<p><strong>标准普尔 500 指数</strong> 在 2024 年再次表现强劲，截至本文撰写时，年初至今上涨了 25%。然而，有一些优秀企业的估值相对于其长期增长前景而言仍然合理，这些企业在 2025 年及未来几年可能会带来良好的回报。</p>
<p>以下是三位 Fool.com 的撰稿人认为 <strong>沃尔玛</strong>（WMT -1.22%）、<strong>耐克</strong>（NKE -0.68%）和 <strong>达乐</strong>（DG 0.34%）在新年到来之际是值得投资的原因。</p>
<h2>随着电子商务的快速增长</h2>
<p><strong>詹妮弗·赛比尔（沃尔玛）：</strong> 对于零售巨头沃尔玛来说，这是一个伟大的一年，预计在 2025 年会变得更好。尽管其无处不在的存在，它仍在美国开设新店，并且变得更加高效。在一个新兴且令人兴奋的趋势中，电子商务已成为主要的增长驱动力，有几个原因表明这将有助于在 2025 年实现蓬勃发展。</p>
<p>拥有像沃尔玛这样健康的企业的一个优势是，它可以在创新上慢慢来。它有一个强大且有效的实体零售模式，几乎没有竞争。它进入电子商务的步伐较慢，<strong>亚马逊</strong> 在它最终加入之前已经领先。但现在它的电子商务业务稳定，尽管远远落后于亚马逊，但仍然位居第二。它在全渠道平台上也有一些亚马逊无法匹敌的优势。</p>
<p>在 2025 财年第三季度（截至 10 月 31 日），销售额增长了 5.5%，其中电子商务销售增长了 27%。但电子商务不仅仅意味着在线购物；它还包括像店内自取这样的服务，这是亚马逊无法满足的。沃尔玛在美国有 4600 家门店，拥有无与伦比的分销网络，可以快速高效地将产品送到客户手中，或在现场提供产品。总会有一些顾客更喜欢在购买前查看产品，或者更愿意在一个小时内取货，而不是等待一天或两天（或更长时间）。</p>
<p>沃尔玛还受益于其网站上能够展示的更广泛的产品种类，这些产品在实体店中无法容纳。这也吸引了更广泛的客户群，包括一些不一定会去当地沃尔玛购买某些产品的富裕客户。沃尔玛正在努力吸引更富裕的客户群，并且最近推出了一条新的品牌食品系列，采用更健康的优质成分，旨在满足这一市场。</p>
<p>沃尔玛的股票在 2024 年上涨了 73%。它在 2025 年面临强劲的增长驱动力，位置良好。但更重要的是，它是一只稳健的、支付股息的股票，投资者可以长期依赖。</p>
<h2>这家标志性运动服品牌的股票下跌了 50%</h2>
<p><strong>约翰·巴拉德（耐克）：</strong> 耐克在为投资者提供稳定回报和将部分收益返还给股东的历史上有着悠久的传统。然而，最近销售的下降使得股票从三年前的峰值下跌了 57%。</p>
<p>耐克正在调整其库存，以减少对经典鞋款的依赖，这似乎是过去一年收入未达预期的罪魁祸首，原因是通货膨胀加剧和消费者支出疲软。在 2025 财年第二季度（截至 11 月 30 日），收入同比下降了 8%，预计在接下来的几个季度内仍将面临压力。</p>
<p>随着耐克将产品组合转向更注重运动产品，投资者应该会看到销售的改善。公司在运动领域正在建立势头，男性和女性跑步产品在上个季度恢复了增长。耐克还报告了对科比篮球鞋的强劲需求，同时儿童服装和运动服的整体增长也很强劲。</p>
<p>从盈利的角度来看，股票的价格并不便宜。当前股票交易的市盈率为 2025 财年（截至 5 月）预期盈利的 35 倍。但这在很大程度上是由于销售下降和管理层对库存进行调整对盈利能力的负面影响。从市销率来看，耐克的股票是十年来最便宜的。</p>
<p>高市盈率反映了投资者对耐克在首席执行官埃利奥特·希尔的领导下成功完成转型战略并恢复增长的期望，希尔在退休前曾在公司工作超过 30 年。投资者应该会在未来五年内从这些较低的股价中获得稳定回报。</p>
<h2>准备迎接复苏</h2>
<p><strong>杰里米·鲍曼（达乐）：</strong> 我将采取逆向思维，预测达乐将在 2025 年迎来复苏。</p>
<p>是的，这家折扣零售商最近确实遇到了一些困难。事实上，股票从 2022 年的峰值下跌了 71%，受到通货膨胀、消费者支出疲软和沃尔玛竞争的压力。但这为投资者提供了一个有吸引力的买入机会。</p>
<p>达乐的股票目前的市盈率仅为 12.5，而沃尔玛的市盈率为 38，达乐仍然保留了使公司在大部分历史上取得成功的竞争优势。</p>
<p>它在全国拥有超过 20,000 家门店，这意味着 75% 的美国人口在五英里内就能找到一家门店，并且它正在利用这一优势进行新的当日送达测试，以及与 <strong>DoorDash</strong> 的合作，覆盖 16,000 家门店。</p>
<p>达乐还在其 “回归基础” 战略下进行其他基本改进，重点是减少缺货情况并确保结账区域有足够的员工。它还努力简化供应链，开设新的配送中心并关闭外部存储设施。</p>
<p>此外，高通胀带来的痛苦开始减轻，利率下降将有利于消费者和像达乐这样的企业。</p>
<p>这家零售商的销售持续增长，但其主要挑战在于利润率，随着运营的改善，这一情况可能会迅速扭转。除了便宜的估值外，达乐还提供约 3% 的股息收益率。业务应该开始复苏，考虑到其 70% 的下滑，股票有很大的上涨空间。弥补这些损失意味着股票将从这里上涨超过三倍。</p>

