CEO流动率为何创新高？ 据报道，多位猎头、投资者、银行家、律师和行业顾问表示今年的高流动率受到多个因素影响，除了高 通胀、地缘政治和特朗普政府掀起的贸易战给CEO工作带来的挑战，也有近年来董事会对不道德行为 容忍度降低和激进投资者的压力等。 美国公司正经历着前所未有的首席执行官（CEO）"离职潮"。 根据美国人力资源公司Challenger，Gray&Christmas的最新报告，7月共有123名美国公司CEO离职；今 年上半年，CEO离职总人数达到1358人，较去年同期增加9%，创下该公司自2002年开始追踪该数据以 来的最高水平。 与此同时，上市公司的CEO更换率也创下二十年来历史新高。 非营利性高管研究机构世界大型企业联合会（The Conference Board）和数据分析公司ESGAUGE的数据 显示，截至7月，今年至少有41位CEO离开了标准普尔500指数公司，而去年全年为49位，这是自2005年 以来按年率计算的最快退出速度。 Challenger，Gray&Christmas公司副总裁查兰吉（Andrew Challenger）表示："随着整个经济的不确定性 不断增加，多元化等企业价值观的 ...

8月29日晚，苏宁易购发布2025年半年报，上半年实现营收258.95亿元，同比增长0.44%；归母净利润盈 利4,869.3万元，同比增长230.03%，公司市场规模巩固，盈利能力持续改善。 ...

Group 1 - The core viewpoint of the article highlights the upward revision of the U.S. second-quarter GDP growth, primarily driven by improved business investment and significant trade contributions [1][4] - Business investment growth was revised from an initial 1.9% to 5.7%, reflecting enhanced investments in software and transportation equipment [4] - Net exports contributed nearly 5 percentage points to GDP growth, marking the highest level on record, contrasting with the previous quarter where net exports had a negative impact [4][9] Group 2 - Consumer spending showed resilience with a second-quarter annualized growth rate of 1.6%, up from the initial estimate of 1.4%, contributing 1.07 percentage points to GDP growth [5][6] - The real final sales to private domestic purchasers, a key indicator of consumer demand, grew at a steady rate of 1.9% for two consecutive quarters, indicating stable underlying demand [5][6] - Retailers, including Walmart and Home Depot, expressed optimism about consumer resilience despite rising prices due to tariffs [5] Group 3 - The revised second-quarter actual GDP annualized quarter-on-quarter growth rate was 3.3%, exceeding expectations of 3.1% and the previous value of 3% [7] - The core Personal Consumption Expenditures (PCE) price index for the second quarter remained steady at 2.5%, aligning with initial estimates [7][12] Group 4 - Domestic Gross Income (GDI) surged by 4.8% in the second quarter, contrasting sharply with a mere 0.2% increase in the first quarter, indicating a rebound in economic activity [11] - Corporate profits increased by 1.7% in the second quarter, reversing the largest decline since 2020 recorded in the first quarter [11] - The share of after-tax profits of non-financial corporations remained stable at 15.7%, significantly higher than pre-pandemic levels, suggesting robust profitability [11]

美元兑加元在1.3820附近获得支撑，短期阻力位于1.3900–1.3920区间。若价格突破该阻力，可能进一步 走高至1.3980。下方若跌破1.3820支撑，则可能打开回调空间，目标指向1.3750。整体走势显示汇价进 入区间震荡格局，等待新的政策和数据指引。 周三（8月27日）亚盘早盘，美元兑加元最新价报1.3840，涨幅0.02%，开盘价为1.3836。加拿大7月份 零售销售数据表现强劲，环比增长1.5%，与市场预期一致；更值得关注的是，剔除汽车销售后的核心 零售销售环比大幅增长1.9%，远超市场预期的1.1%。 这一强劲数据表明，在汽车销售之外，加拿大国内消费动力广泛且显著增强，反映出消费者信心稳固和 经济内生活力充足。超预期的零售表现进一步巩固了市场对加拿大经济韧性的判断，也为加元提供了有 力的基本面支撑，在一定程度上增强了加元在主要货币中的相对强势地位。 ...

Core Viewpoint - The U.S. stock market is expected to open higher after several days of decline, with investors awaiting Jerome Powell's speech at the Jackson Hole symposium for clues on interest rate direction [1] Group 1: Market Sentiment - Investors are cautious as they anticipate Powell's "cautious approach" regarding interest rates, emphasizing the need to observe data due to the recent impacts of tariffs [1] - Multiple Federal Reserve officials expressed skepticism about the idea of a rate cut next month, indicating a more conservative outlook on monetary policy [1] Group 2: Company Performance - Recent earnings reports from major retailers like Walmart showed mixed results, contributing to the overall market sentiment [1] - The three major stock indices are expected to close lower for the week, with the S&P 500 and Nasdaq likely to record their worst weekly performance of the month [1]

沃尔玛首席执行官Doug McMillon表示，尽管公司努力压低商品价格，但随着节假日购物季来临，需要以征收关税后的价格水平补充库 存，持续看到成本每周都在增加，预计影响将持续至第三、第四季度。最新财报显示，尽管二季度营收增长，但营业利润下滑，股价创 四个多月来最大单日跌幅。 全球最大零售商沃尔玛最新警告，美国关税正推高其经营成本，预计影响将持续至第三、第四季度。 8月21日，据媒体报道，全球最大零售商沃尔玛表示，即使有更多顾客涌入其门店寻求实惠商品，但利润率仍面临挤压。该公司首席执 行官Doug McMillon警告， 随着以关税后价格水平补充库存，成本"每周都在增加"，这一影响预计将持续到第三、第四季度 。 沃尔玛透露，随着特朗普政府对贸易伙伴征收关税政策的实施，公司销售商品的成本开始攀升。McMillon指出，"到目前为止，关税的 影响是渐进的，客户行为的调整相对温和。" 然而，情况正在发生变化。沃尔玛约三分之一的美国商品依赖进口，主要来自中国、墨西哥、越南和印度等国。随着公司为节假日购 物季补充库存，采购成本持续上升。 财报显示，公司第二季度同店通胀率同比上升1.1%，较上一季度翻倍，但仍低于美国整体 ...

