<p><strong>亚马逊</strong>（AMZN 2.15%）目前的市值为 2.4 万亿美元。同时，<strong>苹果</strong>（AAPL 0.74%）的估值超过 3.7 万亿美元。这是全球最具主导地位的两家科技企业。</p>
<p>这两只被称为 “壮丽七侠” 的股票都在创纪录的交易区间。然而，投资者可能仍会将它们列入观察名单，以便将资金停放在这里。在亚马逊和苹果之间，哪一只股票现在更值得购买？</p>
<h2>多重增长引擎</h2>
<p>亚马逊可能是一家庞大的公司，过去 12 个月的销售额高达 5750 亿美元，但其扩张远未结束。该业务受益于多个推动其前进的增长引擎。</p>
<p>在线购物相对于实体零售持续增长，而亚马逊是这一长期趋势的主要受益者。该公司的电子商务市场占美国所有在线销售的近 40%，远远领先于第二名的 <strong>沃尔玛</strong>。</p>
<p>亚马逊网络服务（AWS）是该公司领先的云计算平台，在竞争对手中拥有最高的市场份额。由于企业对将 IT 能力转移到灵活且成本友好的外部计算环境的兴趣，该部门受益匪浅。此外，整合人工智能工具的需求使得 AWS 成为许多客户的关键合作伙伴。</p>
<p>Grand View Research 认为，全球云市场将以每年 21% 的速度增长，到 2030 年将达到 2.4 万亿美元。因此，AWS 在很长一段时间内应该会看到持续增长。</p>
<p>亚马逊还迅速成为数字广告的主导玩家。这些服务在过去三个月内的收入达到了 143 亿美元，同比增长 19%。由于亚马逊网站每月吸引数十亿访客，加上 Prime Video 的成功，该公司获得了大量广告商希望利用的观看量。</p>
<h2>惊人的品牌实力</h2>
<p>可以说，全球没有哪个品牌像苹果一样强大。长期以来开发需求旺盛的硬件产品，并辅以易于使用的内部软件，使得这家公司成为消费者的最爱。即使新型号没有提供颠覆性的更新，顾客仍会在零售店外排队等候设备发布。</p>
<p>通过审视其定价能力，可以清楚地看出苹果的品牌实力。该公司在 2024 财年的产品销售中实现了 37% 的毛利率。这表明这一部门的盈利能力，尽管销售硬件设备通常不是一个盈利丰厚的商业模式。人们在购买新 iPhone 时并不犹豫花费四位数的金额。</p>
<p>苹果的生态系统进一步支持了其品牌。在过去几年中，iCloud、广告、Pay 和 Music+ 等服务的收入增长速度超过了产品。该公司的服务受欢迎程度使用户保持参与并锁定在其生态系统中，阻碍了他们转向竞争对手的产品。</p>
<p>购买苹果股票的投资者可以安心入睡。这是因为该公司面临的财务风险几乎为零。苹果在上一个财年实现了 940 亿美元的净收入，这帮助其产生了 1180 亿美元的经营现金流。将这一巨大的盈利能力与坚如磐石的资产负债表结合起来，苹果在短期内几乎没有财务困境的可能性。</p>
<h2>估值很重要</h2>
<p>投资者在决定购买哪些股票时，必须考虑估值分析。截至目前，亚马逊的股票交易前瞻市盈率（P/E）为 44.5。这比苹果的 33.3 高出 34%。</p>
<p>亚马逊的估值比苹果更贵。但当你考虑到前者预计在未来几年每股收益的年增长率几乎是后者的两倍时，你会迅速意识到，市盈率并不像乍看上去那么高。</p>
<p>毫无疑问，苹果在过去是一只出色的股票。但我不会感到惊讶，如果其股票在未来五年内表现不及更广泛的 <strong>标准普尔 500</strong> 指数，主要是因为高起始估值和较弱的增长前景。</p>
<p>在我看来，亚马逊现在看起来是更好的购买股票。产生强劲投资回报的潜力更加明显。</p>

苹果

亚马逊

<p>亚马逊和苹果是两家领先的科技巨头，市值均非常可观。亚马逊的市值为 1.4 万亿美元，受益于多个增长引擎，包括电子商务和 AWS，预计将显著增长。苹果的市值为 2.7 万亿美元，拥有强大的品牌忠诚度和盈利能力，资产负债表稳健。尽管亚马逊的市盈率为 44.5，高于苹果的 33.3，但其预计的盈利增长使其成为更具吸引力的投资。分析表明，亚马逊在不久的将来可能提供比苹果更好的回报</p>

