Next Tuesday, semiconductor giant Micron Technology Inc. reports after close. Later in the week, Thursday brings key reports from IT consulting leader Accenture plc Class A (Ireland) before open, and retail behemoth Costco Wholesale Corporation after close. Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own resear ...

公司评级与估值特征 - Macy's获Zacks Rank 1(强力买入)评级 过去60天内本财年盈利共识预期上升5.1% [1] - First Financial Bancorp获Zacks Rank 1评级 过去60天内本财年盈利共识预期上升6.1% [2] - Carriage Services获Zacks Rank 1评级 过去60天内本财年盈利共识预期上升3.5% [3] Macy's估值表现 - 市盈率9.28倍 显著低于行业平均19.10倍水平 [2] - 价值评分A级 显示强劲估值特征 [2] First Financial Bancorp估值表现 - 市盈率9.17倍 低于行业平均11倍水平 [2] - 价值评分B级 显示良好估值特征 [2] Carriage Services估值表现 - 市盈率13.21倍 低于行业平均19.90倍水平 [4] - 价值评分B级 显示良好估值特征 [4] 业务范围 - Macy's通过全渠道零售运营 旗下品牌包括Macy's、Bloomingdale's和bluemercury [1] - First Financial Bancorp从事商业银行业务及金融性质许可活动 [2] - Carriage Services为美国领先的殡葬服务及产品提供商 [3]

gk-6mt/iStock Editorial via Getty Images Listen below or on the go on Apple Podcasts and Spotify FedEx (FDX) rallies after topping profit expectations, updating on business split; UPS also higher. (00:22) Activist investor Biglari targets Cracker Barrel (CBRL) CEO in eighth proxy fight. (01:40) Novo Nordisk (NVO) reduces its U.S. sales team for obesity and diabetes education: Reuters. (03:03) This is an abridged transcript. FedEx Corporation (NYSE:FDX) is up 5% in premarket action after topping expec ...

Consumer confidence in the UK has declined in September as inflation continues to strain household budgets, new data from the British Retail Consortium (BRC) and opinion polling group Opinium shows. The survey indicates growing pessimism about the economy and personal finances, amid fears that rising costs — especially food inflation — will persist and hamper retail and saving behaviour. Sentiment across the economy and households The BRC-Opinium Consumer Sentiment Monitor, which surveys 2,000 UK adul ...

Costco Wholesale's membership rules and policies are constantly evolving, as evidenced by its newest perk for its highest tier of cardholders.Retail is one of the largest industries on the planet, but it's also highly competitive. According to Mordor Intelligence, the global retail market is forecast to expand to $27.3 trillion this year, with an annualized growth rate topping 6% through 2030.Despite the razor-thin margins often associated with retail sales, the rewards can be lucrative for the businesses t ...

British retail sales rose by 0.5% in August from July, official figures showed on Friday. ...

