<p><strong>耐克</strong>(NKE 3.29%) 和 <strong>苹果</strong>(AAPL 0.12%) 通常被认为是保守投资者的稳定蓝筹股。它们是美国最具标志性的品牌之一，拥有强大的定价能力，并在各自的市场中处于领先地位。</p>
<p>但在过去三年中，耐克的股价减半，而苹果的股价上涨超过 30%。让我们看看为什么这家科技巨头的表现远超运动鞋和服装制造商，以及现在是否仍然是更好的投资选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5OTYvd29tYW4tdXNlcy1hLXRhYmxldC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5OTYvd29tYW4tdXNlcy1hLXRhYmxldC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么耐克的股价暴跌？</h2>
<p>耐克在 2022 财年的收入增长了 5%（截至 2022 年 5 月），在 2023 财年增长了 10%。但在 2024 财年，其收入增长停滞不前。</p>
<p>耐克直销业务，即处理其电子商务销售和实体店的业务，全年仅增长了 1% 的收入，因为其疲软的数字销售在很大程度上抵消了实体店的强劲增长。其北美业务的疲软也抹去了在中国和其他海外市场的强劲销售。</p>
<p>在 2025 财年的上半年，耐克直销的销售额暴跌了两位数，其总收入同比下降了 9%。分析师预计全年耐克的收入和调整后的每股收益将分别下降 10% 和 48%。</p>
<p>耐克计划通过重建与批发零售商的关系来摆脱困境，以减少对耐克直销在线业务的依赖，销售更高比例的高端全价产品以抵消折扣，并加大对新产品和营销活动的投入。但这些策略可能不会显著提升其利润，除非其收入增长再次稳定，而这在美中之间爆发另一场关税战争的情况下可能很难实现。</p>
<p>如果这些逆风消散，耐克的业务在 2026 财年可能会再次升温，但其股价在前瞻市盈率 29 倍的情况下仍然看起来不便宜。其前瞻股息收益率为 2.1%，也不会吸引任何真正的收入投资者。</p>
<h2>为什么苹果的股价上涨？</h2>
<p>苹果仍然有超过一半的收入来自 iPhone，因此其增长通常随着更广泛的智能手机市场波动。为了减少对 iPhone 的依赖，苹果扩展了其服务生态系统——现在通过 Apple Music、Apple TV+ 和 iCloud 等粘性服务拥有超过 10 亿个付费订阅。</p>
<p>苹果在 2022 财年的收入增长了 8%（截至 2022 年 9 月），但在 2023 财年下降了 3%，因为 iPhone、Mac 和 iPad 的疲软销售抵消了其服务收入的增长。在 2024 财年，其收入增长了 2%，因为 iPhone 的销售再次增长。对于 2025 财年，分析师预计苹果的收入将分别增长 5% 和 9%，即使其硬件业务面临关税逆风，服务业务面临反垄断挑战，并且在推出新的热门硬件设备方面遇到困难。</p>
<p>但尽管面临所有这些挑战，苹果仍然是一台赚钱的机器，在其最新的季度结束时拥有 1410 亿美元的现金和可交易证券。这笔资金为其未来的投资、收购、回购和分红提供了充足的空间，同时使其在动荡的市场中成为一个避风港。它还相信，其生成式 AI 服务的扩展将加强其封闭生态系统并锁定更多客户。</p>
<p>苹果的股价在前瞻市盈率 31 倍的情况下并不便宜，其前瞻股息收益率为 0.4%，几乎不值得一提。尽管如此，它面临的生存挑战并没有耐克那么多，尽管两家公司都可能受到更高关税的挤压。</p>
<h2>更好的投资选择：苹果</h2>
<p>在耐克股价大幅下跌后，购买其股票可能很有诱惑力，但它面临太多紧迫的问题。苹果的股价不会在短期内飙升，但在接下来的几个季度中，它应该继续产生比耐克更大的收益。</p>

耐克

苹果

<p>耐克和苹果被比较为稳定的蓝筹股。由于收入增长平稳和销售下滑，耐克的股票在三年内缩水了一半，而苹果的股票则因其强大的服务生态系统和现金储备上涨了超过 30%。分析师预计耐克的收入和每股收益将显著下降，而苹果预计将在面临挑战的情况下适度增长。最终，由于苹果在市场地位和财务稳定性方面更强，因此被认为是更好的投资选择，尽管两者都面临潜在的关税影响</p>

