<p>科技巨头 <strong>阿里巴巴</strong>(BABA -3.85%) 和 <strong>亚马逊</strong>(AMZN 1.43%) 有许多相似之处。例如，两者都超越了电子商务的根基，成为云计算领域的巨头。阿里巴巴是全球第四大云服务提供商，而亚马逊则是全球领导者。</p>
<p>现在，这两家公司正进入人工智能（AI）领域。两者都利用其云基础设施开发复杂的 AI 能力，并将其出售给其他企业。</p>
<p>由于 AI 行业的增长，阿里巴巴和亚马逊的股价都有望上涨。但哪一家公司在长期投资中更具优势呢？以下是对这两家公司的分析，以得出答案。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMzMvYWktY2hpcC13aXRoLXVzYS1hbmQtY2hpbmEtaW1hZ2VzLW9uLWl0LWdldHR5aW1hZ2VzLTE0MjI0NTM2OTUtMTIwMXg4MDEtODNiM2FjZi5wbmcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMzMvYWktY2hpcC13aXRoLXVzYS1hbmQtY2hpbmEtaW1hZ2VzLW9uLWl0LWdldHR5aW1hZ2VzLTE0MjI0NTM2OTUtMTIwMXg4MDEtODNiM2FjZi5wbmcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>深入了解阿里巴巴</h2>
<p>阿里巴巴的股票在 2025 年表现良好，截至 7 月 7 日上涨了 25%。其股价上涨的一部分原因是其在 AI 领域的成功。</p>
<p>在 2 月份，该公司与 <strong>苹果</strong> 达成协议，为在中国销售的 iPhone 提供 AI。这类成功使阿里巴巴的 AI 收入在截至 3 月 31 日的财年第四季度实现了连续七个季度的三位数同比增长。</p>
<p>因此，该公司的云计算部门在 2025 财年的销售额达到了 163 亿美元，同比增长 11%。</p>
<p>该部门的增长使阿里巴巴在 2025 财年结束时的总收入达到 1373 亿美元，比去年增长了 6%。首席执行官吴泳铭表示：“展望未来，我们将继续专注于核心业务，并推动 AI + Cloud 作为我们长期增长的新引擎。”</p>
<p>为此，阿里巴巴在 2025 财年的自由现金流（FCF）同比下降了 53%，降至 102 亿美元，因为公司在基础设施改善上进行了大量投资，以支持其人工智能系统。</p>
<h2>了解亚马逊</h2>
<p>截至 7 月 7 日，亚马逊的股票并没有像阿里巴巴在 2025 年那样大幅上涨。今年亚马逊的股价仅上涨了 2%，部分原因是唐纳德·特朗普总统的关税政策给消费者支出带来了不确定性。</p>
<p>然而，华尔街可能低估了亚马逊的长期潜力。其第一季度销售额同比增长 9%，达到了 1557 亿美元。尽管宏观经济环境不佳，该公司预计收入将持续增长，第二季度销售额预计将达到至少 1590 亿美元，比 2024 年增长 7%。</p>
<p>与阿里巴巴一样，亚马逊也将投资 AI 视为商业必需。“这就是为什么在亚马逊有超过 1000 个 GenAI 应用正在开发，” 首席执行官安迪·杰西表示。</p>
<p>接受 AI 注入的领域之一是 Zoox，亚马逊最新的商业项目。Zoox 是一个由 AI 控制的无人驾驶叫车车队，计划在今年推出。</p>
<p>这家科技巨头的 AI 投资导致其自由现金流在过去 12 个月中同比下降近 50%，降至 259 亿美元。但得益于 AI，该公司的云业务在第一季度的销售额同比增长了 17%，达到了 293 亿美元。</p>
<h2>在阿里巴巴和亚马逊股票之间做出选择</h2>
<p>由于阿里巴巴和亚马逊都在追求成功的相似路径，并且两者都表现良好，因此选择投资哪一家公司可能会很具挑战性。一个考虑因素是股价估值，可以通过市盈率（P/E）来评估。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/21e0223b7f3b89aa35837cfd4628fd05.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/21e0223b7f3b89aa35837cfd4628fd05.png"/></p>
<p>数据来源：YCharts。</p>
<p>图表显示，亚马逊的市盈率低于一年前，这意味着其股票现在更具价值，但仍然是阿里巴巴的两倍多。这表明阿里巴巴的股票具有更优的估值。实际上，阿里巴巴的股票看起来定价合理，因为其市盈率也低于一年前。</p>
<p>然而，由于两家公司都在追求 AI 领域的主导地位，地缘政治也成为一个需要权衡的因素。美国政府将中国视为 AI 时代的威胁，因此正在审查阿里巴巴与苹果的合作。此外，今年早些时候，特朗普政府呼吁将中国股票退市。</p>
<p>美国政府并不是阿里巴巴唯一的担忧。该公司承认，中国政府对其业务的行为有 “重大监督和裁量权”。</p>
<p>阿里巴巴进一步解释说，中国的 “法律体系部分基于政府政策和内部规则，其中一些并未及时或根本未公布。” 这意味着阿里巴巴可能在政府介入之前并不知道自己违反了某项政策。中国的监管可能会对其业务造成伤害，甚至导致其股价 “可能大幅下跌或变得毫无价值”，该公司表示。</p>
<p>亚马逊也未能摆脱中国监管的影响，因为中国的卖家和供应商为公司的收入做出了贡献。尽管如此，亚马逊面临的来自美中争端的商业风险较低。毕竟，特朗普政府并没有要求将亚马逊退市。</p>
<p>尽管阿里巴巴的股票看起来定价合理，但亚马逊在美中紧张局势下的较低商业风险使其在长期投资中更具优势。最近几个月其市盈率的下降使得现在成为购买股票的好时机。</p>

