（来源：MBMC美顺） 2023年11月20日，全球零售巨头沃尔玛（Walmart）正式宣布，将于12月9日从纽约证券交易所（NYSE）转板至纳斯达克全球精选市场（NASDAQ）。这 一举动不仅标志着沃尔玛在资本市场上的一次重大转型，也创造了美股历史上最大规模的交易所迁移纪录，市值高达8531亿美元的沃尔玛在没有进行首次 公开募股（IPO）或融资的情况下，引发了全球资本市场的高度关注。 为什么选择纳斯达克？ 01 科技叙事的"刚需" 沃尔玛的转板并非简单的"换地儿交易"，而是其在科技领域深耕的必然结果。近年来，沃尔玛在人工智能、供应链自动化、无人配送、扫码购、数字支付 等领域的投资累计超过百亿美元。具体而言： 这些科技投入不仅需要资本市场的支持，更需要更高的估值溢价与鲜明的"科技标签"。纳斯达克作为全球科技企业的"估值高地"，无疑是沃尔玛实现这一 目标的理想选择。转板后，沃尔玛有望纳入纳斯达克100指数，吸引更多被动资金配置，并借助纳斯达克的科技品牌效应，进一步强化其"科技零售"的形 象。 纽交所与纳斯达克： 02 从"抢客"到"抢故事" 人工智能与自动化：沃尔玛在2023-2025财年期间，致力于提升其运营 ...

Core Insights - The largest retailer in America is experiencing rapid growth in its e-commerce segment, indicating a strong shift towards online sales [1] - The company is expected to further enhance its e-commerce capabilities as it transitions to Nasdaq, which may provide additional visibility and investment opportunities [1] E-commerce Growth - The retailer's e-commerce sales have been increasing significantly, reflecting a broader trend in the retail industry towards online shopping [1] - This growth in e-commerce is likely to continue as consumer preferences shift and the company invests in its digital infrastructure [1] Nasdaq Transition - Moving to Nasdaq is anticipated to bolster the company's market presence and attract more investors, potentially leading to increased stock performance [1] - The transition may also facilitate better access to capital for further expansion in e-commerce initiatives [1]

在哈佛商学院纽约俱乐部 1990 年年度聚会晚宴上，彼得·林奇曾发表了一次经典的演讲，收录了他最 全、最珍贵的投资理念。这里面讲到了彼得·林奇股票投资的四大规则、股票市场常见的十个最危险的 说法、彼得·林奇的十条忠告，非常适合大家反复学习与揣摩。 以下为演讲正文： 活动的组织者告诉我什么都可以谈。我只知道一件事——股票。因此我很快便作出决定：我应该谈谈股 票。我将尽力回顾少数几个要点，这些要点对我而言关系重大，并且我认为它们对试图在股市中赚钱的 人也有重要的作用。 一、彼得·林奇股票投资的四大规则 规则 1 ：了解你所持有的股票 第一条规则是你必须了解你持有的股票。这听起来很简单，但是我们知道能做到这一点的人少之又少。 你应该能够在两分钟或者更短的时间之内向一个 12 岁的孩子解释你购买一只股票的原因。如果你无法 做到这一点，如果你购买这只股票的唯一原因是因为你觉得它的价格将上涨，那么你不应该买入。 我可以给你说一只简单的常见股票——这种类型的股票大多数人都会购买。它是一家相对平凡的公司， 生产的产品也很简单。该产品具有 1M 内存的 CMOS 、双极 RSC 浮动点数 I/O 接口的处理器、 16 位双 通 ...

Each week we run a DCF (Discounted Cash Flow) model on a company from our watchlist. This week’s pick: Walmart Inc. (WMT).ProfileWalmart Inc. is the world’s largest retailer, operating more than 10,500 stores under the Walmart and Sam’s Club banners across the U.S. and international markets. The company blends brick-and-mortar scale with a rapidly expanding e-commerce ecosystem that now includes Walmart+, marketplace sellers, advertising, and last-mile fulfillment.Walmart’s core retail model—high volume, ag ...

For more, let's bring in Jihan Ma, senior analyst at Bernstein. Uh Jihan, it's great to have you here and of what do you think is going on with Kroger today. Is it that the dollar stores are taking share.>> Well, uh I think there's some grocery specific weakness we're seeing in there, but the dollar stores are broadly speaking having a great year, right. They are benefiting from some unique macro tailwinds including middle to high-inccome consumers trading down including for the more discretionary dollar st ...

