<p>每位投资者都听说过 <strong>苹果</strong>（AAPL 1.15%）。这家消费科技巨头已经成为一项绝佳的投资。其股价在过去 20 年中飙升了惊人的 14,460%（截至 3 月 17 日）。早期押注于该业务的投资者无疑创造了巨额财富。</p>
<p>尽管历史表现令人印象深刻，但市场更关心未来可能发生的事情。购买苹果这家市值 3.2 万亿美元的全球最有价值公司，是否能让你终身受益？以下是投资者应该了解的内容。</p>
<h2>苹果为何是一家伟大的公司</h2>
<p>在我看来，苹果至少应该在你的投资观察名单上。这是因为这是一家高质量的企业。</p>
<p>首先，苹果在让客户满意方面有着卓越的记录。其硬件产品，尤其是 iPhone，由于其美丽的外观设计和易于使用的软件而备受欢迎。在这方面，苹果可以说是全球最优秀的。</p>
<p>这帮助塑造了公司的品牌，这或许是其最大的优势。苹果的标志和名称在全球消费者中产生了良好的共鸣，可能比任何其他企业都更为显著。这支持了多年来的高价策略。</p>
<p>集成的硬件和软件构成了苹果的生态系统。由于一切都能很好地协同工作，消费者不愿意转向竞争产品和平台。这个生态系统使得苹果的设备和服务在消费者中具有粘性，这是其他公司只能梦想的。</p>
<p>另一个明显表明苹果业务优越的原因是这家企业的财务状况非常稳健。苹果在过去五年的净利润率平均达到了惊人的 24.3%。在 2023 和 2024 财年，其经营现金流总计达到 2290 亿美元。目前，它的净现金头寸为 450 亿美元。这一切都支持管理层通过分红和回购向股东返还大量资本的计划。</p>
<h2>设定正确的预期</h2>
<p>市场在最近几周遭受了打击，苹果也未能幸免于这种波动。其股价较去年 12 月创下的峰值下跌了 17%。你可能认为现在的估值处于一个吸引人的水平，但我并不认为情况如此。</p>
<p>截至目前，该股票的市盈率（P/E）为 34。虽然这比大约三个月前有所下降，但对于潜在投资者来说，这无疑仍然是一个非常高的价格。在过去 10 年中，苹果的市盈率平均略低于 23。</p>
<p>如果苹果正在实现强劲增长，投资者支付这种高倍数是完全可以接受的。然而，事实并非如此。在过去 12 个月的基础上，苹果的收入几乎没有比九个财季前高出多少。这不是投资者希望看到的趋势。</p>
<p>该公司最近未能推动健康的收入增长。这可能部分是因为消费者不再像过去那样频繁升级到最新的 iPhone 型号，而这一产品在 2025 年第一季度（截至 2024 年 12 月 28 日）占整体收入的 55%。即使在推出苹果智能助手后，情况似乎也没有改变。</p>
<p>展望未来，很难说苹果的增长是否会加速。然而，支付 34 倍的收益让投资者没有安全边际。</p>
<p>还值得一提的是，投资者不应指望单一股票能让他们终身受益。将所有的鸡蛋放在一个篮子里并不是正确的想法。相反，最好建立一个多元化的高质量股票投资组合，以便在长期内创造财富。</p>

苹果

<p>苹果的股票在过去 20 年中上涨了 14,460%，使其成为一个强劲的投资选择。该公司拥有强大的品牌、高客户满意度和稳健的财务状况，净利润率为 24.3%。然而，其股票目前比峰值下跌了 17%，以 34 的市盈率交易，这与其历史平均市盈率 23 相比偏高。最近的收入增长停滞，引发了对未来表现的担忧。建议投资者分散投资组合，而不是仅依赖苹果来实现长期财富</p>

