Core Insights - Walmart is expanding its drone delivery service to five new cities to enhance online sales and improve delivery speed [1] - The company aims to be the first retailer to implement large-scale drone delivery operations across five states [1] - Faster delivery services are crucial for Walmart's growth as consumers increasingly prioritize convenience [1] Group 1: Expansion of Drone Delivery - Walmart will launch drone delivery services in Charlotte, Tampa, Atlanta, Houston, and Orlando, covering 100 stores [1] - The service will allow for delivery of items such as fresh fruits, eggs, pet food, and ice cream within minutes [1] - Walmart's Chief eCommerce Officer highlighted the flexibility that faster delivery windows provide to consumers [1] Group 2: Financial Implications - Walmart expects its online business to become profitable this year after investing billions to compete with e-commerce giants like Amazon [1] - The company is focused on reducing costs associated with e-commerce, which have been high due to shipping, labor, and fuel expenses [1] - Efforts to cut costs include automating warehouses and processing more orders in bulk [1] Group 3: Partnerships and Collaborations - Walmart is deepening its collaboration with Alphabet's drone company Wing, which began in 2023 in Dallas [2] - Wing has received FAA approval to operate drones within a 6-mile radius of Walmart stores [2] - Walmart is also partnering with another drone delivery company, Zipline, in Texas and Arkansas [2]

美国对等关税反复横跳，后续走势如何展望？20250531 摘要 美国国际贸易法院裁决总统以国际收支为由征收关税超出权限，但联邦 巡回上诉法院已暂时冻结该裁决，预计 6 月中旬将做出进一步决定，可 能维持或取消关税措施。 联邦巡回法院可能对提出诉求的中小企业做出特别裁定，允许其进口产 品免税，而其他企业仍需缴纳关税，这与国际贸易法院要求取消所有关 税的裁定不同。 美国政府倾向于使用 232 调查替代部分对等关税，因 232 关税涉及国 家安全，具有法律上的特殊性和稳定性，已通过司法考验，而对等关税 未经司法考验。 联邦巡回上诉法院将决定是否暂停下级法院的裁决，若暂停，则需 6-12 个月审理并最终判决；若不暂停，则立即取消关税，最终判决仍需等待。 最高法院受理案件的标准包括：联邦巡回法院裁决冲突、涉及重大法律 或宪法解释、下级法院裁定与最高法院原有裁定冲突、或涉及国家和政 府利益。 IRA 法案包含针对中国的不利规定，如跨境技术转移限制、新能源设备 厂商合作限制等，将对中国新能源企业产生一定负面影响。 美国国际贸易法院关于临时行政中止令的决定时间及其影响是什么？ 美国国际贸易法院关于临时行政中止令的决定预计将在 ...

美国与欧盟的贸易谈判传来最新消息。 当地时间5月30日，欧盟委员会负责贸易和经济安全等事务的委员谢夫乔维奇与美国商务部长卢特尼克通话， 强调持续合作推动前瞻性解决方案，试图就双方贸易谈判进行沟通。据美媒报道，欧盟希望美国取消对钢铁和 汽车征收的25%关税，并希望美国总统特朗普放弃所谓的"对等关税"。 与此同时，欧盟委员会贸易委员东布罗夫斯基斯当天表示，近期美国法院对特朗普政府"对等关税"合法性的裁 决，给本已复杂的贸易环境再添一层不确定性。当前贸易谈判环境已充满变数，形势瞬息万变。 目前围绕关税的"司法大战"正面临较大的变数，包括美国企业在内的全球企业因"关税战"造成的损失也在持续 增加。据最新报道，因特朗普政府关税政策导致的成本上升和销售减少，全球主要大型企业的损失已经达到了 340亿美元。 关税的变数 据央视新闻客户端，当地时间30日，欧盟委员会负责贸易和经济安全等事务的委员塞夫科维奇与美国商务部长 卢特尼克通话，强调持续合作推动前瞻性解决方案，试图就双方贸易谈判进行沟通。 另据路透社报道，塞夫科维奇在社交平台上发帖称："我们投入了充足的时间和精力，因为提供前瞻性的解决 方案仍然是欧盟的首要任务。我们将保 ...

