Core Viewpoint - The report from Credit Lyonnais indicates that Samsonite's sales in the second quarter are expected to decline by 6% year-on-year at constant exchange rates, which is a further deterioration from the 5% decline in the first quarter, primarily due to weakened travel demand [1] Group 1: Sales and Profit Forecasts - The company anticipates that gross margin and adjusted EBITDA margin will remain stable at 59% and 16.6% respectively, showing no significant change quarter-on-quarter [1] - Full-year sales forecast for Samsonite has been revised down to a 6% year-on-year decline, while adjusted net profit forecast has been lowered by 25% year-on-year to reflect the short-term weakness in travel [1] Group 2: Target Price and Market Outlook - The target price for Samsonite has been reduced from HKD 30 to HKD 22, considering the low valuation and the potential for future improvement in outlook [1] - Despite the current challenges, the company maintains a "highly confident outperform" rating, citing the potential for a revaluation opportunity with the upcoming dual listing [1]

Group 1 - The resurgence of inbound tourism in China is attributed to visa-free policies and the country's growing global appeal, as highlighted by a recent Pew Research Center report showing an increase in positive perceptions of China worldwide [1] - The cultural richness of China, exemplified by cities like Beijing, Jinggangshan, and Shanghai, reflects a blend of historical depth, revolutionary heritage, and modern vitality, showcasing the integration of hard and soft power [1] - The ongoing cultural revival in China is characterized by the successful fusion of ancient traditions with modern innovations, emphasizing the importance of preserving historical cultural foundations while adapting them for contemporary life [2] Group 2 - China's economic stability amidst external challenges is supported by continuous upgrades in manufacturing, rapid advancements in research and development, and effective macroeconomic policies that bolster both domestic and international trade [3] - Recent adjustments by multiple institutions to increase China's economic growth forecasts indicate a positive outlook for the country's economic vitality and resilience [3] - Understanding China's modernization requires a deep exploration of its historical roots, revolutionary memories, and active practices, positioning China as a "stabilizing anchor" for the world and a contributor to a multipolar future [3]

Group 1 - The resurgence of inbound tourism in China has made it a preferred destination for German tourists, attributed to visa-free policies and the country's "charm" [1] - A report from the Pew Research Center indicates a rising global positive perception of China, reflecting an increasing recognition of its image worldwide [1] - The experiences of Brazilian journalist Moniz Lavena in cities like Beijing, Jinggangshan, and Shanghai highlight China's historical depth, revolutionary culture, and modern vitality, showcasing the integration of hard and soft power [1] Group 2 - China's cultural heritage, represented by its millennia-old traditions, is being revitalized through innovative applications, merging historical culture with modern life [2] - The "red" cultural influence, exemplified by the spirit of the Red Boat in Jiaxing, is driving economic vitality and innovation, leading to significant industrial achievements despite limited resources [2] - China's manufacturing sector is undergoing continuous upgrades, supported by strong research and development, with a notable presence in artificial intelligence, holding over 40% of global AI models [3] Group 3 - The Chinese economy is showing resilience against external shocks, with improved macroeconomic policies and support for enterprises, leading to an optimistic outlook for economic growth [3] - Understanding China's modernization requires a deep exploration of its historical roots, red memories, and active practices, contributing to its role as a "stabilizing anchor" for the world [3] - The confidence in China's cultural identity and development trajectory suggests that the future will continue to be shaped by its unique characteristics and strengths [3]

Core Viewpoint - Morgan Stanley's report indicates that the U.S. airline and tourism industry showed average performance in Q2, leading to a forecasted 7% decline in sales for Samsonite (01910), similar to the decline in Q1 [1] Sales Forecast - Sales forecasts for 2025 to 2027 have been reduced by 5% to 6%, with EBITDA forecasts lowered by 10% to 14% [1] - Revenue and EBITDA predictions for 2025 have been adjusted downwards by 4% and 12% respectively, with expectations of gradual recovery in 2026 to 2027 [1] Regional Performance - The report anticipates high single-digit declines in sales for Asia and the U.S., while Europe is expected to remain relatively stable [1] Profitability Metrics - EBITDA margin is projected at 16.8%, impacted by weak sales leading to a decrease in gross margin and an increase in operating expenses [1] - EBITDA is expected to decline by 17% [1] Market Trends - Some U.S. and European airlines have reported improved booking demand for Q3, with travel trends in July and August showing a rebound [1] - The Transportation Security Administration (TSA) reported a year-over-year increase of over 1% in passenger throughput for Q3, compared to a 1% decline in Q2 [1] - Due to a lower base, the forecasted sales decline for Samsonite in the second half of the year is expected to narrow to 2% [1]

摩根士丹利的研究报告指出，新秀丽第二季度业绩预计一般，销售额和EBITDA均可能出现下滑，主要 是由于销售疲弱和成本上升。然而，下半年随着航空旅游需求的改善，销售跌幅预计会收窄。鉴于对未 来几年销售和EBITDA预测的下调，该行将新秀丽的目标价从28港元下调至24港元，但维持"增持"评 级。 ...

该行将2025至27年销售预测下调5至6%，EBITDA预测下调10%至14%，而2025年收入及EBITDA预测分 别下调4%和12%，料2026至27年将逐步恢复；因应盈利预测下调，目标价由28港元下调至24港元， 予"增持"评级。 摩根士丹利发表研究报告指，美国行业数据反映次季航空旅游业表现一般，预期新秀丽次季销售额将跌 7%，与首季跌幅相若；预期EBITDA利润率为16.8%，因销售疲弱导致毛利率下跌及营运开支上升，预 期EBITDA跌幅收窄至17%。至于下半年，部分欧美航空公司表示第三季预订需求有所改善，7、8月出 行趋势回升。由于基数较低，该行预计下半年新秀丽销售跌幅将收窄至2%。 ...

