据了解，除直播选品、带货技巧、视频剪辑等培训外，沃尔玛还依托自身优势，组织采购、电商、供应 链、营运领域的专家，以志愿者身份参与项目，分享全渠道零售经验，帮助学员建立乡村产品标品化、 规模化发展的零售思维，增强她们的创业品牌自主走向市场的能力。沃尔玛还积极与学员对接，将符合 标准和资质的"她乡好货"引进沃尔玛门店及销售平台。（罗宁） 责任编辑：郭栩彤 沃尔玛中国公司事务高级副总裁佘端志表示："15年来，沃尔玛携手中国妇基会长期支持乡村女性的发 展，帮助她们通过创、就业实现经济自立。从母亲创业循环金，到@她创业计划，再到她乡好货赋能培 训公益项目，我们不断迭代公益模式，通过'资金支持'、'能力培养'、'渠道建设'多措并举，为乡村人才 发展构建了全面的帮扶体系，激活乡村经济内生动力，助力乡村产业的可持续发展。" 中国妇女发展基金会副理事长兼秘书长董葵表示："女性是推进乡村振兴的重要力量。多年来，中国妇 基会通过@她创业计划，探索乡村女性创、就业的可持续发展模式，推动女性共建共享经济社会发展成 果。沃尔玛作为项目长期合作伙伴，从资金支持到数字化赋能，持之以恒助力女性参与乡村振兴，让超 过1.8万名乡村女性从中受益。 ...

Core Insights - Walmart China reported a net sales of 5.8 billion USD for Q2 2025, representing a year-on-year growth of 30.1% [1] - The e-commerce segment of Walmart China experienced a net sales growth of 39% year-on-year [1] - The performance of Walmart China was significantly supported by Sam's Club, which saw a double-digit year-on-year growth in transaction volume [1] - In the past 12 months, Sam's Club opened 8 new stores, with 2 new stores launched in Q2 2025 [1]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index rising 0.13% to 3,771 points, marking a 10-year high[13] - U.S. stocks fell for the fifth consecutive day, with the Dow Jones down 0.34% to 44,785 points and the S&P 500 down 0.40% to 6,370 points[7] - European markets exhibited divergence, with the Stoxx 600 index closing nearly flat, while the UK FTSE 100 rose 0.23%[7] Economic Indicators - U.S. manufacturing expanded at the fastest pace since 2022, while initial jobless claims indicated a weak labor market[4] - The Federal Reserve officials expressed hawkish views ahead of Chairman Powell's speech at Jackson Hole, raising concerns about inflation[4] Commodity and Currency Movements - International oil prices fluctuated, with WTI crude oil rising 0.5% to $63.52 per barrel and Brent crude oil up 1.2% to $67.67 per barrel[26] - The U.S. dollar index increased by 0.4%, while gold prices saw a slight decline[26] Company Performance - Futu Holdings reported a 74.9% year-on-year increase in revenue for H1 2025, reaching HKD 10.006 billion, with a Non-GAAP net profit growth of 101.7%[7] - AAC Technologies' net profit for H1 2025 grew by 63% to CNY 876 million, exceeding market expectations[12] Stock Market Trends - The Hang Seng Index fell 0.24%, with major tech stocks declining, while healthcare stocks showed strength with a 2.2% increase[9] - In Latin America, the S&P Mexico IPC Index rose 0.76%, driven by gains in the healthcare sector[7] Bond Market Insights - U.S. Treasury yields fluctuated, with the 2-year yield rising 4.4 basis points to 3.79% following strong PMI data[29] - Standard & Poor's maintained the U.S. sovereign credit rating at "AA+" with a stable outlook, citing concerns over rising debt levels[29]

