来源：联商网 出品/联商翻译中心 编译/松柏 来源/CNBC 12月9日，沃尔玛将主要上市地从"纽约证券交易所"迁至以科技股为主的"纳斯达克"。 该公司自1972年起一直在纽交所交易，此次转移使其成为有史以来做出这一转变的最大规模企业。这家 总部位于阿肯色州本顿维尔的零售巨头将保留其沿用50年的股票代码"WMT"。 沃尔玛CEO董明伦(Doug McMillon)在接受采访时表示，公司在技术领域的进步是决定转向纳斯达克的 关键因素。将于明年1月退休的董明伦称："沃尔玛已发生显著变化，我们希望确保所有人都意识到这一 点。" 沃尔玛创立之初以低价策略为核心，建立了低毛利、高销量的商业模式。但近期，这家市值9100亿美元 (约合人民币6.43亿)的巨头已采取战略性举措，推动业务向AI赋能方向转型。 Laffer Tengler Investments首席投资官南希·滕格勒(Nancy Tengler)等投资者对CNBC表示，沃尔玛布局人 工智能绝非小事，这将决定公司未来的发展重心。 "通过分析过去几年的顾客消费模式数据，他们能更准确地预测哪些商品将在何时更畅销，"Vontobel投 资组合经理马库斯·汉森(Mark ...

对于这家1972 年便在纽交所挂牌的零售巨擘而言，转板并非简单的"换跑道"，而是一次面向未来的战略宣示：沃尔玛希望投资者用"科技股"而非"传统消 费股"的估值框架重新审视自己。他以8531亿美元的市值创下美股历史上最大规模的交易所迁移纪录，远超2017年百事公司转板时1660亿美元的规模。 前言 2025年12月9日，全球零售巨头沃尔玛完成了横跨半个多世纪的资本迁徙，正式从纽约证券交易所转板至纳斯达克全球精选市场，股票代码"WMT"保持不 变。 开盘当日，沃尔玛股价微涨0.13%报113.71美元/股，总市值攀升至9067亿美元，标志着其"以人为本、科技赋能"的战略转型迈入资本认可的新阶段。 01 沃尔玛：从纽交所到纳斯达克 沃尔玛此次转板未发行新股，亦不涉及融资，但同步更新并于12 月 4 日上传了新版"转板版"招股书（Form 10-K/A）。文件首次以"AI-First Retail"作为公 司定位，并披露三项此前未公开的量化指标： 2025 财年（截至 2025 年 1 月 31 日）通过 AI 定价与库存算法贡献的毛利增量达 25 亿美元，占全年毛利增量的 42%； 全渠道履约中心自动化率 67%， ...

Core Insights - Walmart is approaching a $1 trillion valuation, driven by strong sales performance and e-commerce growth [1][7] - The company reported a 27% year-over-year increase in global e-commerce sales in Q3 FY26, indicating robust online growth [6][8] - Walmart's digital advertising segment saw a 53% year-over-year growth in Q3 FY26, suggesting potential for increased profit margins [7][8] E-commerce Growth - Walmart's extensive network of over 10,000 stores facilitates e-commerce growth by serving as distribution centers for same-day deliveries [4][6] - The combination of physical stores and a wide product range enhances Walmart's competitive position against rivals like Amazon [6] Profit Margins and Advertising - Despite traditionally low profit margins in retail, Walmart's net profit margin hovers around 3%, with digital ads expected to improve profitability [7] - The advertising segment, while currently a small part of the business, is poised for growth and could significantly enhance overall profit margins [8]

当地时间2025年12月9日， 市值近9000亿美元的零售巨擘沃尔玛，正式将其股票交易转移至纳斯达克，结束了自1972年以来在纽约证券交易所长达半个多世 纪的上市历程，股票代码维持"WMT"不变。这不仅是美股史上规模最大的转板案例，更是一份清晰的战略声明。 根据最新数据， 沃尔玛2026财年第三季度财报中，总营收1795亿美元，营业利润72亿美元，营收与利润均稳健增长。但其财报会议中更引人注目的，是 超 过60%货物通过自动化中心运输、超40%新代码由AI生成等"科技含量"极高的数据。 此次沃尔玛上市平台的变更，正是将这份"科技零售"的内核，通过资本市场最醒目的标签，向全球投资者进行了一次高调宣示。 此时，一个能够高效拉单发货、智能预警商品补货、并自动解析平台结算报告的专业 跨境电商ERP，不再是"加分项"，而是"必需品"。例如， 易仓ERP能 实现 沃尔玛平台订单统一处理、根据销售预测自动计算补货量，并将复杂的平台结算账单清晰核算，极大提升卖家应对沃尔玛平台变化的能力。 沃尔玛的核心优势在于其庞大的线下门店网络与线上平台的结合。转板纳斯达克后，为兑现其"技术赋能全渠道"的故事，线上线下融合的举措势必深化。 ...

