<p><strong>亚马逊</strong>(AMZN 0.18%) 已成长为全球最大的公司之一，市值超过 2 万亿美元。尽管股价从低点反弹，但其股票在年初至今仍然下跌，这使得现在是购买该股票的好时机。</p>
<p>让我们来看一下现在投资该股票的四个理由。</p>
<h2>1. 云计算赢家</h2>
<p>虽然亚马逊以其电子商务业务而闻名，但其盈利能力最大的业务实际上是云计算部门——亚马逊网络服务（AWS）。该公司在自身面临基础设施需求扩展的挑战后，创造了云计算和基础设施即服务行业。它仍然是全球最大的云计算服务提供商，市场份额约为 30%。</p>
<p>AWS 也是亚马逊增长最快的部门，上个季度收入增长 17%，达到 293 亿美元，营业收入增长 22%，达到 115 亿美元。这一增长部分得益于客户通过 Bedrock 和 SageMaker 等服务构建和部署人工智能（AI）模型和应用程序。Bedrock 让客户可以访问多种领先的基础模型，客户可以对其进行微调，而 SageMaker 提供了一个从头开始构建、训练和部署模型的端到端平台。客户随后在 AWS 上运行这些 AI 工作负载，进一步推动使用量和收入增长。</p>
<p>亚马逊还通过其 Annapurna Labs 子公司开发了自己的 AI 芯片。其 Trainium 芯片经过优化，专门用于训练大型语言模型（LLMs），而 Inferentia 芯片则用于推理。定制芯片通常在特定任务上表现更佳，同时消耗更少的电力。这有助于降低整体拥有成本，并使亚马逊在竞争中具备成本优势。</p>
<p>由于其 AI 业务能力受到限制，亚马逊正在大力投资建设其数据中心基础设施。虽然存在过度建设的风险，如果发生这种情况可能会对利润造成压力，但目前所有主要的云计算参与者都在看到巨大的需求，并在争相跟上需求。</p>
<h2>2. 关税担忧缓解</h2>
<p>虽然 AWS 一直是亚马逊最大的增长驱动力，但其电子商务业务仍然是公司的一大贡献者。尽管其北美部门的收入增长稳健，包括第一季度的 8% 增长，但公司并未免受关税和贸易战压力的影响。</p>
<p>首先，亚马逊是一家综合商品零售商。如果关税导致经济环境恶化和消费者支出减少，其电子商务业务将受到影响。</p>
<p>与此同时，许多在其平台上销售的商品，包括第三方商家的商品，都是在中国制造的。更高的关税可能导致价格上涨，从而减少消费者支出。亚马逊也可以选择承担部分关税成本，但这将影响其毛利率和利润。</p>
<p>因此，当美国同意在未来 90 天内将中国关税从 145% 降至 30% 时，对亚马逊来说是个好消息，因为两国正在就更广泛的贸易协议进行谈判。然而，所谓的 “微不足道” 关税仍然保留（尽管有所减少），但这实际上对亚马逊是有利的，因为它主要影响直接向美国客户销售的中国竞争对手，如 Temu 和 Shein。</p>
<p>当然，风险在于这只是暂时的停顿，贸易战可能在未来重新升级。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0NTkvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0NTkvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>3. 利润率改善</h2>
<p>撇开贸易战不谈，亚马逊的利润率和盈利能力正在显著改善。这在很大程度上得益于其对 AI 的使用。</p>
<p>例如，该公司正在其履行中心使用 AI 驱动的机器人，帮助完成诸如搬运重物、分类和搬运包裹等任务。一些机器人还能够识别损坏的商品，防止发货；总体而言，机器人比人类犯错的几率更低。类似地，亚马逊在其电子商务平台上使用 AI 来识别经常被退回的商品。减少退货对亚马逊来说是巨大的成本节省。</p>
<p>与此同时，该公司还利用 AI 来优化其物流业务中的路线。这可以帮助司机更快地交付商品并节省燃料成本。综合来看，这一切都在帮助公司提高效率并降低成本。</p>
<p>AI 还通过改善广告活动表现和更好地定位市场平台上的用户，推动了亚马逊高利润率的赞助广告业务的增长。该公司正在利用 AI 来改善广告创作，并向消费者提供更相关的广告。其中一个例子是，它开发了一种生成式 AI 工具，帮助广告商为其赞助广告活动创建 AI 生成的图像。</p>
<p>所有这些都使得公司看到了强劲的经营杠杆。北美的营业收入在第一季度激增 16%，而收入仅增长 8%。</p>
<h2>4. 吸引人的估值</h2>
<p>尽管股票近期从低点反弹，但其估值仍处于历史最低水平之一。虽然这可能是由于对未来回报降低的预期，但我认为公司仍有大量增长潜力，如上所述。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37315989cc5045584501f5c560634875.png?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://media.ycharts.com/charts/37315989cc5045584501f5c560634875.png"/></p>
<p>AMZN 市盈率（前瞻性）数据来源于 YCharts。</p>
<p>综合来看，亚马逊在长期内看起来是一个很好的投资。股票下跌，主要是由于对关税对消费者和其业务影响的担忧。然而，这可能更多是周期性的，并不会影响公司的长期前景。因此，我会在当前水平上购买该股票。</p>

亚马逊

<p>亚马逊的股票被视为强烈买入，原因在于其超过 2 万亿美元的市值和增长潜力。主要原因包括其在云计算领域的主导地位，通过 AWS 实现了快速增长，尤其是受到人工智能应用的推动。近期中国的关税减免预计将缓解其电子商务业务的成本压力。此外，亚马逊通过人工智能驱动的物流和履约效率提升了利润率，增强了盈利能力和运营效率。总体而言，这些因素使亚马逊在寻求增长机会的投资者中处于有利位置</p>

<p><strong>Amazon</strong>(AMZN 0.18%) has grown to become one of the largest companies in the world, with a market cap of over $2 trillion. While the stock has rallied off its lows, its shares are still down on the year, marking this a good time to buy the stock.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 0.18%) 已成长为全球最大的公司之一，市值超过 2 万亿美元。尽管股价从低点反弹，但其股票在年初至今仍然下跌，这使得现在是购买该股票的好时机。</p>
