<p>寻找强劲业务增长和巨大的可寻址市场的投资者通常会关注两个熟悉的名字：<strong>亚马逊</strong>(AMZN 4.22%) 和 <strong>阿里巴巴</strong>(BABA -3.96%)。这两家公司都有强大的商业引擎、快速增长的云平台，以及在人工智能基础设施和应用方面的重大机会。</p>
<p>但是，当你剥离头条新闻，专注于运营结果和未来几年的战略时，一个选项显然脱颖而出，成为明确的赢家。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="459" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊：广泛的、盈利的增长</h2>
<p>亚马逊最新的季度显示出健康的收入增长和强劲的利润执行。收入增长了两位数，北美和国际的同比收入增长率显著加快，亚马逊网络服务（AWS）的年增长率接近 18%。随着公司继续提高履约和云服务的效率，运营收入大幅攀升。这是长期投资者所希望的组合：增长与扩大的盈利能力。</p>
<p>此外，AWS 的势头和规模都非常惊人。云计算业务的年化收入跑率现在刚刚超过 1230 亿美元。该业务在人工智能方面具有强大的势头。亚马逊首席执行官安迪·贾西在第二季度财报电话会议上表示，生成性人工智能解决方案的销售同比增长了三位数的百分比，并且 “目前的需求超过了我们的供应。”</p>
<p>强调亚马逊规模的好处，云计算部门的运营利润率在第二季度仍然保持强劲——调整后为 32.9%（排除外汇逆风的影响），即使亚马逊加大了对数据中心、网络和加速器的投资，以满足人工智能的需求。</p>
<p>与此同时，亚马逊的在线商店部门，即公司记录电子商务销售的地方，在第二季度同比增长了 11%——高于第一季度的 5% 增长。同样，公司的高利润广告业务显然加速了，因为亚马逊的其他收入部门，主要由广告销售组成，在第二季度同比增长了 19%——高于第一季度的 4% 增长率。</p>
<h2>阿里巴巴：更便宜的估值——但有原因</h2>
<p>阿里巴巴最新的季度给投资者提供了一个明确（且乐观）的数据点：云业务加速增长，股票大幅上涨。其云智能部门的收入同比增长了 26%，得益于连续第八个季度的人工智能相关产品收入同比增长三位数。</p>
<p>然而，阿里巴巴业务的整体情况更加复杂。总收入同比仅增长 2%，如果排除去年同期已出售业务的销售，则增长 10%。此外，阿里巴巴的调整后息税折旧摊销前利润（EBITDA）同比下降了 14%，因为这家电子商务和云计算公司加大了对其所谓的 “快速商业” 或超快递送、用户体验投资和人工智能的投入。这些巨额投资也意味着自由现金流从去年同期的正值变为负值。</p>
<h2>明确的赢家</h2>
<p>这两只股票最终都可能成为长期赢家。但亚马逊最终提供了更好的风险回报。</p>
<p>阿里巴巴在传统估值倍数上更便宜（但在最近大幅上涨后比以前更贵），并通过回购和分红返还了大量资本。这种较低的估值有助于弥补公司较低的增长和与中国疲弱的宏观经济背景相关的一些风险。确实，考虑到该股票的估值有多便宜（目前的市盈率仅为 15 倍），阿里巴巴在事后看来可能会成为一个便宜的选择。但前提是中国经济加速复苏，消费者和企业支出重新加速。如果发生这种情况，股价的上涨空间可能会非常巨大。但公司仍然需要向投资者证明一些事情，以获得更高的估值倍数；它需要通过运营利润率扩张和自由现金流改善来证明可扩展性，随着阿里巴巴的增长。我们还没有达到这一点。</p>
<p>最终，亚马逊提供了更清晰、更可靠的布局。该公司有三个相互强化的增长向量：零售、广告和云——这些驱动因素都可能在未来几年对亚马逊的业务产生重大贡献。零售变得越来越快和便利，广告进一步帮助公司实现电子商务客户的货币化，而 AWS 为投资者提供了一个快速增长、高利润的业务催化剂。总的来说，亚马逊广泛的、规模化的盈利业务部门为投资者在考虑公司长期潜力时提供了更多的确定性。</p>
<p>如果今天我必须在这两只成长股中选择一只，我会选择亚马逊——尽管其市盈率约为 35 倍。运营势头更好，人工智能战略与已经规模化的平台紧密相连，现金生成使公司在周期中有投资的空间。阿里巴巴是可投资的并且在改善，但执行门槛（最终风险）更高。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>投资者正在比较亚马逊和阿里巴巴的增长潜力。亚马逊的 AWS 收入增长强劲，增长率为 18%，运营利润率为 32.9%；而阿里巴巴的云收入增长了 26%，但整体收入仅增长了 2%。尽管亚马逊的估值为 35 倍收益，但其在零售、广告和云服务方面的多元化增长提供了更可靠的投资选择。阿里巴巴虽然更便宜，但面临与中国经济相关的风险，并需要证明其可扩展性和现金流改善。推荐倾向于亚马逊作为更好的投资选择</p>

<p>Investors looking for both strong business growth and massive addressable markets often end up at two familiar names: <strong>Amazon</strong>(AMZN 4.22%) and <strong>Alibaba</strong>(BABA -3.96%). Each has a powerful commerce engine, a fast-growing cloud platform, and a significant opportunity in AI infrastructure and applications.</p>
<div class="lb-trans"><p>寻找强劲业务增长和巨大的可寻址市场的投资者通常会关注两个熟悉的名字：<strong>亚马逊</strong>(AMZN 4.22%) 和 <strong>阿里巴巴</strong>(BABA -3.96%)。这两家公司都有强大的商业引擎、快速增长的云平台，以及在人工智能基础设施和应用方面的重大机会。</p>
</div><p>But when you strip away headlines and focus on the operating results and the playbook for the next few years, one option stands out as the clear winner.</p>
<div class="lb-trans"><p>但是，当你剥离头条新闻，专注于运营结果和未来几年的战略时，一个选项显然脱颖而出，成为明确的赢家。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831826%2Famzn-stock-amazon-aws.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: broad-based, profitable growth</h2>
<div class="lb-trans"><h2>亚马逊：广泛的、盈利的增长</h2>
