<p><strong>亚马逊</strong>(AMZN -2.43%) 的股票在过去一年上涨了约 38%，尽管它已经是美国第二大销售公司，但它仍然处于一个良好的增长和回报股东的状态。以下是投资者可以对亚马逊的未来充满信心的三个理由，以及为什么你可能想要今天将其加入你的投资组合。</p>
<h2>1. 一切都与人工智能有关</h2>
<p>亚马逊在人工智能（AI）方面有着令人难以置信的机会。它在业务中使用人工智能已有数十年，但在过去两年中推出了一系列生成性人工智能工具，这些工具正在改变其业务，并为公司带来了数十亿美元的收入。</p>
<p>大部分程序针对其亚马逊网络服务（AWS）云计算客户。根据客户的规模和需求，他们有多种选择，包括为开发者提供的服务，以便根据自己的数据创建完全定制的大型语言模型，为客户提供的服务，以便通过其 Bedrock 程序使用亚马逊的 LLM 构建生成性人工智能应用，以及为不需要或无法负担定制应用的小企业提供的插件工具。</p>
<p>总体而言，亚马逊的做法是为所有人提供服务，而不是追求小众市场，过去一年半左右推出的人工智能功能比大多数竞争对手加起来还要多。上周，首席执行官安迪·贾西表示，亚马逊在业务中开发了近 1000 个生成性人工智能应用。</p>
<p>尽管与 <strong>英伟达</strong> 合作为其大型客户提供最佳工具，亚马逊也在开发自己的芯片，这些芯片能够处理大量数据负载，但对小型客户来说更具成本效益。它还刚刚为 Bedrock 和 SageMaker 程序增加了 DeepSeek 作为另一个经济实惠的选择。人工智能业务继续变化和增长，管理层认为这只是他们所设想的巨大机会的开始。</p>
<h2>2. 不要忘记电子商务</h2>
<p>尽管人工智能带来了如此多的兴奋和新鲜感，但电子商务仍然是亚马逊的立足之本。亚马逊在这一领域拥有无与伦比的领先地位，几乎占据了美国电子商务销售的 38%。电子商务仍在零售销售中占比不断增长，预计到 2027 年将占全球零售销售的 41%，根据波士顿咨询集团的预测。这对亚马逊来说是一个巨大的有机助力。</p>
<p>但公司并不依赖于这种助力，而是投资于升级其物流网络，以更快地向更多客户提供更多产品。它越能做到这一点，Prime 客户就越依赖于它提供的必需品。在将网络从全国性转变为区域性履行网络后，亚马逊现在专注于改善其入站渠道。在过去几个月中，它进行了数百项更改，使其在分发中心之间分配商品的能力提高了 25%。在第三季度，获得免费当日达配送的客户同比增长了 25%。</p>
<p>这很重要，因为尽管亚马逊的领先地位很高，但它面临着来自其他公司的激烈竞争，这些公司可能会削弱其主导地位。例如，<strong>沃尔玛</strong> 继续增长，并没有让亚马逊超越成为美国销售额最大的公司。沃尔玛在几年前未能立即投资电子商务时出现了滑坡，但现在正在进行投资，并且正在取得成效。电子商务是沃尔玛上个季度增长的主要原因之一，并且在其 4600 家实体店中拥有优势，可以用作配送基地和全渠道选项。</p>
<p>亚马逊知道它必须提升竞争力以保持领先地位，它正在这样做，从而带来了更好的结果和更强的销售。</p>
<h2>3. 亚马逊的盈利能力很高</h2>
<p>任何长期持有的基本投资论点必须是盈利能力。净收入和自由现金流是推动公司维持运营和继续创新新业务的引擎。亚马逊提供运营利润作为其基本盈利能力指标，但其股票往往与净收入更为密切相关，因为那是字面上的底线。</p>
<p>亚马逊和其他公司有时倾向于使用运营收入而非净收入作为更具说明性的盈利能力指标，原因在于净收入考虑了可能在季度之间波动的税收利益或损失。尽管净收入在过去几个季度保持稳定，但在 2022 年有多次报告显示，由于与亚马逊对 <strong>Rivian</strong> 的投资相关的税收，净收入曾在高水平上波动。亚马逊正在与该公司合作开发一系列节能的配送车辆。</p>
<p>第三季度，运营收入从 112 亿美元增加到 174 亿美元，对于一家已经非常盈利的大公司来说，这是一个令人难以置信的表现。净收入从 99 亿美元上升到 153 亿美元。管理层预计第四季度的运营收入将在 160 亿到 200 亿美元之间。</p>

亚马逊

<p>亚马逊的股票在过去一年中上涨了 38%，主要受到三个关键因素的推动：1) 人工智能的进步，开发了近 1000 个生成式人工智能应用，增强了其 AWS 产品；2) 电子商务的主导地位，占据美国销售的 38%，并投资于物流以改善交付；3) 强劲的盈利能力，运营收入从 112 亿美元增加到 174 亿美元，支持持续的创新和运营。这些因素使亚马逊在未来的增长和股东回报方面处于有利位置</p>

