<p><strong>亚马逊</strong>(AMZN 0.26%) 是一家在线零售巨头，销售和配送自己的产品，同时充当其他零售商的中介。该公司的配送卡车在全国某些地区随处可见。但在将产品送到客户手中方面，它还有更大的抱负。</p>
<p>那么，<strong>联合包裹</strong>(UPS -1.85%) 为什么决定减少处理亚马逊的配送呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊与 UPS 的分手</h2>
<p>就像任何一场好的分手戏剧，亚马逊与 UPS（联合包裹的简称）之间的故事很难下定论。UPS 表示，亚马逊的业务虽然量大，但利润低。这意味着它对底线的贡献不足以弥补其对收入的好处。UPS 表示，计划在未来几年内减少与亚马逊的业务一半。</p>
<p>这一努力符合 UPS 改善业务质量的目标。但管理层强调，它仍将与亚马逊在某些方面合作。</p>
<p>值得注意的是，亚马逊在配送自家商品方面越来越出色，但在退货处理上并不强。凭借庞大的零售店网络，UPS 仍然可以为亚马逊提供退货服务，这对 UPS 的股东来说是一个有吸引力的回报。</p>
<p>所以，双方的关系并没有结束——只是变得不同了。或者，你可以说，他们仍然是朋友。</p>
<h2>亚马逊正在支付更多以填补空缺</h2>
<p>UPS 限制与亚马逊的关系对亚马逊来说是个问题。虽然亚马逊的配送能力在增长，但现在它必须比计划中更快地提升能力。为此，亚马逊最近宣布将进行高达 40 亿美元的资本投资，以增强其在农村地区的配送能力。同时，它与 UPS 的同行 <strong>联邦快递</strong>(FDX -1.10%) 签署了一项协议，由该承运人处理亚马逊的大件包裹。</p>
<p>市场将这一切视为联邦快递的胜利和 UPS 的损失。对于亚马逊来说，这并不是太大的问题，指出目前该股票在华尔街备受追捧。虽然亚马逊的股价比历史最高点低约 15%，但其市销率和市盈率均高于五年平均水平。而且在绝对值上也相当高。尽管如此，亚马逊似乎有些急于接手 UPS 愿意放弃的配送服务。</p>
<p>那么 UPS 呢？自 2022 年达到峰值以来，该公司的股价已经损失超过一半。事实上，它在宣布与亚马逊的消息时，正好是在经历了一段导致公司重组的疲软期后，似乎正在恢复业务。</p>
<p>确实，收入开始增长，利润率似乎也稳定了。远离低价值的亚马逊业务是 UPS 在从业务疲软转向业务强劲时做出的预防性举措。</p>
<p>换句话说，UPS 是主动出击，因为它看到了未来的趋势。它的亚马逊业务本来就会继续缩小，那为什么不提前应对呢？</p>
<p>亚马逊为弥补失去 UPS 作为配送服务而产生的成本表明这是一件大事。但对于亚马逊来说，这将比 UPS 更为重要，因为 UPS 明确表示该业务并不盈利。事实上，如果 UPS 能够通过缩减业务进一步改善其利润率，即使其收入表的顶线在此过程中缩小，UPS 也可能成为最大的赢家。</p>
<h2>不要忽视 UPS 作为投资</h2>
<p>华尔街热爱亚马逊，这也许是有充分理由的。但该股票的交易价格溢价。UPS，作为与亚马逊分手后可能成为最大赢家的公司，深受冷落。值得注意的是，其市销率和市盈率均远低于五年平均水平。与此同时，该股票的股息收益率历史上高达约 6.7%。</p>
<p>毫无疑问，UPS 通过与亚马逊分手延长了其转型的时间。但短期的痛苦可能正是它再次崛起所需要的。逆向投资者、股息投资者和价值投资者今天都应该深入研究 UPS，考虑将这家被冷落的配送服务纳入他们的投资组合。</p>

联合包裹

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊正在投资高达 40 亿美元以增强其配送能力，此前联合包裹决定减少与这家在线零售商的业务，理由是利润率低。联合包裹计划退出一半的亚马逊配送服务，同时仍提供退货服务。这一转变可能在长期内使联合包裹受益，因为它将专注于更有利可图的业务。尽管亚马逊在市场上占据强势地位，但这些变化表明配送服务的竞争加剧，联合包裹可能在这场分手中脱颖而出。投资者被鼓励考虑联合包裹作为一个价值投资机会</p>

