01 昨天，我在瑞士蒙特勒休假期间，和两位附近读酒店管理的同学碰了个面。他们是从半山腰坐齿轮火车下来的，那里有着被誉为世界前三的酒店管理名 校。 两个年轻朋友，一直都在关注旅界，男生介绍自己叫小远，即将毕业，家里在长三角做外贸生意，家境殷实。女生叫Clara，正在为找实习焦头烂额，脸 上有着精致妆容遮不住的疲惫。 小远率先打破了沉默。 他说，哥，我现在面临一个巨大的沉没成本问题，家里送他出来，学费加生活费，这几年花了将近300万人民币。 在学校里，教授讲的是资产管理和收益最大化，但在当地奢华酒店实习时，小远看到了隐形的鄙视链。 同样是实习生，欧洲白人面孔站在礼宾台谈笑风生，他却被安排在后厨和客房，干着最脏最累的活。 经理的理由永远是法语不够流利，但实际上是廉价的亚洲劳动力最好用，每天的工作不是在宴会厅擦几千个银刀叉，就是跪在地上清理地毯污渍。 原本学校最引以为傲的全球轮岗机会，也被那几年疫情彻底切断。去美国或马尔代夫镀金的通道关闭了，他只能困在瑞士山村里，日复一日地重复着基础 体力劳动。这种巨大落差让他发现自己始终是个局外人，无法真正融入欧洲的生活节奏，脑子里冒出回国的想法。 旁边的Clara此时接过了话茬， ...

自贸港是当今世界最高水平的开放形态。海南自贸港封关之后，有哪些"变"和"不变"？对外经济贸易大 学国际经济研究院院长桑百川对《国际锐评》分析说，封关运作后，"变"主要体现在贸易投资的自由化 便利化程度进一步提升，"零关税"商品数量、进口商品的种类等显著增加，进口成本大幅下降，这对各 国投资者会产生巨大吸引力；"不变"的是中国将继续扩大高水平对外开放，继续展现与世界互利共赢的 决心与能力。 第一批次通关洋浦港的运输船凌晨抵港；第一批滚装货车顺利通过海口新海港和南港"二线口岸"；美兰 机场的海关关员对享受"零关税"货物到货情况进行核对……12月18日，海南自由贸易港正式启动全岛封 关，朝着成为"引领中国新时代对外开放的重要门户"目标迈出重要一步。"海南将成为实行自由化便利 化政策的海关监管特殊区域""未来与国际间的往来将更加自由顺畅"……国际舆论普遍认为，海南自贸 港封关不仅助力中国构建新发展格局，也将成为全球共享发展机遇的新热土。 海南自贸港封关定于12月18日具有重要象征意义：1978年的这一天，中共十一届三中全会拉开了中国改 革开放的序幕；47年后，在单边主义与保护主义加剧、经济全球化遭遇逆流的背景下，海南 ...

近日，海外研究机构发布了2025全球最富家族榜单，沃尔玛公司的创始家族沃尔顿家族以5134亿美元的净资产再次位居榜首，其净资产首次超过5000亿美 元。 前言 全球最富有的25个家族，其财富总额较一年前合计增加了3587亿美元，合并净资产达到2.9万亿美元。进入榜单的门槛也创下历史新高：需要至少464亿美 元，比去年提高了97亿美元。 过去一年，全球最富有家族的演进故事再次印证了一条金融领域的基本真理：规模至关重要。 他们的财富增长既得益于股价上涨以及金属、宠物食品等商品需求的提升，也源于这些家族在数十年中积累的影响力与经验。 今年共有来自四大洲的四个家族首次跻身榜单：其中，来自墨西哥的拉雷亚·莫塔·贝拉斯科家族（Larrea Mota Velasco）与来自智利的卢克西奇家族 （Luksic），均执掌起源于铜矿开采的商业帝国； 意大利的德尔·韦基奥家族（Del Vecchio）因全球领先的眼镜制造商依视路陆逊梯卡集团（EssilorLuxottica）而致富，该公司进军AI眼镜领域推动了股价上 涨；而沙特Olayan家族，其横跨全球的商业版图以及与华尔街的紧密联系，使其在国内外的重要性进一步提升。 值得注意 ...

