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零售估值分水岭：沃尔玛的"HALO"时刻，京东的无限困局
摘要：硬资产溢价 vs 扩张后遗症来源：朝阳资本论作者：明珠当全球资本的审美标准从"高增长幻觉"转向"硬资产确定性"，大洋两岸的零售巨头走到了命运的十字路口。这是一个意味深长的分化时刻。在利率高企、地缘风险频发、通胀粘性的宏观背景下，资本市场不再为遥远的增长故事支付溢价。过去十年信奉的"增长即正义"已然退潮，取而代之的是对现金流、资产壁垒与盈利质量的极致追求。沃尔玛股价屡创新高...
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