<p>市场的反弹让标志性的成长投资者 Cathie Wood 心情愉悦。Ark Invest 的创始人、首席执行官和优秀的股票挑选者在本周的第一个交易日进行了操作。她在周一仅购买了五只不同的股票，但其中三只股票的共同点是它们都是中国公司。</p>
<p>Wood 在周一增加了对 <strong>阿里巴巴</strong>(BABA 0.87%)、<strong>小马智行</strong>(PONY -0.56%) 和 <strong>百度</strong>(BIDU 1.01%) 的持仓。这三家公司都在努力在全球第二大经济体中占据一席之地。让我们更仔细地看看 Wood 的三项新购买，希望在中国获得丰厚回报。</p>
<h2>1. 阿里巴巴</h2>
<p>中国的电子商务先锋在 2025 年蓬勃发展。该股票几乎翻了一番，今年上涨了 95%。但如果你期待一个教科书式的市场赢家，你可能会失望而归。</p>
<p>阿里巴巴的增长并不出色。收入连续第四年以个位数的速度增长。底线的表现也不见得好到哪里，今年阿里巴巴在连续两个季度未能达到华尔街的利润预期。然而，由于在贸易战担忧的影响下，中国股票在今年初处于低迷状态，阿里巴巴在年初的前瞻市盈率仅为个位数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>阿里巴巴的商业模式运作良好。它在中国有两个电子商务主力。淘宝是中国领先的消费者对消费者市场。天猫是阿里巴巴的企业对消费者平台。这些都是现金奶牛，产生了阿里巴巴 45% 的合并收入，同时也贡献了 113% 的合并调整后息税折旧摊销前利润（EBITDA）。</p>
<p>没错。其国内电子商务业务的盈利能力，在最新一个季度的调整后 EBITDA 利润率达到 44%，足以为其其他 55% 的业务亏损提供资金。无论是销售中国货物到全球的 AliExpress，还是正在发展的云业务，阿里巴巴都在对未来的主力进行明智的投资。</p>
<p>阿里巴巴有足够的闲置资金回馈股东。其现金充裕的资产负债表使其能够灵活支付小额股息，同时在过去四个季度中也进行了股票回购。随着股票以合理的 16 倍下一个财年的预期收益交易，如果其一些副业开始盈利，这个好故事可能会变得更好。</p>
<h2>2. 小马智行</h2>
<p>距离小马智行以每股 13 美元上市仅过去 10 个月。现在这是一次成功的发行。依靠人工智能（AI）的自动驾驶技术提供商对投资者来说是一场惊心动魄的旅程。小马智行的股价在 2 月份曾达到 23 美元，随后在两个月后暴跌至 4.11 美元。此后，股价几乎全部回升，涨幅超过五倍。截至周一收盘，该股票自 IPO 以来上涨了 58%，表现优于市场。</p>
<p>小马智行在中国的机器人出租车商业化方面表现良好，在自驾车股票的海洋中脱颖而出。它是 2025 年在上海举行的世界人工智能大会上唯一提供完全无人驾驶和按需叫车服务的参与者。它也是唯一能够在极端天气条件下运营的参与者。</p>
<p>最新一个季度的收入增长了 76%，达到了 2150 万美元的美国等值，得益于机器人出租车收入的翻倍。其机器人出租车的收费收入增长了四倍，尽管是基于一年前的小基数。小马智行预计到今年年底其车队将达到 1000 辆。它正在向中国以外的市场拓展。本月早些时候，它宣布计划在卡塔尔提供服务。虽然小马智行尚未盈利，但它必须在其 73 亿美元的市值中实现增长，但它无疑在朝着正确的方向前进。</p>
<h2>3. 百度</h2>
<p>最后是百度。在这一年中国成长股的强劲表现中，百度显得有些姗姗来迟。三个月前，它的股价大致与 2025 年初时相同，但自那时以来已上涨超过 60%。</p>
<p>中国领先的搜索引擎运营商的成长烦恼比阿里巴巴更为严重。在过去三年中，收入在两年内出现下降，百度的收入在 2025 年上半年也有所下滑。今年夏天，百度的崛起得益于其新兴的 AI 芯片业务。由于与中国的贸易限制，该国转向本土企业，而百度恰好在这个时候处于正确的位置。</p>
<p>尽管最近反弹，百度的交易市盈率仅为 12 倍。分析师预计明年收入和调整后收益将恢复增长。对于一家曾经表现出色的公司来说，这个价格是合理的，它可能很快就会再次达到辉煌。</p>

小马智行

<p>凯西·伍德（Cathie Wood），阿克投资（Ark Invest）的创始人，进行了大量股票购买，重点关注三家中国公司：阿里巴巴、小马智行（Pony AI）和百度。尽管阿里巴巴的收入增长缓慢，但其电子商务模式强大，资产负债表现金充裕。专注于自动驾驶的小马智行（Pony AI）股票恢复显著，并正在扩展其机器人出租车服务。作为中国领先的搜索引擎，百度正在受益于不断增长的人工智能芯片业务，尽管近年来面临收入下降。伍德的投资反映了对这些公司在中国市场潜力的乐观态度</p>

<p>The rallying market has iconic growth investor Cathie Wood in a buying mood. The Ark Invest founder, CEO, and ace stock picker was making moves on the first trading day of the week. She bought only five different stocks on Monday, but one thing that three of them had in common is that they're Chinese companies.</p>
<div class="lb-trans"><p>市场的反弹让标志性的成长投资者 Cathie Wood 心情愉悦。Ark Invest 的创始人、首席执行官和优秀的股票挑选者在本周的第一个交易日进行了操作。她在周一仅购买了五只不同的股票，但其中三只股票的共同点是它们都是中国公司。</p>
</div><p>Wood added to her existing positions in <strong>Alibaba</strong>(BABA 0.87%), <strong>Pony AI</strong>(PONY -0.56%), and <strong>Baidu</strong>(BIDU 1.01%) on Monday. All three companies are trying to carve out a role in the world's second largest economy. Let's take a closer look at the Wood's three fresh purchases that are hoping to score big in China.</p>
<div class="lb-trans"><p>Wood 在周一增加了对 <strong>阿里巴巴</strong>(BABA 0.87%)、<strong>小马智行</strong>(PONY -0.56%) 和 <strong>百度</strong>(BIDU 1.01%) 的持仓。这三家公司都在努力在全球第二大经济体中占据一席之地。让我们更仔细地看看 Wood 的三项新购买，希望在中国获得丰厚回报。</p>
</div><h2>1. Alibaba</h2>