<p><strong>Amazon</strong>(AMZN 0.26%) is an online retail powerhouse, selling and delivering its own products and acting as a middleman for other retailers. The company's delivery trucks are ubiquitous in some areas of the country. But it has even bigger aspirations when it comes to getting products to customers.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN 0.26%) 是一家在线零售巨头，销售和配送自己的产品，同时充当其他零售商的中介。该公司的配送卡车在全国某些地区随处可见。但在将产品送到客户手中方面，它还有更大的抱负。</p>
</div><p>So why did <strong>United Parcel Service</strong>(UPS -1.85%) decide to stop handling as many Amazon deliveries?</p>
<div class="lb-trans"><p>那么，<strong>联合包裹</strong>(UPS -1.85%) 为什么决定减少处理亚马逊的配送呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA0MTMvMjNfMDlfMjYtYS1mcnVzdHJhdGVkLXBlcnNvbi1sb29raW5nLWF0LWEtbGFwdG9wLWNvbXB1dGVyLV9tZi1kbG9hZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820413%2F23_09_26-a-frustrated-person-looking-at-a-laptop-computer-_mf-dload.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>The Amazon and UPS breakup</h2>
<div class="lb-trans"><h2>亚马逊与 UPS 的分手</h2>
</div><p>As with any good breakup drama, the story between Amazon and UPS, as United Parcel Service is called for short, is hard to call. UPS says that the Amazon business it was doing was high volume, but low margin. That meant that it didn't add enough to the bottom line to make it worth the top-line benefit. UPS says it plans to step away from half of the business it does with Amazon over the next couple of years.</p>
<div class="lb-trans"><p>就像任何一场好的分手戏剧，亚马逊与 UPS（联合包裹的简称）之间的故事很难下定论。UPS 表示，亚马逊的业务虽然量大，但利润低。这意味着它对底线的贡献不足以弥补其对收入的好处。UPS 表示，计划在未来几年内减少与亚马逊的业务一半。</p>
</div><p>That effort is in keeping with UPS' goal of improving the quality of its business. But management highlighted that it will still work with Amazon on some things.</p>
<div class="lb-trans"><p>这一努力符合 UPS 改善业务质量的目标。但管理层强调，它仍将与亚马逊在某些方面合作。</p>
</div><p>Notably, Amazon is increasingly good at delivering its own wares, but it doesn't have a strong handle on returns. With a large retail store network, UPS can still provide return services to Amazon at an attractive return for UPS shareholders.</p>
<div class="lb-trans"><p>值得注意的是，亚马逊在配送自家商品方面越来越出色，但在退货处理上并不强。凭借庞大的零售店网络，UPS 仍然可以为亚马逊提供退货服务，这对 UPS 的股东来说是一个有吸引力的回报。</p>
</div><p>So the relationship isn't dead -- it's just different. Or, you could say, they will still be friends.</p>
<div class="lb-trans"><p>所以，双方的关系并没有结束——只是变得不同了。或者，你可以说，他们仍然是朋友。</p>
</div><h2>Amazon is paying up to fill the gap</h2>
<div class="lb-trans"><h2>亚马逊正在支付更多以填补空缺</h2>
</div><p>UPS' decision to put limits on its relationship with Amazon is a problem for Amazon. While it is true that Amazon has been growing its distribution capabilities, it now has to step up more quickly than it might have planned. To that end, Amazon recently announced that it was making a capital investment of up to $4 billion to enhance its ability to make rural deliveries. And it inked a deal with UPS' peer <strong>FedEx</strong>(FDX -1.10%), where that carrier will handle larger packages for Amazon.</p>
<div class="lb-trans"><p>UPS 限制与亚马逊的关系对亚马逊来说是个问题。虽然亚马逊的配送能力在增长，但现在它必须比计划中更快地提升能力。为此，亚马逊最近宣布将进行高达 40 亿美元的资本投资，以增强其在农村地区的配送能力。同时，它与 UPS 的同行 <strong>联邦快递</strong>(FDX -1.10%) 签署了一项协议，由该承运人处理亚马逊的大件包裹。</p>
