{"id":208633,"date":"2026-05-02T21:34:00","date_gmt":"2026-05-02T13:34:00","guid":{"rendered":"http:\/\/www.htt.hk\/?p=208633"},"modified":"2026-05-02T21:34:00","modified_gmt":"2026-05-02T13:34:00","slug":"%e5%85%a8%e7%90%8375%e5%ae%b6%e5%a4%b4%e9%83%a8%e6%97%b6%e5%b0%9a%e4%bc%81%e4%b8%9a%e6%8e%92%e8%a1%8c%e6%a6%9c%ef%bc%8c%e7%88%b1%e9%a9%ac%e4%bb%95%e5%88%a9%e6%b6%a6%e7%8e%87%e7%ac%ac%e4%b8%80%ef%bc%8c","status":"publish","type":"post","link":"http:\/\/www.htt.hk\/?p=208633","title":{"rendered":"\u5168\u740375\u5bb6\u5934\u90e8\u65f6\u5c1a\u4f01\u4e1a\u6392\u884c\u699c\uff0c\u7231\u9a6c\u4ed5\u5229\u6da6\u7387\u7b2c\u4e00\uff0c\u5b89\u8e0f\u96c6\u56e2\u7b2c\u516d | Mediobanca\u6700\u65b0\u62a5\u544a"},"content":{"rendered":"\n<p>\u610f\u5927\u5229\u5e02\u573a\u7814\u7a76\u516c\u53f8&nbsp;<strong>Mediobanca Research&nbsp;<\/strong>\u6570\u636e\u663e\u793a\uff1a<strong>\u5168\u740375\u5bb6\u5934\u90e8\u65f6\u5c1a\u8de8\u56fd\u4f01\u4e1a2025\u5e74\u603b\u8425\u6536\u540c\u6bd4\u589e\u957f0.9%\u81f35410\u4ebf\u6b27\u5143\uff0c\u8f83\u75ab\u60c5\u524d\u76842019\u5e74\u589e\u957f32.7%\u3002<\/strong><\/p>\n\n\n\n<p>\u8fd9\u4efd\u62a5\u544a\u5206\u6790\u4e86<strong>75\u5bb6\u5e74\u8425\u6536\u8d8510\u4ebf\u6b27\u5143<\/strong>\u7684\u5934\u90e8\u65f6\u5c1a\u8de8\u56fd\u4f01\u4e1a\u8d22\u52a1\u6570\u636e\u4e0e\u80a1\u5e02\u8868\u73b0\uff0c\u4f01\u4e1a\u5206\u5e03\u5982\u4e0b\uff1a<strong>\u6b27\u6d3239\u5bb6\u3001\u5317\u7f8e25\u5bb6\u3001\u4e9a\u6d328\u5bb6\u3001\u975e\u6d323<\/strong>\u5bb6\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u76c8\u5229\u80fd\u529b\u770b\uff1a<\/strong><\/p>\n\n\n\n<p>\u7ecf\u5386\u75ab\u60c5\u540e\u7684\u76c8\u5229\u5cf0\u503c\u540e\uff0c\u65f6\u5c1a\u884c\u4e1a\u76c8\u5229\u80fd\u529b\u9010\u6b65\u56de\u5f52\u5e38\u6001\u30022025\u5e74\uff0c<strong>\u884c\u4e1a\u5e73\u5747 EBIT \u606f\u7a0e\u524d\u5229\u6da6\u7387\u4e3a14.1%<\/strong>\uff0c\u867d\u76f8\u8f83\u4e0a\u4e00\u5e74\u6709\u6240\u56de\u843d\uff0c\u4f46\u4ecd\u8f83\u75ab\u60c5\u524d\u9ad8\u51fa90\u4e2a\u57fa\u70b9\u3002<strong>\u5962\u4f88\u54c1\u4f9d\u65e7\u662f\u76c8\u5229\u6027\u6700\u5f3a\u7684\u7ec6\u5206\u9886\u57df\uff0c\u603b\u4f53\u5229\u6da6\u7387\u8fbe19.7%\uff0c\u800c\u751f\u6d3b\u65b9\u5f0f\u54c1\u7c7b\u5b9e\u73b0\u4e86\u6700\u4f18\u7684\u7ed3\u6784\u6027\u590d\u82cf<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u4ee5 EBIT \u606f\u7a0e\u524d\u5229\u6da6\u7387\u6392\u540d\uff0c2025\u5e74\uff0c\u7231\u9a6c\u4ed5 Herm\u00e8s \u4ee541.1%\u7a33\u5c45\u7b2c\u4e00\uff0cMoncler \u4ee529.2%\u4f4d\u5217\u7b2c\u4e8c\u3002<\/strong>\u540e\u7eed\u4f9d\u6b21\u4e3a&nbsp;<strong>Birkenstock<\/strong>\uff0826.3%\uff09\u3001<strong>Deckers Outdoor<\/strong>\uff0825.4%\uff09\u3001<strong>\u9999\u5948\u513f<\/strong>&nbsp;<strong>Chanel<\/strong>\uff08\u6700\u8fd1\u62a5\u544a\u76842024\u5e74\u4e3a24%\uff09\u3001<strong>\u5b89\u8e0f\u96c6\u56e2 Anta Sports<\/strong>\uff0823.7%\uff09\u3001<strong>Prada \u96c6\u56e2<\/strong>\uff0822.7%\uff09\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/05\/%E8%81%94%E6%83%B3%E6%88%AA%E5%9B%BE_20260502203335.png\" alt=\"\" class=\"wp-image-465192\"\/><\/figure>\n<\/div>\n\n\n<p><strong>\u4ece\u8425\u6536\u89c4\u6a21\u770b\uff1a<\/strong><\/p>\n\n\n\n<p>\u6cd5\u56fd\u5962\u4f88\u54c1\u5de8\u5934<strong>&nbsp;LVMH\u96c6\u56e2<\/strong>\u4ee5808\u4ebf\u6b27\u5143\u7684\u8425\u6536\u7a33\u5c45\u699c\u9996\uff0c\u5176\u540e\u4f9d\u6b21\u4e3a&nbsp;<strong>Inditex<\/strong>\uff08399\u4ebf\u6b27\u5143\uff09\u3001<strong>Nike<\/strong>\uff08394\u4ebf\u6b27\u5143\uff09\u3001<strong>Adidas<\/strong>\uff08248\u4ebf\u6b27\u5143\uff09\u3001<strong>H&amp;M<\/strong>\uff08211\u4ebf\u6b27\u5143\uff09\u4ee5\u53ca<strong>\u8fc5\u9500\u96c6\u56e2 Fast Retailing<\/strong>\uff08185\u4ebf\u6b27\u5143\uff09\u3002<\/p>\n\n\n\n<p>\u610f\u5927\u5229\u4f01\u4e1a\u4e2d\uff0c<strong>Prada\u96c6\u56e2<\/strong>\u8868\u73b0\u6700\u4e3a\u4eae\u773c\uff0c\u51ed\u501f57\u4ebf\u6b27\u5143\u8425\u6536\u5728\u5168\u7403\u699c\u5355\u4e2d\u4f4d\u6b21\u5927\u5e45\u63d0\u5347\uff0c2025\u5e74\u4f4d\u5217\u5168\u7403\u7b2c21\u540d\uff0c\u8f832019\u5e74\u7684\u7b2c31\u540d\u8dc3\u5347\u5341\u4f4d\u3002\u7d27\u968f\u5176\u540e\u7684\u662f&nbsp;<strong>Oniverse<\/strong>\uff0837\u4ebf\u6b27\u5143\uff0c\u5168\u7403\u7b2c37\u540d\uff09\u3001<strong>Moncler<\/strong>\uff0831\u4ebf\u6b27\u5143\uff0c\u5168\u7403\u7b2c42\u540d\uff09\u4e0e&nbsp;<strong>Giorgio Armani<\/strong>\uff0823\u4ebf\u6b27\u5143\uff0c\u5168\u7403\u7b2c54\u540d\uff09\u3002<\/p>\n\n\n\n<p>\u884c\u4e1a\u8425\u6536\u683c\u5c40\u4ecd\u9ad8\u5ea6\u96c6\u4e2d\u4e8e\u6b27\u6d32\uff0c\u8d21\u732e\u6574\u4f53\u5408\u5e76\u8425\u6536\u768462%\uff0c\u7f8e\u56fd\u5e02\u573a\u5360\u6bd429%\u3002<\/p>\n\n\n\n<p>\u6b27\u6d3239\u5bb6\u96c6\u56e2\u4e2d\uff0c\u610f\u5927\u5229\u5750\u62e514\u5bb6\u5934\u90e8\u4f01\u4e1a\uff0c\u4e3a\u6b27\u6d32\u6570\u91cf\u6700\u591a\uff1b\u4f46\u82e5\u4ee5\u8425\u6536\u89c4\u6a21\u5212\u5206\uff0c\u6cd5\u56fd\u4ee539%\u7684\u603b\u8425\u6536\u5360\u6bd4\u4f4d\u