<p>根据 S&amp;P Global Market Intelligence 提供的数据，<strong>美国运通</strong>（AXP 2.11%）的股票在 8 月份上涨了 11%。这家信用卡和银行巨头受益于市场乐观情绪的提升，因为预计美联储将降低利率。</p>
<h2>针对富裕客户的信用卡</h2>
<p>美国运通已在高端信用卡市场中占据了一席之地，为高端客户提供收费产品，并附带备受追捧的奖励计划。尽管其卡会员数量仅占竞争对手 <strong>Visa</strong> 的一小部分，但其收入几乎是 Visa 的两倍。其卡会员消费能力强，在压力下更具韧性，这也使得美国运通更具韧性。</p>
<p>在 2025 年第二季度，收入同比增长 9%（货币中性），调整后的每股收益（EPS）增长了 17%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>美国运通在多个方面与其他信用卡网络有所不同。其中之一是专注于富裕消费者，另一个是其闭环模式。它并不与合作银行或金融机构合作为客户提供信用，而是充当自己的银行。这使其对模型拥有更大的控制权，并扩展了其平台。与其他网络相比，它拥有丰富多样的收入来源。</p>
<p>它还通过存款获利，这导致净利息收入和整体净收入更高。</p>
<p>该公司另一个区别于其他公司的方式是其强大的奖励计划和随之而来的年费。第二季度的费用收入同比增长 20%，占总收入的 13% 以上。</p>
<h2>低利率应促进业务发展</h2>
<p>低利率通常会促进经济活动，因为资金成本更低，因此更容易获得。公司可以更轻松地借款，当资金充裕时，它们往往会扩展业务。个人在偿还信用卡成本较低时也更倾向于消费。</p>
<p>这在多个方面对美国运通有利。更高的经济活动有利于消费，而有钱的人也更可能申请新的收费卡。这也意味着其违约率应该会降低。它们通常是行业最佳，随着利率开始从高位回落，违约率已经在改善。</p>
<p>美国运通几十年来一直是一只可靠的股票，并且还支付不断增长的股息。它是沃伦·巴菲特最喜欢和持有时间最长的股票之一，并且仍然可以为新老股东提供价值。</p>

美国运通

<p>美国运通（AXP）在八月份的股价上涨了 11%，这主要受到市场对美联储可能降息的乐观情绪推动。该公司面向富裕客户，报告了 2025 年第二季度收入同比增长 9%，调整后每股收益增长 17%。其独特的闭环模式和强大的奖励计划为其强劲的财务表现做出了贡献。预计较低的利率将促进经济活动，从而通过增加消费和降低违约率使美国运通受益。该股票仍然是一个可靠的投资，受到沃伦·巴菲特的青睐，并且股息不断增长</p>

