<p>在 2026 年 2 月，亞馬遜公司（Amazon.com Inc.）取代沃爾瑪公司（Walmart Inc.），成為全球收入最大的公司。這對行業觀察者來説並不意外，但當《財富》確認這一結果時，亞馬遜被列為《財富 500 強》榜首，這一事實得到了進一步的印證。</p>
<p>這一消息對兩隻股票的價格影響不大。截至 6 月 8 日，兩隻股票今年的漲幅都略超過 6%。</p>
<p>但從更長的時間來看，沃爾瑪為股東帶來的總回報更大。</p>
<p>這個故事可能會繼續下去，原因可能會讓一些投資者感到意外。實體零售的死亡被大大誇大，而這是一個亞馬遜根本無法與沃爾瑪競爭的領域。</p>
<p>然而，即使是這種優勢也並未完全捕捉到真實的故事：沃爾瑪可能是科技股的更強代表，而亞馬遜則不一定是零售股的代表。如果這一點是正確的，沃爾瑪不僅值得獲得溢價估值——它可能需要完全重新評級。</p>
<h2>沃爾瑪的實體護城河是數字優勢</h2>
<p>亞馬遜基本上創造了電子商務這一類別。因此，該公司在在線購物者中幾乎擁有不可逾越的領先地位是有道理的。但沃爾瑪在縮小這一差距方面取得了進展，並在此過程中展示了其商業模式的一些優勢。</p>
<p>首先，該公司的零售網絡超過 4600 家門店，雙重作為履行節點，而無需增加建設新設施的費用。這使得路邊取貨成為購物者的習慣工具。此外，該公司可以利用這些門店進行當日送達，而這是亞馬遜在單位經濟上無法匹敵的。</p>
<h2>沃爾瑪連接（廣告）是利潤故事</h2>
<p>沃爾瑪財務報表中最被低估的項目可能來自沃爾瑪連接（Walmart Connect），該公司在美國的零售媒體平台。在 2026 財年，沃爾瑪連接創造了 64 億美元的全球廣告收入，同比增長 46%。在最近一個季度，沃爾瑪連接在國內增長了 44%，這一增速遠遠超過了公司低個位數的營收增長。</p>
<p>這對底線產生了重大影響。首席財務官約翰·大衞·雷尼（John David Rainey）指出，廣告和會員收入現在大約佔沃爾瑪運營利潤的三分之一。高利潤的廣告收入有效地補貼了低利潤的零售業務，這一動態在華爾街多年前就被認識到，當時它因廣告部門的強勁表現而上調了亞馬遜的估值倍數。</p>
<p>更值得注意的是，沃爾瑪仍處於早期階段。其廣告收入大約佔總商品價值的 1%，而亞馬遜約為 8%。這一差距為公司和沃爾瑪提供了長遠的發展空間——那些等待沃爾瑪廣告業務成熟後再重新定價股票的投資者可能會發現自己錯過了機會。</p>
<h2>山姆會員店作為概念驗證</h2>
<p>如果你想看看沃爾瑪旗艦店的未來走向，可以看看山姆會員店（Sam's Club）。這個 900 億美元的倉儲部門已成為數字參與與實體零售並不衝突的最清晰示範。</p>
<p>會員收入在 2025 財年第四季度連續五個季度實現了兩位數的增長，數字滲透率達到了歷史新高。掃碼購物（Scan &amp; Go）這一基於應用的結賬功能讓會員完全跳過收銀台，在一個季度內激增了 500 個基點，約 40% 的山姆交易現在是數字化的。</p>
<p>德克薩斯州格雷普韋恩的原型俱樂部實現了 100% 的掃碼購物參與率。數字購物的會員訪問頻率是傳統購物的三倍，購買的品類是後者的兩倍，續費率顯著提高。</p>
<p>山姆會員店已宣佈計劃對現有的 600 個門店進行改造，同時每年開設約 15 個新俱樂部，目標是在未來十年內將會員數量翻倍。</p>
<h2>圖表指向拐點</h2>
<p>在 2027 財年第一季度的財報發佈當天，沃爾瑪股價下跌了約 7%。該報告顯示出穩健的雙重超預期，年同比增長高達個位數。爭議的焦點在於指導意見，正如許多零售商一樣。</p>
<p>具體而言，沃爾瑪面臨着更高關税相關成本的不確定性，以及這可能對其核心客户意味着什麼。儘管如此，拋售在 200 日簡單移動平均線附近找到了支撐。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png"/></p>
<p>分析師對沃爾瑪的看法總體樂觀，普遍目標價為 138.85 美元。這比本文撰寫時的價格高出約 15%。這也將重新確認該股在今年 2 月和 5 月創下的高點。</p>
<h2>兩隻優秀股票——完全不同的目的</h2>
<p>亞馬遜一直是長期投資者的優秀股票，未來仍將如此。然而，這個案例在於瞭解收入增長的來源。對於亞馬遜來説，這越來越意味着亞馬遜網絡服務（AWS），在 2025 年貢獻了 1287 億美元的收入。</p>
<p>亞馬遜仍然從其零售相關銷售中交付了 5882 億美元，但這一數字遠低於沃爾瑪，後者的收入來自其實體店和不斷增長的數字業務的結合。</p>
<p>對零售的依賴是沃爾瑪支付股息而亞馬遜不支付股息的原因。但儘管這一股息相對較小，但它是一個安全的支付，已經連續 53 年增加。今年將是第 54 年。在 2024 年 1 月進行股票拆分後，沃爾瑪的股價對投資者來説具有吸引力，可以開始積累並讓複利的影響為自己帶來優勢。</p>
<h2>你現在應該投資 1000 美元在沃爾瑪嗎？</h2>
<p>在考慮沃爾瑪之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師正在悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前買入……而沃爾瑪並不在名單上。</p>
<p>儘管沃爾瑪目前在分析師中被評為適度買入，但頂級分析師認為這五隻股票更值得購買。</p>
<p>在這裏查看這五隻股票</p>

