<p>近年來，由於中國政府的科技打壓以及與美國關係惡化等挑戰，投資者在很大程度上忽視了中國公司。</p>
<p>然而，最近中國政府宣佈的龐大刺激計劃讓中國公司重新進入投資者的視野。特別是，投資者開始更加關注像 <strong>阿里巴巴</strong>（BABA 0.45%）和 <strong>百度</strong>（BIDU 0.40%）這樣的知名科技公司。</p>
<p>但在這兩家公司中，哪一家是更值得關注的股票呢？讓我們來探討一下這個話題。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>科技巨頭的商業模式</h2>
<p>阿里巴巴和百度是中國第一代科技公司，它們在過去二十年不斷發展和調整，成為了龐大的科技集團。</p>
<p>阿里巴巴最初是一家電商運營商，但多年來，它橫向和縱向擴展到金融科技（螞蟻集團）、雲計算（阿里雲）、物流（菜鳥網絡）、本地服務和娛樂等其他行業。其旗艦產品淘寶和天貓在中國電商行業佔據最大市場份額，而阿里雲是中國最主要的雲計算提供商。</p>
<p>儘管阿里巴巴的電商和雲計算業務為投資者所熟知，但其帝國中還有其他規模較小但同樣重要的業務。例如，菜鳥物流在中國和海外都是重要的參與者，服務覆蓋 200 多個國家和地區。阿里巴巴還是土耳其和東南亞的主要電商平台。換句話説，儘管阿里巴巴是一家中國公司，但它已超越本土，成為全球科技巨頭。</p>
<p>與阿里巴巴類似，百度從提供搜索引擎服務擴展到人工智能雲、自動駕駛和娛樂等其他領域。其旗艦產品百度 App 擁有 7.03 億月活躍用户，覆蓋了中國 14 億人口中的大約一半。作為中國搜索引擎行業的領導者，百度大部分利潤來自廣告營銷，多年來，它將利潤重新投入到增長其他業務，如人工智能雲和自動駕駛。</p>
<h2>阿里巴巴和百度的前景如何？</h2>
<p>到目前為止，我們已經看到阿里巴巴和百度是兩家商業模式截然不同的公司。它們的前景也各不相同。</p>
<p>讓我們從阿里巴巴開始。一方面，阿里巴巴在捍衞其在中國電商領域的市場份額方面面臨巨大挑戰。近年來，像 <strong>拼多多</strong> 和抖音這樣規模較小（且更靈活）的競爭對手不斷侵蝕其份額，因為阿里巴巴由於其不斷擴張的商業帝國而失去了重心。</p>
<p>然而，新任 CEO 重新聚焦公司的核心電商業務，初步結果顯示阿里巴巴正在慢慢回到正軌。例如，在最新的季度，成交總額和訂單分別增長了高個位數和兩位數。</p>
<p>儘管阿里巴巴的中國電商業務面臨挑戰，但阿里巴巴雲、菜鳥和海外電商等其他領域都有望在未來幾年快速增長。以阿里巴巴云為例，這個業務將受益於持續向雲端遷移和公司間人工智能快速增長。例如，在最新的季度，公共雲和人工智能相關產品的收入同比增長了兩位數和三位數。</p>
<p>同樣，阿里巴巴的國際電商業務在最新季度實現了 32% 的收入增長，而菜鳥同比增長了 16%。換句話説，儘管由於規模而不太可能以歷史增長速度增長，但在中國經濟持續增長和年輕業務的崛起推動下，阿里巴巴仍然可以以合理速度增長。</p>
<p>與阿里巴巴類似，百度的核心廣告業務面臨增長挑戰，因為像抖音和快手這樣的其他廣告平台崛起。舉例來説，最新季度在線營銷收入下降了 2%，但非營銷收入增長了 10%。幸運的是，百度的廣告業務仍然非常盈利，這使其能夠再投資於人工智能雲等其他增長領域。</p>
<p>另一個增長領域是百度的自動駕駛業務 Apollo Go。多年來的鉅額投資已經帶來了一些令人期待的成果。例如，該打車服務在 2024 年第二季度提供了 89.9 萬次乘車，累計乘車次數超過 700 萬次。這些年輕業務能否充分發揮潛力並沒有保證，但如果能夠，將為未來股東創造巨大價值。</p>
<h2>對投資者意味着什麼</h2>
<p>總的來説，沒有明顯的贏家。阿里巴巴是一個多元化的電商企業，在中國和海外多個行業中有未來增長機會。另一方面，百度主要專注於中國市場，但如果能夠成功實現在人工智能雲和自動駕駛領域的巨大賭注，仍然具有巨大潛力。</p>
<p>最終，投資者應根據自己的能力圈和對這兩家公司未來增長機會的信念做出決策。</p>

