<p>股市在最近幾周遭受了打擊。即使是一些主導企業的股價也大幅下跌。</p>
<p>從 2 月份的歷史高點來看，<strong>開市客</strong>(COST 1.85%) 的股價已下跌超過 16%（截至 3 月 18 日）。<strong>亞馬遜</strong>(AMZN 3.58%) 的股價也有所回落，與上個月的峯值相比下跌了 20%。投資者應該更仔細地關注這兩個名字。</p>
<p>現在買開市客還是亞馬遜的股票更好？</p>
<h2>為什麼你應該購買開市客</h2>
<p>開市客是一家大型零售商，在其 2025 財年第二季度（截至 2 月 16 日）實現了 625 億美元的淨銷售額。由於其倉庫通常只存放 4000 種庫存單位，遠少於典型超市的數萬種，因此它能夠利用與供應商的強大關係獲得有利的商品定價。這為顧客帶來了更低的價格。</p>
<p>開市客提供優質商品的超值交易，讓顧客滿意。而且還有一種尋寶的氛圍，鼓勵顧客重複光顧。</p>
<p>但該業務真正突出的地方在於它採用會員制模式，要求消費者支付年費以獲得在倉庫購物的權利。這創造了高利潤和可重複的收入來源，並推動了顧客的忠誠度。</p>
<p>其會員基礎在第二季度同比增長了 6.8%，達到了 7840 萬，會員收入增長了 7.4%。</p>
<p>公司的利潤多年來穩步增長。稀釋後每股收益（EPS）從 2015 年第二季度的 1.35 美元增長到最新財季的 4.02 美元。能夠持續實現同店銷售增長是一個重要因素。</p>
<p>管理層利用超額利潤支付股息，目前的股息收益率為 0.52%。這聽起來不算多，但它以往支付過可觀的一次性股息，最近一次是在 2024 年 1 月每股 15 美元。</p>
<h2>為什麼你應該購買亞馬遜</h2>
<p>儘管規模龐大，2024 年銷售額達到 6380 億美元，亞馬遜仍然受益於多種推動其增長的長期趨勢。在電子商務領域，它是領導者，為消費者提供快速和免費的運輸服務。在線購物在美國整體零售銷售中佔 84%，未來幾年該公司在這一領域無疑還有更多增長空間。</p>
<p>雲計算是另一個利好因素。亞馬遜網絡服務（AWS）長期以來在該領域佔據市場份額的領先地位。對於公司而言，這仍然是一個增長和利潤的驅動力，第四季度的收入增長為 19%，營業利潤率為 36.9%。</p>
<p>AWS 還使亞馬遜成為人工智能（AI）熱潮中的關鍵參與者。公司已經顯示出對使用外部 IT 服務的興趣。但最近，AWS 開發了一系列與 AI 相關的工具，以支持客户在該領域的各種需求。</p>
<p>該公司並不一定以盈利能力強而聞名。然而，這種情況似乎正在好轉。首席執行官安迪·賈西在 2022 年開始了成本削減和效率提升的努力，結果顯而易見：亞馬遜在 2024 年能夠實現 86% 的營業收入增長，增速快於收入增長。這是公司財務狀況更強的跡象。</p>
<h2>估值是關鍵</h2>
<p>購買亞馬遜的理由無疑是令人信服的。事實上，我認為投資者應該選擇這家科技巨頭，而不是倉庫俱樂部零售商。最明顯的原因歸結為估值。</p>
<p>如果投資者現在想購買開市客的股票，他們必須願意支付 53 的市盈率（P/E）。自公司四十年前首次公開募股以來，股票價格很少如此昂貴。</p>
<p>另一方面，亞馬遜的股票以 35 的市盈率交易。這似乎是一個更好的交易，特別是考慮到該公司的每股收益預計在未來三年將以比開市客更快的速度增長。</p>

亞馬遜

開市客

<p>最近股市下跌，影響了像開市客和亞馬遜這樣的主要公司。開市客的股票從峯值下跌超過 16%，而亞馬遜則下跌了 20%。開市客的會員模式推動了客户忠誠度和利潤，會員數量增長了 6.8%。相比之下，亞馬遜憑藉 6380 億美元的銷售額，受益於電子商務和雲計算的增長，顯示出盈利能力的改善。雖然開市客的市盈率高達 53，但亞馬遜的市盈率更為合理，為 35，使其成為面向增長型投資者更具吸引力的投資選擇</p>