沃爾瑪

亞馬遜

WMTI

<p>沃爾瑪正在經歷重大的數字化轉型，利用其實體店網絡進行電子商務履約，並通過沃爾瑪連接（Walmart Connect）擴大高利潤的廣告收入。儘管亞馬遜在收入上超過了沃爾瑪，但沃爾瑪通過在山姆會員店（Sam's Club）和零售媒體方面的數字創新，提供了強勁的股東回報。分析師們對沃爾瑪持樂觀態度，普遍認為其目標股價為 138.85 美元，暗示市場可能低估了沃爾瑪相較於傳統零售指標的科技型增長潛力</p>

<p>In February 2026, Amazon.com Inc. NASDAQ: AMZN supplanted Walmart Inc. NASDAQ: WMT as the world’s largest company in terms of revenue. This wasn’t a surprise to industry observers, but it was reinforced when Fortune confirmed the results, placing Amazon at the top of its Fortune 500 list.</p>
<div class="lb-trans"><p>在 2026 年 2 月，亞馬遜公司（Amazon.com Inc.）取代沃爾瑪公司（Walmart Inc.），成為全球收入最大的公司。這對行業觀察者來説並不意外，但當《財富》確認這一結果時，亞馬遜被列為《財富 500 強》榜首，這一事實得到了進一步的印證。</p>
</div><p>The news isn’t having much impact on either stock’s price. As of June 8, both stocks are up a little more than 6% for the year.</p>
<div class="lb-trans"><p>這一消息對兩隻股票的價格影響不大。截至 6 月 8 日，兩隻股票今年的漲幅都略超過 6%。</p>
</div><p>But over a longer horizon, it’s Walmart that has rewarded shareholders with a larger total return.</p>
<div class="lb-trans"><p>但從更長的時間來看，沃爾瑪為股東帶來的總回報更大。</p>
</div><p>That’s a story that’s likely to continue for a reason that may surprise some investors. The death of physical retail has been greatly exaggerated, and it's an arena where Amazon simply doesn't compete with Walmart.</p>
<div class="lb-trans"><p>這個故事可能會繼續下去，原因可能會讓一些投資者感到意外。實體零售的死亡被大大誇大，而這是一個亞馬遜根本無法與沃爾瑪競爭的領域。</p>
</div><p>Yet even that edge doesn't fully capture the real story: Walmart may be a stronger proxy for technology stocks than Amazon is a proxy for retail stocks. If that's right, Walmart doesn't just merit a premium valuation—it may need to be rerated entirely.</p>
<div class="lb-trans"><p>然而，即使是這種優勢也並未完全捕捉到真實的故事：沃爾瑪可能是科技股的更強代表，而亞馬遜則不一定是零售股的代表。如果這一點是正確的，沃爾瑪不僅值得獲得溢價估值——它可能需要完全重新評級。</p>
</div><h2>Walmart’s Physical Moat Is a Digital Advantage</h2>
<div class="lb-trans"><h2>沃爾瑪的實體護城河是數字優勢</h2>
</div><p>Amazon essentially created the category of e-commerce. So it makes sense that the company has an almost impenetrable lead among online shoppers. But Walmart has made strides in closing that gap, and in doing so, it’s showing why its business model has some advantages.</p>
<div class="lb-trans"><p>亞馬遜基本上創造了電子商務這一類別。因此，該公司在在線購物者中幾乎擁有不可逾越的領先地位是有道理的。但沃爾瑪在縮小這一差距方面取得了進展，並在此過程中展示了其商業模式的一些優勢。</p>
</div><p>First, the company’s retail footprint of over 4,600 stores doubles as fulfillment nodes, without the added expense of building new facilities. This enables curbside pickup, which has become a habit-forming tool for shoppers. Plus, the company can use those stores for same-day delivery, which Amazon can’t match on unit economics.</p>
<div class="lb-trans"><p>首先，該公司的零售網絡超過 4600 家門店，雙重作為履行節點，而無需增加建設新設施的費用。這使得路邊取貨成為購物者的習慣工具。此外，該公司可以利用這些門店進行當日送達，而這是亞馬遜在單位經濟上無法匹敵的。</p>
</div><h2>Walmart Connect (Advertising) Is the Margin Story</h2>
<div class="lb-trans"><h2>沃爾瑪連接（廣告）是利潤故事</h2>
</div><p>The most underappreciated line item in Walmart's financials may come from Walmart Connect, the company's U.S. retail media platform. In fiscal year 2026 (FY2026), Walmart Connect generated $6.4 billion in global ad revenue, a 46% YOY increase. In the most recent quarter, Walmart Connect grew 44% domestically, a rate that dwarfs the company's low-single-digit top-line growth.</p>
