<p><strong>亚马逊</strong>(AMZN -0.08%) 和 <strong>阿里巴巴</strong>(BABA -1.46%) 是全球科技领域的巨头，未来都有继续扩展其主导地位的前景。</p>
<p>这两家公司有许多相似之处，但在许多方面又截然不同。那么，在未来几年中，哪一只股票更值得拥有呢？让我们进一步探讨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>这两家科技巨头有很多共同点</h2>
<p>乍一看，亚马逊和阿里巴巴似乎是被地理位置隔开的公司。一家主导美国及许多西方国家，而另一家则在中国国内市场占据主导地位。但仔细观察，你会发现这两位科技巨头有更多共同之处。</p>
<p>这两家公司都是在电子商务上建立了庞大的帝国，但随着时间的推移，它们也扩展到了新的领域。亚马逊最初是在线销售书籍，但后来扩展到了其他类别和盈利业务，包括云计算、广告、物流和媒体。</p>
<p>而阿里巴巴则最初作为一个跨境电子商务平台，帮助海外商家进入中国庞大的供应链。直到后期，它才推出了旗舰产品淘宝市场，随后是天猫。它在电子商务上的成功推动了其进入新的业务领域，包括金融科技、云计算、物流、娱乐等。</p>
<p>随着这两家公司扩展到新领域，它们逐渐多样化了收入来源，使其对外部环境变化的抵御能力更强。此外，这种多元化的商业模式为资本配置到高增长领域开辟了新机会。例如，这两家公司都在人工智能（AI）和云计算方面进行了大量投资，以利用这一千载难逢的转型趋势。</p>
<p>虽然这两家公司有着截然不同的文化根源，但在客户满意度、创新、投资新兴技术和业务以及长期思维等价值观上却有相似之处。这种基因源于其创始人杰夫·贝索斯和马云的重大影响。尽管他们已经不再积极管理自己的企业，但都留下了深远的遗产。</p>
<p>总之，这两家巨头都处于良好的位置，能够维持和发展其业务，利用其稳固的商业模式和长期文化。</p>
<h2>然而，它们在其他方面有所不同</h2>
<p>虽然亚马逊和阿里巴巴在各自的电子商务市场中都是领导者，但它们的商业模式却有显著差异。亚马逊运营着第一方零售业务——购买和销售库存——以及其第三方市场。相比之下，阿里巴巴则是一个纯平台。它连接买卖双方，而不持有库存。</p>
<p>亚马逊还拥有并运营着一个庞大的物流网络，雇佣数十万员工以确保快速可靠的交付。阿里巴巴的物流部门菜鸟则采用轻资产模式，协调第三方配送服务。</p>
<p>这种差异解释了利润率的差距。阿里巴巴的市场模式轻资产且利润丰厚。亚马逊的零售业务虽然在战略上重要，但压缩了利润率——尽管这被其高利润率的业务部分（如亚马逊网络服务和广告）所抵消。</p>
<p>在地理上，亚马逊在北美、欧洲、印度和拉丁美洲等地拥有广泛的国际足迹。阿里巴巴则更集中于中国，尽管它通过 AliExpress、Lazada 和 Trendyol 在海外扩展。</p>
<p>在云计算方面，亚马逊网络服务（AWS）是全球领导者，市场份额超过 30%。阿里云在中国占据主导地位，但全球市场份额仅为 4%，受限于对尖端芯片的有限访问和地缘政治挑战。</p>
<p>确实，这是两家公司之间最显著的战略差异之一。作为一家美国公司，亚马逊受益于对最新 AI 芯片和全球市场的访问。阿里巴巴则面临监管压力和美国制裁，限制了其在新兴技术（如生成式 AI）方面的全球竞争能力。</p>
<h2>今天哪家公司具有更好的价值主张？</h2>
<p>现在我们已经探讨了相似之处和差异，是时候问了：哪只股票提供更好的价值？</p>
<p>截至目前，亚马逊的市盈率为 35，而阿里巴巴的市盈率仅为 14。这一估值差距表明阿里巴巴显著便宜。</p>
<p>但仅仅依靠估值并不能讲述整个故事。投资者还必须权衡增长潜力、竞争力和风险暴露。</p>
<p>亚马逊的高估值反映了其强大的全球定位、在 AI 和云计算领域的领导地位以及持续执行的良好记录。另一方面，阿里巴巴的交易价格大幅折扣——并不是因为缺乏增长潜力，而是由于其面临中国不可预测的监管环境。</p>
<h2>这对投资者意味着什么</h2>
<p>如果你在寻找稳定性、全球覆盖和长期可持续增长，亚马逊看起来是一个不错的选择。</p>
<p>但如果你能接受额外的地缘政治和监管风险，阿里巴巴可能是今天市场上最被低估的科技巨头之一。其核心商业仍然高度盈利，而其股票的定价则仿佛增长已经停滞——尽管实际上并没有。</p>
<p>选择哪只股票取决于你更倾向于可靠性还是不对称的上行潜力。</p>

