新华社北京2月4日电 美国沃尔玛公司3日成为全球首家市值突破1万亿美元的零售商。其股价过去1年间上涨将近26%，推升市值跻身美国大型科 技企业行列。 2025年5月20日，顾客在美国加利福尼亚州洛杉矶县一家沃尔玛商店内采购商品。新华社发（邱晨摄） 路透社数据显示，过去十年，沃尔玛股价飙升468%。报道分析，这主要归功于沃尔玛同时吸引高收入和低收入消费者的战略。在美国，每4美元 的杂货消费中，就有1美元流向沃尔玛。 值得一提的是，沃尔玛十分重视电商业务。过去5年间，其在线市场商品扩展至超5亿种，推出1小时送达服务，创建与亚马逊Prime竞争的 Walmart+会员计划，并打造价值40亿美元的广告业务。截至2025年10月31日的3个月内，受在线订单和广告业务推动，其美国电商业务销售额增长 28%。 更为关键的是，沃尔玛抢占先机大力投资人工智能(AI)，投入数十亿美元用于供应链自动化，以提升生鲜品质、加快配送速度，并优化库存预测 和搜索功能。伦敦证券交易所估算，该公司已连续15个季度超出美国同店销售预期。投资者对其AI布局的乐观情绪进一步推高股价。 美国谷歌公司上月说，将与沃尔玛等大型零售商合作，扩展其"双子座" ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts on February 4, 2026, and the trend of the main continuous contracts in January 2026. It is expected that stock index futures will fluctuate and consolidate, while gold, silver, tin, lithium carbonate, and glass futures will fluctuate strongly, and copper, aluminum, and other futures will fluctuate strongly [1][2]. Summary by Relevant Contents 1. Macro - Information and Trading Tips - The first central document of the 14th Five - Year Plan was released on February 3, aiming to promote rural revitalization and modernize agriculture [5]. - The central bank will conduct an 800 - billion - yuan 3 - month repurchase operation on February 4, with an additional 100 billion yuan, and the net investment in Treasury bond trading in the open market in January was 100 billion yuan [5]. - The State - owned Assets Supervision and Administration Commission emphasized the development of strategic emerging and future industries and the transformation of traditional industries [5]. - 30 provinces have set their GDP growth targets for 2026, with some major economic provinces aiming for over 5%. Shanghai aims for about 5% growth and will develop key industries [6]. - In January, the sales volume of 6 types of household appliances and 4 types of digital and smart products exceeded 15 million units, with sales approaching 59 billion yuan, and offline sales increased by about 20% [6]. - Talks between the US and Iran are still scheduled, and the US ended a partial government shutdown [6][7]. - A Fed official called for a rate cut of over 100 basis points this year, while another emphasized caution on inflation. The Reserve Bank of Australia raised interest rates by 25 basis points [7]. - NASA postponed the "Artemis 2" mission due to a hydrogen leak [7]. 2. Commodity Futures - Related Information - Most domestic commodity futures closed down during the day, with precious metals showing mixed trends. However, they rebounded at night. International precious metals, oil, and most London base metals closed up [8][9][10]. - Multiple exchanges adjusted margin ratios and price limits for various futures contracts [8][9]. 3. Futures Market Analysis and Forecast Stock Index Futures - On February 3, major stock index futures contracts showed a trend of opening higher, fluctuating, and rising. The A - share market also rose, and new A - share accounts in January reached a 15 - month high. It is expected that in February, the main continuous contracts will fluctuate widely, and on February 4, they will fluctuate and consolidate [11][12][13][14][16]. Gold Futures - On February 3, the gold futures main contract AU2604 opened higher, fluctuated, and rose. It is expected to fluctuate widely in February and strongly on February 4 [34][35]. Silver Futures - On February 3, the silver futures main contract AG2604 opened lower, fluctuated, and declined. It is expected to fluctuate weakly in February and strongly on February 4 [38]. Copper Futures - On February 3, the copper futures main contract CU2603 opened higher, fluctuated, and rose. It is expected to have a strongly - wide fluctuation in February and a strong fluctuation on February 4 [43][44]. Aluminum Futures - On February 3, the aluminum futures main contract AL2603 opened higher, fluctuated, and rose. It is expected to fluctuate widely in February and strongly on February 4 [47]. Nickel Futures - On February 3, the nickel futures main contract NI2603 opened higher, fluctuated, and rose. It is expected to fluctuate widely in February and strongly on February 4 [52][53]. Tin Futures - On February 3, the tin futures main contract SN2603 opened slightly higher, fluctuated, and declined. It is expected to fluctuate weakly in February and strongly on February 4 [57]. Lithium Carbonate Futures - On February 3, the lithium carbonate futures main contract LC2605 opened higher, fluctuated, and rose. It is expected to fluctuate widely in February and strongly on February 4 [62][63]. Coking Coal Futures - On February 3, the coking coal futures main contract JM2605 opened slightly higher, fluctuated, and rose. It is expected to have a strongly - wide fluctuation in February and a strong fluctuation on February 4 [67]. Glass Futures - On February 3, the glass futures main contract FG605 opened slightly higher, fluctuated, and rose. It is expected to have a strongly - wide fluctuation in February and a strong fluctuation on February 4 [73][74].

