<p>尋找強勁業務增長和巨大的可尋址市場的投資者通常會關注兩個熟悉的名字：<strong>亞馬遜</strong>(AMZN 4.22%) 和 <strong>阿里巴巴</strong>(BABA -3.96%)。這兩家公司都有強大的商業引擎、快速增長的雲平台，以及在人工智能基礎設施和應用方面的重大機會。</p>
<p>但是，當你剝離頭條新聞，專注於運營結果和未來幾年的戰略時，一個選項顯然脱穎而出，成為明確的贏家。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="459" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>亞馬遜：廣泛的、盈利的增長</h2>
<p>亞馬遜最新的季度顯示出健康的收入增長和強勁的利潤執行。收入增長了兩位數，北美和國際的同比收入增長率顯著加快，亞馬遜網絡服務（AWS）的年增長率接近 18%。隨着公司繼續提高履約和雲服務的效率，運營收入大幅攀升。這是長期投資者所希望的組合：增長與擴大的盈利能力。</p>
<p>此外，AWS 的勢頭和規模都非常驚人。雲計算業務的年化收入跑率現在剛剛超過 1230 億美元。該業務在人工智能方面具有強大的勢頭。亞馬遜首席執行官安迪·賈西在第二季度財報電話會議上表示，生成性人工智能解決方案的銷售同比增長了三位數的百分比，並且 “目前的需求超過了我們的供應。”</p>
<p>強調亞馬遜規模的好處，雲計算部門的運營利潤率在第二季度仍然保持強勁——調整後為 32.9%（排除外匯逆風的影響），即使亞馬遜加大了對數據中心、網絡和加速器的投資，以滿足人工智能的需求。</p>
<p>與此同時，亞馬遜的在線商店部門，即公司記錄電子商務銷售的地方，在第二季度同比增長了 11%——高於第一季度的 5% 增長。同樣，公司的高利潤廣告業務顯然加速了，因為亞馬遜的其他收入部門，主要由廣告銷售組成，在第二季度同比增長了 19%——高於第一季度的 4% 增長率。</p>
<h2>阿里巴巴：更便宜的估值——但有原因</h2>
<p>阿里巴巴最新的季度給投資者提供了一個明確（且樂觀）的數據點：雲業務加速增長，股票大幅上漲。其雲智能部門的收入同比增長了 26%，得益於連續第八個季度的人工智能相關產品收入同比增長三位數。</p>
<p>然而，阿里巴巴業務的整體情況更加複雜。總收入同比僅增長 2%，如果排除去年同期已出售業務的銷售，則增長 10%。此外，阿里巴巴的調整後息税折舊攤銷前利潤（EBITDA）同比下降了 14%，因為這家電子商務和雲計算公司加大了對其所謂的 “快速商業” 或超快遞送、用户體驗投資和人工智能的投入。這些鉅額投資也意味着自由現金流從去年同期的正值變為負值。</p>
<h2>明確的贏家</h2>
<p>這兩隻股票最終都可能成為長期贏家。但亞馬遜最終提供了更好的風險回報。</p>
<p>阿里巴巴在傳統估值倍數上更便宜（但在最近大幅上漲後比以前更貴），並通過回購和分紅返還了大量資本。這種較低的估值有助於彌補公司較低的增長和與中國疲弱的宏觀經濟背景相關的一些風險。確實，考慮到該股票的估值有多便宜（目前的市盈率僅為 15 倍），阿里巴巴在事後看來可能會成為一個便宜的選擇。但前提是中國經濟加速復甦，消費者和企業支出重新加速。如果發生這種情況，股價的上漲空間可能會非常巨大。但公司仍然需要向投資者證明一些事情，以獲得更高的估值倍數；它需要通過運營利潤率擴張和自由現金流改善來證明可擴展性，隨着阿里巴巴的增長。我們還沒有達到這一點。</p>
<p>最終，亞馬遜提供了更清晰、更可靠的佈局。該公司有三個相互強化的增長向量：零售、廣告和雲——這些驅動因素都可能在未來幾年對亞馬遜的業務產生重大貢獻。零售變得越來越快和便利，廣告進一步幫助公司實現電子商務客户的貨幣化，而 AWS 為投資者提供了一個快速增長、高利潤的業務催化劑。總的來説，亞馬遜廣泛的、規模化的盈利業務部門為投資者在考慮公司長期潛力時提供了更多的確定性。</p>
<p>如果今天我必須在這兩隻成長股中選擇一隻，我會選擇亞馬遜——儘管其市盈率約為 35 倍。運營勢頭更好，人工智能戰略與已經規模化的平台緊密相連，現金生成使公司在週期中有投資的空間。阿里巴巴是可投資的並且在改善，但執行門檻（最終風險）更高。</p>

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>投資者正在比較亞馬遜和阿里巴巴的增長潛力。亞馬遜的 AWS 收入增長強勁，增長率為 18%，運營利潤率為 32.9%；而阿里巴巴的雲收入增長了 26%，但整體收入僅增長了 2%。儘管亞馬遜的估值為 35 倍收益，但其在零售、廣告和雲服務方面的多元化增長提供了更可靠的投資選擇。阿里巴巴雖然更便宜，但面臨與中國經濟相關的風險，並需要證明其可擴展性和現金流改善。推薦傾向於亞馬遜作為更好的投資選擇</p>

<p>Investors looking for both strong business growth and massive addressable markets often end up at two familiar names: <strong>Amazon</strong>(AMZN 4.22%) and <strong>Alibaba</strong>(BABA -3.96%). Each has a powerful commerce engine, a fast-growing cloud platform, and a significant opportunity in AI infrastructure and applications.</p>
