<p>STOXX 600 上涨 0.7%</p>
<p>矿业股下跌，黄金和白银回落</p>
<p>银行和科技股上涨</p>
<p>特朗普提名凯文·沃什担任美联储主席</p>
<p>美国股指期货下跌 欢迎来到路透社记者实时市场报道的主页。您可以与我们分享您的想法，</p>
<h3>中国奢侈品：品牌逐一分析</h3>
<p>独特、复杂、精致且竞争激烈。</p>
<p>这四个词是罗斯柴尔德公司 Redburn 分析师艾米莉·库利奇在最近一次访问后用来描述中国奢侈品市场的。2026 年初，欧洲奢侈品股票（.STXLUXP）表现不佳，年初至今下跌了 11%。本周早些时候，法国奢侈品巨头 LVMH 的股价大幅下跌，因为第四季度的业绩打击了对需求迅速复苏的希望。</p>
<p>“从市场的角度来看，我们对逐渐恢复正增长的看法得到了支持，但增长速度比之前慢，” 库利奇在中国访问后表示。</p>
<p>“没有明显和立即的缓解措施来支持 V 型反转或重大宏观升级周期。然而，情绪正在趋于平稳，绝对需求仍然很大，” 库利奇补充道。</p>
<p>库利奇认为，奢侈品牌在应对中国消费者方面处于非常不同的阶段，这创造了 “显著的奢侈品内部市场份额机会”。</p>
<p>以下是库利奇对每个主要品牌的看法：</p>
<p>LVMH - 处于强势地位，利用其丰富的品牌遗产和实力，良好地定位核心的路易威登和迪奥品牌</p>
<p>爱马仕 - 在提升其产品方面持续保持差异化</p>
<p>博柏利 - 战略尚处于初期，但在产品上的明确行动</p>
<p>开云 - 开云股权的进展困难，新款古驰产品有限，门店冷清</p>
<p>普拉达 - 在更挑剔的市场环境中需要应对许多变化</p>
<p>蒙克莱 - 产品强劲且定位良好，但这一点似乎已被理解</p>
<p>瑞士历峰 - 拥有强大的品牌和品类，支持持续性，但在竞争激烈的细分市场中。预期较高</p>
<p>（塞缪尔·印迪克）</p>
<h3>早前市场直播：黄金期权在价格暴跌时达到危机时代水平 点击此处 欧元升值对该地区股票是把双刃剑 点击此处 收益提升 STOXX，但矿业股下跌 点击此处 欧洲开盘前：积极的收益提升了市场情绪 点击此处 小心你所期望的沃什 点击此处</h3>
<p>美元指数</p>
<p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3ZLGhIx?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="844" original-src="https://imageproxy.pbkrs.com/https://reut.rs/3ZLGhIx"/></p>
<p>巴克莱收益</p>
<p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/gkplqyebbvb/Pasted%20image%201769766765012.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="516" height="416" original-src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/gkplqyebbvb/Pasted%20image%201769766765012.png"/></p>
<p>黄金危机信号</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/GOLD-OPTIONS/zdpxjbekkpx/chart.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1420" height="918" original-src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/GOLD-OPTIONS/zdpxjbekkpx/chart.png"/></p>

普拉达

开云(ADR)

中国消费者指数 ETF - GlobalX

爱马仕(ADR)

路易威登(ADR)

<p>根据 Rothschild & Co Redburn 分析师 Emily Cooledge 的说法，中国奢侈品市场的特点是独特、复杂、精致且竞争激烈。尽管 2026 年欧洲奢侈品股票开局艰难，Cooledge 指出，尽管增长速度较之前缓慢，但正逐渐恢复到正增长。她强调了 LVMH、Hermes、Burberry、Kering、Prada、Moncler 和 Richemont 等主要品牌在应对中国消费者时采取的不同策略，表明奢侈品行业内存在显著机会。总体而言，市场情绪正在稳定，绝对需求依然强劲</p>

