Will AI trigger massive layoffs? Costco remains a safe haven amid risks.

Therefore, Dolphin Jun maintains a cautiously optimistic outlook on Costco’s future performance, trusting the company’s execution capability. However, the potentially revolutionary shift—where computing power replaces human labor—warrants close attention and proactive risk mitigation. Investment perspectives may hinge more on shifts in capital preferences, as the company’s own earnings changes are relatively modest; valuation adjustments play a larger role. If overall U.S. equity market risk appetite declines and investors seek defensive assets, Costco remains an attractive choice. Below is a detailed analysis: I. The U.S. market continues to weaken; same-store sales growth shows no genuine improvement. 1. Higher prices drive same-store sales growth; favorable FX tailwind & real 'inflation' gap On core operating metrics, Costco’s same-store sales growth for this quarter stood at 7.4%, notably accelerating from last quarter’s 6.4% and exceeding market expectations. Yet, breaking down the drivers of price and volume, same-store customer traffic growth remained flat sequentially at 3.1%, showing no acceleration. Growth was primarily driven by higher average transaction value (ATV), which rose 4.2% this quarter versus 3.2% last quarter. Of this, fuel and favorable foreign exchange effects contributed 0.7 percentage points to ATV growth. Even excluding these two factors, the underlying, organic increase in ATV remained meaningfully higher. According to disclosures, the recent sharp rise in gold prices significantly boosted high-ATV jewelry purchases—the most notable contributor. 2. North American customer traffic growth continues to decelerate—Is middle-class consumption under pressure? By region, same-store sales growth accelerated sequentially in Canada and other international markets, aided by favorable FX conditions. Nevertheless, our primary focus remains on underlying growth—excluding FX and fuel price impacts. In the largest market—the U.S.—same-store customer traffic grew 2.4% year-on-year, representing a slight sequential slowdown (−0.2 ppts). Taken together, rising commodity prices and frequent layoffs appear to be weighing on U.S. middle-class consumption. That said, higher ATV still propelled U.S. same-store sales growth to accelerate sequentially by approximately +0.5 ppts. Canada’s situation is similar, with traffic growth also moderating. In contrast, Costco’s newer international markets delivered higher-quality growth—driven more by traffic than ATV. Of their same-store sales growth, 2.4% stemmed from ATV and 4.6% from traffic, with traffic growth itself accelerating. 3. Traditional supermarkets add…

Seres: Q2 Revenue and Net Profit Both More Than Double Year-on-Year; Rapid Growth Establishes It as a Representative of New Quality Productive Forces in Its Sector.

H1新能源汽车 cumulative sales surged 348.55% year-on-year. As a technology-driven automotive enterprise focused on new energy vehicles (NEVs), Seres delivered comprehensive operational strength in its core business during the first half of the year. During this period, the company officially commenced large-scale deliveries of its flagship model, the Huawei-AITO M9, and launched the new AITO M5 and new AITO M7 Ultra. These models not only further expanded market share but also offered users enhanced choices across design, driving dynamics, intelligent driving capabilities, and interior space—successfully optimizing the company’s product portfolio. In terms of vehicle performance, the AITO M9 is a panoramic intelligent flagship SUV. It features submarine-grade 2000 MPa hot-stamped steel in 12 critical structural areas, employs 9,000-ton integrated die-casting technology, and achieves over 80% aluminum alloy volume ratio in its body—delivering an ultra-rigid yet lightweight structure that balances safety and efficiency. Its powertrain supports both extended-range and pure electric modes; all variants come standard with a closed-loop air suspension system and CDC (Continuous Damping Control) adjustable shock absorbers, enabling dynamic soft/hard tuning for enhanced stability during sustained maneuvers. Additionally, it integrates the ADS 2.0 fused perception system, offering full 540° coverage to assist drivers across diverse and complex road conditions. According to the company’s production and sales report, Seres’ NEV deliveries totaled 200,949 units from January to June—a 348.55% year-on-year increase. Within this, AITO-branded vehicles accounted for 181,153 units delivered. To date, the AITO M9 has accumulated over 120,000 confirmed pre-orders, securing the top spot among all models priced above RMB 500,000 and fundamentally reshaping the competitive landscape of China’s premium domestic automotive brands. Alongside the robust M9 sales, the newly launched AITO M7 Ultra and AITO M5 also garnered strong market recognition in H1. Specifically, the AITO M7 Ultra emphasizes exceptional driving dynamics, safety, intelligent driving, interior spaciousness, and aesthetics. Its structural safety features include submarine-grade hot-stamped steel in key areas, with high-strength steel and aluminum alloy comprising over 80% of the body structure, complemented by comprehensive battery safety design to safeguard occupants holistically. Moreover, its advanced sensor suite—paired with continuously evolving computing power and nationwide high-level intelligent driving coverage—enables precise environmental perception. Just 50 days after launch, the AITO M7 Ultra surpassed 30,000 deliveries, setting a new record for delivery speed. Meanwhile, the AITO M5 features a Sport+ driving mode that significantly enhances driving engagement, and integrates an advanced perception system combining multiple radars and cameras for accurate environmental sensing—without reliance on high-definition maps…

Stepan Company Q2 Net Income Doubles on Volume Growth and Margin Recovery, Plans Workforce Cuts

Jul 29, 2026

Stepan Company reported a 102% surge in Q2 2026 net income driven by volume growth and margin recovery in Surfactants and Polymers. Simultaneously, the firm plans to reduce its global salaried workforce by 100 positions during restructuring.

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