来源：格隆汇APP 2026年度格隆汇"全球视野"十大核心资产已正式发布，沃尔玛（WMT.US）历经多轮筛选与角逐，最终 入选成为全球核心资产中零售领域的标杆标的。 以下是关于沃尔玛的入选逻辑与深度解析： 2025年全球消费复苏、全渠道零售深化与供应链数字化革新形成强劲合力，零售行业迎来"效率升级 +需求分层"的黄金发展期。作为全球零售行业的领军企业，沃尔玛正告别传统零售"线下依赖"的标签， 加速推进从"线下商超巨头"到"全渠道零售生态服务商"的结构性转型。 公司明确2030年战略蓝图：电商业务收入占比冲刺30%，全球供应链数字化渗透率达90%，会员制业务 贡献利润占比提升至40%。凭借"线下网络+全渠道融合+供应链壁垒+会员生态"的独特模式，沃尔玛已 构建起兼具"抗周期韧性+成长确定性"的盈利结构，成为2026年全球市场中风险抵御能力突出的核心配 置标的，其转型背后的长期价值正被资本市场重新定价。 01 核心竞争壁垒： 四大维度构筑不可复制优势 沃尔玛的行业龙头地位，源于数十年积累的多维竞争优势，形成了新进入者难以逾越的壁垒，也是其穿 越消费周期的核心底气。 全球供应链网络构建成本壁垒。依托覆盖19个国家的 ...

面对施工难题，项目团队创新采用科学交叉流水施工法，最大化提升施工效率；冲刺阶段更是以"日碰头会+日巡场"的高强度管控模式，精准优化施工组 织与资源配置，保障项目建设稳步推进，高峰单月浇筑面积近万平方米，创下亮眼施工成绩。 日前，广州设计之都嘉禾片区山姆会员店项目主体结构顺利封顶。该项目位于白云新城-嘉禾望岗商务核心区，由白云建科集团下属广州设计之都投资运 营有限公司投资开发建设，是广州市首家绿建三星山姆会员店、白云区首家山姆会员店。根据此前报道，该项目预计2026年年中基本建成，力争2026年底 全面开业。 山姆白云首店项目自启动建设以来备受关注，该项目主体结构划分为六大施工区域，山姆卖场区域地上层高均超9米，且四周配套夹层设计，工序繁琐、 衔接要求极高。 据了解，作为世界500强企业沃尔玛旗下的高端仓储式会员制商店，山姆会员店凭借全球甄选的丰富商品、高品质的消费体验和差异化的经营策略，长期 以来深受广大消费者青睐，在全球已拥有超过800家商店。 山姆白云首店项目选址广州设计之都北扩区嘉禾望岗望岗大道北侧，位于地铁2号线、3号线、14号线三线交汇的黄金区位，交通便利、区位优势显著，项 目总建筑面积约5.4万平 ...

（文/霍东阳 编辑/张广凯） 尽管在中国市场争议不断，沃尔玛集团在2026财年第三季度依然交出了一份强劲的财报。 截至10月31日，沃尔玛集团第三季度实现总营收1,795亿美元，同比增长5.8%（剔除汇率波动影响后，总营收为1,797亿美元，同比增长6.0%）；第三季度调 整后营业利润为72亿美元，同比增长8.0%。 其中，沃尔玛中国在第三季度实现净销售额61亿美元，同比增长21.8%，增幅领跑全球；可比销售额增长13.8%；电商业务净销售额增长32%，电商销售额占 比超50%，成为集团业务增长的核心动力。 在会员业务方面，沃尔玛集团全球会员费收入同比增长16.7%，其中国际市场表现突出，增幅达34%，增长也主要得益于中国山姆会员店会员规模的持续扩 大。 尽管自2024年以来，山姆会员店因食品安全、品控问题及高管更迭引发争议，但其扩张步伐未减：过去12个月山姆在中国增长8家新店（三季度新增1 家），第三季度的交易单量呈双位数增长。与此同时，沃尔玛超市自有品牌"沃集鲜"的焕新升级，也在社交媒体上收获广泛关注。 山姆会员店的狂奔与沃尔玛超市的转型，正在中国市场勾勒出这家零售巨头的一体两面。 山姆狂奔：增长引擎下的 ...

