<p><strong>亚马逊</strong>（AMZN -0.16%）在 2025 年并未成为明星。截至 9 月中旬，股价年初至今仅上涨约中个位数，而 <strong>标准普尔 500 指数</strong> 则上涨了大约低十位数。尽管这家零售和云计算领导者发布了强劲的财务业绩并指引了稳健的增长，但这一差距依然存在。</p>
<p>当然，亚马逊是在线零售、Prime 和亚马逊网络服务（AWS）背后的电子商务和云基础设施巨头。随着市场的关注点在今年不断转移，亚马逊的低调表现掩盖了其基本面的改善。这种不匹配为投资者提供了一个简单的机会：业务在增强，而成长股仅仅是勉强维持，创造了一个机会，让希望从旁观者转变为长期拥有优秀公司股份的投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5ODEvYW1hem9uLXN0b2NrLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5ODEvYW1hem9uLXN0b2NrLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>关键领域的势头正在增强</h2>
<p>亚马逊最新的季度业绩突显了持久的增长和扩大的盈利能力。在第二季度，公司净销售额增长了 13%，达到 1677 亿美元，营业收入增长了 31%，达到 192 亿美元，使营业利润率从去年同期的 9.9% 大幅提升至 11.4%。每股收益为 1.68 美元，同比增长 33%。管理层还指出了健康的前景：预计第三季度净销售额将增长 10% 至 13%，营业收入在 155 亿至 205 亿美元之间。</p>
<p>在这些头条数字背后，投资者最关心的三个引擎正在朝着正确的方向发展。首先，AWS 的收入增长了 17%，达到 309 亿美元。该部门的营业利润率为 32.9%。虽然由于亚马逊在投资能力和电力以满足人工智能（AI）需求，该利润率低于前一个季度，但过去 12 个月的 AWS 营业利润率仍然保持在 36.8% 的强劲水平。其次，广告服务收入增长了 23%，达到 157 亿美元，显示出公司在商家和品牌中的影响力不断增强。第三，核心零售网络继续高效扩展：其重要的北美零售部门的营业收入增长了 48%，达到 75 亿美元，部门利润率改善至 7.5%。其国际零售部门的营业收入从 3 亿美元跃升至 15 亿美元，销售额同比增长 16%。</p>
<p>在公司第二季度财报发布的评论中，亚马逊首席执行官安迪·贾西（Andy Jassy）强调了人工智能。</p>
<p>贾西表示：“我们在各个领域的人工智能进展持续改善我们的客户体验、创新速度、运营效率和业务增长，我对未来充满期待。”</p>
<p>简单来说，亚马逊正在将其庞大的收入基础转化为利润，因为物流和数据中心资产正在扩展。</p>
<h2>当前的投资案例</h2>
<p>短期的看空理由归结为两点：巨额资本支出和竞争。随着亚马逊扩展数据中心、网络和电力以支持人工智能工作负载，资本支出仍然很重；反映出这一建设，过去 12 个月的自由现金流（在处理常规运营和资本支出后剩余的现金）为 182 亿美元，低于去年同期的 530 亿美元。在云计算领域，<strong>微软</strong> 和 <strong>谷歌母公司 Alphabet</strong> 是强大的、资本充足的竞争对手，同样在人工智能方面进行积极投资。</p>
<p>这些都是现实的考虑，但它们与零售单位经济的增强、快速扩展的广告业务以及随着亚马逊转向以人工智能为中心的需求而快速增长的云平台并存。此外，亚马逊在人工智能方面的重大投资也可以被视为一个乐观的理由。毕竟，如果公司不相信会有回报，就不会如此积极地进行支出。</p>
<p>截至目前，亚马逊的股价在 230 美元低位交易，市盈率约为 35 倍。这并不便宜，但背景很重要：公司的营业利润率已从个位数上升到超过 11%，随着收入的增长以及 AWS 在整体收入中占比的增加，公司可能会看到额外的营业杠杆。此外，如果 AWS 已经丰厚的利润率在新产能上线时稳定下来，而零售继续在规模上产生中到高个位数的利润率，未来几年盈利能力可能会比收入增长得更快。在这种情况下，今天的市盈率可能看起来并不苛刻。</p>
<p>另一方面，经济放缓可能会对可自由支配支出产生压力，云优化可能会重新浮现。此外，与数据中心建设相关的电力限制或供应链延误也可能在短期内对 AWS 的利润率造成压力。因此，投资者应关注资本支出和 AWS 盈利能力作为领先指标。</p>
<p>但更大的图景是积极的。亚马逊在多个领域表现出色：随着物流网络的密集化，零售利润率正在改善，广告以显著的速度增长，而 AWS 仍然是数千家企业的支柱。更不用说亚马逊正在其业务中逐步引入人工智能服务，创造新的长期增长机会。这些动态——广泛的增长、盈利能力上升以及对人工智能的积极投资——使得利用 2025 年的相对低迷表现作为购买股票弱点的机会成为一个引人注目的理由。对于希望通过高质量复合增长公司增强投资组合的投资者来说，在市场情绪仅仅是温和时购买亚马逊可能在长期内证明是有利可图的。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票在 2025 年表现不佳，仅上涨了中个位数，而标准普尔 500 指数则上涨了低十位数。尽管如此，该公司报告了强劲的第二季度业绩，净销售额增长了 13%，营业收入增长了 31%。关键增长领域包括 AWS、广告和零售。首席执行官安迪·贾西强调了人工智能的进展作为增长动力。尽管资本支出和竞争带来了挑战，但亚马逊不断改善的利润率和对人工智能的投资表明未来盈利的潜力。目前亚马逊的股价约为 230 美元，如果盈利能力如预期增加，其估值可能并不高</p>

