<p>当一家公司与 <strong>亚马逊</strong>(AMZN 2.93%) 相比较时，通常是个赞美。因此，我怀疑 <strong>阿里巴巴集团</strong>(BABA -3.60%) 的高管们在他们的公司被称为 “中国的亚马逊” 时并不会太在意。</p>
<p>亚马逊和阿里巴巴的业务非常相似。两者都运营着主导其目标市场的电子商务平台。两者都是领先的云服务提供商，并在人工智能（AI）方面进行了大量投资。这两家公司都扩展到了数字娱乐和医疗保健领域。</p>
<p>然而，在股票表现方面，这种比较并不那么成立。自 1997 年首次公开募股（IPO）以来，亚马逊的回报率惊人地超过了 226,000%。而自阿里巴巴 2014 年上市以来，其股票仅上涨了约 30%。</p>
<p>那么，这两只成长股中哪一只现在更值得投资呢？以下是亚马逊和阿里巴巴的对比。</p>
<h2>当前增长</h2>
<p>虽然从长期来看，亚马逊的股票表现远超阿里巴巴，但最近的情况有所不同。截至 2025 年，阿里巴巴的美国存托凭证上涨了近 50%，而亚马逊几乎没有正增长。</p>
<p>然而，亚马逊在至少一个方面的增长速度超过了阿里巴巴。在 2025 年第二季度，亚马逊的净销售额同比增长了 13%。而阿里巴巴在最新报告的季度中，收入同比增长了 7%。</p>
<p>两家公司在净利润方面的情况也类似。亚马逊的净收入同比飙升了 35%，而阿里巴巴的调整后收益增长了 22%。当然，阿里巴巴根据公认会计原则（GAAP）计算的收益增长了 13 倍。然而，这一增长主要是由于其股权投资的市值变动所致。</p>
<h2>增长前景</h2>
<p>更重要的问题是，亚马逊和阿里巴巴未来将继续增长多少。华尔街的看法是什么？根据 <strong>LSEG</strong> 的数据，亚马逊明年的共识收入增长预期接近 10%，而阿里巴巴为 8.3%。</p>
<p>但分析师对阿里巴巴的收益增长更为乐观。根据 LSEG 对 29 位分析师的调查，平均预期这家中国公司的每股收益明年将增长约 20%。而对覆盖亚马逊的 61 位分析师的平均预期是，这家电子商务和云服务巨头的每股收益将增长约 14.8%。</p>
<p>展望超过一年的情况则更为困难。亚马逊和阿里巴巴都应该有强劲的人工智能助力，帮助其云业务。然而，两家公司也面临来自资金雄厚的竞争对手的激烈竞争。可能最大的变数是中国政府的行动将如何影响阿里巴巴的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>估值</h2>
<p>在估值方面，这两只成长股之间几乎没有竞争。阿里巴巴毫无疑问地胜出。</p>
<p>亚马逊的股票交易在高达 33.4 的前瞻市盈率上。阿里巴巴的前瞻市盈率仅为 14.3。这家中国科技巨头在基于销售和账面价值的估值指标上也显得比亚马逊更具吸引力。</p>
<p>如果将增长因素纳入考虑，阿里巴巴仍然占优。根据分析师五年收益增长预测计算的市盈率增长比（PEG）为 1.28，而亚马逊为 2.57。</p>
<h2>更好的成长股？</h2>
<p>哪一只成长股更好——亚马逊还是阿里巴巴？我的答案是有些微妙的。</p>
<p>如果你是一个更为保守的投资者，亚马逊可能是更好的选择。该公司不面临与阿里巴巴相关的潜在中国政府干预的不确定性。</p>
<p>另一方面，如果你的投资风格更为激进，我认为阿里巴巴是更适合你的成长股。它的增长驱动因素与亚马逊相似，但其估值更具吸引力。我喜欢亚马逊的前景，但我怀疑阿里巴巴在未来十年还有更大的上涨空间。</p>

阿里巴巴

阿里巴巴-W

亚马逊

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

亚马逊每日 2 倍做多 ETF - Direxion

<p>这篇文章将亚马逊和阿里巴巴作为成长股进行了比较。尽管自上市以来，亚马逊的表现优于阿里巴巴，但阿里巴巴在 2025 年经历了显著的股价上涨。亚马逊最近的净销售额和收入增长超过了阿里巴巴，但分析师预测阿里巴巴明年的盈利增长将更高。在估值方面，阿里巴巴因其较低的市盈率而更具吸引力。对于风险厌恶型投资者，推荐选择亚马逊，而激进型投资者可能更倾向于阿里巴巴，因为其增长潜力和吸引人的估值</p>

