<p><strong>標準普爾 500 指數</strong> 在 2024 年再次表現強勁，截至本文撰寫時，年初至今上漲了 25%。然而，有一些優秀企業的估值相對於其長期增長前景而言仍然合理，這些企業在 2025 年及未來幾年可能會帶來良好的回報。</p>
<p>以下是三位 Fool.com 的撰稿人認為 <strong>沃爾瑪</strong>（WMT -1.22%）、<strong>耐克</strong>（NKE -0.68%）和 <strong>達樂</strong>（DG 0.34%）在新年到來之際是值得投資的原因。</p>
<h2>隨着電子商務的快速增長</h2>
<p><strong>詹妮弗·賽比爾（沃爾瑪）：</strong> 對於零售巨頭沃爾瑪來説，這是一個偉大的一年，預計在 2025 年會變得更好。儘管其無處不在的存在，它仍在美國開設新店，並且變得更加高效。在一個新興且令人興奮的趨勢中，電子商務已成為主要的增長驅動力，有幾個原因表明這將有助於在 2025 年實現蓬勃發展。</p>
<p>擁有像沃爾瑪這樣健康的企業的一個優勢是，它可以在創新上慢慢來。它有一個強大且有效的實體零售模式，幾乎沒有競爭。它進入電子商務的步伐較慢，<strong>亞馬遜</strong> 在它最終加入之前已經領先。但現在它的電子商務業務穩定，儘管遠遠落後於亞馬遜，但仍然位居第二。它在全渠道平台上也有一些亞馬遜無法匹敵的優勢。</p>
<p>在 2025 財年第三季度（截至 10 月 31 日），銷售額增長了 5.5%，其中電子商務銷售增長了 27%。但電子商務不僅僅意味着在線購物；它還包括像店內自取這樣的服務，這是亞馬遜無法滿足的。沃爾瑪在美國有 4600 家門店，擁有無與倫比的分銷網絡，可以快速高效地將產品送到客户手中，或在現場提供產品。總會有一些顧客更喜歡在購買前查看產品，或者更願意在一個小時內取貨，而不是等待一天或兩天（或更長時間）。</p>
<p>沃爾瑪還受益於其網站上能夠展示的更廣泛的產品種類，這些產品在實體店中無法容納。這也吸引了更廣泛的客户羣，包括一些不一定會去當地沃爾瑪購買某些產品的富裕客户。沃爾瑪正在努力吸引更富裕的客户羣，並且最近推出了一條新的品牌食品系列，採用更健康的優質成分，旨在滿足這一市場。</p>
<p>沃爾瑪的股票在 2024 年上漲了 73%。它在 2025 年面臨強勁的增長驅動力，位置良好。但更重要的是，它是一隻穩健的、支付股息的股票，投資者可以長期依賴。</p>
<h2>這家標誌性運動服品牌的股票下跌了 50%</h2>
<p><strong>約翰·巴拉德（耐克）：</strong> 耐克在為投資者提供穩定回報和將部分收益返還給股東的歷史上有着悠久的傳統。然而，最近銷售的下降使得股票從三年前的峯值下跌了 57%。</p>
<p>耐克正在調整其庫存，以減少對經典鞋款的依賴，這似乎是過去一年收入未達預期的罪魁禍首，原因是通貨膨脹加劇和消費者支出疲軟。在 2025 財年第二季度（截至 11 月 30 日），收入同比下降了 8%，預計在接下來的幾個季度內仍將面臨壓力。</p>
<p>隨着耐克將產品組合轉向更注重運動產品，投資者應該會看到銷售的改善。公司在運動領域正在建立勢頭，男性和女性跑步產品在上個季度恢復了增長。耐克還報告了對科比籃球鞋的強勁需求，同時兒童服裝和運動服的整體增長也很強勁。</p>
<p>從盈利的角度來看，股票的價格並不便宜。當前股票交易的市盈率為 2025 財年（截至 5 月）預期盈利的 35 倍。但這在很大程度上是由於銷售下降和管理層對庫存進行調整對盈利能力的負面影響。從市銷率來看，耐克的股票是十年來最便宜的。</p>
<p>高市盈率反映了投資者對耐克在首席執行官埃利奧特·希爾的領導下成功完成轉型戰略並恢復增長的期望，希爾在退休前曾在公司工作超過 30 年。投資者應該會在未來五年內從這些較低的股價中獲得穩定回報。</p>
<h2>準備迎接復甦</h2>
<p><strong>傑里米·鮑曼（達樂）：</strong> 我將採取逆向思維，預測達樂將在 2025 年迎來複蘇。</p>
<p>是的，這家折扣零售商最近確實遇到了一些困難。事實上，股票從 2022 年的峯值下跌了 71%，受到通貨膨脹、消費者支出疲軟和沃爾瑪競爭的壓力。但這為投資者提供了一個有吸引力的買入機會。</p>
<p>達樂的股票目前的市盈率僅為 12.5，而沃爾瑪的市盈率為 38，達樂仍然保留了使公司在大部分歷史上取得成功的競爭優勢。</p>
<p>它在全國擁有超過 20,000 家門店，這意味着 75% 的美國人口在五英里內就能找到一家門店，並且它正在利用這一優勢進行新的當日送達測試，以及與 <strong>DoorDash</strong> 的合作，覆蓋 16,000 家門店。</p>
<p>達樂還在其 “迴歸基礎” 戰略下進行其他基本改進，重點是減少缺貨情況並確保結賬區域有足夠的員工。它還努力簡化供應鏈，開設新的配送中心並關閉外部存儲設施。</p>
<p>此外，高通脹帶來的痛苦開始減輕，利率下降將有利於消費者和像達樂這樣的企業。</p>
<p>這家零售商的銷售持續增長，但其主要挑戰在於利潤率，隨着運營的改善，這一情況可能會迅速扭轉。除了便宜的估值外，達樂還提供約 3% 的股息收益率。業務應該開始復甦，考慮到其 70% 的下滑，股票有很大的上漲空間。彌補這些損失意味着股票將從這裏上漲超過三倍。</p>

