<p>希望将主导科技企业纳入投资组合的投资者并没有太多股票可供选择。然而，尽管选择有限，但选择却相当明确。</p>
<p><strong>亚马逊</strong>(AMZN -0.64%) 和 <strong>苹果</strong>(AAPL -1.20%) 无疑在其科技领域中占据主导地位。而阅读这篇文章的大多数人可能每天至少使用他们的一个产品或服务，这意味着你们从消费者的角度对这些公司有一些独特的见解。</p>
<p>但是，这两只 &#34;壮丽七侠&#34; 股票中，哪一只现在更值得购买呢？</p>
<h2>支持亚马逊的理由</h2>
<p>亚马逊处于一个有利的位置，可以实现持久的销售增长。这是因为它受益于多种长期趋势。投资者可能熟悉该业务在电子商务领域的主导地位，因为几乎 40% 的美国在线消费都通过 Amazon.com 进行。然而，该公司在云计算领域也处于领先地位，其亚马逊网络服务（AWS）部门近年来一直是公司的增长和利润驱动因素。此外，亚马逊的数字广告部门在第三季度（截至 9 月 30 日）创造了 573 亿美元的年化收入。</p>
<p>股东们对亚马逊的盈利能力给予了宽容，因为该业务专注于大力投资于增长计划。但首席执行官安迪·贾西现在已经创建了一个财务状况更为健康的组织，强调削减成本和提高运营效率。</p>
<p>在最近一个季度，亚马逊报告的营业收入为 174 亿美元，同比增长 55.3%。根据首席财务官布赖恩·奥尔萨夫斯基的说法，这是公司 &#34;有史以来最高的季度营业收入&#34;。在当前季度，营业收入预计将同比增长 36.4%（中位数）。考虑到过去几个季度底线的令人印象深刻的增长轨迹，投资者无疑可以对盈利的进一步增长感到鼓舞。</p>
<p>自 2023 年初以来，亚马逊的股价上涨了 148%，在过去十年中更是上涨了惊人的 1290%。但从估值的角度来看，该股票仍然显得很有吸引力，当前的市价与自由现金流（P/FCF）比率为 31。这是自 2014 年 11 月以来的最低水平。</p>
<h2>支持苹果的理由</h2>
<p>苹果销售一些全球最受欢迎的科技产品，包括 iPhone、MacBook 和 Watch。该业务长期以来一直是消费科技行业的领导者。其创造精美设计的硬件和软件的能力使其拥有了巨大的品牌护城河。</p>
<p>根据 Interbrand 的数据，苹果的品牌估计价值近 5000 亿美元，超过地球上任何其他公司。这使得该公司历史上能够灵活运用其定价权，因为消费者对其产品产生了强烈的共鸣。</p>
<p>这种竞争品牌的力量得到了苹果生态系统的支持，消费者似乎被锁定在其产品和服务的无缝组合中。沃伦·巴菲特的 <strong>伯克希尔·哈撒韦</strong> 即使在出售了大约 60% 的苹果股票后，仍然是其大股东，他认为许多 iPhone 用户对他们的设备如此依赖，以至于即使提供 10,000 美元让他们永远不再使用 iPhone，他们也无法接受这个交易。</p>
<p>可能没有任何企业的财务状况能与苹果相提并论。截至 9 月 30 日，苹果的净现金头寸为 500 亿美元。再加上极高的盈利能力，这意味着该公司始终可以从一个强势的立场出发，无论宏观经济形势如何，都能投资于新项目。</p>
<h2>现在更值得购买的是...</h2>
<p>苹果的股价在过去十年中上涨了 733%。但与亚马逊不同，我认为其估值一点也不具吸引力。该股票的 P/FCF 比率为 32，接近过去 10 年期间的最高水平。考虑到这一历史上陡峭的估值，我认为亚马逊是现在更值得购买的股票。</p>

苹果

亚马逊

<p>投资者正在考虑购买亚马逊或苹果的股票。亚马逊在电子商务、云计算和数字广告方面的强劲销售使其具备增长潜力，报告显示其营业收入同比增长了 55.3%。2023 年，其股价飙升了 148%。相比之下，苹果以其强大的品牌和生态系统而闻名，财务状况稳健，但其估值较高。分析表明，考虑到亚马逊具有吸引力的估值和增长潜力，相较于苹果的高股价，亚马逊是更好的投资选择</p>