<p>When a company is compared to <strong>Amazon</strong>(AMZN 2.93%), it's usually a compliment. I suspect, therefore, that the executives running <strong>Alibaba Group Holding</strong>(BABA -3.60%) don't mind it too much when their company is called the &#34;Amazon of China.&#34;</p>
<div class="lb-trans"><p>当一家公司与 <strong>亚马逊</strong>(AMZN 2.93%) 相比较时，通常是个赞美。因此，我怀疑 <strong>阿里巴巴集团</strong>(BABA -3.60%) 的高管们在他们的公司被称为 “中国的亚马逊” 时并不会太在意。</p>
</div><p>Amazon's and Alibaba's businesses are remarkably similar. Both operate e-commerce platforms that dominate their target markets. Both are leading cloud service providers and have invested heavily in artificial intelligence (AI). Each of the two companies has expanded into digital entertainment and healthcare as well.</p>
<div class="lb-trans"><p>亚马逊和阿里巴巴的业务非常相似。两者都运营着主导其目标市场的电子商务平台。两者都是领先的云服务提供商，并在人工智能（AI）方面进行了大量投资。这两家公司都扩展到了数字娱乐和医疗保健领域。</p>
</div><p>The comparisons don't hold up as well when it comes to stock performance, though. Amazon has delivered a jaw-dropping return of over 226,000% since its initial public offering (IPO) in 1997. Since Alibaba's IPO in 2014, its stock has risen by only around 30%.</p>
<div class="lb-trans"><p>然而，在股票表现方面，这种比较并不那么成立。自 1997 年首次公开募股（IPO）以来，亚马逊的回报率惊人地超过了 226,000%。而自阿里巴巴 2014 年上市以来，其股票仅上涨了约 30%。</p>
</div><p>But which of these two growth stocks is the better pick right now? Here's how Amazon and Alibaba stack up against each other.</p>
<div class="lb-trans"><p>那么，这两只成长股中哪一只现在更值得投资呢？以下是亚马逊和阿里巴巴的对比。</p>
</div><h2>Current growth</h2>
<div class="lb-trans"><h2>当前增长</h2>
</div><p>While Amazon's stock performance has trounced Alibaba's over the long term, it's a different story more recently. So far in 2025, Alibaba's American depositary receipts have soared close to 50% while Amazon is barely in positive territory.</p>
<div class="lb-trans"><p>虽然从长期来看，亚马逊的股票表现远超阿里巴巴，但最近的情况有所不同。截至 2025 年，阿里巴巴的美国存托凭证上涨了近 50%，而亚马逊几乎没有正增长。</p>
</div><p>However, Amazon is growing faster than Alibaba in at least one way. In the second quarter of 2025, Amazon's net sales jumped 13% year over year. Alibaba's revenue in its latest reported quarter increased by 7% year over year.</p>
<div class="lb-trans"><p>然而，亚马逊在至少一个方面的增长速度超过了阿里巴巴。在 2025 年第二季度，亚马逊的净销售额同比增长了 13%。而阿里巴巴在最新报告的季度中，收入同比增长了 7%。</p>
</div><p>It was a similar story on the two companies' bottom lines. Amazon's net income soared 35% year over year, while Alibaba's adjusted earnings grew by 22%. Granted, Alibaba's earnings based on generally accepted accounting principles (GAAP) skyrocketed by 13 times. However, this increase was primarily due to mark-to-market changes from its equity investments.</p>
<div class="lb-trans"><p>两家公司在净利润方面的情况也类似。亚马逊的净收入同比飙升了 35%，而阿里巴巴的调整后收益增长了 22%。当然，阿里巴巴根据公认会计原则（GAAP）计算的收益增长了 13 倍。然而，这一增长主要是由于其股权投资的市值变动所致。</p>
</div><h2>Growth prospects</h2>
<div class="lb-trans"><h2>增长前景</h2>
</div><p>The more important question is how much Amazon and Alibaba will continue to grow in the future. What is Wall Street's take? The consensus revenue growth estimate for Amazon next year is nearly 10%, compared to 8.3% for Alibaba, according to <strong>LSEG</strong>.</p>
<div class="lb-trans"><p>更重要的问题是，亚马逊和阿里巴巴未来将继续增长多少。华尔街的看法是什么？根据 <strong>LSEG</strong> 的数据，亚马逊明年的共识收入增长预期接近 10%，而阿里巴巴为 8.3%。</p>
