<p>當一家公司與 <strong>亞馬遜</strong>(AMZN 2.93%) 相比較時，通常是個讚美。因此，我懷疑 <strong>阿里巴巴集團</strong>(BABA -3.60%) 的高管們在他們的公司被稱為 “中國的亞馬遜” 時並不會太在意。</p>
<p>亞馬遜和阿里巴巴的業務非常相似。兩者都運營着主導其目標市場的電子商務平台。兩者都是領先的雲服務提供商，並在人工智能（AI）方面進行了大量投資。這兩家公司都擴展到了數字娛樂和醫療保健領域。</p>
<p>然而，在股票表現方面，這種比較並不那麼成立。自 1997 年首次公開募股（IPO）以來，亞馬遜的回報率驚人地超過了 226,000%。而自阿里巴巴 2014 年上市以來，其股票僅上漲了約 30%。</p>
<p>那麼，這兩隻成長股中哪一隻現在更值得投資呢？以下是亞馬遜和阿里巴巴的對比。</p>
<h2>當前增長</h2>
<p>雖然從長期來看，亞馬遜的股票表現遠超阿里巴巴，但最近的情況有所不同。截至 2025 年，阿里巴巴的美國存託憑證上漲了近 50%，而亞馬遜幾乎沒有正增長。</p>
<p>然而，亞馬遜在至少一個方面的增長速度超過了阿里巴巴。在 2025 年第二季度，亞馬遜的淨銷售額同比增長了 13%。而阿里巴巴在最新報告的季度中，收入同比增長了 7%。</p>
<p>兩家公司在淨利潤方面的情況也類似。亞馬遜的淨收入同比飆升了 35%，而阿里巴巴的調整後收益增長了 22%。當然，阿里巴巴根據公認會計原則（GAAP）計算的收益增長了 13 倍。然而，這一增長主要是由於其股權投資的市值變動所致。</p>
<h2>增長前景</h2>
<p>更重要的問題是，亞馬遜和阿里巴巴未來將繼續增長多少。華爾街的看法是什麼？根據 <strong>LSEG</strong> 的數據，亞馬遜明年的共識收入增長預期接近 10%，而阿里巴巴為 8.3%。</p>
<p>但分析師對阿里巴巴的收益增長更為樂觀。根據 LSEG 對 29 位分析師的調查，平均預期這家中國公司的每股收益明年將增長約 20%。而對覆蓋亞馬遜的 61 位分析師的平均預期是，這家電子商務和雲服務巨頭的每股收益將增長約 14.8%。</p>
<p>展望超過一年的情況則更為困難。亞馬遜和阿里巴巴都應該有強勁的人工智能助力，幫助其雲業務。然而，兩家公司也面臨來自資金雄厚的競爭對手的激烈競爭。可能最大的變數是中國政府的行動將如何影響阿里巴巴的增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>估值</h2>
<p>在估值方面，這兩隻成長股之間幾乎沒有競爭。阿里巴巴毫無疑問地勝出。</p>
<p>亞馬遜的股票交易在高達 33.4 的前瞻市盈率上。阿里巴巴的前瞻市盈率僅為 14.3。這家中國科技巨頭在基於銷售和賬面價值的估值指標上也顯得比亞馬遜更具吸引力。</p>
<p>如果將增長因素納入考慮，阿里巴巴仍然佔優。根據分析師五年收益增長預測計算的市盈率增長比（PEG）為 1.28，而亞馬遜為 2.57。</p>
<h2>更好的成長股？</h2>
<p>哪一隻成長股更好——亞馬遜還是阿里巴巴？我的答案是有些微妙的。</p>
<p>如果你是一個更為保守的投資者，亞馬遜可能是更好的選擇。該公司不面臨與阿里巴巴相關的潛在中國政府幹預的不確定性。</p>
<p>另一方面，如果你的投資風格更為激進，我認為阿里巴巴是更適合你的成長股。它的增長驅動因素與亞馬遜相似，但其估值更具吸引力。我喜歡亞馬遜的前景，但我懷疑阿里巴巴在未來十年還有更大的上漲空間。</p>

阿里巴巴

阿里巴巴-W

亞馬遜

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

亞馬遜每日 2 倍做多 ETF - Direxion

<p>這篇文章將亞馬遜和阿里巴巴作為成長股進行了比較。儘管自上市以來，亞馬遜的表現優於阿里巴巴，但阿里巴巴在 2025 年經歷了顯著的股價上漲。亞馬遜最近的淨銷售額和收入增長超過了阿里巴巴，但分析師預測阿里巴巴明年的盈利增長將更高。在估值方面，阿里巴巴因其較低的市盈率而更具吸引力。對於風險厭惡型投資者，推薦選擇亞馬遜，而激進型投資者可能更傾向於阿里巴巴，因為其增長潛力和吸引人的估值</p>