<p><strong>Amazon</strong>(AMZN -0.16%) has not been the star of 2025. As of mid-September, the stock is up only about the mid-single digits year to date, while the <strong>S&amp;P 500</strong> is up roughly in the low teens. That gap has opened even as the retailer and cloud leader posted strong financial results and guided to solid growth.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -0.16%）在 2025 年并未成为明星。截至 9 月中旬，股价年初至今仅上涨约中个位数，而 <strong>标准普尔 500 指数</strong> 则上涨了大约低十位数。尽管这家零售和云计算领导者发布了强劲的财务业绩并指引了稳健的增长，但这一差距依然存在。</p>
</div><p>Amazon, of course, is the e-commerce and cloud-infrastructure giant behind online retail, Prime, and Amazon Web Services (AWS). With the market's attention rotating across themes this year, Amazon's quieter performance masks improving fundamentals. That mismatch sets up a straightforward case: The business is strengthening while the growth stock is merely getting by, creating an opportunity for investors who want to get off the sidelines and own shares of a great company for the long haul.</p>
<div class="lb-trans"><p>当然，亚马逊是在线零售、Prime 和亚马逊网络服务（AWS）背后的电子商务和云基础设施巨头。随着市场的关注点在今年不断转移，亚马逊的低调表现掩盖了其基本面的改善。这种不匹配为投资者提供了一个简单的机会：业务在增强，而成长股仅仅是勉强维持，创造了一个机会，让希望从旁观者转变为长期拥有优秀公司股份的投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5ODEvYW1hem9uLXN0b2NrLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833981%2Famazon-stock.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>Momentum is building where it matters</h2>
<div class="lb-trans"><h2>关键领域的势头正在增强</h2>
</div><p>Amazon's latest quarter underscored durable growth and expanding profitability. In Q2, the company's net sales rose 13% to $167.7 billion and operating income climbed 31% to $19.2 billion, lifting the operating margin to 11.4%, up substantially from 9.9% in the year-ago quarter. Earnings per share were $1.68, up 33% year over year. Management also pointed to a healthy outlook: Third-quarter net sales are expected to grow 10% to 13%, with operating income between $15.5 billion and $20.5 billion.</p>
<div class="lb-trans"><p>亚马逊最新的季度业绩突显了持久的增长和扩大的盈利能力。在第二季度，公司净销售额增长了 13%，达到 1677 亿美元，营业收入增长了 31%，达到 192 亿美元，使营业利润率从去年同期的 9.9% 大幅提升至 11.4%。每股收益为 1.68 美元，同比增长 33%。管理层还指出了健康的前景：预计第三季度净销售额将增长 10% 至 13%，营业收入在 155 亿至 205 亿美元之间。</p>
</div><p>Beneath the headline numbers, the three engines investors care most about are moving in the right direction. First, AWS revenue increased 17% to $30.9 billion. Operating margin in the segment was 32.9%. While that margin is lower than the prior quarter as Amazon invests in capacity and power to meet artificial intelligence (AI) demand, trailing-12-month AWS operating margin remains a robust 36.8%. Second, advertising services revenue rose 23% to $15.7 billion, showing the company's growing clout with merchants and brands. Third, the core retail network continues to scale efficiently: operating income in its important North America retail segment increased 48% to $7.5 billion, with the segment margin improving to 7.5%. Its international retail segment saw operating income jump from $0.3 billion to $1.5 billion as sales rose 16% year over year.</p>