<p>The stock market has taken a hit in recent weeks. Even share prices of some dominant businesses have fallen significantly.</p>
<div class="lb-trans"><p>股市在最近幾周遭受了打擊。即使是一些主導企業的股價也大幅下跌。</p>
</div><p>From its all-time high in February, <strong>Costco Wholesale</strong>(COST 1.85%) is down more than 16% (as of March 18). <strong>Amazon</strong>(AMZN 3.58%) has also taken a breather, with its shares off 20% from their peak last month. Investors should take a closer look at these two names.</p>
<div class="lb-trans"><p>從 2 月份的歷史高點來看，<strong>開市客</strong>(COST 1.85%) 的股價已下跌超過 16%（截至 3 月 18 日）。<strong>亞馬遜</strong>(AMZN 3.58%) 的股價也有所回落，與上個月的峯值相比下跌了 20%。投資者應該更仔細地關注這兩個名字。</p>
</div><p>Is Costco or Amazon the better stock to buy right now?</p>
<div class="lb-trans"><p>現在買開市客還是亞馬遜的股票更好？</p>
</div><h2>Why you should buy Costco</h2>
<div class="lb-trans"><h2>為什麼你應該購買開市客</h2>
</div><p>Costco is a huge retailer that generated $62.5 billion in net sales in its fiscal 2025 second quarter (ended Feb. 16). Since its warehouses usually carry just 4,000 stock-keeping units, much fewer than the tens of thousands at typical supermarkets, it can leverage its powerful position with suppliers to get favorable pricing on merchandise. This leads to lower prices for customers.</p>
<div class="lb-trans"><p>開市客是一家大型零售商，在其 2025 財年第二季度（截至 2 月 16 日）實現了 625 億美元的淨銷售額。由於其倉庫通常只存放 4000 種庫存單位，遠少於典型超市的數萬種，因此它能夠利用與供應商的強大關係獲得有利的商品定價。這為顧客帶來了更低的價格。</p>
</div><p>Costco offers great deals on quality goods that keep customers happy. And there is even a treasure-hunt atmosphere that encourages repeat visits.</p>
<div class="lb-trans"><p>開市客提供優質商品的超值交易，讓顧客滿意。而且還有一種尋寶的氛圍，鼓勵顧客重複光顧。</p>
</div><p>But the business really stands out because it operates on a membership model, requiring consumers to pay annual fees for the right to shop at a warehouse. This creates a high-margin and recurring revenue source, and it drives customer loyalty.</p>
<div class="lb-trans"><p>但該業務真正突出的地方在於它採用會員制模式，要求消費者支付年費以獲得在倉庫購物的權利。這創造了高利潤和可重複的收入來源，並推動了顧客的忠誠度。</p>
</div><p>Its membership base increased by 6.8% year over year to 78.4 million in the second quarter, and membership income was up 7.4%.</p>
<div class="lb-trans"><p>其會員基礎在第二季度同比增長了 6.8%，達到了 7840 萬，會員收入增長了 7.4%。</p>
</div><p>The company's profits have grown steadily over the years. Diluted earnings per share (EPS) went from $1.35 in the 2015 second quarter to $4.02 in the latest fiscal quarter. Being able to consistently post same-store sales growth helps.</p>
<div class="lb-trans"><p>公司的利潤多年來穩步增長。稀釋後每股收益（EPS）從 2015 年第二季度的 1.35 美元增長到最新財季的 4.02 美元。能夠持續實現同店銷售增長是一個重要因素。</p>
</div><p>Management uses excess profits to pay a dividend that currently yields 0.52%. That doesn't sound like much, but it is known to pay sizable one-time dividends, the most recent being $15 per share in January 2024.</p>
<div class="lb-trans"><p>管理層利用超額利潤支付股息，目前的股息收益率為 0.52%。這聽起來不算多，但它以往支付過可觀的一次性股息，最近一次是在 2024 年 1 月每股 15 美元。</p>
</div><h2>Why you should buy Amazon</h2>
<div class="lb-trans"><h2>為什麼你應該購買亞馬遜</h2>
