<p>2025 年到目前为止对 <strong>亚马逊</strong>(AMZN 3.31%) 来说是一个糟糕的年份。由于主要市场指数下跌，这家电子商务和云服务巨头的股价年初至今已下跌超过 20%。根据 <strong>富国银行</strong> 分析师的说法，亚马逊甚至暂停了某些新数据中心租赁的推进。不到一个月前，首席执行官安迪·贾西表示，他并不认为公司会放慢建设新数据中心的计划。</p>
<p>与此同时，<strong>开市客</strong>(COST -0.02%) 几乎没有受到股市动荡的影响。折扣仓储商的股价年初至今上涨了约 7%，几乎与 2024 年前四个月的股价涨幅相当。</p>
<p>简而言之，开市客今年开局良好，而亚马逊则陷入困境。但现在购买亚马逊的股票是否比购买开市客的股票更好呢？答案可能会让你感到惊讶。</p>
<h2>开市客的明显优势</h2>
<p>开市客在 2025 年表现优于亚马逊的原因很简单。它的业务受到经济逆风的影响较小。特朗普政府的关税让许多投资者担心更高的通货膨胀和经济放缓。</p>
<p>当然，开市客并非对关税的影响免疫。首席执行官罗恩·瓦克里斯在 2025 财年第二季度的财报电话会议上指出，开市客在美国的销售中大约三分之一是来自其他国家的进口产品。然而，他补充说，这些产品中不到一半是从中国、加拿大和墨西哥进口的，这些国家的关税是特朗普政府征收的最高的。</p>
<p>瓦克里斯表示，开市客已准备好 “尽量减少” 任何与关税相关的成本增加对会员的影响。他还强调：“在不确定的时期，我们的会员历史上对高质量商品的价值更加重视。”</p>
<p>投资者认识到开市客在经济衰退期间表现出的韧性。因此，该股票在高市场波动和经济不确定性时期被广泛视为避风港。</p>
<h2>亚马逊超越开市客的地方</h2>
<p>虽然开市客在经济下滑期间可能会优于亚马逊，但亚马逊在一个对长期投资者更重要的领域超越了开市客。我指的是增长。</p>
<p>亚马逊最近一个季度的销售额同比增长了 10%，而开市客的销售额增长了 9.1%。这看起来似乎两家公司在增长方面几乎相当，但事情并非如此简单。</p>
<p>首先，亚马逊第一季度的收益同比几乎翻了一番，达到了 200 亿美元。开市客的净收入仅增加了微不足道的 2.6%。华尔街预测，亚马逊的收益明年将飙升 19.6%。分析师预计开市客的收益将增长约 10.7%。</p>
<p>亚马逊能否在长期内比开市客更好地增长其底线？我认为可以。首先，亚马逊有更多的杠杆可以继续提高其盈利能力，而开市客则相对较少。更重要的是，亚马逊拥有比开市客更多的选择性或增长路径。</p>
<p>人工智能（AI）对亚马逊的推动作用应该远大于对开市客的影响。亚马逊已经扩展到医疗保健领域。它拥有 Zoox，一家自动驾驶汽车公司，如果机器人出租车市场蓬勃发展，该公司将具有巨大的增长潜力。亚马逊计划很快推出其 Project Kuiper 卫星，提供全球高速互联网。</p>
<h2>也许令人惊讶的关键因素</h2>
<p>我认为亚马逊的增长前景超过了开市客的避风港吸引力。如果你是一个关注长期的投资者，我怀疑你会同意这一点。</p>
<p>然而，有一个关键因素可能会让人感到惊讶，为什么现在购买亚马逊的股票更好。历史上，亚马逊的股票几乎可以忽略传统的估值指标。它看起来极其昂贵，但仍然不断上涨。然而，现在与开市客相比，亚马逊看起来便宜。</p>
<p>亚马逊的前瞻市盈率为 26.2。这看起来可能很高，直到你看到开市客的前瞻市盈率为 54.4。我认为亚马逊的增长前景证明了其更高的市盈率是合理的，但开市客的则不然。</p>
<p>开市客可能会在一段时间内继续提供比亚马逊更强的收益。但我认为（无论是比喻上还是字面上）亚马逊将在未来十年及更长时间内成为更大的赢家。</p>

开市客

亚马逊

<p>亚马逊的股票在 2025 年下跌超过 20%，而好市多的股票上涨了 7%。好市多在经济衰退期间的韧性使其成为一个安全的投资选择，但亚马逊显示出更强的增长潜力，销售额增长 10%，预计明年的盈利增长为 19.6%。尽管亚马逊的估值较高（市盈率为 26.2，而好市多为 54.4），但其在人工智能和医疗保健等多元化增长途径表明，长期来看它可能会超越好市多。专注于长期增长的投资者可能会发现，尽管当前市场条件不佳，亚马逊仍然是一个更好的投资选择</p>