<p>Shares of <strong>American Express</strong>(AXP 2.11%) stock jumped 11% in August, according to data provided by S&amp;P Global Market Intelligence. The credit card and banking giant is benefiting from increased market optimism as the Federal Reserve is expected to lower interest rates.</p>
<div class="lb-trans"><p>根据 S&amp;P Global Market Intelligence 提供的数据，<strong>美国运通</strong>（AXP 2.11%）的股票在 8 月份上涨了 11%。这家信用卡和银行巨头受益于市场乐观情绪的提升，因为预计美联储将降低利率。</p>
</div><h2>The credit card for the affluent customer</h2>
<div class="lb-trans"><h2>针对富裕客户的信用卡</h2>
</div><p>American Express has carved out a niche as an elite credit card provider, servicing an upscale clientele with fee-based products that come with a coveted rewards program. Although it has only a fraction of competitor <strong>Visa</strong>'s card membership, it has nearly double Visa's revenue. Its cardmembers are high spenders, and they're more resilient when there's pressure, making American Express resilient, too.</p>
<div class="lb-trans"><p>美国运通已在高端信用卡市场中占据了一席之地，为高端客户提供收费产品，并附带备受追捧的奖励计划。尽管其卡会员数量仅占竞争对手 <strong>Visa</strong> 的一小部分，但其收入几乎是 Visa 的两倍。其卡会员消费能力强，在压力下更具韧性，这也使得美国运通更具韧性。</p>
</div><p>In the 2025 second quarter, revenue increased 9% year over year (currency neutral), and adjusted earnings per share (EPS) were up 17%.</p>
<div class="lb-trans"><p>在 2025 年第二季度，收入同比增长 9%（货币中性），调整后的每股收益（EPS）增长了 17%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831974%2Fpregnant-woman-online-shopping-1200x800-5b2df79.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><p>American Express stands out from other credit card networks in several ways. One is the focus on the affluent consumer, and another is its closed-loop model. Instead of working with partnering banks or financial institutions to provide the credit for its customers to make purchases on its network, it acts as its own bank. That gives it greater control over the model and expands its platform. In contrast with other networks, it has a large and varied stream of revenue.</p>
<div class="lb-trans"><p>美国运通在多个方面与其他信用卡网络有所不同。其中之一是专注于富裕消费者，另一个是其闭环模式。它并不与合作银行或金融机构合作为客户提供信用，而是充当自己的银行。这使其对模型拥有更大的控制权，并扩展了其平台。与其他网络相比，它拥有丰富多样的收入来源。</p>
</div><p>It also makes money on deposits, which leads to higher net interest income and higher overall net income.</p>
<div class="lb-trans"><p>它还通过存款获利，这导致净利息收入和整体净收入更高。</p>
</div><p>Another way the company differentiates itself is with its robust rewards program and accompanying annual fees. Fee revenue increased 20% year over year in the second quarter and accounted for more than 13% of revenue.</p>
<div class="lb-trans"><p>该公司另一个区别于其他公司的方式是其强大的奖励计划和随之而来的年费。第二季度的费用收入同比增长 20%，占总收入的 13% 以上。</p>
</div><h2>Low interest rates should boost business</h2>
<div class="lb-trans"><h2>低利率应促进业务发展</h2>
</div><p>Lower interest rates generally boost economic activity, because money is cheaper and therefore easier to come by. Companies can borrow more easily, and they tend to expand their operations when money is plentiful. Individuals tend to spend more when it's cheaper to service their credit.</p>
<div class="lb-trans"><p>低利率通常会促进经济活动，因为资金成本更低，因此更容易获得。公司可以更轻松地借款，当资金充裕时，它们往往会扩展业务。个人在偿还信用卡成本较低时也更倾向于消费。</p>
</div><p>This works in American Express' favor in several ways. Higher economic activity is good for spending, and people with money are also more likely to take out new fee-based cards. It also means its default rates should go lower. They're generally best-in-class, and since interest rates have started to come down from highs, they're already improving.</p>
<div class="lb-trans"><p>这在多个方面对美国运通有利。更高的经济活动有利于消费，而有钱的人也更可能申请新的收费卡。这也意味着其违约率应该会降低。它们通常是行业最佳，随着利率开始从高位回落，违约率已经在改善。</p>
</div><p>American Express has been a reliable stock for decades, and it also pays a growing dividend. It's one of Warren Buffett's favorite and longest-held stocks, and it can still provide value for new and current shareholders.</p>
<div class="lb-trans"><p>美国运通几十年来一直是一只可靠的股票，并且还支付不断增长的股息。它是沃伦·巴菲特最喜欢和持有时间最长的股票之一，并且仍然可以为新老股东提供价值。</p>
</div>

Why American Express Stock Gained 11% in August

- 美国运通 (AXP) 股票在 8 月上涨 11%。  
- 该公司受益于市场对美联储降息的乐观预期。  
- 2025 年第二季度，收入同比增长 9%，调整后每股收益增长 17%。

为什么美国运通的股票在八月份上涨了 11%？