<p>人工智能（AI）是当前股市回报的主要驱动力之一。<strong>Nvidia</strong> 是数据中心图形处理器的领先供应商，这对 AI 的发展至关重要，该公司的销售增长令人瞩目，推动其股票在过去 12 个月中取得了惊人的涨幅。</p>
<p>但 <strong>盈透证券</strong>（IBKR 1.90%）证明，AI 并不是为股东提供超越市场回报的唯一途径。其在线经纪平台正在经历惊人的客户增长、收入增长和盈利增长，其股票在过去一年中远远超过了 Nvidia（以及许多其他 AI 股票），涨幅高达 142%。</p>
<p>由于投资者消化利率下降和新美国政府经济政策的重大转变，金融市场在可预见的未来可能会经历更高的活动水平。这将为盈透证券的业务提供助力。以下是为什么现在买入该股票还不算晚的原因。</p>
<h2>盈透在 2024 年新增客户数量创下纪录</h2>
<p>每个人都喜欢赚钱，这就是为什么牛市通常吸引大量新投资者购买股票。由于 <strong>标准普尔 500 指数</strong> 刚刚连续两年实现超过 25% 的年涨幅（自 1957 年以来仅发生过一次），因此盈透在 2024 年新增了 775,000 个客户账户，创下历史新高。这使得公司总客户账户在年末达到了 334 万的纪录。</p>
<p>得益于新客户和金融资产价格飙升的结合，盈透的客户权益在 2024 年最后一个季度也增长了 33%，达到了 5682 亿美元。这个数字非常重要。盈透通过处理客户的股票、期权、期货或加密货币交易所产生的佣金来盈利，因此更高的权益直接转化为更多的收入。</p>
<p>谈到交易，盈透在第四季度的股票交易量同比增长了惊人的 65%，期权交易量增长了 32%，这突显了当前投资者的活跃程度。</p>
<p>狂热的牛市也推动了对保证金贷款的显著需求，投资者利用这些贷款购买股票和其他金融资产。到 2024 年末，盈透的客户持有的保证金贷款达到了 642 亿美元，比 2023 年末增长了惊人的 45%。这无疑是风险偏好飙升的迹象，因为投资者只有在非常有信心市场将上涨时才会借钱购买股票。</p>
<h2>佣金收入飙升，但利率下降可能成为阻力</h2>
<p>盈透通过两种方式产生收入。首先，它通过处理客户交易赚取佣金。其次，它从保证金贷款中获得利息收入，同时也从其存放在银行账户中的现金（包括自身现金和代表客户持有的现金）中获得利息。</p>
<p>盈透在 2024 年从所有来源创造了创纪录的 51 亿美元总收入，比 2023 年的结果增长了 19.4%。其中超过 20 亿美元来自佣金，增长了 31.7%。其余的 31 亿美元是利息收入，增长了 12.6%。</p>
<p>佣金收入快速增长是个好消息，因为这来自盈透的核心业务。公司对利息收入的控制较少，因为它与货币政策的方向相关，这可能很快成为阻力。</p>
<p>美国联邦储备委员会在 2023 年将联邦基金利率（隔夜利率）提高到 20 年来的最高点 5.33%，以应对飙升的通货膨胀。高利率对盈透的利息收入非常有利，但随着通货膨胀现在得到控制，美联储在去年 9 月开始了新的降息周期。</p>
<p>预计中央银行将在 2025 年继续降息，具体取决于联邦基金利率最终的稳定水平，盈透的利息收入可能在接下来的一年左右缓慢下降。由于这占公司总收入的主要部分，这是投资者应该考虑的风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>盈透股票在长期内可能有进一步上涨的潜力</h2>
<p>盈透股票目前处于历史高位，过去一年涨幅达到 142%。根据公司过去 12 个月的每股收益（EPS）为 6.93 美元，该股票的市盈率为 31.6。</p>
<p>从表面上看，这似乎很贵（因为标准普尔 500 指数的市盈率为 25.2），尤其是考虑到较低的利率可能会对盈透未来的财务结果构成阻力。</p>
<p>然而，较低的利率也可以显著提升股市活动，因为投资者会从无风险资产（如现金）转向增长资产。这意味着盈透可能会在去年实现的 31% 佣金收入增长的基础上继续增长，这应该可以抵消一些（或全部）失去的利息收入。</p>
<p>我并不是说盈透的股票在接下来的 12 个月内会再次超过 Nvidia 的股票——它根本无法产生足够的收入或盈利增长来做到这一点。但愿意至少持有五年的投资者很可能会获得正回报。</p>
<p>毕竟，这只被忽视的股票自 2007 年上市以来已经飙升了近 630%，这意味着年均复合回报率为 11.7%。这比同期标准普尔 500 指数的 10.5% 年涨幅要好。</p>

盈透证券

<p>盈透证券（IBKR）在过去一年中以 142% 的股票涨幅超越了英伟达，主要得益于客户和收入的显著增长。在 2024 年，公司新增了创纪录的 775,000 个客户账户，使总账户数达到 334 万个。客户权益增长了 33%，达到 5682 亿美元，佣金收入提升了 31.7%。然而，利率下降可能对利息收入构成风险，而利息收入占总收入的很大一部分。尽管市盈率高达 31.6，但随着市场活动的增加，该股票仍可能具有长期的上涨潜力</p>

<p>Artificial intelligence (AI) is one of the driving forces behind stock market returns right now. <strong>Nvidia</strong> is the leading supplier of graphics processors for data centers, which are critical for AI development, and the company's incredible sales growth has propelled its stock to incredible gains over the past 12 months.</p>
<div class="lb-trans"><p>人工智能（AI）是当前股市回报的主要驱动力之一。<strong>Nvidia</strong> 是数据中心图形处理器的领先供应商，这对 AI 的发展至关重要，该公司的销售增长令人瞩目，推动其股票在过去 12 个月中取得了惊人的涨幅。</p>
