<p><strong>开市客</strong>(COST 0.42%) 具有一些令人惊叹的特质，使其在各种情况下成为越来越多会员的零售目的地。尽管其估值较高，但股票仍然不断上涨，这并不奇怪。</p>
<p><strong>亚马逊</strong>(AMZN -0.74%) 则完全是另一种零售巨头，它远不止于零售。尽管增长速度超过开市客，但其估值却下降了，今天看起来像是个便宜货。</p>
<p>这两家零售巨头中，今天哪一家更值得购买？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>支持开市客的理由：稳定而坚实</h2>
<p>开市客以其著名的会员模式而闻名，这种模式培养了忠诚度，产生了高销售额，并创造了直接流向底线的经常性收入流。它经过数十年的发展，现已拥有 7960 万会员。</p>
<p>开市客的模式在全球零售明星中脱颖而出。尽管有包括 <strong>沃尔玛</strong> 的山姆会员店和 <strong>BJ's Wholesale Club</strong> 在内的竞争对手，但开市客仍是最大的仓储零售商。由于其通过会员费盈利，最近基本会员费提高至 65 美元，优质会员费提高至 130 美元，因此它能够将商品价格保持在极低水平。例如，它以 1.50 美元的热狗和 4.99 美元的烤鸡而闻名，但通常以低价批量销售产品，并且由于购买量大，可以与供应商谈判以获得更好的交易。</p>
<p>低价格使得数百万会员愿意在这里购物，充分利用他们的年度会员资格。开市客的续费率非常高，在 2025 财年第三季度（截至 5 月 11 日），美国和加拿大的续费率为 92.7%，国际续费率为 90.2%。</p>
<p>尽管零售模式几十年来保持不变，开市客仍然找到创新的方法。它在电子商务领域成为了一个重要参与者，进入了亚马逊的领域，以适合其大型仓库的方式进行，专注于大件商品的店内自取。电子商务销售在第三季度增长了 14.8%，推动了总收入增长 8.2%。</p>
<p>开市客在吸引更多人注册优质会员方面也非常成功。截至第三季度末，这些会员占总数的 47%，但占销售额的 73%。他们享有额外的福利，如 2% 的现金返还，以及最近在周末的独家购物时间。这是一种在各种条件下蓬勃发展的模式，并且有助于进一步增长，这就是为什么开市客在几十年里一直是如此出色的股票。它还支付股息，虽然收益率较低，但也定期支付特别股息，最近一次支付是在近两年前的 15 美元。</p>
<h2>支持亚马逊的理由：远不止于零售</h2>
<p>亚马逊也是一家零售商，但它远不止于此。它拥有完全不同的电子商务模式，低价格、大量商品和快速的交货时间帮助它占据市场；它可能拥有多达 40% 的美国电子商务市场，甚至更多，这使得任何竞争对手在短期内都无法追赶，即使像开市客这样的公司正在利用其独特的特点来充分利用电子商务。</p>
<p>不过，亚马逊并没有停滞不前。它不断升级其市场，推出新商品、新品牌、新技术和更快的履行服务，以保持领先地位。</p>
<p>尽管人工智能（AI）作为一个流行词相对较新，但在亚马逊的背景下，通常指的是其云业务，我认为人工智能在塑造今天的亚马逊中发挥了重要作用。自成立以来，它就利用人工智能为客户提供推荐，并提高了其能力，以提供产品的并排比较，帮助客户做出明智的决策并按下购买按钮。</p>
<p>但确实，今天的人工智能业务是生成式的，通过亚马逊网络服务（AWS）提供，这是其云服务部门。AWS 客户可以利用亚马逊的平台创建各种人工智能应用，使用多种大型语言模型，具有不同程度的定制化。亚马逊不仅是美国最大的电子商务公司，也是全球最大的云计算公司，市场份额约为 30%。</p>
<p>它仍在快速增长，第二季度销售额同比增长 17%。亚马逊整体报告的销售额增长为 13%，考虑到它是全球第二大销售公司，过去 12 个月的销售额为 6700 亿美元，这是一项令人印象深刻的成就。</p>
<p>首席执行官安迪·贾西认为，这只是人工智能业务的开始，但它已经是一个数十亿美元的业务，增长率达到三位数。亚马逊还有其他几个大型竞争性业务，包括广告和流媒体，这使得它成为一个如此吸引人的股票投资。</p>
<h2>估值将决定选择</h2>
<p>购买这两只优秀股票都有理由。它们都是行业领导者，未来有很多期待。让我们回到估值的问题上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png"/></p>
<p>COST PS 比率数据来源于 YCharts</p>
<p>开市客的交易价格远高于其五年平均市盈率，而亚马逊的交易价格则低于其五年平均的一半。然而，这包括了一个短期内因对电动车公司 <strong>Rivian Automotive</strong> 的投资而产生的异常损失。开市客在价格与销售比率上则便宜得多。</p>
<p>虽然我推荐这两只股票，但亚马逊今天看起来更值得购买，因为它有许多不同的机会，尤其是在其两个主要细分市场，并且它的交易价格处于罕见的折扣状态。</p>

开市客

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>成本公司和亚马逊被比较为潜在的股票购买对象。成本公司的会员模式促进了客户忠诚度并产生稳定的收入，具有高续费率和成功的电子商务增长。相比之下，亚马逊在电子商务和云计算领域占据主导地位，利用人工智能进行客户互动和产品推荐。虽然成本公司提供低价和股息，但亚马逊多样化的商业模式和销售的快速增长使其成为一个强大的竞争对手。投资者必须权衡成本公司的稳定性与亚马逊的广阔增长潜力</p>

<p><strong>Costco Wholesale</strong>(COST 0.42%) has some amazing qualities that make it a retail destination for an increasing number of members under all kinds of circumstances. It's no wonder the stock keeps climbing despite its premium valuation.</p>
<div class="lb-trans"><p><strong>开市客</strong>(COST 0.42%) 具有一些令人惊叹的特质，使其在各种情况下成为越来越多会员的零售目的地。尽管其估值较高，但股票仍然不断上涨，这并不奇怪。</p>