亚马逊

阿里巴巴

阿里巴巴-W

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>阿里巴巴和亚马逊都在扩展人工智能业务，阿里巴巴的股票在 2025 年上涨了 25%，主要得益于强劲的人工智能收入增长，而亚马逊的股票仅上涨了 2%，面临经济不确定性。阿里巴巴的云销售额达到了 163 亿美元，而亚马逊的云销售额增长了 17%，达到了 293 亿美元。尽管阿里巴巴的市盈率具有吸引力，但中国的地缘政治风险和监管审查带来了挑战。亚马逊面临的美国与中国紧张关系的风险较低，但也受到中国监管的影响。投资者在选择这两只股票时必须权衡这些因素</p>

<p>Tech titans <strong>Alibaba</strong>(BABA -3.85%) and <strong>Amazon</strong>(AMZN 1.43%) share several similarities. For instance, both expanded beyond their e-commerce roots to become giants in the cloud computing space. Alibaba is the world's fourth largest cloud provider by market share, while Amazon is the global leader.</p>
<div class="lb-trans"><p>科技巨头 <strong>阿里巴巴</strong>(BABA -3.85%) 和 <strong>亚马逊</strong>(AMZN 1.43%) 有许多相似之处。例如，两者都超越了电子商务的根基，成为云计算领域的巨头。阿里巴巴是全球第四大云服务提供商，而亚马逊则是全球领导者。</p>
</div><p>Now, the pair are moving into the artificial intelligence (AI) arena. Both leveraged their cloud infrastructures to develop sophisticated AI capabilities that they sell to other businesses.</p>
<div class="lb-trans"><p>现在，这两家公司正进入人工智能（AI）领域。两者都利用其云基础设施开发复杂的 AI 能力，并将其出售给其他企业。</p>
</div><p>Alibaba and Amazon stand to see share price appreciation, thanks to the growth of the AI industry. But is one a better investment for the long haul? Here's a look at both companies to arrive at an answer.</p>
<div class="lb-trans"><p>由于 AI 行业的增长，阿里巴巴和亚马逊的股价都有望上涨。但哪一家公司在长期投资中更具优势呢？以下是对这两家公司的分析，以得出答案。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQyMzMvYWktY2hpcC13aXRoLXVzYS1hbmQtY2hpbmEtaW1hZ2VzLW9uLWl0LWdldHR5aW1hZ2VzLTE0MjI0NTM2OTUtMTIwMXg4MDEtODNiM2FjZi5wbmcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824233%2Fai-chip-with-usa-and-china-images-on-it-gettyimages-1422453695-1201x801-83b3acf.png&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>Digging into Alibaba</h2>
<div class="lb-trans"><h2>深入了解阿里巴巴</h2>
</div><p>Alibaba stock has done well in 2025, rising 25% through July 7. Part of its share price boost comes from its success in the AI space.</p>
<div class="lb-trans"><p>阿里巴巴的股票在 2025 年表现良好，截至 7 月 7 日上涨了 25%。其股价上涨的一部分原因是其在 AI 领域的成功。</p>
</div><p>In February, the company closed a deal with <strong>Apple</strong> to provide AI to iPhones sold in China. These kinds of wins propelled Alibaba's AI revenue to triple-digit year-over-year growth for seven straight quarters through its fiscal fourth quarter, which ended March 31.</p>
<div class="lb-trans"><p>在 2 月份，该公司与 <strong>苹果</strong> 达成协议，为在中国销售的 iPhone 提供 AI。这类成功使阿里巴巴的 AI 收入在截至 3 月 31 日的财年第四季度实现了连续七个季度的三位数同比增长。</p>
</div><p>As a result, the company's cloud computing division hit sales of $16.3 billion in its 2025 fiscal year. This represented an 11% year-over-year increase.</p>
<div class="lb-trans"><p>因此，该公司的云计算部门在 2025 财年的销售额达到了 163 亿美元，同比增长 11%。</p>
</div><p>The division's growth contributed to Alibaba wrapping up fiscal 2025 with $137.3 billion in total revenue, a 6% jump up from the previous year. CEO Eddie Wu stated: &#34;Looking ahead, we will remain focused on our core businesses and continue to drive AI + Cloud as a new engine for our long-term growth.&#34;</p>