5c45\u9996\u4f4d\uff0c\u5176\u6b21\u4e3a\u82f1\u56fd\uff0814%\uff09\u3001\u897f\u73ed\u7259\uff0813%\uff09\u3001\u5fb7\u56fd\uff0812%\uff09\uff0c\u610f\u5927\u5229\u5360\u6bd49%\u3002<\/p>\n\n\n\n<p>2026\u5e74\u4e00\u5b63\u5ea6\u521d\u6b65\u7ecf\u6d4e\u6570\u636e\u663e\u793a\uff0c\u5168\u7403\u5934\u90e8\u65f6\u5c1a\u4f01\u4e1a\u5e73\u5747\u8425\u6536\u89c4\u6a21\u4e0e2025\u5e74\u540c\u671f\u57fa\u672c\u6301\u5e73\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u8425\u6536\u589e\u901f\u770b\uff1a<\/strong><\/p>\n\n\n\n<p>2025\u5e74\u7684\u8425\u6536\u589e\u901f\u699c\u5355\u7531\u745e\u58eb\u8fd0\u52a8\u54c1\u724c&nbsp;<strong>On Holding<\/strong>&nbsp;\u9886\u8dd1\uff0c\u4f9d\u6258\u81ea\u6709\u4e13\u5229\u6280\u672f\u4e0e\u521b\u65b0\u4f18\u52bf\u6df1\u8015\u9ad8\u7aef\u8dd1\u978b\u5e02\u573a\uff0c\u54c1\u724c\u4e1a\u7ee9\u4eae\u773c\uff0c2<strong>025\u5e74\u8425\u6536\u8f832019\u5e74\u589e\u957f11.3\u500d<\/strong>\uff0c\u589e\u901f\u8fdc\u8d85\u540d\u5217\u524d\u8305\u7684\u7f8e\u56fd&nbsp;<strong>Crocs<\/strong>&nbsp;\u4e0e\u5fb7\u56fd&nbsp;<strong>Birkenstock<\/strong>\u3002<\/p>\n\n\n\n<p>\u5355\u5e74\u5ea6\u7ef4\u5ea6\u6765\u770b\uff0cOn 2025\u5e74\u7684\u8425\u6536\u4e0a\u6da830%\uff0c\u589e\u901f\u7b2c\u4e00\uff1b\u5176\u6b21\u4e3a Finnish American Sports\uff08+26.7%\uff09\u4e0e\u7f8e\u56fd Kontoor Brands\uff08+20.9%\uff09\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u7ec6\u5206\u8d5b\u9053\u770b\uff1a<\/strong><\/p>\n\n\n\n<p><strong>\u8fd0\u52a8\u670d\u9970\u662f\u5168\u7403\u65f6\u5c1a\u884c\u4e1a\u6838\u5fc3\u589e\u957f\u5f15\u64ce<\/strong>\uff0c\u662f2019\u81f32025\u5e74\u95f4\u6700\u5177\u6d3b\u529b\u7684\u7ec6\u5206\u8d5b\u9053\uff0c<strong>\u8425\u6536\u5927\u5e45\u4e0a\u6da843.5%<\/strong>\uff0c\u6838\u5fc3\u9a71\u52a8\u529b\u662f\u5168\u7403\u8fd0\u52a8\u3001\u5065\u5eb7\u4e0e\u5eb7\u517b\u76f8\u5173\u6d88\u8d39\u9700\u6c42\u6500\u5347\u3002\u2018<\/p>\n\n\n\n<p><strong>\u5962\u4f88\u54c1\u8d5b\u9053\u6ce2\u52a8\u6700\u5927<\/strong>\uff0c2019\u81f32025\u5e74\u95f4\u589e\u5e45\u4e3a36.2%\uff0c2025\u5e74\u4f4e\u4e8e2023\u5e74\u521b\u4e0b\u7684\u5cf0\u503c\u3002<\/p>\n\n\n\n<p><strong>\u751f\u6d3b\u65b9\u5f0f\u54c1\u7c7b<\/strong>\u5219\u8fdb\u5165\u6218\u7565\u91cd\u65b0\u5b9a\u4f4d\u9636\u6bb5\uff0c\u589e\u957f\u8fdb\u4e00\u6b65\u653e\u7f13\uff0c2019\u81f32025\u5e74\u95f4\u589e\u5e45\u4e3a23.1%\u3002<\/p>\n\n\n\n<p>2025\u5e74\uff0c\u5404\u7ec6\u5206\u884c\u4e1a\u8425\u6536\u7ed3\u6784\u5360\u6bd4\uff1a\u751f\u6d3b\u65b9\u5f0f\u54c1\u7c7b38%\uff082019\u5e74\u4e3a41%\uff09\u3001\u5962\u4f88\u54c134%\uff082019\u5e74\u4e3a 