</div><p><strong>Amazon</strong>(AMZN -0.74%) is a different kind of retail beast altogether, and it's so much more than retail. Despite higher growth than Costco, its valuation has declined and it looks like a bargain today.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>(AMZN -0.74%) 则完全是另一种零售巨头，它远不止于零售。尽管增长速度超过开市客，但其估值却下降了，今天看起来像是个便宜货。</p>
</div><p>Which of these retail giants is the better buy today?</p>
<div class="lb-trans"><p>这两家零售巨头中，今天哪一家更值得购买？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831615%2Fshopping-grocery-mom-and-baby-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><h2>The case for Costco: Steady and solid</h2>
<div class="lb-trans"><h2>支持开市客的理由：稳定而坚实</h2>
</div><p>Costco has a famed membership model that breeds loyalty and generates high sales as well as creates a recurring revenue stream that goes straight to the bottom line. It has built up its business over several decades and now counts 79.6 million people as members.</p>
<div class="lb-trans"><p>开市客以其著名的会员模式而闻名，这种模式培养了忠诚度，产生了高销售额，并创造了直接流向底线的经常性收入流。它经过数十年的发展，现已拥有 7960 万会员。</p>
</div><p>Costco's model stands out from the retail superstars of the world. Although there are competitors, including <strong>Walmart</strong>'s Sam's Club and <strong>BJ's Wholesale Club</strong>, Costco is the largest warehouse retailer. Because it makes money from its membership fees, which were recently raised to $65 for a basic membership and $130 for a premium membership, it can keep the prices of its merchandise extremely low. It's famous for its $1.50 hot dog and $4.99 rotisserie chicken, for example, but it generally sells products in bulk for low prices, and it can negotiate with suppliers to get better deals since it buys so much.</p>
<div class="lb-trans"><p>开市客的模式在全球零售明星中脱颖而出。尽管有包括 <strong>沃尔玛</strong> 的山姆会员店和 <strong>BJ's Wholesale Club</strong> 在内的竞争对手，但开市客仍是最大的仓储零售商。由于其通过会员费盈利，最近基本会员费提高至 65 美元，优质会员费提高至 130 美元，因此它能够将商品价格保持在极低水平。例如，它以 1.50 美元的热狗和 4.99 美元的烤鸡而闻名，但通常以低价批量销售产品，并且由于购买量大，可以与供应商谈判以获得更好的交易。</p>
</div><p>The low prices make it worthwhile for its millions of members to shop there and make the most of their annual memberships. Costco sports a very high renewal rate, which was 92.7% in the U.S. and Canada in the 2025 fiscal third quarter (ended May 11) and 90.2% internationally.</p>
<div class="lb-trans"><p>低价格使得数百万会员愿意在这里购物，充分利用他们的年度会员资格。开市客的续费率非常高，在 2025 财年第三季度（截至 5 月 11 日），美国和加拿大的续费率为 92.7%，国际续费率为 90.2%。</p>
</div><p>Although the retail model has remained the same for decades, Costco has found ways to innovate. It's become a serious player in e-commerce, Amazon's territory, doing it in a way that works for its large warehouses by focusing on in-store pickup for bulky items. E-commerce sales increased 14.8% in the third quarter, driving total revenue growth of 8.2%.</p>
<div class="lb-trans"><p>尽管零售模式几十年来保持不变，开市客仍然找到创新的方法。它在电子商务领域成为了一个重要参与者，进入了亚马逊的领域，以适合其大型仓库的方式进行，专注于大件商品的店内自取。电子商务销售在第三季度增长了 14.8%，推动了总收入增长 8.2%。</p>