<div class="lb-trans"><p>在这些头条数字背后，投资者最关心的三个引擎正在朝着正确的方向发展。首先，AWS 的收入增长了 17%，达到 309 亿美元。该部门的营业利润率为 32.9%。虽然由于亚马逊在投资能力和电力以满足人工智能（AI）需求，该利润率低于前一个季度，但过去 12 个月的 AWS 营业利润率仍然保持在 36.8% 的强劲水平。其次，广告服务收入增长了 23%，达到 157 亿美元，显示出公司在商家和品牌中的影响力不断增强。第三，核心零售网络继续高效扩展：其重要的北美零售部门的营业收入增长了 48%，达到 75 亿美元，部门利润率改善至 7.5%。其国际零售部门的营业收入从 3 亿美元跃升至 15 亿美元，销售额同比增长 16%。</p>
</div><p>In his comments in the company's second-quarter earnings release, Amazon CEO Andy Jassy drew attention to AI.</p>
<div class="lb-trans"><p>在公司第二季度财报发布的评论中，亚马逊首席执行官安迪·贾西（Andy Jassy）强调了人工智能。</p>
</div><p>&#34;Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I'm excited for what lies ahead,&#34; Jassy said.</p>
<div class="lb-trans"><p>贾西表示：“我们在各个领域的人工智能进展持续改善我们的客户体验、创新速度、运营效率和业务增长，我对未来充满期待。”</p>
</div><p>Put simply, Amazon is converting more of its enormous revenue base into profit as logistics and data center assets scale.</p>
<div class="lb-trans"><p>简单来说，亚马逊正在将其庞大的收入基础转化为利润，因为物流和数据中心资产正在扩展。</p>
</div><h2>The investment case today</h2>
<div class="lb-trans"><h2>当前的投资案例</h2>
</div><p>The near-term bear case boils down to two points: massive capital expenditures and competition. Capital spending remains heavy as Amazon expands data centers, networking, and power to support AI workloads; reflecting the build-out, trailing-12-month free cash flow (the cash left over after both regular operations and capital expenditures are taken care of) was $18.2 -- down from $53 billion in the year-ago period. And in cloud, <strong>Microsoft</strong> and <strong>Alphabet</strong> are formidable, well-capitalized competitors that are similarly investing aggressively in AI.</p>
<div class="lb-trans"><p>短期的看空理由归结为两点：巨额资本支出和竞争。随着亚马逊扩展数据中心、网络和电力以支持人工智能工作负载，资本支出仍然很重；反映出这一建设，过去 12 个月的自由现金流（在处理常规运营和资本支出后剩余的现金）为 182 亿美元，低于去年同期的 530 亿美元。在云计算领域，<strong>微软</strong> 和 <strong>谷歌母公司 Alphabet</strong> 是强大的、资本充足的竞争对手，同样在人工智能方面进行积极投资。</p>
</div><p>Those are real considerations, but they sit alongside strengthening unit economics in retail, a rapidly expanding ads business, and a cloud platform that is growing rapidly as Amazon pivots to AI-centric demand. Additionally, Amazon's significant investment in AI can also be seen as a reason to be upbeat. After all, the company wouldn't be spending so aggressively if it didn't believe there would be a payoff.</p>
<div class="lb-trans"><p>这些都是现实的考虑，但它们与零售单位经济的增强、快速扩展的广告业务以及随着亚马逊转向以人工智能为中心的需求而快速增长的云平台并存。此外，亚马逊在人工智能方面的重大投资也可以被视为一个乐观的理由。毕竟，如果公司不相信会有回报，就不会如此积极地进行支出。</p>