</div><p>But <strong>Interactive Brokers</strong>(IBKR 1.90%) proves that AI isn't the only way to deliver market-crushing returns for shareholders. Its online brokerage platform is experiencing incredible customer growth, revenue growth, and earnings growth, and its stock has left Nvidia (and many other AI stocks) in the dust over the past year, with a whopping 142% gain.</p>
<div class="lb-trans"><p>但 <strong>盈透证券</strong>（IBKR 1.90%）证明，AI 并不是为股东提供超越市场回报的唯一途径。其在线经纪平台正在经历惊人的客户增长、收入增长和盈利增长，其股票在过去一年中远远超过了 Nvidia（以及许多其他 AI 股票），涨幅高达 142%。</p>
</div><p>The financial markets are likely to experience heightened levels of activity for the foreseeable future, as investors digest things like falling interest rates and a seismic shift in economic policy from the new U.S. administration. That will be a tailwind for Interactive Brokers' business. Here's why it's not too late to buy the stock.</p>
<div class="lb-trans"><p>由于投资者消化利率下降和新美国政府经济政策的重大转变，金融市场在可预见的未来可能会经历更高的活动水平。这将为盈透证券的业务提供助力。以下是为什么现在买入该股票还不算晚的原因。</p>
</div><h2>Interactive added a record number of new clients during 2024</h2>
<div class="lb-trans"><h2>盈透在 2024 年新增客户数量创下纪录</h2>
</div><p>Everybody likes to make money, which is why bull markets often attract hordes of new investors buying stocks. Since the <strong>S&amp;P 500</strong> just logged back-to-back annual gains of over 25% (something it has only done one other time since 1957), it's no surprise that Interactive added 775,000 new client accounts during 2024, the most in its history. It took the company's total client accounts to a record 3.34 million at the end of the year.</p>
<div class="lb-trans"><p>每个人都喜欢赚钱，这就是为什么牛市通常吸引大量新投资者购买股票。由于 <strong>标准普尔 500 指数</strong> 刚刚连续两年实现超过 25% 的年涨幅（自 1957 年以来仅发生过一次），因此盈透在 2024 年新增了 775,000 个客户账户，创下历史新高。这使得公司总客户账户在年末达到了 334 万的纪录。</p>
</div><p>Thanks to a combination of new clients and soaring financial asset prices, Interactive's client equity also climbed by 33% to $568.2 billion in the final quarter of 2024. That number is very important. Interactive earns commissions that are often calculated based on the value of the stock, options, futures, or cryptocurrency transactions executed by the client, so higher equity translates directly to more revenue.</p>
<div class="lb-trans"><p>得益于新客户和金融资产价格飙升的结合，盈透的客户权益在 2024 年最后一个季度也增长了 33%，达到了 5682 亿美元。这个数字非常重要。盈透通过处理客户的股票、期权、期货或加密货币交易所产生的佣金来盈利，因此更高的权益直接转化为更多的收入。</p>
</div><p>Speaking of transactions, Interactive saw a whopping 65% year-over-year increase in stock trading volume during the fourth quarter, and a 32% increase in options volume, which highlights how active investors are at the moment.</p>
<div class="lb-trans"><p>谈到交易，盈透在第四季度的股票交易量同比增长了惊人的 65%，期权交易量增长了 32%，这突显了当前投资者的活跃程度。</p>
