<p><strong>亞馬遜</strong>(AMZN -0.08%) 和 <strong>阿里巴巴</strong>(BABA -1.46%) 是全球科技領域的巨頭，未來都有繼續擴展其主導地位的前景。</p>
<p>這兩家公司有許多相似之處，但在許多方面又截然不同。那麼，在未來幾年中，哪一隻股票更值得擁有呢？讓我們進一步探討。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這兩家科技巨頭有很多共同點</h2>
<p>乍一看，亞馬遜和阿里巴巴似乎是被地理位置隔開的公司。一家主導美國及許多西方國家，而另一家則在中國國內市場佔據主導地位。但仔細觀察，你會發現這兩位科技巨頭有更多共同之處。</p>
<p>這兩家公司都是在電子商務上建立了龐大的帝國，但隨着時間的推移，它們也擴展到了新的領域。亞馬遜最初是在線銷售書籍，但後來擴展到了其他類別和盈利業務，包括雲計算、廣告、物流和媒體。</p>
<p>而阿里巴巴則最初作為一個跨境電子商務平台，幫助海外商家進入中國龐大的供應鏈。直到後期，它才推出了旗艦產品淘寶市場，隨後是天貓。它在電子商務上的成功推動了其進入新的業務領域，包括金融科技、雲計算、物流、娛樂等。</p>
<p>隨着這兩家公司擴展到新領域，它們逐漸多樣化了收入來源，使其對外部環境變化的抵禦能力更強。此外，這種多元化的商業模式為資本配置到高增長領域開闢了新機會。例如，這兩家公司都在人工智能（AI）和雲計算方面進行了大量投資，以利用這一千載難逢的轉型趨勢。</p>
<p>雖然這兩家公司有着截然不同的文化根源，但在客户滿意度、創新、投資新興技術和業務以及長期思維等價值觀上卻有相似之處。這種基因源於其創始人傑夫·貝索斯和馬雲的重大影響。儘管他們已經不再積極管理自己的企業，但都留下了深遠的遺產。</p>
<p>總之，這兩家巨頭都處於良好的位置，能夠維持和發展其業務，利用其穩固的商業模式和長期文化。</p>
<h2>然而，它們在其他方面有所不同</h2>
<p>雖然亞馬遜和阿里巴巴在各自的電子商務市場中都是領導者，但它們的商業模式卻有顯著差異。亞馬遜運營着第一方零售業務——購買和銷售庫存——以及其第三方市場。相比之下，阿里巴巴則是一個純平台。它連接買賣雙方，而不持有庫存。</p>
<p>亞馬遜還擁有並運營着一個龐大的物流網絡，僱傭數十萬員工以確保快速可靠的交付。阿里巴巴的物流部門菜鳥則採用輕資產模式，協調第三方配送服務。</p>
<p>這種差異解釋了利潤率的差距。阿里巴巴的市場模式輕資產且利潤豐厚。亞馬遜的零售業務雖然在戰略上重要，但壓縮了利潤率——儘管這被其高利潤率的業務部分（如亞馬遜網絡服務和廣告）所抵消。</p>
<p>在地理上，亞馬遜在北美、歐洲、印度和拉丁美洲等地擁有廣泛的國際足跡。阿里巴巴則更集中於中國，儘管它通過 AliExpress、Lazada 和 Trendyol 在海外擴展。</p>
<p>在雲計算方面，亞馬遜網絡服務（AWS）是全球領導者，市場份額超過 30%。阿里雲在中國佔據主導地位，但全球市場份額僅為 4%，受限於對尖端芯片的有限訪問和地緣政治挑戰。</p>
<p>確實，這是兩家公司之間最顯著的戰略差異之一。作為一家美國公司，亞馬遜受益於對最新 AI 芯片和全球市場的訪問。阿里巴巴則面臨監管壓力和美國製裁，限制了其在新興技術（如生成式 AI）方面的全球競爭能力。</p>
<h2>今天哪家公司具有更好的價值主張？</h2>
<p>現在我們已經探討了相似之處和差異，是時候問了：哪隻股票提供更好的價值？</p>
<p>截至目前，亞馬遜的市盈率為 35，而阿里巴巴的市盈率僅為 14。這一估值差距表明阿里巴巴顯著便宜。</p>
<p>但僅僅依靠估值並不能講述整個故事。投資者還必須權衡增長潛力、競爭力和風險暴露。</p>
<p>亞馬遜的高估值反映了其強大的全球定位、在 AI 和雲計算領域的領導地位以及持續執行的良好記錄。另一方面，阿里巴巴的交易價格大幅折扣——並不是因為缺乏增長潛力，而是由於其面臨中國不可預測的監管環境。</p>
<h2>這對投資者意味着什麼</h2>
<p>如果你在尋找穩定性、全球覆蓋和長期可持續增長，亞馬遜看起來是一個不錯的選擇。</p>
<p>但如果你能接受額外的地緣政治和監管風險，阿里巴巴可能是今天市場上最被低估的科技巨頭之一。其核心商業仍然高度盈利，而其股票的定價則彷彿增長已經停滯——儘管實際上並沒有。</p>
<p>選擇哪隻股票取決於你更傾向於可靠性還是不對稱的上行潛力。</p>