</div><p>The market saw all of this as a win for FedEx and a loss for UPS. For Amazon, it wasn't too big a deal, noting that the stock is widely adored on Wall Street right now. While Amazon's stock is about 15% below its all-time high, its price-to-sales and price-to-earnings ratios are both above their five-year averages. And they are both fairly lofty on an absolute basis, as well. Still, it looks a little like Amazon is scrambling to take on the distribution services that UPS is willingly giving up.</p>
<div class="lb-trans"><p>市场将这一切视为联邦快递的胜利和 UPS 的损失。对于亚马逊来说，这并不是太大的问题，指出目前该股票在华尔街备受追捧。虽然亚马逊的股价比历史最高点低约 15%，但其市销率和市盈率均高于五年平均水平。而且在绝对值上也相当高。尽管如此，亚马逊似乎有些急于接手 UPS 愿意放弃的配送服务。</p>
</div><p>So what about UPS? The company's stock has lost more than half of its value since hitting a peak in 2022. In fact, it made the Amazon announcement just as it appeared it was getting its business back on track following a period of weakness that led to a corporate overhaul.</p>
<div class="lb-trans"><p>那么 UPS 呢？自 2022 年达到峰值以来，该公司的股价已经损失超过一半。事实上，它在宣布与亚马逊的消息时，正好是在经历了一段导致公司重组的疲软期后，似乎正在恢复业务。</p>
</div><p>Indeed, revenue had started to grow and margins appeared to have stabilized. Moving away from low-value Amazon business was a preemptive move made at a time when UPS had shifted from business weakness to business strength.</p>
<div class="lb-trans"><p>确实，收入开始增长，利润率似乎也稳定了。远离低价值的亚马逊业务是 UPS 在从业务疲软转向业务强劲时做出的预防性举措。</p>
</div><p>In other words, UPS is being proactive because it sees the writing on the wall. Its Amazon business was going to keep shrinking anyway, so why not get ahead of it?</p>
<div class="lb-trans"><p>换句话说，UPS 是主动出击，因为它看到了未来的趋势。它的亚马逊业务本来就会继续缩小，那为什么不提前应对呢？</p>
</div><p>The costs Amazon is incurring to make up for the loss of UPS as a delivery service is a sign that this was a big deal. But it will be a bigger deal for Amazon than UPS, since UPS was clear that the business wasn't very profitable. In fact, UPS could end up the big winner if the ability to slim down allows it to further improve its margins, even if the top line of its income statement shrinks along the way.</p>
<div class="lb-trans"><p>亚马逊为弥补失去 UPS 作为配送服务而产生的成本表明这是一件大事。但对于亚马逊来说，这将比 UPS 更为重要，因为 UPS 明确表示该业务并不盈利。事实上，如果 UPS 能够通过缩减业务进一步改善其利润率，即使其收入表的顶线在此过程中缩小，UPS 也可能成为最大的赢家。</p>
</div><h2>Don't sleep on UPS as an investment</h2>
<div class="lb-trans"><h2>不要忽视 UPS 作为投资</h2>
</div><p>Wall Street loves Amazon, and perhaps for good reason. But the stock is trading with a premium price tag. UPS, which could actually end up being the big winner in its breakup with Amazon, is deeply unloved. Notably, its price-to-sales and price-to-earnings ratios are well below their five-year averages. The stock's dividend yield, meanwhile, is historically high at around 6.7%.</p>
<div class="lb-trans"><p>华尔街热爱亚马逊，这也许是有充分理由的。但该股票的交易价格溢价。UPS，作为与亚马逊分手后可能成为最大赢家的公司，深受冷落。值得注意的是，其市销率和市盈率均远低于五年平均水平。与此同时，该股票的股息收益率历史上高达约 6.7%。</p>
</div><p>There's no question that UPS has extended the length of its turnaround by breaking up with Amazon. But the near-term pain could be exactly what it needs to rise up again. Contrarian investors, dividend investors, and value investors should all be doing a deep dive into UPS today with the idea of adding this unloved delivery service to their portfolios.</p>
<div class="lb-trans"><p>毫无疑问，UPS 通过与亚马逊分手延长了其转型的时间。但短期的痛苦可能正是它再次崛起所需要的。逆向投资者、股息投资者和价值投资者今天都应该深入研究 UPS，考虑将这家被冷落的配送服务纳入他们的投资组合。</p>
</div>

Is Amazon Paying $4 Billion to Break Up With UPS?

- 亚马逊与 UPS 关系变化，UPS 将减少与亚马逊的业务合作。  
- UPS 认为亚马逊业务高量低利，计划在未来几年内退出一半业务。  
- 亚马逊为填补 UPS 的空缺，投资 40 亿美元提升配送能力。  

亚马逊是否支付 40 亿美元以结束与联合包裹的合作关系？