</div><p>The raging bull market is also driving significant demand for margin loans, which investors use to buy stocks and other financial assets. Interactive's clients were holding $64.2 billion in margin loans at the end of 2024, which was a staggering 45% increase from the end of 2023. It's a sure sign that risk appetite is soaring at the moment, because investors only borrow money to buy stocks if they feel very confident the market will move higher.</p>
<div class="lb-trans"><p>狂热的牛市也推动了对保证金贷款的显著需求，投资者利用这些贷款购买股票和其他金融资产。到 2024 年末，盈透的客户持有的保证金贷款达到了 642 亿美元，比 2023 年末增长了惊人的 45%。这无疑是风险偏好飙升的迹象，因为投资者只有在非常有信心市场将上涨时才会借钱购买股票。</p>
</div><h2>Commission revenue is soaring, but falling interest rates could be a headwind</h2>
<div class="lb-trans"><h2>佣金收入飙升，但利率下降可能成为阻力</h2>
</div><p>Interactive generates revenue in two ways. First, it earns commissions from processing client transactions. Second, it earns interest revenue from its margin loans, and it also earns interest on the cash it stores in bank accounts (its own cash, plus the cash it holds on behalf of its clients).</p>
<div class="lb-trans"><p>盈透通过两种方式产生收入。首先，它通过处理客户交易赚取佣金。其次，它从保证金贷款中获得利息收入，同时也从其存放在银行账户中的现金（包括自身现金和代表客户持有的现金）中获得利息。</p>
</div><p>Interactive generated a record $5.1 billion in total revenue from all sources during 2024, which was a 19.4% increase from its 2023 result. A little over $2 billion came from commissions, which represented 31.7% growth. The remaining $3.1 billion was interest revenue, which was up 12.6%.</p>
<div class="lb-trans"><p>盈透在 2024 年从所有来源创造了创纪录的 51 亿美元总收入，比 2023 年的结果增长了 19.4%。其中超过 20 亿美元来自佣金，增长了 31.7%。其余的 31 亿美元是利息收入，增长了 12.6%。</p>
</div><p>It's great news that commission revenue is growing the fastest, because that comes from Interactive's core business. The company has less control over its interest revenue because it's tied to the direction of monetary policy, and that could soon become a headwind.</p>
<div class="lb-trans"><p>佣金收入快速增长是个好消息，因为这来自盈透的核心业务。公司对利息收入的控制较少，因为它与货币政策的方向相关，这可能很快成为阻力。</p>
</div><p>The U.S. Federal Reserve raised the federal funds rate (overnight interest rates) to a two-decade high of 5.33% in 2023 to combat soaring inflation. High rates have been great for Interactive's interest revenue, but with inflation now under control, the Fed started a new cutting cycle in September last year.</p>
<div class="lb-trans"><p>美国联邦储备委员会在 2023 年将联邦基金利率（隔夜利率）提高到 20 年来的最高点 5.33%，以应对飙升的通货膨胀。高利率对盈透的利息收入非常有利，但随着通货膨胀现在得到控制，美联储在去年 9 月开始了新的降息周期。</p>
</div><p>The central bank is forecast to continue cutting in 2025, and depending on where the federal funds rate eventually settles, Interactive's interest revenue could slowly decline over the next year or so. Since it accounts for the majority of the company's total revenue, this is a risk investors should consider.</p>
