<p>近年来，由于中国政府的科技打压以及与美国关系恶化等挑战，投资者在很大程度上忽视了中国公司。</p>
<p>然而，最近中国政府宣布的庞大刺激计划让中国公司重新进入投资者的视野。特别是，投资者开始更加关注像 <strong>阿里巴巴</strong>（BABA 0.45%）和 <strong>百度</strong>（BIDU 0.40%）这样的知名科技公司。</p>
<p>但在这两家公司中，哪一家是更值得关注的股票呢？让我们来探讨一下这个话题。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>科技巨头的商业模式</h2>
<p>阿里巴巴和百度是中国第一代科技公司，它们在过去二十年不断发展和调整，成为了庞大的科技集团。</p>
<p>阿里巴巴最初是一家电商运营商，但多年来，它横向和纵向扩展到金融科技（蚂蚁集团）、云计算（阿里云）、物流（菜鸟网络）、本地服务和娱乐等其他行业。其旗舰产品淘宝和天猫在中国电商行业占据最大市场份额，而阿里云是中国最主要的云计算提供商。</p>
<p>尽管阿里巴巴的电商和云计算业务为投资者所熟知，但其帝国中还有其他规模较小但同样重要的业务。例如，菜鸟物流在中国和海外都是重要的参与者，服务覆盖 200 多个国家和地区。阿里巴巴还是土耳其和东南亚的主要电商平台。换句话说，尽管阿里巴巴是一家中国公司，但它已超越本土，成为全球科技巨头。</p>
<p>与阿里巴巴类似，百度从提供搜索引擎服务扩展到人工智能云、自动驾驶和娱乐等其他领域。其旗舰产品百度 App 拥有 7.03 亿月活跃用户，覆盖了中国 14 亿人口中的大约一半。作为中国搜索引擎行业的领导者，百度大部分利润来自广告营销，多年来，它将利润重新投入到增长其他业务，如人工智能云和自动驾驶。</p>
<h2>阿里巴巴和百度的前景如何？</h2>
<p>到目前为止，我们已经看到阿里巴巴和百度是两家商业模式截然不同的公司。它们的前景也各不相同。</p>
<p>让我们从阿里巴巴开始。一方面，阿里巴巴在捍卫其在中国电商领域的市场份额方面面临巨大挑战。近年来，像 <strong>拼多多</strong> 和抖音这样规模较小（且更灵活）的竞争对手不断侵蚀其份额，因为阿里巴巴由于其不断扩张的商业帝国而失去了重心。</p>
<p>然而，新任 CEO 重新聚焦公司的核心电商业务，初步结果显示阿里巴巴正在慢慢回到正轨。例如，在最新的季度，成交总额和订单分别增长了高个位数和两位数。</p>
<p>尽管阿里巴巴的中国电商业务面临挑战，但阿里巴巴云、菜鸟和海外电商等其他领域都有望在未来几年快速增长。以阿里巴巴云为例，这个业务将受益于持续向云端迁移和公司间人工智能快速增长。例如，在最新的季度，公共云和人工智能相关产品的收入同比增长了两位数和三位数。</p>
<p>同样，阿里巴巴的国际电商业务在最新季度实现了 32% 的收入增长，而菜鸟同比增长了 16%。换句话说，尽管由于规模而不太可能以历史增长速度增长，但在中国经济持续增长和年轻业务的崛起推动下，阿里巴巴仍然可以以合理速度增长。</p>
<p>与阿里巴巴类似，百度的核心广告业务面临增长挑战，因为像抖音和快手这样的其他广告平台崛起。举例来说，最新季度在线营销收入下降了 2%，但非营销收入增长了 10%。幸运的是，百度的广告业务仍然非常盈利，这使其能够再投资于人工智能云等其他增长领域。</p>
<p>另一个增长领域是百度的自动驾驶业务 Apollo Go。多年来的巨额投资已经带来了一些令人期待的成果。例如，该打车服务在 2024 年第二季度提供了 89.9 万次乘车，累计乘车次数超过 700 万次。这些年轻业务能否充分发挥潜力并没有保证，但如果能够，将为未来股东创造巨大价值。</p>
<h2>对投资者意味着什么</h2>
<p>总的来说，没有明显的赢家。阿里巴巴是一个多元化的电商企业，在中国和海外多个行业中有未来增长机会。另一方面，百度主要专注于中国市场，但如果能够成功实现在人工智能云和自动驾驶领域的巨大赌注，仍然具有巨大潜力。</p>
<p>最终，投资者应根据自己的能力圈和对这两家公司未来增长机会的信念做出决策。</p>

百度

百度集团-SWR

百度-SW

阿里巴巴

阿里巴巴-WR

阿里巴巴-W

<p>投资者正在重新考虑像阿里巴巴和百度这样的中国科技股，这是在最近政府刺激措施出台后。阿里巴巴作为一家多元化电商巨头，面临竞争，但在云计算和国际市场上表现出增长。百度主要专注于广告业务，正在投资人工智能和自动驾驶领域，这些领域显示出潜力。这两家公司都有独特的优势和挑战，这使得确定清晰的投资赢家变得困难</p>