值得注意的是，隔夜美股全球零售巨头沃尔玛收涨2.94%，市值首次突破1万亿美元大关。今年以来， 该股累计上涨12%，跑赢标普500指数1.9%的涨幅。凭借庞大的规模和供应商网络，沃尔玛得以保持低 价，在各收入阶层中持续抢占市场份额。在维持高性价比吸引力的同时，其线上业务正吸引更多追求便 利性的高收入消费者。近期在人工智能领域的投入进一步助推了股价上涨。沃尔玛正推动在运营各环节 引入AI技术，目前已用于加快从排班到供应链管理等多项流程。今年早些时候，沃尔玛宣布与Alphabet 合作，在谷歌Gemini平台上提供AI增强型购物体验；近期又与OpenAI携手，允许消费者直接通过 ChatGPT浏览并购买其商品。上月，沃尔玛被纳入纳斯达克100指数，凸显投资者对其科技化布局的认 可。 国际咨询机构弗若斯特沙利文发布《中国智慧零售市场追踪报告》显示，2025年以来，受益于AI技术 应用爆发，智慧零售增长动能明显增强，在补货、巡检、营销与客服等环节释放清晰的提质增效回报， 预计到2030年，智慧零售市场规模将增长至约645亿元，年复合增长率达22%。 相关行业： 早盘，零售板块逆势上涨，截至午间收盘杭州解百、友好集团涨 ...

Market Overview - On February 3, 2026, all three major U.S. stock indices closed lower due to a shift towards cyclical and value stocks, a new wave of AI replacement risks, and escalating tensions between the U.S. and Iran[2] - The Hang Seng Index closed at 26,835, down 0.22% for the day but up 4.70% year-to-date[3] - The S&P 500 index fell by 0.84%, while the Nasdaq dropped by 1.43%[3] Technology Sector Impact - Major tech stocks experienced significant declines, with Nvidia down 2.84%, Microsoft down 2.87%, and Meta down 2.08% due to fears of AI replacing software services[12] - AI data analytics company Palantir saw a 6.85% increase in stock price after reporting a 70% year-over-year revenue growth, reaching $1.41 billion for Q4 2025[12] Commodity and Resource Stocks - Gold prices surged, with spot gold rising nearly 6% to over $4,900 per ounce, while silver prices jumped 10% to $87.21 per ounce[9] - Resource stocks performed well, with Southern Copper rising 11.74% and Energy Fuels increasing by 16.56% amid rising commodity prices[12] Corporate Developments - China National Building Material saw an 8.51% increase after BlackRock raised its stake, reflecting long-term confidence despite a profit warning[9] - AMD's Q4 2025 revenue and EPS showed strong double-digit growth, but its Q1 2026 revenue guidance fell short of market expectations, leading to a 7% drop in after-hours trading[15]

