谁将赢得美国零售媒体之战？

英为财情

2025/07/05

Investing.com - 沃尔玛(NYSE:WMT)、开市客(NASDAQ:COST)和塔吉特(NYSE:TGT)继续竞争，争夺快速增长的美国零售媒体市场的更大份额。该市场预计到2028年将翻倍至1000亿美元，占总媒体广告支出的近五分之一。伯恩斯坦(Bernstein)分析师认为，沃尔玛拥有最大的上升潜力，这得益于其强劲的电子商务势头和不断扩大的第三方(3P)市场活动。分析师写道："...

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沃尔玛(NYSE:WMT)、开市客(NASDAQ:COST)和塔吉特(NYSE:TGT)继续竞争，争夺快速增长的美国零售媒体市场的更大份额。该市场预计到2028年将翻倍至1000亿美元，占总媒体广告支出的近五分之一。\n伯恩斯坦(Bernstein)分析师认为，沃尔玛拥有最大的上升潜力，这得益于其强劲的电子商务势头和不断扩大的第三方(3P)市场活动。\n分析师写道：\"...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2873512\">网页链接</a>\n\n</div>\n","source":"investing_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>谁将赢得美国零售媒体之战？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n谁将赢得美国零售媒体之战？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-05 18:05 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cn.investing.com/news/stock-market-news/article-2873512><strong>英为财情</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investing.com - 沃尔玛(NYSE:WMT)、开市客(NASDAQ:COST)和塔吉特(NYSE:TGT)继续竞争，争夺快速增长的美国零售媒体市场的更大份额。该市场预计到2028年将翻倍至1000亿美元，占总媒体广告支出的近五分之一。\n伯恩斯坦(Bernstein)分析师认为，沃尔玛拥有最大的上升潜力，这得益于其强劲的电子商务势头和不断扩大的第三方(3P)市场活动。\n分析师写道：\"...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2873512\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2461242641.AUD","symbol_name":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","start_time":0,"source_url":"https://cn.investing.com/news/stock-market-news/article-2873512","article_id":"2549345265","we_media_id":null,"thumbnails":[],"rights":{"source":"investing_news","url":"https://cn.investing.com/news/stock-market-news/article-2873512","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2549345265","pubTimestamp":1751709900,"columns":[],"sourceInfo":{"source_id":"investing_news","name":"英为财情新闻"},"weMediaInfo":null,"summary":"Investing.com - 沃尔玛、开市客和塔吉特继续竞争，争夺快速增长的美国零售媒体市场的更大份额。该市场预计到2028年将翻倍至1000亿美元，占总媒体广告支出的近五分之一。沃尔玛已经引入了大部分自营供应商，为其第三方卖家驱动的零售媒体增长奠定了基础。伯恩斯坦估计，该公司的零售媒体收入可能从GMV的3%增长到5%，有潜力在美国成为一个100亿美元的业务。伯恩斯坦预计，该公司的零售媒体收入将从目前的约3.4亿美元增长到未来五年的超过10亿美元。","collect":0,"end_time":0,"defaultTopTitle":"investing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","WMT":"沃尔玛","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - 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沃尔玛(NYSE:WMT)、开市客(NASDAQ:COST)和塔吉特(NYSE:TGT)继续竞争，争夺快速增长的美国零售媒体市场的更大份额。该市场预计到2028年将翻倍至1000亿美元，占总媒体广告支出的近五分之一。\n伯恩斯坦(Bernstein)分析师认为，沃尔玛拥有最大的上升潜力，这得益于其强劲的电子商务势头和不断扩大的第三方(3P)市场活动。\n分析师写道：\"虽然我们不期望沃尔玛在电子商务或第三方市场规模上很快赶上亚马逊，\"但他们看到沃尔玛在美国的电子商务商品交易总额(GMV)有机会从1000亿美元增长到2030财年的2000亿美元。\n沃尔玛已经引入了大部分自营(1P)供应商，为其第三方卖家驱动的零售媒体增长奠定了基础。伯恩斯坦估计，该公司的零售媒体收入可能从GMV的3%增长到5%，有潜力在美国成为一个100亿美元的业务。\n由Zhihan Ma领导的团队继续表示：\"我们认为零售媒体，连同核心电子商务成本降低，是沃尔玛提高其电子商务盈利能力并在未来几年结构性改善其盈利质量的关键杠杆。\"\n与此同时，开市客正在奋起直追，但伯恩斯坦指出，从低基数开始有着显著的上升空间。尽管存在结构性障碍——如库存单位(SKU)数量少以及需要保持会员至上的体验——开市客在建立替代收入来源方面的往绩令人放心。\n伯恩斯坦预计，该公司的零售媒体收入将从目前的约3.4亿美元增长到未来五年的超过10亿美元。\n分析师指出：\"零售媒体的增长应该至少为非会员营业利润率增加10个基点（在再投资之前），这对于一个利润率为2-3%的业务来说意义重大。\"\n他们认为开市客有空间将其自营电子商务渗透率从目前销售额的9%提高到2029财年的15%，同时预计其第三方市场Costco Next将保持有限规模并精心策划。\n对于塔吉特，分析师强调了该公司的广告部门Roundel，它已经占其电子商务GMV的9%。\n该公司的目标是到2029年将业务翻一番至40亿美元，这意味着GMV的高达11%的份额，远高于亚马逊7%的基准。但虽然这得到了塔吉特主要自营业务和强大数字存在的支持，伯恩斯坦对其可持续性和规模提出了担忧。\n分析师写道：\"我们怀疑塔吉特的部分零售媒体收入是否已经蚕食了传统贸易/促销支出，以及塔吉特对Target Plus仅限邀请的方式是否会限制其市场和零售媒体在中长期的增长。\"\n伯恩斯坦对沃尔玛和开市客股票持\"增持\"评级，而对塔吉特则持\"减持\"评级。\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}