</div><p>Let's look at four reasons to pile into the stock right now.</p>
<div class="lb-trans"><p>让我们来看一下现在投资该股票的四个理由。</p>
</div><h2>1. A cloud computing winner</h2>
<div class="lb-trans"><h2>1. 云计算赢家</h2>
</div><p>While best known for its e-commerce operations, Amazon's largest business by profitability is actually its cloud computing division, Amazon Web Services (AWS). The company created the cloud computing and infrastructure-as-a-service industry after its own struggles to scale its infrastructure needs. It remains the largest cloud computing service in the world, with around a 30% market share.</p>
<div class="lb-trans"><p>虽然亚马逊以其电子商务业务而闻名，但其盈利能力最大的业务实际上是云计算部门——亚马逊网络服务（AWS）。该公司在自身面临基础设施需求扩展的挑战后，创造了云计算和基础设施即服务行业。它仍然是全球最大的云计算服务提供商，市场份额约为 30%。</p>
</div><p>AWS is also Amazon's fastest-growing segment, with revenue rising 17% last quarter to $29.3 billion and operating income up 22% to $11.5 billion. The growth is being fueled in part by customers building and deploying artificial intelligence (AI) models and applications through services like Bedrock and SageMaker. Bedrock offers customer access to a variety of leading foundation models that they can fine-tune, while SageMaker provides an end-to-end platform for building, training, and deploying models from scratch. Customers then run these AI workloads on AWS, driving further usage and revenue growth.</p>
<div class="lb-trans"><p>AWS 也是亚马逊增长最快的部门，上个季度收入增长 17%，达到 293 亿美元，营业收入增长 22%，达到 115 亿美元。这一增长部分得益于客户通过 Bedrock 和 SageMaker 等服务构建和部署人工智能（AI）模型和应用程序。Bedrock 让客户可以访问多种领先的基础模型，客户可以对其进行微调，而 SageMaker 提供了一个从头开始构建、训练和部署模型的端到端平台。客户随后在 AWS 上运行这些 AI 工作负载，进一步推动使用量和收入增长。</p>
</div><p>Amazon has also developed its own AI chips through its Annapurna Labs subsidiary. Its Trainium chip is optimized to train large language models (LLMs), while its Inferentia chip is designed for inference. Custom chips tend to perform better at specific tasks while using less power. This helps lower the overall cost of ownership and gives Amazon a cost advantage over its competition.</p>
<div class="lb-trans"><p>亚马逊还通过其 Annapurna Labs 子公司开发了自己的 AI 芯片。其 Trainium 芯片经过优化，专门用于训练大型语言模型（LLMs），而 Inferentia 芯片则用于推理。定制芯片通常在特定任务上表现更佳，同时消耗更少的电力。这有助于降低整体拥有成本，并使亚马逊在竞争中具备成本优势。</p>
</div><p>With its AI business capacity constrained, Amazon is investing heavily to build out its data center infrastructure. While there is a risk of overbuilding, which could pressure margins if this were to occur, right now all the major cloud computing players are seeing tremendous demand and racing to keep up with demand.</p>
<div class="lb-trans"><p>由于其 AI 业务能力受到限制，亚马逊正在大力投资建设其数据中心基础设施。虽然存在过度建设的风险，如果发生这种情况可能会对利润造成压力，但目前所有主要的云计算参与者都在看到巨大的需求，并在争相跟上需求。</p>
</div><h2>2. Easing tariff worries</h2>
<div class="lb-trans"><h2>2. 关税担忧缓解</h2>