<p>Investors looking to add dominant tech businesses to their portfolios don't necessarily have a huge list of stocks to choose from. However, while the options are limited, the choices are pretty clear.</p>
<div class="lb-trans"><p>希望将主导科技企业纳入投资组合的投资者并没有太多股票可供选择。然而，尽管选择有限，但选择却相当明确。</p>
</div><p><strong>Amazon</strong>(AMZN -0.64%) and <strong>Apple</strong>(AAPL -1.20%) certainly dominate their tech sectors. And most of you reading this probably use at least one of their products or services on a daily basis, which means you have some unique insights into these companies from a consumer perspective.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.64%) 和 <strong>苹果</strong>(AAPL -1.20%) 无疑在其科技领域中占据主导地位。而阅读这篇文章的大多数人可能每天至少使用他们的一个产品或服务，这意味着你们从消费者的角度对这些公司有一些独特的见解。</p>
</div><p>But which of these two &#34;Magnificent Seven&#34; stocks is the better one to buy right now?</p>
<div class="lb-trans"><p>但是，这两只 &#34;壮丽七侠&#34; 股票中，哪一只现在更值得购买呢？</p>
</div><h2>The case for Amazon</h2>
<div class="lb-trans"><h2>支持亚马逊的理由</h2>
</div><p>Amazon is in an advantageous position to generate durable sales growth. That's because it benefits from multiple secular trends. Investors are likely familiar with the business being a dominant force in the world of e-commerce, as almost 40% of all spending online in the U.S. goes through Amazon.com. However, the company is also a leader in cloud computing with its Amazon Web Services (AWS) division, which has been the company's growth and profit driver in recent times. Then there's Amazon's digital advertising, a segment that raked in $57.3 billion in annual run rate revenue in Q3 (ended Sept. 30).</p>
<div class="lb-trans"><p>亚马逊处于一个有利的位置，可以实现持久的销售增长。这是因为它受益于多种长期趋势。投资者可能熟悉该业务在电子商务领域的主导地位，因为几乎 40% 的美国在线消费都通过 Amazon.com 进行。然而，该公司在云计算领域也处于领先地位，其亚马逊网络服务（AWS）部门近年来一直是公司的增长和利润驱动因素。此外，亚马逊的数字广告部门在第三季度（截至 9 月 30 日）创造了 573 亿美元的年化收入。</p>
</div><p>Shareholders have given Amazon a pass when it comes to profitability, simply because the business was focused on investing heavily in growth initiatives. But CEO Andy Jassy has now created a more financially fit organization, emphasizing cost cuts and operational efficiencies.</p>
<div class="lb-trans"><p>股东们对亚马逊的盈利能力给予了宽容，因为该业务专注于大力投资于增长计划。但首席执行官安迪·贾西现在已经创建了一个财务状况更为健康的组织，强调削减成本和提高运营效率。</p>
</div><p>In the most recent quarter, Amazon reported operating income of $17.4 billion, which was up 55.3% year over year. This was the company's &#34;highest quarterly operating income ever,&#34; according to CFO Brian Olsavsky. In the current quarter, operating income is expected to rise 36.4% (at the midpoint) year over year. Given the impressive trajectory of the bottom line in the past several quarters, investors can certainly be encouraged by just how much higher earnings can rise.</p>
<div class="lb-trans"><p>在最近一个季度，亚马逊报告的营业收入为 174 亿美元，同比增长 55.3%。根据首席财务官布赖恩·奥尔萨夫斯基的说法，这是公司 &#34;有史以来最高的季度营业收入&#34;。在当前季度，营业收入预计将同比增长 36.4%（中位数）。考虑到过去几个季度底线的令人印象深刻的增长轨迹，投资者无疑可以对盈利的进一步增长感到鼓舞。</p>