</div><p>Costco has also been extremely successful in getting more people to sign up for the premium membership. These members account for 47% of the total as of the end of the third quarter, but 73% of sales. They get added perks like 2% cash back, and more recently, an exclusive shopping hour on the weekends. This is a model that thrives under all kinds of conditions and lends itself to further growth, which is why Costco has been such a spectacular stock to own for decades. It also pays a dividend, which has a low yield, but it has also periodically paid a special dividend, which was $15 in its most recent payment nearly two years ago.</p>
<div class="lb-trans"><p>开市客在吸引更多人注册优质会员方面也非常成功。截至第三季度末，这些会员占总数的 47%，但占销售额的 73%。他们享有额外的福利，如 2% 的现金返还，以及最近在周末的独家购物时间。这是一种在各种条件下蓬勃发展的模式，并且有助于进一步增长，这就是为什么开市客在几十年里一直是如此出色的股票。它还支付股息，虽然收益率较低，但也定期支付特别股息，最近一次支付是在近两年前的 15 美元。</p>
</div><h2>The case for Amazon: Much more than retail</h2>
<div class="lb-trans"><h2>支持亚马逊的理由：远不止于零售</h2>
</div><p>Amazon is also a retailer, but it's so much more. It has a completely different model that's all e-commerce, and its low prices, large assortment, and fast delivery times have helped it corner the market; it may have as much as 40% of the U.S. e-commerce market or even more, which makes it impossible for any competition to catch up in the short term, even if companies like Costco are leveraging their distinct features to make the most of e-commerce.</p>
<div class="lb-trans"><p>亚马逊也是一家零售商，但它远不止于此。它拥有完全不同的电子商务模式，低价格、大量商品和快速的交货时间帮助它占据市场；它可能拥有多达 40% 的美国电子商务市场，甚至更多，这使得任何竞争对手在短期内都无法追赶，即使像开市客这样的公司正在利用其独特的特点来充分利用电子商务。</p>
</div><p>Still, Amazon isn't leaving things alone. It constantly upgrades its marketplace with new merchandise, new brands, new technology, and faster fulfillment to stay on top.</p>
<div class="lb-trans"><p>不过，亚马逊并没有停滞不前。它不断升级其市场，推出新商品、新品牌、新技术和更快的履行服务，以保持领先地位。</p>
</div><p>Although artificial intelligence (AI) is fairly new as a buzzword, and with Amazon, it usually refers to its cloud business, I would suggest that AI has played no small part in making Amazon what it is today. It has used AI since its inception to provide recommendations for its customers, and it has improved its capabilities to offer side-by-side comparisons of products and help customers make informed decisions and to press the button.</p>
<div class="lb-trans"><p>尽管人工智能（AI）作为一个流行词相对较新，但在亚马逊的背景下，通常指的是其云业务，我认为人工智能在塑造今天的亚马逊中发挥了重要作用。自成立以来，它就利用人工智能为客户提供推荐，并提高了其能力，以提供产品的并排比较，帮助客户做出明智的决策并按下购买按钮。</p>
</div><p>But yes, the AI business it has today is the generative kind, which it offers through Amazon Web Services (AWS), its cloud services division. AWS clients can use Amazon's platform to create all kinds of AI apps using an array of large language models with varying levels of customization. Amazon isn't just the largest e-commerce company in the U.S., it's also the largest cloud computing company in the world, with about 30% of the market.</p>