</div><p>While AWS has been Amazon's biggest growth driver, its e-commerce business is still a major contributor to the company. While its North American segment has been seeing solid revenue growth, including 8% in Q1, the company is not immune to tariff and trade war pressures.</p>
<div class="lb-trans"><p>虽然 AWS 一直是亚马逊最大的增长驱动力，但其电子商务业务仍然是公司的一大贡献者。尽管其北美部门的收入增长稳健，包括第一季度的 8% 增长，但公司并未免受关税和贸易战压力的影响。</p>
</div><p>First and foremost, Amazon is a general merchandise retailer. If the tariffs lead to a weakening economic environment and lower consumer spending, its e-commerce business is going to feel the impact.</p>
<div class="lb-trans"><p>首先，亚马逊是一家综合商品零售商。如果关税导致经济环境恶化和消费者支出减少，其电子商务业务将受到影响。</p>
</div><p>Meanwhile, many of the goods that it and its third-party merchants sell on its platform are manufactured in China. Higher tariffs can lead to higher prices, which can lead to less consumer spending as well. Amazon could also choose to eat some of the cost of tariffs on the goods it sells, but that would impact its gross margins and profits.</p>
<div class="lb-trans"><p>与此同时，许多在其平台上销售的商品，包括第三方商家的商品，都是在中国制造的。更高的关税可能导致价格上涨，从而减少消费者支出。亚马逊也可以选择承担部分关税成本，但这将影响其毛利率和利润。</p>
</div><p>As such, it was good news for Amazon when the U.S. agreed to reduce Chinese tariffs from 145% to 30% over the next 90 days as the two countries work on a broader trade deal. The so-called &#34;de minimis&#34; tariff, however, was left in place (albeit with a reduction), but this is actually good for Amazon, as it primarily impacts Chinese competitors that are directly selling to U.S. customers, such as Temu and Shein.</p>
<div class="lb-trans"><p>因此，当美国同意在未来 90 天内将中国关税从 145% 降至 30% 时，对亚马逊来说是个好消息，因为两国正在就更广泛的贸易协议进行谈判。然而，所谓的 “微不足道” 关税仍然保留（尽管有所减少），但这实际上对亚马逊是有利的，因为它主要影响直接向美国客户销售的中国竞争对手，如 Temu 和 Shein。</p>
</div><p>The risk, of course, is that this is just a temporary pause and the trade war picks back up down the road.</p>
<div class="lb-trans"><p>当然，风险在于这只是暂时的停顿，贸易战可能在未来重新升级。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg0NTkvZ2V0dHlpbWFnZXMtMTQyMjkyNTQ2OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818459%2Fgettyimages-1422925468.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>3. Improving margins</h2>
<div class="lb-trans"><h2>3. 利润率改善</h2>
</div><p>Pushing the trade war aside, Amazon has been seeing a nice improvement in its margins and profitability. Much of this is stemming from its use of AI.</p>
<div class="lb-trans"><p>撇开贸易战不谈，亚马逊的利润率和盈利能力正在显著改善。这在很大程度上得益于其对 AI 的使用。</p>
</div><p>For example, the company is using AI-powered robots to help in its fulfillment centers that can perform such tasks as lifting heavy objects, sorting, and carrying packages. Some robots also recognize damaged goods, preventing shipment; and in general, robots make fewer mistakes than humans. Along the same lines, it is using AI on its e-commerce platform to call out items that are frequently returned. Reducing returns is a big cost savings for Amazon.</p>