行业与公司 * 行业聚焦于中国入境旅游零售和免税购物行业[1][2][3] * 涉及公司包括香港上市的房地产和免税运营商 例如恒隆地产（Hang Lung Properties 101 HK）和中国旅游集团中免股份有限公司（CTG Duty Free 601888 SS/1880 HK）[3] * 报告还提及了九龙仓置业（Wharf REIC 1997 HK）可能因深圳免税购物增长强劲而受到负面影响[3] 核心观点与论据 * 中国入境旅游零售呈现强劲增长态势 截至2025年8月底 中国符合条件的免税购物商户数量达到1万家 较2024年12月增长3倍[1] * 2025年前八个月 申请退税的购物者人数同比增长248% 退税购物零售额同比增长98% 较2025年上半年186%和95%的增速进一步加快[1] * 上海和深圳的免税购物零售额增长尤为显著 同比增速分别达到160%和189% 而中国整体增速为98%[5] * 中央政府将入境旅游作为扩大“服务消费”的重点领域 预计未来将有更多政策支持基础设施和服务发展以促进入境旅游消费[2] * 恒隆地产被视为主要受益者 其估值采用 sum-of-the-parts 分析 中国办公室和零售的资本化率分别为8% 目标折扣为远期NAV估算的60%[11][13] * 中国旅游集团中免H股估值较A股有20%的折扣 对应2026年预期市盈率为20倍 而A股为24倍 反映了宏观疲软下外国投资者投资兴趣减弱[14] * 九龙仓置业的估值采用 sum-of-the-parts 分析 目标NAV折扣率为60% 较2017年以来的平均水平高出1个标准差 反映了香港零售前景疲弱[15] 其他重要内容 * 行业观点为“In-Line”（符合市场预期）[8] * 报告详细列出了覆盖公司的评级、当前股价以及评级日期[83][85][87] * 报告包含了广泛的风险披露和合规声明 指出摩根士丹利可能与其研究覆盖的公司存在业务往来 从而存在潜在利益冲突[9][25] * 估值方法部分针对不同公司和资产类别（如香港办公室、零售、酒店）采用了不同的资本化率和倍数[12][13][16] * 报告列出了各类公司的上行和下行风险 包括政策结果、消费者支出、经济放缓、价格竞争和奢侈品供应等[17][18][22][23]

The Mastercard Economics Institute expects holiday spending to increase at a lower rate than last year as consumers navigate a slowdown in hiring in the labor market and uncertainty around the impact of tariffs.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PY ...

In a highly anticipated move, the Bank also said it would scale back the sale of long-term debt amassed during lockdown and the financial crisis in a move that should ease pressure somewhat on Ms Reeves.The Bank’s policymakers held interest rates at 4pc on Thursday following last month’s cut from 4.25pc.Her comments raise the prospect of another fuel duty freeze, with Treasury officials also examining the idea of removing VAT on gas and electricity bills in a move that would save households about £86 a year ...

核心投资理念 - 投资并非纯数学练习 需关注定性因素 如管理层能力和企业文化 [16][17][18] - 采用长期投资框架 建议终身持有并持续买入优秀个股 [7][9][34] - 通过寻找卓越公司并长期持有来战胜市场 最低持有20只股票构建组合 [6][8][13] 投资策略框架 - 采用六项选股标准：行业龙头地位、可持续竞争优势、历史涨幅优异、优秀管理层、强大消费者吸引力、被普遍认为高估值 [36][37][39][41][44][45] - 专注于创新型企业 特别是新兴行业中的颠覆者 [37][38][47] - 高估值可作为买入信号 因财务报告无法反映品牌价值、创新能力和文化等关键要素 [45][76][77][78][82][87] 行业观点 - 人工智能时代与互联网黎明期存在高度相似性 将带来范式重置 [9][95] - 不认可传统行业分类方式 认为"科技股"等标签已失去意义 [48][49][89] - 关注能够跨越行业边界进行创新的企业 [80][89] 公司案例 - 亚马逊1997年买入后持有至今 经拆股调整后成本价为0.16美元 [38] - 英伟达2005年推荐 持有20年后经拆股调整成本价为0.16美元 [38] - 星巴克1998年推荐后短期下跌33% 但长期上涨34倍 [26][27] - 直觉外科2004年以71倍市盈率推荐 看好其手术机器人技术 [83][84] 管理层重要性 - 首席执行官对公司投资回报具有重大影响 但财务报告中无相应指标 [18][42] - 即使优秀管理者也会犯错 需要观察其应变能力和责任感 [60][61][63] - 以里德·哈斯廷斯(Netflix)和埃隆·马斯克为例 说明创新者价值创造能力 [56][61] 投资行为建议 - 只对盈利头寸加仓 不对亏损头寸补仓 [30][31] - 避免情绪化决策 市场波动常过度反应基本面变化 [63][64][65][66] - 投资组合应反映个人对未来愿景 可配置5-10%投机性头寸用于学习和娱乐 [10][11][12][15]