百度

百度集團-SWR

百度-SW

阿里巴巴

阿里巴巴-WR

阿里巴巴-W

<p>投資者正在重新考慮像阿里巴巴和百度這樣的中國科技股，這是在最近政府刺激措施出台後。阿里巴巴作為一家多元化電商巨頭，面臨競爭，但在雲計算和國際市場上表現出增長。百度主要專注於廣告業務，正在投資人工智能和自動駕駛領域，這些領域顯示出潛力。這兩家公司都有獨特的優勢和挑戰，這使得確定清晰的投資贏家變得困難</p>

<p>Investors have largely ignored Chinese companies in recent years amid challenges such as the tech crackdown by the Chinese government, and its deteriorating relationship with the U.S.</p>
<div class="lb-trans"><p>近年來，由於中國政府的科技打壓以及與美國關係惡化等挑戰，投資者在很大程度上忽視了中國公司。</p>
</div><p>Lately, however, the vast stimulus package announced by the Chinese government has brought Chinese companies back on investors' radar. In particular, investors have started paying more attention to well-established tech companies like <strong>Alibaba</strong>(BABA 0.45%) and <strong>Baidu Inc</strong>. (BIDU 0.40%).</p>
<div class="lb-trans"><p>然而，最近中國政府宣佈的龐大刺激計劃讓中國公司重新進入投資者的視野。特別是，投資者開始更加關注像 <strong>阿里巴巴</strong>（BABA 0.45%）和 <strong>百度</strong>（BIDU 0.40%）這樣的知名科技公司。</p>
</div><p>But which of the two is a better stock to focus on? Let's shed some light on this topic.</p>
<div class="lb-trans"><p>但在這兩家公司中，哪一家是更值得關注的股票呢？讓我們來探討一下這個話題。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5NjEvY29uZnVzZWQtbG9va2luZy1tYW4td2VhcmluZy1zdWl0LWFuZC10aWUtd2l0aC1xdWVzdGlvbi1tYXJrcy1hYm92ZS1oaXMtaGVhZC10aGlua2luZy13b25kZXJpbmctd2hhdC10by1kby5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793961%2Fconfused-looking-man-wearing-suit-and-tie-with-question-marks-above-his-head-thinking-wondering-what-to-do.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>The tech giants' business models</h2>
<div class="lb-trans"><h2>科技巨頭的商業模式</h2>
</div><p>Alibaba and Baidu are first-generation technology companies in China that have continuously evolved and adapted over the last two decades to become huge tech conglomerates.</p>
<div class="lb-trans"><p>阿里巴巴和百度是中國第一代科技公司，它們在過去二十年不斷發展和調整，成為了龐大的科技集團。</p>
</div><p>The former began as an e-commerce operator, but over the years, it has expanded horizontally and vertically into other industries like fintech (Ant Group), cloud computing (Alibaba Cloud), logistics (Cainiao), local services, and entertainment. Its flagship Taobao and Tmall platforms hold the largest market share in China's e-commerce industry, while Alibaba Cloud is China's most dominant cloud computing provider.</p>
<div class="lb-trans"><p>阿里巴巴最初是一家電商運營商，但多年來，它橫向和縱向擴展到金融科技（螞蟻集團）、雲計算（阿里雲）、物流（菜鳥網絡）、本地服務和娛樂等其他行業。其旗艦產品淘寶和天貓在中國電商行業佔據最大市場份額，而阿里雲是中國最主要的雲計算提供商。</p>
</div><p>While Alibaba's e-commerce and cloud computing businesses are well-known among investors, other smaller but equally prominent businesses are also part of its empire. For instance, Cainiao Logistics is a significant player in China and overseas, serving over 200 countries and regions. Alibaba is also a leading e-commerce player in Turkey and Southeast Asia. In other words, while Alibaba might be a Chinese company, it has gone beyond its roots to become a global tech giant.</p>