阿里巴巴

阿里巴巴-W

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>亚马逊和阿里巴巴都是科技行业的重要参与者，拥有不同的商业模式和市场策略。亚马逊运营着第一方零售业务，并在全球范围内开展业务，而阿里巴巴则作为一个纯平台，主要在中国市场运作。尽管阿里巴巴的市盈率为 14，低于亚马逊的 35，但投资者必须考虑增长潜力和监管风险。亚马逊提供了稳定性和全球覆盖，而阿里巴巴在地缘政治挑战中则展现出潜在的被低估机会</p>

<p><strong>Amazon</strong>(AMZN -0.08%) and <strong>Alibaba</strong>(BABA -1.46%) are giants in the global tech landscape, both with prospects of continuing to extend their dominance into the future.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.08%) 和 <strong>阿里巴巴</strong>(BABA -1.46%) 是全球科技领域的巨头，未来都有继续扩展其主导地位的前景。</p>
</div><p>Both companies share similarities, yet they are very different in many ways. But which of the two is a better stock to own in the next few years? Let's explore this further.</p>
<div class="lb-trans"><p>这两家公司有许多相似之处，但在许多方面又截然不同。那么，在未来几年中，哪一只股票更值得拥有呢？让我们进一步探讨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821087%2Fgetty-person-shrugging-questioning-unsure-asking-mystery-confused.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 tech giants have plenty in common</h2>
<div class="lb-trans"><h2>这两家科技巨头有很多共同点</h2>
</div><p>At first glance, Amazon and Alibaba seem like companies separated by more than just geography. One dominates the U.S. and many parts of the Western world, while the other commands China's domestic market. But look a little closer, and you'll find that the two tech titans have more in common than not.</p>
<div class="lb-trans"><p>乍一看，亚马逊和阿里巴巴似乎是被地理位置隔开的公司。一家主导美国及许多西方国家，而另一家则在中国国内市场占据主导地位。但仔细观察，你会发现这两位科技巨头有更多共同之处。</p>
</div><p>Both companies built their vast empires on e-commerce, but have expanded into new sectors over time. Amazon began by selling books online, but has expanded into other categories and profitable businesses, including cloud computing, advertising, logistics, and media.</p>
<div class="lb-trans"><p>这两家公司都是在电子商务上建立了庞大的帝国，但随着时间的推移，它们也扩展到了新的领域。亚马逊最初是在线销售书籍，但后来扩展到了其他类别和盈利业务，包括云计算、广告、物流和媒体。</p>
</div><p>Alibaba, on the other hand, began its business as a cross-border e-commerce platform, enabling overseas merchants to tap into China's vast supply chain. It was only in the later stage that it launched its flagship Taobao marketplace, followed by Tmall. Its success in e-commerce propelled the giant into new businesses, including fintech, cloud computing, logistics, entertainment, and more.</p>
<div class="lb-trans"><p>而阿里巴巴则最初作为一个跨境电子商务平台，帮助海外商家进入中国庞大的供应链。直到后期，它才推出了旗舰产品淘宝市场，随后是天猫。它在电子商务上的成功推动了其进入新的业务领域，包括金融科技、云计算、物流、娱乐等。</p>
</div><p>As both companies expanded into new sectors, they have gradually diversified their revenue base, making it more resilient to the changes in the external environment. Moreover, this diversified business model opens new opportunities to allocate capital to high-growth areas. For instance, both companies have been investing heavily in artificial intelligence (AI) and cloud computing to capitalize on the once-in-a-lifetime shift trend.</p>
