二十世纪初的上海南京路，经历了一场从物理空间到文化意象的深刻蜕变，其核心驱动力，便是先施、 永安、新新、大新这四家民族资本百货公司的崛起。它们远非单纯的商业场所，而是功能强大的"造梦 机"——通过精密的资本运作、建筑实践与文化编码，系统性地生产出一种关于"现代"与"摩登"的集体 幻想。 首先，我们为什么要聚焦于百货公司？在近代上海纷繁复杂的城市图景中，银行、市政大楼、报馆、电 影院、工厂都扮演着重要角色，但是近代上海的两个重要历史事件却与百货公司紧密相连：1949年5月 25日，位于新新公司东北角楼的凯旋电台向上海市民播报："亲爱的上海人民，我们上海人民解放了， 人民解放军已经来到上海南京路！"随后，上海第一枚红旗，悬挂于永安公司的塔楼——天韵楼的尖顶 上。这些历史性事件，伴随着普通市民对于百货公司的记忆，让百货公司成为城市中最有特点的节点， 至今仍被各界人士津津乐道。同时，正是因为百货公司作为一个场所，将资本、商品、空间、身体和欲 望前所未有地整合在一起，是解读上海现代性与都市文化最生动的文本。 基于此，"造梦机"这个隐喻便呼之欲出了。百货公司正是制造和展示"摩登"（Modern）之梦的核心装 置。它将抽象 ...

Core Viewpoint - The luxury goods market is under significant pressure due to changing consumer spending habits, leading to a decline in the financial performance of the company [1][2] Financial Performance - For the six months ending September 30, 2025, the company's revenue decreased by 10.1% year-on-year to HKD 1.618 billion (2024: HKD 1.8 billion) [1] - Gross profit fell by 12.9% year-on-year to HKD 488 million (2024: HKD 560 million), with a slight decrease in gross margin to 30.2% (2024: 31.1%) [1] - Profit attributable to shareholders dropped by 15.1% year-on-year to HKD 101 million (2024: HKD 119 million) [1] Market Conditions - The luxury goods market is expected to remain under pressure in the short term, with Swiss watch exports to mainland China and Hong Kong declining by 16.3% and 8.3% respectively from January to September 2025 [2] - The industry faces challenges from weak discretionary spending and macroeconomic uncertainties, leading to a forecast of continued weak consumer demand in mainland China [2] Strategic Response - The company is adopting a balanced strategy, focusing on strengthening partnerships with leading brands and selectively opening new stores in prime locations to expand market coverage [2] - The company aims to enhance customer loyalty through high-quality service while implementing strict cost management and improving operational efficiency to support sustainable profitability [2]

0:00 / 2:18 作为"欧洲制造"的核心标签，以奢侈品为代表的欧洲高端制造行业如今在美国关税政策冲击下压力骤 增。从法国皮具、瑞士钟表到德国豪华汽车，相关企业业绩集体"跳水"，成为美国贸易保护主义措施的 直接受害者。 业内人士指出，这场关税风暴不仅让欧洲品牌利润受损，也使美国市场消费信心受到重创。欧洲企业被 迫提价以转移成本，美国消费者则更加捂紧钱包。在持续的关税冲击下，欧洲高端制造企业短期利润承 压，行业增长前景不确定性显著增加。新华社记者带来一线观察。（记者：李函林、贾金明；视频：王 佳琳） ...

Core Viewpoint - The European high-end manufacturing industry, particularly luxury goods, is facing significant pressure due to U.S. tariff policies, leading to a decline in performance across various sectors [1][2]. Group 1: Impact on Luxury Goods - European luxury brands are experiencing a downturn, with LVMH reporting a revenue drop in its fashion and leather goods division from €299.2 billion to €276.1 billion, a decrease of approximately 8% year-on-year [2]. - Kering's revenue also fell by about 12% to €11 billion, with its flagship brand Gucci seeing a 22% decline in revenue [2]. - The high-end automotive sector is similarly affected, with Porsche's operating profit plummeting by approximately 99%, from €40.35 billion to €400 million [2]. Group 2: Swiss Watch Industry - The Swiss watch industry is under severe strain, with a 39% tariff imposed on Swiss watches leading to a 56% year-on-year drop in exports to the U.S. in September [3]. - Swatch Group, which includes brands like Omega, relies heavily on the U.S. market, which constitutes nearly 17% of its exports [3]. Group 3: Consumer Confidence in the U.S. - The U.S. market accounts for over 23% of global personal luxury goods sales, and the tariff pressures are causing European luxury brands to raise prices, which is dampening American consumer purchasing intent [4]. - Porsche and Swatch have announced price increases of 5% to 15% in the U.S. market, reflecting the industry's response to cost pressures [4]. - Experts indicate that consumer confidence is crucial for luxury spending, and uncertainty in the economic and policy environment is leading to a cautious approach among American consumers [4]. Group 4: Long-term Industry Uncertainty - While price increases may provide short-term relief, they pose long-term risks to brand image and consumer loyalty, potentially deterring younger customers [5]. - Some European luxury brands are exploring local production in the U.S. to avoid tariffs, but face challenges such as a lack of skilled labor and low production efficiency [5][6]. - Efforts to optimize supply chains to control costs are also costly and may jeopardize craftsmanship standards, contributing to significant uncertainty in the global high-end consumer market [6].

Group 1 - The textile and apparel sector in Hong Kong has shown strong stock performance following the release of interim reports, with a recommendation to focus on quality stocks with cautious or clear interim expectations and stable full-year performance, such as Shenzhou International, Jiangnan Buyi, and Anta Sports [1] - Notable stock price increases post-interim report include: Yue Yuen (+10.25%), Samsonite (+0.18%), Crystal International (+13.49%), Xtep International (+16.75%), and Li Ning (+8.78%), attributed to results meeting or slightly exceeding market expectations and stable full-year performance forecasts for 2025 [2] - The low valuation and dividend attributes of these companies are highlighted, with projected P/E ratios and dividend yields for 2025/26 as follows: Yue Yuen (7.3X/6.5X, 10%/11%), Samsonite (11X/10X, 4%/5%), Crystal International (10X/9X, 5.8%/6.4%), Xtep International (12X/11X, 4.0%/4.4%), and Li Ning (18.6X/17.8X, 2.7%/2.8%) [2] Group 2 - In July, Swiss watch exports (excluding the US) improved on a month-on-month basis, with Singapore and Hong Kong leading the growth, while overall global exports showed a year-on-year increase of 6.9% [3] - The export figures for July indicate a significant increase in the US due to tariff disruptions, with global exports (excluding the US) showing a year-on-year decline of 0.9% but an improvement from June's -3.2% [3] - Cumulative export data from January to July shows a year-on-year increase of 1.0% for global exports, while specific regions like China and Hong Kong experienced declines [3]

Core Viewpoint - The announcement by President Trump to impose a 39% tariff on Swiss imports has led to a significant decline in the stock prices of Swiss watch companies listed in the U.S. market [1] Group 1: Stock Performance - Richemont Group's ADR fell by 3.08%, resulting in a cumulative decline of 8.80% for the week [1] - Watches of Switzerland Group's ADR dropped by 7.73% [1] - Swatch Group's ADR experienced a decline of 8.7% [1] Group 2: Market Data - Richemont Group's stock opened at 15.74 USD, with a market capitalization of 14.72 trillion ZAR and a 52-week high of 21.04 USD [4] - Watches of Switzerland Group's stock opened at 4.37 USD, with a market capitalization of 756 million GBP and a 52-week high of 7.52 GBP [7][9]