<p>2025 is turning out to be an ugly year so far for <strong>Amazon</strong>(AMZN 3.31%). Shares of the e-commerce and cloud services giant have fallen more than 20% year to date as the major market indexes sank. Amazon has even paused moving forward with some new data center leases, according to <strong>Wells Fargo</strong> analysts. Less than a month ago, CEO Andy Jassy said that he didn't envision the company slowing its plans to build new data centers.</p>
<div class="lb-trans"><p>2025 年到目前为止对 <strong>亚马逊</strong>(AMZN 3.31%) 来说是一个糟糕的年份。由于主要市场指数下跌，这家电子商务和云服务巨头的股价年初至今已下跌超过 20%。根据 <strong>富国银行</strong> 分析师的说法，亚马逊甚至暂停了某些新数据中心租赁的推进。不到一个月前，首席执行官安迪·贾西表示，他并不认为公司会放慢建设新数据中心的计划。</p>
</div><p>Meanwhile, <strong>Costco Wholesale</strong>(COST -0.02%) hasn't been impacted much at all by the stock market turbulence. Shares of the discount warehouse store operator are up around 7% year to date, nearly as large of a gain as the stock delivered during the first four months of 2024.</p>
<div class="lb-trans"><p>与此同时，<strong>开市客</strong>(COST -0.02%) 几乎没有受到股市动荡的影响。折扣仓储商的股价年初至今上涨了约 7%，几乎与 2024 年前四个月的股价涨幅相当。</p>
</div><p>In short, Costco is off to a solid start this year while Amazon is floundering. But is Amazon a better stock to buy right now than Costco? The answer might surprise you.</p>
<div class="lb-trans"><p>简而言之，开市客今年开局良好，而亚马逊则陷入困境。但现在购买亚马逊的股票是否比购买开市客的股票更好呢？答案可能会让你感到惊讶。</p>
</div><h2>Where Costco has a clear advantage</h2>
<div class="lb-trans"><h2>开市客的明显优势</h2>
</div><p>There's a simple reason why Costco is outperforming Amazon in 2025. Its business is less impacted by economic headwinds. The Trump administration's tariffs have caused many investors to worry about higher inflation and a slowing economy.</p>
<div class="lb-trans"><p>开市客在 2025 年表现优于亚马逊的原因很简单。它的业务受到经济逆风的影响较小。特朗普政府的关税让许多投资者担心更高的通货膨胀和经济放缓。</p>
</div><p>Granted, Costco isn't immune to the impact of tariffs. CEO Ron Vachris noted in the company's fiscal 2025 second-quarter earnings call in March 2025 that roughly one-third of Costco's sales in the U.S. are for products imported from other countries. However, he added that less than half of those products are imported from China, Canada, and Mexico, which have the highest tariffs levied by the Trump administration.</p>
<div class="lb-trans"><p>当然，开市客并非对关税的影响免疫。首席执行官罗恩·瓦克里斯在 2025 财年第二季度的财报电话会议上指出，开市客在美国的销售中大约三分之一是来自其他国家的进口产品。然而，他补充说，这些产品中不到一半是从中国、加拿大和墨西哥进口的，这些国家的关税是特朗普政府征收的最高的。</p>
</div><p>Vachris said that Costco is prepared to &#34;minimize the impact&#34; of any tariff-related cost increases on its members. He also emphasized, &#34;In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices.&#34;</p>
<div class="lb-trans"><p>瓦克里斯表示，开市客已准备好 “尽量减少” 任何与关税相关的成本增加对会员的影响。他还强调：“在不确定的时期，我们的会员历史上对高质量商品的价值更加重视。”</p>
</div><p>Investors recognize the resilience Costco has demonstrated in the past during economic downturns. As a result, the stock is widely viewed as a safe haven during periods of high market volatility and economic uncertainty.</p>
<div class="lb-trans"><p>投资者认识到开市客在经济衰退期间表现出的韧性。因此，该股票在高市场波动和经济不确定性时期被广泛视为避风港。</p>
</div><h2>Where Amazon beats Costco</h2>
<div class="lb-trans"><h2>亚马逊超越开市客的地方</h2>
</div><p>While Costco is likely to outperform Amazon during economic declines, Amazon beats Costco in an area that matters more to long-term investors. I'm referring to growth.</p>
<div class="lb-trans"><p>虽然开市客在经济下滑期间可能会优于亚马逊，但亚马逊在一个对长期投资者更重要的领域超越了开市客。我指的是增长。</p>