<div class="lb-trans"><p>随着这两家公司扩展到新领域，它们逐渐多样化了收入来源，使其对外部环境变化的抵御能力更强。此外，这种多元化的商业模式为资本配置到高增长领域开辟了新机会。例如，这两家公司都在人工智能（AI）和云计算方面进行了大量投资，以利用这一千载难逢的转型趋势。</p>
</div><p>While these companies have very different cultural roots, they do share similarities in values such as customer delight, innovation, and investing in emerging technologies and businesses, as well as long-term thinking. This DNA stems from the significant effect of their founders, Jeff Bezos and Jack Ma. Both left a strong legacy, even though they have stepped down from active management of their businesses.</p>
<div class="lb-trans"><p>虽然这两家公司有着截然不同的文化根源，但在客户满意度、创新、投资新兴技术和业务以及长期思维等价值观上却有相似之处。这种基因源于其创始人杰夫·贝索斯和马云的重大影响。尽管他们已经不再积极管理自己的企业，但都留下了深远的遗产。</p>
</div><p>In short, both giants are well-positioned to sustain and grow their businesses, using their solid business models and long-term cultures.</p>
<div class="lb-trans"><p>总之，这两家巨头都处于良好的位置，能够维持和发展其业务，利用其稳固的商业模式和长期文化。</p>
</div><h2>Yet, they differ in other aspects</h2>
<div class="lb-trans"><h2>然而，它们在其他方面有所不同</h2>
</div><p>While Amazon and Alibaba are leaders in their respective e-commerce markets, their business models diverge significantly. Amazon operates a first-party retail business -- buying and selling inventory -- alongside its third-party marketplace. Alibaba, in contrast, is a pure platform. It connects buyers and sellers without holding inventory.</p>
<div class="lb-trans"><p>虽然亚马逊和阿里巴巴在各自的电子商务市场中都是领导者，但它们的商业模式却有显著差异。亚马逊运营着第一方零售业务——购买和销售库存——以及其第三方市场。相比之下，阿里巴巴则是一个纯平台。它连接买卖双方，而不持有库存。</p>
</div><p>Amazon also owns and operates a massive logistics network, employing hundreds of thousands of people to ensure fast and reliable delivery. Alibaba's logistics arm, Cainiao, uses an asset-light model that coordinates third-party delivery services.</p>
<div class="lb-trans"><p>亚马逊还拥有并运营着一个庞大的物流网络，雇佣数十万员工以确保快速可靠的交付。阿里巴巴的物流部门菜鸟则采用轻资产模式，协调第三方配送服务。</p>
</div><p>This divergence explains the gap in profit margins. Alibaba's marketplace model is capital-light and highly profitable. Amazon's retail operation, although strategically important, compresses margins -- although this is offset by its high-margin segments, such as Amazon Web Services and advertising.</p>
<div class="lb-trans"><p>这种差异解释了利润率的差距。阿里巴巴的市场模式轻资产且利润丰厚。亚马逊的零售业务虽然在战略上重要，但压缩了利润率——尽管这被其高利润率的业务部分（如亚马逊网络服务和广告）所抵消。</p>
</div><p>Geographically, Amazon has a broad international footprint, with operations across North America, Europe, India, and Latin America. Alibaba is more concentrated in China, though it's expanding abroad through AliExpress, Lazada, and Trendyol.</p>
<div class="lb-trans"><p>在地理上，亚马逊在北美、欧洲、印度和拉丁美洲等地拥有广泛的国际足迹。阿里巴巴则更集中于中国，尽管它通过 AliExpress、Lazada 和 Trendyol 在海外扩展。</p>
</div><p>In cloud computing, Amazon Web Services (AWS) is the global leader, holding over 30% of the market. Alibaba Cloud is dominant in China but has only a 4% global share, constrained by limited access to cutting-edge chips and geopolitical challenges.</p>
