<p><strong>亚马逊</strong>(AMZN 1.26%) 一直以来都是表现最好的股票之一。</p>
<p>作为 &#34;七大巨头 &#34;的成员，亚马逊现在是世界上最有价值的公司之一，自上市以来，股价上涨超过 200,000%，这意味着早期投资 1,000 美元的投资者今天将拥有超过 200 万美元的资产。</p>
<p>换句话说，在亚马逊历史上的几乎任何时刻购买其股票都是明智的选择，因为该公司在电子商务和云计算这两个它开创并仍然主导的行业中建立了一个帝国。</p>
<p>但是，亚马逊在 2025 年是否仍然会是一只值得持有的股票？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMzkvYW1hem9uLWZ1bGZpbGxtZW50LWNlbnRlci5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMzkvYW1hem9uLWZ1bGZpbGxtZW50LWNlbnRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊目前的状况</h2>
<p>亚马逊仍然是其核心业务——电子商务和云计算的领导者，但公司正在成熟。其增长率已从几年前的迅猛速度放缓，但对于这样规模的公司来说，增长仍然强劲。</p>
<p>在第三季度，收入增长 11%，达到 1589 亿美元，主要得益于亚马逊网络服务（AWS），其云计算业务的收入增长 19%，达到 275 亿美元。</p>
<p>然而，公司的利润率继续扩大，因为其高利润业务（如 AWS、市场和广告）的增长速度超过了其他业务的增长。</p>
<p>在第三季度，AWS 的营业收入从去年同期的 70 亿美元跃升至 105 亿美元，利润率在该部门扩大。第三方卖家服务的收入（其利润率高于直接销售）增长 10%，达到 379 亿美元，而广告收入则增长 19%，达到 143 亿美元。</p>
<p>只要这些类别的收入增长继续超过整体业务，亚马逊的利润率就应该保持扩张。在第三季度，其营业利润率达到了 11%，创下历史新高。尽管多年来盈利能力一直困扰着公司，但长期投资的回报显然已经显现。</p>
<h2>2025 年的预期</h2>
<p>展望 2025 年，亚马逊面临的最大疑问似乎与其在人工智能方面的举措有关。与其 &#34;七大巨头 &#34;同行相比，该公司的人工智能战略显得有些模糊。</p>
<p>它似乎错过了开发人工智能聊天机器人的机会。<strong>微软</strong> 早期与 OpenAI 合作，<strong>谷歌母公司</strong> 推出了 Gemini，<strong>Meta Platforms</strong> 则推出了 Meta AI。但亚马逊的内部聊天机器人反响不佳。因此，它选择与人工智能聊天机器人 Claude 的制造商 Anthropic 合作。亚马逊去年九月向 Anthropic 投资了 12.5 亿美元，今年三月又追加了 27.5 亿美元，并在十一月进行了 40 亿美元的投资，总投资额达到了 80 亿美元。</p>
<p>亚马逊表示，这些决定是由于 Claude 在 AWS 中的快速采用所驱动。在云基础设施方面，亚马逊还专注于其托管服务 Amazon Bedrock，为用户提供构建和扩展生成性人工智能应用所需的工具和计算能力。亚马逊在云计算领域的领导地位应有助于其受益于对人工智能应用的需求。</p>
<p>在 2025 年，预计亚马逊将继续投资于人工智能并发展其战略。尽管它不需要在人工智能领域获胜以保持其电子商务和云计算业务的增长，但亚马逊不希望在下一个重大技术变革中被甩在后面，因此它可能会在 2025 年继续追赶。</p>
<h2>亚马逊在 2025 年值得购买吗？</h2>
<p>亚马逊仍在以稳健的速度增长，提供令人印象深刻的利润率和强劲的业绩。它目前的市盈率为 50，这对公司来说似乎是一个合理的估值，因为它仍然具有良好的利润增长潜力。</p>
<p>它可能会继续向与人工智能相关的努力投入数十亿美元，但在电子商务和云计算领域的主导地位看起来是安全的。亚马逊似乎是一个在 2025 年继续获得收益的好选择，但基于其约 2500 亿美元的市值和盈利倍数，其上行潜力相对有限。</p>
<p>尽管如此，这是一只值得任何长期投资者在其投资组合中占有一席之地的股票。</p>

亚马逊

<p>亚马逊（AMZN）一直是表现优异的股票，自首次公开募股以来增长超过 200,000%。尽管增长放缓，第三季度收入仍增长 11%，达到 1439 亿美元，这得益于亚马逊网络服务（AWS）和广告业务。运营利润率创下 11% 的新高。展望 2025 年，亚马逊的人工智能战略似乎不够明确，但它仍在大力投资于人工智能合作伙伴关系。亚马逊的市盈率为 50，尽管其上涨潜力可能有限，但仍然是一个稳健的投资选择。总体而言，它是长期投资者投资组合中的强有力候选</p>

