<p>在唐纳德·特朗普总统宣布关税后，股市出现了急剧下跌。截至目前，<strong>标准普尔 500 指数</strong> 已稳稳进入调整区间，而 <strong>纳斯达克综合指数</strong> 距离正式进入熊市仅有几个百分点。</p>
<p>可以肯定的是，股票下跌在大多数情况下是有充分理由的。但有一些股票在长期内应该会表现良好，尽管短期内存在不确定性。以下是我目前关注的两只股票。</p>
<h2>一只折扣价的 “七大奇迹” 股票</h2>
<p>总体而言，2025 年大型科技股表现不佳，<strong>亚马逊</strong>(AMZN -3.74%) 也不例外。截至目前，该股票在过去两个月内下跌了近 30%。简而言之，亚马逊的市场销售大量进口商品，通常对美国消费者的购买力非常敏感。</p>
<p>公平地说，如果经济衰退到来，或者这些关税以目前的形式持续存在，业务肯定会受到影响。但从长期来看，这家公司有很多值得看好的地方。首先，它继续以令人印象深刻的速度增长，在假日季度超出收入预期，即使在消费者支出已经困难的环境中，仍实现了 10% 的同比增长。亚马逊网络服务（AWS）尤其令人印象深刻，增长了 19%，并且是公司中最具盈利性的部分。</p>
<p>谈到盈利能力，首席执行官安迪·贾西在提高效率方面做得非常出色。事实上，尽管第四季度收入同比增长了 10%，但亚马逊的营业收入却惊人地增长了 61%。</p>
<p>总体而言，电子商务还有很大的增长空间，因为它仅占美国零售销售的 15% 以上。而在 AWS 方面，全球云计算市场预计到 2032 年将比 2024 年水平大约增长四倍。现在，股票的市盈率处于历史最低水平，可能是仔细审视的好时机。</p>
<h2>银行股票可能是一个惊人的价值</h2>
<p>银行股票受到的关税影响比整体市场更大，起初可能看起来关税与它们关系不大。毕竟，美国的大型银行——尤其是以消费者为中心的 <strong>富国银行</strong>(WFC -7.91%)——大部分业务都是在国内进行的，当然不销售任何进口商品。</p>
<p>然而，请记住，银行作为美国经济的一个普遍代理，根据大多数著名经济学家的说法，近期衰退的可能性大幅增加。此外，关税可能在消费者已经感到压力的情况下导致显著的通货膨胀。</p>
<p>关税可能导致消费者贷款需求急剧下降，并可能导致借款人无法支付账单。这肯定会在短期内影响富国银行的利润率。然而，该银行资本充足，处于强劲的地位，可以度过艰难时期，如果所有这些动荡导致美联储加速降息，可能会在中期内提升净利差。</p>
<p>可以肯定的是，银行股票在动荡的市场时期可能会相当波动。但考虑到股票从 2025 年的高点下跌了 25%，且估值仅为未来收益预期的 10.5 倍，富国银行可能值得耐心投资者的进一步关注。</p>
<p>如前所述，这两只股票在短期内可能会波动，如果经济意外恶化，或贸易战加剧，完全有可能两者都进一步下跌。但从长期来看，两者的估值都很有吸引力，如果你以年为单位来衡量回报，现在可能是一个好的买入时机。</p>

富国银行

亚马逊

<p>股市因特朗普总统的关税公告而出现下滑，标准普尔 500 指数已进入调整区间。尽管如此，长期投资者可能会在亚马逊和富国银行等股票中找到便宜货。亚马逊的股票最近下跌了近 30%，但其增长势头依然强劲，尤其是在 AWS 业务方面。富国银行虽然受到关税的影响，但资本充足，可能会从潜在的美联储降息中受益。这两只股票在短期内可能会波动，但对于长期投资者来说，估值具有吸引力</p>