</div><p>Amazon's latest quarter showed healthy top-line growth and strong profit execution. Revenue rose double digits, with both its North America and international year-over-year growth rates in top-line revenue accelerating significantly, and Amazon Web Services (AWS) expanding at a rate of nearly 18% year over year. Operating income climbed sharply as the company continues to drive efficiency across fulfillment and cloud. It's the kind of combination long-term investors want: growth with expanding earnings power.</p>
<div class="lb-trans"><p>亚马逊最新的季度显示出健康的收入增长和强劲的利润执行。收入增长了两位数，北美和国际的同比收入增长率显著加快，亚马逊网络服务（AWS）的年增长率接近 18%。随着公司继续提高履约和云服务的效率，运营收入大幅攀升。这是长期投资者所希望的组合：增长与扩大的盈利能力。</p>
</div><p>Furthermore, AWS's momentum and scale are extraordinary. The cloud-computing business's annualized revenue run rate is now just over $123 billion. The business has powerful momentum in AI. For generative AI solutions, specifically, Amazon CEO Andy Jassy said in its second-quarter earnings call that it is growing sales by a triple-digit year-over-year percentage and has &#34;more demand than we have supplied for at the moment.&#34;</p>
<div class="lb-trans"><p>此外，AWS 的势头和规模都非常惊人。云计算业务的年化收入跑率现在刚刚超过 1230 亿美元。该业务在人工智能方面具有强大的势头。亚马逊首席执行官安迪·贾西在第二季度财报电话会议上表示，生成性人工智能解决方案的销售同比增长了三位数的百分比，并且 “目前的需求超过了我们的供应。”</p>
</div><p>Highlighting the benefit of Amazon's scale, the cloud computing segment's operating margin remains robust -- at 32.9% (adjusted to exclude the impact of foreign exchange headwinds) in Q2 -- even as Amazon steps up investment in data centers, networking, and accelerators to meet AI demand.</p>
<div class="lb-trans"><p>强调亚马逊规模的好处，云计算部门的运营利润率在第二季度仍然保持强劲——调整后为 32.9%（排除外汇逆风的影响），即使亚马逊加大了对数据中心、网络和加速器的投资，以满足人工智能的需求。</p>
</div><p>Meanwhile, Amazon's online store segment, where the company records e-commerce sales, grew by 11% year over year in Q2 -- up from 5% growth in Q1. Similarly, the company's high-margin advertising business clearly accelerated because Amazon's other revenue segment, which primarily consists of advertising sales, grew 19% year over year in Q2 -- up from a growth rate of 4% in Q1.</p>
<div class="lb-trans"><p>与此同时，亚马逊的在线商店部门，即公司记录电子商务销售的地方，在第二季度同比增长了 11%——高于第一季度的 5% 增长。同样，公司的高利润广告业务显然加速了，因为亚马逊的其他收入部门，主要由广告销售组成，在第二季度同比增长了 19%——高于第一季度的 4% 增长率。</p>
</div><h2>Alibaba: A cheaper valuation -- but for a reason</h2>
<div class="lb-trans"><h2>阿里巴巴：更便宜的估值——但有原因</h2>
</div><p>Alibaba's latest quarter gave investors a clear (and bullish) data point: accelerated cloud growth and the stock ripped higher. Revenue in its cloud intelligence segment rose 26% year over year, powered by an eighth quarter in a row of triple-digit year-over-year growth in AI-related product revenue.</p>
<div class="lb-trans"><p>阿里巴巴最新的季度给投资者提供了一个明确（且乐观）的数据点：云业务加速增长，股票大幅上涨。其云智能部门的收入同比增长了 26%，得益于连续第八个季度的人工智能相关产品收入同比增长三位数。</p>
</div><p>The overall picture of Alibaba's business, however, is more nuanced. Total revenue increased just 2% year over year, or 10% when excluding sales in the year-ago quarter from recently sold businesses. Further, Alibaba's adjusted earnings before interest, taxes, and amortization (EBITDA) fell 14% year over year as the e-commerce and cloud-computing company leaned into what it calls &#34;quick commerce,&#34; or ultra-fast delivery, broader user experience investments, and AI. These heavy investments also meant that free cash flow went from positive in the year-ago quarter to negative.</p>
