<p>股市在最近几周遭受了打击。即使是一些主导企业的股价也大幅下跌。</p>
<p>从 2 月份的历史高点来看，<strong>开市客</strong>(COST 1.85%) 的股价已下跌超过 16%（截至 3 月 18 日）。<strong>亚马逊</strong>(AMZN 3.58%) 的股价也有所回落，与上个月的峰值相比下跌了 20%。投资者应该更仔细地关注这两个名字。</p>
<p>现在买开市客还是亚马逊的股票更好？</p>
<h2>为什么你应该购买开市客</h2>
<p>开市客是一家大型零售商，在其 2025 财年第二季度（截至 2 月 16 日）实现了 625 亿美元的净销售额。由于其仓库通常只存放 4000 种库存单位，远少于典型超市的数万种，因此它能够利用与供应商的强大关系获得有利的商品定价。这为顾客带来了更低的价格。</p>
<p>开市客提供优质商品的超值交易，让顾客满意。而且还有一种寻宝的氛围，鼓励顾客重复光顾。</p>
<p>但该业务真正突出的地方在于它采用会员制模式，要求消费者支付年费以获得在仓库购物的权利。这创造了高利润和可重复的收入来源，并推动了顾客的忠诚度。</p>
<p>其会员基础在第二季度同比增长了 6.8%，达到了 7840 万，会员收入增长了 7.4%。</p>
<p>公司的利润多年来稳步增长。稀释后每股收益（EPS）从 2015 年第二季度的 1.35 美元增长到最新财季的 4.02 美元。能够持续实现同店销售增长是一个重要因素。</p>
<p>管理层利用超额利润支付股息，目前的股息收益率为 0.52%。这听起来不算多，但它以往支付过可观的一次性股息，最近一次是在 2024 年 1 月每股 15 美元。</p>
<h2>为什么你应该购买亚马逊</h2>
<p>尽管规模庞大，2024 年销售额达到 6380 亿美元，亚马逊仍然受益于多种推动其增长的长期趋势。在电子商务领域，它是领导者，为消费者提供快速和免费的运输服务。在线购物在美国整体零售销售中占 84%，未来几年该公司在这一领域无疑还有更多增长空间。</p>
<p>云计算是另一个利好因素。亚马逊网络服务（AWS）长期以来在该领域占据市场份额的领先地位。对于公司而言，这仍然是一个增长和利润的驱动力，第四季度的收入增长为 19%，营业利润率为 36.9%。</p>
<p>AWS 还使亚马逊成为人工智能（AI）热潮中的关键参与者。公司已经显示出对使用外部 IT 服务的兴趣。但最近，AWS 开发了一系列与 AI 相关的工具，以支持客户在该领域的各种需求。</p>
<p>该公司并不一定以盈利能力强而闻名。然而，这种情况似乎正在好转。首席执行官安迪·贾西在 2022 年开始了成本削减和效率提升的努力，结果显而易见：亚马逊在 2024 年能够实现 86% 的营业收入增长，增速快于收入增长。这是公司财务状况更强的迹象。</p>
<h2>估值是关键</h2>
<p>购买亚马逊的理由无疑是令人信服的。事实上，我认为投资者应该选择这家科技巨头，而不是仓库俱乐部零售商。最明显的原因归结为估值。</p>
<p>如果投资者现在想购买开市客的股票，他们必须愿意支付 53 的市盈率（P/E）。自公司四十年前首次公开募股以来，股票价格很少如此昂贵。</p>
<p>另一方面，亚马逊的股票以 35 的市盈率交易。这似乎是一个更好的交易，特别是考虑到该公司的每股收益预计在未来三年将以比开市客更快的速度增长。</p>

亚马逊

开市客

<p>最近股市下跌，影响了像开市客和亚马逊这样的主要公司。开市客的股票从峰值下跌超过 16%，而亚马逊则下跌了 20%。开市客的会员模式推动了客户忠诚度和利润，会员数量增长了 6.8%。相比之下，亚马逊凭借 6380 亿美元的销售额，受益于电子商务和云计算的增长，显示出盈利能力的改善。虽然开市客的市盈率高达 53，但亚马逊的市盈率更为合理，为 35，使其成为面向增长型投资者更具吸引力的投资选择</p>