<p><strong>Nike</strong>(NKE 3.29%) and <strong>Apple</strong>(AAPL 0.12%) are often considered stable blue chip stocks for conservative investors. They're two of the most iconic American brands, they have plenty of pricing power, and they lead their respective markets.</p>
<div class="lb-trans"><p><strong>耐克</strong>(NKE 3.29%) 和 <strong>苹果</strong>(AAPL 0.12%) 通常被认为是保守投资者的稳定蓝筹股。它们是美国最具标志性的品牌之一，拥有强大的定价能力，并在各自的市场中处于领先地位。</p>
</div><p>But over the past three years, Nike's stock price was cut in half as Apple's stock price rallied over 30%. Let's see why the tech giant outperformed the athletic footwear and apparel maker by such a wide margin -- and if it's still the better buy right now.</p>
<div class="lb-trans"><p>但在过去三年中，耐克的股价减半，而苹果的股价上涨超过 30%。让我们看看为什么这家科技巨头的表现远超运动鞋和服装制造商，以及现在是否仍然是更好的投资选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDY5OTYvd29tYW4tdXNlcy1hLXRhYmxldC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F806996%2Fwoman-uses-a-tablet.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>Why did Nike's stock plunge?</h2>
<div class="lb-trans"><h2>为什么耐克的股价暴跌？</h2>
</div><p>Nike's revenue rose 5% in fiscal 2022 (which ended in May 2022) and 10% in fiscal 2023. But in fiscal 2024, its revenue growth flatlined.</p>
<div class="lb-trans"><p>耐克在 2022 财年的收入增长了 5%（截至 2022 年 5 月），在 2023 财年增长了 10%。但在 2024 财年，其收入增长停滞不前。</p>
</div><p>Nike Direct, its direct-to-consumer business that handles its e-commerce sales and brick-and-mortar stores, only grew its revenue by 1% for the year as its soft digital sales largely offset the stronger growth of its physical stores. The weakness of its North American business also erased its stronger sales in China and other overseas markets.</p>
<div class="lb-trans"><p>耐克直销业务，即处理其电子商务销售和实体店的业务，全年仅增长了 1% 的收入，因为其疲软的数字销售在很大程度上抵消了实体店的强劲增长。其北美业务的疲软也抹去了在中国和其他海外市场的强劲销售。</p>
</div><p>The pressure worsened in the first half of fiscal 2025, as Nike Direct's sales plunged by double digits and its total revenue dropped 9% year over year. For the full year, analysts expect Nike's revenue and adjusted EPS to decline 10% and 48%, respectively.</p>
<div class="lb-trans"><p>在 2025 财年的上半年，耐克直销的销售额暴跌了两位数，其总收入同比下降了 9%。分析师预计全年耐克的收入和调整后的每股收益将分别下降 10% 和 48%。</p>
</div><p>Nike plans to break out of its rut by rebuilding its relationships with wholesale retailers to dilute its dependence on Nike Direct's online business, selling a higher mix of premium full-price products to offset its markdowns and ramping up its spending on new products and marketing campaigns. But those strategies might not meaningfully boost its profits unless its revenue growth stabilizes again -- and that could be tough to achieve as another tariff war erupts between the U.S. and China.</p>
<div class="lb-trans"><p>耐克计划通过重建与批发零售商的关系来摆脱困境，以减少对耐克直销在线业务的依赖，销售更高比例的高端全价产品以抵消折扣，并加大对新产品和营销活动的投入。但这些策略可能不会显著提升其利润，除非其收入增长再次稳定，而这在美中之间爆发另一场关税战争的情况下可能很难实现。</p>
</div><p>Nike's business could warm up again in fiscal 2026 if those headwinds dissipate, but its stock still doesn't look like a bargain at 29 times forward earnings. Its forward dividend yield of 2.1% also won't attract any serious income investors.</p>