<div class="lb-trans"><h2>1. 阿里巴巴</h2>
</div><p>China's e-commerce pioneer is rolling in 2025. The stock has nearly doubled, surging 95% this year. But if you're expecting a textbook case of a market beater, you'll probably walk away disappointed.</p>
<div class="lb-trans"><p>中国的电子商务先锋在 2025 年蓬勃发展。该股票几乎翻了一番，今年上涨了 95%。但如果你期待一个教科书式的市场赢家，你可能会失望而归。</p>
</div><p>Alibaba isn't posting stellar growth. Revenue is rising at a single-digit clip for the fourth year in a row. The bottom-line story isn't necessarily any better, with Alibaba falling short of Wall Street profit targets in back-to-back quarters this year. However, with Chinese stocks depressed heading into this year on trade war concerns, Alibaba was trading at a forward earnings multiple in the single digits at the start of this year.</p>
<div class="lb-trans"><p>阿里巴巴的增长并不出色。收入连续第四年以个位数的速度增长。底线的表现也不见得好到哪里，今年阿里巴巴在连续两个季度未能达到华尔街的利润预期。然而，由于在贸易战担忧的影响下，中国股票在今年初处于低迷状态，阿里巴巴在年初的前瞻市盈率仅为个位数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834635%2Fgettyladyonphone.jpeg&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>Alibaba's model works. It has two e-commerce workhorses in China. Taobao is the country's leading consumer-to-consumer marketplace. Tmall is Alibaba's business-to-consumer play. These are cash cows, generating 45% of Alibaba's consolidated revenue but also 113% of its consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).</p>
<div class="lb-trans"><p>阿里巴巴的商业模式运作良好。它在中国有两个电子商务主力。淘宝是中国领先的消费者对消费者市场。天猫是阿里巴巴的企业对消费者平台。这些都是现金奶牛，产生了阿里巴巴 45% 的合并收入，同时也贡献了 113% 的合并调整后息税折旧摊销前利润（EBITDA）。</p>
</div><p>You read that right. The profitability of its domestic e-commerce business, cranking out an adjusted EBITDA margin of 44% in its latest quarter, is enough to finance the losses for the other 55% of its business. Whether it's the AliExpress segment that sells Chinese-sourced goods all over the world or a percolating cloud business, Alibaba is making well-placed bets on future workhorses.</p>
<div class="lb-trans"><p>没错。其国内电子商务业务的盈利能力，在最新一个季度的调整后 EBITDA 利润率达到 44%，足以为其其他 55% 的业务亏损提供资金。无论是销售中国货物到全球的 AliExpress，还是正在发展的云业务，阿里巴巴都在对未来的主力进行明智的投资。</p>
</div><p>Alibaba has enough spare money to return money to its shareholders. Its cash-rich balance sheet affords it the flexibility to pay a small dividend, but it has also pulled off share buybacks in each of the past four quarters. With the shares trading for a reasonable 16 times next fiscal year's projected earnings, this good story can get even better if some of its side bets start to pay off.</p>
<div class="lb-trans"><p>阿里巴巴有足够的闲置资金回馈股东。其现金充裕的资产负债表使其能够灵活支付小额股息，同时在过去四个季度中也进行了股票回购。随着股票以合理的 16 倍下一个财年的预期收益交易，如果其一些副业开始盈利，这个好故事可能会变得更好。</p>
</div><h2>2. Pony AI</h2>
<div class="lb-trans"><h2>2. 小马智行</h2>
</div><p>It's been just 10 months since Pony AI went public at $13 a share. It's a successful offering -- now. The provider of autonomous driving tech that leans on artificial intelligence (AI) has been a wild ride for investors. Pony AI saw its shares top $23 in February, before plunging as low as $4.11 just two months later. It has since nearly made all of that back with a better-than-fivefold jump. The stock is now beating the market with a 58% gain since its IPO as of Monday's close.</p>