沃尔玛

达乐

<p>标准普尔 500 指数在 2024 年上涨了 25%，分析师推荐沃尔玛、耐克和达乐作为 2025 年的优质股票。沃尔玛受益于电子商务的增长和强大的分销网络，2024 年股价上涨了 73%。尽管耐克的股价从峰值下跌了 57%，但其正将重点转向运动产品，可能会带来未来的增长。达乐的股价从峰值下跌了 71%，预计在应对当前挑战时将会反弹。这些公司被视为进入新年时的及时投资</p>

<p>The <strong>S&amp;P 500</strong> had another solid run in 2024, up 25% year to date at the time of this writing. However, there are solid businesses selling at reasonable valuations relative to their long-term growth prospects that could deliver good returns in 2025 and for years to come.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong> 在 2024 年再次表现强劲，截至本文撰写时，年初至今上涨了 25%。然而，有一些优秀企业的估值相对于其长期增长前景而言仍然合理，这些企业在 2025 年及未来几年可能会带来良好的回报。</p>
</div><p>Here's why three Fool.com contributors believe <strong>Walmart</strong>(WMT -1.22%), <strong>Nike</strong>(NKE -0.68%), and <strong>Dollar General</strong>(DG 0.34%) are timely buys heading into the new year.</p>
<div class="lb-trans"><p>以下是三位 Fool.com 的撰稿人认为 <strong>沃尔玛</strong>（WMT -1.22%）、<strong>耐克</strong>（NKE -0.68%）和 <strong>达乐</strong>（DG 0.34%）在新年到来之际是值得投资的原因。</p>
</div><h2>Racing higher with e-commerce</h2>
<div class="lb-trans"><h2>随着电子商务的快速增长</h2>
</div><p><strong>Jennifer Saibil (Walmart):</strong> It's been a great year for retail giant Walmart, and it's likely to get even better in 2025. Despite its ubiquitous presence, it's opening new stores, even in the U.S., and it's becoming more efficient. In a new and exciting trend, e-commerce has become a major growth driver, and there are several reasons that is likely to contribute to a booming business in 2025.</p>
<div class="lb-trans"><p><strong>詹妮弗·赛比尔（沃尔玛）：</strong> 对于零售巨头沃尔玛来说，这是一个伟大的一年，预计在 2025 年会变得更好。尽管其无处不在的存在，它仍在美国开设新店，并且变得更加高效。在一个新兴且令人兴奋的趋势中，电子商务已成为主要的增长驱动力，有几个原因表明这将有助于在 2025 年实现蓬勃发展。</p>
</div><p>One of the advantages of having a business as healthy as Walmart is that it can take its time with innovation. It has a strong, working physical retail model that has little competition. It was slow to enter e-commerce, and <strong>Amazon</strong> ran circles around it before it eventually got on board. But it has a steady e-commerce business now, and even though it's way behind Amazon, it's still in second place. It also has advantages in its omnichannel platform that even Amazon can't match.</p>
<div class="lb-trans"><p>拥有像沃尔玛这样健康的企业的一个优势是，它可以在创新上慢慢来。它有一个强大且有效的实体零售模式，几乎没有竞争。它进入电子商务的步伐较慢，<strong>亚马逊</strong> 在它最终加入之前已经领先。但现在它的电子商务业务稳定，尽管远远落后于亚马逊，但仍然位居第二。它在全渠道平台上也有一些亚马逊无法匹敌的优势。</p>
</div><p>In the 2025 fiscal third quarter (ended Oct. 31), sales rose 5.5% driven by a 27% increase in e-commerce sales. But e-commerce doesn't just mean buying online; it includes services like in-store pickup, which Amazon can't meet. Walmart has 4,600 stores in the U.S., an unmatched distribution network that can get products to customers with quick and efficient delivery or have products available on site. There are always going to be shoppers who prefer to see products before they buy or prefer to pick them up in an hour instead of waiting a day or two (or more).</p>
<div class="lb-trans"><p>在 2025 财年第三季度（截至 10 月 31 日），销售额增长了 5.5%，其中电子商务销售增长了 27%。但电子商务不仅仅意味着在线购物；它还包括像店内自取这样的服务，这是亚马逊无法满足的。沃尔玛在美国有 4600 家门店，拥有无与伦比的分销网络，可以快速高效地将产品送到客户手中，或在现场提供产品。总会有一些顾客更喜欢在购买前查看产品，或者更愿意在一个小时内取货，而不是等待一天或两天（或更长时间）。</p>