点击小程序查看报告原文 4月至今，特朗普的关税政策经历了一系列"戏剧性"变化， 对华"对等关税"从4月2日宣布加征的34%，逐步加码至"非理性"的125%，再降至中美会谈后甚 至比预期更低的10%（《 中美关税"降级"的资产含义 》）。市场也是如此，从关税宣布后的大跌到目前已经完全修复失地，就好像关税带来的影响"从没 发生过一样"。 图表：美国对中国本轮关税由145%降至30%，另外24%暂缓90天执行 资料来源：PIIE，中金公司研究部 关税政策如同"儿戏"般的变化，固然有特朗普自身执政风格的鲜明烙印，但也有不得不向现实低头的约束，因为如此高的关税对中美而言都是无法长期承 受的。 因此，关税从一个几乎等于"贸易禁运"的非理性水平降至一个"可贸易可谈判"的水平，虽然在时点和幅度上是无法预知的偶然，但几乎也是现实 的必然， 否则美国通胀、经济和金融市场都会面临很大压力，4月中下旬"股债汇三杀"就是市场的预演（《 上次"股债汇三杀"发生了什么？ 》）。 图表："对等关税"以来，美国4月中下旬出现股债汇"三杀" 资料来源：Bloomberg，中金公司研究部 往前看，关税政策进展大概率依然存在很大变数，不排除还会反复 ...

Core Insights - UK retail sales surged in April, continuing a strong trend from earlier in the year, indicating consumer resilience amid rising bills and global trade tensions [1] - Retail sales increased by 1.2% month-on-month in April, marking the fourth consecutive month of growth, surpassing economists' expectations of 0.3% [1] - The warm and sunny weather in April contributed to the retail sales growth, with strong performance across most sectors [1] Retail Performance - Categories such as food and alcohol saw sales growth, reflecting consumer spending despite economic challenges [1] - The report coincided with the period following the announcement of tariffs by Trump, during which UK households faced significant increases in utility bills, train fares, and local government taxes [1] Consumer Confidence - A separate report indicated a slight rebound in UK consumer confidence in May after being impacted by Trump's tariffs in April, with consumers feeling more optimistic about their financial and economic situations [1] - Consumers expressed a greater willingness to purchase big-ticket items such as cars and furniture [1] Economic Outlook - According to Alex Kerr from Capital Economics, this marks the first time since 2015 (excluding the pandemic period) that retail sales have increased for four consecutive months, although he cautioned that this growth may not be sustainable [2] - Following the release of stronger-than-expected data, the British pound maintained its upward trend against the US dollar, rising by 0.3% to 1.3461, nearing its highest level since 2022 [2]

据该公司最新财报显示，截至今年4月30日的第一财季中，他们的净利润为44.9亿美元，同比下滑超过 12%。揭露了沃尔玛当前面临的巨大压力。与此同时，首席执行官道格·麦克米利恩表示，即便在新关 税措施生效后，公司仍无法完全消化关税带来的所有压力。 一则消息的传出，让特朗普愤怒不已。事实证明，降低对华关税正成为美国的救命稻草。 1.沃尔玛将上调价格，以应对关税问题 近期，美国零售巨头沃尔玛被推上了舆论的风口浪尖。沃尔玛公司高管宣布，他们不得不在本月底上调 部分商品的售价。这一决定震动了整个市场。到底是因为什么呢？归根结底，是因为利润受损和进口商 品比例过大。 沃尔玛在美国销售的商品中，有超过三分之一是进口商品，而这些商品的主要来源地包括中国、墨西 哥、加拿大、越南和印度。虽然美国政府对特定货物的征税有所下降，但对企业来说，负担依然沉重。 这种情况下，特朗普在社交媒体上"炮轰"沃尔玛，要求他们自己承担对华关税，而不是将成本转嫁给消 费者。事实是，即便沃尔玛能吞下一时的苦果，但不可能一直忍让。最终，美国消费者或许不得不为这 场关税战买单。 2.特朗普关税政策下，美企业选择加强与中国合作 曾几何时，特朗普宣称，要让中国 ...

美国财政部长贝森特18日在接受采访时表示，沃尔玛将自行消化部分关税，但他也承认，一部分加征关税的成本最终会 落到消费者头上。贝森特说，他17日与沃尔玛首席执行官董明伦进行了交谈，并在两次新闻节目采访中强调，他认为对 沃尔玛顾客来说真正重要的是汽油价格的下降。根据美国汽车协会（AAA）的数据，汽油平均价格约为每加仑3.18美 元，比一年前有所下降，但在过去一周也有所上涨。"沃尔玛将吸收部分关税，有些可能会转嫁给消费者。"贝森特说。 此前，据香港《南华早报》4月29日报道，在中美贸易争端升级而导致货运量锐减后，最近几天，沃尔玛和其他美国主要 零售商已通知中国江浙地区的部分制造商恢复供货。"我们的长期合作伙伴沃尔玛已经通知我们开始（向美国）发货，我 们不需要承担（对中国商品）新关税的额外成本。"4月28日，宁波一家大型文具办公用品出口商的副总裁透露，已收到 沃尔玛的通知，要求它们恢复对美国的正常供货。该公司表示，新进口关税的成本将由美国客户承担。 据智通财经报道，美国零售巨头沃尔玛公司高管15日表示，受美国关税政策影响，该公司将于本月晚些时候开始上调部 分商品在美售价。美国总统特朗普17日批评沃尔玛，在其社交平台T ...