Core Insights - Walmart reported strong performance in Q3 of FY2026, achieving total revenue of $179.5 billion, a year-on-year increase of 5.8% [2] - The Chinese market showed particularly robust growth, with net sales reaching $6.1 billion, up 21.8% year-on-year [2] - Sam's Club continued its momentum with double-digit growth in transaction volume and the addition of 8 new stores in the past 12 months [2] Financial Performance - Total revenue for Q3 was $179.5 billion, with a 5.8% increase year-on-year, and adjusted operating income was $7.2 billion, up 8.0% [2] - In China, comparable sales grew by 13.8%, and e-commerce sales increased by 32%, accounting for over 50% of total sales [2] Market Expansion - Sam's Club opened its fifth store in Beijing, marking the 61st store in China, with significant customer interest evident from long queues [3][6] - The pace of new store openings for Sam's Club in China has accelerated, with 10 new stores expected in 2025, the highest number in history [4] E-commerce Strategy - Walmart's e-commerce penetration in China has reached 50%, with 80% of digital orders delivered within one hour [4] - The company is leveraging its app to enhance customer engagement and drive membership retention [5] Brand and Product Development - Walmart is focusing on high-quality fresh produce and a diverse range of products to meet the needs of middle-class families and singles [7] - The company's private label "沃集鲜" has been revamped, introducing nearly a thousand new or upgraded products, emphasizing quality and unique offerings [9][11] Competitive Landscape - The retail environment in China is rapidly evolving, with new business models and consumer demands reshaping the market [7] - Walmart is adapting by opening smaller community stores and enhancing its supply chain to better serve local consumers [7] Consumer Engagement - High repurchase rates and customer loyalty are being driven by Walmart's cloud warehouse model, which supports its e-commerce profitability [5] - The company is committed to maintaining low prices across its product range, leveraging direct sourcing and efficiency improvements [13]

Core Viewpoint - Walmart has announced the appointment of John Furner as the new President and CEO, effective February 1, 2026, succeeding Doug McMillon, who has been with the company since starting as an hourly worker [1][3]. Group 1: Leadership Transition - John Furner has over 30 years of experience at Walmart, starting as an hourly worker in Arkansas and holding various leadership roles in sales, operations, and procurement [3]. - Doug McMillon has been CEO since 2014, with Walmart's total revenue increasing from $482.7 billion in fiscal year 2015 to $680.985 billion in fiscal year 2025, reflecting growth rates of 6.7%, 2.4%, 6.7%, 6.0%, and 5.1% over the last five fiscal years [3]. Group 2: Business Performance - Walmart's net total revenue for the first half of fiscal year 2026 increased by 3.7% year-on-year to $343.011 billion, with net profit rising by 19.9% to $11.513 billion [4]. - Walmart China reported a significant net sales increase of 30.1% year-on-year to $5.8 billion in the second quarter of fiscal year 2026 [4]. Group 3: Management Changes - Prior to the CEO appointment, Liu Peng was announced as the President of Sam's Club in China, having previously held several senior positions at Alibaba Group [4].

王爷说财经讯：零售界"地震"来了！2025年11月14日的大消息炸翻财经圈——沃尔玛功勋CEO麦克米伦官宣2026年退休！ 执掌12年，他把沃尔玛的市值直接翻了四倍，股价飙涨400%，比标普500指数的同期涨幅足足翻了一倍！ 这可是全球零售巨头的逆袭神话，为啥偏偏在巅峰时刻交棒？新掌门到底是什么来头？能不能接住沃尔玛的这万亿家业？ 01、麦克米伦：从卸货工到千亿掌舵人！ 可能有人不知道，麦克米伦可不是空降的大佬，他在沃尔玛干了40多年，从底层卸货工、采购员一路做到CEO。 2014年上任时，沃尔玛正面临亚马逊的猛烈冲击，实体零售一片唱衰。 谁也能想到，他一接手就开启了"逆袭剧本"：不仅让沃尔玛连续13年稳坐《财富》美国500强榜首，还把电商业务从"拖后腿"变成"增长引擎"——2020年美 国电商销售额直接暴涨76%，冲到530亿美元。 现在沃尔玛全球有210万员工、1万多家门店，线上商品超200万件，妥妥的零售界"航空母舰"。 更关键的是，这次CEO交接早有安排：接任者是51岁的约翰·弗纳，30年前从沃尔玛计时员工做起，已经管了6年美国市场的4600多家门店，算是根正苗红 的"自己人"。 麦克米伦上任时承诺的 ...

Core Viewpoint - The retail industry in China is witnessing a significant rise in female leadership, with several major companies now led by Chinese women, indicating a shift in management dynamics and strategies in a highly competitive market [6][15][42]. Group 1: Female Leadership in Retail - The article highlights the emergence of female CEOs in major retail companies in China, including Chen Jia at Aldi, Zhu Xiaojing at Walmart China, Zhang Shuyun at Costco, and Yan Xiaolei at Hema [6][15]. - Chen Jia's leadership at Aldi has shifted the company's strategy back to its low-price roots, resulting in increased brand recognition and expansion in Shanghai and Jiangsu [9][11]. - Zhu Xiaojing, the first Chinese CEO of Walmart China, faces challenges as the company adapts to changing consumer preferences and competition from other retailers [12][19]. Group 2: Competitive Strategies - Aldi's new strategy under Chen Jia focuses on offering value products and simplifying pricing structures, which has resonated well with Chinese consumers [9][24]. - Hema, under Yan Xiaolei, aims to achieve a GMV target of 100 billion yuan within three years, reflecting a shift towards efficiency and profitability [14][42]. - The competition between Aldi and Hema is intensifying, particularly in the Jiangsu region, where both companies are rapidly expanding their store presence [29][30]. Group 3: Market Dynamics - The retail landscape is characterized by a shift towards low-cost and efficient operations, with companies like Aldi and Hema adopting similar strategies to attract price-sensitive consumers [30][35]. - The article notes that the current economic climate presents both challenges and opportunities for these female leaders, as they navigate a market with changing consumer expectations [15][24]. - The competition in the Jiangsu region is particularly fierce, with Aldi and Hema both targeting similar demographics and employing comparable operational strategies [30][36]. Group 4: Consumer Behavior and Preferences - The article discusses how consumer preferences have evolved, with a growing demand for value and efficiency in shopping experiences, prompting retailers to adapt their strategies accordingly [19][42]. - The success of Aldi's low-price strategy and Hema's focus on community-based stores reflects a broader trend towards localized and cost-effective retail solutions [30][35]. - The competitive landscape is further complicated by the presence of other major players like Costco, which also aims to capture market share in the same regions [36][46].