Group 1 - Dongguan Xiangsheng Industrial and Trade Co., Ltd. has been established with a registered capital of 30,000 RMB [1] - The company's business scope includes general projects such as leather products sales, bag sales, clothing research and development, hardware products research and development, and leather products manufacturing [1] - Additional activities include sales and manufacturing of rubber products, plastic products, electronic products, sports goods, labor protection products, and internet sales (excluding items requiring special permits) [1]

Core Viewpoint - The article discusses the acceleration of integrating domestic and foreign trade in China, highlighting the government's support for foreign trade products to expand into the domestic market, which is seen as a crucial strategy to boost consumption and support foreign trade enterprises [1][2]. Group 1: Government Initiatives - The Ministry of Commerce launched the "Foreign Trade Quality Products China Tour" in April, resulting in over 16.7 billion yuan in procurement intentions by early May, with participation from over 2,400 foreign trade companies and 6,500 buyers [1]. - A recent meeting of the Central Political Bureau emphasized the need to accelerate the integration of domestic and foreign trade, with a focus on supporting foreign trade products to enter the domestic market [1]. - The "Special Action Plan to Boost Consumption" encourages foreign trade companies to cultivate their own brands and expand into domestic sales [1]. Group 2: Corporate Responses - Zhejiang Hangzhou Lianhua Supermarket quickly facilitated the sale of nearly $2 million worth of seafood products that were initially intended for export, demonstrating the urgency for new sales channels due to tariff impacts [2][3]. - Major supermarket chains like Yonghui and Tencent have opened "green channels" for foreign trade enterprises to facilitate their transition to domestic sales, providing tailored support and rapid product placement [3][4]. - E-commerce platforms such as Meituan and Taobao have initiated programs to assist foreign trade companies in entering the domestic market, with significant participation from over 300 companies [4][5]. Group 3: Financial Support and Cost Reduction - JD.com announced a procurement plan to purchase at least 200 billion yuan worth of export products for domestic sales, receiving over 8,000 applications for cooperation within a week [8][9]. - Tencent has implemented a "zero deposit trial operation" for over 2,600 business categories, allowing foreign trade enterprises to list products without upfront costs, thus reducing operational expenses [9][10]. - Financial institutions in Fuzhou are providing flexible credit solutions to support foreign trade companies facing cash flow issues due to canceled orders [10][11]. Group 4: Technological Empowerment - Companies like Ningbo Jinshan Shuanglu Battery Co. are leveraging advanced technologies such as 5G and AI to enhance production efficiency and product quality, which is crucial for competing in the domestic market [12][13]. - The integration of AI in product development, as seen in the case of Dongguan's toy companies, is driving innovation and meeting domestic consumer preferences [15][16]. - The implementation of flexible production lines allows companies to respond quickly to market demands, exemplified by Xiangxing Group's ability to adapt to sudden spikes in product popularity [17][18]. Group 5: Market Dynamics and Future Outlook - The shift from foreign trade to domestic sales is viewed as an opportunity to expand market space rather than merely redistributing existing market shares [14]. - Companies are encouraged to focus on quality and brand development to meet the evolving demands of domestic consumers, as highlighted by the experiences of various enterprises [16][19]. - The article concludes with a positive outlook on China's ability to leverage its vast market potential to counter external uncertainties, emphasizing the importance of high-quality development [20].

Group 1 - In May 2025, China's export volume of bags and similar containers reached 350,000 tons, representing a year-on-year increase of 0.8% [1] - The export value for the same period was $2.999 billion, showing a year-on-year decline of 10% [1] - The data is sourced from China Customs and organized by Zhiyan Consulting [3]

Group 1 - VEJA launched the PANENKA 2025 autumn/winter collection, inspired by retro football elements and eco-friendly materials, featuring a slim sole structure and a design that pays homage to traditional football culture [1] - The shoe upper is made from O.T. leather sourced from organic certified farms in Uruguay, while the sole consists of 40% Amazon rubber and 10% recycled rubber [1] Group 2 - McHugs opened two stores in Shanghai, including a large self-operated store in Jing'an District and a limited-time concept space called "Penguin Ice Cream Food Shop" [2][3] - The self-operated store covers approximately 160 square meters and features over a hundred plush toy products across various themed display cabinets, creating an immersive shopping experience [5] Group 3 - Vivienne Westwood's exhibition "Her and Her Jewelry" opened in Shanghai, marking the first stop of a global tour, showcasing the brand's jewelry creations since the 1970s [7][8] - The exhibition includes eight themed halls and features brand archives, runway looks, and historical materials, providing a multi-sensory experience [7] Group 4 - Kinta's solo exhibition "Artist from Nature" is being held in Shanghai, showcasing handmade works from natural materials such as clay, wood, and iron, reflecting the artist's long-term observation of natural materials [10][11] - The exhibition space emphasizes a rustic and natural aesthetic, allowing visitors to experience the original state of materials and the process of creation [11] Group 5 - TUMI opened its first flagship store in China in Shanghai, featuring an immersive journey experience space with interactive display areas and custom services [14] - The store design is inspired by the iconic 19 Degree series, incorporating local elements into its products for a unique consumer experience [14] Group 6 - HR launched the new black band [50PX] cream, featuring the highest concentration of boscoyne in its skincare line, aimed at addressing multiple skin aging issues [16]