<p><strong>亚马逊</strong>（AMZN -1.46%）是亿万富翁投资者中受欢迎的股票选择。沃伦·巴菲特和 <strong>伯克希尔·哈撒韦</strong> 长期以来一直持有亚马逊的股份，尽管他们最近没有再增加任何股份。其他最近增加持仓的亿万富翁包括佩尔申广场的比尔·阿克曼和老虎全球管理公司的切斯·科尔曼。</p>
<p>在第二季度，阿克曼在亚马逊建立了一个全新的头寸，购买了价值 12.8 亿美元的股份。这使得亚马逊在他的对冲基金中占据了 9.3% 的头寸，显然是一个看涨的押注。</p>
<p>科尔曼在他的投资组合中已经有亚马逊的头寸，但在几个季度内没有进行有意义的增持。在第二季度，该基金将其头寸增加了 62%，这是另一个看涨的信号。</p>
<p>那么，这些亿万富翁对冲基金经理为什么对亚马逊如此看好呢？归根结底是亚马逊快速上升的利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>亚马逊的收入增长看起来相对缓慢</h2>
<p>从表面上看，亚马逊似乎是一只缺乏活力的成长股。亚马逊的收入同比仅增长了 13%，这比一些大型科技公司要慢，但与更广泛的市场相比并没有显著差异。尽管如此，亚马逊在这个高个位数到低双位数的增长率范围内已经持续了一段时间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png"/></p>
<p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
<p>这并不是一只能够在长期内击败市场的股票的配方，但如果你仅仅依靠这个指标，你就看错了。相反，投资者应该关注亚马逊的营业利润增长。随着亚马逊业务的成熟，其利润必须比收入增长得更快，这可以让亚马逊继续在成长股的讨论中占有一席之地。</p>
<p>尽管亚马逊的营业利润增长速度不如以前那么快，但该公司仍在实现令人印象深刻的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png"/></p>
<p>AMZN 营业收入（季度同比增长）数据来源于 YCharts</p>
<p>可以肯定的是，31% 的营业收入增长是令人印象深刻的，并将亚马逊与许多表现最好的科技股并列。但亚马逊是如何实现相对于收入增长的超额营业利润增长的呢？</p>
<h2>AWS 和广告服务推动亚马逊的利润率上升</h2>
<p>尽管许多投资者将亚马逊视为电子商务巨头，但它的业务还有多个其他方面。对亚马逊盈利能力最重要的两个方面是亚马逊网络服务（AWS）和广告服务。</p>
<p>AWS 是亚马逊的云计算部门，随着人工智能（AI）工作负载的上线，正在经历巨大的增长。亚马逊的核心是构建多余的计算能力，并将其租给客户以运行工作负载。这是一项昂贵的业务，这也是亚马逊的自由现金流下降的原因，但这可能在未来几年为其投资带来巨大的回报。</p>
<p>AWS 是亚马逊业务的关键组成部分。尽管在第二季度仅占销售额的 18%，但 AWS 却贡献了亚马逊总营业收入的 53%。显然，AWS 是亚马逊的重要组成部分，其持续成功对亚马逊的股票表现至关重要。</p>
<p>广告服务是亚马逊的另一个重要部分。不幸的是，亚马逊并未单独列出这一部分的营业利润率，因为它与更广泛的商业部门归为一类。尽管如此，这一部分在过去几年中一直是亚马逊增长最快的部分。在第二季度，广告服务同比增长了 23%，标志着与过去几个季度相比的增长重新加速。</p>
<p>虽然无法计算这一部门的利润率，但可以安全地假设它们相当高，因为从广告中获得大量收入的公司（如 <strong>Meta Platforms</strong> 或 <strong>Alphabet</strong>）的营业利润率都很可观。</p>
<p>广告服务是亚马逊的关键部分，亚马逊的商业部门营业利润率在广告服务崛起的同时迅速改善并非巧合。</p>
<p>尽管 AWS 和广告服务在过去几年中表现出色，但它们的增长远未结束。因此，预计亚马逊的营业利润率将继续改善，这将使其利润增长相对于收入增长超出预期。这是一个成功的组合，难怪像切斯·科尔曼和比尔·阿克曼这样的亿万富翁最近增加了股份。我认为亚马逊现在是一个稳健的投资，跟随这两位传奇投资者的脚步是一个明智的选择。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亿万富翁投资者，包括比尔·阿克曼和切斯·科尔曼，最近增加了他们在亚马逊的股份，显示出看涨的情绪。阿克曼投资了 12.8 亿美元，而科尔曼则将其持仓提高了 62%。尽管亚马逊的收入同比增长放缓至 13%，但其营业收入增长了 31%，这主要得益于亚马逊云服务（AWS）和广告服务。AWS 对营业收入的贡献显著，而快速增长的广告部门是改善利润率的关键。这一趋势表明，亚马逊仍然是一个稳健的投资机会，与这些知名投资者的策略相一致</p>

<p><strong>Amazon</strong>(AMZN -1.46%) is a popular stock pick among billionaire investors. Warren Buffett and <strong>Berkshire</strong> <strong>Hathaway</strong> have owned Amazon for a long time, although they haven't added any more shares to their portfolio in a while. Other billionaires who have been increasing their positions lately include Bill Ackman at Pershing Square and Chase Coleman at Tiger Global Management.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -1.46%）是亿万富翁投资者中受欢迎的股票选择。沃伦·巴菲特和 <strong>伯克希尔·哈撒韦</strong> 长期以来一直持有亚马逊的股份，尽管他们最近没有再增加任何股份。其他最近增加持仓的亿万富翁包括佩尔申广场的比尔·阿克曼和老虎全球管理公司的切斯·科尔曼。</p>
</div><p>During the second quarter, Ackman created a brand-new position in Amazon, purchasing $1.28 billion worth of shares in the quarter. This puts Amazon at a 9.3% position in his hedge fund, a clearly bullish bet.</p>
<div class="lb-trans"><p>在第二季度，阿克曼在亚马逊建立了一个全新的头寸，购买了价值 12.8 亿美元的股份。这使得亚马逊在他的对冲基金中占据了 9.3% 的头寸，显然是一个看涨的押注。</p>
</div><p>Coleman already had an Amazon position in his portfolio, but hadn't made a meaningful addition to it in a few quarters. During Q2, the fund increased its position by 62%, another bullish sign.</p>