沃爾瑪

達樂

<p>標準普爾 500 指數在 2024 年上漲了 25%，分析師推薦沃爾瑪、耐克和達樂作為 2025 年的優質股票。沃爾瑪受益於電子商務的增長和強大的分銷網絡，2024 年股價上漲了 73%。儘管耐克的股價從峯值下跌了 57%，但其正將重點轉向運動產品，可能會帶來未來的增長。達樂的股價從峯值下跌了 71%，預計在應對當前挑戰時將會反彈。這些公司被視為進入新年時的及時投資</p>

<p>The <strong>S&amp;P 500</strong> had another solid run in 2024, up 25% year to date at the time of this writing. However, there are solid businesses selling at reasonable valuations relative to their long-term growth prospects that could deliver good returns in 2025 and for years to come.</p>
<div class="lb-trans"><p><strong>標準普爾 500 指數</strong> 在 2024 年再次表現強勁，截至本文撰寫時，年初至今上漲了 25%。然而，有一些優秀企業的估值相對於其長期增長前景而言仍然合理，這些企業在 2025 年及未來幾年可能會帶來良好的回報。</p>
</div><p>Here's why three Fool.com contributors believe <strong>Walmart</strong>(WMT -1.22%), <strong>Nike</strong>(NKE -0.68%), and <strong>Dollar General</strong>(DG 0.34%) are timely buys heading into the new year.</p>
<div class="lb-trans"><p>以下是三位 Fool.com 的撰稿人認為 <strong>沃爾瑪</strong>（WMT -1.22%）、<strong>耐克</strong>（NKE -0.68%）和 <strong>達樂</strong>（DG 0.34%）在新年到來之際是值得投資的原因。</p>
</div><h2>Racing higher with e-commerce</h2>
<div class="lb-trans"><h2>隨着電子商務的快速增長</h2>
</div><p><strong>Jennifer Saibil (Walmart):</strong> It's been a great year for retail giant Walmart, and it's likely to get even better in 2025. Despite its ubiquitous presence, it's opening new stores, even in the U.S., and it's becoming more efficient. In a new and exciting trend, e-commerce has become a major growth driver, and there are several reasons that is likely to contribute to a booming business in 2025.</p>
<div class="lb-trans"><p><strong>詹妮弗·賽比爾（沃爾瑪）：</strong> 對於零售巨頭沃爾瑪來説，這是一個偉大的一年，預計在 2025 年會變得更好。儘管其無處不在的存在，它仍在美國開設新店，並且變得更加高效。在一個新興且令人興奮的趨勢中，電子商務已成為主要的增長驅動力，有幾個原因表明這將有助於在 2025 年實現蓬勃發展。</p>
</div><p>One of the advantages of having a business as healthy as Walmart is that it can take its time with innovation. It has a strong, working physical retail model that has little competition. It was slow to enter e-commerce, and <strong>Amazon</strong> ran circles around it before it eventually got on board. But it has a steady e-commerce business now, and even though it's way behind Amazon, it's still in second place. It also has advantages in its omnichannel platform that even Amazon can't match.</p>
<div class="lb-trans"><p>擁有像沃爾瑪這樣健康的企業的一個優勢是，它可以在創新上慢慢來。它有一個強大且有效的實體零售模式，幾乎沒有競爭。它進入電子商務的步伐較慢，<strong>亞馬遜</strong> 在它最終加入之前已經領先。但現在它的電子商務業務穩定，儘管遠遠落後於亞馬遜，但仍然位居第二。它在全渠道平台上也有一些亞馬遜無法匹敵的優勢。</p>
</div><p>In the 2025 fiscal third quarter (ended Oct. 31), sales rose 5.5% driven by a 27% increase in e-commerce sales. But e-commerce doesn't just mean buying online; it includes services like in-store pickup, which Amazon can't meet. Walmart has 4,600 stores in the U.S., an unmatched distribution network that can get products to customers with quick and efficient delivery or have products available on site. There are always going to be shoppers who prefer to see products before they buy or prefer to pick them up in an hour instead of waiting a day or two (or more).</p>
<div class="lb-trans"><p>在 2025 財年第三季度（截至 10 月 31 日），銷售額增長了 5.5%，其中電子商務銷售增長了 27%。但電子商務不僅僅意味着在線購物；它還包括像店內自取這樣的服務，這是亞馬遜無法滿足的。沃爾瑪在美國有 4600 家門店，擁有無與倫比的分銷網絡，可以快速高效地將產品送到客户手中，或在現場提供產品。總會有一些顧客更喜歡在購買前查看產品，或者更願意在一個小時內取貨，而不是等待一天或兩天（或更長時間）。</p>