For more, let's bring in Jihan Ma, senior analyst at Bernstein. Uh Jihan, it's great to have you here and of what do you think is going on with Kroger today. Is it that the dollar stores are taking share.>> Well, uh I think there's some grocery specific weakness we're seeing in there, but the dollar stores are broadly speaking having a great year, right. They are benefiting from some unique macro tailwinds including middle to high-inccome consumers trading down including for the more discretionary dollar st ...

Core Thesis - Walmart Inc. is undergoing a significant transformation from a traditional retailer to a digitally enabled platform, with current valuation multiples reflecting high investor expectations for profit growth and margin expansion [2][5] Valuation Metrics - As of November 26th, Walmart's share price was $109.10, with trailing and forward P/E ratios of 37.41 and 35.21 respectively [1] - The company's P/E ratio is currently 36–37× and EV/EBIT is approximately 27×, which are 35–40% above decade-long averages [2] Strategic Initiatives - Walmart's strategy includes an omnichannel approach utilizing over 4,700 stores as mini-fulfillment centers, enabling same-day delivery and grocery pickup [3] - Higher-margin profit streams such as Walmart Connect advertising, marketplace seller fees, and Walmart+ memberships are expected to contribute over 20% of operating income in the near future [3] - The company aims to reduce costs by 20% through aggressive automation in fulfillment and distribution centers [3] E-commerce Growth - Walmart is the second-largest e-commerce player in the U.S., leveraging its grocery dominance and store-enabled last-mile delivery to enhance customer engagement and digital revenue [4] - International e-commerce expansion, particularly through platforms like Flipkart, is projected to double digital revenue by 2028 [3] Market Expectations - The stock has significant upside potential if execution of strategic initiatives is successful; however, the market is currently pricing in flawless performance [5] - Any delays in automation, marketplace growth, or digital adoption could lead to a notable re-rating of the stock [5]

If you're thinking about buying this top retail stock, here's what you need to know.Walmart (WMT +1.78%) is the largest company in the world by sales. It has more stores than any other retailer, and it continues to grow at a healthy pace. If you're considering buying Walmart stock, here's what you need to know.What does Walmart do?Walmart owns 10,700 stores worldwide, including 4,600 in the U.S. The company says that 90% of the U.S. population lives within 10 miles of one of its stores, but it continues to ...

India’s biggest hotel chains are betting their money on curated, luxury stays in offbeat locations, as they seek to stand out in an overcrowded travel market where traditional vacations have begun to feel ordinary.As throngs of tourist groups crowd popular destinations like Goa, Jaipur and Shimla, travel operators are racing to invest in untouched corners of the country. From dolphin watching off a tiny Arabian Sea island to hidden waterfalls in the Himalayan foothills, the focus is on capturing high-spend ...

此举标志着这家世界收入最高的公司、市值约8,000亿美元的企业，完成资本市场平台的重要迁移。沃 尔玛的转板将创下单笔交易所转换的历史最高市值纪录，叠加其转板规模，2025年纳斯达克单年度承接 的转板市值首次突破1万亿美元。 来源：市场资讯 （来源：Nasdaq纳斯达克） 2025年12月9日起，沃尔玛（NYSE: WMT）将正式转板在纳斯达克挂牌交易，股票代码维持"WMT"不 变。 史上最大单笔迁移 沃尔玛此次决策，不仅反映其对交易成本与服务效率的考量，更凸显其与纳斯达克在技术驱动、创新生 态与长期增长叙事上的深层契合。 转板背景：制度宽松与战略协同 自2003年美国证监会（SEC）废除限制交易所竞争的"Rule 500"，特别是2007年允许企业转板时保留原 有股票代码以来，交易所间的制度性壁垒显著降低，转板操作在近二十年来日趋常态化。截至今年年初 已有500家上市公司由纽交所转至纳斯达克，累计转板市值达3万亿美元。 事实上转板企业中包括40家标普500成分股，其中24家在转板后成功纳入纳斯达克100指数。作为全球最 具影响力的科技成长基准之一，该指数为成分股带来显著的被动资金配置。 这一趋势反映出，企业转 ...