2025.08. 25 本文字数：2089，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 面对已经升至数十年来最高水平的实际关税，美国食品行业正在争相争取特朗普政府的豁免。 据美国农业部数据，美国约有五分之一食品是进口食品。 此前，美国餐饮协会在致美国贸易代表格里尔的一封信中警告说，如果对在美国季节性种植的新鲜食 材征收关税，菜单价格将会上涨。 该协会执行副总裁肖恩·肯尼迪在信中表示："我们同意，我们与其他国家的贸易逆差应该更加平衡， 但由于食品和饮料产品对这些逆差的贡献并不大，我们希望这些产品能够获得豁免。" 截至目前，耶鲁大学预算实验室测算结果显示，美国消费者面临的进口商品平均有效关税税率达 18.6%，为1933年以来最高水平。关税将使2025年美国家庭平均支出增加2400美元。 各食品行业协会纷纷发出警告 从鱼类到黄瓜等各种食品，由于在美国国内种植和养殖成本过高，多年来以进口为主。 美国食品行业协会最近的一项分析显示，黄瓜是美国蔬菜中进口量占比最高的品种，从1990年的 35%上升到近90%。该协会称，如果90%的黄瓜在国内种植，一年中的大部分时间需在温室中种 植，将促使价格上涨。 又以海产品为例， ...

Core Insights - Walmart Inc.'s second-quarter fiscal 2026 results demonstrate significant growth in its digital ecosystem, with global e-commerce sales increasing by 25% [1][9] - The company's strategic focus on fulfillment speed and convenience has driven this growth, particularly in the U.S. market [2][3] - Walmart's e-commerce business is becoming a central growth engine, raising questions about its future scale [5] E-commerce Performance - E-commerce sales in the U.S. rose by 26%, supported by rapid delivery options and a growing advertising business, Walmart Connect, which increased by 31% [3][4] - Sam's Club U.S. also reported a 26% increase in e-commerce sales, while international operations achieved 22% growth, particularly in markets like China and Flipkart [3][4] Fulfillment and Marketplace Growth - Store-fulfilled delivery in the U.S. surged nearly 50%, with one-third of deliveries completed in under three hours and 20% within 30 minutes [2][9] - Marketplace sales grew by approximately 20%, with 44% of marketplace volume now utilizing Walmart Fulfillment Services, enhancing operational efficiency and third-party seller appeal [4][9] Advertising and Membership Revenue - Walmart's global advertising business experienced a remarkable 46% growth, while membership income rose by 15.3%, contributing to the overall digital revenue mix [4][9] Financial Estimates - The Zacks Consensus Estimate projects a year-over-year sales growth of 4% for Walmart's current financial year, with expected sales of $708.01 billion [8][10] - Earnings per share (EPS) estimates indicate a year-over-year growth of 3.98% for the current year, with an EPS of $2.61 [11][10] Stock Performance and Valuation - Walmart's shares have increased by 27.7% over the past year, closely aligning with the industry growth of 27.4% [12] - The company's forward 12-month price-to-earnings ratio is 34.79, higher than the industry's 32.03, indicating a moderate valuation [12]

1.LV美妆全球首店在南京德基广场正式开业 图源：小红书应天府府草 8月20日，法国奢侈品牌Louis Vuitton在南京德基广场开设全球首家香水美妆独立精品店。该店是品牌首次将美妆新品优先投放中国市场，全新美妆系列将 于8月25日在中国大陆地区首发并进行全球线上预售。此次新品均为唇膏系列，定价1200元，并推出510元的替换芯。 2.Sporty & Rich限时空间「WELLNESS CLUB」登陆上海张园 8月20日，运动时尚品牌Sporty & Rich宣布全新限时快闪空间「WELLNESS CLUB」正式登陆上海张园。成为品牌继上海新天地后在中国的第二家限时 店。 该店延续纽约旗舰店的设计精神。其户外空间汲取加州原生生态灵感，打造阳光浸润的迷你花园入口处灵动的绿白条纹雨篷洋溢地中海度假氛围，共同营造 宁静温馨的沉浸氛围。该空间展现了Sporty & Rich生活方式精髓，将「健康、美丽、自我珍爱」与「珍惜时光」的理念融入其中，为都市人打造激发灵感、 平衡身心的「动感奢华」绿洲。 3.丹麦高端骑行服品牌 Pas Normal Studios上海旗舰店开业 继今年4月在北京东直门来福士广场开出中国首家 ...

根据耶鲁大学预算实验室测算，今年关税将使美国家庭平均支出增加2400美元。 面对已经升至数十年来最高水平的实际关税，美国食品行业正在争相争取特朗普政府的豁免。 据美国农业部数据，美国约有五分之一食品是进口食品。 此前，美国餐饮协会在致美国贸易代表格里尔的一封信中警告说，如果对在美国季节性种植的新鲜食材征收关税，菜单价格将会上涨。 该协会执行副总裁肖恩·肯尼迪在信中表示："我们同意，我们与其他国家的贸易逆差应该更加平衡，但由于食品和饮料产品对这些逆差的贡献并不大，我们 希望这些产品能够获得豁免。" 不过，符合美墨西加协定的产品目前处于暂时豁免之中，此外目前对巴西征收的50%关税也不包括橙汁和巴西坚果等产品，但咖啡豆不在豁免之列。 截至目前，耶鲁大学预算实验室测算结果显示，美国消费者面临的进口商品平均有效关税税率达18.6%，为1933年以来最高水平。关税将使2025年美国家庭 平均支出增加2400美元。 各食品行业协会纷纷发出警告 从鱼类到黄瓜等各种食品，由于在美国国内种植和养殖成本过高，多年来以进口为主。 美国食品行业协会最近的一项分析显示，黄瓜是美国蔬菜中进口量占比最高的品种，从1990年的35%上升到近9 ...