<p>The stock market has taken a hit in recent weeks. Even share prices of some dominant businesses have fallen significantly.</p>
<div class="lb-trans"><p>股市在最近几周遭受了打击。即使是一些主导企业的股价也大幅下跌。</p>
</div><p>From its all-time high in February, <strong>Costco Wholesale</strong>(COST 1.85%) is down more than 16% (as of March 18). <strong>Amazon</strong>(AMZN 3.58%) has also taken a breather, with its shares off 20% from their peak last month. Investors should take a closer look at these two names.</p>
<div class="lb-trans"><p>从 2 月份的历史高点来看，<strong>开市客</strong>(COST 1.85%) 的股价已下跌超过 16%（截至 3 月 18 日）。<strong>亚马逊</strong>(AMZN 3.58%) 的股价也有所回落，与上个月的峰值相比下跌了 20%。投资者应该更仔细地关注这两个名字。</p>
</div><p>Is Costco or Amazon the better stock to buy right now?</p>
<div class="lb-trans"><p>现在买开市客还是亚马逊的股票更好？</p>
</div><h2>Why you should buy Costco</h2>
<div class="lb-trans"><h2>为什么你应该购买开市客</h2>
</div><p>Costco is a huge retailer that generated $62.5 billion in net sales in its fiscal 2025 second quarter (ended Feb. 16). Since its warehouses usually carry just 4,000 stock-keeping units, much fewer than the tens of thousands at typical supermarkets, it can leverage its powerful position with suppliers to get favorable pricing on merchandise. This leads to lower prices for customers.</p>
<div class="lb-trans"><p>开市客是一家大型零售商，在其 2025 财年第二季度（截至 2 月 16 日）实现了 625 亿美元的净销售额。由于其仓库通常只存放 4000 种库存单位，远少于典型超市的数万种，因此它能够利用与供应商的强大关系获得有利的商品定价。这为顾客带来了更低的价格。</p>
</div><p>Costco offers great deals on quality goods that keep customers happy. And there is even a treasure-hunt atmosphere that encourages repeat visits.</p>
<div class="lb-trans"><p>开市客提供优质商品的超值交易，让顾客满意。而且还有一种寻宝的氛围，鼓励顾客重复光顾。</p>
</div><p>But the business really stands out because it operates on a membership model, requiring consumers to pay annual fees for the right to shop at a warehouse. This creates a high-margin and recurring revenue source, and it drives customer loyalty.</p>
<div class="lb-trans"><p>但该业务真正突出的地方在于它采用会员制模式，要求消费者支付年费以获得在仓库购物的权利。这创造了高利润和可重复的收入来源，并推动了顾客的忠诚度。</p>
</div><p>Its membership base increased by 6.8% year over year to 78.4 million in the second quarter, and membership income was up 7.4%.</p>
<div class="lb-trans"><p>其会员基础在第二季度同比增长了 6.8%，达到了 7840 万，会员收入增长了 7.4%。</p>
</div><p>The company's profits have grown steadily over the years. Diluted earnings per share (EPS) went from $1.35 in the 2015 second quarter to $4.02 in the latest fiscal quarter. Being able to consistently post same-store sales growth helps.</p>
<div class="lb-trans"><p>公司的利润多年来稳步增长。稀释后每股收益（EPS）从 2015 年第二季度的 1.35 美元增长到最新财季的 4.02 美元。能够持续实现同店销售增长是一个重要因素。</p>
</div><p>Management uses excess profits to pay a dividend that currently yields 0.52%. That doesn't sound like much, but it is known to pay sizable one-time dividends, the most recent being $15 per share in January 2024.</p>
<div class="lb-trans"><p>管理层利用超额利润支付股息，目前的股息收益率为 0.52%。这听起来不算多，但它以往支付过可观的一次性股息，最近一次是在 2024 年 1 月每股 15 美元。</p>
</div><h2>Why you should buy Amazon</h2>
<div class="lb-trans"><h2>为什么你应该购买亚马逊</h2>