<div class="lb-trans"><p>沃爾瑪財務報表中最被低估的項目可能來自沃爾瑪連接（Walmart Connect），該公司在美國的零售媒體平台。在 2026 財年，沃爾瑪連接創造了 64 億美元的全球廣告收入，同比增長 46%。在最近一個季度，沃爾瑪連接在國內增長了 44%，這一增速遠遠超過了公司低個位數的營收增長。</p>
</div><p>This has a significant impact on the bottom line. CFO John David Rainey has noted that advertising and membership income now account for roughly one-third of Walmart's operating profit. High-margin ad dollars are effectively subsidizing the lower-margin retail operation, a dynamic Wall Street recognized years ago when it rerated Amazon's multiple upward on the strength of its ad segment.</p>
<div class="lb-trans"><p>這對底線產生了重大影響。首席財務官約翰·大衞·雷尼（John David Rainey）指出，廣告和會員收入現在大約佔沃爾瑪運營利潤的三分之一。高利潤的廣告收入有效地補貼了低利潤的零售業務，這一動態在華爾街多年前就被認識到，當時它因廣告部門的強勁表現而上調了亞馬遜的估值倍數。</p>
</div><p>Even more noteworthy, Walmart is still in the early innings. Its advertising revenue represents roughly 1% of gross merchandise value, compared to approximately 8% for Amazon. That gap gives the company, and WMT, a long runway—and investors who wait for Walmart's ad business to mature before repricing the stock may find themselves late to the trade.</p>
<div class="lb-trans"><p>更值得注意的是，沃爾瑪仍處於早期階段。其廣告收入大約佔總商品價值的 1%，而亞馬遜約為 8%。這一差距為公司和沃爾瑪提供了長遠的發展空間——那些等待沃爾瑪廣告業務成熟後再重新定價股票的投資者可能會發現自己錯過了機會。</p>
</div><h2>Sam's Club as the Proof of Concept</h2>
<div class="lb-trans"><h2>山姆會員店作為概念驗證</h2>
</div><p>If you want to see where the Walmart flagship is heading, look at Sam's Club. The $90 billion warehouse division has become the clearest demonstration that digital engagement and physical retail aren't in conflict.</p>
<div class="lb-trans"><p>如果你想看看沃爾瑪旗艦店的未來走向，可以看看山姆會員店（Sam's Club）。這個 900 億美元的倉儲部門已成為數字參與與實體零售並不衝突的最清晰示範。</p>
</div><p>Membership income posted double-digit growth for five consecutive quarters through Q4 2025, with digital penetration hitting an all-time high. Scan &amp; Go adoption—the app-based checkout feature that lets members skip the register entirely—surged 500 basis points in a single quarter, and roughly 40% of Sam's transactions are now digital.</p>
<div class="lb-trans"><p>會員收入在 2025 財年第四季度連續五個季度實現了兩位數的增長，數字滲透率達到了歷史新高。掃碼購物（Scan &amp; Go）這一基於應用的結賬功能讓會員完全跳過收銀台，在一個季度內激增了 500 個基點，約 40% 的山姆交易現在是數字化的。</p>
</div><p>The Grapevine, Texas, prototype club runs at 100% Scan &amp; Go participation. Members who shop digitally visit three times more often, buy across twice as many categories, and renew their memberships at meaningfully higher rates.</p>
<div class="lb-trans"><p>德克薩斯州格雷普韋恩的原型俱樂部實現了 100% 的掃碼購物參與率。數字購物的會員訪問頻率是傳統購物的三倍，購買的品類是後者的兩倍，續費率顯著提高。</p>
</div><p>Sam's Club has announced plans to remodel all 600 of its existing locations while opening approximately 15 new clubs per year, with a stated goal of doubling membership over the next decade.</p>
<div class="lb-trans"><p>山姆會員店已宣佈計劃對現有的 600 個門店進行改造，同時每年開設約 15 個新俱樂部，目標是在未來十年內將會員數量翻倍。</p>
</div><h2>The Chart Points to an Inflection Point</h2>
<div class="lb-trans"><h2>圖表指向拐點</h2>
