编者按： 今年春节，你逛超市了没？ 曾经深陷闭店和业绩下滑的沃尔玛，最近完美翻身了！ 照搬山姆的选品和服务，但价格却更便宜，还不用付会员费。 推荐你看这篇文章，看看沃尔玛是怎么靠借鉴山姆实现"翻身"的。 经历了绝处逢生，沃尔玛终于在今年春节挣回了面子。 谁能想到，那个曾被唱衰"即将退出国内市场" 的沃尔玛，如今不仅起死回生，甚至成了比山姆还火的"平替迪士尼"。 零售圈的剧本从来都是这么出人意料： 就在2026年2月3日，全球零售巨头沃尔玛在美股盘中市值正式突破1万亿美元，成为全球第一家"万亿零售巨鳄"。 这个年过60的老古董，在过去一年股价上涨约26%，十年累计涨幅近468%，硬生生挤进由英伟达、苹果、微软等科技巨头占据的万亿美元俱乐部。 在国内，沃尔玛去年的改头换面甚至强的有点邪门。 一边是山姆深陷选品降级、会员吐槽的泥潭，一边是作为山姆"亲爹" 的沃尔玛，靠着 "偷师" 小儿子完成了惊天翻盘。 以至于每一个重新走进沃尔玛的人，都会发出那句灵魂拷问：这背后到底是不是受高人指点了？ 这一幕，和沃尔玛门店里冷冷清清、六年关店129 家的场景形成了极致反差。 而这一切的背后，不过是沃尔玛终于想通了一个道理： 与其 ...

特朗普的"关税魔术"：一天之内从10%变15%，1750亿美元退款成了糊涂账 2026年2月20日，美国最高法院的裁决像一颗重磅炸弹，在华盛顿的政治圈和全球贸易市场同时引爆。 九位大法官以6比3的投票结果裁定，特朗普政府依据 《国际紧急经济权力法》实施的大规模关税政策"越权"，缺乏明确的法律授权。 这意味着，自2025年初特朗普重返白宫后，挥舞了近一年的关税大棒，在 法律上被生生折断了。 这场法律与政治的角力，留下了一笔惊人的"糊涂账"。 根据美国海关与边境保护局去年12月的数据，依据已被裁定违法的《国际紧急经济权力法》征收的 关税，累计已达约1300亿美元。 宾夕法尼亚大学沃顿商学院的预算模型测算显示，这笔需要处理的税款总额可能已超过1750亿美元。 最高法院的裁决一 出，要求"退钱"的声浪立刻席卷美国商界。 截至2月21日，包括大型零售商开市客（Costco）在内的数百家公司已迅速提起诉讼，要求联邦政府退还它们已经支付的这笔"越权"关税。 法庭记录显示， 加入这场法律诉讼的企业数量已经超过1000家。 然而，退税之路注定漫长而复杂。 毕马威会计师事务所的首席经济学家戴安娜·斯旺克指出，退税流程预计 需要提 ...

Core Insights - The American working class is experiencing significant distress due to rising living costs, which are outpacing wage growth and altering their financial expectations [1][5] - The price of essential goods has seen unprecedented increases since 2021, with many items experiencing price hikes of 30%-50% or more [7] Price Increases - Basic commodities such as grapes have increased from $6.99 per pound to $9.99 per pound, a nearly 50% rise [3] - The cost of a typical shopping cart at Walmart has surged from $126 to $414 over two years, representing a 350% increase [3] - The price of ground beef in Seattle is approximately $10.5 per pound, significantly higher than comparable prices in China [5] Wage Stagnation - While prices have soared, wages for the majority of workers have remained stagnant or even decreased, leading to a disparity where income does not keep pace with rising costs [3][5] - Unionized workers may see wage increases, but the majority of the workforce, which is non-unionized, bears the brunt of these rising costs without corresponding pay increases [3] Psychological Impact - The situation has led to a collapse of trust among consumers, who feel abandoned by the system as they struggle to afford basic necessities [5] - The use of electronic price tags in supermarkets allows for real-time price changes, exacerbating the financial strain on consumers who may find their budgets insufficient at checkout [5][7] Systemic Issues - The price increases are not isolated incidents but rather a systemic collapse of living costs, with 89% of goods expected to rise in price by 2025 [7] - The rapid technological advancements in pricing systems contrast sharply with stagnation in consumer protections and living standards, leading to feelings of helplessness among workers [7]

