less aggressive inventory promotion by brands [1] - Preferred stocks identified by Lyon include LVMH, Richemont, Yingtong Holdings (06883), and Anta Sports (02020) [1]

Core Insights - Overall consumer trends during the holiday period show divergence, with strong travel demand and a 6.9% year-on-year increase in total inter-regional travel volume [1] - The luxury goods sector is experiencing continued improvement, benefiting from easier comparative bases, targeted customer development, and increased mall promotions [1] - However, the film box office and sports apparel sectors are underperforming [1] - Sales in the gold and jewelry segment are supported by rising gold prices, but overall sales volume remains weak [1] - Preferred stocks include luxury groups LVMH, Richemont, Yintong Holdings, and Anta Sports [1]

Core Viewpoint - The article discusses the disparity between individuals with strong analytical skills who often lose money in the stock market and those who achieve significant wealth without apparent exceptional intelligence, attributing this to the limitations of conventional thinking in investment and entrepreneurship [3][6]. Group 1: Insight and Methodology - Insight involves identifying anomalies in everyday life that can lead to overlooked opportunities [8]. - In investment, the process includes discovering market phenomena, designing effective investment methods, testing and improving these methods, and ultimately risking significant capital based on past successes [5][6]. - The article emphasizes that the structured environment of large companies supports success through established processes, while investment and entrepreneurship are less predictable and often lead to failure despite similar methodologies [6][14]. Group 2: Survivor Bias - The concept of survivor bias is highlighted, where successful entrepreneurs and investors are often seen as exceptional, while the failures using similar methods remain unnoticed [6][12]. - The luxury goods market is used as an example, illustrating that successful brands often benefited from unique circumstances rather than replicable strategies [11][12]. - The article warns that many perceived "blue oceans" are actually "dead seas" where previous entrepreneurs have failed, indicating the randomness of success in business ventures [13][14]. Group 3: Explanation and Reality - The ability to explain outcomes is crucial in corporate environments, where clear communication can determine success [18][19]. - However, in investment, explanations often reflect survivor bias, leading to misinterpretations of market realities [20][21]. - Investors may become trapped in self-deception, over-relying on their analytical skills while ignoring adverse market signals [21]. Group 4: Persistence and Its Pitfalls - Persistence is often overvalued in investment, as sticking to a failing strategy can lead to irreversible losses [24][27]. - Successful investors must balance persistence with the ability to adapt to changing market conditions, rather than rigidly adhering to initial strategies [30][31]. - The article concludes that the combination of insight, explanation, and persistence can lead to significant losses if not managed carefully, emphasizing the need for flexibility in investment strategies [32].

Investment Rating - The report initiates coverage with an OUTPERFORM rating for Burberry Group, setting a target price of £14.50, representing a 20.6% upside from the current price of £12.02 [2][3]. Core Insights - Burberry is in a phase of brand repair and profit recovery, with current valuations not reflecting mid-term improvement potential. Under the leadership of new CEO Joshua Schulman and creative director Daniel Lee, the Burberry Forward strategy is effectively enhancing profitability [3][4]. - The company has shown signs of fundamental recovery, with a focus on returning to its classic roots while optimizing costs and enhancing brand recognition through modern aesthetics [3][4][5]. Summary by Sections Brand Heritage and Product Categories - Burberry, established in 1856, has evolved from a raincoat manufacturer to a globally influential luxury brand, with ready-to-wear clothing as its core revenue source, contributing approximately 60-70% of total revenue from FY2020 to FY2025 [4][11]. - The product matrix is continuously optimized, with ready-to-wear clothing being the primary revenue contributor, followed by accessories and menswear [16][18]. New Management and Strategy - The new management team, led by Joshua Schulman, is implementing the Burberry Forward strategy, focusing on brand positioning, product structure, channel operations, and organizational management to enhance decision-making efficiency and reduce costs [6][43]. - The management anticipates achieving approximately £100 million in annual savings by FY27 through workforce reductions and operational efficiencies [6][9]. Industry Landscape - The personal luxury goods market is expected to decline by 1.4% in 2024, marking the first slowdown in 15 years, primarily due to macroeconomic uncertainties. However, long-term growth opportunities remain, driven by younger consumer demographics and product innovation [8][9]. - Burberry holds a 0.9% market share, ranking 18th among luxury brands, indicating significant room for growth within the industry [8][9]. Revenue and Profitability Forecast - Revenue and gross margins are projected to face short-term pressure, but improvements are expected as the Burberry Forward strategy progresses. The company anticipates revenue growth rates of -3.7%, +4.6%, and +4.6% for FY2026E to FY2028E [9][10]. - The gross profit margin is expected to recover from FY26 onwards, with estimates of 65.8%, 67.0%, and 68.2% for the following years [9][10].

