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%， ...

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。 ...

当地时间周二，美国零售业巨头沃尔玛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。 沃尔玛首席财务官John David Rainey此前表示，沃尔玛通过整合自动化和人工智能为顾客打造更智能、 更快捷、更互联的体验，从而为全渠道零售树立了新的标准。 更让传统交易所感到紧张的是，美国第三大股票交易所——德克萨斯证券交易所（Texas Stock Exchange，TSE）已获得美国证券交易委员会（SEC）的批准，计划于2026年正式启动交易。TSE由摩 根大通、贝莱德、城堡证券等华尔街顶级机构联手打造，主打"低成本、高效率、去中心化"概念，目标 直指纽交所与纳斯达克的传统地盘。 沃尔玛的迁移反映出该公司在新时代之中对公司形象的新追求。尽管该公司过去在人工智能、机器人、 数字支付投入了大量 ...

Core Viewpoint - Walmart's migration from the New York Stock Exchange to the Nasdaq marks the largest exchange migration in U.S. history, reflecting a strategic shift towards a technology-oriented narrative in the retail sector [3][4]. Group 1: Company Strategy - Walmart aims to position itself as a tech-driven retail company by integrating automation and artificial intelligence, enhancing customer experience and setting new standards for omnichannel retail [3][5]. - The migration to Nasdaq is seen as a move to align Walmart with high-growth tech companies, potentially increasing its valuation and attracting passive fund investments [3][6]. - Over 60% of Walmart's goods are transported through automated distribution centers, with more than half of online orders completed in automated facilities, showcasing its commitment to technological advancement [5][6]. Group 2: Market Positioning - By choosing to compete with Amazon rather than traditional retailers like Costco or Target, Walmart signals a paradigm shift in the retail industry, emphasizing technology over store count [5][6]. - The move to Nasdaq is expected to enhance Walmart's brand as a "tech retail" entity, allowing it to be compared directly with tech giants and potentially increasing investor interest [4][6]. - The lower costs associated with listing on Nasdaq, while minor for Walmart, align with the company's ethos of cost-saving, further supporting its strategic decision [6].

Core Insights - Walmart is migrating from the New York Stock Exchange to the Nasdaq, marking the largest exchange migration in U.S. history, which has garnered global attention [1] - The move reflects Walmart's strategy to align itself with high-tech narratives, as it aims to present itself as a company that integrates traditional retail with AI automation [1][3] - This transition is expected to enhance Walmart's valuation and attract passive investment funds by potentially including it in the Nasdaq-100 index [1][3] Company Strategy - Walmart has historically been viewed as a traditional retail giant, but it is now emphasizing its investments in automation and AI to reshape its image [3][5] - The company aims to position itself as a direct competitor to Amazon rather than other discount retailers like Costco or Target, indicating a shift in retail paradigms where technology is becoming more critical than store count [5][6] - In its third-quarter earnings call, Walmart reported that over 60% of its goods are transported through automated distribution centers, and more than 40% of new software code is generated or assisted by AI [5][6] Market Implications - The migration to Nasdaq is seen as a strategic move to signal to traders and investors that Walmart is a serious competitor in the tech-driven retail space [3][5] - By joining Nasdaq, Walmart is expected to attract more passive capital and enhance its brand as a "tech retail" entity, aligning itself with other tech giants [6] - The cost of listing on Nasdaq is generally lower than on the NYSE, which aligns with Walmart's cost-saving ethos, even if the financial impact is minimal for such a large company [6]

