<p>人工智能（AI）是當前股市回報的主要驅動力之一。<strong>Nvidia</strong> 是數據中心圖形處理器的領先供應商，這對 AI 的發展至關重要，該公司的銷售增長令人矚目，推動其股票在過去 12 個月中取得了驚人的漲幅。</p>
<p>但 <strong>盈透證券</strong>（IBKR 1.90%）證明，AI 並不是為股東提供超越市場回報的唯一途徑。其在線經紀平台正在經歷驚人的客户增長、收入增長和盈利增長，其股票在過去一年中遠遠超過了 Nvidia（以及許多其他 AI 股票），漲幅高達 142%。</p>
<p>由於投資者消化利率下降和新美國政府經濟政策的重大轉變，金融市場在可預見的未來可能會經歷更高的活動水平。這將為盈透證券的業務提供助力。以下是為什麼現在買入該股票還不算晚的原因。</p>
<h2>盈透在 2024 年新增客户數量創下紀錄</h2>
<p>每個人都喜歡賺錢，這就是為什麼牛市通常吸引大量新投資者購買股票。由於 <strong>標準普爾 500 指數</strong> 剛剛連續兩年實現超過 25% 的年漲幅（自 1957 年以來僅發生過一次），因此盈透在 2024 年新增了 775,000 個客户賬户，創下歷史新高。這使得公司總客户賬户在年末達到了 334 萬的紀錄。</p>
<p>得益於新客户和金融資產價格飆升的結合，盈透的客户權益在 2024 年最後一個季度也增長了 33%，達到了 5682 億美元。這個數字非常重要。盈透通過處理客户的股票、期權、期貨或加密貨幣交易所產生的佣金來盈利，因此更高的權益直接轉化為更多的收入。</p>
<p>談到交易，盈透在第四季度的股票交易量同比增長了驚人的 65%，期權交易量增長了 32%，這突顯了當前投資者的活躍程度。</p>
<p>狂熱的牛市也推動了對保證金貸款的顯著需求，投資者利用這些貸款購買股票和其他金融資產。到 2024 年末，盈透的客户持有的保證金貸款達到了 642 億美元，比 2023 年末增長了驚人的 45%。這無疑是風險偏好飆升的跡象，因為投資者只有在非常有信心市場將上漲時才會借錢購買股票。</p>
<h2>佣金收入飆升，但利率下降可能成為阻力</h2>
<p>盈透通過兩種方式產生收入。首先，它通過處理客户交易賺取佣金。其次，它從保證金貸款中獲得利息收入，同時也從其存放在銀行賬户中的現金（包括自身現金和代表客户持有的現金）中獲得利息。</p>
<p>盈透在 2024 年從所有來源創造了創紀錄的 51 億美元總收入，比 2023 年的結果增長了 19.4%。其中超過 20 億美元來自佣金，增長了 31.7%。其餘的 31 億美元是利息收入，增長了 12.6%。</p>
<p>佣金收入快速增長是個好消息，因為這來自盈透的核心業務。公司對利息收入的控制較少，因為它與貨幣政策的方向相關，這可能很快成為阻力。</p>
<p>美國聯邦儲備委員會在 2023 年將聯邦基金利率（隔夜利率）提高到 20 年來的最高點 5.33%，以應對飆升的通貨膨脹。高利率對盈透的利息收入非常有利，但隨着通貨膨脹現在得到控制，美聯儲在去年 9 月開始了新的降息週期。</p>
<p>預計中央銀行將在 2025 年繼續降息，具體取決於聯邦基金利率最終的穩定水平，盈透的利息收入可能在接下來的一年左右緩慢下降。由於這佔公司總收入的主要部分，這是投資者應該考慮的風險。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>盈透股票在長期內可能有進一步上漲的潛力</h2>
<p>盈透股票目前處於歷史高位，過去一年漲幅達到 142%。根據公司過去 12 個月的每股收益（EPS）為 6.93 美元，該股票的市盈率為 31.6。</p>
<p>從表面上看，這似乎很貴（因為標準普爾 500 指數的市盈率為 25.2），尤其是考慮到較低的利率可能會對盈透未來的財務結果構成阻力。</p>
<p>然而，較低的利率也可以顯著提升股市活動，因為投資者會從無風險資產（如現金）轉向增長資產。這意味着盈透可能會在去年實現的 31% 佣金收入增長的基礎上繼續增長，這應該可以抵消一些（或全部）失去的利息收入。</p>
<p>我並不是説盈透的股票在接下來的 12 個月內會再次超過 Nvidia 的股票——它根本無法產生足夠的收入或盈利增長來做到這一點。但願意至少持有五年的投資者很可能會獲得正回報。</p>
<p>畢竟，這隻被忽視的股票自 2007 年上市以來已經飆升了近 630%，這意味着年均複合回報率為 11.7%。這比同期標準普爾 500 指數的 10.5% 年漲幅要好。</p>

盈透證券

<p>盈透證券（IBKR）在過去一年中以 142% 的股票漲幅超越了英偉達，主要得益於客户和收入的顯著增長。在 2024 年，公司新增了創紀錄的 775,000 個客户賬户，使總賬户數達到 334 萬個。客户權益增長了 33%，達到 5682 億美元，佣金收入提升了 31.7%。然而，利率下降可能對利息收入構成風險，而利息收入佔總收入的很大一部分。儘管市盈率高達 31.6，但隨着市場活動的增加，該股票仍可能具有長期的上漲潛力</p>

<p>Artificial intelligence (AI) is one of the driving forces behind stock market returns right now. <strong>Nvidia</strong> is the leading supplier of graphics processors for data centers, which are critical for AI development, and the company's incredible sales growth has propelled its stock to incredible gains over the past 12 months.</p>
<div class="lb-trans"><p>人工智能（AI）是當前股市回報的主要驅動力之一。<strong>Nvidia</strong> 是數據中心圖形處理器的領先供應商，這對 AI 的發展至關重要，該公司的銷售增長令人矚目，推動其股票在過去 12 個月中取得了驚人的漲幅。</p>