<div class="lb-trans"><p>儘管阿里巴巴的電商和雲計算業務為投資者所熟知，但其帝國中還有其他規模較小但同樣重要的業務。例如，菜鳥物流在中國和海外都是重要的參與者，服務覆蓋 200 多個國家和地區。阿里巴巴還是土耳其和東南亞的主要電商平台。換句話説，儘管阿里巴巴是一家中國公司，但它已超越本土，成為全球科技巨頭。</p>
</div><p>Like Alibaba, Baidu has expanded from offering search engine services to other areas, such as AI Cloud, autonomous driving, and entertainment. Its flagship Baidu App has monthly active users (MAU) of 703 million, reaching roughly half of the 1.4 billion people in China. As the leader in China's search engine industry, Baidu generates most of its profits from advertising and marketing, which it has redirected over the years into growing its other ventures like AI Cloud and autonomous driving.</p>
<div class="lb-trans"><p>與阿里巴巴類似，百度從提供搜索引擎服務擴展到人工智能雲、自動駕駛和娛樂等其他領域。其旗艦產品百度 App 擁有 7.03 億月活躍用户，覆蓋了中國 14 億人口中的大約一半。作為中國搜索引擎行業的領導者，百度大部分利潤來自廣告營銷，多年來，它將利潤重新投入到增長其他業務，如人工智能雲和自動駕駛。</p>
</div><h2>What are the prospects for Alibaba and Baidu?</h2>
<div class="lb-trans"><h2>阿里巴巴和百度的前景如何？</h2>
</div><p>So far, we have seen that Alibaba and Baidu are vastly different companies with different business models. Their prospects are different, too.</p>
<div class="lb-trans"><p>到目前為止，我們已經看到阿里巴巴和百度是兩家商業模式截然不同的公司。它們的前景也各不相同。</p>
</div><p>Let's begin with Alibaba. On one end, Alibaba faces enormous challenges in defending its market share in the e-commerce sector in China. Smaller (and nimbler) competitors like <strong>Pinduoduo</strong> and Douying have been eating into its share in recent years as Alibaba lost its focus thanks to its ever-growing business empire.</p>
<div class="lb-trans"><p>讓我們從阿里巴巴開始。一方面，阿里巴巴在捍衞其在中國電商領域的市場份額方面面臨巨大挑戰。近年來，像 <strong>拼多多</strong> 和抖音這樣規模較小（且更靈活）的競爭對手不斷侵蝕其份額，因為阿里巴巴由於其不斷擴張的商業帝國而失去了重心。</p>
</div><p>However, the new CEO has refocused the company on its core e-commerce business, and early results indicate that Alibaba is slowly getting back on track. For instance, in the latest quarter, gross merchandise value (GMV) and orders grew by high single digits and double digits, respectively.</p>
<div class="lb-trans"><p>然而，新任 CEO 重新聚焦公司的核心電商業務，初步結果顯示阿里巴巴正在慢慢回到正軌。例如，在最新的季度，成交總額和訂單分別增長了高個位數和兩位數。</p>
</div><p>While Alibaba's China e-commerce business faces challenges, other segments like Alibaba Cloud, Cainiao, and overseas e-commerce are well-positioned to grow rapidly in the coming years. Take Alibaba Cloud, for example. This business is set to benefit from the ongoing migration to the cloud and the rapid growth in artificial intelligence (AI) adoption among companies. In the latest quarter, for example, revenue for public cloud and AI-related products grew by double digits and triple digits, year over year.</p>