<p>Investors have largely ignored Chinese companies in recent years amid challenges such as the tech crackdown by the Chinese government, and its deteriorating relationship with the U.S.</p>
<div class="lb-trans"><p>近年来，由于中国政府的科技打压以及与美国关系恶化等挑战，投资者在很大程度上忽视了中国公司。</p>
</div><p>Lately, however, the vast stimulus package announced by the Chinese government has brought Chinese companies back on investors' radar. In particular, investors have started paying more attention to well-established tech companies like <strong>Alibaba</strong>(BABA 0.45%) and <strong>Baidu Inc</strong>. (BIDU 0.40%).</p>
<div class="lb-trans"><p>然而，最近中国政府宣布的庞大刺激计划让中国公司重新进入投资者的视野。特别是，投资者开始更加关注像 <strong>阿里巴巴</strong>（BABA 0.45%）和 <strong>百度</strong>（BIDU 0.40%）这样的知名科技公司。</p>
</div><p>But which of the two is a better stock to focus on? Let's shed some light on this topic.</p>
<div class="lb-trans"><p>但在这两家公司中，哪一家是更值得关注的股票呢？让我们来探讨一下这个话题。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793961%2Fconfused-looking-man-wearing-suit-and-tie-with-question-marks-above-his-head-thinking-wondering-what-to-do.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>The tech giants' business models</h2>
<div class="lb-trans"><h2>科技巨头的商业模式</h2>
</div><p>Alibaba and Baidu are first-generation technology companies in China that have continuously evolved and adapted over the last two decades to become huge tech conglomerates.</p>
<div class="lb-trans"><p>阿里巴巴和百度是中国第一代科技公司，它们在过去二十年不断发展和调整，成为了庞大的科技集团。</p>
</div><p>The former began as an e-commerce operator, but over the years, it has expanded horizontally and vertically into other industries like fintech (Ant Group), cloud computing (Alibaba Cloud), logistics (Cainiao), local services, and entertainment. Its flagship Taobao and Tmall platforms hold the largest market share in China's e-commerce industry, while Alibaba Cloud is China's most dominant cloud computing provider.</p>
<div class="lb-trans"><p>阿里巴巴最初是一家电商运营商，但多年来，它横向和纵向扩展到金融科技（蚂蚁集团）、云计算（阿里云）、物流（菜鸟网络）、本地服务和娱乐等其他行业。其旗舰产品淘宝和天猫在中国电商行业占据最大市场份额，而阿里云是中国最主要的云计算提供商。</p>
</div><p>While Alibaba's e-commerce and cloud computing businesses are well-known among investors, other smaller but equally prominent businesses are also part of its empire. For instance, Cainiao Logistics is a significant player in China and overseas, serving over 200 countries and regions. Alibaba is also a leading e-commerce player in Turkey and Southeast Asia. In other words, while Alibaba might be a Chinese company, it has gone beyond its roots to become a global tech giant.</p>
<div class="lb-trans"><p>尽管阿里巴巴的电商和云计算业务为投资者所熟知，但其帝国中还有其他规模较小但同样重要的业务。例如，菜鸟物流在中国和海外都是重要的参与者，服务覆盖 200 多个国家和地区。阿里巴巴还是土耳其和东南亚的主要电商平台。换句话说，尽管阿里巴巴是一家中国公司，但它已超越本土，成为全球科技巨头。</p>
</div><p>Like Alibaba, Baidu has expanded from offering search engine services to other areas, such as AI Cloud, autonomous driving, and entertainment. Its flagship Baidu App has monthly active users (MAU) of 703 million, reaching roughly half of the 1.4 billion people in China. As the leader in China's search engine industry, Baidu generates most of its profits from advertising and marketing, which it has redirected over the years into growing its other ventures like AI Cloud and autonomous driving.</p>
<div class="lb-trans"><p>与阿里巴巴类似，百度从提供搜索引擎服务扩展到人工智能云、自动驾驶和娱乐等其他领域。其旗舰产品百度 App 拥有 7.03 亿月活跃用户，覆盖了中国 14 亿人口中的大约一半。作为中国搜索引擎行业的领导者，百度大部分利润来自广告营销，多年来，它将利润重新投入到增长其他业务，如人工智能云和自动驾驶。</p>
</div><h2>What are the prospects for Alibaba and Baidu?</h2>
<div class="lb-trans"><h2>阿里巴巴和百度的前景如何？</h2>
</div><p>So far, we have seen that Alibaba and Baidu are vastly different companies with different business models. Their prospects are different, too.</p>
<div class="lb-trans"><p>到目前为止，我们已经看到阿里巴巴和百度是两家商业模式截然不同的公司。它们的前景也各不相同。</p>
</div><p>Let's begin with Alibaba. On one end, Alibaba faces enormous challenges in defending its market share in the e-commerce sector in China. Smaller (and nimbler) competitors like <strong>Pinduoduo</strong> and Douying have been eating into its share in recent years as Alibaba lost its focus thanks to its ever-growing business empire.</p>