<div class="lb-trans"><p>如果这些逆风消散，耐克的业务在 2026 财年可能会再次升温，但其股价在前瞻市盈率 29 倍的情况下仍然看起来不便宜。其前瞻股息收益率为 2.1%，也不会吸引任何真正的收入投资者。</p>
</div><h2>Why did Apple's stock rally?</h2>
<div class="lb-trans"><h2>为什么苹果的股价上涨？</h2>
</div><p>Apple still generates over half of its revenue from the iPhone, so its growth generally ebbs and flows with the broader smartphone market. To offset its dependence on the iPhone, Apple expanded its services ecosystem -- which now hosts over 1 billion paid subscriptions through its sticky services like Apple Music, Apple TV+, and iCloud.</p>
<div class="lb-trans"><p>苹果仍然有超过一半的收入来自 iPhone，因此其增长通常随着更广泛的智能手机市场波动。为了减少对 iPhone 的依赖，苹果扩展了其服务生态系统——现在通过 Apple Music、Apple TV+ 和 iCloud 等粘性服务拥有超过 10 亿个付费订阅。</p>
</div><p>Apple's revenue grew 8% in fiscal 2022 (which ended in September 2022), but it fell 3% in fiscal 2023 as soft sales of iPhones, Macs, and iPads offset its rising services revenue. In fiscal 2024, its revenue increased 2% as its iPhone sales grew again. For fiscal 2025, analysts expect Apple's revenue to grow 5% and 9%, respectively, even as its hardware business faces tariff headwinds, its services business deals with antitrust challenges, and it struggles to launch new hit hardware devices.</p>
<div class="lb-trans"><p>苹果在 2022 财年的收入增长了 8%（截至 2022 年 9 月），但在 2023 财年下降了 3%，因为 iPhone、Mac 和 iPad 的疲软销售抵消了其服务收入的增长。在 2024 财年，其收入增长了 2%，因为 iPhone 的销售再次增长。对于 2025 财年，分析师预计苹果的收入将分别增长 5% 和 9%，即使其硬件业务面临关税逆风，服务业务面临反垄断挑战，并且在推出新的热门硬件设备方面遇到困难。</p>
</div><p>But despite all of those challenges, Apple is still a money-making machine, which ended its latest quarter with $141 billion in cash and marketable securities. That war chest gives it plenty of room for its future investments, acquisitions, buybacks, and dividends while making it a safe-haven play in a wobbly market. It also believes the expansion of its generative AI services will strengthen its walled garden and lock in more customers.</p>
<div class="lb-trans"><p>但尽管面临所有这些挑战，苹果仍然是一台赚钱的机器，在其最新的季度结束时拥有 1410 亿美元的现金和可交易证券。这笔资金为其未来的投资、收购、回购和分红提供了充足的空间，同时使其在动荡的市场中成为一个避风港。它还相信，其生成式 AI 服务的扩展将加强其封闭生态系统并锁定更多客户。</p>
</div><p>Apple's stock isn't cheap at 31 times forward earnings, and its forward dividend yield of 0.4% is barely worth mentioning. That said, it doesn't face as many existential challenges as Nike, even though both companies could be squeezed by higher tariffs.</p>
<div class="lb-trans"><p>苹果的股价在前瞻市盈率 31 倍的情况下并不便宜，其前瞻股息收益率为 0.4%，几乎不值得一提。尽管如此，它面临的生存挑战并没有耐克那么多，尽管两家公司都可能受到更高关税的挤压。</p>
</div><h2>The better buy: Apple</h2>
<div class="lb-trans"><h2>更好的投资选择：苹果</h2>
</div><p>It might be tempting to buy Nike's stock after its steep drawdown, but it faces too many pressing issues. Apple's stock won't skyrocket anytime soon, but it should continue to generate bigger gains than Nike for at least the next few quarters.</p>
<div class="lb-trans"><p>在耐克股价大幅下跌后，购买其股票可能很有诱惑力，但它面临太多紧迫的问题。苹果的股价不会在短期内飙升，但在接下来的几个季度中，它应该继续产生比耐克更大的收益。</p>
</div>

Best Stock to Buy Right Now: Nike vs. Apple

- Nike 的股价在过去三年内减半，主要因其营收增长停滞。  
- Apple 的股价上涨超过 30%，得益于其服务生态系统的扩展。  
- 分析师预计，未来几季度 Apple 将继续优于 Nike。

当前最值得购买的股票：耐克 vs. 苹果