<p><strong>亚马逊</strong>(AMZN -0.70%) 的股票在报告 2025 年第二季度业绩后的两天内下跌了近 10%。此后，股价恢复了一些损失，但年初至今仅略有上涨，表现不及 <strong>标准普尔 500</strong> 和 <strong>纳斯达克综合指数</strong>。</p>
<p>以下是亚马逊不受欢迎的原因，以及投资者在购买成长股时犯的最大错误。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊的指引令人失望</h2>
<p>亚马逊报告了出色的季度业绩，包括运营收入的增长速度远超收入。然而，其第三季度的指引和对亚马逊云服务（AWS）预期增长放缓的担忧可能是股价回落的原因。考虑到 <strong>微软</strong>(MSFT -0.16%) Azure 和 <strong>Alphabet</strong>(GOOGL -0.27%)(GOOG -0.30%) 的谷歌云增长速度快于 AWS，这些 AWS 的结果尤其令人震惊。</p>
<p>更重要的是，亚马逊的自由现金流在截至 2025 年 6 月 30 日的过去 12 个月内骤降至 182 亿美元，而截至 2024 年 6 月 30 日的过去 12 个月为 530 亿美元。公司正在将多余的现金重新投入业务，以投资于大项目，例如建设 AWS 数据中心、推出生成性 AI 工具、扩展亚马逊 Prime 配送能力等。然而，亚马逊的第三季度指引仅预期 10% 至 13% 的收入增长，以及运营收入可能下降 11% 至增长 18%。</p>
<h2>亚马逊的激进资本配置策略</h2>
<p>投资者在购买亚马逊股票时犯的最大错误是没有意识到公司的运作方式是将利润再投资于创新想法，而不是追求短期利润。亚马逊承担了很多风险，其中大多数都得到了回报，并为耐心的投资者带来了惊人的长期收益。但这一策略也导致每股收益和现金流的不稳定。过去十年中，亚马逊的股价至少三次从历史高点下跌超过 25%——这显示了股票的波动性。</p>
<p>亚马逊的股票薪酬通常超过其股票回购。亚马逊已经多年没有回购股票，也不支付股息。与此同时，其过去 12 个月的股票薪酬超过 200 亿美元，流通股数量持续上升，亚马逊正在稀释现有股东的股份。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="522" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png"/></p>
<p>AMZN 股票薪酬（TTM）数据来自 YCharts。TTM = 过去 12 个月。</p>
<p>这与其他大型科技巨头如 <strong>苹果</strong>(AAPL -0.92%)、微软、Alphabet 和 <strong>Meta Platforms</strong>(META -0.49%) 的做法截然不同。与亚马逊一样，这些科技巨头每年投入数十亿美元的股票薪酬以吸引顶尖人才，但他们通过回购股票来抵消这一费用，从而避免稀释。事实上，回购股票超过股票薪酬的做法通过减少流通股数量加速了收益增长。</p>
<p>与此同时，亚马逊正在加大支出以追求长期增长。正如您在下图中看到的，过去五年中，公司以令人瞩目的速度增长了运营收入，但其资本支出也大幅增加。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="487" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png"/></p>
<p>AMZN 运营收入（TTM）数据来自 YCharts。TTM = 过去 12 个月。</p>
<p>AWS 仍然是全球云市场的无可争议的领导者，但其主导市场份额部分是由于其在行业中的根深蒂固的地位。在这方面，亚马逊做出了正确的决定，将利润再投资于 AWS，以扩大产能并增强其 AI 能力，以巩固其竞争优势。但投资者希望看到这些投资能够带来回报。</p>
<p>好消息是，随着亚马逊的收益增长，股价停滞不前，其估值变得更加吸引人。亚马逊的前瞻市盈率（P/E）为 33.9，几乎与微软的 33.6 前瞻市盈率相同。</p>
<h2>投资亚马逊股票的最佳方式</h2>
<p>购买并持有亚马逊股票的投资者必须出于正确的理由。亚马逊的资本支出正在激增，如果华尔街没有看到这些投资带来回报，股价可能会继续下跌。</p>
<p>亚马逊往往比其他大型公司受到更严格的审视，因此购买该股票需要较高的风险承受能力。但这种严格的审视是有意为之，因为亚马逊可以轻松减少支出，提升现金流，或通过回购和分红将资本返还给股东。</p>
<p>寻找资本配置更为平衡的公司的投资者可能希望考虑微软或 Alphabet 作为优于亚马逊的云计算投资选择。然而，对于希望投资云计算并相信亚马逊核心电子商务和广告业务实力的人来说，亚马逊的估值是相当不错的。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票在发布 2025 年第二季度财报后，出现了近 10% 的下跌，市场对其第三季度指引和 AWS 增长放缓表示担忧。该公司将利润再投资于创新而非追求短期收益的策略导致了波动性和收益的不稳定。与其他科技巨头不同，亚马逊并未回购股票或支付股息，这导致了股东的稀释。尽管其估值具有吸引力，但由于与资本支出相关的高风险以及股票价格可能继续下跌，投资者必须保持谨慎</p>

<p><strong>Amazon</strong>(AMZN -0.70%) stock sold off nearly 10% in the two days after reporting second-quarter 2025 results. It has since recovered some of those losses but remains up just slightly year-to-date -- underperforming the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong>.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.70%) 的股票在报告 2025 年第二季度业绩后的两天内下跌了近 10%。此后，股价恢复了一些损失，但年初至今仅略有上涨，表现不及 <strong>标准普尔 500</strong> 和 <strong>纳斯达克综合指数</strong>。</p>
</div><p>Here's why Amazon is out of favor, along with the biggest mistake investors make when buying the growth stock.</p>
<div class="lb-trans"><p>以下是亚马逊不受欢迎的原因，以及投资者在购买成长股时犯的最大错误。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg1NzQvYS1wZXJzb24tc2l0dGluZy1vbi1hLWNvdWNoLWxvb2tpbmctYXQtdGhlaXItcGhvbmUtaW4tYS1jb25jZXJuZWQtbWFubmVyLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828574%2Fa-person-sitting-on-a-couch-looking-at-their-phone-in-a-concerned-manner.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>Amazon's underwhelming guidance</h2>
<div class="lb-trans"><h2>亚马逊的指引令人失望</h2>