<div class="lb-trans"><p>让我们从阿里巴巴开始。一方面，阿里巴巴在捍卫其在中国电商领域的市场份额方面面临巨大挑战。近年来，像 <strong>拼多多</strong> 和抖音这样规模较小（且更灵活）的竞争对手不断侵蚀其份额，因为阿里巴巴由于其不断扩张的商业帝国而失去了重心。</p>
</div><p>However, the new CEO has refocused the company on its core e-commerce business, and early results indicate that Alibaba is slowly getting back on track. For instance, in the latest quarter, gross merchandise value (GMV) and orders grew by high single digits and double digits, respectively.</p>
<div class="lb-trans"><p>然而，新任 CEO 重新聚焦公司的核心电商业务，初步结果显示阿里巴巴正在慢慢回到正轨。例如，在最新的季度，成交总额和订单分别增长了高个位数和两位数。</p>
</div><p>While Alibaba's China e-commerce business faces challenges, other segments like Alibaba Cloud, Cainiao, and overseas e-commerce are well-positioned to grow rapidly in the coming years. Take Alibaba Cloud, for example. This business is set to benefit from the ongoing migration to the cloud and the rapid growth in artificial intelligence (AI) adoption among companies. In the latest quarter, for example, revenue for public cloud and AI-related products grew by double digits and triple digits, year over year.</p>
<div class="lb-trans"><p>尽管阿里巴巴的中国电商业务面临挑战，但阿里巴巴云、菜鸟和海外电商等其他领域都有望在未来几年快速增长。以阿里巴巴云为例，这个业务将受益于持续向云端迁移和公司间人工智能快速增长。例如，在最新的季度，公共云和人工智能相关产品的收入同比增长了两位数和三位数。</p>
</div><p>Similarly, Alibaba's international e-commerce business delivered 32% revenue growth in the latest quarter, while Cainiao grew by 16% year over year. In other words, while Alibaba is unlikely to grow at its historical rates due to its size, it can still grow at reasonable rates, riding on the ongoing growth of the Chinese economy and the rise of its younger business ventures.</p>
<div class="lb-trans"><p>同样，阿里巴巴的国际电商业务在最新季度实现了 32% 的收入增长，而菜鸟同比增长了 16%。换句话说，尽管由于规模而不太可能以历史增长速度增长，但在中国经济持续增长和年轻业务的崛起推动下，阿里巴巴仍然可以以合理速度增长。</p>
</div><p>Like Alibaba, Baidu's core advertising business faces challenges in growing thanks to the rise of other advertising platforms like Douying and Kuaishou. To put it into perspective, online marketing revenue fell 2% in the latest quarter, offset by the growth of non-marketing revenue by 10%. Fortunately, Baidu's advertising business remains highly profitable, which allows it to reinvest in other growth areas like AI Cloud.</p>
<div class="lb-trans"><p>与阿里巴巴类似，百度的核心广告业务面临增长挑战，因为像抖音和快手这样的其他广告平台崛起。举例来说，最新季度在线营销收入下降了 2%，但非营销收入增长了 10%。幸运的是，百度的广告业务仍然非常盈利，这使其能够再投资于人工智能云等其他增长领域。</p>
</div><p>Another area of growth is Baidu's autonomous driving business, Apollo Go. This business has already delivered some promising results thanks to the huge investment made over the years. For instance, the ride-hailing service provided 899,000 rides in the second quarter of 2024, bringing its cumulative rides to over 7 million. There is no guarantee that these young ventures will reach their full potential, but if they do, it will create enormous value for shareholders in the future.</p>
<div class="lb-trans"><p>另一个增长领域是百度的自动驾驶业务 Apollo Go。多年来的巨额投资已经带来了一些令人期待的成果。例如，该打车服务在 2024 年第二季度提供了 89.9 万次乘车，累计乘车次数超过 700 万次。这些年轻业务能否充分发挥潜力并没有保证，但如果能够，将为未来股东创造巨大价值。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>对投资者意味着什么</h2>
</div><p>Overall, there is no clear winner. Alibaba is a well-diversified e-commerce business with future growth opportunities in multiple industries in China and overseas. On the other hand, Baidu is primarily focused in China, but still has enormous potential if it can pull off its huge bets in AI Cloud and autonomous driving.</p>
<div class="lb-trans"><p>总的来说，没有明显的赢家。阿里巴巴是一个多元化的电商企业，在中国和海外多个行业中有未来增长机会。另一方面，百度主要专注于中国市场，但如果能够成功实现在人工智能云和自动驾驶领域的巨大赌注，仍然具有巨大潜力。</p>
</div><p>Ultimately, investors should make decisions based on their circle of competence and their convictions regarding the future growth opportunities of both companies.</p>
<div class="lb-trans"><p>最终，投资者应根据自己的能力圈和对这两家公司未来增长机会的信念做出决策。</p>
</div>

Better Stock: Baidu or Alibaba?

- 投资者近期重新关注中国公司，因政府推出刺激计划。  
- 阿里巴巴和百度在不同领域展现出各自的增长潜力。  
- 投资者应根据自身能力和对未来机会的看法做出决策。

哪只股票更好：百度还是阿里巴巴？