</div><p>But <strong>Interactive Brokers</strong>(IBKR 1.90%) proves that AI isn't the only way to deliver market-crushing returns for shareholders. Its online brokerage platform is experiencing incredible customer growth, revenue growth, and earnings growth, and its stock has left Nvidia (and many other AI stocks) in the dust over the past year, with a whopping 142% gain.</p>
<div class="lb-trans"><p>但 <strong>盈透證券</strong>（IBKR 1.90%）證明，AI 並不是為股東提供超越市場回報的唯一途徑。其在線經紀平台正在經歷驚人的客户增長、收入增長和盈利增長，其股票在過去一年中遠遠超過了 Nvidia（以及許多其他 AI 股票），漲幅高達 142%。</p>
</div><p>The financial markets are likely to experience heightened levels of activity for the foreseeable future, as investors digest things like falling interest rates and a seismic shift in economic policy from the new U.S. administration. That will be a tailwind for Interactive Brokers' business. Here's why it's not too late to buy the stock.</p>
<div class="lb-trans"><p>由於投資者消化利率下降和新美國政府經濟政策的重大轉變，金融市場在可預見的未來可能會經歷更高的活動水平。這將為盈透證券的業務提供助力。以下是為什麼現在買入該股票還不算晚的原因。</p>
</div><h2>Interactive added a record number of new clients during 2024</h2>
<div class="lb-trans"><h2>盈透在 2024 年新增客户數量創下紀錄</h2>
</div><p>Everybody likes to make money, which is why bull markets often attract hordes of new investors buying stocks. Since the <strong>S&amp;P 500</strong> just logged back-to-back annual gains of over 25% (something it has only done one other time since 1957), it's no surprise that Interactive added 775,000 new client accounts during 2024, the most in its history. It took the company's total client accounts to a record 3.34 million at the end of the year.</p>
<div class="lb-trans"><p>每個人都喜歡賺錢，這就是為什麼牛市通常吸引大量新投資者購買股票。由於 <strong>標準普爾 500 指數</strong> 剛剛連續兩年實現超過 25% 的年漲幅（自 1957 年以來僅發生過一次），因此盈透在 2024 年新增了 775,000 個客户賬户，創下歷史新高。這使得公司總客户賬户在年末達到了 334 萬的紀錄。</p>
</div><p>Thanks to a combination of new clients and soaring financial asset prices, Interactive's client equity also climbed by 33% to $568.2 billion in the final quarter of 2024. That number is very important. Interactive earns commissions that are often calculated based on the value of the stock, options, futures, or cryptocurrency transactions executed by the client, so higher equity translates directly to more revenue.</p>
<div class="lb-trans"><p>得益於新客户和金融資產價格飆升的結合，盈透的客户權益在 2024 年最後一個季度也增長了 33%，達到了 5682 億美元。這個數字非常重要。盈透通過處理客户的股票、期權、期貨或加密貨幣交易所產生的佣金來盈利，因此更高的權益直接轉化為更多的收入。</p>
</div><p>Speaking of transactions, Interactive saw a whopping 65% year-over-year increase in stock trading volume during the fourth quarter, and a 32% increase in options volume, which highlights how active investors are at the moment.</p>
<div class="lb-trans"><p>談到交易，盈透在第四季度的股票交易量同比增長了驚人的 65%，期權交易量增長了 32%，這突顯了當前投資者的活躍程度。</p>