Core Viewpoint - The launch of the "electronic fence" system marks a historic moment for Hainan Free Trade Port, transitioning to a fully operational closed-off system that facilitates the flow of people, goods, capital, and data, representing a new model of institutional openness in China [1][4] Policy Benefits - The number of zero-tariff goods has expanded from 1,900 to 6,600, covering 74% of products, with a negative list management system implemented [3] - The "dual 15%" income tax incentives for enterprises and high-end talent have been fully implemented, significantly reducing the corporate tax rate from 25% to 15% for encouraged industries [3] - Goods with over 30% value-added can enter the mainland duty-free, and a visa-free entry policy for citizens from 86 countries has been officially enacted [3] Tax and Regulatory Framework - The core tax and regulatory documents, including the "Hainan Free Trade Port Import Tax Product Directory," came into effect on the first day of closure, clarifying the "gold content" and "conditional limitations" of policy benefits [3] - Specific conditions for tax incentives include the requirement for businesses to belong to one of 14 categories of encouraged industries and to meet operational criteria [3] Consumer Impact - While zero tariffs are expected to provide benefits, consumers should be cautious of potential price traps; for example, a Mercedes-Benz C-Class may save approximately 88,500 yuan in taxes but incurs additional costs if transported to the mainland [3] - Certain consumer goods, such as infant formula and health products, are projected to see price reductions of 15%-20% post-closure [3] Technological Innovations in Regulation - The implementation of the "electronic fence" system enhances regulatory capabilities, utilizing satellite and ground sensors for precise monitoring of goods flow [3] - The efficiency of customs clearance has significantly improved, with a reported 72% increase in processing speed for imported goods [3] International Perspective - Hainan's closure operation has garnered global attention, with comparisons to Miami and recognition as a significant step in China's openness [3][4] - The tax policies and regulatory framework in Hainan are positioned as competitive with established free ports like Hong Kong and Singapore, showcasing a unique institutional advantage [3][4] Future Outlook - The closure is seen as a new starting point for institutional openness, with plans for further development of the free trade port by 2035 and full establishment by the mid-21st century [4] - The introduction of 33 new encouraged industry categories in 2025 presents new opportunities for entrepreneurs in cross-border e-commerce and bonded maintenance sectors [4]

Core Viewpoint - The article discusses the shift in high-end consumer behavior in China, highlighting the decline of traditional luxury brands and the rise of professional sports brands as key players in the retail space [2][31]. Group 1: Traditional Luxury Brands' Retreat - Major luxury brands, except for Hermès, have been closing stores in China since the second half of 2024, indicating a shift in market dynamics [5]. - Brands like LV and DIOR have already closed stores in key locations, reflecting the pressure on the luxury goods sector [5]. - The actions of these brands often precede their financial reports, signaling a challenging environment for the luxury industry [5]. Group 2: Rise of Professional Sports Brands - In contrast to luxury brands, high-end sports brands are expanding their presence in core urban areas, opening flagship stores and enhancing store specifications [6]. - These brands exhibit resilience during a period of slowing growth in the luxury sector, driven by high repurchase rates and strong user engagement within professional communities [6]. - DESCENTE's flagship store in Beijing, located in a prime commercial area, signifies a shift in consumer preferences towards professional sports brands [7][24]. Group 3: DESCENTE's Strategic Positioning - DESCENTE's approach is characterized by a systematic strategy that combines professional sports engagement with urban retail narratives [9][30]. - The brand's flagship store, "Future City," serves as a medium for expressing its values and connecting with consumers, moving beyond mere retail to become a space for brand storytelling [13][15]. - DESCENTE's strategy includes deepening connections with professional sports communities and establishing a presence in urban centers, thereby appealing to elite consumers [16][17]. Group 4: Changing Consumer Values - The luxury market is experiencing a transition from ostentatious consumption to more rational spending, with consumers reassessing what expenditures are worthwhile [32][33]. - The sports industry is projected to grow significantly, with the Chinese sports market expected to reach 5 trillion yuan by 2025, indicating a shift towards high-end sports consumption [35]. - As professional sports become more integrated into everyday life, brands like DESCENTE must provide not just products but also a lifestyle and community that resonate with new middle-class consumers [36].

