<p>随着科技巨头竞相收购人工智能（AI）硬件，<strong>Nvidia</strong> 仍然是市场的焦点。然而，一家低调的赢家在今年悄然实现了更强劲的股票表现。这只股票是 <strong>盈透证券</strong>（IBKR -0.49%），这是一家以全球覆盖和自动化为自豪的电子经纪公司。与许多 2025 年炒作驱动的股票不同，它的业务势头在收入和利润两方面都表现出色。</p>
<p>截至目前，盈透证券的股价年初至今上涨近 60%，而同期 Nvidia 的股价上涨约 39%。当然，投资者更关心的是未来而非过去。考虑到这一点，我相信盈透证券在长期内有望超越 Nvidia。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>惊人的势头</h2>
<p>盈透证券的规模、自动化和全球覆盖相结合，使公司在低成本运营方面具备竞争优势，最近在市场份额上取得了令人瞩目的胜利。考虑到其成功的商业模式以及有利的股票市场，很容易看出这家公司为何能实现令人印象深刻的增长。</p>
<p>盈透证券的第二季度报告显示，业务全面开花。净收入同比增长 20%，达到 15 亿美元，而净利润增长 24%。令人印象深刻的是，该季度公司的税前利润率为 75%——高于去年同期的 72%。</p>
<p>这些强劲的财务数据得益于出色的关键客户指标。由于股票、期权和期货的交易量增加，佣金收入增长了 27%。此外，账户数量同比增长 32%，达到 387 万，客户权益增长 34%，约为 6650 亿美元，日均收入交易（DARTs）跃升 49%，达到 355 万。此外，保证金贷款增长 18%，达到 651 亿美元。</p>
<p>对投资者来说，幸运的是，盈透证券还每月提供客户指标。季度后的数据进一步增强——尤其是在九月份。上个月，盈透证券的 DARTs 达到了 386 万，同比增长 47%，环比增长 11%；客户权益达到 7575 亿美元，同比增长 40%，环比增长 6%；保证金贷款上升至 773 亿美元，同比增长 39%，环比增长 8%。这些是公司佣金和利息收入的生命线输入，并且从八月份已经强劲的活动中逐步改善，为公司下一个定于 10 月 16 日下午的财报更新奠定了健康的基础。</p>
<h2>为什么这可能在长期内超越 Nvidia</h2>
<p>毫无疑问，Nvidia 的卓越表现。作为芯片领导者，它继续实现非凡的收入增长（最近一个季度收入同比增长 56%）。但有两个关键风险使其相较于盈透证券的吸引力下降。第一个是估值。截至目前，Nvidia 的市盈率约为 53，而盈透证券的市盈率为 37。此外，Nvidia 的业务高度周期性。尽管围绕 AI 的炒作表明当前周期仍处于早期阶段，但总有可能这种 AI 支出热潮会比预期更快地消退。此外，竞争环境可能比预期更加激烈，从而对 Nvidia 的价格施加压力。</p>
<p>当然，盈透证券也面临着重大风险。例如，市场波动的急剧下降可能会减少交易活动和佣金，而股市抛售可能会缩小保证金余额和客户权益。此外，利率下降将对盈透证券的净利息收入施加压力，而净利息收入是其净收入的重要组成部分（第二季度净利息收入为 8.6 亿美元，而非利息收入为 6.2 亿美元）。最后，竞争对手可能会在盈透证券的一些优势领域，如自动化和全球规模上取得进展。</p>
<p>即使考虑到这些风险，盈透证券在 10 年期的投资中仍然显得更具吸引力。虽然盈透证券面临自身的重大风险，但较低的估值在一定程度上更好地考虑了这些风险。盈透证券加速的基本面与较低的起始估值相结合，使其不仅有可信的机会继续超越 Nvidia，而且在未来十年内扩大这一领先优势。</p>

盈透证券

<p>盈透证券（IBKR）在今年的股票表现上超过了英伟达，股价上涨近 60%，而英伟达上涨了 39%。该公司的财务状况强劲，净收入增长了 20%，净利润增长了 24%。佣金收入和客户权益等关键指标也显示出显著增长。尽管英伟达表现强劲，但其高估值和周期性特征带来了风险。相比之下，盈透证券的低估值和稳健的基本面使其成为潜在的更好的长期投资</p>