<div class="lb-trans"><p>尋找強勁業務增長和巨大的可尋址市場的投資者通常會關注兩個熟悉的名字：<strong>亞馬遜</strong>(AMZN 4.22%) 和 <strong>阿里巴巴</strong>(BABA -3.96%)。這兩家公司都有強大的商業引擎、快速增長的雲平台，以及在人工智能基礎設施和應用方面的重大機會。</p>
</div><p>But when you strip away headlines and focus on the operating results and the playbook for the next few years, one option stands out as the clear winner.</p>
<div class="lb-trans"><p>但是，當你剝離頭條新聞，專注於運營結果和未來幾年的戰略時，一個選項顯然脱穎而出，成為明確的贏家。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE4MjYvYW16bi1zdG9jay1hbWF6b24tYXdzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831826%2Famzn-stock-amazon-aws.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>Amazon: broad-based, profitable growth</h2>
<div class="lb-trans"><h2>亞馬遜：廣泛的、盈利的增長</h2>
</div><p>Amazon's latest quarter showed healthy top-line growth and strong profit execution. Revenue rose double digits, with both its North America and international year-over-year growth rates in top-line revenue accelerating significantly, and Amazon Web Services (AWS) expanding at a rate of nearly 18% year over year. Operating income climbed sharply as the company continues to drive efficiency across fulfillment and cloud. It's the kind of combination long-term investors want: growth with expanding earnings power.</p>
<div class="lb-trans"><p>亞馬遜最新的季度顯示出健康的收入增長和強勁的利潤執行。收入增長了兩位數，北美和國際的同比收入增長率顯著加快，亞馬遜網絡服務（AWS）的年增長率接近 18%。隨着公司繼續提高履約和雲服務的效率，運營收入大幅攀升。這是長期投資者所希望的組合：增長與擴大的盈利能力。</p>
</div><p>Furthermore, AWS's momentum and scale are extraordinary. The cloud-computing business's annualized revenue run rate is now just over $123 billion. The business has powerful momentum in AI. For generative AI solutions, specifically, Amazon CEO Andy Jassy said in its second-quarter earnings call that it is growing sales by a triple-digit year-over-year percentage and has &#34;more demand than we have supplied for at the moment.&#34;</p>
<div class="lb-trans"><p>此外，AWS 的勢頭和規模都非常驚人。雲計算業務的年化收入跑率現在剛剛超過 1230 億美元。該業務在人工智能方面具有強大的勢頭。亞馬遜首席執行官安迪·賈西在第二季度財報電話會議上表示，生成性人工智能解決方案的銷售同比增長了三位數的百分比，並且 “目前的需求超過了我們的供應。”</p>
</div><p>Highlighting the benefit of Amazon's scale, the cloud computing segment's operating margin remains robust -- at 32.9% (adjusted to exclude the impact of foreign exchange headwinds) in Q2 -- even as Amazon steps up investment in data centers, networking, and accelerators to meet AI demand.</p>
<div class="lb-trans"><p>強調亞馬遜規模的好處，雲計算部門的運營利潤率在第二季度仍然保持強勁——調整後為 32.9%（排除外匯逆風的影響），即使亞馬遜加大了對數據中心、網絡和加速器的投資，以滿足人工智能的需求。</p>