<div class="lb-trans"><p>例如，该公司正在其履行中心使用 AI 驱动的机器人，帮助完成诸如搬运重物、分类和搬运包裹等任务。一些机器人还能够识别损坏的商品，防止发货；总体而言，机器人比人类犯错的几率更低。类似地，亚马逊在其电子商务平台上使用 AI 来识别经常被退回的商品。减少退货对亚马逊来说是巨大的成本节省。</p>
</div><p>Meanwhile, the company is also using AI to help optimize routes in its logistics business. This can help drivers deliver items more quickly and save on fuel costs. Taken together, this is all helping the company become more efficient and reduce costs.</p>
<div class="lb-trans"><p>与此同时，该公司还利用 AI 来优化其物流业务中的路线。这可以帮助司机更快地交付商品并节省燃料成本。综合来看，这一切都在帮助公司提高效率并降低成本。</p>
</div><p>AI is also helping fuel growth in Amazon's high-margin sponsored ad business by improving campaign performance and better targeting users on its marketplace platform. The company is using AI to both improve ad creation and deliver more relevant ads to consumers. One example of this is that it has developed a generative AI tool to help advertisers create AI-generated images for their sponsored ad campaigns.</p>
<div class="lb-trans"><p>AI 还通过改善广告活动表现和更好地定位市场平台上的用户，推动了亚马逊高利润率的赞助广告业务的增长。该公司正在利用 AI 来改善广告创作，并向消费者提供更相关的广告。其中一个例子是，它开发了一种生成式 AI 工具，帮助广告商为其赞助广告活动创建 AI 生成的图像。</p>
</div><p>All this is leading to the company seeing strong operating leverage. North America's operating income surged 16% in Q1, on only an 8% increase in revenue.</p>
<div class="lb-trans"><p>所有这些都使得公司看到了强劲的经营杠杆。北美的营业收入在第一季度激增 16%，而收入仅增长 8%。</p>
</div><h2>4. An attractive valuation</h2>
<div class="lb-trans"><h2>4. 吸引人的估值</h2>
</div><p>Despite the stock's recent rally from its lows, it still trades at one of its lowest valuations in its storied history. While this could be due to an exception of future lower returns, I think the company was plenty of growth ahead, as discussed above.</p>
<div class="lb-trans"><p>尽管股票近期从低点反弹，但其估值仍处于历史最低水平之一。虽然这可能是由于对未来回报降低的预期，但我认为公司仍有大量增长潜力，如上所述。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/37315989cc5045584501f5c560634875.png" alt="" original-src="https://media.ycharts.com/charts/37315989cc5045584501f5c560634875.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）数据来源于 YCharts。</p>
</div><p>Taken altogether, Amazon looks like a great investment over the long term. The stock has fallen, primarily on concerns over the impact of tariffs on both the consumer and its business. However, this is likely more cyclical in nature, and doesn't impact the company's long-term prospects. As such, I'd be a buyer of the stock at current levels.</p>
<div class="lb-trans"><p>综合来看，亚马逊在长期内看起来是一个很好的投资。股票下跌，主要是由于对关税对消费者和其业务影响的担忧。然而，这可能更多是周期性的，并不会影响公司的长期前景。因此，我会在当前水平上购买该股票。</p>
</div>

4 Reasons to Buy Amazon Stock Like There's No Tomorrow

- 亚马逊市值超过 2 万亿美元，股价仍低于年初水平，适合买入。  
- 云计算业务 AWS 是主要盈利来源，收入增长 17%，推动整体业绩。  
- 美国同意降低对中国商品的关税，有助于改善亚马逊的电商业务。

购买亚马逊股票的四个理由：抓住当下的机会