阿里巴巴

阿里巴巴-W

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>亞馬遜和阿里巴巴都是科技行業的重要參與者，擁有不同的商業模式和市場策略。亞馬遜運營着第一方零售業務，並在全球範圍內開展業務，而阿里巴巴則作為一個純平台，主要在中國市場運作。儘管阿里巴巴的市盈率為 14，低於亞馬遜的 35，但投資者必須考慮增長潛力和監管風險。亞馬遜提供了穩定性和全球覆蓋，而阿里巴巴在地緣政治挑戰中則展現出潛在的被低估機會</p>

<p><strong>Amazon</strong>(AMZN -0.08%) and <strong>Alibaba</strong>(BABA -1.46%) are giants in the global tech landscape, both with prospects of continuing to extend their dominance into the future.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>(AMZN -0.08%) 和 <strong>阿里巴巴</strong>(BABA -1.46%) 是全球科技領域的巨頭，未來都有繼續擴展其主導地位的前景。</p>
</div><p>Both companies share similarities, yet they are very different in many ways. But which of the two is a better stock to own in the next few years? Let's explore this further.</p>
<div class="lb-trans"><p>這兩家公司有許多相似之處，但在許多方面又截然不同。那麼，在未來幾年中，哪一隻股票更值得擁有呢？讓我們進一步探討。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODcvZ2V0dHktcGVyc29uLXNocnVnZ2luZy1xdWVzdGlvbmluZy11bnN1cmUtYXNraW5nLW15c3RlcnktY29uZnVzZWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821087%2Fgetty-person-shrugging-questioning-unsure-asking-mystery-confused.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 have plenty in common</h2>
<div class="lb-trans"><h2>這兩家科技巨頭有很多共同點</h2>
</div><p>At first glance, Amazon and Alibaba seem like companies separated by more than just geography. One dominates the U.S. and many parts of the Western world, while the other commands China's domestic market. But look a little closer, and you'll find that the two tech titans have more in common than not.</p>
<div class="lb-trans"><p>乍一看，亞馬遜和阿里巴巴似乎是被地理位置隔開的公司。一家主導美國及許多西方國家，而另一家則在中國國內市場佔據主導地位。但仔細觀察，你會發現這兩位科技巨頭有更多共同之處。</p>
</div><p>Both companies built their vast empires on e-commerce, but have expanded into new sectors over time. Amazon began by selling books online, but has expanded into other categories and profitable businesses, including cloud computing, advertising, logistics, and media.</p>
<div class="lb-trans"><p>這兩家公司都是在電子商務上建立了龐大的帝國，但隨着時間的推移，它們也擴展到了新的領域。亞馬遜最初是在線銷售書籍，但後來擴展到了其他類別和盈利業務，包括雲計算、廣告、物流和媒體。</p>
</div><p>Alibaba, on the other hand, began its business as a cross-border e-commerce platform, enabling overseas merchants to tap into China's vast supply chain. It was only in the later stage that it launched its flagship Taobao marketplace, followed by Tmall. Its success in e-commerce propelled the giant into new businesses, including fintech, cloud computing, logistics, entertainment, and more.</p>
<div class="lb-trans"><p>而阿里巴巴則最初作為一個跨境電子商務平台，幫助海外商家進入中國龐大的供應鏈。直到後期，它才推出了旗艦產品淘寶市場，隨後是天貓。它在電子商務上的成功推動了其進入新的業務領域，包括金融科技、雲計算、物流、娛樂等。</p>
</div><p>As both companies expanded into new sectors, they have gradually diversified their revenue base, making it more resilient to the changes in the external environment. Moreover, this diversified business model opens new opportunities to allocate capital to high-growth areas. For instance, both companies have been investing heavily in artificial intelligence (AI) and cloud computing to capitalize on the once-in-a-lifetime shift trend.</p>
