<p>2025 年到目前為止對 <strong>亞馬遜</strong>(AMZN 3.31%) 來説是一個糟糕的年份。由於主要市場指數下跌，這家電子商務和雲服務巨頭的股價年初至今已下跌超過 20%。根據 <strong>富國銀行</strong> 分析師的説法，亞馬遜甚至暫停了某些新數據中心租賃的推進。不到一個月前，首席執行官安迪·賈西表示，他並不認為公司會放慢建設新數據中心的計劃。</p>
<p>與此同時，<strong>開市客</strong>(COST -0.02%) 幾乎沒有受到股市動盪的影響。折扣倉儲商的股價年初至今上漲了約 7%，幾乎與 2024 年前四個月的股價漲幅相當。</p>
<p>簡而言之，開市客今年開局良好，而亞馬遜則陷入困境。但現在購買亞馬遜的股票是否比購買開市客的股票更好呢？答案可能會讓你感到驚訝。</p>
<h2>開市客的明顯優勢</h2>
<p>開市客在 2025 年表現優於亞馬遜的原因很簡單。它的業務受到經濟逆風的影響較小。特朗普政府的關税讓許多投資者擔心更高的通貨膨脹和經濟放緩。</p>
<p>當然，開市客並非對關税的影響免疫。首席執行官羅恩·瓦克里斯在 2025 財年第二季度的財報電話會議上指出，開市客在美國的銷售中大約三分之一是來自其他國家的進口產品。然而，他補充説，這些產品中不到一半是從中國、加拿大和墨西哥進口的，這些國家的關税是特朗普政府徵收的最高的。</p>
<p>瓦克里斯表示，開市客已準備好 “儘量減少” 任何與關税相關的成本增加對會員的影響。他還強調：“在不確定的時期，我們的會員歷史上對高質量商品的價值更加重視。”</p>
<p>投資者認識到開市客在經濟衰退期間表現出的韌性。因此，該股票在高市場波動和經濟不確定性時期被廣泛視為避風港。</p>
<h2>亞馬遜超越開市客的地方</h2>
<p>雖然開市客在經濟下滑期間可能會優於亞馬遜，但亞馬遜在一個對長期投資者更重要的領域超越了開市客。我指的是增長。</p>
<p>亞馬遜最近一個季度的銷售額同比增長了 10%，而開市客的銷售額增長了 9.1%。這看起來似乎兩家公司在增長方面幾乎相當，但事情並非如此簡單。</p>
<p>首先，亞馬遜第一季度的收益同比幾乎翻了一番，達到了 200 億美元。開市客的淨收入僅增加了微不足道的 2.6%。華爾街預測，亞馬遜的收益明年將飆升 19.6%。分析師預計開市客的收益將增長約 10.7%。</p>
<p>亞馬遜能否在長期內比開市客更好地增長其底線？我認為可以。首先，亞馬遜有更多的槓桿可以繼續提高其盈利能力，而開市客則相對較少。更重要的是，亞馬遜擁有比開市客更多的選擇性或增長路徑。</p>
<p>人工智能（AI）對亞馬遜的推動作用應該遠大於對開市客的影響。亞馬遜已經擴展到醫療保健領域。它擁有 Zoox，一家自動駕駛汽車公司，如果機器人出租車市場蓬勃發展，該公司將具有巨大的增長潛力。亞馬遜計劃很快推出其 Project Kuiper 衞星，提供全球高速互聯網。</p>
<h2>也許令人驚訝的關鍵因素</h2>
<p>我認為亞馬遜的增長前景超過了開市客的避風港吸引力。如果你是一個關注長期的投資者，我懷疑你會同意這一點。</p>
<p>然而，有一個關鍵因素可能會讓人感到驚訝，為什麼現在購買亞馬遜的股票更好。歷史上，亞馬遜的股票幾乎可以忽略傳統的估值指標。它看起來極其昂貴，但仍然不斷上漲。然而，現在與開市客相比，亞馬遜看起來便宜。</p>
<p>亞馬遜的前瞻市盈率為 26.2。這看起來可能很高，直到你看到開市客的前瞻市盈率為 54.4。我認為亞馬遜的增長前景證明了其更高的市盈率是合理的，但開市客的則不然。</p>
<p>開市客可能會在一段時間內繼續提供比亞馬遜更強的收益。但我認為（無論是比喻上還是字面上）亞馬遜將在未來十年及更長時間內成為更大的贏家。</p>

開市客

亞馬遜

<p>亞馬遜的股票在 2025 年下跌超過 20%，而好市多的股票上漲了 7%。好市多在經濟衰退期間的韌性使其成為一個安全的投資選擇，但亞馬遜顯示出更強的增長潛力，銷售額增長 10%，預計明年的盈利增長為 19.6%。儘管亞馬遜的估值較高（市盈率為 26.2，而好市多為 54.4），但其在人工智能和醫療保健等多元化增長途徑表明，長期來看它可能會超越好市多。專注於長期增長的投資者可能會發現，儘管當前市場條件不佳，亞馬遜仍然是一個更好的投資選擇</p>

