<p>可以理解的是，<strong>亚马逊</strong>(AMZN -1.70%) 和 <strong>拉美商业服务</strong>(MELI 0.38%) 经常被拿来比较。这两家公司在世界不同地区开创了电子商务，并随后引领了新兴产业。这些业务虽然各不相同，但也是它们电子商务运营的自然延伸。</p>
<p>诚然，由于亚马逊的交易时间比拉美商业服务长了 10 年，因此其总回报率高于拉美商业服务。然而，在两只股票交易的时间段内，拉美商业服务却占据了优势。因此，比较这两者的投资者可能会想知道，亚马逊还是拉美商业服务现在更值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxNzQvY3VzdG9tZXItYnV5cy1vbmxpbmUtYXQtaG9tZS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxNzQvY3VzdG9tZXItYnV5cy1vbmxpbmUtYXQtaG9tZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>支持亚马逊的理由</h2>
<p>亚马逊近 2.5 万亿美元的市值可能让投资者质疑其快速增长的时代是否已经结束。在如此庞大的规模下，较高的百分比增长在数学上变得更加困难。</p>
<p>尽管如此，亚马逊的部分智慧在于通过为几个较小但增长更快的企业提供支持来规避这个问题。其在线商店业务仍然是其最大的收入来源，尽管低利润率使得至今仍不清楚这是否是一个盈利的企业。</p>
<p>相反，它的主要运营收入来自云计算企业亚马逊网络服务（AWS）。在电子商务方面，较快的增长来自轻资产业务，如数字广告、第三方卖家服务和订阅服务。</p>
<p>这些企业也受益于亚马逊在人工智能（AI）方面的布局。AI 驱动着许多 AWS 的工作负载。它还帮助提高供应链效率、产品摆放和电子商务方面的客户服务。这些改进应该会为亚马逊带来更多业务，并可能已经在帮助其财务状况。</p>
<p>在 2025 年上半年，收入达到 3230 亿美元，同比增长 11%。这可能低于过去的增长率。然而，由于控制了成本和费用的增长，该期间的净收入为 350 亿美元，增长了 48%。</p>
<p>截至今年，目前股票上涨约 5%。尽管如此，近年来，其估值有所下降。以 35 倍的市盈率略高于 <strong>标准普尔 500</strong> 的 31 倍，亚马逊正变得越来越具吸引力。</p>
<h2>投资者为何可能考虑拉美商业服务</h2>
<p>然而，投资者可能会质疑亚马逊的价值主张与拉美商业服务相比如何。以 1270 亿美元的市值，该公司约为亚马逊规模的 5%，这一水平可能会带来更多的长期增长。其商业模式也类似于亚马逊的第二次机会，尽管大部分业务有所不同。</p>
<p>过去，其本土市场拉丁美洲是一个以现金为主的社会，许多人没有银行账户或信用卡。因此，它成立了 Mercado Pago，为这些客户提供数字支付产品。</p>
<p>该企业如此成功，以至于它扩展到未在拉美商业服务上购物的用户。当它成立物流公司 Mercado Envios 时，它重复了这一做法。该业务为拉丁美洲带来了当日和次日送达的服务，这在该地区并不普遍。</p>
<p>依托这些企业，拉美商业服务在 2025 年上半年实现了 130 亿美元的收入，同比增长 35%。</p>
<p>尽管如此，坏账准备的增加以及拉美商业服务对其运营的投资导致运营费用增长了 38%。此外，该公司在外汇损失上遭受了更大的打击，所得税费用也上升。因此，今年上半年的净收入为 5.23 亿美元，几乎下降了 2%。</p>
<p>尽管如此，利润下降并没有阻止股票在今年迄今上涨近 50%。此外，考虑到亚马逊曾经更高的估值，投资者可能不应假设拉美商业服务 62 倍的市盈率会阻止其股票上涨。</p>
<h2>亚马逊还是拉美商业服务？</h2>
<p>随着时间的推移，这两只股票都应该超过市场，尽管拉美商业服务可能占据优势。</p>
<p>事实上，亚马逊在今年两家公司中实现了更高的利润增长。它的交易估值也低得多。</p>
<p>然而，拉美商业服务的收入增长速度更快，且其费用的快速上升看起来是暂时的。此外，其较小的规模意味着实现更高的百分比增长将更容易。</p>
<p>最终，这些条件可能导致拉美商业服务的股票价格增长更快。随着拉美商业服务继续利用其协同效应和整体企业的成功，其股票更有可能以更快的速度上涨。</p>

亚马逊

拉美商业服务

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊和 MercadoLibre 被比较为领先的电子商务公司。亚马逊市值为 2.5 万亿美元，增长较慢，但来自 AWS 和其他服务的盈利能力强劲，而 MercadoLibre 市值为 1270 亿美元，由于其在拉丁美洲的创新支付和物流解决方案，收入增长更快。尽管亚马逊的净收入更高，但 MercadoLibre 的规模较小，允许其拥有更大的增长潜力。预计这两只股票都将跑赢市场，但由于 MercadoLibre 的快速收入增长和股票表现，可能更具优势</p>