</div><p>Meanwhile, Amazon's online store segment, where the company records e-commerce sales, grew by 11% year over year in Q2 -- up from 5% growth in Q1. Similarly, the company's high-margin advertising business clearly accelerated because Amazon's other revenue segment, which primarily consists of advertising sales, grew 19% year over year in Q2 -- up from a growth rate of 4% in Q1.</p>
<div class="lb-trans"><p>與此同時，亞馬遜的在線商店部門，即公司記錄電子商務銷售的地方，在第二季度同比增長了 11%——高於第一季度的 5% 增長。同樣，公司的高利潤廣告業務顯然加速了，因為亞馬遜的其他收入部門，主要由廣告銷售組成，在第二季度同比增長了 19%——高於第一季度的 4% 增長率。</p>
</div><h2>Alibaba: A cheaper valuation -- but for a reason</h2>
<div class="lb-trans"><h2>阿里巴巴：更便宜的估值——但有原因</h2>
</div><p>Alibaba's latest quarter gave investors a clear (and bullish) data point: accelerated cloud growth and the stock ripped higher. Revenue in its cloud intelligence segment rose 26% year over year, powered by an eighth quarter in a row of triple-digit year-over-year growth in AI-related product revenue.</p>
<div class="lb-trans"><p>阿里巴巴最新的季度給投資者提供了一個明確（且樂觀）的數據點：雲業務加速增長，股票大幅上漲。其雲智能部門的收入同比增長了 26%，得益於連續第八個季度的人工智能相關產品收入同比增長三位數。</p>
</div><p>The overall picture of Alibaba's business, however, is more nuanced. Total revenue increased just 2% year over year, or 10% when excluding sales in the year-ago quarter from recently sold businesses. Further, Alibaba's adjusted earnings before interest, taxes, and amortization (EBITDA) fell 14% year over year as the e-commerce and cloud-computing company leaned into what it calls &#34;quick commerce,&#34; or ultra-fast delivery, broader user experience investments, and AI. These heavy investments also meant that free cash flow went from positive in the year-ago quarter to negative.</p>
<div class="lb-trans"><p>然而，阿里巴巴業務的整體情況更加複雜。總收入同比僅增長 2%，如果排除去年同期已出售業務的銷售，則增長 10%。此外，阿里巴巴的調整後息税折舊攤銷前利潤（EBITDA）同比下降了 14%，因為這家電子商務和雲計算公司加大了對其所謂的 “快速商業” 或超快遞送、用户體驗投資和人工智能的投入。這些鉅額投資也意味着自由現金流從去年同期的正值變為負值。</p>
</div><h2>A clear winner</h2>
<div class="lb-trans"><h2>明確的贏家</h2>
</div><p>Both stocks could end up being long-term winners. But Amazon ultimately offers the better risk-reward.</p>
<div class="lb-trans"><p>這兩隻股票最終都可能成為長期贏家。但亞馬遜最終提供了更好的風險回報。</p>