$$\exists_{i}\exists_{j}\exists_{i}\exists_{j}$$ 全球最大零售商沃尔玛最新警告，美国关税正推高其经营成本，预计影响将持续至第三、第四季度。 8月21日，据媒体报道，全球最大零售商沃尔玛表示，即使有更多顾客涌入其门店寻求实惠商品，但利 润率仍面临挤压。该公司首席执行官Doug McMillon警告，随着以关税后价格水平补充库存，成本"每 周都在增加"，这一影响预计将持续到第三、第四季度。 据见闻此前文章，沃尔玛最新财报显示，公司二季度营收增长4.8%至1774亿美元，超出预期，还上调 了全年销售指引，但营业利润下滑8.2%至73亿美元，不及预期。受此影响，沃尔玛股价周四收跌 4.5%，创四个多月来最大单日跌幅。 关税成本压力逐周递增 沃尔玛今年早些时候曾警告，需要提高部分商品价格以抵消关税成本，这一表态引发了特朗普总统的严 厉批评。特朗普坚持认为关税不会带来通胀，并呼吁美联储大幅降息。 McMillon还表示，虽然尚未看到消费者因关税相关支出出现剧烈行为变化，但"不出所料，我们在中低 收入家庭中看到的调整比高收入家庭更多"。 风险提示及免责条款 市场有风险，投资需 ...

Core Viewpoint - Walmart's stock price fell by 4.49% following its latest earnings report, reflecting market concerns over profit falling short of expectations despite revenue exceeding forecasts [1] Financial Performance - Walmart reported Q2 revenue of $177.4 billion, surpassing market expectations of $176.16 billion [1] - Adjusted earnings per share were $0.68, below the expected $0.74, marking the first time in three years that earnings did not meet expectations [1] - The shortfall in earnings was attributed to increased insurance claims, restructuring costs, and legal fees [1] Future Outlook - Despite the profit miss, Walmart remains optimistic about future sales growth, raising its full-year sales and profit outlook, expecting net sales to grow between 3.75% and 4.75% [1] - Same-store sales in the U.S. grew by 4.6%, with e-commerce sales increasing by 26%, highlighting the company's competitive position in the market [1] Challenges - Tariff issues continue to pose a significant challenge for Walmart, with price increases on certain goods due to import tariffs [1] - The company is attempting to maintain its low-price strategy by accelerating imports and increasing limited-time discounts to counter rising costs [1] - Walmart anticipates facing higher tariff-related costs in the second half of the year [1] Strategic Initiatives - Walmart is focusing on innovation and digital strategies to drive business growth while remaining responsive to consumer demand [2] - The company's large scale and market share provide it with a degree of resilience against risks, despite current profit pressures [2] - Investors should monitor Walmart's ability to leverage scale effects and improve operational efficiency to alleviate profit pressures in upcoming quarters [2]

Group 1 - Walmart's stock fell 1.25% in pre-market trading ahead of its quarterly earnings report [1] - Analysts expect Walmart to report earnings per share of $0.74 and revenue of $176 billion [1] - The company previously indicated a projected net sales growth of 3.5% to 4.5% for the second fiscal quarter, but did not provide earnings guidance due to changing U.S. tariff policies [1] Group 2 - As of the last closing price, Walmart's stock was at $102.57, with a market capitalization of approximately $818.55 billion [1] - The stock's 52-week high and low are $104.514 and $74.841, respectively [1] - The price-to-earnings ratio is reported at 42.56, and the dividend yield is 0.840% [1]

全球金融界的目光本周将聚焦美国怀俄明州杰克逊霍尔。为期三天的全球央行年会将于当地时间8 月21日至23日举行，今年的主题定为"劳动力市场转型：人口结构、生产率与宏观经济政策"。来自美联 储、欧洲央行、日本央行等主要经济体的政策制定者将与学者及金融高管齐聚一堂，探讨未来货币政策 走向。 这将是美联储主席鲍威尔在2026年5月任期届满之前最后一次出席杰克逊霍尔会议。他将于8月22日 发表主旨演讲，并沿袭旧历利用这一主要活动来传达货币政策。 鲍威尔讲话备受关注 而且2025年8月的经济状况与一年前略有不同。一方面，近期数据表明美国劳动力市场可能开始恶 化。除了7月份新增就业岗位7.3万个低于预期外，美国劳工统计局还记录了5月和6月新增就业岗位25.8 万个的下调，这是自1979年以来最大的两个月负向调整。另一方面，新的政府统计数据表明，关税可能 正在影响美国市场。尽管7月份消费者物价指数的年度通胀率低于经济学家的预期，但7月份生产者物价 指数和进口价格却大幅飙升。 对于货币政策制定者来说，这是一种平衡行为。降低利率可能会引发通胀压力，但长期维持高利率 可能会增加劳动力市场和整体经济形势的风险。 分析师警告称，鲍威尔 ...