<p><strong>苹果</strong>(AAPL 0.08%) 和 <strong>亚马逊</strong>(AMZN -1.16%) 是全球最大的两家公司，均属于 “七大巨头” 股票组。两家公司都为股东提供了出色的长期回报，但目前哪项投资更值得购买呢？</p>
<p>让我们来看看这两家公司，看看今天哪一家公司是最佳购买选择。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>两家公司收入增长相对缓慢</h2>
<p>亚马逊和苹果并不是大型科技公司的增长典范。在过去几个季度中，每家公司都发布了相对平淡的增长率，这可能会让投资者怀疑为什么他们想要持有这两只股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png"/></p>
<p>AMZN 营业收入（季度同比增长）数据来自 YCharts</p>
<p>在最近一个季度中，每只股票的增长率都不到 10%，我不会责怪任何人质疑这两只股票是否可以被称为成长股。然而，当你深入研究每家公司时，很明显其中一家公司仍然值得被称为成长股。</p>
<p>苹果缺乏增长源于几个问题。首先，苹果在过去几年没有推出任何创新产品或功能。他们是一个明显的例子，依靠之前的成功仍在继续取得成功。一个明显的领域是人工智能，苹果在人工智能功能方面落后于几乎所有智能手机公司。</p>
<p>苹果受到的另一个伤害是智能手机更换周期的延长。十年前，每一代 iPhone 都带来了巨大的创新和必备功能。现在，今天购买的手机与两三年前的手机并没有太大区别。这种创新减缓导致消费者更少频繁地升级手机，从而影响了苹果的增长率。</p>
<p>亚马逊则是完全不同的故事。大多数人认识亚马逊是因为其电子商务平台，该平台产生了大部分收入。在第一季度，在线商店和第三方卖家服务产生了 940 亿美元的销售额。考虑到亚马逊在第一季度的总收入为 1430 亿美元，这占其总收入的相当大一部分。这两个细分市场也是亚马逊所有细分市场中增长最慢的，拖累了整体增长率。</p>
<p>然而，亚马逊仍然有一些强劲的表现，亚马逊网络服务（AWS）和广告服务在第一季度分别增长了 17% 和 18%。这两个细分市场的强劲表现隐藏在亚马逊的总收入增长率中；然而，这两个细分市场对亚马逊的利润率的影响是不可否认的。</p>
<h2>亚马逊的利润增长使其成为比苹果更好的购买选择</h2>
<p>尽管 AWS 在第一季度仅占总销售额的 19%，但它产生了 63% 的营业利润。虽然亚马逊没有单独列出广告的营业利润率，但可以安全地假设它们非常高，尤其是当以广告为主的公司如 <strong>Meta Platforms</strong>(NASDAQ: META) 的营业利润率达到 40% 或更高时。很可能亚马逊的商业利润中有很大一部分来自这一细分市场，尽管无法确定。</p>
<p>尽管如此，由于亚马逊的高利润业务以高个位数的速度增长，这意味着其利润也在快速增加。在第一季度，亚马逊的营业利润同比增长了 20%，这是一个出色的结果。相比之下，苹果的营业利润仅增长了 6%，这显然是一个更好的结果。</p>
<p>苹果没有像亚马逊那样扩大利润率的催化剂，因此其利润率与收入增长率密切相关。另一方面，亚马逊的利润增长速度远快于苹果，并且可能会继续如此，得益于其表现强劲的广告和 AWS 业务细分市场。因此，我认为亚马逊现在是一个更好的购买选择，因为它拥有苹果所没有的盈利增长催化剂。</p>

苹果

亚马逊

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

亚马逊每日 2 倍做多 ETF - Direxion

<p>苹果和亚马逊，作为 “七大巨头” 股票的一部分，最近显示出缓慢的收入增长，这引发了人们对它们作为成长股地位的质疑。苹果的增长受到缺乏创新和智能手机更长的更换周期的制约，而亚马逊的增长则得益于其高利润率的业务部门，如 AWS 和广告。亚马逊的运营利润同比增长了 20%，而苹果仅为 6%。因此，亚马逊被认为是更好的投资选择，因为其更强的利润增长潜力</p>

