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新金瓶玉梅戴玥菲版:释放压力,重拾好心情 - 怀亦网络
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淄博市(沂源县、桓台县、张店区、周村区、淄川区、博山区、临淄区、高青县)








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博尔塔拉蒙古自治州(阿拉山口市、博乐市、温泉县、精河县)
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汕头市(金平区、龙湖区、潮阳区、澄海区、潮南区、濠江区、南澳县)
日喀则市(昂仁县、岗巴县、亚东县、谢通门县、桑珠孜区、仲巴县、南木林县、仁布县、拉孜县、康马县、聂拉木县、萨迦县、定日县、萨嘎县、定结县、江孜县、白朗县、吉隆县)

华西海外

4月9日,沃尔玛召开投资者会议,沃尔玛的全球CEO董明伦(DougMcMillon)以及其他高管集体参会。

关税影响:公司仍在评估关税对业务的具体影响。CEO董明伦指出,沃尔玛在美国销售的商品中,有超过三分之二是在美国生产、种植或组装的,而进口商品主要来自中国和墨西哥。尽管关税环境变化,沃尔玛维持了对2025年第一财季销售额增长3-4%的预期,但由于不利的品类组合和意外索赔费用增加,营业收入增长的结果范围有所扩大。在关税生效期间,公司希望保持在价格投资方面的灵活性。山姆会员店在中国市场的成功归纳为三大核心优势。山姆在中国的销售业绩强劲,会员费收入在2025年春节销售旺季增长了35%。山姆会员店在中国进入了高速发展期,今年预计有8家山姆店年销售额能超过5亿美元。中国区CEO朱晓静表示主要基于三大核心优势。1.“优质商品+寻宝体验”的双重价值。山姆不仅确保商品的高品质与合理价格,更营造了独特的购物氛围。山姆精选约4000个SKU,采取“少而精”策略。2.全渠道的便利性。山姆提供线上线下的购物体验。线下门店提供沉浸式体验,会员可与亲友一起品尝美食、发现宝贝;线上渠道则实现极速配送,平均配送时间不到40分钟,快则15-20分钟,超过80%的订单能在一小时内送达。中国沃尔玛超过50%的销售额实际上来自线上。3.与会员建立的深厚信任关系。在这三点优势下,山姆形成了独特的竞争壁垒,2024年中国区卓越会员续卡率高达92%,普通会员向卓越会员的转化率达30%。

投资建议:

近期关税政策给市场带来诸多不确定因素,造成港股、恒科的回调,长期来看我们看好受关税影响较小以及基本面存在改善预期的AI+互联网与内需两条主线,调整时应把握买入机会。相关受益标的包括1)互联网&科技行业,积极拥抱AI、资本开支增加的阿里巴巴-W、腾讯控股、快手-W、美团-W等;2)内需消费,受益标的包括所处行业上行驱动力较强且基本面稳固、成长空间大的毛戈平、蜜雪集团、老铺黄金,泡泡玛特、同程旅行、携程集团-S、海底捞等。

风险提示:宏观经济波动风险,行业竞争加剧风险,人工智能应用效果不及预期风险

证券分析师:刘文正 S1120524120007;

发布日期:2025-04-13;

《沃尔玛投资者会议召开,评估关税对业务的影响》

如需完整报告,请联系对口销售经理

重要提示:

《证券期货投资者适当性管理办法》于2017年7月1日起正式实施。通过本订阅号发布的观点和信息仅面向华西证券的专业投资机构客户。若您并非华西证券客户中的专业投资机构客户,为控制投资风险,请取消订阅、接收或使用本订阅号中的任何信息。因本订阅号受限于访问权限设置,若给您造成不便,敬请谅解。市场有风险,投资需谨慎。

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本订阅号为华西证券研究所设立及运营。本订阅号不是华西证券研究报告的发布平台。本订阅号所载的信息仅面向华西证券的专业投资机构客户,仅供在新媒体背景下研究观点的及时交流。本订阅号所载的信息均摘编自华西证券研究所已经发布的研究报告或者是对已发布报告的后续解读,若因对报告的摘编而产生歧义,应以报告发布当日的完整内容为准。

在任何情况下,本订阅号所推送信息或所表述的意见并不构成对任何人的投资建议。华西证券及华西证券研究所也不对任何人因为使用本订阅号信息所引致的任何损失负任何责任。

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