<p>Understandably, <strong>Amazon</strong>(AMZN -1.70%) and <strong>MercadoLibre</strong>(MELI 0.38%) are often compared to one another. Both companies pioneered e-commerce in different parts of the world and then went on to spearhead new industries. Those businesses were distinct but also natural outgrowths of their e-commerce operations.</p>
<div class="lb-trans"><p>可以理解的是，<strong>亚马逊</strong>(AMZN -1.70%) 和 <strong>拉美商业服务</strong>(MELI 0.38%) 经常被拿来比较。这两家公司在世界不同地区开创了电子商务，并随后引领了新兴产业。这些业务虽然各不相同，但也是它们电子商务运营的自然延伸。</p>
</div><p>Admittedly, since it has traded for 10 years longer, Amazon has delivered higher total returns than MercadoLibre. However, MercadoLibre has had the edge in the time that both stocks have traded. Thus, investors comparing the two may wonder whether Amazon or MercadoLibre is the best stock to buy right now.</p>
<div class="lb-trans"><p>诚然，由于亚马逊的交易时间比拉美商业服务长了 10 年，因此其总回报率高于拉美商业服务。然而，在两只股票交易的时间段内，拉美商业服务却占据了优势。因此，比较这两者的投资者可能会想知道，亚马逊还是拉美商业服务现在更值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxNzQvY3VzdG9tZXItYnV5cy1vbmxpbmUtYXQtaG9tZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834174%2Fcustomer-buys-online-at-home.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 Amazon</h2>
<div class="lb-trans"><h2>支持亚马逊的理由</h2>
</div><p>Amazon's nearly $2.5 trillion market cap might lead investors to question whether its days of rapid growth are over. Amid such a massive size, higher-percentage growth becomes a more difficult feat mathematically.</p>
<div class="lb-trans"><p>亚马逊近 2.5 万亿美元的市值可能让投资者质疑其快速增长的时代是否已经结束。在如此庞大的规模下，较高的百分比增长在数学上变得更加困难。</p>
</div><p>Nonetheless, part of Amazon's genius has involved circumventing this problem by serving as an umbrella for several smaller but faster-growing businesses. Its online stores business remains its largest revenue source, though the low margins make it unclear whether that is a profitable enterprise to this day.</p>
<div class="lb-trans"><p>尽管如此，亚马逊的部分智慧在于通过为几个较小但增长更快的企业提供支持来规避这个问题。其在线商店业务仍然是其最大的收入来源，尽管低利润率使得至今仍不清楚这是否是一个盈利的企业。</p>
</div><p>Instead, it derives the majority of its operating income from cloud computing enterprise Amazon Web Services (AWS). On the e-commerce side, the faster growth comes from asset-light businesses such as digital advertising, third-party seller services, and subscriptions.</p>
<div class="lb-trans"><p>相反，它的主要运营收入来自云计算企业亚马逊网络服务（AWS）。在电子商务方面，较快的增长来自轻资产业务，如数字广告、第三方卖家服务和订阅服务。</p>
</div><p>Those enterprises have also benefited from Amazon's move into artificial intelligence (AI). AI runs many of AWS' workloads. It also helps enable supply chain efficiencies, product placement, and customer service on the e-commerce side of the business. Such improvements should bring Amazon more business and are likely helping its financials already.</p>
<div class="lb-trans"><p>这些企业也受益于亚马逊在人工智能（AI）方面的布局。AI 驱动着许多 AWS 的工作负载。它还帮助提高供应链效率、产品摆放和电子商务方面的客户服务。这些改进应该会为亚马逊带来更多业务，并可能已经在帮助其财务状况。</p>
</div><p>In the first half of 2025, revenue of $323 billion grew 11% compared to year-ago levels. This may lag growth rates of the past. Still, since it kept cost and expense growth in check, the $35 billion in net income for the period was a 48% increase.</p>
<div class="lb-trans"><p>在 2025 年上半年，收入达到 3230 亿美元，同比增长 11%。这可能低于过去的增长率。然而，由于控制了成本和费用的增长，该期间的净收入为 350 亿美元，增长了 48%。</p>
</div><p>So far this year, the stock is up by about 5%. Nonetheless, in recent years, its valuation has fallen. With its 35 P/E ratio being just above the <strong>S&amp;P 500</strong> average of 31, Amazon is becoming an increasingly attractive value.</p>
<div class="lb-trans"><p>截至今年，目前股票上涨约 5%。尽管如此，近年来，其估值有所下降。以 35 倍的市盈率略高于 <strong>标准普尔 500</strong> 的 31 倍，亚马逊正变得越来越具吸引力。</p>
</div><h2>Why investors might consider MercadoLibre</h2>
<div class="lb-trans"><h2>投资者为何可能考虑拉美商业服务</h2>
