<p><strong>Robinhood</strong>(HOOD 3.13%) 和 <strong>Interactive Brokers</strong>(IBKR 0.18%) 在被纳入受尊敬的 <strong>S&amp;P 500</strong> 指数后都达成了一个重大里程碑。Interactive Brokers 于八月加入该基准指数，而 Robinhood 在一个月后紧随其后。</p>
<p>这两家公司在经纪业务领域都是强有力的参与者，拥有稳健的业务和卓越的增长。如果你在寻找有潜力的成长股，这两家公司值得考虑。</p>
<p>话虽如此，这两个名字中有一个在此时显得更具吸引力。让我们探讨这两家公司，揭示哪只股票今天看起来更适合投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这两家金融科技公司有什么共同点</h2>
<p>Robinhood 和 Interactive Brokers 都提供在线经纪服务，但它们服务于不同的投资者群体，同时共享核心功能。</p>
<p>Robinhood 首创了免佣金交易，采用以移动为主的平台，旨在为零售投资者，特别是年轻用户，普及金融。其商业模式在很大程度上依赖于订单流支付，但此后增加了保证金贷款、净利息收入和其他基于费用的收入来源。</p>
<p>相比之下，Interactive Brokers 面向专业交易者和机构，提供全球市场接入、先进的交易工具以及包括期货、外汇和债券在内的多种资产类别。它通过佣金（主要在其 IBKR Pro 级别下）、利息收入和数据服务来产生收入。</p>
<p>尽管存在差异，这两个平台都提供零佣金的股票和 ETF 交易、期权接入、分数股和保证金账户，并在不断发展的经纪业务领域中崭露头角。</p>
<h2>Robinhood 正在追求多条增长途径</h2>
<p>Robinhood 正在快速增长。其平台上的资产数量显著增加。自 2023 年底以来，Robinhood 的平台资产几乎从 1026 亿美元增加到 3040 亿美元（截至 8 月 31 日）。它在吸引客户将资产带入其平台方面表现出色，为其奠定了坚实的基础。</p>
<p>该公司正在采取多项措施推动增长。首先，它提供退休账户以吸引年轻用户并进行交叉销售。它为客户提供传统或罗斯 IRA 的退休储蓄账户，并为符合条件的 Robinhood Gold 订阅者匹配最高 3% 的贡献。</p>
<p>它还在为核心金融需求构建产品，如财富管理和顾问服务，未来将重点关注跨代顾问服务，部分通过收购 TradePMR 实现。今年 3 月，它推出了 Robinhood Strategies，一项数字投资顾问服务。</p>
<p>此外，它希望通过 Robinhood Legend 更好地与 Interactive Brokers 的平台竞争，这是一个专为活跃交易者构建的强大基于浏览器的桌面交易平台。</p>
<p>最后，该公司希望利用加密货币日益增长的趋势，提供代币化股票，同时扩大其加密货币的存在。它将代币化视为金融基础设施的根本转变，认为加密货币和区块链技术将通过减少对传统金融中介的需求提供显著的效率。</p>
<h2>Interactive Brokers 的技术和成本优势</h2>
<p>Interactive Brokers 专注于那些重视高水平分析、执行速度、效率和低成本的技术型投资者。其大量高级管理人员是软件工程师，致力于尽可能多地自动化业务。</p>
<p>由于其广泛的自动化，Interactive Brokers 成功地维持了行业中最低的成本结构之一。Interactive Brokers 对自动化的关注不仅使其成为低成本提供者，还促进了公司的卓越利润率。</p>
<p>由于其低成本结构带来的运营效率，Interactive Brokers 实现了超越许多金融公司的最佳利润率。去年，Interactive Brokers 的税前利润率在 2024 年为 71%，在第二季度上升至 75%。</p>
<h2>Robinhood 或 Interactive Brokers 哪个更适合你？</h2>
<p>你首先需要考虑的是估值。Robinhood 的市盈率为 122 倍过去 12 个月的每股收益（EPS）。从前瞻性来看，它的市盈率为 70.7 倍今年的收益和 60.1 倍 2026 年的收益。因此，尽管该公司正在追求多个增长举措，投资者仍在为这些预期支付溢价。</p>
<p>Interactive Brokers 的估值更为合理，市盈率为 35.8 倍去年的收益和 30.7 倍今年的预期收益。</p>
<p>今天购买 Robinhood 也可能使你面临更多的波动性。Robinhood 的贝塔值为 2.4，股票的波动性超过基准 <strong>S&amp;P 500</strong> 指数的两倍，因此在市场下行时更容易受到影响。Interactive Brokers 的贝塔值为 1.2，波动性略高于 S&amp;P 500，但低于 Robinhood。</p>
<p>这两只股票都在稳步增长，我认为它们都可以成为多元化投资组合的良好补充。如果你专注于增长并希望采取激进的投资策略，Robinhood 可能是你今天的买入选择。然而，如果让我今天选择一只股票，我会选择 Interactive Brokers，因为它的估值更为实惠。</p>

HOOD

盈透证券

<p>Robinhood 和盈透证券均已被纳入标准普尔 500 指数，这标志着两家公司都达成了重要里程碑。Robinhood 以其免佣交易和专注于散户投资者而闻名，自 2023 年底以来，其平台资产从 1026 亿美元增长至 3040 亿美元。它正在扩展其产品，包括退休账户和加密货币服务。相比之下，盈透证券则针对专业交易者，提供先进的工具和低成本结构，获得了较高的利润率。虽然 Robinhood 具有更高的增长潜力，但与更稳定的盈透证券相比，它的波动性更大</p>

<p><strong>Robinhood</strong>(HOOD 3.13%) and <strong>Interactive Brokers</strong>(IBKR 0.18%) both hit a massive milestone after being added to the respected <strong>S&amp;P 500</strong> index. Interactive Brokers joined the benchmark index in August, and Robinhood followed suit one month later.</p>