Market Performance - The Hang Seng Index closed at 26,835, up 0.22% for the day and up 4.70% year-to-date [1] - The Shanghai Composite Index closed at 4,068, up 1.29% for the day and up 2.49% year-to-date [1] - The US markets saw declines, with the Dow Jones down 0.34% and the S&P 500 down 0.84% [1] Sector Performance - The Hang Seng Financial Index rose by 0.99% with a year-to-date increase of 7.80% [2] - The Hang Seng Real Estate Index increased by 1.65%, showing a year-to-date growth of 14.84% [2] - The Hang Seng Technology Index fell by 1.07%, with a year-to-date decline of 0.88% [1][2] Chinese Stock Market Insights - The Chinese stock market rebounded, with materials, industrials, and defense sectors leading gains, while information technology and telecommunications sectors declined [3] - Southbound capital saw a net inflow of HKD 952 million, with Tencent, China Mobile, and Xiaomi being the top net buyers [3] - Concerns over potential VAT increases on financial and internet services led to declines in internet platform stocks, although these rumors were debunked by experts [3] Aluminum Industry Analysis - The global supply of electrolytic aluminum is expected to remain tight until 2026, supporting higher aluminum prices, projected to increase by 15% year-on-year [4] - China's electrolytic aluminum capacity utilization is nearing saturation, with a forecasted capacity limit of 45 million tons by December 2025 [4] - The report initiates coverage on Innovation Industries (2788 HK) with a "Buy" rating and a target price of HKD 32, citing cost advantages from green energy and expansion in Saudi Arabia [7] Insurance Industry Insights - The insurance sector in China is projected to see premium income growth, with life insurance premiums expected to reach CNY 3.56 trillion, a year-on-year increase of 11.4% [5] - December saw a recovery in premium income, with life insurance premiums growing by 10.1% year-on-year [5] - The report maintains a positive outlook on the insurance sector, recommending stocks like China Ping An (2318 HK) and AIA Group (1299 HK) with target prices of HKD 90 and HKD 89, respectively [7]

美东时间2月3日（周二），伴随着市场风格切换至周期和价值股，叠加新一轮"AI抢饭碗"的软件股抛售潮和美伊对峙升温影响，美国股市三大股指全线收 跌，纳斯达克指数盘中跌幅达2.39%，美股科技巨头走弱。 截至收盘，标普500指数跌0.84%，报6917.81点；纳斯达克综合指数跌1.43%，报23255.19点；道琼斯工业平均指数跌0.34%，报49240.99点。纳斯达克指数 近乎跌去年内涨幅。 美股科技七巨头中，仅微软收涨，英伟达、脸书、亚马逊跌幅均超过2%。 英伟达盘中一度跌超5%，截至收盘跌2.84%，市值一夜蒸发1281亿美元（约合人民币8888亿元）。 | 名称 | 现价 | 涨跌幅 ◆ | 成 三 | | --- | --- | --- | --- | | 微软(MICROSOFT | 411.210 | -2.87% | 186.93亿 | | MSFT.O | | | | | 英伟达(NVIDIA) | 180.340 | -2.84% | 262.88亿 | | NVDA.O | | | | | 脸书(META PLATF | 691.700 | -2.08% | 67.18亿 | | MET ...

沃尔玛电商业务快速扩张，分析师预计年度销售额将达到约1400亿美元，去年该业务作为独立部门首次实现盈利。目前沃尔玛已成为亚马逊有力竞争对 手，市值仍远低于亚马逊的2.6万亿美元。值得一提的是，沃尔玛与伯克希尔哈撒韦是美国仅有的两家市值超过1万亿美元的非科技公司。 沃尔玛市值周二突破1万亿美元，成为首家达到这一里程碑的传统零售商，跻身此前由科技巨头主导的精英俱乐部。这家总部位于阿肯色州的零售巨头 过去两年股价涨幅超过一倍，表现优于标普500指数。 目前共有九家美国上市公司市值超过1万亿美元，其中沃尔玛与伯克希尔哈撒韦是美国仅有的两家市值超过1万亿美元的非科技公司，其余均为科技企 业。 摩根士丹利零售分析师Simeon Gutman表示，沃尔玛过去十年的变化"是我们见过的零售公司最深刻的转型"。他指出，沃尔玛与亚马逊的增长对竞争对 手构成挑战。 这一成就标志着沃尔玛十年转型的成功。该公司投入数百亿美元发展电商业务，目前已成为亚马逊的有力竞争对手。其在线业务去年首次实现盈利，预 计本月公布业绩时年度电商销售额将达到约1400亿美元。 沃尔玛股价周二收涨2.9%至127.71美元，市值达到1.018万亿美元。这一突破 ...

