奢侈品定价晴雨表：克制时代，繁荣终结

+852 2974 2980+44 20 7991 0387全球聆听我们的见解汇丰环球研究播客了解更多厄尔万·兰博尔*香港上海銀行有限公司akshay.gupta@hsbc.com.hk全球消费者与零售研究负责人汇丰银行有限公司erwanrambourg@hsbc.com受雇于汇丰证券（美国）公司非美国附属机构，且未根据FINRA法规注册/获得资格Vignesh Gopalakrishnan*联合Bangalore安妮-劳雷·比佐*分析师，全球消费品和零售业汇丰银行 plc annelaure.bismuth@hsbcib.com +44 20 7991 6587报告发行人：香港上海銀行有限公司阿克沙伊·古普塔*, CFA分析师，消费者研究股票全球奢华品查看汇丰环球研究：https://www.research.hsbc.com 20222023375471%26,7605,106-28%19,0492741997%3,521189348%2,42522734%2,019721,74313148%1,3632132661%1,4742482%2266,611-11%58,581222%151%0%50%100%150%200%250%0.0%20.0%40.0%60.0%80.0%100.0%120.0%来源：飞行大师，汇丰计算注意：数据截至2025年6月10日；来源：飞行大师，汇丰计算中国大陆旅游怎么了？大陆每日国际航班数量占2019年水平的百分比简2025占2019的百分比中亚非洲西亚y-o-ynaOkay, the user wants me to translate some markdown text into simplified Chinese. Let me first read through the source text carefullThe source text mentions "YTD as of May: Thailand and Vietnam; YTD as of April: Hong Kong, Macau, Korea, Singapore and Malaysia: YTD as of March: JapanandTaiwan Source: JNTO, KNTO, DSEC, HKTB, STB, TTB , MOTS, VNAT, Tourism Malaysia, HSBCFirst, I need to make sure I understand what YTD means here. YTD is likely "Year To Date," which is a common term in financial orstatistical contexts. The user wants the translation to keep the formula notation unchanged, so I should retain "YTD" as is, but translThe first part is "YTD as of May: Thailand and Vietnam". Translating that to Chinese would be "截至5月：泰国和越南". Similarly, "YTD as of April: Hong Kong, Macau, Korea, Singapore and Malaysia" becomes "截至4月：香港、澳门、韩国、新加坡和马来西亚".Then, "YTD as of March: JapanandTaiwan" – wait, there's a typo here. The original says "JapanandTaiwan" which probably shouldbe "Japan and Taiwan". So I'll correct that to "日本和台湾".Next, the source text: "Source: JNTO, KNTO, DSEC, HKTB, STB, TTB , MOTS, VNAT, Tourism Malaysia, HSBCcalculations". These are abbreviations for organizations or departments, so they should remain in their original form. However, "HSBCcalculations" might be "HSBC calculations", so I should check if that's a common term. It's better to keep "HSBC" as is, maybe add a space before2025年6月2日至8日期间的国际出境航班占2019年水平的百分比按地区划分 calculations".ate the surrounding text. 2 8.108.971.041.143.824.201.601.757.548.211,459.331,559.141.401.4736.0137.31161.26165.470.830.840.930.941069910310411280901001101201301402015201620172018201920202021-1%1%3%5%7%12个国家对其标志性产品按品牌平均本地价格上涨来源：LSEGDatastream各地价格溢价*——中国大陆处于历史最低点英国美国日本韩国中国大陆 香港2022 2023 一月 2024 十一月 2024 六月-25外汇汇率截至 24年11月22日截至25-06-11港元 (HKD)美元 (USD)阿联酋迪拉姆 (AED)澳大利亚元 (AUD)人民币 (CNY)韩元 (KRW)新加坡元 (SGD)泰铢 (THB)日元 (JPY)英镑 (GBP)瑞士法郎 (CHF)平均迪奥Gucci劳力士蒂芙尼卡地亚香奈儿欧米茄爱马仕Moncler巴宝莉雷朋费拉格莫路易威登迈克高仕加拿大鹅宝迪加·文塔加布鲁内洛·库奇内利品牌提价平均这版奢华定价气压计与我们在2024年12月之前的版本相比如何？欧元对其他11种主要货币自我们上次发布奢侈品定价仪表板以来的演变注意：*价格已重新基准化为法国/意大利的100。来源：汇丰银行Okay, the user wants me to translate some markdown text into simplified Chinese. Let me read through the source text carefully.First, the note says "Price increases are relative to our December 2024 edition." I need to make sure the translation accurately conveys that the price increases are compared to the December 2024 edition. The term "relative to" here is important, so I'll use "相对于" for that.Next, note 2 lists 12 countries: France/Italy, UK, US, Japan, Korea, mainland China, Hong Kong, Singapore, Dubai, Thailand, Australia, Switzerland. I should check if all the country names are correctly translated. For example, "mainland China" is "中国大陆", and "Hong Kong" is "香港". The rest seem straightforward. I need to ensure the list is in the same order and that the commas are correctly placed in Chinese.The source is "Brand websites, company data, HSBC calculations." Translating these directly: "品牌网站、公司数据、汇丰银行计算". Wait, "HSBC" is usually translated as "汇丰银行" in Chinese. So that part is correct.Now, checking if the formula notation is kept unchanged. The original text doesn't have any formulas, just notes and lists. So I don't need to worry about that part. First, I'll look at the source text. There are two notes, a source citation, and some country names. The key points are translating the notes accurately while maintaining the list of countries. The formula notation here refers to the numbers in the notes, like "Note1" and "Note 2," which should stay as is.For "Price increases are relative to our December 2024 edition," I need to make sure the relative term is correctly translated. "Relative to" could be "相对于" and "edition" as "版次" or "版本." So maybe "价格涨幅相对于我们2024年12月版次."Next, the second note lists 12 countries. The original has country names with some slashes, like France/Italy. In Chinese, it's common to list them separately, so I'll translate each country name and keep the slash as is. For example, France/Italy becomes 法国/意大利. I'll check each country: UK is 英国, US is 美国, Japan is 日本, Korea is 韩国, Mainland China is 中国大陆, Hong Kong is香港, Singapore is 新加坡, Dubai is 迪拜, Thailand is 泰国, Australia is 澳大利亚, Switzerland is 瑞士. That's 12 countries, so the list should be correct.The source part is "Brand websites, company data