Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - The report highlights a significant market downturn due to renewed trade conflicts, with the S&P 500 dropping by 2.4% and the Nasdaq by 2.5% [3] - Only three sectors experienced gains, while 21 sectors saw declines, indicating widespread market fear [3] - The semiconductor sector attracted substantial capital inflows, contrasting with the overall outflow from the market [4] Summary by Sections Price Trends - The S&P 500 fell by 2.4%, and the Nasdaq decreased by 2.5% due to trade tensions [3] - The performance of sectors varied, with the Food, Beverage & Tobacco sector increasing by 1.7%, while Durable Goods & Apparel dropped by 8.4% [3] Capital Flows - The estimated capital flow for S&P 500 components was -$40.6 billion, indicating a significant outflow compared to the previous week [4] - The semiconductor products and equipment sector saw a capital inflow of $83.2 million, while the automotive sector experienced a $25.7 million outflow [4] Earnings Forecast - The report indicates a 0.3% upward adjustment in the earnings per share (EPS) forecast for S&P 500 components, with 21 sectors seeing an increase in earnings expectations [5] - The materials sector led the upward revisions with a 1.0% increase, while the energy sector faced a downward adjustment of 0.5% [5]

越来越捂紧钱包的消费者，却乐意一年给它53亿美元，Costco开市客做对了什么？ 从Costco最近发布的2025财年（截至2025年8月31日）业绩看，这个全球会员店巨头，在高关税和经济不确定性等各种变 量里，依然有非常可观的增长。 2025财年，Costco净销售额2699亿美元，增长8%。净利润80.99亿美元，同比增长9.9%。全年会员费收入53.23亿美元， 占净利润的65.7%。 会员费几乎占了净利润2/3，再一次验证了Costco的模式本质：不是一个赚差价的零售商，而是一家为会员精选商品 的"服务商"。 人们越捂紧钱包，追求物美价廉，会员店的模式就更有价值。Costco管理层坦承，其生意的核心吸引力，依旧是高性价 比的日常刚需和平价商品。比如，热狗套餐、烤鸡和KS卫生纸…… 但，我们比较感兴趣的是，Costco过去一个财年的逆势增长，不止依赖模式: 财报成果背后，一些在目前市场堪称教科书 式的操作，也可圈可点。 01 抢眼的基本盘，电商破局引来了年轻人 Costco会员基本盘非常稳，2025财年付费会员总数8100万，同比增长6.3%，总持卡人数1.452亿，同比增长6.1%。 其中，北美续订率 ...

The problem with Costco Wholesale Corporation (NASDAQ: COST ) stock has been the valuation. Back in late June, I conducted an analysis and found solid fundamentals such as rebounding EPS growth and strong membership statistics. However, the P/EI'm a full-time investor with a strong focus on the tech sector. I graduated with a Bachelor of Commerce Degree with Distinction, major in Finance. I'm also a proud lifetime member of the Beta Gamma Sigma International Business Honor Society. My core values are: Excel ...

A Costco membership is often a good investment for families looking to save money on groceries, household goods, electronics and even furniture. If you purchase the Gold Star membership, you’re likely to save more than the $65 membership cost within a year. Meanwhile, the $130 Executive membership pays 2% rewards good toward future Costco purchases. But what if you literally invested those membership fees into Costco stock five years ago? How much extra cash would you have today? Check Out: Amazon, Costco ...

Oppenheimer分析师Rupesh Parikh同样予好市多"跑赢大盘"评级。分析师表示："开市客在所有主要品 类中都持续展现出广泛的增长势头。我们依然看好开市客在当前环境下继续扩大市场份额并跑赢同行的 能力。""在非食品品类即将面临极具挑战的同比基数背景下，我们建议投资者继续把握潜在波动性交易 机会。这份销售报告进一步增强了我们对该公司应对艰难比较基数能力的信心。" 瑞银分析师Michael Lasser则予好市多"买入"评级。分析师表示："值得注意的是，我们认为开市客在9 月份的市场份额加速上升，而同期零售业整体可能出现放缓。随着三季度财报季的推进，这一点将愈发 明显。包括这一因素在内的诸多利好，应能继续支撑开市客的高估值溢价。" 相比之下，分析师Louis Liu对开市客的态度较为谨慎，对该股的评级为"持有"。分析师表示："正如沃 伦·巴菲特所言，'以合理价格买入一家杰出的公司，要远胜于以极低价格买入一家普通的公司'。然而， 将这句话应用于开市客，我依然认为这家卓越的企业目前估值偏高。最终，估值规律总会显现，而市场 的狂热无法永久持续。"他补充称："基于此，开市客的现有股东或许可以考虑卖出备兑看涨 ...