<p><strong>Amazon</strong>(AMZN 1.26%) has been one of the best-performing stocks of all time.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 1.26%) 一直以来都是表现最好的股票之一。</p>
</div><p>The &#34;Magnificent Seven&#34; member is now one of the most valuable companies in the world, and since its IPO, the stock is up by more than 200,000%, meaning that it would have turned an early investment of $1,000 into a position worth more than $2 million today.</p>
<div class="lb-trans"><p>作为 &#34;七大巨头 &#34;的成员，亚马逊现在是世界上最有价值的公司之一，自上市以来，股价上涨超过 200,000%，这意味着早期投资 1,000 美元的投资者今天将拥有超过 200 万美元的资产。</p>
</div><p>In other words, buying Amazon stock at almost any point in its history would have been a smart move as the company has built an empire on e-commerce and cloud computing, two industries that it pioneered and still dominates.</p>
<div class="lb-trans"><p>换句话说，在亚马逊历史上的几乎任何时刻购买其股票都是明智的选择，因为该公司在电子商务和云计算这两个它开创并仍然主导的行业中建立了一个帝国。</p>
</div><p>But will Amazon continue to be a winning stock to hold in 2025?</p>
<div class="lb-trans"><p>但是，亚马逊在 2025 年是否仍然会是一只值得持有的股票？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDEyMzkvYW1hem9uLWZ1bGZpbGxtZW50LWNlbnRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F801239%2Famazon-fulfillment-center.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>Where Amazon stands today</h2>
<div class="lb-trans"><h2>亚马逊目前的状况</h2>
</div><p>Amazon is still the leader in its core businesses of e-commerce and cloud computing, but the company is maturing. Its growth rate has slowed from the blistering pace it was at a few years ago, but it's still strong for a company of its size.</p>
<div class="lb-trans"><p>亚马逊仍然是其核心业务——电子商务和云计算的领导者，但公司正在成熟。其增长率已从几年前的迅猛速度放缓，但对于这样规模的公司来说，增长仍然强劲。</p>
</div><p>In the third quarter, revenue rose 11% to $158.9 billion, paced by Amazon Web Services (AWS), its cloud computing business, which posted revenue growth of 19% to $27.5 billion.</p>
<div class="lb-trans"><p>在第三季度，收入增长 11%，达到 1589 亿美元，主要得益于亚马逊网络服务（AWS），其云计算业务的收入增长 19%，达到 275 亿美元。</p>
</div><p>The company's margins, however, continue to expand as its growth in high-margin businesses like AWS, marketplace, and advertising outpaces the growth in the rest of the business.</p>
<div class="lb-trans"><p>然而，公司的利润率继续扩大，因为其高利润业务（如 AWS、市场和广告）的增长速度超过了其他业务的增长。</p>
</div><p>In the third quarter, operating income from AWS jumped from $7 billion in the prior-year period to $10.5 billion as margins expanded in the segment. Revenue from third-party seller services, which offer higher margins than direct sales, rose 10% to $37.9 billion, while advertising revenue jumped 19% to $14.3 billion.</p>
<div class="lb-trans"><p>在第三季度，AWS 的营业收入从去年同期的 70 亿美元跃升至 105 亿美元，利润率在该部门扩大。第三方卖家服务的收入（其利润率高于直接销售）增长 10%，达到 379 亿美元，而广告收入则增长 19%，达到 143 亿美元。</p>
</div><p>As long as revenue growth from those categories continues to outpace the overall business, Amazon's profit margin should keep expanding. In the third quarter, its operating margin reached 11%, its highest ever. Concerns about profitability have dogged the company for much of its history, but years of investing in long-term growth have clearly paid off.</p>
<div class="lb-trans"><p>只要这些类别的收入增长继续超过整体业务，亚马逊的利润率就应该保持扩张。在第三季度，其营业利润率达到了 11%，创下历史新高。尽管多年来盈利能力一直困扰着公司，但长期投资的回报显然已经显现。</p>
</div><h2>What to expect in 2025</h2>
<div class="lb-trans"><h2>2025 年的预期</h2>
