<p><strong>标准普尔 500 指数</strong> 正在从包含关税的暴跌中回升，但并非所有股票表现都如此良好。<strong>亚马逊</strong>(AMZN -1.27%) 的股价在 5 月 22 日年初至今下跌了 8%，投资者继续担心该公司将如何受到关税的影响。</p>
<p>首席执行官安迪·贾西在 5 月 1 日的第一季度财报电话会议上谈到了公司可能受到的影响以及应对措施，这一会议是在 5 月 12 日关税放宽之前进行的。他指出了亚马逊的几个有利因素。其大部分电子商务销售都是人们必须购买的小型、便宜的日用品。亚马逊的产品种类繁多，因此即使客户更换品牌或卖家，他们仍然能够在平台上找到所需的商品。在不确定时期，客户也更可能选择信任的零售商，而亚马逊凭借其数亿的 Prime 会员和其他购物者建立了基于经验的信任。</p>
<p>市场对此持谨慎态度。零售商对如何应对更高的关税发出了混合信号，投资者在等待关税将如何影响亚马逊的表现。</p>
<p>与此同时，亚马逊的股票在当前低价下看起来值得购买。其市盈率历史上处于低位，为 33，且仍然有巨大的机会。以下是原因。</p>
<h2>1. 电子商务在零售中的比例仍在增加</h2>
<p>如今的亚马逊有很多业务，但其主要业务仍然是电子商务，占其销售额的约 60%。电子商务在美国（及全球）经济的总零售销售中仍然占比较小。根据 eMarketer 的数据，2024 年美国在线销售占零售销售的 21.4%，预计到 2027 年将达到 23%。这些百分比转化为数十亿美元，这一趋势应该会持续上升。作为行业的领导者，亚马逊在美国市场占有约 40% 的份额，这一增长的很大一部分应该会落入亚马逊的市场领先地位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>公司一直在采取措施保持其领先地位，甚至进一步扩展。它不断向市场添加新品牌。它正在更加注重奢侈品，最近与标志性奢侈零售商萨克斯第五大道建立了合作关系。在区域仓库推出成功后，亚马逊正在重新改造其入库渠道，以保持仓库以成本效益高的价格保持充足库存。每个季度，亚马逊的配送速度都在打破自己的记录，并且在 2025 年第一季度交付了有史以来最多的当日货物。</p>
<p>当然，总会有颠覆者，但这对亚马逊来说风险很小。公司的领先地位如此广泛，拥有最佳的创新技术，使得较小的竞争对手很难真正与之竞争。</p>
<h2>2. 人工智能刚刚起步</h2>
<p>亚马逊通过其亚马逊网络服务（AWS）云平台提供大量生成性人工智能（AI）服务。它满足各个层次的需求，从开发者的构建模块到小企业的插件工具。虽然它提供对大型语言模型（LLMs）如 ChatGPT 的访问，但它也拥有自己的 LLMs。与大多数事物一样，亚马逊的解决方案在价格上具有竞争力。它还在创建自己的图形处理单元（GPUs），使用成本更低，尽管它也与 <strong>英伟达</strong> 有合作关系。</p>
<p>贾西喜欢阐述生成性 AI 的机会，他解释说，随着越来越多的公司将其运营转移到云端，而不是在现场（目前约 85% 的运营在现场），将会发生转变。他预见到不久的将来，生成性 AI 将内置于每个应用程序中，而亚马逊正在投资这一技术，以从这些转变中受益。</p>
<p>“在这一代 AI 之前，我们认为 AWS 有机会最终成为一个数千亿美元的收入业务，” 他在第一季度财报电话会议上说。“我们现在认为它可能会更大。”</p>
<h2>3. 未来还有其他业务</h2>
<p>亚马逊在电子商务和 AWS 之外还有多个业务类别。其增长最快的业务是广告，第一季度同比增长 19%。除了多年来在市场上投放的广告外，它现在还在其广告支持的流媒体层上投放广告。它正在通过新高水平的内容扩展其 Prime 流媒体，并且最近购买了詹姆斯·邦德系列的版权。</p>
<p>它的其他业务包括 Zoox 自动驾驶汽车和不断增长的药品业务，并且在其宽带卫星计划 Project Kuiper 上取得了进展。</p>
<p>凭借在两个增长行业中的主导地位以及未来的小型业务，亚马逊拥有巨大的长期机会。我并不想低估关税对跨境商品的潜在影响，但无论它们发生什么，这应该是短期影响，不会否定亚马逊令人难以置信的长期潜力。</p>

亚马逊

<p>亚马逊的股票目前年初至今下跌了 8%，但分析师认为这是一个良好的买入机会，原因有几个。电子商务持续增长，亚马逊占据了显著的市场份额。该公司还通过 AWS 扩大在人工智能领域的影响力，这可能带来可观的收入增长。此外，亚马逊的广告业务正在快速增长，并且它在自动驾驶汽车和流媒体内容等多个领域都有多元化的投资。总体而言，尽管当前市场存在担忧，亚马逊强大的市场地位和增长潜力使其成为一个有吸引力的投资选择</p>