<div class="lb-trans"><p>儘管阿里巴巴的中國電商業務面臨挑戰，但阿里巴巴雲、菜鳥和海外電商等其他領域都有望在未來幾年快速增長。以阿里巴巴云為例，這個業務將受益於持續向雲端遷移和公司間人工智能快速增長。例如，在最新的季度，公共雲和人工智能相關產品的收入同比增長了兩位數和三位數。</p>
</div><p>Similarly, Alibaba's international e-commerce business delivered 32% revenue growth in the latest quarter, while Cainiao grew by 16% year over year. In other words, while Alibaba is unlikely to grow at its historical rates due to its size, it can still grow at reasonable rates, riding on the ongoing growth of the Chinese economy and the rise of its younger business ventures.</p>
<div class="lb-trans"><p>同樣，阿里巴巴的國際電商業務在最新季度實現了 32% 的收入增長，而菜鳥同比增長了 16%。換句話説，儘管由於規模而不太可能以歷史增長速度增長，但在中國經濟持續增長和年輕業務的崛起推動下，阿里巴巴仍然可以以合理速度增長。</p>
</div><p>Like Alibaba, Baidu's core advertising business faces challenges in growing thanks to the rise of other advertising platforms like Douying and Kuaishou. To put it into perspective, online marketing revenue fell 2% in the latest quarter, offset by the growth of non-marketing revenue by 10%. Fortunately, Baidu's advertising business remains highly profitable, which allows it to reinvest in other growth areas like AI Cloud.</p>
<div class="lb-trans"><p>與阿里巴巴類似，百度的核心廣告業務面臨增長挑戰，因為像抖音和快手這樣的其他廣告平台崛起。舉例來説，最新季度在線營銷收入下降了 2%，但非營銷收入增長了 10%。幸運的是，百度的廣告業務仍然非常盈利，這使其能夠再投資於人工智能雲等其他增長領域。</p>
</div><p>Another area of growth is Baidu's autonomous driving business, Apollo Go. This business has already delivered some promising results thanks to the huge investment made over the years. For instance, the ride-hailing service provided 899,000 rides in the second quarter of 2024, bringing its cumulative rides to over 7 million. There is no guarantee that these young ventures will reach their full potential, but if they do, it will create enormous value for shareholders in the future.</p>
<div class="lb-trans"><p>另一個增長領域是百度的自動駕駛業務 Apollo Go。多年來的鉅額投資已經帶來了一些令人期待的成果。例如，該打車服務在 2024 年第二季度提供了 89.9 萬次乘車，累計乘車次數超過 700 萬次。這些年輕業務能否充分發揮潛力並沒有保證，但如果能夠，將為未來股東創造巨大價值。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>對投資者意味着什麼</h2>
</div><p>Overall, there is no clear winner. Alibaba is a well-diversified e-commerce business with future growth opportunities in multiple industries in China and overseas. On the other hand, Baidu is primarily focused in China, but still has enormous potential if it can pull off its huge bets in AI Cloud and autonomous driving.</p>
<div class="lb-trans"><p>總的來説，沒有明顯的贏家。阿里巴巴是一個多元化的電商企業，在中國和海外多個行業中有未來增長機會。另一方面，百度主要專注於中國市場，但如果能夠成功實現在人工智能雲和自動駕駛領域的巨大賭注，仍然具有巨大潛力。</p>
</div><p>Ultimately, investors should make decisions based on their circle of competence and their convictions regarding the future growth opportunities of both companies.</p>
<div class="lb-trans"><p>最終，投資者應根據自己的能力圈和對這兩家公司未來增長機會的信念做出決策。</p>
</div>

Better Stock: Baidu or Alibaba?

- 投資者近期重新關注中國公司，因政府推出刺激計劃。  
- 阿里巴巴和百度在不同領域展現出各自的增長潛力。  
- 投資者應根據自身能力和對未來機會的看法做出決策。

哪隻股票更好：百度還是阿里巴巴？