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

Core Viewpoint - Walmart's CEO Doug McMillon warns that rising tariffs are increasing operational costs, which are expected to persist into the third and fourth quarters, despite efforts to lower product prices [1][3][6] Group 1: Financial Performance - Walmart's Q2 revenue grew by 4.8% to $177.4 billion, exceeding expectations, and the company raised its full-year sales guidance [3] - However, operating profit declined by 8.2% to $7.3 billion, falling short of expectations, leading to a 4.5% drop in stock price, marking the largest single-day decline in over four months [3][6] Group 2: Impact of Tariffs - The company indicates that the cost of goods is rising weekly due to tariffs, with about one-third of its U.S. products imported from countries like China, Mexico, Vietnam, and India [6] - The same-store inflation rate increased by 1.1% year-over-year, doubling from the previous quarter, although it remains below the overall U.S. inflation rate [6] - Despite some price reductions in food items, the overall grocery inflation rate in the U.S. rose by approximately 1.5%, while prices for clothing and electronics have decreased [6] Group 3: Consumer Behavior - McMillon noted that while there hasn't been a drastic change in consumer spending behavior due to tariffs, adjustments are more pronounced among middle- and low-income households compared to high-income households [6]

Core Viewpoint - The latest financial reports from global retail giants, particularly Walmart, show mixed results amid the impact of tariffs, with challenges in profit expectations despite revenue growth [1]. Group 1: Financial Performance - Walmart's Q2 revenue reached $177.4 billion, a year-on-year increase of 4.8%, surpassing market expectations of $176.16 billion [3]. - The GAAP earnings per share for Q2 were $0.88, while adjusted earnings per share were $0.68, falling short of the market estimate of $0.74, marking the first miss since May 2022 [3]. - Operating profit declined by 8.2% to $7.3 billion, while net income rose by 51.8% to $7.151 billion [3]. Group 2: Growth Drivers - The growth in performance was primarily driven by Sam's Club and e-commerce, with global e-commerce sales increasing by 25% and global advertising revenue rising by 46% [5]. - Same-store sales in the U.S. grew by 4.6%, exceeding analyst expectations of 4%, and e-commerce sales in the U.S. increased by 26% [5]. - In China, net sales reached $5.8 billion, a 30.1% year-on-year increase, with e-commerce net sales growing by 40% [5]. Group 3: Strategic Initiatives - Walmart's CEO Kathryn McLay highlighted the growth of e-commerce in China, noting the opening of 33 new front warehouses and cloud warehouses, totaling 455, enabling rapid delivery to customers [7]. - The company plans to increase prices on certain imported goods to offset tariff costs, which has drawn criticism from former President Trump [8][9]. - Walmart's CFO John David Rainey indicated that the cost impact from tariffs is continuously rising, but the company is working to maintain low prices through accelerated imports and limited-time discounts [9]. Group 4: Future Outlook - Walmart has raised its full-year net sales growth forecast for fiscal 2026 to between 3.75% and 4.75%, and adjusted earnings per share expectations to between $2.52 and $2.62 [9]. - The company is assessing various scenario models due to trade policy negotiations, demand fluctuations, and future expansion flexibility [9].

Group 1 - The United States and the European Union have reached an agreement on a trade framework, covering 19 key areas including agricultural products, automobiles, semiconductors, and digital trade barriers [2][3] - Walmart's Q2 revenue was $177.4 billion, exceeding analyst expectations, but adjusted earnings per share of $0.68 fell short of the anticipated $0.74, marking the first time in three years that profits did not meet expectations [4] - Intel is seeking additional funding through negotiations with large investors, while also considering a shift in government chip subsidies to equity stakes in the company [14][16] Group 2 - Meta has temporarily paused hiring in its AI department as part of organizational adjustments while establishing a new structure for upcoming AI projects [20][21] - TikTok Shop is preparing for the 2025 global Black Friday sales event, with significant investments in promotional resources to support cross-border merchants [28] - Ren Zhengfei stated that artificial intelligence may be the last technological revolution for human society, highlighting China's unique advantages in the field [29]

