Market Overview - Netflix and Texas Instruments reported weak performance, exacerbated by escalating global trade tensions, dampening risk appetite. The sell-off in "momentum stocks" continues, with the Nasdaq leading declines among major U.S. indices [1] - The 10-year U.S. Treasury yield fell for the third consecutive day, down 0.58 basis points. The dollar ended a three-day rise, initially gaining before dropping 0.36% from its daily high. Bitcoin retraced all gains from the previous day, falling below the $108,000 support level [1] - Gold experienced significant volatility, dipping close to $4,000 before fluctuating widely, with a daily range of 3.7%. Silver also declined but found support at $48 [1] Key Company News - Tesla's Q3 revenue rebounded significantly due to the expiration of tax credits, but earnings fell 31% due to tariff impacts exceeding $400 million. The company reported a 12% increase in revenue compared to the previous quarter, with automotive revenue reaching a two-year high [2][17] - SAP, Europe's largest software company, reported Q3 cloud revenue below expectations, leading to a 4% drop in stock price post-announcement. The company maintained its growth outlook for 2025, expecting cloud revenue at the lower end of its guidance [3][18] - IBM's Red Hat business growth has slowed, causing investor concerns and a 5% drop in stock price after the earnings report, despite overall revenue and EPS exceeding expectations [4][18] - Wall Street is experiencing its strongest earnings season in four years, with 85% of S&P 500 companies exceeding profit expectations, the highest ratio since 2021 [5][19] Industry Insights - The secondary lending market is facing turmoil, with PrimaLend filing for bankruptcy, highlighting pressures in the low-income consumer sector [19] - Gold ETF holdings reached a three-year high, following a significant drop in gold prices, attributed to a crowded long position among traders leading to a technical sell-off [20] - The U.S. Federal Reserve is considering reducing bank capital requirements from 19% to a minimum of 3%, which could significantly impact large banks' capital levels [22] - The Chinese stock market is expected to enter a prolonged upward phase, with key indices projected to rise by 30% by the end of 2027, driven by earnings growth and potential revaluation [25]

Market Overview - Netflix and Texas Instruments reported weak earnings, exacerbated by escalating global trade tensions, dampening risk appetite. The Nasdaq led declines among major U.S. indices [3] - Apple ended its consecutive gains, dropping 1.64%. Google's quantum chip "Willow" achieved a significant breakthrough, causing quantum computing stocks to plummet, with QBTS down 15% and RGTI nearly 10% [3] - The 10-year U.S. Treasury yield fell for the third consecutive day, down 0.58 basis points. The dollar ended its three-day rise, fluctuating throughout the day [3] - Bitcoin retraced all gains from the previous day, falling below the $108,000 support level, while Ethereum dropped 5% [3] - Gold experienced a wide fluctuation, initially dropping close to $4,000 before stabilizing, with a daily range of 3.7% [3] Company News - Tesla's Q3 revenue rebounded significantly due to the expiration of tax credits, but earnings fell 31% due to tariffs impacting over $400 million [5][20] - SAP, Europe's largest software company, reported Q3 cloud revenue below expectations, leading to a 4% drop in stock price post-announcement [6][21] - IBM's Red Hat business growth slowed, causing a 5% decline in stock price after the company reported Q3 earnings that exceeded Wall Street expectations but disappointed in high-margin software and cloud services [7][21] - 85% of S&P 500 companies exceeded earnings expectations in what is being termed the strongest earnings season in four years [8][21] Industry Insights - The secondary lending market is experiencing turmoil, with PrimaLend filing for bankruptcy, highlighting stress in the low-income consumer sector [22] - Gold ETF holdings reached the highest level since 2022, following a significant drop in gold prices, indicating a volatile trading environment [22][23] - Goldman Sachs noted that the recent gold price drop was primarily due to an overcrowded long position after nine weeks of gains, suggesting a potential buying opportunity if the market stabilizes [23] - The Federal Reserve is considering reducing bank capital requirements from 19% to a minimum of 3%, which could significantly impact the banking sector [25] Technology Developments - Google's quantum chip "Willow" achieved a major breakthrough, running a new algorithm that is 13,000 times faster than the world's strongest supercomputer, with practical applications expected within five years [28][30] - AI is significantly enhancing efficiency in e-commerce, with Alibaba's AI tools improving click-through rates and return on investment for merchants [11][27] - The introduction of a new multi-functional warehouse robot by Amazon aims to streamline operations and could save the company up to $4 billion by 2027 [36] Economic Context - The U.S. government shutdown has entered its 22nd day, potentially leading to a temporary rise in unemployment rates [26] - Japan's exports grew by 4.2% in September, marking the first rebound in five months, driven by a weaker yen [33] - High City Sawa's government is preparing a significant economic stimulus plan, potentially exceeding 13.9 trillion yen, to address inflation and promote growth [33]