<p>2025 is turning out to be an ugly year so far for <strong>Amazon</strong>(AMZN 3.31%). Shares of the e-commerce and cloud services giant have fallen more than 20% year to date as the major market indexes sank. Amazon has even paused moving forward with some new data center leases, according to <strong>Wells Fargo</strong> analysts. Less than a month ago, CEO Andy Jassy said that he didn't envision the company slowing its plans to build new data centers.</p>
<div class="lb-trans"><p>2025 年到目前為止對 <strong>亞馬遜</strong>(AMZN 3.31%) 來説是一個糟糕的年份。由於主要市場指數下跌，這家電子商務和雲服務巨頭的股價年初至今已下跌超過 20%。根據 <strong>富國銀行</strong> 分析師的説法，亞馬遜甚至暫停了某些新數據中心租賃的推進。不到一個月前，首席執行官安迪·賈西表示，他並不認為公司會放慢建設新數據中心的計劃。</p>
</div><p>Meanwhile, <strong>Costco Wholesale</strong>(COST -0.02%) hasn't been impacted much at all by the stock market turbulence. Shares of the discount warehouse store operator are up around 7% year to date, nearly as large of a gain as the stock delivered during the first four months of 2024.</p>
<div class="lb-trans"><p>與此同時，<strong>開市客</strong>(COST -0.02%) 幾乎沒有受到股市動盪的影響。折扣倉儲商的股價年初至今上漲了約 7%，幾乎與 2024 年前四個月的股價漲幅相當。</p>
</div><p>In short, Costco is off to a solid start this year while Amazon is floundering. But is Amazon a better stock to buy right now than Costco? The answer might surprise you.</p>
<div class="lb-trans"><p>簡而言之，開市客今年開局良好，而亞馬遜則陷入困境。但現在購買亞馬遜的股票是否比購買開市客的股票更好呢？答案可能會讓你感到驚訝。</p>
</div><h2>Where Costco has a clear advantage</h2>
<div class="lb-trans"><h2>開市客的明顯優勢</h2>
</div><p>There's a simple reason why Costco is outperforming Amazon in 2025. Its business is less impacted by economic headwinds. The Trump administration's tariffs have caused many investors to worry about higher inflation and a slowing economy.</p>
<div class="lb-trans"><p>開市客在 2025 年表現優於亞馬遜的原因很簡單。它的業務受到經濟逆風的影響較小。特朗普政府的關税讓許多投資者擔心更高的通貨膨脹和經濟放緩。</p>
</div><p>Granted, Costco isn't immune to the impact of tariffs. CEO Ron Vachris noted in the company's fiscal 2025 second-quarter earnings call in March 2025 that roughly one-third of Costco's sales in the U.S. are for products imported from other countries. However, he added that less than half of those products are imported from China, Canada, and Mexico, which have the highest tariffs levied by the Trump administration.</p>
<div class="lb-trans"><p>當然，開市客並非對關税的影響免疫。首席執行官羅恩·瓦克里斯在 2025 財年第二季度的財報電話會議上指出，開市客在美國的銷售中大約三分之一是來自其他國家的進口產品。然而，他補充説，這些產品中不到一半是從中國、加拿大和墨西哥進口的，這些國家的關税是特朗普政府徵收的最高的。</p>
</div><p>Vachris said that Costco is prepared to &#34;minimize the impact&#34; of any tariff-related cost increases on its members. He also emphasized, &#34;In uncertain times, our members have historically placed even greater importance on the value of high-quality items at great prices.&#34;</p>
<div class="lb-trans"><p>瓦克里斯表示，開市客已準備好 “儘量減少” 任何與關税相關的成本增加對會員的影響。他還強調：“在不確定的時期，我們的會員歷史上對高質量商品的價值更加重視。”</p>
</div><p>Investors recognize the resilience Costco has demonstrated in the past during economic downturns. As a result, the stock is widely viewed as a safe haven during periods of high market volatility and economic uncertainty.</p>
<div class="lb-trans"><p>投資者認識到開市客在經濟衰退期間表現出的韌性。因此，該股票在高市場波動和經濟不確定性時期被廣泛視為避風港。</p>
</div><h2>Where Amazon beats Costco</h2>
<div class="lb-trans"><h2>亞馬遜超越開市客的地方</h2>
</div><p>While Costco is likely to outperform Amazon during economic declines, Amazon beats Costco in an area that matters more to long-term investors. I'm referring to growth.</p>