<p>The stock market has taken a steep downturn after President Donald Trump's tariff announcements. As of this writing, the <strong>S&amp;P 500</strong> is firmly in correction territory, and the <strong>Nasdaq Composite</strong> is just a couple percentage points away from officially being in a bear market.</p>
<div class="lb-trans"><p>在唐纳德·特朗普总统宣布关税后，股市出现了急剧下跌。截至目前，<strong>标准普尔 500 指数</strong> 已稳稳进入调整区间，而 <strong>纳斯达克综合指数</strong> 距离正式进入熊市仅有几个百分点。</p>
</div><p>To be sure, stocks are down for good reasons in most cases. But there are some that should be just fine in the long run, despite the near-term uncertainty. Here are two that are toward the top of my watch list right now.</p>
<div class="lb-trans"><p>可以肯定的是，股票下跌在大多数情况下是有充分理由的。但有一些股票在长期内应该会表现良好，尽管短期内存在不确定性。以下是我目前关注的两只股票。</p>
</div><h2>A top &#34;Magnificent Seven&#34; stock at a discount</h2>
<div class="lb-trans"><h2>一只折扣价的 “七大奇迹” 股票</h2>
</div><p>In general, the megacap tech stocks have not performed well in 2025, and <strong>Amazon</strong>(AMZN -3.74%) is no exception. As of this writing, the stock has fallen by nearly 30% over the past two months. In a nutshell, Amazon's marketplace sells a lot of imported goods, and it is generally sensitive to the strength of the U.S. consumer.</p>
<div class="lb-trans"><p>总体而言，2025 年大型科技股表现不佳，<strong>亚马逊</strong>(AMZN -3.74%) 也不例外。截至目前，该股票在过去两个月内下跌了近 30%。简而言之，亚马逊的市场销售大量进口商品，通常对美国消费者的购买力非常敏感。</p>
</div><p>To be fair, the business could certainly take a hit if a recession arrives, or if these tariffs linger in their current form. But from a long-term perspective, there's a lot to like about the company. For one thing, it continues to grow impressively, beating revenue expectations in the holiday quarter and posting 10% year-over-year growth even in an already difficult environment for consumer spending. Amazon Web Services (AWS) is particularly impressive, growing by 19%, and is by far the more profitable side of the business.</p>
<div class="lb-trans"><p>公平地说，如果经济衰退到来，或者这些关税以目前的形式持续存在，业务肯定会受到影响。但从长期来看，这家公司有很多值得看好的地方。首先，它继续以令人印象深刻的速度增长，在假日季度超出收入预期，即使在消费者支出已经困难的环境中，仍实现了 10% 的同比增长。亚马逊网络服务（AWS）尤其令人印象深刻，增长了 19%，并且是公司中最具盈利性的部分。</p>
</div><p>Speaking of profitability, CEO Andy Jassy has done a fantastic job of improving efficiency. In fact, while revenue grew 10% year over year in the fourth quarter, Amazon's operating income increased by a staggering 61%.</p>
<div class="lb-trans"><p>谈到盈利能力，首席执行官安迪·贾西在提高效率方面做得非常出色。事实上，尽管第四季度收入同比增长了 10%，但亚马逊的营业收入却惊人地增长了 61%。</p>
</div><p>E-commerce in general could have a long way to grow, as it makes up just over 15% of all U.S. retail sales. And on the AWS side, the global cloud computing market is expected to roughly quadruple by 2032, compared to 2024 levels. With shares trading for their lowest P/E ratio <em>ever</em>, now could be a smart time to take a closer look.</p>
<div class="lb-trans"><p>总体而言，电子商务还有很大的增长空间，因为它仅占美国零售销售的 15% 以上。而在 AWS 方面，全球云计算市场预计到 2032 年将比 2024 年水平大约增长四倍。现在，股票的市盈率处于历史最低水平，可能是仔细审视的好时机。</p>
</div><h2>Bank stocks could be an amazing value</h2>
<div class="lb-trans"><h2>银行股票可能是一个惊人的价值</h2>
</div><p>Bank stocks have been hit harder by tariffs than the overall market, and at first, it might seem like tariffs don't have much to do with them. After all, the big U.S. banks -- especially consumer-focused <strong>Wells Fargo</strong>(WFC -7.91%) -- conduct most of their business domestically and certainly don't sell any imported goods.</p>
<div class="lb-trans"><p>银行股票受到的关税影响比整体市场更大，起初可能看起来关税与它们关系不大。毕竟，美国的大型银行——尤其是以消费者为中心的 <strong>富国银行</strong>(WFC -7.91%)——大部分业务都是在国内进行的，当然不销售任何进口商品。</p>
</div><p>However, keep in mind that banks serve as a general proxy for the U.S. economy, and according to most notable economists, the probability of a recession has increased dramatically in recent weeks. Plus, tariffs could cause significant inflation at a time when consumers already feel squeezed.</p>
<div class="lb-trans"><p>然而，请记住，银行作为美国经济的一个普遍代理，根据大多数著名经济学家的说法，近期衰退的可能性大幅增加。此外，关税可能在消费者已经感到压力的情况下导致显著的通货膨胀。</p>
</div><p>Tariffs could lead to a sharp slowdown in consumer loan demand and could lead to borrowers not being able to pay their bills. This could certainly impact Wells Fargo's margins in the near term. However, the bank is very well capitalized and in a strong position to make it through the tough times, and if all of this turbulence results in a faster pace of Federal Reserve rate cuts, it could end up boosting net interest margins over the intermediate term.</p>
<div class="lb-trans"><p>关税可能导致消费者贷款需求急剧下降，并可能导致借款人无法支付账单。这肯定会在短期内影响富国银行的利润率。然而，该银行资本充足，处于强劲的地位，可以度过艰难时期，如果所有这些动荡导致美联储加速降息，可能会在中期内提升净利差。</p>
</div><p>To be sure, bank stocks could be rather volatile in the turbulent market times. But with shares down 25% from the 2025 peak and at a valuation of just 10.5 times forward earnings estimates, Wells Fargo could be worth a closer look for patient investors.</p>
<div class="lb-trans"><p>可以肯定的是，银行股票在动荡的市场时期可能会相当波动。但考虑到股票从 2025 年的高点下跌了 25%，且估值仅为未来收益预期的 10.5 倍，富国银行可能值得耐心投资者的进一步关注。</p>
</div><p>As mentioned, both stocks could be volatile in the short term, and if the economy takes an unexpected turn for the worse, or the trade war intensifies, it's entirely possible both could fall further. But from a long-term perspective, both look attractively valued and now could be a good time to buy if you measure your returns in years.</p>
<div class="lb-trans"><p>如前所述，这两只股票在短期内可能会波动，如果经济意外恶化，或贸易战加剧，完全有可能两者都进一步下跌。但从长期来看，两者的估值都很有吸引力，如果你以年为单位来衡量回报，现在可能是一个好的买入时机。</p>
</div>

Tariffs Are Crushing These 2 Stocks. But Long-Term Investors Are Getting an Incredible Bargain.

- 股市因特朗普的关税公告大幅下跌，S&P 500 已进入修正区间。  
- 亚马逊和富国银行在短期内可能波动，但长期前景看好。  
- 亚马逊的营收增长强劲，富国银行估值吸引，适合耐心投资者。

关税正在压垮这两只股票，但长期投资者却在获得难以置信的便宜货