Core Viewpoint - Walmart's decision to transfer from NYSE to NASDAQ on December 9 marks a significant transformation in the capital market, creating the largest exchange migration record in U.S. history with a market capitalization of $853.1 billion, attracting global attention without an IPO or financing [2][9]. Group 1: Reasons for Choosing NASDAQ - The transfer is a result of Walmart's deep investment in technology, with over $10 billion allocated to areas such as artificial intelligence, supply chain automation, and digital payments [2][9]. - NASDAQ is seen as an ideal platform for Walmart to achieve higher valuation premiums and a strong "tech label," which is essential for its future growth and investment strategy [2][9]. - Post-transfer, Walmart is expected to be included in the NASDAQ 100 index, which will attract more passive investment and enhance its image as a "tech retail" leader [2][9]. Group 2: Competitive Landscape of Stock Exchanges - The transfer reflects a decade-long competition between NYSE and NASDAQ, with NASDAQ successfully attracting over 40 S&P 500 companies, while NYSE has drawn 347 companies during the same period [5][12]. - This competition is not just about the number of companies but also about the narrative and branding of the exchanges, positioning them as platforms for corporate strategic transformation [5][12]. - The emergence of the Texas Stock Exchange (TSE), set to launch in 2026, adds pressure on traditional exchanges, emphasizing the need for established players to retain major clients like Walmart [5][12]. Group 3: Implications for the Retail Industry - Walmart's transfer signifies a pivotal moment in the retail industry's technological transformation, indicating that technological capability will become the core competitive advantage rather than just scale [6][13]. - The move is seen as a harbinger of a new technological wave in retail, where competition will increasingly rely on innovation and digital transformation [6][13].

Group 1 - Walmart announced a significant decision to move its stock listing from the New York Stock Exchange to Nasdaq, marking a historic shift in its development strategy [1] - This migration is the largest in U.S. stock market history, with a market capitalization of $853.1 billion as of November 25, surpassing the previous record set by PepsiCo in 2017 [2] - The transition is set to take place on December 9, with the aim of aligning with Walmart's technology-driven development strategy [2] Group 2 - The move to Nasdaq reflects Walmart's substantial investments in technology, with over $10 billion allocated to AI, automated supply chains, and drone delivery from fiscal years 2023 to 2025 [4] - Walmart aims to enhance its competitive edge by launching services like Walmart GoLocal and partnering with tech giants like Microsoft and Nvidia to develop leading AI training platforms [4] - The transition to Nasdaq is expected to attract passive funds and enhance Walmart's image from a traditional retail giant to a technology retail pioneer [4] Group 3 - The competition between the New York Stock Exchange and Nasdaq has evolved beyond fee structures to include comprehensive services like index inclusion commitments and brand marketing support [6] - Over the past decade, Nasdaq has successfully attracted more than 40 S&P 500 companies from the NYSE, with many entering the Nasdaq-100 index [6] Group 4 - The competition among traditional exchanges is intensifying with the entry of new players, such as the Texas Stock Exchange, which is backed by major institutions like JPMorgan and BlackRock [8] - Walmart's migration may be a preemptive measure by traditional exchanges to retain core clients before new competitors fully enter the market [8]

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion yuan, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion yuan due to intensified industry competition [1] - The number of transaction users exceeded 800 million in the past 12 months, indicating strong user engagement despite financial losses [1] - CEO Wang Xing emphasized the company's commitment to enhancing core competitiveness and maintaining industry leadership through a "retail + technology" strategy [1] Financial Performance - Core local business revenue reached 67.4 billion yuan, but operating profit turned negative with a loss of 14.1 billion yuan [1] - New business segment revenue grew by 15.9% year-on-year to 28 billion yuan, with a sequential loss reduction to 1.3 billion yuan [1] - Adjusted net loss for Q3 was 16 billion yuan [1] User Engagement and Growth - Daily active users (DAU) on the Meituan app increased by over 20% year-on-year, with record monthly transaction users in the food delivery segment [1] - The platform's user structure improved, with more low-frequency users transitioning to high-frequency usage, enhancing consumer engagement [2] - Meituan's flash purchase service saw significant growth, with new user acquisition and increased transaction frequency [2] Ecosystem and Welfare Initiatives - Meituan expanded its rider welfare program, introducing comprehensive insurance and benefits for over one million riders and their families [3] - The company launched the "Prosperity Plan" with an additional 2.8 billion yuan to support merchants amid competitive pressures [3] - Initiatives to enhance food safety and transparency included the "Bright Kitchen, Bright Stove" program, with participation from 300,000 merchants [3] Technological Innovation - R&D investment reached 6.9 billion yuan, a 31% increase year-on-year, reflecting the company's focus on technological advancement [4] - AI development progressed with the release of multiple open-source models and tools aimed at enhancing merchant services and user experience [5] - Meituan's drone delivery service expanded, achieving over 670,000 commercial orders, marking a significant milestone in nighttime delivery operations [5]