<div class="lb-trans"><p><strong>Robinhood</strong>(HOOD 3.13%) 和 <strong>Interactive Brokers</strong>(IBKR 0.18%) 在被纳入受尊敬的 <strong>S&amp;P 500</strong> 指数后都达成了一个重大里程碑。Interactive Brokers 于八月加入该基准指数，而 Robinhood 在一个月后紧随其后。</p>
</div><p>Both companies are strong players in the brokerage space, with solid businesses and stellar growth. If you're on the hunt for growth stocks that have the potential to deliver, these two are worth considering.</p>
<div class="lb-trans"><p>这两家公司在经纪业务领域都是强有力的参与者，拥有稳健的业务和卓越的增长。如果你在寻找有潜力的成长股，这两家公司值得考虑。</p>
</div><p>That said, one of these names stands out as the more attractive buy at this moment. Let's explore the two companies and uncover which stock looks like a better buy for investors today.</p>
<div class="lb-trans"><p>话虽如此，这两个名字中有一个在此时显得更具吸引力。让我们探讨这两家公司，揭示哪只股票今天看起来更适合投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833914%2Fperson-looks-at-stock-chart-on-phone-getty.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>Here's what these two fintechs have in common</h2>
<div class="lb-trans"><h2>这两家金融科技公司有什么共同点</h2>
</div><p>Robinhood and Interactive Brokers both offer online brokerage services, but they serve different investor segments while sharing core functionalities.</p>
<div class="lb-trans"><p>Robinhood 和 Interactive Brokers 都提供在线经纪服务，但它们服务于不同的投资者群体，同时共享核心功能。</p>
</div><p>Robinhood pioneered commission-free trading with a mobile-first platform designed to democratize finance for retail investors, particularly younger users. Its business model leaned heavily on payment for order flow, but it has since added margin lending, net interest income, and other fee-based revenue streams.</p>
<div class="lb-trans"><p>Robinhood 首创了免佣金交易，采用以移动为主的平台，旨在为零售投资者，特别是年轻用户，普及金融。其商业模式在很大程度上依赖于订单流支付，但此后增加了保证金贷款、净利息收入和其他基于费用的收入来源。</p>
</div><p>Interactive Brokers, by contrast, caters to professional traders and institutions, offering global market access, advanced trading tools, and a wide array of asset classes, including futures, forex, and bonds. It generates revenue through commissions (primarily under its IBKR Pro tier), interest income, and data services.</p>
<div class="lb-trans"><p>相比之下，Interactive Brokers 面向专业交易者和机构，提供全球市场接入、先进的交易工具以及包括期货、外汇和债券在内的多种资产类别。它通过佣金（主要在其 IBKR Pro 级别下）、利息收入和数据服务来产生收入。</p>
</div><p>Despite their differences, both platforms provide zero-commission stock and ETF trading, options access, fractional shares, and margin accounts, and have emerged as competitive players in the evolving brokerage landscape.</p>
<div class="lb-trans"><p>尽管存在差异，这两个平台都提供零佣金的股票和 ETF 交易、期权接入、分数股和保证金账户，并在不断发展的经纪业务领域中崭露头角。</p>
</div><h2>Robinhood is pursuing multiple growth avenues</h2>
<div class="lb-trans"><h2>Robinhood 正在追求多条增长途径</h2>