<p><strong>Amazon</strong>(AMZN -2.43%) stock is up about 38% over the past year, and even though it's already the second-largest company in the U.S. by sales, it's in an excellent position to keep growing and rewarding shareholders. Here are three reasons why investors can feel confident about Amazon's future and why you might want to add it to your portfolio today.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -2.43%) 的股票在过去一年上涨了约 38%，尽管它已经是美国第二大销售公司，但它仍然处于一个良好的增长和回报股东的状态。以下是投资者可以对亚马逊的未来充满信心的三个理由，以及为什么你可能想要今天将其加入你的投资组合。</p>
</div><h2>1. It's all about AI</h2>
<div class="lb-trans"><h2>1. 一切都与人工智能有关</h2>
</div><p>Amazon has incredible opportunities in artificial intelligence (AI). It's used AI throughout its business for decades, but it has released a slate of generative AI tools over the past two years that's changing its business and already generating billions of dollars for the company.</p>
<div class="lb-trans"><p>亚马逊在人工智能（AI）方面有着令人难以置信的机会。它在业务中使用人工智能已有数十年，但在过去两年中推出了一系列生成性人工智能工具，这些工具正在改变其业务，并为公司带来了数十亿美元的收入。</p>
</div><p>Most of the program is aimed at its Amazon Web Services (AWS) cloud computing customers. They have a variety of options depending on their size and needs, with services for developers to create their own large-language models built on their own data for a completely customized product, services for clients to build generative AI applications using Amazon's LLMs through its Bedrock program, and plug-in tools for small businesses that don't need or can't afford a custom application.</p>
<div class="lb-trans"><p>大部分程序针对其亚马逊网络服务（AWS）云计算客户。根据客户的规模和需求，他们有多种选择，包括为开发者提供的服务，以便根据自己的数据创建完全定制的大型语言模型，为客户提供的服务，以便通过其 Bedrock 程序使用亚马逊的 LLM 构建生成性人工智能应用，以及为不需要或无法负担定制应用的小企业提供的插件工具。</p>
</div><p>In general, Amazon's approach is to be everything to everyone rather than striving for a niche audience, and it has released more AI features over the past year and half or so than most of its competitors combined. Last week, CEO Andy Jassy said that Amazon has developed almost 1,000 generative AI applications across the business.</p>
<div class="lb-trans"><p>总体而言，亚马逊的做法是为所有人提供服务，而不是追求小众市场，过去一年半左右推出的人工智能功能比大多数竞争对手加起来还要多。上周，首席执行官安迪·贾西表示，亚马逊在业务中开发了近 1000 个生成性人工智能应用。</p>
</div><p>Although it partners with <strong>Nvidia</strong> to offer its large clients the best tools, Amazon's also developing its own chips that can handle large data loads but are more affordable for smaller clients. It also just added DeepSeek as another cost-effective option for the Bedrock and SageMaker programs. The AI business continues to change and grow, and management thinks this is just the beginning of what it envisions as a massive opportunity.</p>
<div class="lb-trans"><p>尽管与 <strong>英伟达</strong> 合作为其大型客户提供最佳工具，亚马逊也在开发自己的芯片，这些芯片能够处理大量数据负载，但对小型客户来说更具成本效益。它还刚刚为 Bedrock 和 SageMaker 程序增加了 DeepSeek 作为另一个经济实惠的选择。人工智能业务继续变化和增长，管理层认为这只是他们所设想的巨大机会的开始。</p>
</div><h2>2. Don't forget e-commerce</h2>
<div class="lb-trans"><h2>2. 不要忘记电子商务</h2>
</div><p>There's so much excitement and newness in AI, but e-commerce is still Amazon's bread and butter. Amazon has an unbeatable lead in this area, with nearly 38% of all U.S. e-commerce sales. E-commerce is still growing as a percentage of retail sales, and it's expected to reach 41% of global retail sales by 2027, according to the Boston Consulting Group. That's a huge organic tailwind for Amazon.</p>
<div class="lb-trans"><p>尽管人工智能带来了如此多的兴奋和新鲜感，但电子商务仍然是亚马逊的立足之本。亚马逊在这一领域拥有无与伦比的领先地位，几乎占据了美国电子商务销售的 38%。电子商务仍在零售销售中占比不断增长，预计到 2027 年将占全球零售销售的 41%，根据波士顿咨询集团的预测。这对亚马逊来说是一个巨大的有机助力。</p>