<p><strong>Apple</strong>(AAPL 0.08%) and <strong>Amazon</strong>(AMZN -1.16%) are two of the largest companies in the world and are both members of the &#34;Magnificent Seven&#34; group of stocks. Both companies have delivered excellent long-term returns for shareholders, but does either investment stand out as a better one to buy right now?</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 0.08%) 和 <strong>亚马逊</strong>(AMZN -1.16%) 是全球最大的两家公司，均属于 “七大巨头” 股票组。两家公司都为股东提供了出色的长期回报，但目前哪项投资更值得购买呢？</p>
</div><p>Let's take a look at both companies and see which one is the best buy today.</p>
<div class="lb-trans"><p>让我们来看看这两家公司，看看今天哪一家公司是最佳购买选择。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM2MTQvcGVyc29uLXdpdGgtYWlycG9kcy1pbi1lYXItYXBwbGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823614%2Fperson-with-airpods-in-ear-apple.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>Both companies have relatively slow revenue growth</h2>
<div class="lb-trans"><h2>两家公司收入增长相对缓慢</h2>
</div><p>Amazon and Apple aren't the pinnacle of growth for big tech. Each company has posted fairly mundane growth rates over the past few quarters, which might cause investors to wonder why they want to own either stock.</p>
<div class="lb-trans"><p>亚马逊和苹果并不是大型科技公司的增长典范。在过去几个季度中，每家公司都发布了相对平淡的增长率，这可能会让投资者怀疑为什么他们想要持有这两只股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png" alt="" original-src="https://media.ycharts.com/charts/07b7572764dec896c31c9bf77ad05b35.png"/></p>
<p>AMZN Operating Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 营业收入（季度同比增长）数据来自 YCharts</p>
</div><p>With each stock growing less than 10% during its most recent quarter, I wouldn't blame anyone for questioning whether these two could be named growth stocks. However, when you dig into each company, it's clear one still deserves the growth stock adjective.</p>
<div class="lb-trans"><p>在最近一个季度中，每只股票的增长率都不到 10%，我不会责怪任何人质疑这两只股票是否可以被称为成长股。然而，当你深入研究每家公司时，很明显其中一家公司仍然值得被称为成长股。</p>
</div><p>Apple's lack of growth stems from a few issues. First, Apple hasn't released any innovative products or features for multiple years. They are a clear example of a company riding on prior success and are still succeeding with that model. One area where this has become abundantly clear is AI, as Apple is behind nearly every smartphone company in terms of AI features.</p>
<div class="lb-trans"><p>苹果缺乏增长源于几个问题。首先，苹果在过去几年没有推出任何创新产品或功能。他们是一个明显的例子，依靠之前的成功仍在继续取得成功。一个明显的领域是人工智能，苹果在人工智能功能方面落后于几乎所有智能手机公司。</p>
</div><p>Another area Apple has been harmed is the lengthening smartphone turnover cycle. A decade ago, each iteration of the iPhone brought massive innovations and must-have features. Now, the phone purchased today isn't all that different from a two- or three-year-old phone. This innovation slowdown has caused consumers to upgrade phones less frequently, which has harmed Apple's growth rate.</p>
<div class="lb-trans"><p>苹果受到的另一个伤害是智能手机更换周期的延长。十年前，每一代 iPhone 都带来了巨大的创新和必备功能。现在，今天购买的手机与两三年前的手机并没有太大区别。这种创新减缓导致消费者更少频繁地升级手机，从而影响了苹果的增长率。</p>