</div><p>Amazon reported excellent quarterly results, including growing operating income far faster than revenue. However, its third-quarter guidance and anticipated growth slowdown in Amazon Web Services (AWS) may be reasons for the stock's pullback. The AWS results are particularly jarring, considering <strong>Microsoft</strong>(MSFT -0.16%) Azure and <strong>Alphabet</strong>'s (GOOGL -0.27%)(GOOG -0.30%) Google Cloud are growing more quickly than AWS.</p>
<div class="lb-trans"><p>亚马逊报告了出色的季度业绩，包括运营收入的增长速度远超收入。然而，其第三季度的指引和对亚马逊云服务（AWS）预期增长放缓的担忧可能是股价回落的原因。考虑到 <strong>微软</strong>(MSFT -0.16%) Azure 和 <strong>Alphabet</strong>(GOOGL -0.27%)(GOOG -0.30%) 的谷歌云增长速度快于 AWS，这些 AWS 的结果尤其令人震惊。</p>
</div><p>What's more, Amazon's free cash flow plummeted to $18.2 billion for the trailing 12 months ended June 30, 2025, compared to $53 billion for the trailing 12 months ended June 30, 2024. The company is deploying excess cash back into the business to invest in big ideas, such as building out AWS data centers, launching generative AI tools, expanding Amazon Prime delivery capabilities, and more. And yet, Amazon's third-quarter guidance calls for just 10% to 13% revenue growth and between an 11% decline in operating income and an 18% increase.</p>
<div class="lb-trans"><p>更重要的是，亚马逊的自由现金流在截至 2025 年 6 月 30 日的过去 12 个月内骤降至 182 亿美元，而截至 2024 年 6 月 30 日的过去 12 个月为 530 亿美元。公司正在将多余的现金重新投入业务，以投资于大项目，例如建设 AWS 数据中心、推出生成性 AI 工具、扩展亚马逊 Prime 配送能力等。然而，亚马逊的第三季度指引仅预期 10% 至 13% 的收入增长，以及运营收入可能下降 11% 至增长 18%。</p>
</div><h2>Amazon's aggressive capital allocation strategy</h2>
<div class="lb-trans"><h2>亚马逊的激进资本配置策略</h2>
</div><p>The biggest mistake investors make when buying Amazon stock is not realizing that the company's modus operandi is plowing profits back into innovative ideas rather than booking short-term profits. Amazon takes a lot of risks, most of which have paid off and led to phenomenal long-term gains for patient investors. But this strategy also produces inconsistent earnings per share and cash flow. Amazon has fallen at least 25% from its all-time high three times in the last decade -- showcasing the stock's volatility.</p>
<div class="lb-trans"><p>投资者在购买亚马逊股票时犯的最大错误是没有意识到公司的运作方式是将利润再投资于创新想法，而不是追求短期利润。亚马逊承担了很多风险，其中大多数都得到了回报，并为耐心的投资者带来了惊人的长期收益。但这一策略也导致每股收益和现金流的不稳定。过去十年中，亚马逊的股价至少三次从历史高点下跌超过 25%——这显示了股票的波动性。</p>
</div><p>Amazon's stock-based compensation regularly exceeds its buybacks. Amazon hasn't repurchased stock in years, and it doesn't pay a dividend. Meanwhile, its stock-based compensation is over $20 billion for the trailing 12 months, and its outstanding share count continues to climb as Amazon dilutes existing shareholders.</p>
<div class="lb-trans"><p>亚马逊的股票薪酬通常超过其股票回购。亚马逊已经多年没有回购股票，也不支付股息。与此同时，其过去 12 个月的股票薪酬超过 200 亿美元，流通股数量持续上升，亚马逊正在稀释现有股东的股份。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png" alt="" original-src="https://media.ycharts.com/charts/918ebed3ed105e4613cde6a2a80ac90f.png"/></p>
<p>AMZN Stock Based Compensation (TTM) data by YCharts. TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 股票薪酬（TTM）数据来自 YCharts。TTM = 过去 12 个月。</p>
</div><p>This is a far different approach from other big tech giants like <strong>Apple</strong>(AAPL -0.92%), Microsoft, Alphabet, and <strong>Meta Platforms</strong>(META -0.49%). Like Amazon, these tech giants shell out billions in stock-based compensation each year to attract top talent, but they more than offset this expense with buybacks, which avoid dilution. In fact, having buybacks outpace stock-based compensation accelerates earnings growth by lowering the number of outstanding shares.</p>