<p><strong>Amazon</strong>(AMZN 2.15%) currently sports a market cap of $2.4 trillion. At the same time, <strong>Apple</strong>'s (AAPL 0.74%) valuation sits above $3.7 trillion. These are two of the most dominant tech enterprises on the face of the planet.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN 2.15%）目前的市值为 2.4 万亿美元。同时，<strong>苹果</strong>（AAPL 0.74%）的估值超过 3.7 万亿美元。这是全球最具主导地位的两家科技企业。</p>
</div><p>Both of these &#34;Magnificent Seven&#34; stocks trade in record territory. However, investors might still have each on their watch lists as a place to park their capital. Between Amazon and Apple, which is the best to buy right now?</p>
<div class="lb-trans"><p>这两只被称为 “壮丽七侠” 的股票都在创纪录的交易区间。然而，投资者可能仍会将它们列入观察名单，以便将资金停放在这里。在亚马逊和苹果之间，哪一只股票现在更值得购买？</p>
</div><h2>Multiple growth engines</h2>
<div class="lb-trans"><h2>多重增长引擎</h2>
</div><p>Amazon might be a massive corporation that generated a whopping $575 billion in trailing 12-month sales, but its expansion is not anywhere close to being done. The business benefits from multiple growth engines propelling it forward.</p>
<div class="lb-trans"><p>亚马逊可能是一家庞大的公司，过去 12 个月的销售额高达 5750 亿美元，但其扩张远未结束。该业务受益于多个推动其前进的增长引擎。</p>
</div><p>Online shopping continues to grow relative to physical retail, and Amazon is the key beneficiary of this secular trend. The company's e-commerce marketplace is responsible for nearly 40% of all online sales in the U.S., way ahead of the next-highest business, which is <strong>Walmart</strong>.</p>
<div class="lb-trans"><p>在线购物相对于实体零售持续增长，而亚马逊是这一长期趋势的主要受益者。该公司的电子商务市场占美国所有在线销售的近 40%，远远领先于第二名的 <strong>沃尔玛</strong>。</p>
</div><p>Amazon Web Services (AWS), the company's leading cloud computing platform, has the top market share among rivals. This segment gains from corporate interest in moving IT capabilities to the flexible and cost-friendly environment of off-premises computing. Additionally, the need to integrate artificial intelligence tools makes AWS a mission-critical partner for many of its clients.</p>
<div class="lb-trans"><p>亚马逊网络服务（AWS）是该公司领先的云计算平台，在竞争对手中拥有最高的市场份额。由于企业对将 IT 能力转移到灵活且成本友好的外部计算环境的兴趣，该部门受益匪浅。此外，整合人工智能工具的需求使得 AWS 成为许多客户的关键合作伙伴。</p>
</div><p>Grand View Research believes the global cloud market will expand 21% per year to be worth $2.4 trillion in 2030. So AWS should see durable growth for a very long time.</p>
<div class="lb-trans"><p>Grand View Research 认为，全球云市场将以每年 21% 的速度增长，到 2030 年将达到 2.4 万亿美元。因此，AWS 在很长一段时间内应该会看到持续增长。</p>
</div><p>Amazon has also rapidly become a dominant player in digital advertising. These services raked in $14.3 billion in revenue just in the last three months, which was up 19% year over year. Because Amazon.com attracts billions of visitors each month, coupled with the success of Prime Video, the company garners a lot of views that advertisers want to take advantage of.</p>
<div class="lb-trans"><p>亚马逊还迅速成为数字广告的主导玩家。这些服务在过去三个月内的收入达到了 143 亿美元，同比增长 19%。由于亚马逊网站每月吸引数十亿访客，加上 Prime Video 的成功，该公司获得了大量广告商希望利用的观看量。</p>
</div><h2>Incredible brand strength</h2>
<div class="lb-trans"><h2>惊人的品牌实力</h2>
</div><p>There is arguably no brand on the face of the planet as powerful as Apple. A long history of developing in-demand hardware products supported by easy-to-use internal software has made this business a consumer favorite. Customers line up outside retail stores when devices are released, even if newer models don't offer up game-changing updates.</p>
