Core Points - The proposed "Zucman Tax" aims to impose a wealth tax on French households with assets exceeding €100 million, ensuring they pay at least 2% of their total assets in taxes [1][2] - The tax is expected to generate approximately €20 billion annually for the French government, targeting around 1,800 families [2] - The current financial situation in France is precarious, with a projected public deficit of €169.6 billion for 2024, representing 5.8% of GDP, and public debt expected to rise to 113% of GDP [2] Political Context - The new government led by Prime Minister Le Cornu faces challenges in negotiating the budget following the previous government's failure to pass a €44 billion budget cut [1] - The "Zucman Tax" has sparked intense debate in France, with supporters advocating for tax fairness and new revenue sources, while opponents argue it could drive wealthy taxpayers away and hinder business investment [1][2] - The controversy intensified after LVMH CEO Bernard Arnault criticized the proposed tax as a "deadly assault" on the French economy, leading to significant backlash from both supporters and opponents of the tax [2]

Core Viewpoint - The rise of "bulk luxury goods" reflects a significant shift in consumer behavior among young Chinese consumers, driven by economic changes and a desire for affordable luxury experiences [3][5][10] Group 1: Market Changes - The luxury goods market in China has evolved from long queues at duty-free shops to a trend of purchasing bulk luxury items, indicating a shift in consumer preferences [1][3] - Young consumers are increasingly turning to second-hand platforms and alternative products to satisfy their luxury desires within budget constraints [3][5] Group 2: Consumer Behavior - The phenomenon of bulk luxury goods is particularly popular among young women, who view purchasing luxury items as a normal part of their lifestyle [5][11] - Consumers are becoming more price-sensitive and are seeking value, leading to the emergence of "平替" (affordable alternatives) and bulk luxury goods as a unique market segment [7][10] Group 3: Pricing Strategies - The pricing strategies of luxury brands, such as Tiffany, reveal significant discrepancies between individual items and bulk purchases, allowing consumers to access luxury products at a fraction of the price [7][10] - The traditional luxury pricing model may face challenges as consumers become more aware of these pricing structures and seek to exploit them [14] Group 4: Psychological Factors - The trend towards bulk luxury goods aligns with the growing consumer preference for "self-indulgent" purchases, where individuals prioritize personal satisfaction and experiences over traditional luxury consumption [11][12] - Social media plays a crucial role in promoting bulk luxury goods, as consumers share their purchases and experiences, enhancing the visibility and appeal of this market segment [12][11] Group 5: Long-term Implications - The rise of bulk luxury goods may disrupt traditional luxury pricing models, compelling brands to reassess their pricing, product design, and marketing strategies to remain competitive [14][10]

Core Insights - The fashion industry is undergoing a significant transformation, with Burberry and Gucci leading the charge in redefining their brand narratives and aesthetics [1][2][3][4]. Group 1: Burberry's Transformation - Burberry's latest collection, led by Daniel Lee, embraces a youthful and rebellious "British rock" aesthetic, incorporating vibrant colors and traditional British craftsmanship [2][7]. - The brand's financial performance shows a revenue of £2.46 billion for the fiscal year 2025, reflecting a year-on-year decline of approximately 15%, indicating ongoing challenges during its transformation [7]. - Despite financial struggles, Burberry's stock has rebounded over 70% from its lows, suggesting market confidence in the brand's new direction and storytelling [7][8]. Group 2: Gucci's New Direction - Demna's debut for Gucci, titled "La Famiglia," introduces a narrative-driven approach with 37 distinct looks representing various character archetypes, showcasing a bold storytelling ambition [2][3]. - The launch of a short film featuring an all-star cast marks a significant shift in Gucci's branding strategy, aiming to redefine the essence of "Gucci-ness" through a multi-dimensional aesthetic universe [3][4]. - The support from Kering Group's leadership during this transition highlights the collective effort behind Gucci's rebranding initiative, setting high expectations for the upcoming February show [4]. Group 3: Industry Trends - The fashion industry is witnessing a wave of creative director debuts across Milan and Paris, indicating a broader trend of brand reinvention and narrative exploration [5][6]. - The case of Burberry serves as a critical example for mid-tier brands on how to balance heritage with contemporary consumer demands, emphasizing the importance of cultural storytelling and product innovation [8].