</div><p>However, investors may question how Amazon's value proposition compares to MercadoLibre's. At a market cap of $127 billion, the company is approximately 5% of Amazon's size, a level that will likely allow for more long-term growth. Its business model also resembles a second chance at Amazon, albeit with mostly different businesses.</p>
<div class="lb-trans"><p>然而，投资者可能会质疑亚马逊的价值主张与拉美商业服务相比如何。以 1270 亿美元的市值，该公司约为亚马逊规模的 5%，这一水平可能会带来更多的长期增长。其商业模式也类似于亚马逊的第二次机会，尽管大部分业务有所不同。</p>
</div><p>In the past, its home market of Latin America was a predominantly cash-based society, where a large portion of the population did not have a bank account or a credit card. For this reason, it formed Mercado Pago to offer these customers digital payment products.</p>
<div class="lb-trans"><p>过去，其本土市场拉丁美洲是一个以现金为主的社会，许多人没有银行账户或信用卡。因此，它成立了 Mercado Pago，为这些客户提供数字支付产品。</p>
</div><p>The enterprise was so successful that it expanded to users not buying on MercadoLibre. It repeated this approach when it formed logistics company Mercado Envios. That business brought same-day and next-day delivery to Latin America, an offering that had not been widely available in that region.</p>
<div class="lb-trans"><p>该企业如此成功，以至于它扩展到未在拉美商业服务上购物的用户。当它成立物流公司 Mercado Envios 时，它重复了这一做法。该业务为拉丁美洲带来了当日和次日送达的服务，这在该地区并不普遍。</p>
</div><p>On the back of those enterprises, MercadoLibre generated $13 billion in revenue in the first half of 2025, a 35% rise compared to the same period one year ago.</p>
<div class="lb-trans"><p>依托这些企业，拉美商业服务在 2025 年上半年实现了 130 亿美元的收入，同比增长 35%。</p>
</div><p>Still, a rise in the provision for doubtful accounts and MercadoLibre's investments in its operations led to a 38% increase in operating expenses. Also, the company took a more significant hit on foreign currency losses, and income tax expenses rose. Thus, the net income for the first half of the year was $523 million, a <em>decline</em> of almost 2%.</p>
<div class="lb-trans"><p>尽管如此，坏账准备的增加以及拉美商业服务对其运营的投资导致运营费用增长了 38%。此外，该公司在外汇损失上遭受了更大的打击，所得税费用也上升。因此，今年上半年的净收入为 5.23 亿美元，几乎下降了 2%。</p>
</div><p>Still, the falling profit did not stop the stock from rising by almost 50% so far this year. Also, considering Amazon's one-time higher valuation, investors should probably not assume that MercadoLibre's 62 P/E ratio will stop its stock from rising.</p>
<div class="lb-trans"><p>尽管如此，利润下降并没有阻止股票在今年迄今上涨近 50%。此外，考虑到亚马逊曾经更高的估值，投资者可能不应假设拉美商业服务 62 倍的市盈率会阻止其股票上涨。</p>
</div><h2>Amazon or MercadoLibre?</h2>
<div class="lb-trans"><h2>亚马逊还是拉美商业服务？</h2>
</div><p>Over time, both stocks should beat the market, though MercadoLibre likely has the edge.</p>
<div class="lb-trans"><p>随着时间的推移，这两只股票都应该超过市场，尽管拉美商业服务可能占据优势。</p>
</div><p>Indeed, Amazon has produced the higher profit growth this year of the two companies. It also trades at a much lower valuation.</p>
<div class="lb-trans"><p>事实上，亚马逊在今年两家公司中实现了更高的利润增长。它的交易估值也低得多。</p>
</div><p>However, MercadoLibre grows revenue at a faster clip, and the rapid rise in its expenses looks to be temporary. Moreover, its smaller size means higher-percentage growth will be easier to achieve.</p>
<div class="lb-trans"><p>然而，拉美商业服务的收入增长速度更快，且其费用的快速上升看起来是暂时的。此外，其较小的规模意味着实现更高的百分比增长将更容易。</p>
</div><p>Ultimately, those conditions probably led to MercadoLibre's faster stock price growth. As MercadoLibre continues to build on its synergies and the overall successes of its enterprises, its stock is more likely to rise at a faster pace.</p>
<div class="lb-trans"><p>最终，这些条件可能导致拉美商业服务的股票价格增长更快。随着拉美商业服务继续利用其协同效应和整体企业的成功，其股票更有可能以更快的速度上涨。</p>
</div>

Best Stock to Buy Right Now: Amazon vs. MercadoLibre

- 亚马逊和 MercadoLibre 在电商领域各有优势，前者市值约 2.5 万亿美元，后者约 1270 亿美元。  
- 2025 年上半年，亚马逊收入增长 11%，净利润达 350 亿美元；而 MercadoLibre 收入增长 35%，净利润为 5.23 亿美元。  
- 尽管亚马逊利润增长较快，但 MercadoLibre 由于规模小，增长潜力更大，股价上涨幅度更快。  

当前最佳股票购买选择：亚马逊与 Mercadolibre