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1、202220222022202220232202320222|20233|2023.01041.1 1.2 1.31.4 1.5 1.6 1.7 02232.1 2.2 2.3 2.42.5 2.6 03433.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 04594.1 4.2 4.3 4.4 05655.1 5.2 5.3 5.4 5.5 2022202202,0004,0006,0008,00010,00012,00014,00016,00001-2002-0602-2303-1103-2804-1405-0105-1806-0406-2107-0807-
2、2508-1108-2809-1410-0110-1811-0411-2112-0812-2501-1101-2802-1403-0303-2004-0604-2305-1005-2706-1306-3007-1708-0308-2009-0609-2310-1010-2711-1311-3012-1701-0301-2002-0602-2303-1203-2904-1505-0205-1906-0506-2207-0907-2608-1208-2909-1510-0210-1911-0511-202271.1 202220320203180
3、,02620204820222243243285302022202325|202320221.1 20222023201,0002,0003,0004,0005,0006,0007,0008,0009,0002022003202204202205202206202207202208202209202222022022032022042022052022062022072022082022092022220220220320220420220520220620220
4、7202208202209202222022022032022042022052022062022072022082022092022220220220320220420220520220620220720220820220920222126|202320221.2 20222000070809304050607080930405060708091011120102
5、03040506070809020202347|2023202200304050607080930405060708093040506070809304050607080902020212022ABCABC2019-20221.2 202328|2023.20221.3 202329|2023.44.0%57.6%47.4%65.7%55.4%50.2%56.3%69.0%66.0%55.9%64.0%58.6%-6.8%58.3%67.4%
6、30.8%41.9%32.8%-20%-10%0%10%20%30%40%50%60%70%80%2008200920000192020202--1220221.3809001402019.012019.032019.052019.072019.092019.112020.012020.032020.052020.072020.092020.112021.012021.032021.052021.072021.092021.112022.012022.03
7、2022.052022.072022.092022.1140%45%50%55%60%65%2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q40010|2023.2022-3.9%12.5%-0.2%-6%-4%-2%0%2%4%6%8%10%12%14%2020202120221.4 202220222023211|2023.20221.4 20232-30%-20%-1
8、0%0%10%20%30%40%07,00014,00021,00028,00035,00042,00049,00001 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 021202212|2023..4 20222023213|2023.20221-31-61-91-1245,772 -0.3-5.70.40.722,998
9、19.714.214.09.718,668 9.39.99.18.713,003 -0.9-6.5-4.0-6.58,890 5.90.40.7-3.97,511 6.61.32.0-0.76,708 9.19.79.412.46,284 4.3-0.60.2-3.45,046 11.86.74.72.34,439 10.65.76.84.43,936 1.8-2.5-2.7-4.53,014 7.6-1.32.2-1.13,022 11.88.26.95.31,911 3.8-2.9-4.9-6.21,635 -7.1-9.0-8.4-7.520221.4 202220222023214|2
10、023.02,0004,0006,0008,00010,00012,00014,00016,00018,000-9.1%5.8%3.1%-0.8%-1.4%5.8%5.3%2.4%2.1%2.2%1.7%1.0%-0.3%0.0%-0.2%-3.0%-1.7%-3.3%-3.3%-5.2%-7.2%-5.2%-9.1%0%20221.4 2022205|2023.02,5005,0007,50010,00012,50015,00017,50020,000200222022200019202120
11、2220.5 20222023216|2023.4.0%-0.2%-30%-20%-10%0%10%20%30%40%20992002062020720208202092020062029202226202272022820229202221220221.5 2019-2022
12、2023217|2023.85,23997,590108,042119,64220%15%12%6%21%25%25%27%0%6%12%18%24%30%36%020,00040,00060,00080,000100,000120,0002002230.9%30.6%17.8%16.1%15.4%5.8%8.3%3.5%19.8%16.2%12.5%5.7%0%6%12%18%24%30%36%200.5 2023218|2023.65.5%59.1%57.8%60.5%17.2%26.5%27.1%27.1%17.