<div class="lb-trans"><p>隨着這兩家公司擴展到新領域，它們逐漸多樣化了收入來源，使其對外部環境變化的抵禦能力更強。此外，這種多元化的商業模式為資本配置到高增長領域開闢了新機會。例如，這兩家公司都在人工智能（AI）和雲計算方面進行了大量投資，以利用這一千載難逢的轉型趨勢。</p>
</div><p>While these companies have very different cultural roots, they do share similarities in values such as customer delight, innovation, and investing in emerging technologies and businesses, as well as long-term thinking. This DNA stems from the significant effect of their founders, Jeff Bezos and Jack Ma. Both left a strong legacy, even though they have stepped down from active management of their businesses.</p>
<div class="lb-trans"><p>雖然這兩家公司有着截然不同的文化根源，但在客户滿意度、創新、投資新興技術和業務以及長期思維等價值觀上卻有相似之處。這種基因源於其創始人傑夫·貝索斯和馬雲的重大影響。儘管他們已經不再積極管理自己的企業，但都留下了深遠的遺產。</p>
</div><p>In short, both giants are well-positioned to sustain and grow their businesses, using their solid business models and long-term cultures.</p>
<div class="lb-trans"><p>總之，這兩家巨頭都處於良好的位置，能夠維持和發展其業務，利用其穩固的商業模式和長期文化。</p>
</div><h2>Yet, they differ in other aspects</h2>
<div class="lb-trans"><h2>然而，它們在其他方面有所不同</h2>
</div><p>While Amazon and Alibaba are leaders in their respective e-commerce markets, their business models diverge significantly. Amazon operates a first-party retail business -- buying and selling inventory -- alongside its third-party marketplace. Alibaba, in contrast, is a pure platform. It connects buyers and sellers without holding inventory.</p>
<div class="lb-trans"><p>雖然亞馬遜和阿里巴巴在各自的電子商務市場中都是領導者，但它們的商業模式卻有顯著差異。亞馬遜運營着第一方零售業務——購買和銷售庫存——以及其第三方市場。相比之下，阿里巴巴則是一個純平台。它連接買賣雙方，而不持有庫存。</p>
</div><p>Amazon also owns and operates a massive logistics network, employing hundreds of thousands of people to ensure fast and reliable delivery. Alibaba's logistics arm, Cainiao, uses an asset-light model that coordinates third-party delivery services.</p>
<div class="lb-trans"><p>亞馬遜還擁有並運營着一個龐大的物流網絡，僱傭數十萬員工以確保快速可靠的交付。阿里巴巴的物流部門菜鳥則採用輕資產模式，協調第三方配送服務。</p>
</div><p>This divergence explains the gap in profit margins. Alibaba's marketplace model is capital-light and highly profitable. Amazon's retail operation, although strategically important, compresses margins -- although this is offset by its high-margin segments, such as Amazon Web Services and advertising.</p>
<div class="lb-trans"><p>這種差異解釋了利潤率的差距。阿里巴巴的市場模式輕資產且利潤豐厚。亞馬遜的零售業務雖然在戰略上重要，但壓縮了利潤率——儘管這被其高利潤率的業務部分（如亞馬遜網絡服務和廣告）所抵消。</p>
</div><p>Geographically, Amazon has a broad international footprint, with operations across North America, Europe, India, and Latin America. Alibaba is more concentrated in China, though it's expanding abroad through AliExpress, Lazada, and Trendyol.</p>
<div class="lb-trans"><p>在地理上，亞馬遜在北美、歐洲、印度和拉丁美洲等地擁有廣泛的國際足跡。阿里巴巴則更集中於中國，儘管它通過 AliExpress、Lazada 和 Trendyol 在海外擴展。</p>
</div><p>In cloud computing, Amazon Web Services (AWS) is the global leader, holding over 30% of the market. Alibaba Cloud is dominant in China but has only a 4% global share, constrained by limited access to cutting-edge chips and geopolitical challenges.</p>