</div><p>Amazon is a completely different story. Most people recognize Amazon for its e-commerce platform, which generates the lion's share of revenue. In Q1, online stores and third-party seller services generated $94 billion in sales. Considering Amazon generated $143 billion in total revenue in Q1, that's a significant portion of its total revenue. These two segments were also the slowest-growing of all of Amazon's segments, which dragged down the overall growth rate.</p>
<div class="lb-trans"><p>亚马逊则是完全不同的故事。大多数人认识亚马逊是因为其电子商务平台，该平台产生了大部分收入。在第一季度，在线商店和第三方卖家服务产生了 940 亿美元的销售额。考虑到亚马逊在第一季度的总收入为 1430 亿美元，这占其总收入的相当大一部分。这两个细分市场也是亚马逊所有细分市场中增长最慢的，拖累了整体增长率。</p>
</div><p>However, Amazon still had some strong performers, with Amazon Web Services (AWS) and advertising services rising 17% and 18%, respectively, in Q1. The strong quarter for both of these segments is hidden within Amazon's total revenue growth rate; however, the impact that these two have on Amazon's profit margins is undeniable.</p>
<div class="lb-trans"><p>然而，亚马逊仍然有一些强劲的表现，亚马逊网络服务（AWS）和广告服务在第一季度分别增长了 17% 和 18%。这两个细分市场的强劲表现隐藏在亚马逊的总收入增长率中；然而，这两个细分市场对亚马逊的利润率的影响是不可否认的。</p>
</div><h2>Amazon's profit growth makes it a better buy than Apple</h2>
<div class="lb-trans"><h2>亚马逊的利润增长使其成为比苹果更好的购买选择</h2>
</div><p>Despite AWS accounting for only 19% of total sales in Q1, it generated 63% of operating profits. While Amazon doesn't break out advertising operating margins, it's safe to assume they are incredibly high, especially when advertising-focused companies like <strong>Meta Platforms</strong>(NASDAQ: META) deliver operating margins of 40% or greater. It's highly likely that a large chunk of Amazon's profits from the commerce business come from this segment, although there's no way to know for sure.</p>
<div class="lb-trans"><p>尽管 AWS 在第一季度仅占总销售额的 19%，但它产生了 63% 的营业利润。虽然亚马逊没有单独列出广告的营业利润率，但可以安全地假设它们非常高，尤其是当以广告为主的公司如 <strong>Meta Platforms</strong>(NASDAQ: META) 的营业利润率达到 40% 或更高时。很可能亚马逊的商业利润中有很大一部分来自这一细分市场，尽管无法确定。</p>
</div><p>Still, because Amazon's high-margin businesses are growing at a high-teens rate, that means its profits are also rapidly increasing. In Q1, Amazon's operating profits increased 20% year over year, marking an excellent result. Compared to Apple, whose operating profits grew only 6%, this is a significantly better result.</p>
<div class="lb-trans"><p>尽管如此，由于亚马逊的高利润业务以高个位数的速度增长，这意味着其利润也在快速增加。在第一季度，亚马逊的营业利润同比增长了 20%，这是一个出色的结果。相比之下，苹果的营业利润仅增长了 6%，这显然是一个更好的结果。</p>
</div><p>Apple doesn't have the same catalyst for expanding profit margins as Amazon does, so its margins are closely tied to its revenue growth rate. On the other hand, Amazon's profits are growing substantially faster than Apple's and are likely to continue doing so with its strong-performing advertising and AWS business segments. As a result, I think Amazon is a far better buy right now, as it has an earnings growth catalyst that Apple doesn't have.</p>
<div class="lb-trans"><p>苹果没有像亚马逊那样扩大利润率的催化剂，因此其利润率与收入增长率密切相关。另一方面，亚马逊的利润增长速度远快于苹果，并且可能会继续如此，得益于其表现强劲的广告和 AWS 业务细分市场。因此，我认为亚马逊现在是一个更好的购买选择，因为它拥有苹果所没有的盈利增长催化剂。</p>
</div>

Better "Magnificent Seven" Stock: Apple or Amazon?

- 苹果和亚马逊是全球最大的公司之一，均为 “七大巨头” 成员。  
- 苹果的增长受限于创新不足和手机更新周期延长，营收增长缓慢。  
- 亚马逊的高利润业务如 AWS 和广告服务增长强劲，利润增长率高于苹果。

“七大天王” 中更值得投资的股票：苹果还是亚马逊？