</div><p>The raging bull market is also driving significant demand for margin loans, which investors use to buy stocks and other financial assets. Interactive's clients were holding $64.2 billion in margin loans at the end of 2024, which was a staggering 45% increase from the end of 2023. It's a sure sign that risk appetite is soaring at the moment, because investors only borrow money to buy stocks if they feel very confident the market will move higher.</p>
<div class="lb-trans"><p>狂熱的牛市也推動了對保證金貸款的顯著需求，投資者利用這些貸款購買股票和其他金融資產。到 2024 年末，盈透的客户持有的保證金貸款達到了 642 億美元，比 2023 年末增長了驚人的 45%。這無疑是風險偏好飆升的跡象，因為投資者只有在非常有信心市場將上漲時才會借錢購買股票。</p>
</div><h2>Commission revenue is soaring, but falling interest rates could be a headwind</h2>
<div class="lb-trans"><h2>佣金收入飆升，但利率下降可能成為阻力</h2>
</div><p>Interactive generates revenue in two ways. First, it earns commissions from processing client transactions. Second, it earns interest revenue from its margin loans, and it also earns interest on the cash it stores in bank accounts (its own cash, plus the cash it holds on behalf of its clients).</p>
<div class="lb-trans"><p>盈透通過兩種方式產生收入。首先，它通過處理客户交易賺取佣金。其次，它從保證金貸款中獲得利息收入，同時也從其存放在銀行賬户中的現金（包括自身現金和代表客户持有的現金）中獲得利息。</p>
</div><p>Interactive generated a record $5.1 billion in total revenue from all sources during 2024, which was a 19.4% increase from its 2023 result. A little over $2 billion came from commissions, which represented 31.7% growth. The remaining $3.1 billion was interest revenue, which was up 12.6%.</p>
<div class="lb-trans"><p>盈透在 2024 年從所有來源創造了創紀錄的 51 億美元總收入，比 2023 年的結果增長了 19.4%。其中超過 20 億美元來自佣金，增長了 31.7%。其餘的 31 億美元是利息收入，增長了 12.6%。</p>
</div><p>It's great news that commission revenue is growing the fastest, because that comes from Interactive's core business. The company has less control over its interest revenue because it's tied to the direction of monetary policy, and that could soon become a headwind.</p>
<div class="lb-trans"><p>佣金收入快速增長是個好消息，因為這來自盈透的核心業務。公司對利息收入的控制較少，因為它與貨幣政策的方向相關，這可能很快成為阻力。</p>
</div><p>The U.S. Federal Reserve raised the federal funds rate (overnight interest rates) to a two-decade high of 5.33% in 2023 to combat soaring inflation. High rates have been great for Interactive's interest revenue, but with inflation now under control, the Fed started a new cutting cycle in September last year.</p>
<div class="lb-trans"><p>美國聯邦儲備委員會在 2023 年將聯邦基金利率（隔夜利率）提高到 20 年來的最高點 5.33%，以應對飆升的通貨膨脹。高利率對盈透的利息收入非常有利，但隨着通貨膨脹現在得到控制，美聯儲在去年 9 月開始了新的降息週期。</p>
</div><p>The central bank is forecast to continue cutting in 2025, and depending on where the federal funds rate eventually settles, Interactive's interest revenue could slowly decline over the next year or so. Since it accounts for the majority of the company's total revenue, this is a risk investors should consider.</p>