33%\uff09\u3001\u8fd0\u52a8\u670d\u997028%\uff082019\u5e74\u4e3a26%\uff09\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/image.luxe.co\/wp-content\/uploads\/2026\/04\/pexels-cottonbro-5319380.jpg?x-oss-process=image\/resize,m_fill,w_1700,h_1132\" alt=\"\" class=\"wp-image-464272\"\/><\/figure>\n<\/div>\n\n\n<p><strong>\u4ece\u6e20\u9053\u7f51\u7edc\u770b\uff1a<\/strong><\/p>\n\n\n\n<p>2025\u5e74\uff0c<strong>\u5168\u7403\u65f6\u5c1a\u54c1\u724c\u9500\u552e\u7f51\u70b9\u6570\u91cf\u540c\u6bd4\u5fae\u589e1.2%<\/strong>\u3002<\/p>\n\n\n\n<p>\u6309\u7ec6\u5206\u884c\u4e1a\u770b\uff0c\u8fd0\u52a8\u670d\u9970\u6e20\u9053\u6269\u5f20\u660e\u663e\uff08+7.2%\uff09\uff0c\u751f\u6d3b\u65b9\u5f0f\u54c1\u7c7b\u5c0f\u5e45\u589e\u957f\uff08+1.0%\uff09\uff0c\u5962\u4f88\u54c1\u95e8\u5e97\u6570\u91cf\u5c0f\u5e45\u4e0b\u6ed1\uff08-0.3%\uff09\u3002<\/p>\n\n\n\n<p><strong>\u5168\u7403\u65f6\u5c1a\u54c1\u724c\u7684\u6e20\u9053\u7248\u56fe\u96c6\u4e2d\u5728\u6b27\u7f8e\u4e9a\u4e09\u5927\u6838\u5fc3\u533a\u57df\uff1a\u6b27\u6d32\u536035%\u3001\u7f8e\u6d3233%\u3001\u4e9a\u6d3229%\u3002<\/strong><\/p>\n\n\n\n<p>\u533a\u57df\u5e03\u5c40\u5dee\u5f02\u663e\u8457\uff1a\u6b27\u6d32\u8de8\u56fd\u54c1\u724c\u5168\u7403\u5316\u5e03\u5c40\u66f4\u5747\u8861\uff0c\u6b27\u6d32\u95e8\u5e97\u536037%\u3001\u4e9a\u6d3236%\uff0c\u4f9d\u6258\u5962\u4f88\u54c1\u5728\u4e1c\u4e9a\u7684\u957f\u671f\u4f18\u52bf\uff0c\u575a\u6301\u76f4\u8425\u628a\u63a7\u6d88\u8d39\u4f53\u9a8c\uff1b\u5317\u7f8e\u54c1\u724c\u5219\u9ad8\u5ea6\u805a\u7126\u7f8e\u6d32\u672c\u571f\u5e02\u573a\uff08\u5360\u6bd469%\uff09\uff0c\u6b27\u6d32\uff0820%\uff09\u4e0e\u4e9a\u6d32\uff0810%\uff09\u5e03\u5c40\u6709\u9650\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u8d22\u52a1\u7ed3\u6784\u770b\uff1a<\/strong><\/p>\n\n\n\n<p>2025\u5e74\uff0c\u65f6\u5c1a\u8de8\u56fd\u4f01\u4e1a\u8d22\u52a1\u7ed3\u6784\u6301\u7eed\u4f18\u5316\uff0c\u80a1\u4e1c\u6743\u76ca\u89c4\u6a21\u4e3a\u6709\u606f\u8d1f\u503a\u76841.5\u500d\u3002<strong>\u5176\u4e2d\u5962\u4f88\u54c1\u884c\u4e1a\u8d44\u672c\u5316\u7a0b\u5ea6\u6700\u9ad8\uff0c\u51c0\u8d44\u672c\u4e3a\u91d1\u878d\u8d1f\u503a\u76841.6\u500d\uff0c\u8d22\u52a1\u7b56\u7565\u66f4\u4e3a\u4fdd\u5b88\uff0c\u6297\u5468\u671f\u80fd\u529b\u66f4\u5f3a\uff0c\u53ef\u7a33\u5b9a\u652f\u6491\u6218\u7565\u6027\u957f\u671f\u6295\u5165<\/strong>\u3002<\/p>\n\n\n\n<p><strong>\u4ece\u8d44\u672c\u5e02\u573a\u770b\uff1a<\/strong><\/p>\n\n