</div><p>Robinhood is growing quickly. The amount of assets on its platform has increased significantly. Since the end of 2023, Robinhood's platform assets have nearly tripled from $102.6 billion to $304 billion (as of Aug. 31). It has done a stellar job of attracting customers to bring assets to its platform, giving it a solid base to build upon.</p>
<div class="lb-trans"><p>Robinhood 正在快速增长。其平台上的资产数量显著增加。自 2023 年底以来，Robinhood 的平台资产几乎从 1026 亿美元增加到 3040 亿美元（截至 8 月 31 日）。它在吸引客户将资产带入其平台方面表现出色，为其奠定了坚实的基础。</p>
</div><p>The company is taking several steps to drive growth. For one, it is offering retirement accounts to attract and cross-sell to its younger user base. It offers customers retirement savings accounts with Traditional or Roth IRAs, and matches eligible contributions up to 3% for Robinhood Gold subscribers.</p>
<div class="lb-trans"><p>该公司正在采取多项措施推动增长。首先，它提供退休账户以吸引年轻用户并进行交叉销售。它为客户提供传统或罗斯 IRA 的退休储蓄账户，并为符合条件的 Robinhood Gold 订阅者匹配最高 3% 的贡献。</p>
</div><p>It is also building products for core financial needs, such as wealth management and advisory services, with a future focus on multigenerational advisory services, partly through the acquisition of TradePMR. In March, it launched Robinhood Strategies, a digital investment advisory service.</p>
<div class="lb-trans"><p>它还在为核心金融需求构建产品，如财富管理和顾问服务，未来将重点关注跨代顾问服务，部分通过收购 TradePMR 实现。今年 3 月，它推出了 Robinhood Strategies，一项数字投资顾问服务。</p>
</div><p>Additionally, it looks to better compete with Interactive Brokers' platform with Robinhood Legend, its powerful browser-based desktop trading platform built specifically for active traders.</p>
<div class="lb-trans"><p>此外，它希望通过 Robinhood Legend 更好地与 Interactive Brokers 的平台竞争，这是一个专为活跃交易者构建的强大基于浏览器的桌面交易平台。</p>
</div><p>Finally, the company seeks to capitalize on the growing trend in cryptocurrency, offering tokenized stocks as it expands its cryptocurrency presence. It sees tokenization as a fundamental shift in financial infrastructure, believing that cryptocurrency and blockchain technology will offer significant efficiencies by reducing the need for traditional financial intermediaries.</p>
<div class="lb-trans"><p>最后，该公司希望利用加密货币日益增长的趋势，提供代币化股票，同时扩大其加密货币的存在。它将代币化视为金融基础设施的根本转变，认为加密货币和区块链技术将通过减少对传统金融中介的需求提供显著的效率。</p>
</div><h2>Interactive Brokers' technology and cost advantage</h2>
<div class="lb-trans"><h2>Interactive Brokers 的技术和成本优势</h2>
</div><p>Interactive Brokers focuses on tech-savvy investors who prioritize high-level analytics, execution speed, efficiency, and low costs. A significant number of its senior managers are software engineers dedicated to automating as much of the business as possible.</p>
<div class="lb-trans"><p>Interactive Brokers 专注于那些重视高水平分析、执行速度、效率和低成本的技术型投资者。其大量高级管理人员是软件工程师，致力于尽可能多地自动化业务。</p>