<div class="lb-trans"><p>在雲計算方面，亞馬遜網絡服務（AWS）是全球領導者，市場份額超過 30%。阿里雲在中國佔據主導地位，但全球市場份額僅為 4%，受限於對尖端芯片的有限訪問和地緣政治挑戰。</p>
</div><p>Indeed, this is one of the most significant strategic differences between the companies. Amazon, as a U.S. company, benefits from access to the latest AI chips and global markets. Alibaba faces regulatory overhang and U.S. sanctions that limit its ability to compete globally in emerging technologies, such as generative AI.</p>
<div class="lb-trans"><p>確實，這是兩家公司之間最顯著的戰略差異之一。作為一家美國公司，亞馬遜受益於對最新 AI 芯片和全球市場的訪問。阿里巴巴則面臨監管壓力和美國製裁，限制了其在新興技術（如生成式 AI）方面的全球競爭能力。</p>
</div><h2>Which company has a better value proposition today?</h2>
<div class="lb-trans"><h2>今天哪家公司具有更好的價值主張？</h2>
</div><p>Now that we've explored both the similarities and differences, it's time to ask: Which stock offers better value?</p>
<div class="lb-trans"><p>現在我們已經探討了相似之處和差異，是時候問了：哪隻股票提供更好的價值？</p>
</div><p>As of this writing, Amazon trades at a price-to-earnings (P/E) ratio of 35, while Alibaba trades at just 14. This valuation gap suggests that Alibaba is significantly cheaper.</p>
<div class="lb-trans"><p>截至目前，亞馬遜的市盈率為 35，而阿里巴巴的市盈率僅為 14。這一估值差距表明阿里巴巴顯著便宜。</p>
</div><p>But valuation alone doesn't tell the whole story. Investors must also weigh growth potential, competitive strength, and risk exposure.</p>
<div class="lb-trans"><p>但僅僅依靠估值並不能講述整個故事。投資者還必須權衡增長潛力、競爭力和風險暴露。</p>
</div><p>Amazon's premium valuation reflects its strong global positioning, leadership in AI and cloud, and a track record of consistent execution. Alibaba, on the other hand, trades at a steep discount -- not because it lacks growth potential, but because of its exposure to China's unpredictable regulatory environment.</p>
<div class="lb-trans"><p>亞馬遜的高估值反映了其強大的全球定位、在 AI 和雲計算領域的領導地位以及持續執行的良好記錄。另一方面，阿里巴巴的交易價格大幅折扣——並不是因為缺乏增長潛力，而是由於其面臨中國不可預測的監管環境。</p>
</div><h2>What it means for investors</h2>
<div class="lb-trans"><h2>這對投資者意味着什麼</h2>
</div><p>If you're looking for stability, global reach, and long-term sustainable growth, Amazon looks like a good candidate.</p>
<div class="lb-trans"><p>如果你在尋找穩定性、全球覆蓋和長期可持續增長，亞馬遜看起來是一個不錯的選擇。</p>
</div><p>But if you're comfortable with additional geopolitical and regulatory risks, Alibaba might be one of the most undervalued tech giants in the market today. Its core commerce business remains highly profitable, and its stock is priced as though growth has stalled -- even though it hasn't.</p>
<div class="lb-trans"><p>但如果你能接受額外的地緣政治和監管風險，阿里巴巴可能是今天市場上最被低估的科技巨頭之一。其核心商業仍然高度盈利，而其股票的定價則彷彿增長已經停滯——儘管實際上並沒有。</p>
</div><p>The right stock depends on whether you prefer reliability or asymmetrical upside.</p>
<div class="lb-trans"><p>選擇哪隻股票取決於你更傾向於可靠性還是不對稱的上行潛力。</p>
</div>

Better Stock: Amazon or Alibaba?

- 亞馬遜和阿里巴巴是全球科技巨頭，均在電商領域起家並擴展至新行業。  
- 亞馬遜的市盈率為 35，阿里巴巴為 14，顯示出阿里巴巴的估值較低。  
- 投資者需考慮穩定性與風險，亞馬遜適合追求穩定者，阿里巴巴則可能具備更高的潛在收益。

哪隻股票更好：亞馬遜還是阿里巴巴？