Group 1 - LVMH is increasing its expansion efforts in South Korea to diversify its global business due to geopolitical and economic uncertainties affecting major markets like the US [1] - The flagship stores of Louis Vuitton and Dior in Seoul's Cheongdam area are set for expansion, with Dior's renovation possibly starting in 2027, including a permanent restaurant [1] - Bulgari is considering opening its first flagship store in South Korea, while Tiffany's flagship store is scheduled to open in Cheongdam in 2027 [1] Group 2 - The South Korean market is seen as a bright spot for luxury brands due to strong consumer love for luxury goods, economic resilience, and high consumer confidence [1] - Sales of Louis Vuitton, Hermès, and Chanel in South Korea grew nearly 10% last year, reaching $3.3 billion [1] - The increase in luxury sales is also driven by a surge in tourists from China and Japan, along with the depreciation of the Korean won, with tourist spending reaching a record 9.26 trillion won (approximately $6.6 billion) last year [1] Group 3 - Other luxury brands are also optimistic about the strong demand in the South Korean market, with Richemont reporting a 20% sales increase in Korea for the fiscal year ending in March [2] - Richemont opened a new flagship store for its Swiss watch brand Vacheron Constantin in Seoul, featuring Korean art exhibitions and private lounge spaces [2] - Hermès has relocated and expanded its flagship store in Seoul, reopening in August [2]

Market Performance - The FTSE 100 index in London closed at 9250.43 points, up by 27.11 points, representing a gain of 0.29% compared to the previous trading day [1] - The performance of major European indices was mixed, with the CAC40 index in Paris closing at 7827.45 points, down by 44.57 points or 0.57%, while the DAX index in Frankfurt closed at 23666.81 points, up by 55.48 points or 0.23% [1] Top Gainers - The top five gainers in the London stock market included: - Antofagasta, a mining company, with a stock price increase of 9.26% - Anglo American, with a stock price increase of 4.70% - Babcock International, a business services outsourcing company, with a stock price increase of 4.33% - Glencore, with a stock price increase of 2.95% - BAE Systems, with a stock price increase of 2.18% [1] Top Losers - The top five losers in the London stock market included: - Ashtead Group, an international equipment rental company, with a stock price decrease of 2.33% - Amey, an engineering company, with a stock price decrease of 2.00% - Convatec, a medical technology company, with a stock price decrease of 1.84% - Fresnillo, a precious metals producer, with a stock price decrease of 1.79% - Burberry, a luxury goods group, with a stock price decrease of 1.71% [1]

Core Viewpoint - The controversy surrounding Jun Ji-hyun's new drama "The Storm Circle" has led to multiple brands, including LV and La Mer, removing her endorsement materials, indicating a swift response to potential backlash from Chinese audiences [1][5][6] Brand Response - Brands have rapidly cut ties with Jun Ji-hyun, with many deleting promotional materials and hinting at contract terminations, reflecting a standard procedure in handling controversies [5][6][8] - The established protocol for brands is to sever connections quickly to avoid association with scandals, which has become a routine practice in the industry [5][6][8] Impact on Jun Ji-hyun - Jun Ji-hyun's silence during the initial backlash contrasts with the swift actions of brands, raising questions about her response strategy [1][5] - Reports indicate that a planned advertisement with a Chinese clothing brand was canceled due to the controversy, although her agency claims it was merely postponed [4][5] Industry Trends - The luxury brand sector has developed robust mechanisms to manage celebrity controversies, often resulting in minimal impact on their overall performance [6][8] - Historical data shows that brands like Prada have faced multiple scandals without significant long-term damage to their sales or brand equity [6][8] Market Dynamics - The Korean entertainment industry is experiencing a decline in production quality and profitability, with only six local films turning a profit in 2023, a stark contrast to previous years [11][12] - The entry of Netflix into the Korean market has shifted talent and resources away from local productions, making collaborations with international platforms like Disney+ more appealing for actors like Jun Ji-hyun [14][15]