</div><p>As a direct result of its extensive automation, it has successfully maintained one of the lowest-cost structures in the industry among broker-dealers. Interactive Brokers' focus on automation not only positions it as a low-cost provider but also contributes to the company's stellar profit margins.</p>
<div class="lb-trans"><p>由于其广泛的自动化，Interactive Brokers 成功地维持了行业中最低的成本结构之一。Interactive Brokers 对自动化的关注不仅使其成为低成本提供者，还促进了公司的卓越利润率。</p>
</div><p>As a result of its low-cost structure, which leads to operational efficiency, Interactive Brokers achieves best-in-class profit margins that surpass many financial companies. Last year, Interactive Brokers' pre-tax profit margin was 71% in 2024 and rose to 75% in the second quarter.</p>
<div class="lb-trans"><p>由于其低成本结构带来的运营效率，Interactive Brokers 实现了超越许多金融公司的最佳利润率。去年，Interactive Brokers 的税前利润率在 2024 年为 71%，在第二季度上升至 75%。</p>
</div><h2>Is Robinhood or Interactive Brokers best for you?</h2>
<div class="lb-trans"><h2>Robinhood 或 Interactive Brokers 哪个更适合你？</h2>
</div><p>The first thing you'll want to consider is valuation. Robinhood is priced at 122 times its trailing twelve-month earnings per share (EPS). On a forward basis, it is priced at 70.7 times this year's earnings and 60.1 times 2026. So while the company is pursuing several growth initiatives, investors are paying up for those expectations.</p>
<div class="lb-trans"><p>你首先需要考虑的是估值。Robinhood 的市盈率为 122 倍过去 12 个月的每股收益（EPS）。从前瞻性来看，它的市盈率为 70.7 倍今年的收益和 60.1 倍 2026 年的收益。因此，尽管该公司正在追求多个增长举措，投资者仍在为这些预期支付溢价。</p>
</div><p>Interactive Brokers is more reasonably priced at 35.8 times last year's earnings and 30.7 times this year's projected earnings.</p>
<div class="lb-trans"><p>Interactive Brokers 的估值更为合理，市盈率为 35.8 倍去年的收益和 30.7 倍今年的预期收益。</p>
</div><p>Buying Robinhood today will also likely expose you to more volatility. With a beta of 2.4, the stock experiences more than twice the volatility of the benchmark <strong>S&amp;P 500</strong> index, making it vulnerable in the event of a downturn. Interactive Brokers has a beta of 1.2, which is slightly more volatile than the S&amp;P 500 but less volatile than Robinhood.</p>
<div class="lb-trans"><p>今天购买 Robinhood 也可能使你面临更多的波动性。Robinhood 的贝塔值为 2.4，股票的波动性超过基准 <strong>S&amp;P 500</strong> 指数的两倍，因此在市场下行时更容易受到影响。Interactive Brokers 的贝塔值为 1.2，波动性略高于 S&amp;P 500，但低于 Robinhood。</p>
</div><p>Both stocks are growing at a solid clip, and I think they could both be solid additions to a diversified portfolio. If you're focused on growth and want to take an aggressive approach, Robinhood could be a buy for you today. However, if I had to pick one today, I would go with Interactive Brokers because of its more affordable valuation.</p>
<div class="lb-trans"><p>这两只股票都在稳步增长，我认为它们都可以成为多元化投资组合的良好补充。如果你专注于增长并希望采取激进的投资策略，Robinhood 可能是你今天的买入选择。然而，如果让我今天选择一只股票，我会选择 Interactive Brokers，因为它的估值更为实惠。</p>
</div>

哪只金融科技股票更好：Robinhood Markets 与盈透证券