<div class="lb-trans"><p>雖然開市客在經濟下滑期間可能會優於亞馬遜，但亞馬遜在一個對長期投資者更重要的領域超越了開市客。我指的是增長。</p>
</div><p>Amazon's sales jumped 10% year over year in its most recent quarter, while Costco's sales rose 9.1%. That might seem as if the two companies are nearly equal when it comes to delivering growth, but there's more to the story.</p>
<div class="lb-trans"><p>亞馬遜最近一個季度的銷售額同比增長了 10%，而開市客的銷售額增長了 9.1%。這看起來似乎兩家公司在增長方面幾乎相當，但事情並非如此簡單。</p>
</div><p>First, Amazon's earnings nearly doubled year over year in Q1 to $20 billion. Costco's net income increased by a paltry 2.6%. Wall Street predicts that Amazon's earnings will soar 19.6% next year. Analysts expect Costco's earnings will increase by roughly 10.7%.</p>
<div class="lb-trans"><p>首先，亞馬遜第一季度的收益同比幾乎翻了一番，達到了 200 億美元。開市客的淨收入僅增加了微不足道的 2.6%。華爾街預測，亞馬遜的收益明年將飆升 19.6%。分析師預計開市客的收益將增長約 10.7%。</p>
</div><p>Can Amazon grow its bottom line more than Costco over the long run? I think so. For one thing, Amazon has more levers to pull to continue increasing its profitability than Costco. More importantly, Amazon has more optionality, or paths to growth, than Costco.</p>
<div class="lb-trans"><p>亞馬遜能否在長期內比開市客更好地增長其底線？我認為可以。首先，亞馬遜有更多的槓桿可以繼續提高其盈利能力，而開市客則相對較少。更重要的是，亞馬遜擁有比開市客更多的選擇性或增長路徑。</p>
</div><p>Artificial intelligence (AI) should present a much greater tailwind for Amazon than it will for Costco. Amazon has expanded into healthcare. It owns Zoox, a self-driving car company that should have major growth potential if the robotaxi market takes off. Amazon plans to soon launch its Project Kuiper satellites that will provide high-speed internet across the world.</p>
<div class="lb-trans"><p>人工智能（AI）對亞馬遜的推動作用應該遠大於對開市客的影響。亞馬遜已經擴展到醫療保健領域。它擁有 Zoox，一家自動駕駛汽車公司，如果機器人出租車市場蓬勃發展，該公司將具有巨大的增長潛力。亞馬遜計劃很快推出其 Project Kuiper 衞星，提供全球高速互聯網。</p>
</div><h2>The perhaps surprising clincher</h2>
<div class="lb-trans"><h2>也許令人驚訝的關鍵因素</h2>
</div><p>I think Amazon's growth prospects outweigh Costco's safe haven appeal. If you're an investor who's focused on the long term, I suspect you'll agree.</p>
<div class="lb-trans"><p>我認為亞馬遜的增長前景超過了開市客的避風港吸引力。如果你是一個關注長期的投資者，我懷疑你會同意這一點。</p>
</div><p>However, there's a clincher as to why Amazon is the better stock to buy right now that might be surprising. Amazon has historically been the kind of stock for which you could almost throw conventional valuation metrics out the window. It looked ridiculously expensive, but kept on rising. Now, though, Amazon looks cheap compared to Costco.</p>
<div class="lb-trans"><p>然而，有一個關鍵因素可能會讓人感到驚訝，為什麼現在購買亞馬遜的股票更好。歷史上，亞馬遜的股票幾乎可以忽略傳統的估值指標。它看起來極其昂貴，但仍然不斷上漲。然而，現在與開市客相比，亞馬遜看起來便宜。</p>
</div><p>Amazon's forward price-to-earnings ratio is 26.2. That might seem high until you look at Costco's forward earnings multiple of 54.4. I think Amazon's growth prospects justify its higher multiple, but Costco's don't.</p>
<div class="lb-trans"><p>亞馬遜的前瞻市盈率為 26.2。這看起來可能很高，直到你看到開市客的前瞻市盈率為 54.4。我認為亞馬遜的增長前景證明了其更高的市盈率是合理的，但開市客的則不然。</p>
</div><p>Costco could continue to deliver stronger gains than Amazon for a while. But my money (both figuratively and literally) is on Amazon to be the bigger winner over the next decade and beyond.</p>
<div class="lb-trans"><p>開市客可能會在一段時間內繼續提供比亞馬遜更強的收益。但我認為（無論是比喻上還是字面上）亞馬遜將在未來十年及更長時間內成為更大的贏家。</p>
</div>

Is Amazon a Better Stock to Buy Right Now Than Costco? The Answer Might Surprise You.

- 2025 年，亞馬遜股價下跌超過 20%，而好市多股價上漲約 7%。  
- 好市多受經濟影響較小，亞馬遜則在增長潛力上更具優勢。  
- 亞馬遜的市盈率為 26.2，低於好市多的 54.4，顯示出其相對便宜。  

現在購買亞馬遜股票是否比開市客股票更好？這個答案可能會讓你感到意外