</div><p>Walmart is also benefiting from the wider variety of products it can showcase on its website that it wouldn't be able to fit in a physical store. That's bringing in a wider variety of customers as well, including more affluent ones who wouldn't necessarily go to their local Walmart for certain products. Walmart is trying to attract a more affluent clientele, and it recently introduced a new branded-food line with healthier, premium ingredients geared toward this market.</p>
<div class="lb-trans"><p>沃爾瑪還受益於其網站上能夠展示的更廣泛的產品種類，這些產品在實體店中無法容納。這也吸引了更廣泛的客户羣，包括一些不一定會去當地沃爾瑪購買某些產品的富裕客户。沃爾瑪正在努力吸引更富裕的客户羣，並且最近推出了一條新的品牌食品系列，採用更健康的優質成分，旨在滿足這一市場。</p>
</div><p>Walmart stock is up 73% in 2024. It's well-positioned with robust growth drivers going into 2025. But more than that, it's a solid, dividend-paying stock that investors can count on for the long haul.</p>
<div class="lb-trans"><p>沃爾瑪的股票在 2024 年上漲了 73%。它在 2025 年面臨強勁的增長驅動力，位置良好。但更重要的是，它是一隻穩健的、支付股息的股票，投資者可以長期依賴。</p>
</div><h2>Shares of this iconic sportswear brand are 50% off</h2>
<div class="lb-trans"><h2>這家標誌性運動服品牌的股票下跌了 50%</h2>
</div><p><strong>John Ballard (Nike):</strong> Nike has a long history of delivering solid returns for investors and returning a portion of its earnings to shareholders in dividend payments. However, the recent decline in sales has sent the stock down 57% from its previous peak three years ago.</p>
<div class="lb-trans"><p><strong>約翰·巴拉德（耐克）：</strong> 耐克在為投資者提供穩定回報和將部分收益返還給股東的歷史上有着悠久的傳統。然而，最近銷售的下降使得股票從三年前的峯值下跌了 57%。</p>
</div><p>Nike is in the process of shifting its inventory to be less reliant on classic footwear styles, which seems to be the culprit for revenue misses during the past year amid higher inflation and weak consumer spending. Revenue declined 8% year over year in fiscal Q2 (ended Nov. 30) and is expected to be under pressure for the next few quarters.</p>
<div class="lb-trans"><p>耐克正在調整其庫存，以減少對經典鞋款的依賴，這似乎是過去一年收入未達預期的罪魁禍首，原因是通貨膨脹加劇和消費者支出疲軟。在 2025 財年第二季度（截至 11 月 30 日），收入同比下降了 8%，預計在接下來的幾個季度內仍將面臨壓力。</p>
</div><p>As Nike shifts its product portfolio to focus more on sports products, investors should see improving sales. The company is building momentum in sports, with men's and women's running products returning to growth last quarter. Nike also reported strong demand for Kobe basketball shoes, while also seeing strong growth overall in kids' apparel and sportswear.</p>
<div class="lb-trans"><p>隨着耐克將產品組合轉向更注重運動產品，投資者應該會看到銷售的改善。公司在運動領域正在建立勢頭，男性和女性跑步產品在上個季度恢復了增長。耐克還報告了對科比籃球鞋的強勁需求，同時兒童服裝和運動服的整體增長也很強勁。</p>
</div><p>The stock doesn't look cheap on the basis of earnings. The shares are currently trading at 35 times expected earnings for fiscal 2025 ending in May. But that's largely due to the lower sales and negative impact on profitability as management makes adjustments to inventory. On a price-to-sales basis, Nike stock is the cheapest it's been in a decade.</p>
<div class="lb-trans"><p>從盈利的角度來看，股票的價格並不便宜。當前股票交易的市盈率為 2025 財年（截至 5 月）預期盈利的 35 倍。但這在很大程度上是由於銷售下降和管理層對庫存進行調整對盈利能力的負面影響。從市銷率來看，耐克的股票是十年來最便宜的。</p>
</div><p>The high price-to-earnings (P/E) ratio reflects investors' expectation for Nike to successfully complete its turnaround strategy and return to growth under Chief Executive Officer Elliott Hill, who previously worked at the company for over 30 years before coming out of retirement. Investors should see solid returns from these lower share prices over the next five years.</p>