</div><p>Walmart is also benefiting from the wider variety of products it can showcase on its website that it wouldn't be able to fit in a physical store. That's bringing in a wider variety of customers as well, including more affluent ones who wouldn't necessarily go to their local Walmart for certain products. Walmart is trying to attract a more affluent clientele, and it recently introduced a new branded-food line with healthier, premium ingredients geared toward this market.</p>
<div class="lb-trans"><p>沃尔玛还受益于其网站上能够展示的更广泛的产品种类，这些产品在实体店中无法容纳。这也吸引了更广泛的客户群，包括一些不一定会去当地沃尔玛购买某些产品的富裕客户。沃尔玛正在努力吸引更富裕的客户群，并且最近推出了一条新的品牌食品系列，采用更健康的优质成分，旨在满足这一市场。</p>
</div><p>Walmart stock is up 73% in 2024. It's well-positioned with robust growth drivers going into 2025. But more than that, it's a solid, dividend-paying stock that investors can count on for the long haul.</p>
<div class="lb-trans"><p>沃尔玛的股票在 2024 年上涨了 73%。它在 2025 年面临强劲的增长驱动力，位置良好。但更重要的是，它是一只稳健的、支付股息的股票，投资者可以长期依赖。</p>
</div><h2>Shares of this iconic sportswear brand are 50% off</h2>
<div class="lb-trans"><h2>这家标志性运动服品牌的股票下跌了 50%</h2>
</div><p><strong>John Ballard (Nike):</strong> Nike has a long history of delivering solid returns for investors and returning a portion of its earnings to shareholders in dividend payments. However, the recent decline in sales has sent the stock down 57% from its previous peak three years ago.</p>
<div class="lb-trans"><p><strong>约翰·巴拉德（耐克）：</strong> 耐克在为投资者提供稳定回报和将部分收益返还给股东的历史上有着悠久的传统。然而，最近销售的下降使得股票从三年前的峰值下跌了 57%。</p>
</div><p>Nike is in the process of shifting its inventory to be less reliant on classic footwear styles, which seems to be the culprit for revenue misses during the past year amid higher inflation and weak consumer spending. Revenue declined 8% year over year in fiscal Q2 (ended Nov. 30) and is expected to be under pressure for the next few quarters.</p>
<div class="lb-trans"><p>耐克正在调整其库存，以减少对经典鞋款的依赖，这似乎是过去一年收入未达预期的罪魁祸首，原因是通货膨胀加剧和消费者支出疲软。在 2025 财年第二季度（截至 11 月 30 日），收入同比下降了 8%，预计在接下来的几个季度内仍将面临压力。</p>
</div><p>As Nike shifts its product portfolio to focus more on sports products, investors should see improving sales. The company is building momentum in sports, with men's and women's running products returning to growth last quarter. Nike also reported strong demand for Kobe basketball shoes, while also seeing strong growth overall in kids' apparel and sportswear.</p>
<div class="lb-trans"><p>随着耐克将产品组合转向更注重运动产品，投资者应该会看到销售的改善。公司在运动领域正在建立势头，男性和女性跑步产品在上个季度恢复了增长。耐克还报告了对科比篮球鞋的强劲需求，同时儿童服装和运动服的整体增长也很强劲。</p>
</div><p>The stock doesn't look cheap on the basis of earnings. The shares are currently trading at 35 times expected earnings for fiscal 2025 ending in May. But that's largely due to the lower sales and negative impact on profitability as management makes adjustments to inventory. On a price-to-sales basis, Nike stock is the cheapest it's been in a decade.</p>
<div class="lb-trans"><p>从盈利的角度来看，股票的价格并不便宜。当前股票交易的市盈率为 2025 财年（截至 5 月）预期盈利的 35 倍。但这在很大程度上是由于销售下降和管理层对库存进行调整对盈利能力的负面影响。从市销率来看，耐克的股票是十年来最便宜的。</p>
</div><p>The high price-to-earnings (P/E) ratio reflects investors' expectation for Nike to successfully complete its turnaround strategy and return to growth under Chief Executive Officer Elliott Hill, who previously worked at the company for over 30 years before coming out of retirement. Investors should see solid returns from these lower share prices over the next five years.</p>