\n\n<p><strong>\u6b27\u6d32\u65f6\u5c1a\u677f\u5757\u957f\u671f\u8dd1\u8d62\u5168\u7403\u6307\u6570\u7684\u884c\u60c5\u5ba3\u544a\u7ec8\u7ed3<\/strong>\u30022019\u81f32025\u5e74\uff0c\u6b27\u6d32\u65f6\u5c1a\u677f\u5757\u6536\u76ca\u7387\u957f\u671f\u4f18\u4e8e\u5168\u7403\u5927\u76d8\uff0c\u800c2026\u5e74\u4e00\u5b63\u5ea6\u65f6\u5c1a\u884c\u4e1a\u884c\u60c5\u627f\u538b\uff0c\u8dcc\u5e45\u8fbe10.1%\uff0c\u80a1\u4ef7\u666e\u904d\u4e0b\u884c\uff0c\u6b64\u524d\u7d2f\u79ef\u7684\u8d85\u989d\u6536\u76ca\u51e0\u4e4e\u6d88\u8017\u6b86\u5c3d\u3002<\/p>\n\n\n\n<p>\u62a5\u544a\u6307\u51fa\uff0c2026\u5e743\u6708\u672b\uff0c\u65f6\u5c1a\u8de8\u56fd\u4f01\u4e1a\u603b\u5e02\u503c\u7ea6<strong>1.1\u4e07\u4ebf\u6b27\u5143<\/strong>\uff0c\u8f832025\u5e7412\u6708\u672b\u76841.3\u4e07\u4ebf\u6b27\u5143\u51cf\u5c112000\u4ebf\u6b27\u5143\u3002<\/p>\n\n\n\n<p><strong>\u884c\u4e1a\u524d\u5341\u96c6\u56e2\u5305\u63fd\u6574\u4f53\u5e02\u503c\u768476%<\/strong>\uff0c\u5e02\u503c\u524d\u4e09\u5206\u522b\u4e3a\u4e24\u5bb6\u6cd5\u56fd\u4f01\u4e1a\u4e0e\u4e00\u5bb6\u897f\u73ed\u7259\u4f01\u4e1a\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6cd5\u56fd LVMH\uff1a<\/strong>\u5e02\u503c2305\u4ebf\u6b27\u5143<\/li>\n\n\n\n<li><strong>\u6cd5\u56fd Herm\u00e8s<\/strong>\uff1a1699\u4ebf\u6b27\u5143\uff0c\u81ea2019\u5e74\u5168\u7403\u7b2c\u4e94\u4f4d\u6500\u5347\uff0c\u53d6\u4ee3 Nike \u8dfb\u8eab\u524d\u4e09<\/li>\n\n\n\n<li><strong>\u897f\u73ed\u7259 Inditex<\/strong>\uff1a1535\u4ebf\u6b27\u5143\uff0c\u5ef6\u7eed2019\u5e74\u672b\u7b2c\u4e09\u540d\u4f4d\u6b21<\/li>\n<\/ul>\n\n\n\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u884c\u4e1a\u6574\u5408\u8fdb\u7a0b\u6301\u7eed\u63d0\u901f\u30022025\u5e74\u672b\u81f32026\u5e74\u521d\uff0c\u65f6\u5c1a\u9886\u57df\u5e76\u8d2d\u91cd\u7ec4\u6d3b\u52a8\u66f4\u8d8b\u5bc6\u96c6\u4e14\u5177\u5907\u6218\u7565\u5c5e\u6027\u3002\u8fd1\u671f\u4ee3\u8868\u6027\u4ea4\u6613\u5305\u62ec\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u4e2d\u56fd\u5b89\u8e0f\u96c6\u56e2\u51fa\u8d4415\u4ebf\u6b27\u5143\u6210\u4e3a Puma \u7684\u6700\u5927\u80a1\u4e1c\uff1b<\/li>\n\n\n\n<li>\u7f8e\u56fd\u54c1\u724c\u7ba1\u7406\u516c\u53f8 ABG \u6536\u8d2d\u7f8e\u56fd\u65f6\u5c1a\u54c1\u724c\u00a0Guess\uff1b<\/li>\n\n\n\n<li>\u610f\u5927\u5229\u5962\u4f88\u54c1\u96c6\u56e2 Prada \u6536\u8d2d