<p>STOXX 600 上漲 0.7%</p>
<p>礦業股下跌，黃金和白銀回落</p>
<p>銀行和科技股上漲</p>
<p>特朗普提名凱文·沃什擔任美聯儲主席</p>
<p>美國股指期貨下跌 歡迎來到路透社記者實時市場報道的主頁。您可以與我們分享您的想法，</p>
<h3>中國奢侈品：品牌逐一分析</h3>
<p>獨特、複雜、精緻且競爭激烈。</p>
<p>這四個詞是羅斯柴爾德公司 Redburn 分析師艾米莉·庫利奇在最近一次訪問後用來描述中國奢侈品市場的。2026 年初，歐洲奢侈品股票（.STXLUXP）表現不佳，年初至今下跌了 11%。本週早些時候，法國奢侈品巨頭 LVMH 的股價大幅下跌，因為第四季度的業績打擊了對需求迅速復甦的希望。</p>
<p>“從市場的角度來看，我們對逐漸恢復正增長的看法得到了支持，但增長速度比之前慢，” 庫利奇在中國訪問後表示。</p>
<p>“沒有明顯和立即的緩解措施來支持 V 型反轉或重大宏觀升級週期。然而，情緒正在趨於平穩，絕對需求仍然很大，” 庫利奇補充道。</p>
<p>庫利奇認為，奢侈品牌在應對中國消費者方面處於非常不同的階段，這創造了 “顯著的奢侈品內部市場份額機會”。</p>
<p>以下是庫利奇對每個主要品牌的看法：</p>
<p>LVMH - 處於強勢地位，利用其豐富的品牌遺產和實力，良好地定位核心的路易威登和迪奧品牌</p>
<p>愛馬仕 - 在提升其產品方面持續保持差異化</p>
<p>博柏利 - 戰略尚處於初期，但在產品上的明確行動</p>
<p>開雲 - 開雲股權的進展困難，新款古馳產品有限，門店冷清</p>
<p>普拉達 - 在更挑剔的市場環境中需要應對許多變化</p>
<p>蒙克萊 - 產品強勁且定位良好，但這一點似乎已被理解</p>
<p>瑞士歷峯 - 擁有強大的品牌和品類，支持持續性，但在競爭激烈的細分市場中。預期較高</p>
<p>（塞繆爾·印迪克）</p>
<h3>早前市場直播：黃金期權在價格暴跌時達到危機時代水平 點擊此處 歐元升值對該地區股票是把雙刃劍 點擊此處 收益提升 STOXX，但礦業股下跌 點擊此處 歐洲開盤前：積極的收益提升了市場情緒 點擊此處 小心你所期望的沃什 點擊此處</h3>
<p>美元指數</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>巴克萊收益</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>黃金危機信號</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>

普拉達

開雲(ADR)

中國消費者指數 ETF - GlobalX

愛馬仕(ADR)

路易威登(ADR)

<p>根據 Rothschild & Co Redburn 分析師 Emily Cooledge 的説法，中國奢侈品市場的特點是獨特、複雜、精緻且競爭激烈。儘管 2026 年歐洲奢侈品股票開局艱難，Cooledge 指出，儘管增長速度較之前緩慢，但正逐漸恢復到正增長。她強調了 LVMH、Hermes、Burberry、Kering、Prada、Moncler 和 Richemont 等主要品牌在應對中國消費者時採取的不同策略，表明奢侈品行業內存在顯著機會。總體而言，市場情緒正在穩定，絕對需求依然強勁</p>

<p>STOXX 600 up 0.7%</p>
<div class="lb-trans"><p>STOXX 600 上漲 0.7%</p>
</div><p>Miners tumble as gold, silver retreat</p>
<div class="lb-trans"><p>礦業股下跌，黃金和白銀回落</p>
</div><p>Banks, tech higher</p>
<div class="lb-trans"><p>銀行和科技股上漲</p>
</div><p>Trump nominates Kevin Warsh to lead Fed</p>
<div class="lb-trans"><p>特朗普提名凱文·沃什擔任美聯儲主席</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>美國股指期貨下跌 歡迎來到路透社記者實時市場報道的主頁。您可以與我們分享您的想法，</p>
</div><h3>CHINA LUXURY: BRAND BY BRAND</h3>
<div class="lb-trans"><h3>中國奢侈品：品牌逐一分析</h3>
</div><p>Unique, sophisticated, complex and competitive.</p>
<div class="lb-trans"><p>獨特、複雜、精緻且競爭激烈。</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>這四個詞是羅斯柴爾德公司 Redburn 分析師艾米莉·庫利奇在最近一次訪問後用來描述中國奢侈品市場的。2026 年初，歐洲奢侈品股票（.STXLUXP）表現不佳，年初至今下跌了 11%。本週早些時候，法國奢侈品巨頭 LVMH 的股價大幅下跌，因為第四季度的業績打擊了對需求迅速復甦的希望。</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>“從市場的角度來看，我們對逐漸恢復正增長的看法得到了支持，但增長速度比之前慢，” 庫利奇在中國訪問後表示。</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>“沒有明顯和立即的緩解措施來支持 V 型反轉或重大宏觀升級週期。然而，情緒正在趨於平穩，絕對需求仍然很大，” 庫利奇補充道。</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>庫利奇認為，奢侈品牌在應對中國消費者方面處於非常不同的階段，這創造了 “顯著的奢侈品內部市場份額機會”。</p>
</div><p>Here’s Cooledge’s view on each major brand:</p>
<div class="lb-trans"><p>以下是庫利奇對每個主要品牌的看法：</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 - 處於強勢地位，利用其豐富的品牌遺產和實力，良好地定位核心的路易威登和迪奧品牌</p>
</div><p>Hermes - continues to differentiate in the elevation of its offer</p>
<div class="lb-trans"><p>愛馬仕 - 在提升其產品方面持續保持差異化</p>
</div><p>Burberry - early in its strategy, but focused action on product is clear</p>
<div class="lb-trans"><p>博柏利 - 戰略尚處於初期，但在產品上的明確行動</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>開雲 - 開雲股權的進展困難，新款古馳產品有限，門店冷清</p>
</div><p>Prada - has many moving parts to navigate in a more discerning market context</p>
<div class="lb-trans"><p>普拉達 - 在更挑剔的市場環境中需要應對許多變化</p>
</div><p>Moncler - product is strong and well positioned, but this feels understood</p>
<div class="lb-trans"><p>蒙克萊 - 產品強勁且定位良好，但這一點似乎已被理解</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>瑞士歷峯 - 擁有強大的品牌和品類，支持持續性，但在競爭激烈的細分市場中。預期較高</p>
</div><p>(Samuel Indyk)</p>
<div class="lb-trans"><p>（塞繆爾·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>早前市場直播：黃金期權在價格暴跌時達到危機時代水平 點擊此處 歐元升值對該地區股票是把雙刃劍 點擊此處 收益提升 STOXX，但礦業股下跌 點擊此處 歐洲開盤前：積極的收益提升了市場情緒 點擊此處 小心你所期望的沃什 點擊此處</h3>
</div><p>US Dollar Index</p>
<div class="lb-trans"><p>美元指數</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>巴克萊收益</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>黃金危機信號</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>

中國奢侈品市場：品牌逐個分析