Core Insights - The recent appointment of Liu Peng, former president of Tmall International, as the new president of Sam's Club China is perceived as unexpected by industry insiders [2] - This decision may have been finalized during the visit of Walmart's global CEO, Doug McMillon, to China in mid-October [2] Group 1 - The internal reaction to the leadership change at Sam's Club China has been one of surprise, with no prior indications of the shift [2] - Liu Peng's previous role at Tmall International suggests a significant shift in leadership strategy for Sam's Club China [2]

Core Insights - Walmart China has appointed Liu Peng as the new President of Sam's Club, effective immediately, as part of a strategic leadership change aimed at enhancing business operations in China [1][3][21] - The leadership transition is seen as a critical move to accelerate Sam's Club's expansion and adapt to the evolving retail landscape in China [4][21] Leadership Changes - Liu Peng replaces Jane Ewing, who will return to Walmart International after completing her term at the end of the year [3][21] - Jane Ewing will be succeeded by Andrew Miles in January 2025, indicating a structured succession plan within Walmart's leadership [3][21] Expansion Strategy - Sam's Club is currently in a phase of rapid expansion, with plans to open 8 to 10 new stores annually starting in 2025, an increase from the current rate of approximately 6 new stores per year [4][21] - The company is focusing on expanding into second-tier cities and economically strong counties, in addition to maintaining its presence in major metropolitan areas [4][21] Supply Chain and Operational Upgrades - Walmart is enhancing its supply chain and fulfillment systems, with a focus on localizing supply chains and implementing an integrated "store-warehouse-cloud" model [4][21] - A significant project includes the construction of the largest Sam's Club in North China, set to operate in a multi-channel model by 2026 [4][21] Market Position and Challenges - Sam's Club has been recognized as a "star performer" within Walmart's global operations, with expectations for individual stores to achieve annual sales exceeding $500 million by 2025 [4][21] - The company faces challenges related to maintaining its brand identity and product differentiation while navigating the complexities of local market demands and consumer expectations [4][21][20] Liu Peng's Background - Liu Peng brings extensive experience in retail and e-commerce, having held senior positions at Alibaba, where he was instrumental in developing cross-border e-commerce strategies [8][9][12] - His diverse skill set in operations, data analysis, and brand management is expected to be crucial in addressing the challenges faced by Sam's Club in China [8][12][21] Industry Trends - The trend of appointing local retail veterans to lead foreign retail brands in China is becoming more common, reflecting a shift towards localization in management strategies [21][24] - This change is indicative of a broader strategy among foreign retailers to better align with local consumer preferences and market dynamics [21][24]

Core Insights - Walmart China has appointed Liu Peng as the new president of Sam's Club, effective immediately, as part of its strategy to enhance investment and business upgrades in China [1] - Liu Peng brings extensive experience from Alibaba, where he held various leadership roles, and is expected to leverage his understanding of global brand localization and consumer insights to improve Sam's Club offerings [1] - Walmart China reported strong growth, with Sam's Club achieving a 30.1% year-on-year increase in net sales for Q2, significantly outpacing industry averages [2] Group 1 - Liu Peng has joined Walmart China as the president of Sam's Club, reporting directly to the CEO, Zhu Xiaojing [1] - Jane Ewing, the previous acting president, will return to Walmart International at the end of the year [1] - Walmart China views this leadership change as a critical step in its ongoing investment and strategic upgrade in the Chinese market [1] Group 2 - Walmart's total revenue for Q2 was $177.4 billion, reflecting a 4.8% year-on-year growth, with a 5.6% increase when excluding currency fluctuations [2] - Sam's Club is expanding rapidly, with nearly 60 stores in over 30 cities and plans to open about five new stores by the end of the year [2] - Membership numbers for Sam's Club are increasing, with stable growth in renewal rates and activity levels, and e-commerce now accounts for over 50% of sales [2]