<div class="lb-trans"><p>科尔曼在他的投资组合中已经有亚马逊的头寸，但在几个季度内没有进行有意义的增持。在第二季度，该基金将其头寸增加了 62%，这是另一个看涨的信号。</p>
</div><p>So, why are these billionaire hedge fund managers so bullish on Amazon? It boils down to Amazon's rapidly rising margins.</p>
<div class="lb-trans"><p>那么，这些亿万富翁对冲基金经理为什么对亚马逊如此看好呢？归根结底是亚马逊快速上升的利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTEvaW1hZ2Utb2YtYS1zdG9jay1jaGFydC1yaXNpbmcuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830851%2Fimage-of-a-stock-chart-rising.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 revenue growth looks fairly slow</h2>
<div class="lb-trans"><h2>亚马逊的收入增长看起来相对缓慢</h2>
</div><p>On the surface, Amazon appears to be a lackluster growth stock. Amazon's revenue rose by only 13% year over year, which is slower than some of its big tech peers, but not significantly so compared to the broader market. Still, Amazon has been in this high-single-digit to low-double-digit growth rate range for some time.</p>
<div class="lb-trans"><p>从表面上看，亚马逊似乎是一只缺乏活力的成长股。亚马逊的收入同比仅增长了 13%，这比一些大型科技公司要慢，但与更广泛的市场相比并没有显著差异。尽管如此，亚马逊在这个高个位数到低双位数的增长率范围内已经持续了一段时间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png" alt="" original-src="https://media.ycharts.com/charts/7cd7fb139ab685e1db71df7d547cc567.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
</div><p>That's not a recipe for a stock that can crush the market over the long term, but if you're going by that, you're looking at the wrong metric. Instead, investors should focus on Amazon's operating profit growth. As Amazon becomes a more mature business, its profits must rise faster than revenue, which can keep Amazon in the discussion of growth stocks.</p>
<div class="lb-trans"><p>这并不是一只能够在长期内击败市场的股票的配方，但如果你仅仅依靠这个指标，你就看错了。相反，投资者应该关注亚马逊的营业利润增长。随着亚马逊业务的成熟，其利润必须比收入增长得更快，这可以让亚马逊继续在成长股的讨论中占有一席之地。</p>
</div><p>Although Amazon's operating profits aren't growing as fast as they once were, the company is still posting impressive growth.</p>
<div class="lb-trans"><p>尽管亚马逊的营业利润增长速度不如以前那么快，但该公司仍在实现令人印象深刻的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png" alt="" original-src="https://media.ycharts.com/charts/5c19423f9c80f58458c90ff973d474a4.png"/></p>
<p>AMZN Operating Income (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 营业收入（季度同比增长）数据来源于 YCharts</p>
</div><p>To be sure, 31% operating income growth is impressive and places Amazon alongside many of the highest-performing tech stocks. But how is Amazon achieving outsized operating profit growth compared to revenue growth?</p>
<div class="lb-trans"><p>可以肯定的是，31% 的营业收入增长是令人印象深刻的，并将亚马逊与许多表现最好的科技股并列。但亚马逊是如何实现相对于收入增长的超额营业利润增长的呢？</p>
</div><h2>AWS and advertising services are pushing Amazon's profit margins higher</h2>
<div class="lb-trans"><h2>AWS 和广告服务推动亚马逊的利润率上升</h2>
</div><p>Although many investors view Amazon as an e-commerce giant, it has multiple other facets to its business. Two of the most important for Amazon's profitability are Amazon Web Services (AWS) and advertising services.</p>
<div class="lb-trans"><p>尽管许多投资者将亚马逊视为电子商务巨头，但它的业务还有多个其他方面。对亚马逊盈利能力最重要的两个方面是亚马逊网络服务（AWS）和广告服务。</p>