</div><p>Looking ahead to 2025, the biggest question mark facing Amazon seems to involve what it's doing in AI. Compared to its &#34;Magnificent Seven&#34; peers, the company's AI strategy has looked somewhat muddled.</p>
<div class="lb-trans"><p>展望 2025 年，亚马逊面临的最大疑问似乎与其在人工智能方面的举措有关。与其 &#34;七大巨头 &#34;同行相比，该公司的人工智能战略显得有些模糊。</p>
</div><p>It seems to have missed the boat in developing an AI chatbot. <strong>Microsoft</strong> partnered with OpenAI early on, <strong>Alphabet</strong> has launched Gemini, and <strong>Meta Platforms</strong> has Meta AI. But Amazon's in-house chatbots have been poorly received. So it has instead partnered with Anthropic, the maker of AI chatbot Claude. Amazon invested $1.25 billion into Anthropic last September, added $2.75 billion more in March, and followed that up with a $4 billion investment in November, bringing its total outlay to $8 billion.</p>
<div class="lb-trans"><p>它似乎错过了开发人工智能聊天机器人的机会。<strong>微软</strong> 早期与 OpenAI 合作，<strong>谷歌母公司</strong> 推出了 Gemini，<strong>Meta Platforms</strong> 则推出了 Meta AI。但亚马逊的内部聊天机器人反响不佳。因此，它选择与人工智能聊天机器人 Claude 的制造商 Anthropic 合作。亚马逊去年九月向 Anthropic 投资了 12.5 亿美元，今年三月又追加了 27.5 亿美元，并在十一月进行了 40 亿美元的投资，总投资额达到了 80 亿美元。</p>
</div><p>Amazon said that those decisions were driven by the rapid adoption of Claude in AWS. In cloud infrastructure, Amazon is also focused on its managed service, Amazon Bedrock, which gives users the tools and computing power to build and scale generative AI applications. Amazon's leadership in cloud computing should help it benefit from the demand for AI applications.</p>
<div class="lb-trans"><p>亚马逊表示，这些决定是由于 Claude 在 AWS 中的快速采用所驱动。在云基础设施方面，亚马逊还专注于其托管服务 Amazon Bedrock，为用户提供构建和扩展生成性人工智能应用所需的工具和计算能力。亚马逊在云计算领域的领导地位应有助于其受益于对人工智能应用的需求。</p>
</div><p>In 2025, expect Amazon to continue to invest in AI and develop its strategy. While it doesn't need to win in AI in order for its e-commerce and cloud computing businesses to keep growing, Amazon doesn't want to be left behind when it comes to the next major technology shift, and it will likely continue to play catch-up in 2025.</p>
<div class="lb-trans"><p>在 2025 年，预计亚马逊将继续投资于人工智能并发展其战略。尽管它不需要在人工智能领域获胜以保持其电子商务和云计算业务的增长，但亚马逊不希望在下一个重大技术变革中被甩在后面，因此它可能会在 2025 年继续追赶。</p>
</div><h2>Is Amazon a buy for 2025?</h2>
<div class="lb-trans"><h2>亚马逊在 2025 年值得购买吗？</h2>
</div><p>Amazon is still growing at a solid pace, delivering impressive margins and strong results. It currently trades at a price-to-earnings ratio of 50, which seems like a fair valuation for the company, as it still has solid profit growth potential.</p>
<div class="lb-trans"><p>亚马逊仍在以稳健的速度增长，提供令人印象深刻的利润率和强劲的业绩。它目前的市盈率为 50，这对公司来说似乎是一个合理的估值，因为它仍然具有良好的利润增长潜力。</p>
</div><p>It is likely to continue to pour billions of dollars into its AI-related efforts, but its dominance in e-commerce and cloud computing looks secure. Amazon looks like a good bet to continue to make gains in 2025, but based on its market cap of around $2.5 billion and its earnings multiple, its upside potential is more limited.</p>
<div class="lb-trans"><p>它可能会继续向与人工智能相关的努力投入数十亿美元，但在电子商务和云计算领域的主导地位看起来是安全的。亚马逊似乎是一个在 2025 年继续获得收益的好选择，但基于其约 2500 亿美元的市值和盈利倍数，其上行潜力相对有限。</p>
</div><p>Still, this is a stock that deserves a place in any long-term investor's portfolio.</p>
<div class="lb-trans"><p>尽管如此，这是一只值得任何长期投资者在其投资组合中占有一席之地的股票。</p>
</div>

Is Amazon a No-Brainer Stock to Own in 2025?

- 亚马逊的股价自 IPO 以来上涨超过 200,000%，成为全球最有价值公司之一。  
- 第三季度，亚马逊营收增长 11%，云计算业务 AWS 增长 19%。  
- 预计 2025 年亚马逊将继续投资 AI，保持在电商和云计算领域的领先地位。

亚马逊在 2025 年是否是一个无需思考就该持有的股票？