Walmart shares sank after the company's profits missed expectations.Despite strong revenue growth and raised guidance, shares of Walmart (WMT -1.18%) sank following the retailer's Q2 results, as the company's profits came in a bit light of expectations. While much of the talk was around tariffs, the real culprit for the earnings miss was an increase in the cost of workers' compensation claims, as the company self-insures. The stock is now up about 8% on the year, as of this writing. Let's dive into retail g ...

AI播客：换个方式听新闻 下载mp3 音频由扣子空间生成 当许多进口商品被加征关税时，总得有人来买单。 据美国总统特朗普称，是外国和海外企业在承担这笔费用。但证据显示，是美国消费者和企业在为本届 政府实施的关税买单。 "事实已经证明，即使在这么晚的阶段，关税除了为我们的财政部金库带来源源不断的大量现金外，并 未给美国造成通胀或任何其他问题，"特朗普本月早些时候发帖说。"而且已经表明，在大多数情况下， 消费者甚至没有在支付这些关税，主要是公司和政府，其中许多是外国的，在买单。" 特朗普的帖子并未为其说法提供任何证实，但越来越多的证据指向了相反的方向：经济数据、学术研 究、企业开支以及人们的第一手经验都表明，正是美国公司和消费者因关税而面临越来越高的成本。 随着更多关税生效，以及其他关税更深地渗透到供应链中，预计未来几个月甚至几年，这一负担只会变 得更重。 截至6月份，美国消费者承担了22%的关税成本，但据高盛经济学家8月10日的估算，到10月份，这一比 例预计将上升至67%。这一评估曾导致特朗普要求这家投资巨头解雇其首席经济学家。 高盛的经济学家表示，他们预计约70%的直接关税成本最终将落在消费者身上，如果算上 ...

就在上周五（8月22日），美联储主席鲍威尔在杰克逊霍尔全球央行年会上的讲话，彻底点燃了全球市 场的狂欢按钮——道琼斯工业指数单日飙升2.2%创下历史新高，标普500指数上涨1.52%，纳斯达克综 合指数也大涨1.88%，连一向对政策敏感的2年期美债收益率都直线跳水近10个基点至3.69%，美元指数 更是单日下挫0.94%！ 这一切的引爆点，正是鲍威尔那句"风险平衡的转变可能需要调整政策立场"的表态。要知道，就在讲话 前一天（8月21日），美股还在五连跌的阴霾里——标普500指数连跌五天，纳指三连跌，市场都在屏息 等待这场"央行界春晚"的信号。结果话音刚落，利率期货市场瞬间把9月降息25个基点的概率从75%飙 升到了91.3%，几乎笃定"降息大局已定"。 今天我们就来拆解这场狂欢背后的关键问题： 1. 鲍威尔的讲话究竟释放了哪些"鸽派密码"？ 2. 为什么市场会如此激进地押注9月降息？ 3. 当美股、债市、黄金集体上涨的狂欢过后，又有哪些被忽略的风险信号？ 毕竟，从历史规律看，美联储政策转向从来不是单向直线——这次"风险平衡的转变"，真的会如市场所 愿开启降息周期吗？狂欢之下，或许藏着更值得警惕的答案。 鲍威尔 ...

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]

Core Insights - Rising inflation is expected to benefit both Walmart and Costco as consumers seek low-price options [2][3][11] - Walmart has a larger market cap of $778 billion compared to Costco's $441 billion, with Walmart operating over 10,000 stores globally [5] - Costco's membership model contributes significantly to its profits, with membership fees accounting for about 65% of net income [9] Financial Performance - Walmart's total revenue for fiscal 2024 was $648 billion, with adjusted earnings per share increasing by 5.7% to $6.65 [8] - Costco reported a 6.7% increase in U.S. net sales to nearly $238 billion for fiscal 2023, with membership fees rising by 8% to $4.58 billion [9] - Costco's stock rose 63% in the 52 weeks following its earnings release, while Walmart shares climbed 66% in the same period [8][10] Market Position and Strategy - Walmart managed to keep grocery price increases to 3% during a period of 6% to 9.1% inflation, outperforming competitors like Amazon and Kroger [7] - Costco's membership-driven model provides stability during inflationary periods, as evidenced by a 10.4% increase in membership fee income in its recent quarter [10] - Analysts expect Costco to increase earnings per share by 10% for the current quarter, while Walmart's recent earnings report was slightly disappointing [12][13] Future Outlook - Both companies are well-positioned to thrive amid rising grocery prices, but Costco's membership model may offer a more advantageous position given the uncertainty surrounding tariffs [14]

Group 1 - The Sam's Club project in Tongzhou is set to cover approximately 55,600 square meters and is expected to open in 2027 [1][2] - The project is part of Beijing's efforts to optimize the business environment and attract high-end international retail resources, filling a gap in the high-end retail market in the region [2][9] - The total investment for the project is approximately 42.881 million yuan, with the site located in the Songzhuang Town area [3][5] Group 2 - The new Sam's Club will be the first in the Tongzhou District, joining four existing locations in Beijing [3] - The project aims to achieve annual sales of 2 billion yuan and will serve not only Tongzhou but also the eastern part of Beijing and the Langfang area in Hebei [9] - Surrounding developments include various projects aimed at enhancing the local economy and community, such as artist workshops and creative spaces [9]