13、3%14.4%15.1%12.4%0%10%20%30%40%50%60%70%80%90%100%200222019-20226,5148,4039,5239,34029%13%3%0%5%10%15%20%25%30%35%40%45%50%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,00020022*20223%20221.6 2023219|2023.-6%-4%-2%0%2%4%6%8%10%12%14%16%-15,000-10,000-5,00005,00010,00015,0002
14、0,00025,00030,00035,00040,000200002220221.6 |2023.28.2%23.4%13.3%11.7%8.8%6.2%5.9%2.4%30.2%24.6%13.0%9.6%8.7%5.8%5.9%2.2%29.8%23.4%13.1%10.8%8.8%5.9%5.9%2.4%30.5%24.0%13.0%10.1%8.6%5.6%5.8%2.4%0%5%10%15%20%25%30%35%200222023220221.6 20222023221|
15、2023.-40%-20%0%20%40%60%80%20020222002022200202220020222002221.729.6%27.9%18.5%18.5%16.0%13.3%15.0%2022208.7%27.2%20.4%18.7%17.9%17.4%1
16、4.1%28.4%28.0%19.4%19.0%19.9%20.1%14.9%27.5%28.9%21.3%18.2%20.7%28.3%15.5%2023222|2023.20222022A42,112,9001,638,500-5.2%8.9%+2.5B46,240,4003,406,500-2.3%11.1%+2.2C46,452,4002,521,400-1.5%13.0%+0.9ABC4ABCGDP1061.511202322.1 214/171.51,600+83.5%/16.5%1.3431.2%;68.8%24|2023.2022ABC15,965,900312,700-6.8
17、%12.3%+3.713,763,700576,800-4.4%8.8%+3.17,197,000564,000-4.8%3.1%+0.55,186,200185,000-1.6%7.0%+0.211,235,800902,600-2.7%12.4%+3.58,837,8001,227,900-0.1%12.3%+1.18,722,200505,100-2.5%16.0%+2.46,174,000232,000-1.0%4.1%-0.35,749,500260,800-1.8%7.4%+0.15,521,000278,000-5.0%10.4%+5.76,768,700264,000-2.3%
18、11.9%+3.16,667,000542,000-1.7%19.3%+0.35,618,500860,000-4.1%9.2%+1.64,689,900200,000-1.0%10.4%+1.44,342,000398,000-1.2%17.7%+1.14,265,10046,000-1.4%13.4%-1.54,069,5000-0.2%8.4%-0.23,964,7000-2.0%14.5%+1.92,491,60045,400-0.8%15.0%+3.02,103,8000-1.2%5.3%+1.11,471,500166,000-3.4%14.0%-7.72.1 2022202322
19、022202225|2023.202205001,0001,5002,0002.2 20222022256182023226|2023.3795ABC02120220%5%10%15%20%25%30%35%40%45%02,0004,0006,0008,00010,00012,00014,00016,00018,00020052006200720082009200000222023*2024*2025*2026*ABCABCA45.0%44
20、.7%43.7%46.2%42.2%42.2%38.9%36.7%35.0%34.2%32.4%32.8%31.9%32.4%32.3%31.9%31.6%31.2%30.4%30.1%29.8%29.7%B19.9%21.1%21.1%20.2%23.4%24.1%25.0%26.8%28.2%30.8%31.6%31.8%33.1%32.5%32.9%33.7%33.7%34.3%34.4%34.8%35.2%35.6%C35.1%34.2%35.1%33.6%34.4%33.7%36.1%36.5%36.8%35.0%36.0%35.4%34.9%35.1%34.9%34.4%34.7%
21、34.5%35.2%35.1%35.0%34.7%2.21.5B2023227|2023.20221,120.3756.602004006008001,0001,2002021202232.5%20224.54.616.618.520.023.226.126.427.831.339.850.554.256.457.786.090.3122.8020406080100120140ABC2022202322.3 202228|2023.20222.3ABC2022ICDSKPE2023229|2023.20220%5%10%15%20%25%05001,0001,5002,0002,5002005
22、2006200720082009200000222023*2024*2025*2026*202322.330|2023.42.8%38.8%34.3%32.3%33.7%36.3%14.4%16.5%17.9%6.1%6.6%7.1%4.4%4.4%4.4%0%20%40%60%80%100%201820222026*55-1010-.740.660.650.640.630.550.530.530.470.470.460.450.430.410.410.400.330.320.3
23、10.270.200.00.10.20.30.40.50.60.70.8ABC0.47/0.01/20232222211202231|2023.2.320222021*2022050030035040045020052006200720082009200000222023*2024*2025*2026*ABC2.3B2005-2013A-BSKPIFSSKPSKPSKPin772023232|2023.2022020406080033AB
24、CSKP2.32023202320232023233|2023.20222.3 202220232023234|2023.0%2%4%6%8%10%12%14%16%02004006008001,0001,2001,4001,60020052006200720082009200000222023*2024*2025*20222.3 5|2023.0500300202320242025ABC20228.9%13.0%11.1%0%2%4%6%8%10%12%