<div class="lb-trans"><p>距离小马智行以每股 13 美元上市仅过去 10 个月。现在这是一次成功的发行。依靠人工智能（AI）的自动驾驶技术提供商对投资者来说是一场惊心动魄的旅程。小马智行的股价在 2 月份曾达到 23 美元，随后在两个月后暴跌至 4.11 美元。此后，股价几乎全部回升，涨幅超过五倍。截至周一收盘，该股票自 IPO 以来上涨了 58%，表现优于市场。</p>
</div><p>Pony AI has been faring well in the commercialization of robotaxis in China, standing out in a sea of self-driving-car stocks. It's the only participant at the World Artificial Intelligence Conference 2025 in Shanghai to offer fully driverless and on-demand ride-hailing services. It's also the only participant that's able to operate in extreme weather conditions.</p>
<div class="lb-trans"><p>小马智行在中国的机器人出租车商业化方面表现良好，在自驾车股票的海洋中脱颖而出。它是 2025 年在上海举行的世界人工智能大会上唯一提供完全无人驾驶和按需叫车服务的参与者。它也是唯一能够在极端天气条件下运营的参与者。</p>
</div><p>Revenue rose 76% in its latest quarter to the U.S. equivalent of $21.5 million, fueled by the more than doubling of robotaxi revenue. Its robotaxi fare-charging revenue more than quadrupled, admittedly off a small base a year ago. Pony AI expects to hit 1,000 vehicles in its fleet by the end of this year. It's making inroads outside China. Earlier this month it announced plans to offer its services in Qatar. The profitless Pony AI will have to grow into its beefy $7.3 billion market cap, but it's certainly steering -- not necessarily autonomously -- in the right direction.</p>
<div class="lb-trans"><p>最新一个季度的收入增长了 76%，达到了 2150 万美元的美国等值，得益于机器人出租车收入的翻倍。其机器人出租车的收费收入增长了四倍，尽管是基于一年前的小基数。小马智行预计到今年年底其车队将达到 1000 辆。它正在向中国以外的市场拓展。本月早些时候，它宣布计划在卡塔尔提供服务。虽然小马智行尚未盈利，但它必须在其 73 亿美元的市值中实现增长，但它无疑在朝着正确的方向前进。</p>
</div><h2>3. Baidu</h2>
<div class="lb-trans"><h2>3. 百度</h2>
</div><p>Finally we have Baidu. It's been a late bloomer in this potent year for Chinese growth stocks. Three months ago it was trading roughly where it was when 2025 started, but it has gone on to soar more than 60% since then.</p>
<div class="lb-trans"><p>最后是百度。在这一年中国成长股的强劲表现中，百度显得有些姗姗来迟。三个月前，它的股价大致与 2025 年初时相同，但自那时以来已上涨超过 60%。</p>
</div><p>The growing pains for China's leading search engine operator have been even worse than Alibaba. Revenue has declined in two of the past three years, and Baidu's top line has inched lower through the first half of 2025. The catalyst for Baidu's emergence this summer has come from its fledgling AI chips business. Trading restrictions with China find the country turning to homegrown players, and Baidu happens to finally be in the right place at the right time.</p>
<div class="lb-trans"><p>中国领先的搜索引擎运营商的成长烦恼比阿里巴巴更为严重。在过去三年中，收入在两年内出现下降，百度的收入在 2025 年上半年也有所下滑。今年夏天，百度的崛起得益于其新兴的 AI 芯片业务。由于与中国的贸易限制，该国转向本土企业，而百度恰好在这个时候处于正确的位置。</p>
</div><p>Despite the recent rally, Baidu is trading for just 12 times trailing earnings. Analysts see a return to revenue and adjusted earnings growth next year. This is a good price for a company that has been great before, and it might be close to getting there again.</p>
<div class="lb-trans"><p>尽管最近反弹，百度的交易市盈率仅为 12 倍。分析师预计明年收入和调整后收益将恢复增长。对于一家曾经表现出色的公司来说，这个价格是合理的，它可能很快就会再次达到辉煌。</p>
</div>

Cathie Wood 在中国寻找投资机会：她刚刚买入的 3 只股票