<div class="lb-trans"><p>在云计算方面，亚马逊网络服务（AWS）是全球领导者，市场份额超过 30%。阿里云在中国占据主导地位，但全球市场份额仅为 4%，受限于对尖端芯片的有限访问和地缘政治挑战。</p>
</div><p>Indeed, this is one of the most significant strategic differences between the companies. Amazon, as a U.S. company, benefits from access to the latest AI chips and global markets. Alibaba faces regulatory overhang and U.S. sanctions that limit its ability to compete globally in emerging technologies, such as generative AI.</p>
<div class="lb-trans"><p>确实，这是两家公司之间最显著的战略差异之一。作为一家美国公司，亚马逊受益于对最新 AI 芯片和全球市场的访问。阿里巴巴则面临监管压力和美国制裁，限制了其在新兴技术（如生成式 AI）方面的全球竞争能力。</p>
</div><h2>Which company has a better value proposition today?</h2>
<div class="lb-trans"><h2>今天哪家公司具有更好的价值主张？</h2>
</div><p>Now that we've explored both the similarities and differences, it's time to ask: Which stock offers better value?</p>
<div class="lb-trans"><p>现在我们已经探讨了相似之处和差异，是时候问了：哪只股票提供更好的价值？</p>
</div><p>As of this writing, Amazon trades at a price-to-earnings (P/E) ratio of 35, while Alibaba trades at just 14. This valuation gap suggests that Alibaba is significantly cheaper.</p>
<div class="lb-trans"><p>截至目前，亚马逊的市盈率为 35，而阿里巴巴的市盈率仅为 14。这一估值差距表明阿里巴巴显著便宜。</p>
</div><p>But valuation alone doesn't tell the whole story. Investors must also weigh growth potential, competitive strength, and risk exposure.</p>
<div class="lb-trans"><p>但仅仅依靠估值并不能讲述整个故事。投资者还必须权衡增长潜力、竞争力和风险暴露。</p>
</div><p>Amazon's premium valuation reflects its strong global positioning, leadership in AI and cloud, and a track record of consistent execution. Alibaba, on the other hand, trades at a steep discount -- not because it lacks growth potential, but because of its exposure to China's unpredictable regulatory environment.</p>
<div class="lb-trans"><p>亚马逊的高估值反映了其强大的全球定位、在 AI 和云计算领域的领导地位以及持续执行的良好记录。另一方面，阿里巴巴的交易价格大幅折扣——并不是因为缺乏增长潜力，而是由于其面临中国不可预测的监管环境。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>这对投资者意味着什么</h2>
</div><p>If you're looking for stability, global reach, and long-term sustainable growth, Amazon looks like a good candidate.</p>
<div class="lb-trans"><p>如果你在寻找稳定性、全球覆盖和长期可持续增长，亚马逊看起来是一个不错的选择。</p>
</div><p>But if you're comfortable with additional geopolitical and regulatory risks, Alibaba might be one of the most undervalued tech giants in the market today. Its core commerce business remains highly profitable, and its stock is priced as though growth has stalled -- even though it hasn't.</p>
<div class="lb-trans"><p>但如果你能接受额外的地缘政治和监管风险，阿里巴巴可能是今天市场上最被低估的科技巨头之一。其核心商业仍然高度盈利，而其股票的定价则仿佛增长已经停滞——尽管实际上并没有。</p>
</div><p>The right stock depends on whether you prefer reliability or asymmetrical upside.</p>
<div class="lb-trans"><p>选择哪只股票取决于你更倾向于可靠性还是不对称的上行潜力。</p>
</div>

Better Stock: Amazon or Alibaba?

- 亚马逊和阿里巴巴是全球科技巨头，均在电商领域起家并扩展至新行业。  
- 亚马逊的市盈率为 35，阿里巴巴为 14，显示出阿里巴巴的估值较低。  
- 投资者需考虑稳定性与风险，亚马逊适合追求稳定者，阿里巴巴则可能具备更高的潜在收益。

哪只股票更好：亚马逊还是阿里巴巴？