Costco has become one of the world's biggest clothing retailers.Despite volatile stock price swings over the last year as it trades at a high multiple relative to its retail peers, the company has been a long-term winner. Costco said men's apparel sales were up "double digits" in its fiscal fourth-quarter 2025 earnings, according to a call last month.From 2019 to 2024, Costco grew its annual apparel segment sales from $7 billion to $9.7 billion, a nearly 40% increase, according to estimates by GlobalData. C ...

British postal company Royal Mail on Friday announced a partnership with TikTok Shop, allowing sellers on the social media platform's e-commerce arm to access its delivery network, including parcel co... ...

Core Insights - Costco Wholesale's recent changes to membership policies have sparked controversy among some members, but management and investors are pleased with the outcomes [10][13][15] - The global retail industry is projected to reach a $52.7 trillion addressable market by 2035, with a compound annual growth rate of 4.44% [2] - Costco's membership-driven model provides high-margin revenue, which is crucial for its competitive pricing strategy [8][15] Membership Changes - Costco increased annual membership fees for Gold Star/Business and Executive cardholders from $60 to $65 and $120 to $130, respectively, marking the first fee increase in seven years [10] - The introduction of special early shopping hours for Executive members has caused dissatisfaction among Gold Star members, as they cannot access the stores during these times [11][12] - A $10 monthly credit on qualifying Instacart orders for Executive cardholders has been introduced, alongside a 2% cashback on purchases [13] Financial Impact - The new shopping hours for Executive members are estimated to have added about 1% to weekly U.S. sales, translating to nearly $3 billion in additional annual revenue [14][15] - Executive cardholders, while making up 47.8% of total memberships, accounted for 74.2% of net sales in the fiscal fourth quarter, highlighting their importance to Costco's financial performance [15]

来源：市场资讯 在销售增长的背后，好市多的会员续费率始终保持在90%以上的高位，这为其提供了一个稳定而忠诚的 客户基础。这样的高续费率不仅显示出客户对其服务的高度认可，也为公司的长期稳定发展奠定了基 础。此外，好市多9月的全公司同店销售额增长5.7%，而数字化业务的同店销售额更是实现了26.1%的 强劲增长，这表明公司在数字化转型方面的投资已经开始显现成效。 即便在股市盘后，好市多的股价仍然上涨了2.5%，这反映出市场对其出色业绩表现的积极响应。在这 样的背景下，投资者不妨继续密切关注好市多的数字化业务表现和国际市场拓展情况，毕竟这些都是未 来公司持续增长的动力源泉。 总结来看，好市多凭借稳健的销售增长和高效的会员管理，继续赢得市场的青睐。对于投资者来说，要 注意行业趋势以及全球经济环境的变化，特别是要警惕可能的市场波动。同时，鉴于好市多的优质表 现，那些有耐心并愿意承担一定风险的投资者可能会在其长期发展中受益。 （来源：美股情报站） 在10月9日，好市多的股价上演了一场精彩的"小涨潮"，当天收涨3.07%，并实现了连续三天的上涨，累 计涨幅达到了3.51%。这一走势无疑让投资者感到振奋。 聚焦于好市多最新披 ...

Core Insights - Costco's stock experienced a 3% increase, closing at nearly $943, despite a general decline in U.S. indexes, driven by strong September sales figures [1][2]. Sales Performance - September retail sales for Costco rose 5% year-over-year, reaching approximately $26.6 billion, indicating a positive start to the holiday season [2]. - The company's September sales growth of 9% in 2024 was viewed positively by investors, despite being lower than the previous year's figures, which were influenced by external factors such as Hurricane Helene and port strikes [4][7]. Investor Sentiment - Investors anticipated a potential slowdown in sales growth but reacted favorably to the results, considering the context of last year's unusually high demand [3][7]. - Analysts from UBS noted that the results reflect a strong performance, with a mean price target for Costco shares set at $1,065, suggesting a potential upside of about 13% from the recent close [5][6]. Additional Metrics - Global same-store sales for Costco increased by 5.7%, and the newly introduced metric for "digitally-enabled comparable sales" surged over 26%, highlighting the growing importance of digital sales channels [5].