25、14%4Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q222023*2024*2025*2026*ABC11.1%2.4 20222023236|2023.2022-10%-5%0%5%10%15%20%-10%-5%0%5%1
26、0%15%20%ABC2.4 20222023237|2023.20222.52023238|2023.-2.9%-6%-5%-4%-3%-2%-1%0%1%2%3%1Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q222023*2024*2025*2026*0%20%40%60%80%100%20002020203504004505005506001Q212Q213Q214Q211Q222Q223Q224Q22 2023*
27、2024*2025*2026*BC2.5 ABC20222023239|2023.2001,5007508008509009501,0001,050A40035030020222.6 0%5%10%15%20%25%30%35%40%45%2005200620072008200920000022ABC21191130 30212023240|2023.20222.6 0%10%20%30%40%50%60%ABC212023241|2023.20222.6 202320%5%10%15%20%25%30%3
28、5%40%21,21.2%,13.3%,9.8%,6.1%&,5.0%,4.6%,3.6%,3.5%,3.3%,2.7%,26.7%42|2023.202220223.1 1.2.3.4.5.6.7.8.2023244|2023.20223.2 30%2023245|2023.0%10%20%30%40%50%60%70%35%35%30%30%20%20%20220%120%240%360%480%600%720%840%960%1080%1200%0204060800022100%100%-40%0%40%80%120%160%200%240%2
29、80%320%02040608001802003.2 206|2023.202220223.3 006070809006070809GMV2020229202210BURTONThe North FaceSALOMONHOKAKOLON SPORTKAILAS202247|2023.2023220223.4 2022IDC202320%5%10%15%20%00202120222023*2024*2025*2026*-30%-15%0%15%30%45
30、%60%2022*2023*2024*2025*20262022*2023*2024*2025*20262022*2023*2024*2025*20262022*2023*2024*2025*20262022*2023*2024*2025*20262022*2023*2024*2025*202648|2023.20223.4 2022IDCIT2023249|2023.050030035005003003502002020212022,5%,16%PreA,7%A,20%A+,7%B,9%B+,3%C,8%D,4%D+,1%Pr
31、e-IPO,1%,19%55%B20%202201,0002,0003,0004,0005,00020000212022*3.5 202|2023.11%21%17%26%30%31%32%24%8%7%7%7%32%26%27%24%15%11%14%15%4%4%4%5%0%10%20%30%40%50%60%70%80%90%100%201920212022*2030*2880202210%20220246872002120223.
32、5 202|2023.0123456-202221%21%16%11%5%26%SKP2020-2022ITCSKP68IFCSKPIFSIFS20223.6 55.164.478.398.4108.7140.9174.3213.4258.9310.9371.30500300350400200022*2023*2024*2025*2026*202|2023.21.4%22.3%0510152025Documents|To Summer|Mi
33、ller Harris|LArtisan Parfumeur|Penhaligons|Creed|Byredo|Frederic Malle|Kilian|Acqua di Parma|*20224503504004503.7 2023253|2023.2022-10%-8%-6%-4%-2%0%2%4%6%8%10%3.8 202|2023.-6.1%-16.6%-29.2%-31.7%-50%-30%-10%10%30%50%70%ABCD202020220222820223.
34、9-100%-50%0%50%100%150%200%2021 vs 20202021 vs 20192022H1 vs 2021H12022H1 vs 2019 H1-40%-20%0%20%40%60%80%42027202262022720228202292022212Wind202-202255|2023.20223.10 56|2023.49322429176
35、70767743770609467897065354476723464382750800080604020089022202220222021127139253-8.6%-49.8%73681647.0%-55.6%/0.570.490.6517.1%-11.5%2027896789101112Daily2023220223.10 Daily2023257
36、|2023.2022054567890223.10 Daily2023258|2023.13%13%6%5%6%5%3C/4%17%9%8%5%5%2%2%48%2022202246%213/24.1 023260|2023.2022-3.5%-2.8%-2.1%-1.4%-0.7%0.0%0.7%1.4%8.0%8.5%9.0%9.5%10.0%10.5%11.0%11.5%1Q222Q223Q224Q2220224.2 2023261|2023.20224.3-30%-20%-10%0%10%20
37、%30%40%---1-----1---112023262|2023.202220221-94.4 05001,0001,5002,0002,5003,0003,50020080100120The HallAmiriUSM Dover Street Ma
38、rket Beijing63|2023.202220222022202221748.6202120222.9%202264|2023.2022202266|2023.20225.1-20%0%20%40%60%80%100%2000020202120225.2%-2%0%2%4%6%8%10%12%2000020202120222023*GDP1050%GDP2023267|2023.20225.1 202302004006008001,0001,2001,400