</div><p>Despite its massive size, with $638 billion in 2024 sales, Amazon continues to benefit from multiple secular trends propelling its growth. It's the leader when it comes to e-commerce, providing consumers with fast and free shipping on so many items. With online shopping representing 84% of overall retail sales in the U.S., the company certainly has more growth in this area in the years to come.</p>
<div class="lb-trans"><p>尽管规模庞大，2024 年销售额达到 6380 亿美元，亚马逊仍然受益于多种推动其增长的长期趋势。在电子商务领域，它是领导者，为消费者提供快速和免费的运输服务。在线购物在美国整体零售销售中占 84%，未来几年该公司在这一领域无疑还有更多增长空间。</p>
</div><p>Cloud computing is another tailwind. Amazon Web Services (AWS) has long been the market-share leader in that category. And for the company, it remains a growth and profit driver, with a revenue gain of 19% and an operating margin of 36.9% in the fourth quarter.</p>
<div class="lb-trans"><p>云计算是另一个利好因素。亚马逊网络服务（AWS）长期以来在该领域占据市场份额的领先地位。对于公司而言，这仍然是一个增长和利润的驱动力，第四季度的收入增长为 19%，营业利润率为 36.9%。</p>
</div><p>AWS also makes Amazon a key player in the artificial intelligence (AI) boom. Companies have already shown interest in using off-premises IT services. But recently, AWS has developed a wide range of AI-related tools to support its clients' various needs in the space.</p>
<div class="lb-trans"><p>AWS 还使亚马逊成为人工智能（AI）热潮中的关键参与者。公司已经显示出对使用外部 IT 服务的兴趣。但最近，AWS 开发了一系列与 AI 相关的工具，以支持客户在该领域的各种需求。</p>
</div><p>The company hasn't necessarily been known for being very profitable. However, this appears to be changing for the better. CEO Andy Jassy started cost-cutting and efficiency efforts in 2022, and the results are clear: Amazon was able to grow operating income by a stellar 86% in 2024, which was a faster pace than revenue growth. This is a sign of a financially stronger business.</p>
<div class="lb-trans"><p>该公司并不一定以盈利能力强而闻名。然而，这种情况似乎正在好转。首席执行官安迪·贾西在 2022 年开始了成本削减和效率提升的努力，结果显而易见：亚马逊在 2024 年能够实现 86% 的营业收入增长，增速快于收入增长。这是公司财务状况更强的迹象。</p>
</div><h2>Valuation is key</h2>
<div class="lb-trans"><h2>估值是关键</h2>
</div><p>The case to buy Amazon is certainly compelling. In fact, I believe investors should pick the tech giant over the warehouse club retailer. The most obvious reason comes down to valuation.</p>
<div class="lb-trans"><p>购买亚马逊的理由无疑是令人信服的。事实上，我认为投资者应该选择这家科技巨头，而不是仓库俱乐部零售商。最明显的原因归结为估值。</p>
</div><p>If investors want to buy Costco stock right now, they must be comfortable paying a price-to-earnings ratio (P/E) of 53. Since the company's initial public offering four decades ago, shares have rarely been more expensive.</p>
<div class="lb-trans"><p>如果投资者现在想购买开市客的股票，他们必须愿意支付 53 的市盈率（P/E）。自公司四十年前首次公开募股以来，股票价格很少如此昂贵。</p>
</div><p>On the other hand, Amazon stock trades at a more reasonable P/E of 35. That seems like a better deal, especially when you consider that the company's EPS is slated to grow at a much faster rate than Costco's over the next three years.</p>
<div class="lb-trans"><p>另一方面，亚马逊的股票以 35 的市盈率交易。这似乎是一个更好的交易，特别是考虑到该公司的每股收益预计在未来三年将以比开市客更快的速度增长。</p>
</div>

Best Stock to Buy Right Now: Costco vs. Amazon

- 股票市场近期遭遇下跌，Costco 和 Amazon 股价均显著下滑。  
- Costco 第二季度净销售额为 625 亿美元，会员收入增长 7.4%。  
- Amazon 2024 年销售额达 6380 亿美元，云计算和 AI 业务推动增长。

目前最值得购买的股票：Costco Wholesale vs. Amazon