不只是争夺零售空间， 更是中国高端消费的逻辑更迭。 封面来源 ｜ 视觉中国 传统顶奢撤场，专业运动补位 商业的变迁从不遮掩，头部玩家的动作就是市场风向标。 从2024年下半年开始，除开爱马仕以外，顶奢在国内不乏关店的动作。去年10月，LV关闭了位于沈阳卓展购物中心的门店，DIOR也撤离了大连时代广场； 今年2月，Gucci接连关闭上海新世界大丸百货和芮欧百货门店也接连引发市场的热议。 无法否认的是，当下一些传统顶奢品牌已经调整了在中国内地市场的拓店步伐。部分品牌位于城市核心地段的动作，往往先于业绩财报释放的信号，也更直 观地揭示出奢侈品行业的承压状态。 但与此同时，也能看到，高端运动品牌在核心商圈的跑步进场。 打造全球旗舰店， 迪桑特的「线下组合拳」 当消费者的价值判断发生转向，品牌也必须同步给出新的价值主张。 过去一年，一些专业运动品牌非但没有放慢节奏，反而在一线城市的核心商圈中加码旗舰店、提升门店规格，逐步成为顶级商业地标的新主角。 从商业层来看，高频使用带来的复购率、围绕运动场景展开的多季节产品结构，以及由专业社群构成的用户黏性，让这些专业运动品牌在整个奢侈品行业增 长明显放缓的时期，展现出不同于奢侈品 ...

Group 1 - The core viewpoint of the article is that Goldman Sachs identifies a group of ten prominent Chinese private enterprises, termed "Prominent 10," which are emerging as core assets in the Chinese stock market, comparable to the US "Mag 7" in terms of market position and competitiveness [1][4][12] - The Prominent 10 includes major companies across technology, consumer, and manufacturing sectors, collectively valued at $1.6 trillion, representing 42% of the MSCI China Index, with an average daily trading volume of $11 billion [1][4] - The expected compound annual growth rate (CAGR) for the earnings of the Prominent 10 from 2025 to 2027 is projected to be 13%, with a current price-to-earnings (P/E) ratio of 16 times, indicating both growth and valuation advantages [1][4] Group 2 - In comparison to the US Mag 7, the Prominent 10 has a total market capitalization of $1.6 trillion, which is only 8.3% of the Mag 7's $19.2 trillion, yet the Prominent 10 has shown an average return on equity of 17% over the past five years, close to the Mag 7's 39% [4][6] - The Prominent 10's P/E ratio stands at 16 times, significantly lower than the Mag 7's 28.5 times, suggesting a valuation advantage, while their research and capital expenditure as a percentage of revenue is 15%, indicating potential for technological investment [4][6] Group 3 - The Prominent 10 has demonstrated growth in key areas such as new energy (BYD), AIoT (Xiaomi), and local services (Meituan), aligning with China's themes of "self-control" and "consumption upgrade," while the Mag 7 relies more on technological monopolies [6][12] - The Prominent 10's stock prices have increased by 54% since the end of 2022, outperforming the MSCI China Index by 8 percentage points in the current year [12] Group 4 - Goldman Sachs employs a three-tiered screening framework to identify the Prominent 10, focusing on industry concentration, company competitiveness, and institutional ratings, ensuring that only companies with significant market share and high R&D/capital expenditure intensity are included [9][12] - For instance, Tencent holds a 79% profit share in the interactive media sector, while Meituan captures 80% of the local service revenue [9][12] Group 5 - The Prominent 10's market dominance is evidenced by significant metrics: Tencent has over 1.2 billion monthly active users in social networking, a 65% market share in gaming, and a 89% penetration rate in digital payments [12][13] - R&D investment for the Prominent 10 averages 9% over the past five years, with specific companies like Hengrui Medicine at 29% and BYD at 13% for capital expenditure, indicating strong commitment to innovation and capacity expansion [13] Group 6 - The article concludes that the Prominent 10 represents three major investment themes in China's economic transformation: technological breakthroughs (BYD in new energy, Xiaomi in AIoT), consumption upgrades (Anta in high-end sports, Meituan in service consumption), and globalization benefits (Tencent in gaming, Alibaba in Southeast Asian e-commerce) [14]