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures on September 23, 2025. Index futures are expected to oscillate strongly, while industrial silicon, polysilicon, rebar, coking coal, glass, soda ash, crude oil, soybean meal, and soybean oil futures are expected to oscillate weakly. Gold and silver futures are likely to reach new highs [2][3]. Summary by Directory 1. Futures Market Outlook - **Index Futures**: On September 23, 2025, index futures are expected to oscillate strongly. For example, IF2512 has resistance levels at 4518 and 4545 points and support levels at 4455 and 4444 points [2][18]. - **Treasury Bond Futures**: The ten - year Treasury bond futures contract T2512 and the thirty - year Treasury bond futures contract TL2512 are likely to oscillate widely on September 23, 2025 [2]. - **Precious Metal Futures**: Gold and silver futures are expected to oscillate strongly and reach new highs. For instance, the gold futures contract AU2512 will attack resistance levels at 855.0 and 860.0 yuan/gram, and the silver futures contract AG2512 will attack resistance levels at 10400 and 10500 yuan/kg [2][3]. - **Base Metal Futures**: Copper futures are expected to oscillate and consolidate, while aluminum and alumina futures are likely to oscillate weakly on September 23, 2025 [3]. - **Industrial and Agricultural Futures**: Industrial silicon, polysilicon, rebar, coking coal, glass, soda ash, crude oil, soybean meal, and soybean oil futures are expected to oscillate weakly on September 23, 2025 [3][4][6]. 2. Macro Information and Trading Tips - **International Relations**: Trump said he would meet with Chinese leaders during the APEC Economic Leaders' Meeting. China's Ministry of Foreign Affairs responded that the two sides are communicating [7]. - **Economic Data**: China's 1 - year LPR in September was reported at 3%, and the 5 - year and above variety was reported at 3.5%, both remaining unchanged for the fourth consecutive month. Some analysts believe that the central bank may implement a new round of interest rate cuts and reserve requirement ratio cuts in the fourth quarter [7]. - **Financial Market**: As of the end of June, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world; the stock and bond market sizes ranked second in the world; and the foreign exchange reserve size ranked first in the world for 20 consecutive years [8]. 3. Commodity Futures - Related Information - **Precious Metals**: On September 22, international precious metal futures generally rose. COMEX gold futures rose 2.03% to 3781.20 US dollars/ounce, and COMEX silver futures rose 3.17% to 44.32 US dollars/ounce [11]. - **Crude Oil**: On September 22, international oil prices oscillated narrowly. The main contract of US crude oil fell 0.10% to 62.34 US dollars/barrel, and the main contract of Brent crude oil fell 0.05% to 66.01 US dollars/barrel [11]. - **Base Metals**: On September 22, London base metals showed mixed results. LME zinc rose 0.38%, LME lead rose 0.15%, LME copper rose 0.13%, while LME tin fell 0.44%, LME nickel fell 0.46%, and LME aluminum fell 0.62% [11]. - **Exchange Rates**: On September 22, the on - shore RMB against the US dollar closed at 7.1148 at 16:30, down 23 basis points from the previous trading day, and closed at 7.1138 at night. The central parity rate of the RMB against the US dollar was reported at 7.1106, up 22 basis points from the previous trading day [12]. 4. Futures Market Analysis and Outlook - **Index Futures**: On September 22, index futures generally showed a small - scale upward trend. For example, the main contract IF2512 of CSI 300 index futures rose 0.30% (0.44% based on the closing price) [12]. - **Treasury Bond Futures**: On September 22, Treasury bond futures closed up across the board. The 30 - year main contract rose 0.22%, the 10 - year main contract rose 0.20%, the 5 - year main contract rose 0.13%, and the 2 - year main contract rose 0.04% [36]. - **Precious Metal Futures**: Gold and silver futures continued to rise and reached new highs. For example, the gold futures contract AU2512 reached a new high of 851.98 yuan/gram during the night trading on September 23 [45]. - **Base Metal Futures**: Copper futures showed a small - scale upward trend, while aluminum and alumina futures showed a downward trend on September 22 [59][63]. - **Industrial and Agricultural Futures**: Industrial silicon, polysilicon, rebar, coking coal, glass, soda ash, crude oil, soybean meal, and soybean oil futures showed different degrees of decline on September 22 [70][71][80].