<div class="lb-trans"><p>高市盈率反映了投资者对耐克在首席执行官埃利奥特·希尔的领导下成功完成转型战略并恢复增长的期望，希尔在退休前曾在公司工作超过 30 年。投资者应该会在未来五年内从这些较低的股价中获得稳定回报。</p>
</div><h2>Primed for a comeback</h2>
<div class="lb-trans"><h2>准备迎接复苏</h2>
</div><p><strong>Jeremy Bowman (Dollar General):</strong> I'm going to go in a contrarian direction here and predict that Dollar General is going to make a comeback in 2025.</p>
<div class="lb-trans"><p><strong>杰里米·鲍曼（达乐）：</strong> 我将采取逆向思维，预测达乐将在 2025 年迎来复苏。</p>
</div><p>Yes, the discount retailer has struggled lately. In fact, the stock is down 71% from its peak in 2022, pressured by inflation, weak consumer spending, and competition from Walmart. But that has set up an attractive buying opportunity.</p>
<div class="lb-trans"><p>是的，这家折扣零售商最近确实遇到了一些困难。事实上，股票从 2022 年的峰值下跌了 71%，受到通货膨胀、消费者支出疲软和沃尔玛竞争的压力。但这为投资者提供了一个有吸引力的买入机会。</p>
</div><p>Dollar General stock now trades at a P/E of just 12.5, which compares to Walmart's P/E at 38, and Dollar General still retains the competitive advantages that have made the company a success for most of its history.</p>
<div class="lb-trans"><p>达乐的股票目前的市盈率仅为 12.5，而沃尔玛的市盈率为 38，达乐仍然保留了使公司在大部分历史上取得成功的竞争优势。</p>
</div><p>It has more than 20,000 stores across the country, meaning it has a location within five miles of 75% of the U.S. population, and it's leveraging that position with a new same-day delivery test, in addition to a partnership with <strong>DoorDash</strong> that covers 16,000 stores.</p>
<div class="lb-trans"><p>它在全国拥有超过 20,000 家门店，这意味着 75% 的美国人口在五英里内就能找到一家门店，并且它正在利用这一优势进行新的当日送达测试，以及与 <strong>DoorDash</strong> 的合作，覆盖 16,000 家门店。</p>
</div><p>Dollar General is also making other nuts-and-bolts improvements to the business under its &#34;Back to Basics&#34; strategy, which includes a focus on reducing out-of-stocks and ensuring that the checkout areas are appropriately staffed. It's also worked to streamline its supply chain, opening new distribution centers and closing outside storage facilities.</p>
<div class="lb-trans"><p>达乐还在其 “回归基础” 战略下进行其他基本改进，重点是减少缺货情况并确保结账区域有足够的员工。它还努力简化供应链，开设新的配送中心并关闭外部存储设施。</p>
</div><p>Additionally, the pain of high inflation is starting to recede, and falling interest rates should benefit both consumers and businesses like Dollar General.</p>
<div class="lb-trans"><p>此外，高通胀带来的痛苦开始减轻，利率下降将有利于消费者和像达乐这样的企业。</p>
</div><p>The retailer's sales have continued to grow, but its major challenges have been in margins, which could easily turn around with improved operations. In addition to the cheap valuation, Dollar General also offers a dividend yield of about 3%. The business should start to recover, and there's a lot of upside in the stock given its 70% slide. Recouping those losses would mean the stock would more than triple from here.</p>
<div class="lb-trans"><p>这家零售商的销售持续增长，但其主要挑战在于利润率，随着运营的改善，这一情况可能会迅速扭转。除了便宜的估值外，达乐还提供约 3% 的股息收益率。业务应该开始复苏，考虑到其 70% 的下滑，股票有很大的上涨空间。弥补这些损失意味着股票将从这里上涨超过三倍。</p>
</div>

3 Top Stocks to Buy in 2025

- 标普 500 指数在 2024 年上涨 25%。  
- Walmart、Nike 和 Dollar General 被认为是 2025 年的投资机会。  
- Walmart 通过电商增长，Nike 正在转型，Dollar General 预计将反弹。

2025 年值得买入的三只顶级股票