Versace\u54c1\u724c\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u62a5\u544a\u6307\u51fa\uff0c2025\u5e74\u6b63\u5f0f\u544a\u522b\u4e86\u65b0\u51a0\u75ab\u60c5\u540e\u9ad8\u901f\u6269\u5f20\u9636\u6bb5\uff0c\u6210\u4e3a\u4e86\u5168\u7403\u65f6\u5c1a\u884c\u4e1a\u7684\u8f6c\u6298\u70b9\uff0c\u666e\u9002\u6027\u9ad8\u901f\u589e\u957f\u65f6\u4ee3\u843d\u5e55\uff0c\u884c\u4e1a\u6574\u4f53\u589e\u957f\u653e\u7f13\u3001\u8d22\u52a1\u7ba1\u63a7\u6536\u7d27\uff0c\u4f01\u4e1a\u7eb7\u7eb7\u63a8\u8fdb\u6218\u7565\u6027\u6574\u5408\u91cd\u7ec4\u3002<\/p>\n\n\n\n<p>\u6574\u4f53\u6765\u770b\uff0c2025\u5e74\u7684\u589e\u901f\u8d8b\u4e8e\u6e29\u548c\u4f46\u6574\u4f53\u97e7\u6027\u51f8\u663e\uff0c\u53cd\u6620\u51fa\u5e02\u573a\u6d88\u8d39\u66f4\u8d8b\u7406\u6027\u3001\u5404\u533a\u57df\u53d1\u5c55\u5206\u5316\u52a0\u5267\uff0c\u884c\u4e1a\u7ade\u4e89\u66f4\u8d8b\u7cbe\u7ec6\u5316\uff0c\u54c1\u724c\u4ef7\u503c\u91cd\u65b0\u56de\u5f52\u6838\u5fc3\uff0c\u6210\u4e3a\u4f01\u4e1a\u53d1\u5c55\u7684\u9996\u8981\u9a71\u52a8\u529b\u3002<\/p>\n\n\n\n<p>2026\u5e74\uff0c\u884c\u4e1a\u6b65\u5165\u7ed3\u6784\u6027\u8f6c\u578b\u4e0e\u6218\u7565\u8c03\u6574\u5468\u671f\uff0c\u589e\u957f\u903b\u8f91\u5168\u9762\u5207\u6362\u2014\u2014<strong>\u54c1\u724c\u7ade\u4e89\u6838\u5fc3\u4ece\u89c4\u6a21\u6269\u5f20\u8f6c\u5411\u63d0\u5347\u54c1\u724c\u5438\u5f15\u529b\u3001\u957f\u671f\u7ef4\u7cfb\u5ba2\u7fa4\u5173\u7cfb<\/strong>\u3002<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u610f\u5927\u5229\u5e02\u573a\u7814\u7a76\u516c\u53f8&nbsp;Mediobanca Research&nbsp;\u6570\u636e\u663e\u793a\uff1a\u5168\u740375\u5bb6\u5934\u90e8\u65f6\u5c1a\u8de8 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":208634,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-208633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/posts\/208633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.htt.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=208633"}],"version-history":[{"count":1,"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/posts\/208633\/revisions"}],"predecessor-version":[{"id":208635,"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/posts\/208633\/revisions\/208635"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.htt.hk\/index.php?rest_route=\/wp\/v2\/media\/208634"}],"wp:attachment":[{"href":"http:\/\/www.htt.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=208633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.htt.hk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=208633"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.htt.hk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=208633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}