Core Insights - Hermès has demonstrated strong performance in the luxury goods sector, with third-quarter sales growth of 9.6% to €3.88 billion (approximately $4.52 billion), slightly exceeding analyst expectations of 9.3% [4] - The company’s strategy of managing product scarcity has allowed it to remain resilient amidst a cooling demand for high-end goods and concerns over tariffs [5] - The U.S. market showed particularly robust growth, with a quarterly revenue increase of 14.1%, alleviating fears regarding the impact of tariff policies on consumer spending [4][5] Group 1: Financial Performance - Hermès reported a third-quarter revenue of €3.88 billion (approximately $4.52 billion), reflecting a 9.6% increase year-over-year [4] - The U.S. market's revenue growth of 14.1% was a standout performance, surpassing expectations and contributing to overall positive sentiment in the luxury sector [4][5] - The core business segment of leather goods and saddlery saw a sales increase of 13.3%, although this was slightly below expectations [5] Group 2: Market Trends - There are signs of improvement in the Chinese market, with a "slight improvement" noted in the third quarter, attributed to stabilizing real estate prices and positive stock market trends [7] - Hermès' CFO indicated that Chinese consumers account for about one-third of global luxury goods sales, highlighting the importance of this market [7] - The overall sentiment in the luxury goods industry is cautiously optimistic, with other major brands like LVMH also reporting similar recovery signs [7]

格隆汇10月22日丨爱马仕周三公布第三季度营收增长9.6%，在奢侈品行业中表现优异。该公司表示， 其在关键市场中国的表现略有改善，富裕消费者继续热衷于购买其售价高达1万美元的Birkin手袋。爱 马仕截至9月底的三个月营收增长9.6%，至38.8亿欧元，这与分析师预期的10%增幅基本一致。 ...

Core Insights - Hermès International continues to demonstrate strong performance in the luxury goods sector, with third-quarter sales showing robust growth driven by the demand for Birkin bags among affluent consumers [1] Financial Performance - In the third quarter, Hermès reported a revenue increase of 9.6% year-on-year, reaching €3.88 billion (approximately $4.52 billion), slightly above analysts' expectations of a 9.3% increase [1] - The U.S. market showed particularly strong performance, with quarterly revenue growth of 14.1%, alleviating concerns regarding the impact of tariff policies on consumer spending [1] - The company's stock has declined by 3.1% year-to-date, similar to the performance of LVMH [1] Business Strategy - Hermès employs a scarcity strategy, managing product availability to maintain resilience in the luxury market, achieving a stable annual growth rate of 6%-7% [2] - The core business segment of leather goods and saddlery saw a sales increase of 13.3%, although this was slightly below expectations [2] Market Trends - There are signs of improvement in the Chinese market, with Hermès noting "slight improvement" in the Greater China region during the third quarter, attributed to stabilizing real estate prices and positive stock market trends [3] - This cautious optimism aligns with observations from other major brands like LVMH and L'Oréal, which have also reported similar recovery signs [3] - Despite the positive outlook, Hermès has not yet observed a significant change in trends for the current quarter [3]

（原标题：爱马仕配货诉讼被驳回；始祖鸟道歉；古驰又换CEO｜二姨看时尚） 21世纪经济报道记者 高江虹 实习生 陈晓冉 上周，时装周将才相继落幕，赛事又启：中国国际时装周（秋季）、2026春夏北京时装周相继举办，前 者首发首秀创纪录，后者迎十周年规模之最，歌力思旗下IRO首登中国国际时装周；浪琴表北京国际马 术大师赛定档10月16-19日鸟巢，官宣骑手阵容，大牌不少，金秋北京好景配好鞍。 圈里大事真不少，"爱马仕配货案"被美国法院驳回，爱马仕终于获支持实行配货制度了？一个"升龙"艺 术项目让始祖鸟品牌声誉受挫，品牌忙发道歉信补救；瑞士手表全球出口额7月刚短暂回归增长轨道，8 月的数据又走弱了，同比下滑16.5%。LVMH间接持股Moncler超4%后停手；VF集团6亿美元售迪克斯止 损；Suitsupply竞购米兰杜尼尼宫30年经营权；优衣库邀KAWS任首位驻地艺术家。 人事方面，开云集团官宣Francesca Bellettini为古驰CEO，强势女将能否力挽狂澜？迪奥重组团队挖回老 员工，似乎在验证"老"的就是香。 1.《升龙》艺术项目惹众怒，始祖鸟发致歉信 9月21日，加拿大高端户外品牌始祖鸟针对其赞助 ...