在本期《Motley Fool Hidden Gems Investing》节目中，主持人特拉维斯·霍伊姆（Travis Hoium）与路·怀特曼（Lou Whiteman）和雷切尔·沃伦（Rachel Warren）一同探讨了苹果公司最近的产品发布、阿斯麦（ASML）最新的财报以及奢侈品零售行业的低迷。 ### 苹果的新款智能家居产品 苹果公司最近推出了新的家庭安全产品以及售价299美元的智能家居指挥中心 Home View，从而扩展了其产品线。Home View 配备了七英寸视网膜液态屏、A18 芯片以及提供桌面版或壁挂式版本的摄像头。苹果还推出了 Apple Home Collection，这是一个精选的高端配件在线商店，提供与施耐德电气（Schneider Electric）和 LG 电子（LG Electronics）共同开发的摄像头、恒温器和死锁等产品。 嘉宾小组讨论了这些产品鉴于其高昂的价格点是否能引起消费者的共鸣。Home View 和安全硬件比来自亚马逊（Amazon）、谷歌（Google）、Nest 或 Ring 的替代品要贵得多。主持人们指出，苹果的策略严重倾向于渐进主义，旨在扩展其既有的生态系统，而不是推出一款革命性的设备。尽管溢价定价和封闭的生态系统（例如需要 iCloud Plus 方案来进行视频录制）构成了障碍，但苹果正在为智能家居技术深度整合并通过服务变现的未来进行定位。 ### 阿斯麦财报与芯片基础设施 阿斯麦公布了其财报，显示营收超过11亿欧元，毛利率攀升至接近60%。作为极紫外（EUV）光刻机的唯一供应商，阿斯麦在关键的半导体制造硬件领域占据垄断地位。该公司首席执行官指出，2027年和2028年的计划产能已经全部售罄，这表明人工智能基础设施的建设并没有放缓。 路·怀特曼强调，由于交货周期长且安装过程复杂，阿斯麦是一家难以按季度进行评估的公司。尽管需求持续高涨直至2028年并延续到2030年，但该股票在财报发布后几乎没有波动。阿斯麦在未来几年内将产能扩大30%，受益于强劲的需求，尽管其被限制向中国出售高端机器。鉴于其市盈率为53倍，考虑到其周期性特征，嘉宾小组认为阿斯麦是一只值得持有的股票。 ### 奢侈品零售行业的低迷 讨论转向了奢侈品零售行业，该行业在过去一两年经历了显著的回调。雅诗兰黛（Estee Lauder）、爱马仕（Hermes）和路威酩轩（LVMH）等主要股票都出现了大幅回调。嘉宾小组确定了驱动这一趋势的三大主要因素：由于经济和地缘政治转变导致中国需求冷却、对激进的疫情时期涨价的强烈抵制，以及在 K 型经济中追求型买家市场的萎缩。 虽然像博柏利（Burberry）以及开云集团（Kering）旗下的古驰（Gucci）和巴黎世家（Balenciaga）等中端和追求型品牌经历了急剧的营收下降，但像爱马仕这样的超高端超级品牌由于拥有抗衰退的客户群和长达数年的候补名单，依然保持着韧性。此外，路威酩轩业务的一部分，例如以蒂芙尼（Tiffany and Co.）为支柱的手表和珠宝板块，随着富裕买家将资本投入能够保留有形价值的硬奢侈品资产，仍在继续增长。路威酩轩目前的远期市盈率约为17倍，这最终可能会为投资者提供一个价值投资机会。

On this episode of *Motley Fool Hidden Gems Investing*, host Travis Hoium is joined by Lou Whiteman and Rachel Warren to discuss recent product announcements from Apple, ASML's latest earnings report, and a downturn in the luxury retail sector. ### Apple's New Smart Home Products Apple recently expanded its product line with the introduction of new home security products and the Home View, a 299-dollar smart home command center. The Home View features a seven-inch liquid retina screen, an A18 chip, and a camera available in tabletop or wall-mounted versions. Apple also launched the Apple Home Collection, a curated storefront of premium accessories like cameras, thermostats, and deadbolts co-developed with Schneider Electric and LG Electronics. The panel discussed whether these products will resonate with consumers given their high price points. The Home View and the security hardware are significantly more expensive than alternatives from Amazon, Google, Nest, or Ring. The hosts noted that Apple's strategy leans heavily into incrementalism, aiming to expand its established ecosystem rather than introducing a revolutionary device. While the premium pricing and closed ecosystem (such as requiring an iCloud Plus plan for video recording) present hurdles, Apple is positioning itself for a future where smart home technology is more deeply integrated and monetized through services. ### ASML Earnings and Chip Infrastructure ASML reported its earnings, showing revenue exceeding 11 billion euros and gross margins creeping up toward 60 percent. As the sole provider of extreme ultraviolet (EUV) lithography machines, ASML holds a monopoly on critical semiconductor manufacturing hardware. The company's CEO noted that planned manufacturing capacity for 2027 and 2028 is already entirely sold out, indicating that the AI infrastructure buildout is not slowing down. Lou Whiteman highlighted that ASML is a difficult company to evaluate quarter-to-quarter due to long lead times and complex installation processes. While demand remains elevated through 2028 and into 2030, the stock saw little movement following the report. ASML is expanding its manufacturing capacity by 30 percent over the next few years, benefiting from strong demand even while restricted from selling high-end machines to China. Trading at 53 times earnings, the panel views ASML as a stock to hold given its cyclical nature. ### The Luxury Retail Downturn The discussion shifted to the luxury retail sector, which has experienced a significant pullback over the past year or two. Major stocks like Estee Lauder, Hermes, and LVMH have seen dramatic drawdowns. The panel identified three primary factors driving this trend: a cooling of demand in China due to economic and geopolitical shifts, a backlash against aggressive pandemic-era price increases, and a shrinking market for the aspirational buyer amid a K-shaped economy. While mid-tier and aspirational brands like Burberry and Kering-owned Gucci and Balenciaga have seen steep revenue declines, ultra-exclusive mega-brands like Hermes remain resilient due to recession-proof clientele and multi-year waitlists. Additionally, parts of LVMH's business, such as its watches and jewelry segment anchored by Tiffany and Co., continue to grow as affluent buyers park capital in hard luxury assets that retain tangible value. LVMH is currently trading at about 17 times forward earnings, which could eventually present a value opportunity for investors.