本报告为伯恩斯坦对爱马仕国际（RMS.FP）的公司研究更新，维持「跑赢大盘」评级。报告指出，爱马仕在夏季面临更为疲弱的中国需求环境，随着财政措施落地，中国可选消费走弱，宏观指标亦不乐观，公司难以独善其身；但公司凭借韧性相对强于同业。报告认为，爱马仕在高端市场的「K型」分化中仍存在显著机会，正通过每年推出两个「艺术与工艺」系列手袋、每年发布高级珠宝、强化高珠与高复杂功能腕表、优化客户服务及维修中心等方式加以把握，制约因素在于熟练工匠数量。估值层面，报告认为当前估值对中长期投资者具吸引力，但判断2026年下半年缺乏催化。基于此，报告下调了2026、2027财年有机增长预测并调低盈利预测，同时下调估值倍数，相应下调目标价。报告提示，将爱马仕作为融资空头的对冲基金仍将带来压力，预计长线投资者将在股价企稳迹象出现后买入；
We reset our FY26E and FY27E organic growth forecasts for Hermès. Hermès faces a more subdued Chinese demand environment over the summer. We have pointed out softer Chinese discretionary demand as new fiscal measures have come into effect and macroeconomic indicators have faltered. We have already cut expectations for LVMH. While Hermès has been more resilient than the rest, it is not immune to the broader trend. Hermès sees significant opportunity in the high-end in a K-shaped market. As we have pointed out, Hermès is working to leverage it: the launch of couture next year, more "arts & craft" exceptional bags, high jewellery collections launched every year (rather than every two), "high silk", high-end watches, better centralized service and facilities for VIC. The limiting factor is the number of skilled workers. At current valuation levels Hermès is compelling for medium-term investors. We don't see positive catalysts in 2H26E though. We cut our 3Q26E organic growth forecasts, move