Core Points - The London Stock Exchange's FTSE 100 index closed at 9483.58 points on October 7, with a slight increase of 4.44 points, representing a 0.05% rise [1] - Major European stock indices also experienced gains on the same day, indicating a positive market trend across the region [1] Top Gainers - The top five gainers in the London stock market included: - DCC plc, which saw a stock price increase of 3.90% - Imperial Brands, with a rise of 3.36% - Burberry Group, up by 3.04% - Beazley plc, increasing by 2.78% - British American Tobacco, which rose by 1.82% [1] Top Losers - The top five losers in the London stock market included: - Entain plc, which experienced a decline of 6.54% - Mondi plc, down by 4.82% - John David Group, decreasing by 2.44% - Spirax-Sarco Engineering, down by 2.26% - Babcock International Group, which fell by 2.19% [1] Other European Indices - The CAC 40 index in Paris closed at 7974.85 points, with a gain of 3.07 points, reflecting a 0.04% increase - The DAX index in Frankfurt closed at 24385.78 points, rising by 7.49 points, which is a 0.03% increase [1]

格隆汇10月6日｜花旗集团：将路威酩轩(LVMH)目标价从635欧元下调至630欧元。 ...

Core Insights - Bank of America reports that Hong Kong's retail sales in August increased by 3.8% year-on-year, surpassing the expected 2.0% growth, and showed a quarterly increase of 1.5% after a decline of 1.9% in July [1] Retail Sales Performance - The year-on-year growth in retail sales was supported by strong sales in luxury goods and non-essential items, with luxury sales (jewelry and watches) increasing by 16.4% compared to the previous year, up from 8.9% [1] - Clothing sales slightly rose to 3.2%, while department store sales slowed to 2.0% [1] - Sales of electronic products and durable goods rebounded from -8.3% to 0.4% [1] - Supermarket and food retailer sales declined by 0.9% and 3.5%, respectively, while automobile sales fell by 8.9% and fuel sales saw an expanded decline of 11.4% [1] Factors Supporting Retail Recovery - The recovery in retail sales is likely supported by various factors, particularly the improvement in visitor numbers, which has notably boosted luxury and non-essential sales [1] - In August, Hong Kong recorded 4.2 million visitors from mainland China, marking the highest monthly visitor count since the border reopened in 2022 [1] - Bank of America anticipates that the rise in Hong Kong stocks and stability in the real estate market in September will create a wealth effect, further improving retail sales [1]

记者 叶宇 "好球！"随着上海网球大师赛上演一记精彩的扣杀，街边的球迷爆发出一阵欢呼。 今年7月，上海公布吴江路—丰盛里区域、西岸梦中心区域等首批夜间经济地标。随之而来一系列 丰富的夜间活动，在国庆中秋双节期间，向市民游客展示出一个浪漫松弛的"夜上海"。 许多店铺、餐饮企业延长营业时间。22时来到西岸梦中心，游客仍能看到一场结合水幕投影、激光 技术与冷焰火的船坞光影秀。沿着滨江步行，身旁的商场灯光明亮，某知名化妆品门店内，还能看到消 费者正在选购商品。大部分餐厅将营业时间延长到了23时或0时，其中面向江面的一楼餐厅都布置了大 量外摆位，深夜时分户外上座率仍有将近五成。 假日期间的夜晚，站在石门一路吴江路路口，节庆的热浪从四面八方扑面而来。 LV"路易号"以巨轮之姿"停泊"在兴业太古汇，吸引游人的目光与镜头；马路对面，凯迪拉克的品 牌快闪将先锋的电子音乐送入路人耳朵，与城市节拍共振；一转身，吴江路美食街摆开200米秋日市 集，烧烤、炸串等美食香气蹿入鼻腔，吸引食客停下脚步。 来自意大利的劳拉是第一次来上海旅行，充满烟火气的市集让她感到十分有趣。她说："之前朋友 们总说上海多么繁华，有许多摩登的高楼大厦，但是这种 ...

Group 1: Economic Trends - The article highlights a significant price restructuring in the market, driven by four strong waves of price reductions, impacting different demographics in contrasting ways [1][3] - The first wave involves a fierce price war in the electric vehicle market, with major brands announcing price cuts, leading to increased availability and discounts for consumers [9][11] - The second wave reflects a "bubble-popping" phenomenon in the second-hand housing market, characterized by a surge in listings and extended transaction times, prompting sellers to lower prices [6][10] Group 2: Consumer Behavior - High-end liquor and luxury goods are experiencing price declines in secondary markets, indicating a shift in social attitudes and a retreat from the "gift economy," benefiting rational consumers seeking value [3][4] - Consumers are responding positively to widespread promotions in electronics and everyday goods, enjoying lower prices while companies resort to price cuts to boost sales volume amid declining consumer confidence [5][6] - The article notes that the shift in the housing market empowers first-time buyers, allowing them to negotiate better deals, contrasting with the anxiety felt by property investors facing declining asset values [8][10] Group 3: Industry Challenges - Retailers and brand distributors are struggling due to the impact of online low pricing, leading to reduced foot traffic and severely squeezed profit margins [5][6] - The electric vehicle industry faces pressure as sales become increasingly competitive, with sales personnel experiencing heightened stress due to shrinking profit margins [11] - The overall economic and social psychological rebalancing is seen as a challenge and an opportunity, prompting a reevaluation of true value beyond material possessions [13]