<p>好市多（Costco Wholesale，股票代码：COST）被广泛认为是美国股市中质量最高的企业之一，这一点是有充分理由的。其品牌实力、运营纪律、忠诚的会员基础以及持续的执行力，使其成为一个在数十年中赢得投资者信任的罕见例子。然而，问题不在于业务本身，而在于股票。</p>
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<p>在我看来，COST 的价格与其估值之间存在明显的脱节。好市多并不是市场中的某个投机角落——它是一只保守的、被广泛持有的所谓 “安全” 股票。当像好市多这样的企业以高倍数交易时，这表明市场的过度现象并不仅限于炫目的科技公司或风险谱的顶端。事实上，好市多的估值比许多大型科技股更清晰地指示了市场的高估，而这些大型科技股——至少目前——是由更强的增长和现金流轨迹所支撑的。许多投资者在进入 2026 年时都在思考这个关键问题：这种情况能持续多久。</p>

开市客

<p>开市客 (COST) 是一家高质量的企业，拥有强大的品牌实力和忠诚的会员基础。然而，令人担忧的是其股票估值，尽管是一只保守且广泛持有的股票，但被视为高估。这一高估是对投资者的警示信号，表明市场的过度现象不仅限于科技股。关键问题是，随着我们接近 2026 年，这一高估能持续多久</p>

<p>Costco Wholesale (COST) is widely regarded as one of the highest-quality businesses in the U.S. stock market and for good reason. Its brand strength, operational discipline, loyal membership base, and consistent execution make it a rare example of a company that has earned investor trust over decades. The issue, however, isn't the business—it's the stock.</p>
<div class="lb-trans"><p>好市多（Costco Wholesale，股票代码：COST）被广泛认为是美国股市中质量最高的企业之一，这一点是有充分理由的。其品牌实力、运营纪律、忠诚的会员基础以及持续的执行力，使其成为一个在数十年中赢得投资者信任的罕见例子。然而，问题不在于业务本身，而在于股票。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>To me, there is a distinct disconnect between COST's price and its valuation. Costco isn't some speculative corner of the market—it's a conservative, widely owned, so-called &#34;safe&#34; stock. When a business like Costco is trading at stretched multiples, it signals that market excess isn't confined to flashy tech names or the top of the risk spectrum. In fact, Costco's valuation is a clearer indicator of market overvaluation than many Big Tech stocks, which—at least for now—are supported by stronger growth and cash-flow trajectories. How long that can last is the key question many investors are pondering as we sweep into 2026.</p>
<div class="lb-trans"><p>在我看来，COST 的价格与其估值之间存在明显的脱节。好市多并不是市场中的某个投机角落——它是一只保守的、被广泛持有的所谓 “安全” 股票。当像好市多这样的企业以高倍数交易时，这表明市场的过度现象并不仅限于炫目的科技公司或风险谱的顶端。事实上，好市多的估值比许多大型科技股更清晰地指示了市场的高估，而这些大型科技股——至少目前——是由更强的增长和现金流轨迹所支撑的。许多投资者在进入 2026 年时都在思考这个关键问题：这种情况能持续多久。</p>
</div>

为什么开市客（Costco Wholesale）的 AI 级别倍数对投资者来说是一个警示信号