<div class="lb-trans"><p>这与其他大型科技巨头如 <strong>苹果</strong>(AAPL -0.92%)、微软、Alphabet 和 <strong>Meta Platforms</strong>(META -0.49%) 的做法截然不同。与亚马逊一样，这些科技巨头每年投入数十亿美元的股票薪酬以吸引顶尖人才，但他们通过回购股票来抵消这一费用，从而避免稀释。事实上，回购股票超过股票薪酬的做法通过减少流通股数量加速了收益增长。</p>
</div><p>Meanwhile, Amazon is ramping up spending in the pursuit of long-term growth. As you can see in the following chart, the company has grown its operating income at an impeccable pace over the last five years, but it has also magnified its capital expenditures.</p>
<div class="lb-trans"><p>与此同时，亚马逊正在加大支出以追求长期增长。正如您在下图中看到的，过去五年中，公司以令人瞩目的速度增长了运营收入，但其资本支出也大幅增加。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png" alt="" original-src="https://media.ycharts.com/charts/75da7b6efb3746e0f6a37e07efd67a25.png"/></p>
<p>AMZN Operating Income (TTM) data by YCharts. TTM = trailing 12 months.</p>
<div class="lb-trans"><p>AMZN 运营收入（TTM）数据来自 YCharts。TTM = 过去 12 个月。</p>
</div><p>AWS remains the undisputed leader in the global cloud market, but its dominant market share is partly due to its entrenched position in the industry. In this vein, Amazon is making the right decision to reinvest profits in AWS to expand capacity and build out its AI capacity to bolster its competitive advantages. But investors will want to see these investments pay off.</p>
<div class="lb-trans"><p>AWS 仍然是全球云市场的无可争议的领导者，但其主导市场份额部分是由于其在行业中的根深蒂固的地位。在这方面，亚马逊做出了正确的决定，将利润再投资于 AWS，以扩大产能并增强其 AI 能力，以巩固其竞争优势。但投资者希望看到这些投资能够带来回报。</p>
</div><p>The good news is that Amazon's valuation has gotten much more attractive as its earnings have grown and the stock price has stagnated. Amazon commands a 33.9 forward price-to-earnings (P/E) ratio -- which is nearly identical to Microsoft's 33.6 forward P/E ratio.</p>
<div class="lb-trans"><p>好消息是，随着亚马逊的收益增长，股价停滞不前，其估值变得更加吸引人。亚马逊的前瞻市盈率（P/E）为 33.9，几乎与微软的 33.6 前瞻市盈率相同。</p>
</div><h2>The best way to approach Amazon stock</h2>
<div class="lb-trans"><h2>投资亚马逊股票的最佳方式</h2>
</div><p>Investors who buy and hold Amazon stock must do so for the right reasons. Amazon's capital spending is surging, and if Wall Street doesn't see these investments pay off, the stock could keep tumbling.</p>
<div class="lb-trans"><p>购买并持有亚马逊股票的投资者必须出于正确的理由。亚马逊的资本支出正在激增，如果华尔街没有看到这些投资带来回报，股价可能会继续下跌。</p>
</div><p>Amazon tends to get a shorter leash than other mega-cap names, so buying the stock requires a high risk tolerance. But this shorter leash is by design, as Amazon could easily pull back on spending and boost its cash flow or return capital to shareholders through buybacks and dividends.</p>
<div class="lb-trans"><p>亚马逊往往比其他大型公司受到更严格的审视，因此购买该股票需要较高的风险承受能力。但这种严格的审视是有意为之，因为亚马逊可以轻松减少支出，提升现金流，或通过回购和分红将资本返还给股东。</p>
</div><p>Investors looking for a company with a more balanced capital allocation may want to consider Microsoft or Alphabet as preferred cloud plays over Amazon. However, Amazon is a decent valuation for folks looking to invest in the cloud and who believe in the strength of Amazon's core e-commerce and advertising business.</p>
<div class="lb-trans"><p>寻找资本配置更为平衡的公司的投资者可能希望考虑微软或 Alphabet 作为优于亚马逊的云计算投资选择。然而，对于希望投资云计算并相信亚马逊核心电子商务和广告业务实力的人来说，亚马逊的估值是相当不错的。</p>
</div>

The Biggest Mistake Investors Make When Buying Amazon Stock

- 亚马逊股价在 2025 年第二季度财报后下跌近 10%。  
- 第三季度指引不佳及 AWS 增长放缓是股价回调原因。  
- 投资者需谨慎，亚马逊的资本支出激增可能影响股价表现。

投资者在购买亚马逊股票时所犯的最大错误