<div class="lb-trans"><p>该部门的增长使阿里巴巴在 2025 财年结束时的总收入达到 1373 亿美元，比去年增长了 6%。首席执行官吴泳铭表示：“展望未来，我们将继续专注于核心业务，并推动 AI + Cloud 作为我们长期增长的新引擎。”</p>
</div><p>To that end, Alibaba's fiscal 2025 free cash flow (FCF) was down 53% year over year to $10.2 billion as the company invested heavily in infrastructure improvements to power its artificial intelligence systems.</p>
<div class="lb-trans"><p>为此，阿里巴巴在 2025 财年的自由现金流（FCF）同比下降了 53%，降至 102 亿美元，因为公司在基础设施改善上进行了大量投资，以支持其人工智能系统。</p>
</div><h2>A look at Amazon</h2>
<div class="lb-trans"><h2>了解亚马逊</h2>
</div><p>Amazon shares haven't seen the surge Alibaba enjoyed in 2025. Amazon's stock is up just 2% this year through July 7, weighed down in part by President Donald Trump's tariff policies, which cast a cloud of uncertainty over the effect on consumer spending.</p>
<div class="lb-trans"><p>截至 7 月 7 日，亚马逊的股票并没有像阿里巴巴在 2025 年那样大幅上涨。今年亚马逊的股价仅上涨了 2%，部分原因是唐纳德·特朗普总统的关税政策给消费者支出带来了不确定性。</p>
</div><p>However, Wall Street may be underestimating Amazon's long-term potential. Its first-quarter sales rose 9% year over year to $155.7 billion. The company expects ongoing revenue growth despite the macroeconomic environment, with second-quarter sales projected to hit at least $159 billion, a 7% increase over 2024.</p>
<div class="lb-trans"><p>然而，华尔街可能低估了亚马逊的长期潜力。其第一季度销售额同比增长 9%，达到了 1557 亿美元。尽管宏观经济环境不佳，该公司预计收入将持续增长，第二季度销售额预计将达到至少 1590 亿美元，比 2024 年增长 7%。</p>
</div><p>Like Alibaba, Amazon views investing in AI as a business imperative. &#34;That's why there are more than 1,000 GenAI applications being built across Amazon,&#34; stated CEO Andy Jassy.</p>
<div class="lb-trans"><p>与阿里巴巴一样，亚马逊也将投资 AI 视为商业必需。“这就是为什么在亚马逊有超过 1000 个 GenAI 应用正在开发，” 首席执行官安迪·杰西表示。</p>
</div><p>Among the areas receiving this AI infusion is Zoox, Amazon's latest business venture. Zoox is a driverless ride-hailing fleet controlled by AI, which is set to roll out this year.</p>
<div class="lb-trans"><p>接受 AI 注入的领域之一是 Zoox，亚马逊最新的商业项目。Zoox 是一个由 AI 控制的无人驾驶叫车车队，计划在今年推出。</p>
</div><p>The tech goliath's AI investments resulted in FCF dropping nearly 50% year over year to $25.9 billion over the trailing 12 months through Q1. But thanks to AI, the company's cloud business saw strong Q1 sales growth of 17% over 2024 to $29.3 billion.</p>
<div class="lb-trans"><p>这家科技巨头的 AI 投资导致其自由现金流在过去 12 个月中同比下降近 50%，降至 259 亿美元。但得益于 AI，该公司的云业务在第一季度的销售额同比增长了 17%，达到了 293 亿美元。</p>
</div><h2>Choosing between Alibaba and Amazon stock</h2>
<div class="lb-trans"><h2>在阿里巴巴和亚马逊股票之间做出选择</h2>
</div><p>Because Alibaba and Amazon have pursued similar paths to success, and both are doing well, choosing which to invest in can be challenging. One consideration is share price valuation, which can be assessed through the price-to-earnings (P/E) ratio.</p>