on 10-Dec-2025 9 December 2025 US Payments and Internet The Age of Agents: How does it change commerce and how we pay? Harshita Rawat, CFA +1 917 344 8485 harshita.rawat@bernsteinsg.com Nikhil Devnani, CFA +1 917 344 8425 nikhil.devnani@bernsteinsg.com Mark Shmulik +1 917 344 8508 mark.shmulik@bernsteinsg.com Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com Wenhuan Chang +1 917 344 8546 wenhuan.chang@bernsteinsg.com Lavnik Balyan +1 917 344 8563 lavnik.balyan@bernsteinsg.com A century ...

Retail giant Walmart (WMT) moved its common stock and bonds to the tech-heavy Nasdaq. This move is based on several factors, the company’s focus on technology-driven innovation being a primary reason. Company CEO Doug McMillon stated that Walmart is increasingly becoming a tech-focused company, with artificial intelligence (AI) expected to invent new ways to shop. This might also be the reason McMillon decided to hand over the reins of the company to John Furner, who has experience in Walmart’s digital, ...

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox.Walmart partnered with construction company Alquist 3D last year to build an almost 8,000-square-foot addition to its store in Athens, Tennessee ...

That's such a good picture, huge there. I don't know what you're doing. You're like secret agent man.Um, give you a number. Take away your name. Uh, with Walmart CEO Doug McMillan about to step down from the the head job at the retailer after more than a decade.Taking a look at the wealth of Walmart's first family. This is an interesting calculation to do. Robert Frank joins us now with more tomorrow or yesterday.We were just talking about in one man's life, Sam Walton to start that, you know, in Arkansas a ...

Core Insights - Walmart CEO Doug McMillan is set to step down after over a decade, during which the Walton family's wealth has significantly increased [1][3] - The Walton family, heirs to Walmart founder Sam Walton, now has a collective net worth exceeding $450 billion, making them the richest family in America and possibly the world [4] Wealth Creation - The wealth of the Walton family has more than tripled since Doug McMillan became CEO in 2014 [3] - Each of Sam Walton's children—Jim, Rob, and Alice—has a net worth of over $135 billion, while grandson Lucas Walton is valued at $48 billion [4] Investment Structure - Walton Enterprises, the family office, manages the majority of the family's 45% ownership in Walmart and has a portfolio that includes over $4 billion in standard ETFs and bonds [5] - Individual family members also manage their own investment strategies, with Rob Walton's Madrron Capital being a notable investor in StubHub [6] Generational Transition - The Walton family has expanded their voting power in Walmart from three to eleven family members as they prepare for the third generation [7]

12月9日，"顾客称山姆一麻薯盒内有活老鼠"在社交平台引热议。 据新黄河报道称，9日凌晨，深圳一名消费者晒出其日常订单。按照当事人的说法，其于12月8日晚通过 山姆App的"极速达"服务，购买了包括鲜奶、橙汁及一盒24枚装Member's Mark原味麻薯在内的商品。但 当晚送达的银色保温袋中，除了冷链商品，还出现了一只老鼠。 据深圳特区报报道，12月9日下午，记者发现，在涉事商品链接评论下，已无法找到该消费者的评价。 当天下午，记者走访深圳一家山姆会员商店，货架上的麻薯产品均为12月9日生产，有不少顾客在挑选 购买。 工作人员称，在极速达购买的产品是由临近配送地址的山姆仓库发货。每天早上5点左右，会有工作人 员从山姆门店拣货运到各仓库，接到订单后会根据送货区域分配给仓库，所以有些商品是从仓库出货， 不一定是从门店直接送出，建议还是到现场购买。 对此，山姆会员商店方面回应称，山姆高度重视食品安全与会员体验。收到相关反馈后，已第一时间联 动专业虫害公司开展全链路核查。 山姆方面表示，山姆一直执行严格的虫害消杀制度。经回溯商品制作、包装、仓库上架、拣货等环节的 巡查记录与仓内监控视频，均未发现虫害痕迹或异常。经了 ...