</div><p>Amazon shares have surged 148% higher since the start of 2023, and they are up a whopping 1,290% in the past decade. But the stock still looks compelling from a valuation perspective, trading at a price-to-free-cash-flow (P/FCF) ratio of 31. That's near the cheapest it has been since November 2014.</p>
<div class="lb-trans"><p>自 2023 年初以来，亚马逊的股价上涨了 148%，在过去十年中更是上涨了惊人的 1290%。但从估值的角度来看，该股票仍然显得很有吸引力，当前的市价与自由现金流（P/FCF）比率为 31。这是自 2014 年 11 月以来的最低水平。</p>
</div><h2>The case for Apple</h2>
<div class="lb-trans"><h2>支持苹果的理由</h2>
</div><p>Apple sells some of the most in-demand tech products in the world, including the iPhone, MacBook, and Watch. The business has long been a leader in the consumer technology industry. And its ability to create beautifully designed hardware and software has resulted in a tremendous brand moat.</p>
<div class="lb-trans"><p>苹果销售一些全球最受欢迎的科技产品，包括 iPhone、MacBook 和 Watch。该业务长期以来一直是消费科技行业的领导者。其创造精美设计的硬件和软件的能力使其拥有了巨大的品牌护城河。</p>
</div><p>According to Interbrand, Apple's brand is estimated to be worth almost $500 billion, more than any other company on Earth. This has historically allowed the business to flex its pricing power because consumers resonate strongly with its offerings.</p>
<div class="lb-trans"><p>根据 Interbrand 的数据，苹果的品牌估计价值近 5000 亿美元，超过地球上任何其他公司。这使得该公司历史上能够灵活运用其定价权，因为消费者对其产品产生了强烈的共鸣。</p>
</div><p>That competitive brand strength is bolstered by Apple's ecosystem, which is the seamless combination of its products and services that consumers seem to be locked into. Warren Buffett, whose <strong>Berkshire Hathaway</strong> remains a large shareholder even after selling roughly 60% of its Apple stock, argues that many iPhone users are so attached to their devices that even if offered $10,000 to never use an iPhone ever again, they would not be able to accept that deal.</p>
<div class="lb-trans"><p>这种竞争品牌的力量得到了苹果生态系统的支持，消费者似乎被锁定在其产品和服务的无缝组合中。沃伦·巴菲特的 <strong>伯克希尔·哈撒韦</strong> 即使在出售了大约 60% 的苹果股票后，仍然是其大股东，他认为许多 iPhone 用户对他们的设备如此依赖，以至于即使提供 10,000 美元让他们永远不再使用 iPhone，他们也无法接受这个交易。</p>
</div><p>There might not be any businesses that are as financially sound as Apple. As of Sept. 30, it had a net cash position of $50 billion. Coupled with a ridiculous level of profitability, this means the company can always operate from a position of power, investing in new initiatives no matter what the broader macro picture looks like.</p>
<div class="lb-trans"><p>可能没有任何企业的财务状况能与苹果相提并论。截至 9 月 30 日，苹果的净现金头寸为 500 亿美元。再加上极高的盈利能力，这意味着该公司始终可以从一个强势的立场出发，无论宏观经济形势如何，都能投资于新项目。</p>
</div><h2>The better buy right now is...</h2>
<div class="lb-trans"><h2>现在更值得购买的是...</h2>
</div><p>Apple shares have climbed 733% in the past decade. But unlike Amazon, I don't think the valuation is compelling at all. The stock trades at a P/FCF ratio of 32, which is close to the most expensive level in the trailing 10-year period. Given this historically steep valuation, I think Amazon is the better stock to buy right now.</p>
<div class="lb-trans"><p>苹果的股价在过去十年中上涨了 733%。但与亚马逊不同，我认为其估值一点也不具吸引力。该股票的 P/FCF 比率为 32，接近过去 10 年期间的最高水平。考虑到这一历史上陡峭的估值，我认为亚马逊是现在更值得购买的股票。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. Apple

- 投资者在选择主导科技公司的股票时，选择有限但明确。  
- 亚马逊在电商和云计算领域占据主导地位，盈利能力持续提升。  
- 苹果品牌强大但估值偏高，亚马逊被认为是更好的投资选择。

当前最值得购买的股票：亚马逊 vs. 苹果