<p>The <strong>S&amp;P 500</strong> is making its way back up from a tariff-included plummet, but not all of its stocks are doing as well. <strong>Amazon</strong>(AMZN -1.27%) stock is down 8% year-to-date on May 22, as investors continue to worry about how the company will be affected by tariffs.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong> 正在从包含关税的暴跌中回升，但并非所有股票表现都如此良好。<strong>亚马逊</strong>(AMZN -1.27%) 的股价在 5 月 22 日年初至今下跌了 8%，投资者继续担心该公司将如何受到关税的影响。</p>
</div><p>CEO Andy Jassy addressed how the company could be affected and how it's responding during the first-quarter earnings call on May 1, which was prior to the easing of tariffs on May 12. He noted several points in Amazon's favor. Most of its e-commerce sales are the small, cheaper essentials that people have to buy anyway. It has a huge selection, so customers should still be able to find what they need on the platform, even if they switch brands or sellers. During times of uncertainty, customers are also likely to buy from a retailer they trust, and Amazon has built up experience-based trust with its hundreds of millions of Prime members and other shoppers.</p>
<div class="lb-trans"><p>首席执行官安迪·贾西在 5 月 1 日的第一季度财报电话会议上谈到了公司可能受到的影响以及应对措施，这一会议是在 5 月 12 日关税放宽之前进行的。他指出了亚马逊的几个有利因素。其大部分电子商务销售都是人们必须购买的小型、便宜的日用品。亚马逊的产品种类繁多，因此即使客户更换品牌或卖家，他们仍然能够在平台上找到所需的商品。在不确定时期，客户也更可能选择信任的零售商，而亚马逊凭借其数亿的 Prime 会员和其他购物者建立了基于经验的信任。</p>
</div><p>The market took that with a grain of salt. Retailers are sending mixed messages about how they're going to manage with higher tariffs, and investors are waiting to see how the fees will affect Amazon's performance.</p>
<div class="lb-trans"><p>市场对此持谨慎态度。零售商对如何应对更高的关税发出了混合信号，投资者在等待关税将如何影响亚马逊的表现。</p>
</div><p>In the meantime, at the lower price, Amazon stock looks priced to buy. It trades at a historically cheap price-to-earnings ratio of 33, and it still has big opportunities.Here's why.</p>
<div class="lb-trans"><p>与此同时，亚马逊的股票在当前低价下看起来值得购买。其市盈率历史上处于低位，为 33，且仍然有巨大的机会。以下是原因。</p>
</div><h2>1. E-commerce is still increasing as a percentage of retail</h2>
<div class="lb-trans"><h2>1. 电子商务在零售中的比例仍在增加</h2>
</div><p>Amazon is a lot of things these days, but its main business is still e-commerce, which accounts for around 60% of its sales. E-commerce is still a relatively small portion of the American (and global) economy's total retail sales. Online sales accounted for 21.4% of U.S. retail sales in 2024, according to eMarketer, and are expected to reach 23% by 2027. Each of those percentages translates into many billions of dollars, and that trend should keep moving higher. As the leader in the industry, with about 40% of the U.S. market, a huge amount of that growth should land in Amazon's market-leading lap.</p>
<div class="lb-trans"><p>如今的亚马逊有很多业务，但其主要业务仍然是电子商务，占其销售额的约 60%。电子商务在美国（及全球）经济的总零售销售中仍然占比较小。根据 eMarketer 的数据，2024 年美国在线销售占零售销售的 21.4%，预计到 2027 年将达到 23%。这些百分比转化为数十亿美元，这一趋势应该会持续上升。作为行业的领导者，亚马逊在美国市场占有约 40% 的份额，这一增长的很大一部分应该会落入亚马逊的市场领先地位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY3NDcvcGVyc29uLXdpdGgtYS1jZWxscGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816747%2Fperson-with-a-cellphone.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><p>The company makes moves all the time to keep its lead and even expand it. It's always adding new brands to the marketplace. It is expanding with a greater focus on luxury, with a recent partnership with iconic luxury retailer Saks Fifth Avenue. After the success of its regional warehouse rollout, which puts more products closer to more customers, it's now renovating its inbound channels to keep the warehouses fully stocked at cost-efficient rates. Every quarter, Amazon has been beating its own records for delivery speed, and it delivered the most same-day shipments ever in the first quarter of 2025.</p>