</div><p>Despite its massive size, with $638 billion in 2024 sales, Amazon continues to benefit from multiple secular trends propelling its growth. It's the leader when it comes to e-commerce, providing consumers with fast and free shipping on so many items. With online shopping representing 84% of overall retail sales in the U.S., the company certainly has more growth in this area in the years to come.</p>
<div class="lb-trans"><p>儘管規模龐大，2024 年銷售額達到 6380 億美元，亞馬遜仍然受益於多種推動其增長的長期趨勢。在電子商務領域，它是領導者，為消費者提供快速和免費的運輸服務。在線購物在美國整體零售銷售中佔 84%，未來幾年該公司在這一領域無疑還有更多增長空間。</p>
</div><p>Cloud computing is another tailwind. Amazon Web Services (AWS) has long been the market-share leader in that category. And for the company, it remains a growth and profit driver, with a revenue gain of 19% and an operating margin of 36.9% in the fourth quarter.</p>
<div class="lb-trans"><p>雲計算是另一個利好因素。亞馬遜網絡服務（AWS）長期以來在該領域佔據市場份額的領先地位。對於公司而言，這仍然是一個增長和利潤的驅動力，第四季度的收入增長為 19%，營業利潤率為 36.9%。</p>
</div><p>AWS also makes Amazon a key player in the artificial intelligence (AI) boom. Companies have already shown interest in using off-premises IT services. But recently, AWS has developed a wide range of AI-related tools to support its clients' various needs in the space.</p>
<div class="lb-trans"><p>AWS 還使亞馬遜成為人工智能（AI）熱潮中的關鍵參與者。公司已經顯示出對使用外部 IT 服務的興趣。但最近，AWS 開發了一系列與 AI 相關的工具，以支持客户在該領域的各種需求。</p>
</div><p>The company hasn't necessarily been known for being very profitable. However, this appears to be changing for the better. CEO Andy Jassy started cost-cutting and efficiency efforts in 2022, and the results are clear: Amazon was able to grow operating income by a stellar 86% in 2024, which was a faster pace than revenue growth. This is a sign of a financially stronger business.</p>
<div class="lb-trans"><p>該公司並不一定以盈利能力強而聞名。然而，這種情況似乎正在好轉。首席執行官安迪·賈西在 2022 年開始了成本削減和效率提升的努力，結果顯而易見：亞馬遜在 2024 年能夠實現 86% 的營業收入增長，增速快於收入增長。這是公司財務狀況更強的跡象。</p>
</div><h2>Valuation is key</h2>
<div class="lb-trans"><h2>估值是關鍵</h2>
</div><p>The case to buy Amazon is certainly compelling. In fact, I believe investors should pick the tech giant over the warehouse club retailer. The most obvious reason comes down to valuation.</p>
<div class="lb-trans"><p>購買亞馬遜的理由無疑是令人信服的。事實上，我認為投資者應該選擇這家科技巨頭，而不是倉庫俱樂部零售商。最明顯的原因歸結為估值。</p>
</div><p>If investors want to buy Costco stock right now, they must be comfortable paying a price-to-earnings ratio (P/E) of 53. Since the company's initial public offering four decades ago, shares have rarely been more expensive.</p>
<div class="lb-trans"><p>如果投資者現在想購買開市客的股票，他們必須願意支付 53 的市盈率（P/E）。自公司四十年前首次公開募股以來，股票價格很少如此昂貴。</p>
</div><p>On the other hand, Amazon stock trades at a more reasonable P/E of 35. That seems like a better deal, especially when you consider that the company's EPS is slated to grow at a much faster rate than Costco's over the next three years.</p>
<div class="lb-trans"><p>另一方面，亞馬遜的股票以 35 的市盈率交易。這似乎是一個更好的交易，特別是考慮到該公司的每股收益預計在未來三年將以比開市客更快的速度增長。</p>
</div>

Best Stock to Buy Right Now: Costco vs. Amazon

- 股票市場近期遭遇下跌，Costco 和 Amazon 股價均顯著下滑。  
- Costco 第二季度淨銷售額為 625 億美元，會員收入增長 7.4%。  
- Amazon 2024 年銷售額達 6380 億美元，雲計算和 AI 業務推動增長。

目前最值得購買的股票：Costco Wholesale vs. Amazon