沃尔玛市值周二突破1万亿美元，成为首家达到这一里程碑的传统零售商，跻身此前由科技巨头主导的 精英俱乐部。这家总部位于阿肯色州的零售巨头过去两年股价涨幅超过一倍，表现优于标普500指数。 目前共有九家美国上市公司市值超过1万亿美元，其中沃尔玛与伯克希尔哈撒韦是美国仅有的两家市值 超过1万亿美元的非科技公司，其余均为科技企业。 这一成就标志着沃尔玛十年转型的成功。该公司投入数百亿美元发展电商业务，目前已成为亚马逊的有 力竞争对手。其在线业务去年首次实现盈利，预计本月公布业绩时年度电商销售额将达到约1400亿美 元。 沃尔玛股价周二收涨2.9%至127.71美元，市值达到1.018万亿美元。这一突破恰逢新任首席执行官John Furner上任首周，他接替执掌公司逾十年的Doug McMillon。 电商业务成为增长引擎 沃尔玛的转型核心在于电商业务的快速扩张。分析师预计，该公司本月公布业绩时年度营收将超过7000 亿美元。不过据Visible Alpha数据，亚马逊的营收预计将首次超过沃尔玛。 尽管如此，沃尔玛在电商领域的进展显著。公司目前可向95%的美国家庭提供当日送达服务。去年，其 电商业务作为独立部门首次实现 ...

昨夜，全球市场迎来一场戏剧性转折。随着黄金、白银价格暴力反弹，美股三大指数却全线收跌，市场情绪在地缘政治紧张与科技股抛售的双重冲击下剧烈 波动。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普5( | | 49240.99 | 23255.19 | 6917.1 | | -166.67 -0.34% -336.92 -1.43% -58.63 - | | | | 中国金龙 | 纳指100期货 | 标普500 | | 7610.01 | 25410.25 | 6939.( | | -71.87 -0.94% -41.75 -0.16% | | -2.75 | 当地时间2月3日，美股三大指数集体走弱。道琼斯工业平均指数下跌0.34%，报49240.99点；标普500指数跌0.84%，报6917.81点；纳斯达克综合指数跌 1.43%，报23255.19点，几乎完全回吐了年初以来的涨幅。科技巨头表现尤为疲软，微软、英伟达跌近3%，Meta跌超2%，亚马逊、谷歌均下跌超1%。 | く ロ | 万得美国科技七巨头指数(MAGS) | | | --- | --- | ...

Core Insights - Walmart's market capitalization has surpassed $1 trillion for the first time, joining the exclusive club of companies with trillion-dollar valuations, primarily dominated by tech firms [1] - The stock price of Walmart reached a historic high of $126.83, with an intraday increase of over 2%, and has risen 13% year-to-date, significantly outperforming the S&P 500's 2% increase during the same period [1] - In January 2023, Walmart underwent a major executive team restructuring, appointing new leaders for its three core business segments to drive business transformation [1] Business Strategy - Walmart has initiated a comprehensive technology transformation strategy, planning to delist from the New York Stock Exchange by the end of 2025 and transition to the Nasdaq, which is known for its concentration of tech stocks [1] - The company has formed partnerships with Alphabet and OpenAI to enhance shopping experiences through AI, utilizing Google's Gemini platform and integrating ChatGPT for direct shopping via chatbots [1] - Recently, Walmart collaborated with Xiaohongshu to launch nearly 20 co-branded products and introduced the first "Mashi Store," an innovative retail experience space in the country [1] Company Background - Founded by Sam Walton in 1962 in Arkansas, Walmart has grown to operate over 10,750 stores and multiple e-commerce platforms across 19 countries [2] - For the fiscal year 2025, Walmart reported global revenues of $681 billion and employed approximately 2.1 million people, frequently ranking at the top of the Fortune Global 500 list [2]