<div class="lb-trans"><p>公司一直在采取措施保持其领先地位，甚至进一步扩展。它不断向市场添加新品牌。它正在更加注重奢侈品，最近与标志性奢侈零售商萨克斯第五大道建立了合作关系。在区域仓库推出成功后，亚马逊正在重新改造其入库渠道，以保持仓库以成本效益高的价格保持充足库存。每个季度，亚马逊的配送速度都在打破自己的记录，并且在 2025 年第一季度交付了有史以来最多的当日货物。</p>
</div><p>There could always be disruptors, but that's a small risk for Amazon. The company's lead is so wide, and it has the best technology to innovate, that it would be extremely challenging for smaller rivals to truly compete with it.</p>
<div class="lb-trans"><p>当然，总会有颠覆者，但这对亚马逊来说风险很小。公司的领先地位如此广泛，拥有最佳的创新技术，使得较小的竞争对手很难真正与之竞争。</p>
</div><h2>2. It's just getting started in AI</h2>
<div class="lb-trans"><h2>2. 人工智能刚刚起步</h2>
</div><p>Amazon offers a large assortment of generative artificial intelligence (AI) services through the Amazon Web Services (AWS) cloud platform. It reaches every level of need, from building blocks for developers through plug-in tools for small businesses. Although it offers access to large language models (LLMS) like ChatGPT, it also has its own LLMs. As with most things, Amazon's solution is competitive on price. It's also creating its own graphics processing units (GPUs) that are cheaper to use, even though it also has a partnership with <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>亚马逊通过其亚马逊网络服务（AWS）云平台提供大量生成性人工智能（AI）服务。它满足各个层次的需求，从开发者的构建模块到小企业的插件工具。虽然它提供对大型语言模型（LLMs）如 ChatGPT 的访问，但它也拥有自己的 LLMs。与大多数事物一样，亚马逊的解决方案在价格上具有竞争力。它还在创建自己的图形处理单元（GPUs），使用成本更低，尽管它也与 <strong>英伟达</strong> 有合作关系。</p>
</div><p>Jassy likes to expound on the opportunity in generative AI, explaining that there's going to be a shift as more companies move their operations into the cloud instead of on the premises, where about 85% of operations are today. He envisions a time coming soon where generative AI is built into every app, and Amazon is investing in the technology to benefit from these shifts.</p>
<div class="lb-trans"><p>贾西喜欢阐述生成性 AI 的机会，他解释说，随着越来越多的公司将其运营转移到云端，而不是在现场（目前约 85% 的运营在现场），将会发生转变。他预见到不久的将来，生成性 AI 将内置于每个应用程序中，而亚马逊正在投资这一技术，以从这些转变中受益。</p>
</div><p>&#34;Before this generation of AI, we thought AWS had the chance to ultimately be a multi-hundred billion dollar revenue run rate business,&#34; he said on the Q1 earnings call. &#34;We now think it could be even larger.&#34;</p>
<div class="lb-trans"><p>“在这一代 AI 之前，我们认为 AWS 有机会最终成为一个数千亿美元的收入业务，” 他在第一季度财报电话会议上说。“我们现在认为它可能会更大。”</p>
</div><h2>3. There are other businesses on the horizon</h2>
<div class="lb-trans"><h2>3. 未来还有其他业务</h2>
</div><p>Amazon has several business categories outside of e-commerce and AWS. Its fastest-growing business is advertising, which increased 19% year over year in Q1. In addition to the ads on its marketplace, which it has had for years, it now also has ads on its ad-supported streaming tier. It's expanding its Prime streaming with new, high-level content, and it recently purchased the rights to the James Bond franchise.</p>
<div class="lb-trans"><p>亚马逊在电子商务和 AWS 之外还有多个业务类别。其增长最快的业务是广告，第一季度同比增长 19%。除了多年来在市场上投放的广告外，它现在还在其广告支持的流媒体层上投放广告。它正在通过新高水平的内容扩展其 Prime 流媒体，并且最近购买了詹姆斯·邦德系列的版权。</p>
</div><p>Some of its other businesses include Zoox autonomous vehicles and its growing pharmacy business, and it's making progress on Project Kuiper, its broadband satellite initiative.</p>
<div class="lb-trans"><p>它的其他业务包括 Zoox 自动驾驶汽车和不断增长的药品业务，并且在其宽带卫星计划 Project Kuiper 上取得了进展。</p>
</div><p>Between its dominant position in two growth industries and the smaller businesses on the horizon, Amazon has tremendous long-term opportunities. I don't want to downplay the potential effect of tariffs on border-crossing goods, but whatever happens with them, it should be a short-term effect that doesn't negate Amazon's incredible long-term potential.</p>
<div class="lb-trans"><p>凭借在两个增长行业中的主导地位以及未来的小型业务，亚马逊拥有巨大的长期机会。我并不想低估关税对跨境商品的潜在影响，但无论它们发生什么，这应该是短期影响，不会否定亚马逊令人难以置信的长期潜力。</p>
</div>

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

- 亚马逊股价年初至今下跌 8%，投资者担忧关税影响。  
- CEO 安迪·贾西在财报电话会议中提到亚马逊的应对策略。  
- 亚马逊在电商和人工智能等领域仍有巨大增长潜力。

购买亚马逊股票的三个理由：抓住机会