Core Viewpoint - The report from CITIC Securities indicates that the current Chinese consumer market exhibits a significant "K-shaped recovery" characteristic, with a clear divergence between the rebound in the consumption sector and the moderate recovery of mass consumption [1] Group 1: Market Dynamics - The divergence in the market is primarily driven by supply-side rigid constraints, the wealth effect from high-net-worth individuals, and marginal improvements in policy [1] - The aviation industry faces limitations in effective capacity growth due to delays in aircraft introduction and engine maintenance [1] Group 2: Sector Performance - High-end retail properties and luxury hotels are achieving leading recovery in foot traffic and revenue due to their scarce locations and brand barriers, despite pressure on demand [1] - The performance of the capital market and the rise in gold prices are providing demand support for cyclical sectors such as luxury goods, high-end tourism, and gaming [1] Group 3: Policy Impact - Industry self-regulatory agreements have effectively solidified the bottom line for airline ticket prices and yields [1] - The optimization of the offshore duty-free policy and the imminent closure of Hainan create potential incremental space for growth [1] Group 4: Investment Opportunities - The report suggests focusing on operational turning point opportunities driven by the transmission of wealth effects and supply-side optimization, particularly in high-end consumption sectors such as outbound tourism, hotels, gaming, duty-free, luxury goods, high-end beauty care, and premium real estate properties [1]

Core Viewpoint - The report from CITIC Securities indicates that certain high-end consumer sectors in China, including luxury goods, high-end beauty, air travel, and high-end residential markets in core cities, have generally outperformed previous market expectations, reflecting a significant "K-shaped recovery" in the consumer market [1] High-End Consumer Sectors - The luxury goods and high-end beauty market in China showed signs of stabilization in Q3 2025, entering a gradual recovery phase, with top brands like Hermès maintaining steady sales due to high customer loyalty [6] - The Macau gaming sector demonstrated a notable recovery, with gross gaming revenue (GGR) in November increasing by 14.4% year-on-year to 21.09 billion MOP, recovering to 92% of the levels seen in the same month of 2019 [4] - The high-end retail properties and luxury hotels have achieved a leading recovery in foot traffic and revenue due to their scarcity and brand barriers, despite overall demand pressures [1][4] Policy and Market Dynamics - Policy improvements, such as the optimization of the offshore duty-free policy and the upcoming closure of Hainan, are expected to create potential incremental space for growth in the luxury sector [1] - The report emphasizes the importance of wealth effect transmission and supply-side optimization in driving operational turning points, particularly in high-end consumption areas like outbound tourism, hotels, gaming, and luxury goods [1][15] Real Estate Market - The high-end real estate market is characterized by a "K-shaped recovery" driven by quality supply, with capital and purchasing power increasingly concentrating on top projects with absolute advantages in location, product, brand, and operation [9] - The overall recovery in the real estate market remains slow, with a complex macro environment and high unemployment rates impacting consumer confidence [7] Hotel Industry - The mid-to-high-end hotel sector saw an average RevPAR increase of approximately 4% year-on-year in October-November 2025, benefiting from strong leisure tourism and a slight recovery in business demand [11] - The supply growth in the hotel industry is expected to slow down from 7%-8% in 2025 to 5%-6% in 2026 due to extended investment return cycles [11] Duty-Free Market - The offshore duty-free sales in Hainan showed signs of recovery, with sales turning positive in September and expanding in October-November, supported by wealth effect transmission and policy optimization [12] - The upcoming full closure of Hainan in December 2025 is anticipated to further enhance the overall development of the tourism retail market [12] Aviation Sector - The aviation industry faces supply constraints due to delays in aircraft introductions and engine repairs, which limit effective capacity growth [14] - Demand recovery and structural optimization are expected to accelerate, with airlines optimizing route structures to enhance profitability [14]

