12月9日，美国零售业巨头沃尔玛将在本周二从纽约证券交易所迁移至纳斯达克交易所上市，这次迁移 创下了美股历史上规模最大的上市地迁移纪录，并引发全球市场的广泛关注。 沃尔玛已度过快速增长期，业绩较为稳健，一向是"老钱"所青睐的标的。而纳斯达克以吸引快速增长的 创新企业为特征。这么大体量的零售巨无霸登陆纳市，让人总有点违和感。有分析称，市值高达8531亿 美元的沃尔玛"转所"可能代表着传统产业进一步迈向高科技叙事的潮流。 杰富瑞分析师Corey Tarlowe还指出，转至纳斯达克上市，也使沃尔玛有机会被纳入以科技股为主的纳斯 达克100指数，这将吸引更多被动型基金的投资。 新故事 沃尔玛此前50多年一直在纽约证券交易所中进行股票交易。纽交所是美国历史悠久的金融中心之一，然 而正受到新交易所的不断挑战。 以科技业闻名的纳斯达克交易所因为苹果、英伟达、微软等科技巨头的崛起而实力雄厚，而即将成立的 德克萨斯证券交易所还有可能再来分一杯羹。 而不同的交易所，其上市公司的特征也有所不同，比如纽交所聚集了大量的美国传统产业和老牌公司， 纳斯达克则网络了一大批高估值、高成长性的科技企业，酝酿中的德克萨斯证交所则可能更具华尔街特 ...

新兴市场动态 1、中越二维码互联互通项目投入应用，即日起中国游客可在越南扫码支付 12月2日消息，中国-越南二维码互联互通合作发布活动在越南首都河内举行，标志着该项目正式在越南 市场投入应用。 据悉，该项目将率先服务赴越南的中国消费者。中国消费者可使用云闪付APP、中国工商银行手机银行 及境内支持"云闪付网络支付平台"的其他钱包等，在越南国家二维码VietQR受理商户扫码支付。 越南国家支付公司总经理阮光明在致辞中表示，二维码双边支付的落地具有里程碑意义，将加强两国金 融互联互通，在促进越中经贸与旅游发展方面发挥积极作用。 2、印度到2047年或将吸引4.1万亿美元绿色投资 据印度《商业标准报》报道，根据非营利政策研究组织能源、环境和水资源委员会（CEEW）发布的研 究报告，印度在未来二十年内（到2047年），累计绿色投资额可能达到4.1万亿美元，约合360万亿卢 比。预计到2047年，印度每年可释放1.1万亿美元（约合97.7万亿卢比）的绿色投资市场。 3、泰国内阁批准家庭太阳能屋顶推广政策 据泰媒报道，泰国政府宣布，内阁已批准一项促进家庭安装太阳能屋顶的政策。根据该措施，自皇家公 报发布之日起至2028年 ...

Pinterest and Walmart plan to pilot a shoppable recipe experience in the United States and will roll it out over the coming weeks.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.This collaboration enables Pinterest ...

Market Overview - U.S. stock markets have shown strong performance in 2025, with the Dow, S&P 500, and Nasdaq Composite increasing by 13.1%, 17.1%, and 22.3% year to date, respectively [1] - Strong third-quarter earnings, solid economic fundamentals, and an anticipated interest rate cut by the Fed are expected to sustain market momentum through December [1] Corporate Focus - Five major companies with market capitalizations over $50 billion have been identified for investor focus in December, all of which have delivered double-digit returns in the past month: Carvana Co. (CVNA), Walmart Inc. (WMT), Applied Materials Inc. (AMAT), Freeport-McMoRan Inc. (FCX), and Merck & Co. Inc. (MRK) [2][8] Carvana Co. (CVNA) - Carvana's operational focus, scalable model, and cost-cutting efforts are attracting investor interest, with the acquisition of ADESA's U.S. operations enhancing its logistics and reconditioning processes [5][6] - Currently holding only a 1.5% share of the U.S. automotive retail market, Carvana has significant expansion potential [6] - The company reported an adjusted EBITDA of $637 million for Q3, up $208 million year-over-year, with industry-leading margins of 11.3% [7] - For the full year, Carvana forecasts adjusted EBITDA between $2 billion and $2.2 billion, an increase from $1.38 billion last year [7] - Expected revenue and earnings growth rates for Carvana are 44.8% and over 100%, respectively, for the current year [9] Walmart Inc. (WMT) - Walmart's diversified business model and strong omnichannel strategy have increased traffic to both physical and digital platforms, leading to steady grocery market share gains [10] - Significant enhancements in delivery capabilities include the Express On-Demand Early Morning Delivery service and partnerships with Salesforce and DroneUp [11] - Expected revenue and earnings growth rates for Walmart are 4.4% and 4.8%, respectively, for the current year [12] Applied Materials Inc. (AMAT) - Applied Materials is benefiting from a rebound in the semiconductor industry, particularly in foundry and logic sectors, with strong performance in its services segment [13][14] - The company has a diversified portfolio that supports growth across various sectors, including IoT and automotive [14] - Expected revenue and earnings growth rates for Applied Materials are 2% and 1%, respectively, for the current year [15] Freeport-McMoRan Inc. (FCX) - Freeport-McMoRan is expanding reserves through exploration activities and executing smelter projects in Indonesia, positioning itself to benefit from the automotive electrification trend [16] - The company is focused on reducing debt and maintaining solid financial health [16] - Expected revenue and earnings growth rates for Freeport-McMoRan are -1.9% and 0.7%, respectively, for the current year [17] Merck & Co. Inc. (MRK) - Merck's sales are driven by its blockbuster drug Keytruda and new product launches, with ongoing label expansions expected to sustain growth [18] - The company is pursuing M&A opportunities to diversify its pipeline beyond Keytruda, with recent approvals for new products [19] - Expected revenue and earnings growth rates for Merck are 1% and 17.4%, respectively, for the current year [20]