Group 1: Financial Developments - As of the end of July, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits in China, with stocks exceeding 3 trillion yuan, bonds around 4 trillion yuan, and deposits approximately 3 trillion yuan [1] - Since the beginning of the "14th Five-Year Plan," insurance funds have invested over 5.4 trillion yuan in stocks and equity funds, representing an 85% increase compared to the end of the "13th Five-Year Plan" [1] - Listed companies in China have distributed a total of 10.6 trillion yuan through dividends and buybacks over the past five years, which is more than 80% higher than during the "13th Five-Year Plan" and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Group 2: Steel Industry - A joint document from five departments outlines a plan to stabilize growth in the steel industry, setting an average annual growth target of around 4% for value added over the next two years, while implementing precise capacity and production controls and prohibiting new capacity [1] Group 3: Corporate Announcements - Tianqi Lithium announced a cooperation agreement with Ruipu Lanjun for the procurement of no less than 800,000 tons of electrolyte products by the end of 2030, with a monthly supply requirement of at least 20,000 tons [1][5] - Changchuan Technology expects a net profit of between 827 million yuan and 870 million yuan for the first three quarters, representing a year-on-year growth of 131.39% to 145.38% [5]

Group 1 - The French government is considering a 2% wealth tax on individuals with assets exceeding 100 million euros to reduce the fiscal deficit [1][3] - The proposed tax has been criticized by Bernard Arnault, chairman of LVMH, who labeled the economist Gabriel Zucman as a "pseudo-scholar" aiming to "destroy the French economy" [1][3] - The tax plan, referred to as the "Zucman tax," is facing opposition from right-wing politicians who fear it may lead to wealthy individuals leaving France [3] Group 2 - Bernard Arnault's current personal wealth is reported to be 157 billion dollars, and he oversees brands such as Louis Vuitton, Dior, and Moët Hennessy under LVMH [4] - The previous French Prime Minister, Édouard Philippe, proposed a budget plan to cut public spending by 43.8 billion euros, which faced widespread public opposition [4] - Following a failed confidence vote regarding fiscal policy, the former Prime Minister resigned, and Sébastien Lecornu was appointed as the new Prime Minister [4]

Group 1 - The French government is considering a 2% wealth tax on individuals with assets exceeding 100 million euros to reduce the fiscal deficit, which could generate approximately 20 billion euros annually for the French treasury [1] - The proposed tax, referred to as the "Zuckman tax," has faced criticism from right-wing figures who fear it may drive wealthy individuals out of France [1] - Bernard Arnault, chairman of LVMH and France's richest person, criticized the tax proposal, labeling its proponent, economist Gabriel Zuckman, as a "pseudo-scholar" aiming to "destroy the French economy" [1] Group 2 - In July, the former French Prime Minister Borne announced a budget draft for 2026, aiming to cut public spending by 43.8 billion euros, which included controversial measures such as converting two public holidays into working days [2] - The budget draft faced widespread public opposition, leading to Borne's resignation after losing a confidence vote in the National Assembly regarding fiscal policies [2] - Following Borne's resignation, Defense Minister Sébastien Lecornu was appointed as the new Prime Minister [2]