<div class="lb-trans"><p>預計中央銀行將在 2025 年繼續降息，具體取決於聯邦基金利率最終的穩定水平，盈透的利息收入可能在接下來的一年左右緩慢下降。由於這佔公司總收入的主要部分，這是投資者應該考慮的風險。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNTUvYW4taW52ZXN0b3ItaW50ZW50bHktZm9jdXNlZC1vbi10aGVpci1jb21wdXRlci1zY3JlZW5zLXdoaWNoLWFyZS1kaXNwbGF5aW5nLXN0b2NrLWNoYXJ0cy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805355%2Fan-investor-intently-focused-on-their-computer-screens-which-are-displaying-stock-charts.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>Interactive stock could be poised for further upside over the long term</h2>
<div class="lb-trans"><h2>盈透股票在長期內可能有進一步上漲的潛力</h2>
</div><p>Interactive stock is currently at a record high following its 142% gain over the past year. Based on the company's trailing 12-month earnings per share (EPS) of $6.93, the stock is trading at a price-to-earnings (P/E) ratio of 31.6.</p>
<div class="lb-trans"><p>盈透股票目前處於歷史高位，過去一年漲幅達到 142%。根據公司過去 12 個月的每股收益（EPS）為 6.93 美元，該股票的市盈率為 31.6。</p>
</div><p>That appears expensive at face value (since the S&amp;P 500 trades at a P/E ratio of 25.2), especially since lower interest rates could serve as a headwind for Interactive's financial results going forward.</p>
<div class="lb-trans"><p>從表面上看，這似乎很貴（因為標準普爾 500 指數的市盈率為 25.2），尤其是考慮到較低的利率可能會對盈透未來的財務結果構成阻力。</p>
</div><p>However, lower rates can also significantly boost stock market activity, as investors move away from risk-free assets like cash and into growth assets instead. That means that Interactive could build on the 31% increase in commission revenue it delivered last year, which should offset some (or all) of the lost interest revenue.</p>
<div class="lb-trans"><p>然而，較低的利率也可以顯著提升股市活動，因為投資者會從無風險資產（如現金）轉向增長資產。這意味着盈透可能會在去年實現的 31% 佣金收入增長的基礎上繼續增長，這應該可以抵消一些（或全部）失去的利息收入。</p>
</div><p>I'm not suggesting that Interactive stock will beat the likes of Nvidia stock again over the <em>next</em> 12 months -- it simply won't generate enough revenue or earnings growth to do so. But investors who are willing to hold on to it for at least the next five years are very likely to earn a positive return.</p>
<div class="lb-trans"><p>我並不是説盈透的股票在接下來的 12 個月內會再次超過 Nvidia 的股票——它根本無法產生足夠的收入或盈利增長來做到這一點。但願意至少持有五年的投資者很可能會獲得正回報。</p>
</div><p>After all, this overlooked stock has soared by almost 630% since it went public in 2007, which translates to a compound annual return of 11.7%. That's better than the 10.5% annual gain in the S&amp;P 500 over the same period.</p>
<div class="lb-trans"><p>畢竟，這隻被忽視的股票自 2007 年上市以來已經飆升了近 630%，這意味着年均複合回報率為 11.7%。這比同期標準普爾 500 指數的 10.5% 年漲幅要好。</p>
</div>

Meet the Under-the-Radar Stock That Outperformed Nvidia Over the Past Year, Thanks to a Whopping Gain of 142%

- Interactive Brokers 在 2024 年新增 775,000 客户賬户，創歷史新高。  
- 該公司總客户權益在 2024 年第四季度增長 33%，達到 5682 億美元。  
- 2024 年總收入達 51 億美元，同比增長 19.4%。  

認識一下這隻過去一年表現超過英偉達的低調股票，其得益於 142% 的驚人漲幅