<p>STOXX 600 up 0.7%</p>
<div class="lb-trans"><p>STOXX 600 上涨 0.7%</p>
</div><p>Miners tumble as gold, silver retreat</p>
<div class="lb-trans"><p>矿业股下跌，黄金和白银回落</p>
</div><p>Banks, tech higher</p>
<div class="lb-trans"><p>银行和科技股上涨</p>
</div><p>Trump nominates Kevin Warsh to lead Fed</p>
<div class="lb-trans"><p>特朗普提名凯文·沃什担任美联储主席</p>
</div><p>U.S. stock futures lower Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at</p>
<div class="lb-trans"><p>美国股指期货下跌 欢迎来到路透社记者实时市场报道的主页。您可以与我们分享您的想法，</p>
</div><h3>CHINA LUXURY: BRAND BY BRAND</h3>
<div class="lb-trans"><h3>中国奢侈品：品牌逐一分析</h3>
</div><p>Unique, sophisticated, complex and competitive.</p>
<div class="lb-trans"><p>独特、复杂、精致且竞争激烈。</p>
</div><p>Those four words are what Rothschild &amp; Co Redburn analyst Emily Cooledge uses to characterise the Chinese luxury market after a recent visit. Europe’s luxury stocks (.STXLUXP) have struggled at the start of 2026, down 11% year-to-date. Shares in French luxury giant LVMH plunged earlier this week as fourth quarter results dashed hopes of a speedy recovery in demand.</p>
<div class="lb-trans"><p>这四个词是罗斯柴尔德公司 Redburn 分析师艾米莉·库利奇在最近一次访问后用来描述中国奢侈品市场的。2026 年初，欧洲奢侈品股票（.STXLUXP）表现不佳，年初至今下跌了 11%。本周早些时候，法国奢侈品巨头 LVMH 的股价大幅下跌，因为第四季度的业绩打击了对需求迅速复苏的希望。</p>
</div><p>“From a market perspective, our view of a gradual return to positive, but slower growth rate than previously, was supported,” Cooledge says after the China visit.</p>
<div class="lb-trans"><p>“从市场的角度来看，我们对逐渐恢复正增长的看法得到了支持，但增长速度比之前慢，” 库利奇在中国访问后表示。</p>
</div><p>“There is no obvious and immediate relief to warrant a V-shape inflection or major macro-led upgrade cycle. However sentiment is plateauing and absolute demand remains large,” Cooledge added.</p>
<div class="lb-trans"><p>“没有明显和立即的缓解措施来支持 V 型反转或重大宏观升级周期。然而，情绪正在趋于平稳，绝对需求仍然很大，” 库利奇补充道。</p>
</div><p>Cooledge believes that luxury brands are at very different places in terms of tackling the Chinese consumer, which creates “significant intra-luxury share opportunity”.</p>
<div class="lb-trans"><p>库利奇认为，奢侈品牌在应对中国消费者方面处于非常不同的阶段，这创造了 “显著的奢侈品内部市场份额机会”。</p>
</div><p>Here’s Cooledge’s view on each major brand:</p>
<div class="lb-trans"><p>以下是库利奇对每个主要品牌的看法：</p>
</div><p>LVMH - strongly placed, utilising its extensive brand heritage and firepower to position the core Louis Vuitton and Dior brands well</p>
<div class="lb-trans"><p>LVMH - 处于强势地位，利用其丰富的品牌遗产和实力，良好地定位核心的路易威登和迪奥品牌</p>
</div><p>Hermes - continues to differentiate in the elevation of its offer</p>
<div class="lb-trans"><p>爱马仕 - 在提升其产品方面持续保持差异化</p>
</div><p>Burberry - early in its strategy, but focused action on product is clear</p>
<div class="lb-trans"><p>博柏利 - 战略尚处于初期，但在产品上的明确行动</p>
</div><p>Kering - progression for the Kering equity is hard, with new Gucci product limited and stores quiet</p>
<div class="lb-trans"><p>开云 - 开云股权的进展困难，新款古驰产品有限，门店冷清</p>
</div><p>Prada - has many moving parts to navigate in a more discerning market context</p>
<div class="lb-trans"><p>普拉达 - 在更挑剔的市场环境中需要应对许多变化</p>
</div><p>Moncler - product is strong and well positioned, but this feels understood</p>
<div class="lb-trans"><p>蒙克莱 - 产品强劲且定位良好，但这一点似乎已被理解</p>
</div><p>Richemont - has strong brands and category, which supports duration, but in a highly competitive segment. Expectations are ambitious</p>
<div class="lb-trans"><p>瑞士历峰 - 拥有强大的品牌和品类，支持持续性，但在竞争激烈的细分市场中。预期较高</p>
</div><p>(Samuel Indyk)</p>
<div class="lb-trans"><p>（塞缪尔·印迪克）</p>
</div><h3>EARLIER ON LIVE MARKETS: GOLD OPTIONS HIT CRISIS-ERA LEVELS AS PRICE TANKS CLICK HERE EURO APPRECIATION IS A DOUBLE EDGED SWORD FOR REGION’S STOCKS CLICK HERE EARNINGS LIFT STOXX, BUT MINERS SINK CLICK HERE EUROPE BEFORE THE BELL: POSITIVE EARNINGS SWEETEN THE MOOD CLICK HERE BE CAREFUL WHAT YOU WARSH FOR CLICK HERE</h3>
<div class="lb-trans"><h3>早前市场直播：黄金期权在价格暴跌时达到危机时代水平 点击此处 欧元升值对该地区股票是把双刃剑 点击此处 收益提升 STOXX，但矿业股下跌 点击此处 欧洲开盘前：积极的收益提升了市场情绪 点击此处 小心你所期望的沃什 点击此处</h3>
</div><p>US Dollar Index</p>
<div class="lb-trans"><p>美元指数</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://reut.rs/3ZLGhIx" alt="" original-src="https://reut.rs/3ZLGhIx"/></p>
<p>Barclays earnings</p>
<div class="lb-trans"><p>巴克莱收益</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/mkt/gkplqyebbvb/Pasted%20image%201769766765012.png" alt="" original-src="https://fingfx.thomsonreuters.com/gfx/mkt/gkplqyebbvb/Pasted%20image%201769766765012.png"/></p>
<p>Gold distress signal</p>
<div class="lb-trans"><p>黄金危机信号</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.reuters.com/graphics/GOLD-OPTIONS/zdpxjbekkpx/chart.png" alt="" original-src="https://www.reuters.com/graphics/GOLD-OPTIONS/zdpxjbekkpx/chart.png"/></p>

中国奢侈品市场：品牌逐个分析