<p>Every investor has heard of <strong>Apple</strong>(AAPL 1.15%). The consumer tech juggernaut has worked out to be a fantastic investment. Its share price has catapulted a jaw-dropping 14,460% in the past 20 years (as of March 17). Investors who bet on the business early have certainly generated monster wealth.</p>
<div class="lb-trans"><p>每位投资者都听说过 <strong>苹果</strong>（AAPL 1.15%）。这家消费科技巨头已经成为一项绝佳的投资。其股价在过去 20 年中飙升了惊人的 14,460%（截至 3 月 17 日）。早期押注于该业务的投资者无疑创造了巨额财富。</p>
</div><p>Despite the impressive historical performance, the market cares about what the future might hold. Could buying Apple, the world's most valuable company with a market cap of $3.2 trillion, set you up for life? Here's what investors should know.</p>
<div class="lb-trans"><p>尽管历史表现令人印象深刻，但市场更关心未来可能发生的事情。购买苹果这家市值 3.2 万亿美元的全球最有价值公司，是否能让你终身受益？以下是投资者应该了解的内容。</p>
</div><h2>What makes Apple a great company</h2>
<div class="lb-trans"><h2>苹果为何是一家伟大的公司</h2>
</div><p>In my opinion, Apple should at least be on your investing watch list. That's because this is a high-quality enterprise.</p>
<div class="lb-trans"><p>在我看来，苹果至少应该在你的投资观察名单上。这是因为这是一家高质量的企业。</p>
</div><p>For starters, Apple has a stellar track record of delighting its customers. Its hardware products, most notably the iPhone, are incredibly popular thanks to a combination of beautiful physical design and easy-to-use software. Apple is arguably the best in the world in this regard.</p>
<div class="lb-trans"><p>首先，苹果在让客户满意方面有着卓越的记录。其硬件产品，尤其是 iPhone，由于其美丽的外观设计和易于使用的软件而备受欢迎。在这方面，苹果可以说是全球最优秀的。</p>
</div><p>This has helped develop the company's brand, which is perhaps its biggest strength. The Apple logo and moniker resonate well with consumers across the globe, maybe more so than any other business. This has supported premium pricing over the years.</p>
<div class="lb-trans"><p>这帮助塑造了公司的品牌，这或许是其最大的优势。苹果的标志和名称在全球消费者中产生了良好的共鸣，可能比任何其他企业都更为显著。这支持了多年来的高价策略。</p>
</div><p>Integrated hardware and software make up Apple's ecosystem. Because everything works so well together, consumers are disincentivized to leave to competing products and platforms. The ecosystem makes Apple's devices and services sticky among consumers, something other companies can only dream about.</p>
<div class="lb-trans"><p>集成的硬件和软件构成了苹果的生态系统。由于一切都能很好地协同工作，消费者不愿意转向竞争产品和平台。这个生态系统使得苹果的设备和服务在消费者中具有粘性，这是其他公司只能梦想的。</p>
</div><p>Another clear reason that points to Apple's superior business is just how financially sound the enterprise is. Apple's net profit margin has averaged a tremendous 24.3% in the past five years. It raked in $229 billion in operating cash flow in total in fiscal 2023 and 2024. And it currently has a net cash position of $45 billion. This all supports management's plan of returning massive amounts of capital back to shareholders via dividends and buybacks.</p>
<div class="lb-trans"><p>另一个明显表明苹果业务优越的原因是这家企业的财务状况非常稳健。苹果在过去五年的净利润率平均达到了惊人的 24.3%。在 2023 和 2024 财年，其经营现金流总计达到 2290 亿美元。目前，它的净现金头寸为 450 亿美元。这一切都支持管理层通过分红和回购向股东返还大量资本的计划。</p>
</div><h2>Set the right expectations</h2>
<div class="lb-trans"><h2>设定正确的预期</h2>
</div><p>The market has taken a hit in recent weeks, and Apple hasn't been immune from this volatility. Its shares are down 17% from their peak, which was established in December last year. You might think the valuation is now at a compelling level, but I don't believe this is the case.</p>
<div class="lb-trans"><p>市场在最近几周遭受了打击，苹果也未能幸免于这种波动。其股价较去年 12 月创下的峰值下跌了 17%。你可能认为现在的估值处于一个吸引人的水平，但我并不认为情况如此。</p>
</div><p>As of this writing, the stock trades at a price-to-earnings (P/E) ratio of 34. While this is lower than it was about three months ago, it's undoubtedly still a very hefty price tag for prospective investors to pay. In the past 10 years, Apple's P/E multiple has averaged just under 23.</p>
<div class="lb-trans"><p>截至目前，该股票的市盈率（P/E）为 34。虽然这比大约三个月前有所下降，但对于潜在投资者来说，这无疑仍然是一个非常高的价格。在过去 10 年中，苹果的市盈率平均略低于 23。</p>
</div><p>It would be completely fine for investors to pay that type of elevated multiple if Apple were registering strong growth. However, this isn't what's been happening. On a trailing-12-month basis, Apple's revenue is barely higher than it was exactly nine fiscal quarters ago. This is not a trend investors want to see.</p>
<div class="lb-trans"><p>如果苹果正在实现强劲增长，投资者支付这种高倍数是完全可以接受的。然而，事实并非如此。在过去 12 个月的基础上，苹果的收入几乎没有比九个财季前高出多少。这不是投资者希望看到的趋势。</p>
</div><p>The company hasn't been able to drive healthy top-line growth recently. That's probably partly because consumers aren't upgrading to the newest iPhone models, a product that represented 55% of overall revenue in Q1 2025 (ended Dec. 28, 2024), as frequently as they did in the past. This is looking to be the case even with the introduction of Apple Intelligence.</p>
<div class="lb-trans"><p>该公司最近未能推动健康的收入增长。这可能部分是因为消费者不再像过去那样频繁升级到最新的 iPhone 型号，而这一产品在 2025 年第一季度（截至 2024 年 12 月 28 日）占整体收入的 55%。即使在推出苹果智能助手后，情况似乎也没有改变。</p>
</div><p>Looking ahead, it's difficult to say if Apple's growth will get supercharged. Paying 34 times earnings, though, leaves investors with no margin of safety.</p>
<div class="lb-trans"><p>展望未来，很难说苹果的增长是否会加速。然而，支付 34 倍的收益让投资者没有安全边际。</p>
</div><p>It's also worth mentioning that investors shouldn't hope that a single stock could set them up for life. Putting all your eggs in one basket is not the right idea. Instead, it's best to build a diversified portfolio of high-quality stocks that can generate wealth over the long haul.</p>
<div class="lb-trans"><p>还值得一提的是，投资者不应指望单一股票能让他们终身受益。将所有的鸡蛋放在一个篮子里并不是正确的想法。相反，最好建立一个多元化的高质量股票投资组合，以便在长期内创造财富。</p>
</div>

Could Buying Apple Today Set You Up for Life?

- 苹果公司过去 20 年股价上涨 14,460%，市值达 3.2 万亿美元。  
- 尽管财务稳健，当前市盈率为 34，投资者需谨慎。  
- 建议投资者构建多元化投资组合，而非集中投资单一股票。  

今天购买苹果股票能让你一生无忧吗？