<p>九月来了，看起来美联储的联邦公开市场委员会下周会议时可能会再次降低基准利率。许多股票，尤其是那些对利率特别敏感的公司的股票，已经在预期中上涨。</p>
<p>作为一家银行和信用卡网络，<strong>美国运通</strong>（AXP -0.28%）对利率非常敏感。去年它的表现非常突出，涨幅达到 58%，而今年迄今的涨幅大致与 <strong>标准普尔 500 指数</strong> 相当。如果联邦基金利率如预期被削减，美国运通可能会大幅受益，其股票可能会再次表现优异。</p>
<h2>在金融领域脱颖而出</h2>
<p>美国运通以其信用卡和收费卡而闻名，但该公司已经远不止于此。它拥有一个大型银行业务部门，与其卡网络协同工作，形成一个闭环模型，但每个部门为整体增添了独特的价值。</p>
<p>美国运通的目标客户是重视其卡片奖励计划的高端客户，这些计划提供旅行优惠和积分，以及在高档购物地点和餐厅的折扣。公司向持卡人收取年费以获得这些特权，而费用收入是其商业模式的重要组成部分。作为一家银行，美国运通的目标是小型企业，并提供比许多大型机构更具个性化的体验。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>该银行还向使用其卡片的人提供信用，因此不需要与合作机构合作。这也使得美国运通能够在不同的经济环境中表现良好。当利率较高时，它在存款上获得更多的净利息收入。当经济表现良好，客户消费增加时，它蓬勃发展。然而，当经济承压时，它通常表现出韧性，因为其核心客户有更多的钱可花，并且无论宏观经济条件如何，它都会收取年费。这一重要的经常性收入流保持了其利润的稳定增长。</p>
<h2>获得动力</h2>
<p>这一切在 2025 年第二季度完美展现。尽管持续的宏观经济压力，美国运通的收入同比增长了 9%（货币中性），调整后的每股收益增长了 17%。卡片费用增长了 20%，占总收入的近 14%。</p>
<p>该季度的卡会员消费创下纪录，对高端产品的需求也很高。公司经常 “更新” 其卡片产品和优惠，以保持相关性并吸引新会员，并表示将在秋季推出对其美国业务和个人白金卡的 “重大升级”。如果这与由于利率降低而获得更多资金的机会相吻合，可能会成为强劲增长的良方。</p>
<p>它还更加关注吸引年轻人，这也取得了成效。在第二季度，卡会员消费同比增长了 7%，而 Z 世代的消费增长了 39%，千禧一代的消费增长了 10%。尽管 X 世代仍占所有年龄类别中消费总额的最大份额（36%），但年轻类别的更高增长预示着银行的未来前景良好。</p>
<h2>巴菲特的长期宠儿</h2>
<p>沃伦·巴菲特赞扬美国运通的全球品牌，以及它不需要花费大量资金就能赚取丰厚利润的事实。他还喜欢投资那些支付股息并通过股票回购计划回馈股东的公司。美国运通的股息在当前价格下为 0.9%。这并不是一个高收益，但其分红可靠，管理层在维持或提高分红方面有着悠久的记录，并且在第二季度回购了 14 亿美元的股票。美国运通是巴菲特股票的典范，他经常将其作为优秀企业的例子。</p>
<p>如果美联储如预期在本月降低利率，美国运通的股票应该会大幅上涨。更重要的是，经济活动的增加应该会促进其业务。</p>

美国运通

<p>美国运通（AXP）在九月份被强调为值得购买的顶级股票，特别是在美联储可能降息的背景下。该公司以其信用卡和收费卡而闻名，在各种经济条件下表现出韧性，2025 年第二季度收入增长了 9%，调整后的每股收益增长了 17%。美国运通的目标客户群是高端客户，并且在年轻人群体中实现了显著增长。沃伦·巴菲特对该股票表示支持，认为其可靠的股息和股票回购计划使其具有吸引力，并预测在预期的降息情况下，股票可能会大幅上涨</p>