</div><p>WMT dropped approximately 7% the day of its Q1 earnings report for FY2027. The report showed a solid double beat with high single-digit year-over-year (YOY) gains. The point of contention was the guidance, as it was with many retailers.</p>
<div class="lb-trans"><p>在 2027 財年第一季度的財報發佈當天，沃爾瑪股價下跌了約 7%。該報告顯示出穩健的雙重超預期，年同比增長高達個位數。爭議的焦點在於指導意見，正如許多零售商一樣。</p>
</div><p>Specifically, Walmart is facing the unknown of higher tariff-related costs and what that could mean for its core customer. That said, the sell-off found a floor right around the 200-day simple moving average (SMA).</p>
<div class="lb-trans"><p>具體而言，沃爾瑪面臨着更高關税相關成本的不確定性，以及這可能對其核心客户意味着什麼。儘管如此，拋售在 200 日簡單移動平均線附近找到了支撐。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260608104522_wmt2.png"/></p>
<p>Analysts remain generally bullish on WMT with a consensus price target of $138.85. That’s about 15% above the price as of this writing. It would also reconfirm the highs the stock made in February and May of this year.</p>
<div class="lb-trans"><p>分析師對沃爾瑪的看法總體樂觀，普遍目標價為 138.85 美元。這比本文撰寫時的價格高出約 15%。這也將重新確認該股在今年 2 月和 5 月創下的高點。</p>
</div><h2>2 Great Stocks—Totally Different Purposes</h2>
<div class="lb-trans"><h2>兩隻優秀股票——完全不同的目的</h2>
</div><p>AMZN has been a wonderful stock for long-term investors, and it will continue to be in the future. However, this is a case of knowing where revenue growth is coming from. For Amazon, that increasingly means Amazon Web Services (AWS), which accounted for $128.7 billion in revenue in 2025.</p>
<div class="lb-trans"><p>亞馬遜一直是長期投資者的優秀股票，未來仍將如此。然而，這個案例在於瞭解收入增長的來源。對於亞馬遜來説，這越來越意味着亞馬遜網絡服務（AWS），在 2025 年貢獻了 1287 億美元的收入。</p>
</div><p>Amazon still delivered $588.2 billion from its retail-related sales, but that number is well below Walmart, which comes from its blend of physical locations and growing digital efforts.</p>
<div class="lb-trans"><p>亞馬遜仍然從其零售相關銷售中交付了 5882 億美元，但這一數字遠低於沃爾瑪，後者的收入來自其實體店和不斷增長的數字業務的結合。</p>
</div><p>The reliance on retail is a reason that Walmart pays a dividend and Amazon does not. But even though that dividend is modest, it’s a safe payout that has increased for 53 consecutive years. And this year will make 54. After its stock split in January 2024, WMT is attractively priced for investors to start accumulating and letting the impact of compounding work to their advantage.</p>
<div class="lb-trans"><p>對零售的依賴是沃爾瑪支付股息而亞馬遜不支付股息的原因。但儘管這一股息相對較小，但它是一個安全的支付，已經連續 53 年增加。今年將是第 54 年。在 2024 年 1 月進行股票拆分後，沃爾瑪的股價對投資者來説具有吸引力，可以開始積累並讓複利的影響為自己帶來優勢。</p>
</div><h2>Should You Invest $1,000 in Walmart Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在沃爾瑪嗎？</h2>
</div><p>Before you consider Walmart, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮沃爾瑪之前，你需要聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Walmart wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻頂級分析師正在悄悄向客户推薦的股票，建議在更廣泛的市場注意到之前買入……而沃爾瑪並不在名單上。</p>
</div><p>While Walmart currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>儘管沃爾瑪目前在分析師中被評為適度買入，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在這裏查看這五隻股票</p>
</div>

Walmart's No. 2 Ranking Hides a Digital Transformation Story

- 亞馬遜在 2026 年 2 月超越沃爾瑪，成為全球最大營收公司。  
- 沃爾瑪的廣告業務和零售優勢尚未被充分認識。  
- 分析師對沃爾瑪持樂觀態度，目標價為 138.85 美元。

沃爾瑪排名第二的背後隱藏着一個數字化轉型的故事