</div><p>But the company is not relying on tailwinds, and is investing in upgrading its logistics networks to provide more products to more customers faster. The better it can do that, the more its Prime customers rely on it for their essentials. After changing from a national to a regional fulfillment network, Amazon is now focused on improving its inbound channels. It made hundreds of changes over the past few months that have resulted in a 25% improvement in its ability to spread merchandise across distribution centers. In the third quarter, customers who received free same-day shipping increased 25% year over year.</p>
<div class="lb-trans"><p>但公司并不依赖于这种助力，而是投资于升级其物流网络，以更快地向更多客户提供更多产品。它越能做到这一点，Prime 客户就越依赖于它提供的必需品。在将网络从全国性转变为区域性履行网络后，亚马逊现在专注于改善其入站渠道。在过去几个月中，它进行了数百项更改，使其在分发中心之间分配商品的能力提高了 25%。在第三季度，获得免费当日达配送的客户同比增长了 25%。</p>
</div><p>That's important because as high as its lead is, Amazon is facing stiff competition from other companies that could chip away at its dominance. <strong>Walmart</strong>, for example, continues to grow and hasn't let Amazon overtake it as the largest U.S. company by sales. Walmart slipped when it didn't immediately invest in e-commerce several years ago when it was accelerating, but it's doing that now, and it's paying off. E-commerce was responsible for much of Walmart's growth last quarter, and it has an edge over Amazon in its 4,600 physical stores that it can use as a delivery base and for omnichannel options.</p>
<div class="lb-trans"><p>这很重要，因为尽管亚马逊的领先地位很高，但它面临着来自其他公司的激烈竞争，这些公司可能会削弱其主导地位。例如，<strong>沃尔玛</strong> 继续增长，并没有让亚马逊超越成为美国销售额最大的公司。沃尔玛在几年前未能立即投资电子商务时出现了滑坡，但现在正在进行投资，并且正在取得成效。电子商务是沃尔玛上个季度增长的主要原因之一，并且在其 4600 家实体店中拥有优势，可以用作配送基地和全渠道选项。</p>
</div><p>Amazon knows it has to up its game to keep its lead, and it's doing just that, leading to improved outcomes and stronger sales.</p>
<div class="lb-trans"><p>亚马逊知道它必须提升竞争力以保持领先地位，它正在这样做，从而带来了更好的结果和更强的销售。</p>
</div><h2>3. Amazon is highly profitable</h2>
<div class="lb-trans"><h2>3. 亚马逊的盈利能力很高</h2>
</div><p>The underlying investment thesis for any long-term holding has to be profitability. Net income and free cash flow are the engines that drive a company's ability to keep up operations and continue to innovate with new ventures. Amazon provides operating profit as its baseline profitability measure, but its stock tends to move more closely with its net income, since that is the proverbial and literal bottom line.</p>
<div class="lb-trans"><p>任何长期持有的基本投资论点必须是盈利能力。净收入和自由现金流是推动公司维持运营和继续创新新业务的引擎。亚马逊提供运营利润作为其基本盈利能力指标，但其股票往往与净收入更为密切相关，因为那是字面上的底线。</p>
</div><p>The reason Amazon, and other companies, sometimes tend to prefer operating income in place of net income as the more telling measure of profitability is because net income takes into account tax benefits or losses that can switch back and forth between quarters. Although net income has remained steady over the past few quarters, there were a number of reports in 2022 when it fluctuated at high levels because of taxes related to Amazon's investment in <strong>Rivian</strong>. Amazon is partnering with the company to develop a fleet of energy-efficient delivery vehicles.</p>
<div class="lb-trans"><p>亚马逊和其他公司有时倾向于使用运营收入而非净收入作为更具说明性的盈利能力指标，原因在于净收入考虑了可能在季度之间波动的税收利益或损失。尽管净收入在过去几个季度保持稳定，但在 2022 年有多次报告显示，由于与亚马逊对 <strong>Rivian</strong> 的投资相关的税收，净收入曾在高水平上波动。亚马逊正在与该公司合作开发一系列节能的配送车辆。</p>
</div><p>Operating income increased from $11.2 billion to $17.4 billion in the third quarter, an incredible showing for a huge and already highly profitable company. Net income was up from $9.9 billion to $15.3 billion. Management is guiding for $16 billion to $20 billion in operating income in the fourth quarter.</p>
<div class="lb-trans"><p>第三季度，运营收入从 112 亿美元增加到 174 亿美元，对于一家已经非常盈利的大公司来说，这是一个令人难以置信的表现。净收入从 99 亿美元上升到 153 亿美元。管理层预计第四季度的运营收入将在 160 亿到 200 亿美元之间。</p>
</div>

3 Reasons to Buy Amazon Stock Like There's No Tomorrow

- 亚马逊股票过去一年上涨约 38%，未来增长潜力巨大。  
- 公司在人工智能和电商领域保持领先，持续投资物流网络。  
- 第三季度运营利润从 112 亿美元增至 174 亿美元，净收入也显著增长。

购买亚马逊股票的三个理由：抓住机会