文｜山农下山 很多尊贵的山姆会员，今年返乡时都能在老家的沃尔玛超市找到熟悉感。 因为沃尔玛正在抄自己的作业：复刻山姆。 在一线城市执行「收缩」战术的同时，沃尔玛悄悄在下沉市场完成了变身，把卖场几乎变成「平替版」山姆。从货物摆放方式，比如货架从传统的2米降 到1.6米左右，很多货物用纸箱堆成方块呈现，到对标山姆Member's Mark（简称MM）的自营系列「沃集鲜」、卖场海报UI，都与山姆如出一辙。 氛围感趋同之外，选品也有不少山姆同款。不过，当我在老家县城的沃尔玛看到自己在山姆买过的背包时，心情多少有些复杂：为老家消费与时俱进而高 兴，也为自己每年600多的会员费感到背刺。 会员制的核心是服务和商品的独特性。如果县城人民抬脚出门就能买到山姆同款，我，掏着会员费，要么得开车花上半天时间去城市非中心地带的山姆卖 场采购，要么得努力凑单满足起送条件，是不是有点冤大头？ 但对于沃尔玛来说，这是一条「花路」。因为它重新树立了「便宜又时髦」的标签。 至少在我的老家湖南新化县城，它现在比另外两家「胖改超市」都要更受欢迎。 我家大部分亲戚都不知道于东来是谁，也没觉得「胖东来」专区的商品有什么魔力，但过年期间沃尔玛的砂糖橘便 ...

格隆汇2月21日｜据"无锡发布"微信公众号消息，惠山区重点商业项目山姆会员商店无锡惠山店已完成 竣工备案，将于3月初试营业，4月正式开业。据介绍，山姆会员商店无锡惠山店位于惠山区长安街道金 惠路108号，总建筑面积达5.6万平方米。门店共三层，其中一层为面积约1.8万平方米的购物卖场，二、 三层规划了1025个会员停车位。 ...

【新春走基层】 【我们的日子热气腾腾】 不用进城就能买年货 新甘肃·甘肃日报记者 杜雪琴 "今年给老妈添置的新被子都是在超市买的。"李振贵说，"以前，总觉得后备箱太小了不够用；现在回 家，后备箱都是空的！" 嫩豆芽、鲜豆腐、菠菜豆皮、现杀的活鱼……李振贵的购物车里，装得满满当当。 "今天，我的几个姐姐都回来，我们打算中午涮火锅！"李振贵说。 今年52岁的李振贵平时在兰州生活，母亲跟着大哥生活在靖远县刘川镇，"每年初二，我们兄弟姊妹都 会聚在一起。" 以前，回家过年前，李振贵最重要的一件事，就是去超市采购。母亲喝的奶粉、过年吃的用的、走亲访 友的礼盒……每次都是拉满一车东西，连后座都是。 从去年春节开始，李振贵就不在兰州买东西回家了。 这几年，刘川镇大大小小的超市渐渐多起来了，超市里的商品种类也越来越齐全。 2月18日，正月初二。正是姑娘回娘家、外甥看舅舅的日子。 上午10时，靖远县刘川镇沃美新零售融合商超，人渐渐多起来。记者看到，果蔬区，翠绿的蔬菜、新鲜 的水果整齐摆放；散称区，彩色的糖果、黄亮的饼干样样齐全；超市入口处，牛奶、饮品礼盒高高垒 起……商品琳琅满目。 刘川镇沃美新零售融合商超是靖远欣峰商贸有限公 ...

Economic Growth - The initial estimate of the US GDP growth for Q4 2025 is 1.4% on an annualized basis, significantly below the expected 2.8% and a sharp decline from the previous quarter's growth of 4.4% [1][3][6] - The overall economic growth for 2025 is recorded at 2.2%, down from 2.8% in 2024, primarily driven by consumer spending and investment increases [16] Government Impact - The government shutdown negatively impacted GDP by approximately 1 percentage point, with federal spending declining by 16.6% on an annualized basis during the quarter [6][8] - Non-defense federal spending saw a significant drop of 24.1%, marking the largest decline since 2020, affecting hundreds of thousands of federal employees and welfare payments [6] Consumer Behavior - Consumer spending, a major driver of GDP growth, contributed 1.6% to the overall GDP, although the growth rate slowed to 2.4% in Q4 from 2.9% in Q3, largely due to reduced spending on durable goods like automobiles [8] - The disparity in consumer confidence is evident, with lower-income groups feeling more anxious about job security and income prospects, leading to cautious spending behavior [17][18] Investment Trends - Business investment increased by 3.7%, driven by spending on information processing equipment, which is likely linked to the ongoing AI investment trend [8] - Major tech companies are projected to invest approximately $650 billion in data centers and related equipment by 2026, indicating a positive outlook for economic growth driven by technology [8] Inflation and Prices - The domestic final sales index rose by 3.7% in Q4, with the personal consumption expenditures (PCE) price index increasing by 2.9%, reflecting persistent inflationary pressures [9][11] - The core PCE price index, excluding food and energy, rose by 2.7%, indicating ongoing inflation concerns that may affect consumer purchasing power [9][11]