<p>With tech giants racing to buy up artificial intelligence (AI) hardware, <strong>Nvidia</strong> remains the market's headline act. But an under-the-radar winner has quietly posted even stronger stock performance this year. The stock? <strong>Interactive Brokers</strong>(IBKR -0.49%), an electronic brokerage that prides itself on global reach and automation. And unlike many of 2025's hype-driven stocks, its business momentum is showing up on both the top <em>and</em> bottom line.</p>
<div class="lb-trans"><p>随着科技巨头竞相收购人工智能（AI）硬件，<strong>Nvidia</strong> 仍然是市场的焦点。然而，一家低调的赢家在今年悄然实现了更强劲的股票表现。这只股票是 <strong>盈透证券</strong>（IBKR -0.49%），这是一家以全球覆盖和自动化为自豪的电子经纪公司。与许多 2025 年炒作驱动的股票不同，它的业务势头在收入和利润两方面都表现出色。</p>
</div><p>As of this writing, Interactive Brokers shares are up nearly 60% year to date, versus about 39% for Nvidia over the same period. Of course, investors are more concerned about the future than the past. With that in mind, I believe Interactive Brokers is well-positioned to outperform Nvidia over the long haul.</p>
<div class="lb-trans"><p>截至目前，盈透证券的股价年初至今上涨近 60%，而同期 Nvidia 的股价上涨约 39%。当然，投资者更关心的是未来而非过去。考虑到这一点，我相信盈透证券在长期内有望超越 Nvidia。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836845%2Fthis-stock-will-outperform-nvidia.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>Incredible momentum</h2>
<div class="lb-trans"><h2>惊人的势头</h2>
</div><p>Interactive Brokers' scale, automation, and global reach, which all combine to give the company a competitive advantage as the low-cost operator, are paying off in impressive market share wins recently. When viewing its winning business formula, alongside a favorable equities market, it's easy to see why this company is putting up impressive growth.</p>
<div class="lb-trans"><p>盈透证券的规模、自动化和全球覆盖相结合，使公司在低成本运营方面具备竞争优势，最近在市场份额上取得了令人瞩目的胜利。考虑到其成功的商业模式以及有利的股票市场，很容易看出这家公司为何能实现令人印象深刻的增长。</p>
</div><p>Interactive Brokers' second-quarter report showed a business firing on all cylinders. Net revenue rose 20% year over year to $1.5 billion, while net income rose 24%. Impressively, the company's pre-tax profit margin for the quarter was 75% -- up from 72% in the year-ago quarter.</p>
<div class="lb-trans"><p>盈透证券的第二季度报告显示，业务全面开花。净收入同比增长 20%，达到 15 亿美元，而净利润增长 24%。令人印象深刻的是，该季度公司的税前利润率为 75%——高于去年同期的 72%。</p>
</div><p>These strong financials were supported by amazing key customer metrics. Commission revenue increased 27% on higher trading volumes across stocks, options, and futures. Additionally, accounts increased 32% year over year to 3.87 million, client equity rose 34% to about $665 billion, and daily average revenue trades (DARTs) jumped 49% to 3.55 million. Also bolstering results, margin loans climbed 18% to $65.1 billion.</p>
<div class="lb-trans"><p>这些强劲的财务数据得益于出色的关键客户指标。由于股票、期权和期货的交易量增加，佣金收入增长了 27%。此外，账户数量同比增长 32%，达到 387 万，客户权益增长 34%，约为 6650 亿美元，日均收入交易（DARTs）跃升 49%，达到 355 万。此外，保证金贷款增长 18%，达到 651 亿美元。</p>
</div><p>Fortunately for investors, Interactive Brokers also provides customer metrics on a monthly basis. The post-quarter cadence has since strengthened even further -- particularly in September. Last month, Interactive Brokers' DARTs reached 3.86 million, up 47% year over year and 11% month over month; ending client equity hit $757.5 billion, up 40% year over year and 6% month over month; and margin loans rose to $77.3 billion, up 39% year over year and 8% month over month. These are the lifeblood inputs for the firm's commission and interest revenue, and they improved sequentially from August's already-robust activity, setting up a healthy backdrop for the company's next earnings update, which is scheduled for the afternoon of Thursday, Oct. 16.</p>
