开云集团2026年上半年前关键主题

Luca Solca+41 582 723 126luca.solca@bernsteinsg.comYi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.comEric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.comMaria Meita+44 20 7170 0540maria.meita@bernsteinsg.com We regularly hold calls with companies, making sure we are up-to-date with their latest communications. We recently caught up with Kering, inthe lead up to their 2Q26/1H26 reporting, and provide an update of the key themes on the company below. EBIT margins (in % terms). The company emphasized that they will be able to maintain margins even without CFx growth in FY26, with OPEX division- Gucci will likely also continue to show a sequential improvement - while performance in thejewellerydivision remains solid. Eyewearremains ‘well-oriented’ after a strong 1Q26. traffic remains down YoY but is stabilizing QoQ. Wholesale performance in F&LG will likely be in-line with 1Q while wholesale performance in restructuring. Jewellery continues to have good momentum. Newness continues to percolate through Gucci, with the first Primaveradeliveries set to arrive in July 2026. to improve sequentially, marked by resilient local spending partially offsetting softer tourist flows.Mainland Chinaremains a drag while therest ofAPACremains contrasted by country:South KoreaandJapancontinue to benefit from a strong market and favourable comparison margin should be higher than 1H26’s. FX will represent a roughly -2% headwind to sales in 2Q26. DISCLOSURE APPENDIX I. REQUIRED DISCLOSURES (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Kering SA arriving at a target price of EUR220. RISKS Kering SA On the upside: Re-acceleration at Gucci would prompt consensus numbers to move up, and with it the share price; Faster than expected recovery of consumer demand would benefit Luxury Goods sector and compound numbers; On the downside: A slower than expected recovery in Chiense consumer spending Poor consumer traction around the Gucci turnaround leading to further negative organic growth and falling valuations RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 pp Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investors Not Covered (NC) denotes companies that are not under coverage. Bernstein brand stock ratings are based on a 12-month time horizon. Autonomous brand – common stocks And Financial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR(EDMFI) index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for Europeaninsurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P InsuranceSelect Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid andSmall Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are stated relative to the The Autonomous brand has three categories of common stock ratings: •Outperform (OP): Stock will outpace the relevant index by more than 10 pp•Neutral (N): Stock will perform in line with the market index to within +/-10 pp•Underperform (UP): Stock will trail the performance of the relevant index by more than 10 ppCoverage Suspended: Coverage