华福证券：2H25国内高端消费显著提升关注高端商业地产及奢侈品标的

智通财经02-26

智通财经APP获悉，华福证券发布研报称，在富人资产增速修复背景下，看好高端消费复苏势头延续。建议关注高端商业地产标的华润万象生活(01209)、恒隆地产(00101)、太古地产(01972)，高端消费标的老铺黄金(06181)、毛戈平(01318)、西锐(02507)等。华福证券主要观点如下：高端消费市场整体企稳回暖，大中华区复苏动能强劲2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2614441067?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-26 11:26","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2614441067","market":"fut","top_or_hot":-1,"title":"华福证券：2H25国内高端消费显著提升 关注高端商业地产及奢侈品标的","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，华福证券发布研报称，在富人资产增速修复背景下，看好高端消费复苏势头延续。建议关注高端商业地产标的华润万象生活(01209)、恒隆地产(00101)、太古地产(01972)，高端消费标的老铺黄金(06181)、毛戈平(01318)、西锐(02507)等。华福证券主要观点如下：高端消费市场整体企稳回暖，大中华区复苏动能强劲2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1407461.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>华福证券：2H25国内高端消费显著提升 关注高端商业地产及奢侈品标的</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华福证券：2H25国内高端消费显著提升 关注高端商业地产及奢侈品标的\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-26 11:26 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1407461.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，华福证券发布研报称，在富人资产增速修复背景下，看好高端消费复苏势头延续。建议关注高端商业地产标的华润万象生活(01209)、恒隆地产(00101)、太古地产(01972)，高端消费标的老铺黄金(06181)、毛戈平(01318)、西锐(02507)等。华福证券主要观点如下：高端消费市场整体企稳回暖，大中华区复苏动能强劲2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1407461.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0456827905.SGD","symbol_name":"JPMorgan Funds - China A (acc) SGD","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1407461.html","article_id":"2614441067","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2614441067","pubTimestamp":1772076374,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"华福证券主要观点如下：高端消费市场整体企稳回暖，大中华区复苏动能强劲2025年下半年起，主要奢侈品集团在亚太区的销售增速显著改善，LVMH、历峰等集团增速在连续7个季度后首次转正。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上海兴业太古汇凭借标志性项目“路易号”拉动，零售额大增49.6%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"161027":"证券","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0164939612.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AC\" ACC","SG9999001051.SGD":"United Asia Fund SGD","BK1555":"内房股","LU2153591404.USD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc USD","BK1229":"房地产经营公司","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","BK1258":"房地产运营公司","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU0384037296.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AT\" (USD) ACC","LU1316543674.SGD":"Janus Henderson Horizon Asia-Pacific Property Income A3 SGD","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC","BK1601":"香港本地股","LU0149534421.HKD":"SCHRODER ISF HONG KONG EQ \"A\" ACC","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","00101":"恒隆地产","01318":"毛戈平","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","06181":"老铺黄金","BK1534":"收租股","LU0607220059.USD":"SCHRODER ISF HONG KONG EQUITY \"A\" (USD) ACC","BK1544":"黄金股","BK1583":"高瓴概念","LU2226123227.USD":"Janus Henderson Horizon Asia-Pacific Property Income A5m USD","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0620787316.HKD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (HKD) INC","LU2226123490.SGD":"Janus Henderson Horizon Asia-Pacific Property Income A5m SGD","LU0082770016.USD":"HSBC GIF ASIA EX JAPAN SMALLER CO. \"AD\" INC","LU2348773727.SGD":"Aberdeen Standard SICAV I - Asian Sustainable Development Equity A Acc SGD-H","LU0082770016.SGD":"HSBC GIF ASIA EX JAPAN EQUITY SMALLER COMPANIES \"AD\" (SGD) INC","LU0229494975.USD":"骏利亨德森亚太地产股票基金","BK1542":"内地物业管理股","BK1227":"服装、服饰与奢侈品","LU0264606111.USD":"Janus Henderson Horizon Asian Dividend Income A2 USD","IE00B1G9TP53.USD":"FIRST SENTIER GLOBAL PROPERTY SECURITIES \"I\" (USD) ACC","BK1207":"个人用品","01209":"华润万象生活","LU0231459107.USD":"abrdn SICAV I - ASIAN SMALLER COMPANIES \"A\" (USD) ACC","LU1282649141.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (HKD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0051755006.USD":"摩根大通中国A (dist)","01972":"太古地产"},"translate_title":"Huafu Securities: 2H25 domestic high-end consumption increased significantly, focusing on high-end commercial real estate and luxury goods targets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1.5,"01318":0.9,"00101":0.9,"01972":0.9,"06181":0.9,"01209":0.9},"content_text":"智通财经APP获悉，华福证券发布研报称，在富人资产增速修复背景下，看好高端消费复苏势头延续。建议关注高端商业地产标的华润万象生活(01209)、恒隆地产(00101)、太古地产(01972)，高端消费标的老铺黄金(06181)、毛戈平(01318)、西锐(02507)等。华福证券主要观点如下：高端消费市场整体企稳回暖，大中华区复苏动能强劲2025年下半年起，主要奢侈品集团在亚太区(剔除日本)的销售增速显著改善，LVMH、历峰等集团增速在连续7个季度后首次转正。中国区市场的改善已成为全球奢侈品集团业绩修复的关键变量，各大品牌普遍看好中国市场的长期潜力。国内高端商场零售额增速亦在下半年显著提升。2025年恒隆地产内地商场租户零售额同比增长4%，日均客流量创历史新高;太古地产旗下多数商场在下半年显著提速，其中上海兴业太古汇凭借标志性项目“路易号”拉动，零售额大增49.6%。财富效应驱动高端消费需求回升，高频指标印证修复富人资产增速、海南离岛免税数据、澳门博彩业数据、高档酒店数据等可做高端消费高频跟踪;二奢数据反映大众人群需求，与高端消费同向变动;奢侈品公司季度业绩表现、高端商圈(恒隆、太古等)零售额增速可做为高端消费情况后验指标。其中富人资产增速(t-1期)对奢侈品业绩具有领先预测价值，随着股市及投资收益改善，高净值人群消费意愿已实质性回暖，可在瑞士钟表对华出口转正、澳门博彩毛收入逐季加速复苏以及高端酒店RevPAR的增长中得到印证。风险提示宏观经济与消费信心波动风险、政策与监管环境变化风险、行业竞争与替代分流风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614441067","isCrawlerRequest":true}

华福证券：2H25国内高端消费显著提升 关注高端商业地产及奢侈品标的

精彩评论

华福证券：2H25国内高端消费显著提升关注高端商业地产及奢侈品标的