<p>When a company is compared to <strong>Amazon</strong>(AMZN 2.93%), it's usually a compliment. I suspect, therefore, that the executives running <strong>Alibaba Group Holding</strong>(BABA -3.60%) don't mind it too much when their company is called the &#34;Amazon of China.&#34;</p>
<div class="lb-trans"><p>當一家公司與 <strong>亞馬遜</strong>(AMZN 2.93%) 相比較時，通常是個讚美。因此，我懷疑 <strong>阿里巴巴集團</strong>(BABA -3.60%) 的高管們在他們的公司被稱為 “中國的亞馬遜” 時並不會太在意。</p>
</div><p>Amazon's and Alibaba's businesses are remarkably similar. Both operate e-commerce platforms that dominate their target markets. Both are leading cloud service providers and have invested heavily in artificial intelligence (AI). Each of the two companies has expanded into digital entertainment and healthcare as well.</p>
<div class="lb-trans"><p>亞馬遜和阿里巴巴的業務非常相似。兩者都運營着主導其目標市場的電子商務平台。兩者都是領先的雲服務提供商，並在人工智能（AI）方面進行了大量投資。這兩家公司都擴展到了數字娛樂和醫療保健領域。</p>
</div><p>The comparisons don't hold up as well when it comes to stock performance, though. Amazon has delivered a jaw-dropping return of over 226,000% since its initial public offering (IPO) in 1997. Since Alibaba's IPO in 2014, its stock has risen by only around 30%.</p>
<div class="lb-trans"><p>然而，在股票表現方面，這種比較並不那麼成立。自 1997 年首次公開募股（IPO）以來，亞馬遜的回報率驚人地超過了 226,000%。而自阿里巴巴 2014 年上市以來，其股票僅上漲了約 30%。</p>
</div><p>But which of these two growth stocks is the better pick right now? Here's how Amazon and Alibaba stack up against each other.</p>
<div class="lb-trans"><p>那麼，這兩隻成長股中哪一隻現在更值得投資呢？以下是亞馬遜和阿里巴巴的對比。</p>
</div><h2>Current growth</h2>
<div class="lb-trans"><h2>當前增長</h2>
</div><p>While Amazon's stock performance has trounced Alibaba's over the long term, it's a different story more recently. So far in 2025, Alibaba's American depositary receipts have soared close to 50% while Amazon is barely in positive territory.</p>
<div class="lb-trans"><p>雖然從長期來看，亞馬遜的股票表現遠超阿里巴巴，但最近的情況有所不同。截至 2025 年，阿里巴巴的美國存託憑證上漲了近 50%，而亞馬遜幾乎沒有正增長。</p>
</div><p>However, Amazon is growing faster than Alibaba in at least one way. In the second quarter of 2025, Amazon's net sales jumped 13% year over year. Alibaba's revenue in its latest reported quarter increased by 7% year over year.</p>
<div class="lb-trans"><p>然而，亞馬遜在至少一個方面的增長速度超過了阿里巴巴。在 2025 年第二季度，亞馬遜的淨銷售額同比增長了 13%。而阿里巴巴在最新報告的季度中，收入同比增長了 7%。</p>
</div><p>It was a similar story on the two companies' bottom lines. Amazon's net income soared 35% year over year, while Alibaba's adjusted earnings grew by 22%. Granted, Alibaba's earnings based on generally accepted accounting principles (GAAP) skyrocketed by 13 times. However, this increase was primarily due to mark-to-market changes from its equity investments.</p>
<div class="lb-trans"><p>兩家公司在淨利潤方面的情況也類似。亞馬遜的淨收入同比飆升了 35%，而阿里巴巴的調整後收益增長了 22%。當然，阿里巴巴根據公認會計原則（GAAP）計算的收益增長了 13 倍。然而，這一增長主要是由於其股權投資的市值變動所致。</p>
</div><h2>Growth prospects</h2>
<div class="lb-trans"><h2>增長前景</h2>
</div><p>The more important question is how much Amazon and Alibaba will continue to grow in the future. What is Wall Street's take? The consensus revenue growth estimate for Amazon next year is nearly 10%, compared to 8.3% for Alibaba, according to <strong>LSEG</strong>.</p>
<div class="lb-trans"><p>更重要的問題是，亞馬遜和阿里巴巴未來將繼續增長多少。華爾街的看法是什麼？根據 <strong>LSEG</strong> 的數據，亞馬遜明年的共識收入增長預期接近 10%，而阿里巴巴為 8.3%。</p>