Group 1 - Walmart warns that U.S. tariffs are increasing its operating costs, with the impact expected to continue into Q3 and Q4 [1][4] - Despite an influx of customers seeking affordable products, Walmart's profit margins are under pressure, with Q2 revenue growth of 4.8% to $177.4 billion, but operating profit down 8.2% to $7.3 billion [1][5] - The company's stock fell 4.5%, marking its largest single-day decline in over four months [1] Group 2 - The cost pressure from tariffs is increasing weekly, with about one-third of Walmart's U.S. goods relying on imports from countries like China, Mexico, Vietnam, and India [4] - The same-store inflation rate rose 1.1% year-over-year in Q2, doubling from the previous quarter, but remains below the overall U.S. inflation rate [5] - Walmart has indicated the need to raise prices on certain items to offset tariff costs, which has drawn criticism from President Trump, who argues that tariffs do not lead to inflation [5]

Group 1 - Walmart's stock plummeted by 4.5% after reporting quarterly profits that fell short of expectations, despite raising its full-year sales and profit forecasts due to tariff-induced cost increases [3] - The company's second-quarter revenue was $177.4 billion, slightly above the market expectation of $176.16 billion, but the adjusted earnings per share were $0.68, below the expected $0.74, marking the first time in three years that it did not meet analyst expectations [3] - The consumer sector is experiencing mixed signals, with employment and tariff issues adding uncertainty, as noted by Northlight Asset Management's Chief Investment Officer [3] Group 2 - The beauty product manufacturer Coty saw its stock drop by 21.4% due to expectations of weak consumer spending leading to a decline in sales for the current quarter [3] - The housing market showed resilience, with July existing home sales annualized at 4.01 million units, exceeding market expectations of 3.92 million units and the previous value of 3.93 million units [4] - Initial jobless claims increased by 11,000 to 235,000, marking the largest rise in nearly three months, while continuing claims rose to 1.972 million, the highest since November 2021, indicating signs of cooling in the labor market [4]

Market Overview - On August 21, U.S. stock indices collectively declined, with the S&P 500 down 0.4%, the Dow Jones down 0.34%, and the Nasdaq down 0.34%, marking five consecutive declines for the S&P 500 and three for the Nasdaq [1][5] - The market is focused on the upcoming Jackson Hole global central bank conference, where Federal Reserve Chairman Jerome Powell is expected to deliver a key speech regarding future monetary policy [2][3] Federal Reserve Insights - Federal Reserve officials, including Cleveland Fed President Loretta Mester, Atlanta Fed President Raphael Bostic, and Kansas City Fed President Esther George, have expressed cautious signals, emphasizing that monetary policy should rely on data and are not in a hurry to cut rates [2][3] - Mester stated that current inflation levels remain too high and have been on the rise over the past year, indicating no reason to lower rates at this time [2] - Bostic believes that the current federal funds rate target range of 4.25%-4.5% is slightly tight and acknowledges significant uncertainty regarding the need for rate cuts [3] Economic Indicators - According to S&P Global, the U.S. manufacturing PMI expanded at its fastest pace in over three years due to stronger demand, contributing to a composite PMI that reached its highest level of the year in August [2] - This expansion has intensified ongoing inflationary pressures, as companies are increasingly passing on rising costs to customers [2] Walmart Financial Performance - Walmart reported second-quarter revenue of $177.4 billion, exceeding analyst expectations of $176.16 billion, but adjusted earnings per share of $0.68 fell short of the expected $0.74, marking the first time in three years that profits did not meet expectations [6] - Walmart raised its full-year sales growth forecast to between 3.75% and 4.75%, up from the previous estimate of 3% to 4% [6] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 1.35%, with notable gains in several Chinese companies such as XPeng Motors, which saw a nearly 12% increase, and NIO, which rose over 9% [7] - XPeng Motors reported a significant revenue increase of 125.3% year-over-year for Q2 2025, driven by a record high delivery volume of 103,200 vehicles, a 241.6% increase compared to the same period last year [7]