据悉，沃尔玛全球第四季度实现总营收1907亿美元，同比增长5.6%（剔除汇率波动影响后，总营收为 1893亿美元，同比增长4.9%）；第四季度调整后营业利润为86亿美元，同比增长10.5%。 2026财年全年实现总营收7132亿美元，同比增长4.7%（剔除汇率波动影响后，总营收为7159亿美元， 同比增长5.1%）；全年调整后营业利润为311亿美元，同比增长5.4%。 具体至中国市场，沃尔玛中国在第四季度实现净销售额61亿美元，同比增长19.3%；虽然受到春节旺季 延后的影响，本季度可比销售额依然录得10.7%的增长。本季度山姆会员商店继续保持强劲的发展势 头，交易单量达双位数增长，2025年新增10家门店，其中本季度新增6家。 第四季度电商业务继续保持28%的增长，电商销售额占比已突破50%。尽管电商渗透率的提升以及业态 占比的变化对毛利结构产生了一定影响，但得益于销售增长及运营效率的持续优化，公司实现了运营费 用率的优化与运营利润的稳步增长。 （企业公众号） 近日，沃尔玛中国公众号发文称，沃尔玛公布2026财年第四季度业绩。 (编辑：王璨 林辰) ...

Market Overview - The three major U.S. indices closed lower, with the S&P 500's year-to-date gain narrowing to 0.2% and the Dow Jones Industrial Average up over 2% [1] - The Nasdaq index has accumulated a decline of over 2% in 2026 [1] U.S. Stock Performance - The Dow Jones fell by 267.50 points, a decrease of 0.54%, closing at 49,395.16 points [1] - The Nasdaq dropped by 70.91 points, down 0.31%, ending at 22,682.73 points [1] - The S&P 500 decreased by 19.42 points, a decline of 0.28%, closing at 6,861.89 points [1] - Notable stock movements include Intel (INTC) down 1.85%, Apple (AAPL) down 1.43%, and Nvidia (NVDA) slightly down 0.04% [1] Corporate Highlights - Amazon (AMZN) has officially surpassed Walmart (WMT) to become the highest-grossing company globally, with sales of $717 billion projected for 2025, compared to Walmart's $713.2 billion for the year ending January 31 [1] - Applovin (APP) surged over 7% in after-hours trading amid news of a potential collaboration with OpenAI for advertising commercialization [1] European Market Performance - The German DAX30 index fell by 245.76 points, a decrease of 0.97%, closing at 25,041.56 points [2] - The UK FTSE 100 index dropped by 69.93 points, down 0.65%, ending at 10,616.25 points [2] - The French CAC40 index decreased by 44.69 points, a decline of 0.53%, closing at 8,384.34 points [2] Commodity Market - Bitcoin rose by 0.69% to $66,922, while Ethereum fell by 0.58% to $1,944.34 [3] - Spot gold increased by 0.42% to $4,998.50 per ounce, and COMEX gold futures rose by 0.09% to $5,014 per ounce [3] - WTI crude oil futures settled at $66.43 per barrel, marking a 1.9% increase, amid concerns of escalating tensions between the U.S. and Iran [3] Economic Indicators - Initial jobless claims in the U.S. fell by 23,000 to 206,000, exceeding expectations and indicating a stabilizing labor market [4] - The U.S. trade deficit expanded to $70.3 billion in December, with a total annual deficit of $901.5 billion, marking one of the largest deficits since 1960 [4] Canadian Trade Situation - Canada reported a record trade deficit of 31.3 billion CAD for 2025, attributed to U.S. tariffs impacting major export sectors [5] - Despite a 0.2% decline in overall exports, the export volume of unrefined gold and precious metals surged by 41.7%, masking the true impact of trade issues [5] Company-Specific News - Walmart issued a cautious earnings forecast, projecting adjusted EPS between $2.75 and $2.85, below analyst expectations of $2.97, highlighting pressures under new CEO John Furner [8] - Waymo's expansion plans may be hindered as New York State withdrew a proposal allowing commercial self-driving taxi services outside the city [7]

格隆汇2月19日｜沃尔玛(WMT.US)盘初涨近3%，报130.1美元。消息面上，沃尔玛公布业绩显示，第四 季度营收1906.6亿美元，高于预期的1905.8亿美元；调整后每股收益0.74美元，高于预期的0.73美元。预 计第一季度调整后每股收益0.63美元-0.65美元；预计2027财年调整后每股收益2.75美元-2.85美元，低于 预期的2.97美元。沃尔玛还宣布新的300亿美元股票回购计划。 ...