</div><p>But analysts are more optimistic about Alibaba's earnings growth. The average estimate of the 29 analysts surveyed by LSEG is for the Chinese company to increase its earnings per share by roughly 20% next year. The average estimate of the 61 analysts surveyed by LSEG that cover Amazon is for the e-commerce and cloud services giant to grow its EPS by around 14.8%.</p>
<div class="lb-trans"><p>但分析师对阿里巴巴的收益增长更为乐观。根据 LSEG 对 29 位分析师的调查，平均预期这家中国公司的每股收益明年将增长约 20%。而对覆盖亚马逊的 61 位分析师的平均预期是，这家电子商务和云服务巨头的每股收益将增长约 14.8%。</p>
</div><p>Looking beyond one year is more difficult. Both Amazon and Alibaba should have strong AI tailwinds that help their cloud businesses. However, both companies also face intense competition from rivals with deep pockets. Probably the biggest wild card is how the Chinese government's actions might impact Alibaba's growth.</p>
<div class="lb-trans"><p>展望超过一年的情况则更为困难。亚马逊和阿里巴巴都应该有强劲的人工智能助力，帮助其云业务。然而，两家公司也面临来自资金雄厚的竞争对手的激烈竞争。可能最大的变数是中国政府的行动将如何影响阿里巴巴的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829071%2Fartificial-intelligence-ai-on-cloud-circuit-board.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>Valuation</h2>
<div class="lb-trans"><h2>估值</h2>
</div><p>There's not much of a contest between these two growth stocks when it comes to valuation. Alibaba wins hands down.</p>
<div class="lb-trans"><p>在估值方面，这两只成长股之间几乎没有竞争。阿里巴巴毫无疑问地胜出。</p>
</div><p>Amazon's shares trade at a lofty forward price-to-earnings ratio of 33.4. Alibaba's forward earnings multiple is only 14.3. The Chinese tech giant also looks more attractive than Amazon in valuation metrics based on sales and book value.</p>
<div class="lb-trans"><p>亚马逊的股票交易在高达 33.4 的前瞻市盈率上。阿里巴巴的前瞻市盈率仅为 14.3。这家中国科技巨头在基于销售和账面价值的估值指标上也显得比亚马逊更具吸引力。</p>
</div><p>What if growth is factored into the equation? Alibaba still comes out on top. Its price-to-earnings-to-growth (PEG) ratio based on analysts' five-year earnings growth projections is 1.28, versus 2.57 for Amazon.</p>
<div class="lb-trans"><p>如果将增长因素纳入考虑，阿里巴巴仍然占优。根据分析师五年收益增长预测计算的市盈率增长比（PEG）为 1.28，而亚马逊为 2.57。</p>
</div><h2>Better growth stock?</h2>
<div class="lb-trans"><h2>更好的成长股？</h2>
</div><p>Which is the better growth stock -- Amazon or Alibaba? I have a nuanced answer.</p>
<div class="lb-trans"><p>哪一只成长股更好——亚马逊还是阿里巴巴？我的答案是有些微妙的。</p>
</div><p>If you're a more risk-averse investor, Amazon is probably the better pick. The company doesn't face the uncertainty related to potential Chinese government interference that Alibaba does.</p>
<div class="lb-trans"><p>如果你是一个更为保守的投资者，亚马逊可能是更好的选择。该公司不面临与阿里巴巴相关的潜在中国政府干预的不确定性。</p>
</div><p>On the other hand, if your investing style is more aggressive, I think Alibaba is the better growth stock for you. Its growth drivers are similar to Amazon's, but its valuation is much more appealing. I like Amazon's prospects, but I suspect Alibaba has even more room to run over the next decade.</p>
<div class="lb-trans"><p>另一方面，如果你的投资风格更为激进，我认为阿里巴巴是更适合你的成长股。它的增长驱动因素与亚马逊相似，但其估值更具吸引力。我喜欢亚马逊的前景，但我怀疑阿里巴巴在未来十年还有更大的上涨空间。</p>
</div>

Better Growth Stock to Buy Right Now: Amazon or Alibaba?

- 亚马逊与阿里巴巴的业务模式相似，均为电商和云服务领导者。  
- 2025 年，阿里巴巴的存托凭证上涨近 50%，而亚马逊几乎持平。  
- 阿里巴巴的市盈率为 14.3，明显低于亚马逊的 33.4，显示出更具吸引力的估值。  

目前更值得购买的成长股是亚马逊还是阿里巴巴？