点评："低价游"灰色链条再次暴露，短期或冲击泰国团队游需求，但长期看将倒逼泰方加强导游资质审 核与执法，利好正规地接社和平台自营跟团业务。国内OTA及有泰国专线资质的旅行社有望承接转移需 求，关注节后赴泰机票预订及泰国旅游局后续整治动作。 NO.1 路威酩轩股价大涨 10月14日，路威酩轩集团（LVMH）公布的第三季度业绩意外恢复增长，因消费者大肆购买酩悦香槟和 迪奥香水。隔夜LVMH纽约市场ADR大涨近9%，LVMH欧股股价上涨超10%，带动其他奢侈品公司股价 走高。 点评：LVMH三季度意外恢复增长，带动亚洲奢侈品及美妆供应链股价普涨。高基数下香槟与香水仍能 放量，验证高端消费需求韧性，短期提振板块情绪。但亚太区整体销售额仍下滑，反弹能否延续需观察 中国客流与汇率走势，宜以事件性反弹看待，不宜追高。 NO.2 中国游客在泰国旅游时被威胁购物，我使馆发布提醒 10月14日，中国驻泰国大使馆发布公告称，近日，网上流传一段中国游客在泰国旅游时被威胁购物的视 频。使馆即向泰旅游警察局及旅游局核实了解相关情况。据泰方核实，该导游持中国护照，在泰无导游 资质。其企图逼迫游客购物并通过游客消费获取提成，泰方已对涉事旅行 ...

Core Insights - LVMH is facing its most severe industry downturn in 36 years under the leadership of Bernard Arnault, with significant challenges impacting its luxury brand empire [2][3][5] Group 1: Industry Challenges - The personal luxury goods market, valued at €364 billion, is rapidly declining, revealing vulnerabilities in LVMH compared to more resilient competitors like Hermès [3][5] - The crisis is exacerbated by LVMH's past acquisition spree, which has led to management complexities and investor concerns regarding succession planning [4][11] Group 2: Financial Performance - LVMH's stock price has nearly halved since its peak in April 2023, resulting in a market value loss of approximately €221 billion [5] - The company has lost its title as France's most valuable company to Hermès, highlighting the shift in market dynamics [5] Group 3: Brand Performance - The wine and spirits division, particularly Moët Hennessy, is experiencing significant challenges, including a CEO dismissal and declining sales, leading to layoffs [16][26] - Dior, LVMH's second-largest fashion brand, has seen a decline in growth, prompting a leadership change to revitalize its performance [20][22] Group 4: Strategic Moves - LVMH has begun divesting underperforming brands, such as Off-White and Stella McCartney, and is expected to continue evaluating its assets, particularly in the wine and spirits sector [15][25] - The company is exploring potential restructuring and strategic realignment to address the current market challenges [10][14] Group 5: Succession Planning - Bernard Arnault's family holds significant control over LVMH, with a focus on ensuring the family's continued influence in the company's future [19][30] - The lack of a clear succession plan raises concerns among investors, despite the establishment of a mid-term succession strategy [36][37]