<div class="lb-trans"><p>高市盈率反映了投資者對耐克在首席執行官埃利奧特·希爾的領導下成功完成轉型戰略並恢復增長的期望，希爾在退休前曾在公司工作超過 30 年。投資者應該會在未來五年內從這些較低的股價中獲得穩定回報。</p>
</div><h2>Primed for a comeback</h2>
<div class="lb-trans"><h2>準備迎接復甦</h2>
</div><p><strong>Jeremy Bowman (Dollar General):</strong> I'm going to go in a contrarian direction here and predict that Dollar General is going to make a comeback in 2025.</p>
<div class="lb-trans"><p><strong>傑里米·鮑曼（達樂）：</strong> 我將採取逆向思維，預測達樂將在 2025 年迎來複蘇。</p>
</div><p>Yes, the discount retailer has struggled lately. In fact, the stock is down 71% from its peak in 2022, pressured by inflation, weak consumer spending, and competition from Walmart. But that has set up an attractive buying opportunity.</p>
<div class="lb-trans"><p>是的，這家折扣零售商最近確實遇到了一些困難。事實上，股票從 2022 年的峯值下跌了 71%，受到通貨膨脹、消費者支出疲軟和沃爾瑪競爭的壓力。但這為投資者提供了一個有吸引力的買入機會。</p>
</div><p>Dollar General stock now trades at a P/E of just 12.5, which compares to Walmart's P/E at 38, and Dollar General still retains the competitive advantages that have made the company a success for most of its history.</p>
<div class="lb-trans"><p>達樂的股票目前的市盈率僅為 12.5，而沃爾瑪的市盈率為 38，達樂仍然保留了使公司在大部分歷史上取得成功的競爭優勢。</p>
</div><p>It has more than 20,000 stores across the country, meaning it has a location within five miles of 75% of the U.S. population, and it's leveraging that position with a new same-day delivery test, in addition to a partnership with <strong>DoorDash</strong> that covers 16,000 stores.</p>
<div class="lb-trans"><p>它在全國擁有超過 20,000 家門店，這意味着 75% 的美國人口在五英里內就能找到一家門店，並且它正在利用這一優勢進行新的當日送達測試，以及與 <strong>DoorDash</strong> 的合作，覆蓋 16,000 家門店。</p>
</div><p>Dollar General is also making other nuts-and-bolts improvements to the business under its &#34;Back to Basics&#34; strategy, which includes a focus on reducing out-of-stocks and ensuring that the checkout areas are appropriately staffed. It's also worked to streamline its supply chain, opening new distribution centers and closing outside storage facilities.</p>
<div class="lb-trans"><p>達樂還在其 “迴歸基礎” 戰略下進行其他基本改進，重點是減少缺貨情況並確保結賬區域有足夠的員工。它還努力簡化供應鏈，開設新的配送中心並關閉外部存儲設施。</p>
</div><p>Additionally, the pain of high inflation is starting to recede, and falling interest rates should benefit both consumers and businesses like Dollar General.</p>
<div class="lb-trans"><p>此外，高通脹帶來的痛苦開始減輕，利率下降將有利於消費者和像達樂這樣的企業。</p>
</div><p>The retailer's sales have continued to grow, but its major challenges have been in margins, which could easily turn around with improved operations. In addition to the cheap valuation, Dollar General also offers a dividend yield of about 3%. The business should start to recover, and there's a lot of upside in the stock given its 70% slide. Recouping those losses would mean the stock would more than triple from here.</p>
<div class="lb-trans"><p>這家零售商的銷售持續增長，但其主要挑戰在於利潤率，隨着運營的改善，這一情況可能會迅速扭轉。除了便宜的估值外，達樂還提供約 3% 的股息收益率。業務應該開始復甦，考慮到其 70% 的下滑，股票有很大的上漲空間。彌補這些損失意味着股票將從這裏上漲超過三倍。</p>
</div>

3 Top Stocks to Buy in 2025

- 標普 500 指數在 2024 年上漲 25%。  
- Walmart、Nike 和 Dollar General 被認為是 2025 年的投資機會。  
- Walmart 通過電商增長，Nike 正在轉型，Dollar General 預計將反彈。

2025 年值得買入的三隻頂級股票