</div><p>Amazon's sales jumped 10% year over year in its most recent quarter, while Costco's sales rose 9.1%. That might seem as if the two companies are nearly equal when it comes to delivering growth, but there's more to the story.</p>
<div class="lb-trans"><p>亚马逊最近一个季度的销售额同比增长了 10%，而开市客的销售额增长了 9.1%。这看起来似乎两家公司在增长方面几乎相当，但事情并非如此简单。</p>
</div><p>First, Amazon's earnings nearly doubled year over year in Q1 to $20 billion. Costco's net income increased by a paltry 2.6%. Wall Street predicts that Amazon's earnings will soar 19.6% next year. Analysts expect Costco's earnings will increase by roughly 10.7%.</p>
<div class="lb-trans"><p>首先，亚马逊第一季度的收益同比几乎翻了一番，达到了 200 亿美元。开市客的净收入仅增加了微不足道的 2.6%。华尔街预测，亚马逊的收益明年将飙升 19.6%。分析师预计开市客的收益将增长约 10.7%。</p>
</div><p>Can Amazon grow its bottom line more than Costco over the long run? I think so. For one thing, Amazon has more levers to pull to continue increasing its profitability than Costco. More importantly, Amazon has more optionality, or paths to growth, than Costco.</p>
<div class="lb-trans"><p>亚马逊能否在长期内比开市客更好地增长其底线？我认为可以。首先，亚马逊有更多的杠杆可以继续提高其盈利能力，而开市客则相对较少。更重要的是，亚马逊拥有比开市客更多的选择性或增长路径。</p>
</div><p>Artificial intelligence (AI) should present a much greater tailwind for Amazon than it will for Costco. Amazon has expanded into healthcare. It owns Zoox, a self-driving car company that should have major growth potential if the robotaxi market takes off. Amazon plans to soon launch its Project Kuiper satellites that will provide high-speed internet across the world.</p>
<div class="lb-trans"><p>人工智能（AI）对亚马逊的推动作用应该远大于对开市客的影响。亚马逊已经扩展到医疗保健领域。它拥有 Zoox，一家自动驾驶汽车公司，如果机器人出租车市场蓬勃发展，该公司将具有巨大的增长潜力。亚马逊计划很快推出其 Project Kuiper 卫星，提供全球高速互联网。</p>
</div><h2>The perhaps surprising clincher</h2>
<div class="lb-trans"><h2>也许令人惊讶的关键因素</h2>
</div><p>I think Amazon's growth prospects outweigh Costco's safe haven appeal. If you're an investor who's focused on the long term, I suspect you'll agree.</p>
<div class="lb-trans"><p>我认为亚马逊的增长前景超过了开市客的避风港吸引力。如果你是一个关注长期的投资者，我怀疑你会同意这一点。</p>
</div><p>However, there's a clincher as to why Amazon is the better stock to buy right now that might be surprising. Amazon has historically been the kind of stock for which you could almost throw conventional valuation metrics out the window. It looked ridiculously expensive, but kept on rising. Now, though, Amazon looks cheap compared to Costco.</p>
<div class="lb-trans"><p>然而，有一个关键因素可能会让人感到惊讶，为什么现在购买亚马逊的股票更好。历史上，亚马逊的股票几乎可以忽略传统的估值指标。它看起来极其昂贵，但仍然不断上涨。然而，现在与开市客相比，亚马逊看起来便宜。</p>
</div><p>Amazon's forward price-to-earnings ratio is 26.2. That might seem high until you look at Costco's forward earnings multiple of 54.4. I think Amazon's growth prospects justify its higher multiple, but Costco's don't.</p>
<div class="lb-trans"><p>亚马逊的前瞻市盈率为 26.2。这看起来可能很高，直到你看到开市客的前瞻市盈率为 54.4。我认为亚马逊的增长前景证明了其更高的市盈率是合理的，但开市客的则不然。</p>
</div><p>Costco could continue to deliver stronger gains than Amazon for a while. But my money (both figuratively and literally) is on Amazon to be the bigger winner over the next decade and beyond.</p>
<div class="lb-trans"><p>开市客可能会在一段时间内继续提供比亚马逊更强的收益。但我认为（无论是比喻上还是字面上）亚马逊将在未来十年及更长时间内成为更大的赢家。</p>
</div>

Is Amazon a Better Stock to Buy Right Now Than Costco? The Answer Might Surprise You.

- 2025 年，亚马逊股价下跌超过 20%，而好市多股价上涨约 7%。  
- 好市多受经济影响较小，亚马逊则在增长潜力上更具优势。  
- 亚马逊的市盈率为 26.2，低于好市多的 54.4，显示出其相对便宜。  

现在购买亚马逊股票是否比开市客股票更好？这个答案可能会让你感到意外