<div class="lb-trans"><p>可以说，全球没有哪个品牌像苹果一样强大。长期以来开发需求旺盛的硬件产品，并辅以易于使用的内部软件，使得这家公司成为消费者的最爱。即使新型号没有提供颠覆性的更新，顾客仍会在零售店外排队等候设备发布。</p>
</div><p>Apple's brand strength is clear when examining its pricing power. The company posted a 37% gross margin in fiscal 2024 on the sale of products. That indicates how profitable this segment is, even though selling hardware devices is usually not a lucrative business model. People don't really hesitate to spend a four-figure sum on a new iPhone.</p>
<div class="lb-trans"><p>通过审视其定价能力，可以清楚地看出苹果的品牌实力。该公司在 2024 财年的产品销售中实现了 37% 的毛利率。这表明这一部门的盈利能力，尽管销售硬件设备通常不是一个盈利丰厚的商业模式。人们在购买新 iPhone 时并不犹豫花费四位数的金额。</p>
</div><p>The brand is further supported by Apple's ecosystem. In the past few years, services like iCloud, advertising, Pay, and Music+, for example, have posted faster revenue gains than products. The popularity of the company's services keeps users engaged and locked in, discouraging switching to competing offerings.</p>
<div class="lb-trans"><p>苹果的生态系统进一步支持了其品牌。在过去几年中，iCloud、广告、Pay 和 Music+ 等服务的收入增长速度超过了产品。该公司的服务受欢迎程度使用户保持参与并锁定在其生态系统中，阻碍了他们转向竞争对手的产品。</p>
</div><p>Investors who buy Apple shares can sleep well at night. That's because the company faces no financial risk. Apple generated a massive $94 billion in net income last fiscal year, which helped it produce $118 billion in operating cash flow. Add this enormous profitability to a fortress balance sheet, and there is little chance Apple will run into financial troubles anytime soon.</p>
<div class="lb-trans"><p>购买苹果股票的投资者可以安心入睡。这是因为该公司面临的财务风险几乎为零。苹果在上一个财年实现了 940 亿美元的净收入，这帮助其产生了 1180 亿美元的经营现金流。将这一巨大的盈利能力与坚如磐石的资产负债表结合起来，苹果在短期内几乎没有财务困境的可能性。</p>
</div><h2>Valuation matters</h2>
<div class="lb-trans"><h2>估值很重要</h2>
</div><p>Investors must incorporate valuation analysis when deciding what stocks to buy. As of this writing, shares of Amazon trade at a forward price-to-earnings (P/E) ratio of 44.5. That's 34% higher than Apple's multiple of 33.3.</p>
<div class="lb-trans"><p>投资者在决定购买哪些股票时，必须考虑估值分析。截至目前，亚马逊的股票交易前瞻市盈率（P/E）为 44.5。这比苹果的 33.3 高出 34%。</p>
</div><p>Amazon's valuation is more expensive than Apple's. But when you consider that the former is projected to grow its earnings per share over the next couple of years at an annualized pace almost double that of the latter, you quickly realize that the P/E multiple isn't as elevated as it seems at first glance.</p>
<div class="lb-trans"><p>亚马逊的估值比苹果更贵。但当你考虑到前者预计在未来几年每股收益的年增长率几乎是后者的两倍时，你会迅速意识到，市盈率并不像乍看上去那么高。</p>
</div><p>Apple has undoubtedly been a fantastic stock to own in the past. But I wouldn't be surprised if its shares underperformed the broader <strong>S&amp;P 500</strong> over the next five years, mainly because of the high starting valuation and softer growth prospects.</p>
<div class="lb-trans"><p>毫无疑问，苹果在过去是一只出色的股票。但我不会感到惊讶，如果其股票在未来五年内表现不及更广泛的 <strong>标准普尔 500</strong> 指数，主要是因为高起始估值和较弱的增长前景。</p>
</div><p>In my opinion, Amazon looks like the better stock to buy right now. The potential to generate strong investment returns is more obvious.</p>
<div class="lb-trans"><p>在我看来，亚马逊现在看起来是更好的购买股票。产生强劲投资回报的潜力更加明显。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. Apple

- 亚马逊市值为 1.4 万亿美元，苹果市值为 2.7 万亿美元。  
- 亚马逊在电商和云计算领域持续增长，AWS 预计将长期受益。  
- 苹果品牌强大，财务稳健，但估值较高，未来增长前景较弱。  

当前最值得购买的股票：亚马逊 vs. 苹果