</div><p>With shares trading in the low-$230s as of this writing, Amazon trades for roughly 35 times earnings. That is not cheap, but context matters: Operating margin for the company has marched from single digits to more than 11%, and the company could see additional operating leverage as revenue rises and as AWS becomes a larger share of overall revenue. Additionally, if AWS's already lucrative margins stabilize as new capacity comes online, and retail continues to generate mid- to high-single-digit margins at scale, earnings power may climb faster than revenue over the next few years. In that scenario, today's multiple may not look demanding.</p>
<div class="lb-trans"><p>截至目前，亚马逊的股价在 230 美元低位交易，市盈率约为 35 倍。这并不便宜，但背景很重要：公司的营业利润率已从个位数上升到超过 11%，随着收入的增长以及 AWS 在整体收入中占比的增加，公司可能会看到额外的营业杠杆。此外，如果 AWS 已经丰厚的利润率在新产能上线时稳定下来，而零售继续在规模上产生中到高个位数的利润率，未来几年盈利能力可能会比收入增长得更快。在这种情况下，今天的市盈率可能看起来并不苛刻。</p>
</div><p>On the other hand, a slower economy could weigh on discretionary spending, and cloud optimization could resurface. Further, power constraints or supply chain delays tied to data center buildouts could also pressure AWS's margins in the near term. Investors, therefore, should keep an eye on capex and AWS profitability as leading indicators.</p>
<div class="lb-trans"><p>另一方面，经济放缓可能会对可自由支配支出产生压力，云优化可能会重新浮现。此外，与数据中心建设相关的电力限制或供应链延误也可能在短期内对 AWS 的利润率造成压力。因此，投资者应关注资本支出和 AWS 盈利能力作为领先指标。</p>
</div><p>But the bigger picture is constructive. Amazon is firing on several cylinders: retail margins are improving as the logistics network densifies, advertising is growing at meaningful rates, and AWS remains the backbone for thousands of enterprises. Not to mention that Amazon is layering in AI services across its business, creating new long-term growth opportunities. These dynamics -- broad-based growth, rising profitability, and aggressive investment in AI -- make a compelling case to use 2025's relative underperformance as an opportunity to buy into the stock's weakness. For investors looking to beef up a portfolio with a high-quality compounder, buying Amazon while sentiment is only lukewarm could prove to be lucrative over the long term.</p>
<div class="lb-trans"><p>但更大的图景是积极的。亚马逊在多个领域表现出色：随着物流网络的密集化，零售利润率正在改善，广告以显著的速度增长，而 AWS 仍然是数千家企业的支柱。更不用说亚马逊正在其业务中逐步引入人工智能服务，创造新的长期增长机会。这些动态——广泛的增长、盈利能力上升以及对人工智能的积极投资——使得利用 2025 年的相对低迷表现作为购买股票弱点的机会成为一个引人注目的理由。对于希望通过高质量复合增长公司增强投资组合的投资者来说，在市场情绪仅仅是温和时购买亚马逊可能在长期内证明是有利可图的。</p>
</div>

After Lagging the Market This Year, It's Time to Buy Amazon Stock

- 亚马逊 2025 年表现平平，股价仅上涨中个位数。  
- 第二季度净销售额增长 13%，运营收入上升 31%。  
- 投资者可利用当前低迷时机，长期持有亚马逊股票。

在今年市场表现落后之后，现在是时候购买亚马逊的股票了