<div class="lb-trans"><p>但确实，今天的人工智能业务是生成式的，通过亚马逊网络服务（AWS）提供，这是其云服务部门。AWS 客户可以利用亚马逊的平台创建各种人工智能应用，使用多种大型语言模型，具有不同程度的定制化。亚马逊不仅是美国最大的电子商务公司，也是全球最大的云计算公司，市场份额约为 30%。</p>
</div><p>It's still growing quickly, with a 17% increase in sales over last year in the second quarter. Amazon as a whole reported a 13% increase in sales, which is an impressive feat considering it's the second-largest company in the world by sales, with $670 billion in trailing-12-month sales.</p>
<div class="lb-trans"><p>它仍在快速增长，第二季度销售额同比增长 17%。亚马逊整体报告的销售额增长为 13%，考虑到它是全球第二大销售公司，过去 12 个月的销售额为 6700 亿美元，这是一项令人印象深刻的成就。</p>
</div><p>CEO Andy Jassy thinks this is just the beginning for the AI business, but it's already a multibillion-dollar business growing at triple digits. Amazon also has several other large, competitive businesses, including advertising and streaming, which make it such a compelling company to own as a stock.</p>
<div class="lb-trans"><p>首席执行官安迪·贾西认为，这只是人工智能业务的开始，但它已经是一个数十亿美元的业务，增长率达到三位数。亚马逊还有其他几个大型竞争性业务，包括广告和流媒体，这使得它成为一个如此吸引人的股票投资。</p>
</div><h2>Valuation will make the call</h2>
<div class="lb-trans"><h2>估值将决定选择</h2>
</div><p>There are reasons to buy each one of these fabulous stocks. They are both industry leaders for a reason, and there's a lot to expect from both of them going forward. Let's get back to the valuation piece.</p>
<div class="lb-trans"><p>购买这两只优秀股票都有理由。它们都是行业领导者，未来有很多期待。让我们回到估值的问题上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png" alt="" original-src="https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png"/></p>
<p>COST PS Ratio data by YCharts</p>
<div class="lb-trans"><p>COST PS 比率数据来源于 YCharts</p>
</div><p>Costco is trading well above its five-year average P/E ratio, while Amazon is trading at less than half its five-year average. However, that includes a short period where it had an unusual loss pertaining to an investment in electric vehicle company <strong>Rivian Automotive</strong>. Costco is much cheaper on a price-to-sales basis.</p>
<div class="lb-trans"><p>开市客的交易价格远高于其五年平均市盈率，而亚马逊的交易价格则低于其五年平均的一半。然而，这包括了一个短期内因对电动车公司 <strong>Rivian Automotive</strong> 的投资而产生的异常损失。开市客在价格与销售比率上则便宜得多。</p>
</div><p>While I recommend both of these stocks, Amazon still looks like the better buy today because it has so many different opportunities, especially in its two top segments, and it's trading at a rare discount.</p>
<div class="lb-trans"><p>虽然我推荐这两只股票，但亚马逊今天看起来更值得购买，因为它有许多不同的机会，尤其是在其两个主要细分市场，并且它的交易价格处于罕见的折扣状态。</p>
</div>

Best Stock to Buy Right Now: Costco vs. Amazon

- Costco 以会员制和低价策略吸引了 7960 万会员，续费率高达 92.7%。
- 亚马逊在电商和云计算领域占据主导地位，销售额同比增长 13%。
- 尽管两者均具吸引力，亚马逊因多元化机会和低估值被认为更具投资价值。

当前最值得购买的股票：开市客与亚马逊对比