</div><p>But analysts are more optimistic about Alibaba's earnings growth. The average estimate of the 29 analysts surveyed by LSEG is for the Chinese company to increase its earnings per share by roughly 20% next year. The average estimate of the 61 analysts surveyed by LSEG that cover Amazon is for the e-commerce and cloud services giant to grow its EPS by around 14.8%.</p>
<div class="lb-trans"><p>但分析師對阿里巴巴的收益增長更為樂觀。根據 LSEG 對 29 位分析師的調查，平均預期這家中國公司的每股收益明年將增長約 20%。而對覆蓋亞馬遜的 61 位分析師的平均預期是，這家電子商務和雲服務巨頭的每股收益將增長約 14.8%。</p>
</div><p>Looking beyond one year is more difficult. Both Amazon and Alibaba should have strong AI tailwinds that help their cloud businesses. However, both companies also face intense competition from rivals with deep pockets. Probably the biggest wild card is how the Chinese government's actions might impact Alibaba's growth.</p>
<div class="lb-trans"><p>展望超過一年的情況則更為困難。亞馬遜和阿里巴巴都應該有強勁的人工智能助力，幫助其雲業務。然而，兩家公司也面臨來自資金雄厚的競爭對手的激烈競爭。可能最大的變數是中國政府的行動將如何影響阿里巴巴的增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNzEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktb24tY2xvdWQtY2lyY3VpdC1ib2FyZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829071%2Fartificial-intelligence-ai-on-cloud-circuit-board.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>Valuation</h2>
<div class="lb-trans"><h2>估值</h2>
</div><p>There's not much of a contest between these two growth stocks when it comes to valuation. Alibaba wins hands down.</p>
<div class="lb-trans"><p>在估值方面，這兩隻成長股之間幾乎沒有競爭。阿里巴巴毫無疑問地勝出。</p>
</div><p>Amazon's shares trade at a lofty forward price-to-earnings ratio of 33.4. Alibaba's forward earnings multiple is only 14.3. The Chinese tech giant also looks more attractive than Amazon in valuation metrics based on sales and book value.</p>
<div class="lb-trans"><p>亞馬遜的股票交易在高達 33.4 的前瞻市盈率上。阿里巴巴的前瞻市盈率僅為 14.3。這家中國科技巨頭在基於銷售和賬面價值的估值指標上也顯得比亞馬遜更具吸引力。</p>
</div><p>What if growth is factored into the equation? Alibaba still comes out on top. Its price-to-earnings-to-growth (PEG) ratio based on analysts' five-year earnings growth projections is 1.28, versus 2.57 for Amazon.</p>
<div class="lb-trans"><p>如果將增長因素納入考慮，阿里巴巴仍然佔優。根據分析師五年收益增長預測計算的市盈率增長比（PEG）為 1.28，而亞馬遜為 2.57。</p>
</div><h2>Better growth stock?</h2>
<div class="lb-trans"><h2>更好的成長股？</h2>
</div><p>Which is the better growth stock -- Amazon or Alibaba? I have a nuanced answer.</p>
<div class="lb-trans"><p>哪一隻成長股更好——亞馬遜還是阿里巴巴？我的答案是有些微妙的。</p>
</div><p>If you're a more risk-averse investor, Amazon is probably the better pick. The company doesn't face the uncertainty related to potential Chinese government interference that Alibaba does.</p>
<div class="lb-trans"><p>如果你是一個更為保守的投資者，亞馬遜可能是更好的選擇。該公司不面臨與阿里巴巴相關的潛在中國政府幹預的不確定性。</p>
</div><p>On the other hand, if your investing style is more aggressive, I think Alibaba is the better growth stock for you. Its growth drivers are similar to Amazon's, but its valuation is much more appealing. I like Amazon's prospects, but I suspect Alibaba has even more room to run over the next decade.</p>
<div class="lb-trans"><p>另一方面，如果你的投資風格更為激進，我認為阿里巴巴是更適合你的成長股。它的增長驅動因素與亞馬遜相似，但其估值更具吸引力。我喜歡亞馬遜的前景，但我懷疑阿里巴巴在未來十年還有更大的上漲空間。</p>
</div>

Better Growth Stock to Buy Right Now: Amazon or Alibaba?

- 亞馬遜與阿里巴巴的業務模式相似，均為電商和雲服務領導者。  
- 2025 年，阿里巴巴的存託憑證上漲近 50%，而亞馬遜幾乎持平。  
- 阿里巴巴的市盈率為 14.3，明顯低於亞馬遜的 33.4，顯示出更具吸引力的估值。  

目前更值得購買的成長股是亞馬遜還是阿里巴巴？