Alexia Howard +1 917 344 8453 alexia.howard@bernsteinsg.com Richard J. Clarke, FCA +44 20 7676 6850 richard.clarke@bernsteinsg.com Callum Elliott, CFA, ACA +44 20 7676 7183 callum.elliott@bernsteinsg.com Danilo Gargiulo +1 917 344 8475 danilo.gargiulo@bernsteinsg.com Zhihan Ma, CFA +1 917 344 8303 zhihan.ma@bernsteinsg.com 3 December 2025 U.S. Consumer Strategy and Quantitative Research U.S. Consumer Strategy - have we reached capitulation yet and should we prepare for a positive sector rotation? Nadine Sar ...

Core Insights - Costco and Walmart have demonstrated contrasting strategies in retail, with Costco focusing on its membership warehouse model and e-commerce expansion, while Walmart emphasizes omnichannel transformation and marketplace growth [1] E-Commerce Growth - Walmart's digital business grew by 27% in Q3, driven by store-fulfilled delivery and marketplace expansion, with capital expenditures of $18.6 billion aimed at logistics and technology [2] - Costco's e-commerce grew by 13.6% in Q4, supporting its core business rather than transforming it, with comparable sales rising across all regions [3] Financial Performance - Walmart's international segment saw a 10.8% increase in net sales to $33.5 billion, while Sam's Club reported $23.6 billion with a 3.1% growth [4] - Costco's net income increased by 10.9% to $2.61 billion, maintaining a profit margin of 2.94% and an operating margin of 3.88% [5] - Walmart's net income surged by 33.0% to $6.09 billion, with operating income remaining flat due to share-based compensation charges [6] Comparative Metrics - E-Commerce Growth: Costco at 13.6% vs. Walmart at 27% - Net Income Growth: Costco at 10.9% vs. Walmart at 33.0% - Operating Margin: Costco at 3.88% vs. Walmart at 3.73% - P/E Ratio: Costco at 49.02 vs. Walmart at 40.39 [7] Strategic Outlook - Walmart's ability to sustain 27% e-commerce growth without further margin pressure is under observation, while Costco faces the challenge of accelerating digital growth without compromising its membership value [8] - Walmart's international strength and Sam's Club stability provide more avenues for success if U.S. retail softens, whereas Costco's global footprint is solid but less diversified [8] Investment Appeal - Walmart is positioned as a more compelling option for growth investors due to its 33% net income growth and 27% e-commerce surge, trading at a lower P/E ratio compared to Costco [10] - Costco appeals to defensive investors seeking stability and a proven membership model during economic volatility [11]

这是偶然，还是背后有一些趋势意义？ 在高鑫零售宣布李卫平女士担任新任CEO以后，中国超市业销售规模前三的企业——沃尔玛（沃尔玛大 卖场+山姆）、盒马（盒马鲜生+超盒算NB）、高鑫零售（大润发+欧尚）于最近5年时间，纷纷选择聘 用女性CEO，来领导公司业务。 总体来说，由于这些事件是在短期内密度发生，覆盖了中国超市业销售规模前三的企业，中部企业如奥 乐齐等也选择了女性CEO。《商业观察家》认为，这背后是有一些 ...

Walmart (NYSE:WMT) extended gains for the eighth consecutive trading session, as the stock closed 0.29% higher at $115.18 on Friday. In the preceding seven sessions, the company gained over 10.36%, compared to a 2.27% rise in the S&P 500 Index. Similarly, shares of the company ...

This retailer is deeply out of favor right now, but a significant part of that is driven by consumers' concerns over rising costs.Inflation is usually pretty insidious, slowly eroding the purchasing power of your dollars. But occasionally, inflation intensifies to the point where it becomes an openly discussed problem.This occurred following the COVID-19 pandemic, and the concern about rising costs persists to this day, with consumers adjusting their buying habits accordingly. That's bad news for Target's ( ...

当老前辈开始反向学习新玩家，真的还来得及吗？谁又能更胜一筹？ 从沃尔玛到大润发：老牌零售商"觉醒"自有品牌 12月3日，《每日经济新闻》在位于上海的沃尔玛大卖场线下门店走访时发现，"沃集鲜"商品被罗列得 随处可见，"天天平价"的标语，亮黄色的9.99元、15.99元等数字标价牌十分显眼。 就在11月，沃尔玛刚刚宣布"沃集鲜"焕新升级，覆盖生鲜、食品、饮料等多个核心品类，似乎和同属沃 尔玛旗下的山姆抢起了生意。 沃尔玛正在打造"平价版山姆"？ 近日，网上涌现出不少测评沃尔玛旗下自有品牌"沃集鲜"的热帖，伴随同为沃尔玛旗下的高端会员制商 店山姆的选品争议还在持续，加注自有品牌，究竟是沃尔玛应对山姆"人设"滑坡的"Plan B"，还是拯救 大卖场的最后底牌？一时议论纷纷。 "这是'背水一战'。"谈及沃尔玛为何甘愿让旗下大卖场与山姆陷入"左右手互搏"的局面，百联咨询创始 人庄帅在接受《每日经济新闻》记者采访时表示，（大卖场主打的）知名品牌的"价格力"竞争不过电商 平台，是其发力"自有品牌"的主因。 无独有偶，另一知名大卖场大润发也正重点发力自有品牌。 在很长一段时间内，大卖场业态主要靠知名品牌吸引消费者，付费会员店才 ...