<div class="lb-trans"><p>对投资者来说，幸运的是，盈透证券还每月提供客户指标。季度后的数据进一步增强——尤其是在九月份。上个月，盈透证券的 DARTs 达到了 386 万，同比增长 47%，环比增长 11%；客户权益达到 7575 亿美元，同比增长 40%，环比增长 6%；保证金贷款上升至 773 亿美元，同比增长 39%，环比增长 8%。这些是公司佣金和利息收入的生命线输入，并且从八月份已经强劲的活动中逐步改善，为公司下一个定于 10 月 16 日下午的财报更新奠定了健康的基础。</p>
</div><h2>Why this could beat Nvidia long term</h2>
<div class="lb-trans"><h2>为什么这可能在长期内超越 Nvidia</h2>
</div><p>There is no denying Nvidia's excellence. The chip leader continues to post extraordinary top-line growth (revenue rose 56% year over year in its most recent quarter). But there are two key risks that arguably make it less attractive than Interactive Brokers. The first is valuation. As of this writing, Nvidia commands a price-to-earnings ratio of about 53. Interactive Brokers, by contrast, has a price-to-earnings ratio of 37. Additionally, Nvidia's business is highly cyclical. While the hype surrounding AI today would suggest that the current cycle is still in still in its early innings, there's always a chance that this AI-spending boom fades sooner and faster than expected. Additionally, the competitive environment could intensify more than anticipated, pressuring Nvidia's prices.</p>
<div class="lb-trans"><p>毫无疑问，Nvidia 的卓越表现。作为芯片领导者，它继续实现非凡的收入增长（最近一个季度收入同比增长 56%）。但有两个关键风险使其相较于盈透证券的吸引力下降。第一个是估值。截至目前，Nvidia 的市盈率约为 53，而盈透证券的市盈率为 37。此外，Nvidia 的业务高度周期性。尽管围绕 AI 的炒作表明当前周期仍处于早期阶段，但总有可能这种 AI 支出热潮会比预期更快地消退。此外，竞争环境可能比预期更加激烈，从而对 Nvidia 的价格施加压力。</p>
</div><p>Of course, there are substantial risks for Interactive Brokers, too. A sharp decline in market volatility, for instance, could reduce trading activity and commissions, and a stock market sell-off could shrink margin balances and client equity. Further, lower interest rates would pressure Interactive Brokers' net interest income, which is a significant portion of its net income (second-quarter net interest income was $860 million, compared to $620 million in non-interest income). Finally, competitors could make inroads on some of Interactive Brokers' strengths, including automation and global scale.</p>
<div class="lb-trans"><p>当然，盈透证券也面临着重大风险。例如，市场波动的急剧下降可能会减少交易活动和佣金，而股市抛售可能会缩小保证金余额和客户权益。此外，利率下降将对盈透证券的净利息收入施加压力，而净利息收入是其净收入的重要组成部分（第二季度净利息收入为 8.6 亿美元，而非利息收入为 6.2 亿美元）。最后，竞争对手可能会在盈透证券的一些优势领域，如自动化和全球规模上取得进展。</p>
</div><p>Even when considering these risks, Interactive Brokers arguably looks like the better investment with a 10-year horizon. While Interactive Brokers faces its own substantial risks, a lower valuation arguably does a better job of accounting for these. Interactive Brokers' combination of accelerating fundamentals and a lower starting valuation gives it a credible shot not only to keep outpacing Nvidia from here, but to widen that lead over the next decade.</p>
<div class="lb-trans"><p>即使考虑到这些风险，盈透证券在 10 年期的投资中仍然显得更具吸引力。虽然盈透证券面临自身的重大风险，但较低的估值在一定程度上更好地考虑了这些风险。盈透证券加速的基本面与较低的起始估值相结合，使其不仅有可信的机会继续超越 Nvidia，而且在未来十年内扩大这一领先优势。</p>
</div>

Prediction: This Growth Stock Has Crushed Nvidia Recently and Will Obliterate It Over the Next 10 Years

- Interactive Brokers 股价今年上涨近 60%，超越 Nvidia 的 39% 增长。  
- 第二季度净收入同比增长 20%，净利润增长 24%，显示出强劲的业务势头。  
- 尽管面临风险，Interactive Brokers 在长期投资中可能优于 Nvidia。  

预测：这只成长股最近已经超越了 Nvidia，并将在未来 10 年内彻底超越它