<div class="lb-trans"><p>预计中央银行将在 2025 年继续降息，具体取决于联邦基金利率最终的稳定水平，盈透的利息收入可能在接下来的一年左右缓慢下降。由于这占公司总收入的主要部分，这是投资者应该考虑的风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805355%2Fan-investor-intently-focused-on-their-computer-screens-which-are-displaying-stock-charts.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>Interactive stock could be poised for further upside over the long term</h2>
<div class="lb-trans"><h2>盈透股票在长期内可能有进一步上涨的潜力</h2>
</div><p>Interactive stock is currently at a record high following its 142% gain over the past year. Based on the company's trailing 12-month earnings per share (EPS) of $6.93, the stock is trading at a price-to-earnings (P/E) ratio of 31.6.</p>
<div class="lb-trans"><p>盈透股票目前处于历史高位，过去一年涨幅达到 142%。根据公司过去 12 个月的每股收益（EPS）为 6.93 美元，该股票的市盈率为 31.6。</p>
</div><p>That appears expensive at face value (since the S&amp;P 500 trades at a P/E ratio of 25.2), especially since lower interest rates could serve as a headwind for Interactive's financial results going forward.</p>
<div class="lb-trans"><p>从表面上看，这似乎很贵（因为标准普尔 500 指数的市盈率为 25.2），尤其是考虑到较低的利率可能会对盈透未来的财务结果构成阻力。</p>
</div><p>However, lower rates can also significantly boost stock market activity, as investors move away from risk-free assets like cash and into growth assets instead. That means that Interactive could build on the 31% increase in commission revenue it delivered last year, which should offset some (or all) of the lost interest revenue.</p>
<div class="lb-trans"><p>然而，较低的利率也可以显著提升股市活动，因为投资者会从无风险资产（如现金）转向增长资产。这意味着盈透可能会在去年实现的 31% 佣金收入增长的基础上继续增长，这应该可以抵消一些（或全部）失去的利息收入。</p>
</div><p>I'm not suggesting that Interactive stock will beat the likes of Nvidia stock again over the <em>next</em> 12 months -- it simply won't generate enough revenue or earnings growth to do so. But investors who are willing to hold on to it for at least the next five years are very likely to earn a positive return.</p>
<div class="lb-trans"><p>我并不是说盈透的股票在接下来的 12 个月内会再次超过 Nvidia 的股票——它根本无法产生足够的收入或盈利增长来做到这一点。但愿意至少持有五年的投资者很可能会获得正回报。</p>
</div><p>After all, this overlooked stock has soared by almost 630% since it went public in 2007, which translates to a compound annual return of 11.7%. That's better than the 10.5% annual gain in the S&amp;P 500 over the same period.</p>
<div class="lb-trans"><p>毕竟，这只被忽视的股票自 2007 年上市以来已经飙升了近 630%，这意味着年均复合回报率为 11.7%。这比同期标准普尔 500 指数的 10.5% 年涨幅要好。</p>
</div>

Meet the Under-the-Radar Stock That Outperformed Nvidia Over the Past Year, Thanks to a Whopping Gain of 142%

- Interactive Brokers 在 2024 年新增 775,000 客户账户，创历史新高。  
- 该公司总客户权益在 2024 年第四季度增长 33%，达到 5682 亿美元。  
- 2024 年总收入达 51 亿美元，同比增长 19.4%。  

认识一下这只过去一年表现超过英伟达的低调股票，其得益于 142% 的惊人涨幅