</div><p>AWS is Amazon's cloud computing division, which is experiencing a massive growth surge as artificial intelligence (AI) workloads come online. At its core, Amazon is building excess computing power and renting that out to clients to run workloads on. This is an expensive business, which is why Amazon's free cash flow is down, but it could yield massive returns on its investments years down the road.</p>
<div class="lb-trans"><p>AWS 是亚马逊的云计算部门，随着人工智能（AI）工作负载的上线，正在经历巨大的增长。亚马逊的核心是构建多余的计算能力，并将其租给客户以运行工作负载。这是一项昂贵的业务，这也是亚马逊的自由现金流下降的原因，但这可能在未来几年为其投资带来巨大的回报。</p>
</div><p>AWS is a crucial component of Amazon's business. Despite accounting for 18% of sales in Q2, AWS generated 53% of Amazon's total operating income. Clearly, AWS is a critical piece for Amazon, and its continued success is key to Amazon's stock performance.</p>
<div class="lb-trans"><p>AWS 是亚马逊业务的关键组成部分。尽管在第二季度仅占销售额的 18%，但 AWS 却贡献了亚马逊总营业收入的 53%。显然，AWS 是亚马逊的重要组成部分，其持续成功对亚马逊的股票表现至关重要。</p>
</div><p>Advertising services are another huge part of Amazon. Unfortunately, Amazon doesn't break out the operating margin for this segment, as it's grouped with its broader commerce divisions. Still, this segment has been Amazon's fastest-growing over the past few years. In Q2, ad services grew 23% year over year, marking a reacceleration of growth compared to the last few quarters.</p>
<div class="lb-trans"><p>广告服务是亚马逊的另一个重要部分。不幸的是，亚马逊并未单独列出这一部分的营业利润率，因为它与更广泛的商业部门归为一类。尽管如此，这一部分在过去几年中一直是亚马逊增长最快的部分。在第二季度，广告服务同比增长了 23%，标志着与过去几个季度相比的增长重新加速。</p>
</div><p>Although it's impossible to calculate what the margins are for this division, it's safe to assume they are quite high, considering that companies that derive a ton of money from advertising (like <strong>Meta Platforms</strong> or <strong>Alphabet</strong>) have impressive operating margins.</p>
<div class="lb-trans"><p>虽然无法计算这一部门的利润率，但可以安全地假设它们相当高，因为从广告中获得大量收入的公司（如 <strong>Meta Platforms</strong> 或 <strong>Alphabet</strong>）的营业利润率都很可观。</p>
</div><p>Ad services are a key part of Amazon, and it's no coincidence that its commerce divisions' operating margins have improved rapidly during the same time ad services have risen to prominence.</p>
<div class="lb-trans"><p>广告服务是亚马逊的关键部分，亚马逊的商业部门营业利润率在广告服务崛起的同时迅速改善并非巧合。</p>
</div><p>Although both AWS and advertising services have had an impressive run over the past few years, their growth is far from over. As a result, Amazon's operating margins are expected to continue improving, which will enable outsized profit growth compared to revenue growth. This is a winning combination, and it's no wonder that billionaires like Chase Coleman and Bill Ackman have recently added shares. I think Amazon is a solid investment right now, and following in the footsteps of these two legendary investors is a smart idea.</p>
<div class="lb-trans"><p>尽管 AWS 和广告服务在过去几年中表现出色，但它们的增长远未结束。因此，预计亚马逊的营业利润率将继续改善，这将使其利润增长相对于收入增长超出预期。这是一个成功的组合，难怪像切斯·科尔曼和比尔·阿克曼这样的亿万富翁最近增加了股份。我认为亚马逊现在是一个稳健的投资，跟随这两位传奇投资者的脚步是一个明智的选择。</p>
</div>

These 2 Billionaires Just Loaded Up on Amazon Stock. Should You?

- 亚马逊吸引了亿万富翁投资者的关注，巴菲特和阿克曼等人增持股份。  
- 亚马逊的营收增长缓慢，但其运营利润增长达到 31%，显示出强劲的盈利能力。  
- AWS 和广告服务推动了亚马逊的利润率提升，未来仍有增长潜力。  

这两位亿万富翁刚刚大量买入亚马逊股票。你是否也应该跟进呢？