</div><p>Alibaba is cheaper on traditional valuation multiples (but more expensive than it used to be after its recent sharp move higher) and is returning significant capital via buybacks and dividends. This lower valuation helps make up for the company's lower growth and some of the risks associated with China's weak macroeconomic backdrop. Indeed, given how cheap the stock's valuations is (it currently trades at just 15 times earnings), Alibaba could end up being a bargain in hindsight. But only if China's economy picks up speed and consumer and enterprise spending reaccelerate. If this happens, the upside in the stock price could be massive. But the company still has some things it needs to prove to investors to command a higher valuation multiple; it needs to demonstrate scalability, shown by operating margin expansion and free cash flow improvement, as Alibaba grows. We're not there yet.</p>
<div class="lb-trans"><p>阿里巴巴在傳統估值倍數上更便宜（但在最近大幅上漲後比以前更貴），並通過回購和分紅返還了大量資本。這種較低的估值有助於彌補公司較低的增長和與中國疲弱的宏觀經濟背景相關的一些風險。確實，考慮到該股票的估值有多便宜（目前的市盈率僅為 15 倍），阿里巴巴在事後看來可能會成為一個便宜的選擇。但前提是中國經濟加速復甦，消費者和企業支出重新加速。如果發生這種情況，股價的上漲空間可能會非常巨大。但公司仍然需要向投資者證明一些事情，以獲得更高的估值倍數；它需要通過運營利潤率擴張和自由現金流改善來證明可擴展性，隨着阿里巴巴的增長。我們還沒有達到這一點。</p>
</div><p>Ultimately, Amazon offers the cleaner, more reliable setup. The company has three growth vectors that reinforce one another: retail, advertising, and cloud -- and each of these drivers will likely contribute substantially to Amazon's business in the coming years. Retail keeps getting faster and more convenient, ads help further monetize the company's e-commerce customers, and AWS offers investors a fast-growing, high-margin catalyst for the business. Together, Amazon's broad-based catalyst of scaled and profitable business segments provides investors with more certainty when thinking about the company's long-term potential.</p>
<div class="lb-trans"><p>最終，亞馬遜提供了更清晰、更可靠的佈局。該公司有三個相互強化的增長向量：零售、廣告和雲——這些驅動因素都可能在未來幾年對亞馬遜的業務產生重大貢獻。零售變得越來越快和便利，廣告進一步幫助公司實現電子商務客户的貨幣化，而 AWS 為投資者提供了一個快速增長、高利潤的業務催化劑。總的來説，亞馬遜廣泛的、規模化的盈利業務部門為投資者在考慮公司長期潛力時提供了更多的確定性。</p>
</div><p>If I had to pick just one of these two growth stocks today, I'd choose Amazon -- despite its higher valuation of about 35 times earnings. The operating momentum is better, the AI strategy is tied to an already scaled platform, and the cash generation gives the company room to invest through cycles. Alibaba is investable and improving, but the execution bar (and ultimately the risk) is higher.</p>
<div class="lb-trans"><p>如果今天我必須在這兩隻成長股中選擇一隻，我會選擇亞馬遜——儘管其市盈率約為 35 倍。運營勢頭更好，人工智能戰略與已經規模化的平台緊密相連，現金生成使公司在週期中有投資的空間。阿里巴巴是可投資的並且在改善，但執行門檻（最終風險）更高。</p>
</div>

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

- 亞馬遜和阿里巴巴在商業增長和市場機會方面備受關注。  
- 亞馬遜的雲計算業務年增長率接近 18%，而阿里巴巴雲業務增長 26%。  
- 亞馬遜提供更可靠的增長前景，投資者更傾向於選擇亞馬遜。  

目前更值得購買的成長股：亞馬遜還是阿里巴巴？