<div class="lb-trans"><p>由于阿里巴巴和亚马逊都在追求成功的相似路径，并且两者都表现良好，因此选择投资哪一家公司可能会很具挑战性。一个考虑因素是股价估值，可以通过市盈率（P/E）来评估。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/21e0223b7f3b89aa35837cfd4628fd05.png" alt="" original-src="https://media.ycharts.com/charts/21e0223b7f3b89aa35837cfd4628fd05.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>The chart shows that Amazon's P/E ratio is lower than it was a year ago, meaning its stock is now a better value, but it's still more than double Alibaba's. This indicates that Alibaba shares possess a superior valuation. Indeed, Alibaba stock looks attractively priced, since its P/E multiple is also lower than it was a year ago.</p>
<div class="lb-trans"><p>图表显示，亚马逊的市盈率低于一年前，这意味着其股票现在更具价值，但仍然是阿里巴巴的两倍多。这表明阿里巴巴的股票具有更优的估值。实际上，阿里巴巴的股票看起来定价合理，因为其市盈率也低于一年前。</p>
</div><p>However, because both companies are pursuing dominance in the AI field, geopolitics becomes a factor to weigh as well. The U.S. government sees China as a threat in the AI era, so it's scrutinizing the Alibaba partnership with Apple. In addition, earlier this year, the Trump administration called for the delisting of Chinese stocks.</p>
<div class="lb-trans"><p>然而，由于两家公司都在追求 AI 领域的主导地位，地缘政治也成为一个需要权衡的因素。美国政府将中国视为 AI 时代的威胁，因此正在审查阿里巴巴与苹果的合作。此外，今年早些时候，特朗普政府呼吁将中国股票退市。</p>
</div><p>The U.S. government isn't Alibaba's only concern. The company admits that the Chinese government has &#34;significant oversight and discretion over the conduct of our business.&#34;</p>
<div class="lb-trans"><p>美国政府并不是阿里巴巴唯一的担忧。该公司承认，中国政府对其业务的行为有 “重大监督和裁量权”。</p>
</div><p>Alibaba went on to explain that the Chinese &#34;legal system is based in part on government policies and internal rules, some of which are not published on a timely basis or at all.&#34; This means that Alibaba might not know it's violating a policy until the government steps in. Chinese regulations could hurt its business to the point where its stock price &#34;could significantly decline or become worthless,&#34; according to the company.</p>
<div class="lb-trans"><p>阿里巴巴进一步解释说，中国的 “法律体系部分基于政府政策和内部规则，其中一些并未及时或根本未公布。” 这意味着阿里巴巴可能在政府介入之前并不知道自己违反了某项政策。中国的监管可能会对其业务造成伤害，甚至导致其股价 “可能大幅下跌或变得毫无价值”，该公司表示。</p>
</div><p>Amazon isn't free from the effect of Chinese regulations, since China-based sellers and suppliers contribute to the company's revenue. That said, it faces lower business risk from the feud between the U.S. and China. After all, the Trump administration is not demanding Amazon's delisting.</p>
<div class="lb-trans"><p>亚马逊也未能摆脱中国监管的影响，因为中国的卖家和供应商为公司的收入做出了贡献。尽管如此，亚马逊面临的来自美中争端的商业风险较低。毕竟，特朗普政府并没有要求将亚马逊退市。</p>
</div><p>Although Alibaba stock looks reasonably priced, Amazon's lower business risk from the U.S.-China tensions gives it the edge as the better long-term investment. The drop in its P/E ratio in recent months makes now a good time to pick up shares.</p>
<div class="lb-trans"><p>尽管阿里巴巴的股票看起来定价合理，但亚马逊在美中紧张局势下的较低商业风险使其在长期投资中更具优势。最近几个月其市盈率的下降使得现在成为购买股票的好时机。</p>
</div>

Best Stock to Buy Right Now: Alibaba vs. Amazon

- 阿里巴巴和亚马逊在云计算和人工智能领域均有显著发展。  
- 阿里巴巴 2025 财年总收入达 1373 亿美元，云计算销售增长 11%。  
- 尽管阿里巴巴股价吸引，但亚马逊因较低的商业风险被视为更佳长期投资。

当前最值得购买的股票：阿里巴巴对比亚马逊