<p>September is here, and it looks like the Federal Reserve's Federal Open Market Committee just might lower its benchmark interest rate again when it meets next week. Many stocks, especially those of companies that are particularly sensitive to interest rates, are already climbing in anticipation.</p>
<div class="lb-trans"><p>九月来了，看起来美联储的联邦公开市场委员会下周会议时可能会再次降低基准利率。许多股票，尤其是那些对利率特别敏感的公司的股票，已经在预期中上涨。</p>
</div><p>As a bank and credit card network, <strong>American Express</strong>(AXP -0.28%) is very sensitive to interest rates. It was a standout stock last year, gaining 58%, and its gains so far this year are roughly in line with the <strong>S&amp;P 500</strong>. If the federal funds rate gets the expected cut, Amex could benefit in a big way, and its stock could start to outperform again.</p>
<div class="lb-trans"><p>作为一家银行和信用卡网络，<strong>美国运通</strong>（AXP -0.28%）对利率非常敏感。去年它的表现非常突出，涨幅达到 58%，而今年迄今的涨幅大致与 <strong>标准普尔 500 指数</strong> 相当。如果联邦基金利率如预期被削减，美国运通可能会大幅受益，其股票可能会再次表现优异。</p>
</div><h2>Standing out in finance</h2>
<div class="lb-trans"><h2>在金融领域脱颖而出</h2>
</div><p>American Express is known for its credit and charge cards, but the company has become a lot more than that. It has a large banking segment that works together with its card network to create a closed-loop model, but each segment adds its own unique value to the whole.</p>
<div class="lb-trans"><p>美国运通以其信用卡和收费卡而闻名，但该公司已经远不止于此。它拥有一个大型银行业务部门，与其卡网络协同工作，形成一个闭环模型，但每个部门为整体增添了独特的价值。</p>
</div><p>American Express targets an upscale clientele that prizes its card rewards programs, which offer travel perks and points, as well as discounts at premium shopping locations and restaurants. The company charges annual fees to cardholders for these privileges, and the fee income is a major part of its model. As a bank, American Express targets small businesses and offers a more boutique experience than many larger institutions.</p>
<div class="lb-trans"><p>美国运通的目标客户是重视其卡片奖励计划的高端客户，这些计划提供旅行优惠和积分，以及在高档购物地点和餐厅的折扣。公司向持卡人收取年费以获得这些特权，而费用收入是其商业模式的重要组成部分。作为一家银行，美国运通的目标是小型企业，并提供比许多大型机构更具个性化的体验。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831612%2Ftwo-people-with-credit-cards-and-a-smartphone.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>The bank also provides the credit to people using its cards, so it doesn't need to work with partner institutions. This also makes American Express a business that can perform well in different economic environments. When interest rates are higher, it makes more net interest income on its deposits. When the economy is doing well and customers are spending, it thrives. However, it usually demonstrates resilience when the economy is under pressure since its core customers have more money to spend, and since it collects its annual fees regardless of the macro conditions. That important recurring revenue stream keeps its profits coming in smoothly.</p>
<div class="lb-trans"><p>该银行还向使用其卡片的人提供信用，因此不需要与合作机构合作。这也使得美国运通能够在不同的经济环境中表现良好。当利率较高时，它在存款上获得更多的净利息收入。当经济表现良好，客户消费增加时，它蓬勃发展。然而，当经济承压时，它通常表现出韧性，因为其核心客户有更多的钱可花，并且无论宏观经济条件如何，它都会收取年费。这一重要的经常性收入流保持了其利润的稳定增长。</p>
</div><h2>Gaining momentum</h2>
<div class="lb-trans"><h2>获得动力</h2>
</div><p>This all played out perfectly in 2025's second quarter. American Express's revenue increased 9% year over year (currency neutral) despite continued macroeconomic pressure, and adjusted earnings per share were up 17%. Card fees increased by 20% and accounted for almost 14% of the total.</p>
<div class="lb-trans"><p>这一切在 2025 年第二季度完美展现。尽管持续的宏观经济压力，美国运通的收入同比增长了 9%（货币中性），调整后的每股收益增长了 17%。卡片费用增长了 20%，占总收入的近 14%。</p>
</div><p>There was record cardmember spending in the quarter and high demand for premium products. The company frequently &#34;refreshes&#34; its card offerings and perks to stay relevant and attract new members, and it said it's going to launch a &#34;major upgrade&#34; to its U.S. business and personal platinum cards in the fall. If that coincides with greater access to money due to lower interest rates, it could be a recipe for robust growth.</p>
<div class="lb-trans"><p>该季度的卡会员消费创下纪录，对高端产品的需求也很高。公司经常 “更新” 其卡片产品和优惠，以保持相关性并吸引新会员，并表示将在秋季推出对其美国业务和个人白金卡的 “重大升级”。如果这与由于利率降低而获得更多资金的机会相吻合，可能会成为强劲增长的良方。</p>
</div><p>It's also focusing more on appealing to younger people, and that's paying off. While there was 7% increase year over year in cardmember spending in the second quarter, there was a 39% in Gen Z spending, and a 10% increase in millennial spending. Gen X still accounted for the most total spending of any age category at 36%, but the higher growth in younger categories bodes well for the bank's future.</p>
<div class="lb-trans"><p>它还更加关注吸引年轻人，这也取得了成效。在第二季度，卡会员消费同比增长了 7%，而 Z 世代的消费增长了 39%，千禧一代的消费增长了 10%。尽管 X 世代仍占所有年龄类别中消费总额的最大份额（36%），但年轻类别的更高增长预示着银行的未来前景良好。</p>
</div><h2>A longtime Buffett favorite</h2>
<div class="lb-trans"><h2>巴菲特的长期宠儿</h2>
</div><p>Warren Buffett has praised American Express' global brand and the fact that it doesn't have to spend a lot of money to make a lot of money. He also loves to invest in companies that pay dividends and give back to shareholders through stock repurchase programs. American Express' dividend yields 0.9% at the current price. That's not a high yield, but its payouts are reliable, management has a long track record of maintaining or hiking them, and it repurchased $1.4 billion in stock in the second quarter. American Express is the paradigm of the Buffett stock, and he frequently references it as an example of a great business.</p>
<div class="lb-trans"><p>沃伦·巴菲特赞扬美国运通的全球品牌，以及它不需要花费大量资金就能赚取丰厚利润的事实。他还喜欢投资那些支付股息并通过股票回购计划回馈股东的公司。美国运通的股息在当前价格下为 0.9%。这并不是一个高收益，但其分红可靠，管理层在维持或提高分红方面有着悠久的记录，并且在第二季度回购了 14 亿美元的股票。美国运通是巴菲特股票的典范，他经常将其作为优秀企业的例子。</p>
</div><p>If the Fed cuts interest rates as expected this month, American Express stock should jump. More importantly, higher economic activity should boost its business.</p>
<div class="lb-trans"><p>如果美联储如预期在本月降低利率，美国运通的股票应该会大幅上涨。更重要的是，经济活动的增加应该会促进其业务。</p>
</div>

1 Warren Buffett Stock to Buy Hand Over Fist in September

- 美国联邦储备可能在下周降低基准利率，股票市场已提前反应。  
- 美国运通在 2025 年第二季度收入同比增长 9%，调整后每股收益上升 17%。  
- 若利率降低，预计美国运通股票将上涨，经济活动也将提升其业务。

9 月份值得大量买入的一只沃伦·巴菲特股票