Core Viewpoint - The bond market is reacting negatively to Trump's tax cut plan, raising concerns about the potential for significant increases in the budget deficit over the coming years [1][9] Group 1: Bond Market Reactions - The 20-year U.S. Treasury auction showed unexpected weakness, with the winning yield surpassing 5%, marking one of the worst performances in five years, which heightened concerns about increasing debt [1] - Following the auction results, the 30-year Treasury yield surged to 5.1%, nearing a 20-year high, while the 10-year yield rose to 4.595% [2] - Investors are flocking to safe-haven assets like gold and Bitcoin to hedge against rising government debt and inflation risks, with long-term bond yields increasing by approximately 14 basis points since last Friday [5] Group 2: Political and Economic Implications - Conservative Republican lawmakers are beginning to oppose Trump's tax cut plan, citing rising bond yields as a warning signal [7] - The current U.S. debt is unprecedented, with interest payments exceeding the defense budget, and the total public debt has surged from under $14 trillion in 2016 to nearly $30 trillion [9] - The market's sharp reaction indicates that investors are unwilling to tolerate continuous government borrowing, seeking to enforce fiscal discipline through higher borrowing costs [9] Group 3: Broader Economic Concerns - The rise in bond yields is driven by fears of deficits and higher inflation expectations rather than strong economic fundamentals [10] - There is a mismatch between signals from the stock and bond markets, with stock investors largely ignoring concerns about increasing deficits and inflation [11] - Retailers, including Walmart and Target, are planning to raise prices due to tariffs, contributing to inflationary pressures, which has led to a decline in stock prices [11]

Core Insights - Target reported revenue of $23.85 billion for the quarter ended April 2025, a decrease of 2.8% year-over-year, and EPS of $1.30, down from $2.03 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $24.23 billion, resulting in a surprise of -1.58%, while the EPS also missed the consensus estimate of $1.62 by -19.75% [1] Financial Performance - Comparable store sales decreased by 3.8%, compared to an estimated decline of 1.9% by analysts [4] - Total number of stores was 1,981, slightly below the average estimate of 1,983 [4] - Total retail square footage was 248.66 million square feet, compared to the average estimate of 249.22 million square feet [4] - Digitally originated comparable sales increased by 4.7%, falling short of the average estimate of 8.3% [4] - Total revenue from sales was $23.85 billion, compared to the average estimate of $24.09 billion, reflecting a year-over-year change of -1.2% [4] Market Performance - Target's shares returned +4.3% over the past month, underperforming the Zacks S&P 500 composite's +12.7% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

【环球网财经综合报道 记者 李文瑶】本周，美国总统唐纳德·特朗普和美国零售巨头沃尔玛就政府关税政策的影响展开激烈交锋。据了解，此前沃尔玛宣布 因无力承担关税上涨带来的成本，相关商品即将涨价，引发了美国政府方面的不满。 对此，特朗普在社交媒体上严厉批评沃尔玛，指责其不公平地将预期的价格上涨归咎于关税，并命令这家全球最大的零售商"承担关税"，而不是将进口成本 转嫁给消费者。 沃尔玛在5月20日向《今日美国》发表了声明，回应了总统的言论。沃尔玛发言人乔·彭宁顿表示："我们一直致力于保持尽可能低的价格，而且我们不会停 止这一举措。但考虑到零售行业利润微薄的现实，我们只能尽力而为。" 财报电话会议显示，尽管沃尔玛第一季度的销售额超出预期，但由于特朗普政府征收更高的关税，该公司可能很快不得不提高商品的价格。 同时，由于关税政策所引发的不确定性，沃尔玛也选择暂不发布第二季度利润预期，并同时发布价格上涨预警。 许多经济学家表示，进口外国商品的美国企业会支付关税，并且通常会将这笔成本转嫁给消费者以保留自己的利润，但特朗普长期以来一直坚持要求其他国 家支付关税成本。 雷尼告诉 CNBC，5月底和 6 月份价格沃尔玛可能会上调商品 ...