Core Viewpoint - The article discusses the downfall of Nicolas Puech, the heir of Hermès, who went from having a fortune of $15 billion to losing it all due to betrayal by a close friend and financial advisor, Eric Fremont [5][7][28]. Group 1: Background of Nicolas Puech - Nicolas Puech, the heir of Hermès, was known for living off the dividends of the company since the mid-1990s [16]. - He had no children and was unmarried, relying heavily on his friend and wealth advisor, Eric Fremont, for financial management [19][21]. - Puech developed a close relationship with a Moroccan gardener, considering adopting him and transferring his wealth to him [21][22]. Group 2: Financial Betrayal - In 2022, Puech instructed Fremont to transfer 1 million Swiss francs to the gardener, but the funds were never received, raising Puech's suspicions [22][25]. - An independent audit revealed that 90% of Puech's shares had been transferred as early as 2008, with his stock account completely emptied by 2021 [28][29]. - Fremont lived lavishly while Puech's assets were drained, leading to a lawsuit filed by Puech against Fremont for large-scale fraud in 2023 [31][56]. Group 3: The LVMH Incident - In 2010, LVMH began acquiring shares of Hermès, alarming the family as it approached a critical ownership threshold [35][38]. - The Hermès family united to lock their shares in a holding company, preventing LVMH from gaining control [38]. - Puech was implicated in selling shares to LVMH without his knowledge, claiming Fremont orchestrated the transactions behind his back [41][42]. Group 4: Legal Proceedings and Aftermath - Fremont claimed that all transactions were authorized by Puech, presenting signed documents as evidence [50]. - The court ruled that since Puech voluntarily transferred wealth management to Fremont, it could not be classified as fraud [53]. - Fremont's suicide in July 2023 left the fate of Puech's wealth unresolved, highlighting the dangers of trust in close relationships [55][56]. Group 5: Broader Implications - The article illustrates a harsh reality for the wealthy: their greatest financial vulnerabilities often lie within their closest relationships [57]. - It emphasizes that trust can create blind spots, making affluent individuals prime targets for exploitation [91][92]. - The narrative serves as a cautionary tale about the importance of due diligence and the risks associated with relying on personal relationships for financial management [99][100].

1. 12月16日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.02%，标普期货跌 0.05%，纳指期货跌0.11%。 2. 截至发稿，欧洲股市主要指数齐跌。欧洲斯托克50指数跌0.28%，英国富 时100指数跌0.46%，法国CAC40指数跌0.14%，德国DAX30指数跌0.42%。 3. 截至发稿，WTI原油跌 1.51%，报55.96美元/桶。布伦特原油跌1.35%，报59.74美元/桶。纽交所黄金跌0.39%，报4318.3美元/盎 司。 市场消息 1、摩根士丹利预计2026年第四季度金价达每盎司4800美元，且因央行购金增加、全球增 长担忧及稳定币公司购金加大，黄金存在上行风险。 2、经合组织预计AI投资热潮将提振生产率，但贸 易不确定性依旧存在。 3、泰铢创下四年新高后，泰国央行加强对卖出美元交易的审查，以防不受欢迎 或与商业无关的资金流入。 4、欧盟据悉将提议放宽新车排放标准，拟放弃内燃机相关禁令，允许销售 插电式混合动力汽车和配备燃油增程器的电动汽车。 个股消息 1、道达尔能源与谷歌签署21年电力协 议，为谷歌马来西亚数据中心提供1太瓦时可再生能源，由新建太阳能电站供应。 ...

这个论断在某种程度上像是新旧两个消费时代的分隔线：买奢侈品的时候，年轻人不再追求炫目的LOGO，不再认为越贵越好；相反，他们开始寻找折 扣，寻求第三方权威机构的鉴定与认证，把"又省又好"发挥到了极致。 来自市场的消息也在印证着奢侈品"又省又好"的消费潮流：贝恩调研显示，在全球奢侈品消费出现放缓趋势之时，折扣店渠道销售额增长显著，已取代全 价店成为消费者选购入门级奢侈品的首选渠道。而中国中检也在近日宣布入驻特卖电商唯品会奢侈品仓，对折扣奢侈品进行全检、鉴定报告逐步全覆盖。 2020年，研究生毕业参加工作那年，赵果柠在专柜买了一件Burberry经典款包包，她爱不释手，当天就更新了朋友圈：没有女孩能拒绝一件Burberry。 而五年后，当她走进Burberry的特卖场，发现款式类似的包包，只有专柜价的三分之一甚至更低，她还发现几乎每个包包，都有一个专属的中检鉴定报 告。 她像是打开了新天地。她在当天发了小红书，带着傲娇感："没人会一次性买几件Burberry，除非它又省又好。" 年轻人的消费逻辑，彻底变了。 年轻人买大牌：不为LOGO，为情绪价值 奢侈品消费退潮了吗？ 某种意义上是的，2025年上半年，全球最大奢 ...