39、2022-11-012022-11-032022-11-052022-11-072022-11-092022-11-112022-11-132022-11-152022-11-172022-11-192022-11-212022-11-232022-11-252022-11-272022-11-292022-12-012022-12-032022-12-052022-12-072022-12-092022-12-112022-12-132022-12-152022-12-172022-12-192022-12-212022-12-232022-12-252022-12-272022-12-29
40、2022-12-312023-01-022023-01-042023-01-062023-01-082023-01-102023-01-122023-01-142023-01-162023-01-182023-01-202023-01-222023-01-242023-01-262023-01-282023-01-302023-02-012023-02-032023-02-052023-02-072023-02-092023-02-112023-02-132023-02-152023-02-17北京上海广州深圳成都重庆武汉南京西安长沙20221102023268|2023.202231.6%5
41、3.5%50.9%79.0%75.3%94.5%103.2%98.7%87.2%70.1%73.9%68.0%66.8%86.8%72.6%60.7%42.8%88.6%19.3%36.7%31.2%69.9%58.6%56.7%77.0%74.8%78.6%59.9%56.3%39.2%44.0%65.6%60.7%44.2%35.1%73.1%0%20%40%60%80%100%120%2020 2020 20202020 2021 2021 2021 2021 2021 2021 2022 2022 2022 2022 2022 2022 2023 2023 201920195,1392
42、,7833,0112,8923,75801,0002,0003,0004,0005,0006,0002002220235.1 2023209|2023.20225.1 20232023212023270|2023.0%50%100%150%200%250%005000%50%100%150%200%250%300%01,0002,0003,0004,0005,0006,0002022-2,000-1,500-1,,0001,5006789017Q12017Q22017Q3
43、2017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q45.229010=-2023271|2023.202838202222021:1 2“72|2023.20223 4 20“73|2023.20225.2 74|2023.Z2023220225.3 提振消费多项举措并行宏观政策助力202375|2
44、023.2023220225.4 VICLVMH2023276|2023.6.0%4.0%33.0%19.0%33.0%26.0%20.0%33.0%8.0%18.0%0%20%40%60%80%100%8080-8990-.4356.4376.0426.4468.3536.7446.5642.2791.8-20%-10%0%10%20%30%40%50%-6008001,00020002020212022LVMHLV 200Louis the GameGucci Gucci Vault Lan
45、d20225.4 2023277|2023.Zara10-15%85-100%10-1535.011.76OEM+SheinShein0%1%2%3%4%5%6%2002020212022Q3Nike5%-10%2022/238310,000IP20225.4 2023278|2023.02004006008001,0001,2001,400200221-982.3%82.4%202020220%10%20%30%40%50%60%70%200720082009200016201720
46、02120222023*2024*2025*ABC5.5 3021*2023279|2023.20225.5 COSMO20232in the PARKRegularHuangshiArt StudioHOJAELEMENT80|2023.ZX20220%3%6%9%12%15%18%21%01,0002,0003,0004,0005,0006,0007,000ABCD1H221H215.5 2023281|2023.2022/5.52023282|2023.ACDB20225.520200250300SKPIFCMA LLIFS51.7%67.2%
47、80.7%87.3%89.1%48.3%32.8%19.3%12.7%10.9%0%10%20%30%40%50%60%70%80%90%100%20052002283|2023.20232202220231120232Z“84|2023.2022320234VICVICIPIP“85|2023.20225TXCOSMOSKP“86|2023.Silvia Zeng Yang MJacky ZSissi Lu Daniel YBruce PTinaGSherril SHeraZJacky ZRebecca LJiemin WJonathan WWaimanSVeronic
48、a XSissi Lu 20225723661164101201B2801-03A230800455+886 2 8758 9898+86 10 5922 1300+86 20 2338 8088+86 532 8579 5800+86 755 8826 6608+86 29 8932 9800+886 2 8758 9899+86 20 2338 8118+86 532 8579 5801+86 755 2263 8966+86 29 8932 .tw9793129T28022223408+8
49、52 2846 50006200041300051+852 2845 9117+86 28 6680 5000+86 571 8196 5988+86 21 6393 3333+86 22 5901 .hk+86 286680 5096+86 571 8196 5966+86 21 6393 30805A6H452201A213908-09+853 2871 88224000013430030+853 2871 8800+86 23 6370 8588+86 25 8966 0660+86 24 3195 8555+86 27 5959 .mo+86 23 6370 8598+86 25 8966 2023