<div class="lb-trans"><p>然而，阿里巴巴业务的整体情况更加复杂。总收入同比仅增长 2%，如果排除去年同期已出售业务的销售，则增长 10%。此外，阿里巴巴的调整后息税折旧摊销前利润（EBITDA）同比下降了 14%，因为这家电子商务和云计算公司加大了对其所谓的 “快速商业” 或超快递送、用户体验投资和人工智能的投入。这些巨额投资也意味着自由现金流从去年同期的正值变为负值。</p>
</div><h2>A clear winner</h2>
<div class="lb-trans"><h2>明确的赢家</h2>
</div><p>Both stocks could end up being long-term winners. But Amazon ultimately offers the better risk-reward.</p>
<div class="lb-trans"><p>这两只股票最终都可能成为长期赢家。但亚马逊最终提供了更好的风险回报。</p>
</div><p>Alibaba is cheaper on traditional valuation multiples (but more expensive than it used to be after its recent sharp move higher) and is returning significant capital via buybacks and dividends. This lower valuation helps make up for the company's lower growth and some of the risks associated with China's weak macroeconomic backdrop. Indeed, given how cheap the stock's valuations is (it currently trades at just 15 times earnings), Alibaba could end up being a bargain in hindsight. But only if China's economy picks up speed and consumer and enterprise spending reaccelerate. If this happens, the upside in the stock price could be massive. But the company still has some things it needs to prove to investors to command a higher valuation multiple; it needs to demonstrate scalability, shown by operating margin expansion and free cash flow improvement, as Alibaba grows. We're not there yet.</p>
<div class="lb-trans"><p>阿里巴巴在传统估值倍数上更便宜（但在最近大幅上涨后比以前更贵），并通过回购和分红返还了大量资本。这种较低的估值有助于弥补公司较低的增长和与中国疲弱的宏观经济背景相关的一些风险。确实，考虑到该股票的估值有多便宜（目前的市盈率仅为 15 倍），阿里巴巴在事后看来可能会成为一个便宜的选择。但前提是中国经济加速复苏，消费者和企业支出重新加速。如果发生这种情况，股价的上涨空间可能会非常巨大。但公司仍然需要向投资者证明一些事情，以获得更高的估值倍数；它需要通过运营利润率扩张和自由现金流改善来证明可扩展性，随着阿里巴巴的增长。我们还没有达到这一点。</p>
</div><p>Ultimately, Amazon offers the cleaner, more reliable setup. The company has three growth vectors that reinforce one another: retail, advertising, and cloud -- and each of these drivers will likely contribute substantially to Amazon's business in the coming years. Retail keeps getting faster and more convenient, ads help further monetize the company's e-commerce customers, and AWS offers investors a fast-growing, high-margin catalyst for the business. Together, Amazon's broad-based catalyst of scaled and profitable business segments provides investors with more certainty when thinking about the company's long-term potential.</p>
<div class="lb-trans"><p>最终，亚马逊提供了更清晰、更可靠的布局。该公司有三个相互强化的增长向量：零售、广告和云——这些驱动因素都可能在未来几年对亚马逊的业务产生重大贡献。零售变得越来越快和便利，广告进一步帮助公司实现电子商务客户的货币化，而 AWS 为投资者提供了一个快速增长、高利润的业务催化剂。总的来说，亚马逊广泛的、规模化的盈利业务部门为投资者在考虑公司长期潜力时提供了更多的确定性。</p>
</div><p>If I had to pick just one of these two growth stocks today, I'd choose Amazon -- despite its higher valuation of about 35 times earnings. The operating momentum is better, the AI strategy is tied to an already scaled platform, and the cash generation gives the company room to invest through cycles. Alibaba is investable and improving, but the execution bar (and ultimately the risk) is higher.</p>
<div class="lb-trans"><p>如果今天我必须在这两只成长股中选择一只，我会选择亚马逊——尽管其市盈率约为 35 倍。运营势头更好，人工智能战略与已经规模化的平台紧密相连，现金生成使公司在周期中有投资的空间。阿里巴巴是可投资的并且在改善，但执行门槛（最终风险）更高。</p>
</div>

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

- 亚马逊和阿里巴巴在商业增长和市场机会方面备受关注。  
- 亚马逊的云计算业务年增长率接近 18%，而阿里巴巴云业务增长 26%。  
- 亚马逊提供更可靠的增长前景，投资者更倾向于选择亚马逊。  

目前更值得购买的成长股：亚马逊还是阿里巴巴？