<p>根據 S&amp;P Global Market Intelligence 提供的數據，<strong>美國運通</strong>（AXP 2.11%）的股票在 8 月份上漲了 11%。這家信用卡和銀行巨頭受益於市場樂觀情緒的提升，因為預計美聯儲將降低利率。</p>
<h2>針對富裕客户的信用卡</h2>
<p>美國運通已在高端信用卡市場中佔據了一席之地，為高端客户提供收費產品，並附帶備受追捧的獎勵計劃。儘管其卡會員數量僅佔競爭對手 <strong>Visa</strong> 的一小部分，但其收入幾乎是 Visa 的兩倍。其卡會員消費能力強，在壓力下更具韌性，這也使得美國運通更具韌性。</p>
<p>在 2025 年第二季度，收入同比增長 9%（貨幣中性），調整後的每股收益（EPS）增長了 17%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>美國運通在多個方面與其他信用卡網絡有所不同。其中之一是專注於富裕消費者，另一個是其閉環模式。它並不與合作銀行或金融機構合作為客户提供信用，而是充當自己的銀行。這使其對模型擁有更大的控制權，並擴展了其平台。與其他網絡相比，它擁有豐富多樣的收入來源。</p>
<p>它還通過存款獲利，這導致淨利息收入和整體淨收入更高。</p>
<p>該公司另一個區別於其他公司的方式是其強大的獎勵計劃和隨之而來的年費。第二季度的費用收入同比增長 20%，佔總收入的 13% 以上。</p>
<h2>低利率應促進業務發展</h2>
<p>低利率通常會促進經濟活動，因為資金成本更低，因此更容易獲得。公司可以更輕鬆地借款，當資金充裕時，它們往往會擴展業務。個人在償還信用卡成本較低時也更傾向於消費。</p>
<p>這在多個方面對美國運通有利。更高的經濟活動有利於消費，而有錢的人也更可能申請新的收費卡。這也意味着其違約率應該會降低。它們通常是行業最佳，隨着利率開始從高位回落，違約率已經在改善。</p>
<p>美國運通幾十年來一直是一隻可靠的股票，並且還支付不斷增長的股息。它是沃倫·巴菲特最喜歡和持有時間最長的股票之一，並且仍然可以為新老股東提供價值。</p>

美國運通

<p>美國運通（AXP）在八月份的股價上漲了 11%，這主要受到市場對美聯儲可能降息的樂觀情緒推動。該公司面向富裕客户，報告了 2025 年第二季度收入同比增長 9%，調整後每股收益增長 17%。其獨特的閉環模式和強大的獎勵計劃為其強勁的財務表現做出了貢獻。預計較低的利率將促進經濟活動，從而通過增加消費和降低違約率使美國運通受益。該股票仍然是一個可靠的投資，受到沃倫·巴菲特的青睞，並且股息不斷增長</p>

<p>Shares of <strong>American Express</strong>(AXP 2.11%) stock jumped 11% in August, according to data provided by S&amp;P Global Market Intelligence. The credit card and banking giant is benefiting from increased market optimism as the Federal Reserve is expected to lower interest rates.</p>
<div class="lb-trans"><p>根據 S&amp;P Global Market Intelligence 提供的數據，<strong>美國運通</strong>（AXP 2.11%）的股票在 8 月份上漲了 11%。這家信用卡和銀行巨頭受益於市場樂觀情緒的提升，因為預計美聯儲將降低利率。</p>
</div><h2>The credit card for the affluent customer</h2>
<div class="lb-trans"><h2>針對富裕客户的信用卡</h2>
</div><p>American Express has carved out a niche as an elite credit card provider, servicing an upscale clientele with fee-based products that come with a coveted rewards program. Although it has only a fraction of competitor <strong>Visa</strong>'s card membership, it has nearly double Visa's revenue. Its cardmembers are high spenders, and they're more resilient when there's pressure, making American Express resilient, too.</p>
<div class="lb-trans"><p>美國運通已在高端信用卡市場中佔據了一席之地，為高端客户提供收費產品，並附帶備受追捧的獎勵計劃。儘管其卡會員數量僅佔競爭對手 <strong>Visa</strong> 的一小部分，但其收入幾乎是 Visa 的兩倍。其卡會員消費能力強，在壓力下更具韌性，這也使得美國運通更具韌性。</p>
</div><p>In the 2025 second quarter, revenue increased 9% year over year (currency neutral), and adjusted earnings per share (EPS) were up 17%.</p>
<div class="lb-trans"><p>在 2025 年第二季度，收入同比增長 9%（貨幣中性），調整後的每股收益（EPS）增長了 17%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5NzQvcHJlZ25hbnQtd29tYW4tb25saW5lLXNob3BwaW5nLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831974%2Fpregnant-woman-online-shopping-1200x800-5b2df79.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><p>American Express stands out from other credit card networks in several ways. One is the focus on the affluent consumer, and another is its closed-loop model. Instead of working with partnering banks or financial institutions to provide the credit for its customers to make purchases on its network, it acts as its own bank. That gives it greater control over the model and expands its platform. In contrast with other networks, it has a large and varied stream of revenue.</p>
<div class="lb-trans"><p>美國運通在多個方面與其他信用卡網絡有所不同。其中之一是專注於富裕消費者，另一個是其閉環模式。它並不與合作銀行或金融機構合作為客户提供信用，而是充當自己的銀行。這使其對模型擁有更大的控制權，並擴展了其平台。與其他網絡相比，它擁有豐富多樣的收入來源。</p>
</div><p>It also makes money on deposits, which leads to higher net interest income and higher overall net income.</p>
<div class="lb-trans"><p>它還通過存款獲利，這導致淨利息收入和整體淨收入更高。</p>
</div><p>Another way the company differentiates itself is with its robust rewards program and accompanying annual fees. Fee revenue increased 20% year over year in the second quarter and accounted for more than 13% of revenue.</p>
<div class="lb-trans"><p>該公司另一個區別於其他公司的方式是其強大的獎勵計劃和隨之而來的年費。第二季度的費用收入同比增長 20%，佔總收入的 13% 以上。</p>
</div><h2>Low interest rates should boost business</h2>
<div class="lb-trans"><h2>低利率應促進業務發展</h2>
</div><p>Lower interest rates generally boost economic activity, because money is cheaper and therefore easier to come by. Companies can borrow more easily, and they tend to expand their operations when money is plentiful. Individuals tend to spend more when it's cheaper to service their credit.</p>
<div class="lb-trans"><p>低利率通常會促進經濟活動，因為資金成本更低，因此更容易獲得。公司可以更輕鬆地借款，當資金充裕時，它們往往會擴展業務。個人在償還信用卡成本較低時也更傾向於消費。</p>
</div><p>This works in American Express' favor in several ways. Higher economic activity is good for spending, and people with money are also more likely to take out new fee-based cards. It also means its default rates should go lower. They're generally best-in-class, and since interest rates have started to come down from highs, they're already improving.</p>
<div class="lb-trans"><p>這在多個方面對美國運通有利。更高的經濟活動有利於消費，而有錢的人也更可能申請新的收費卡。這也意味着其違約率應該會降低。它們通常是行業最佳，隨着利率開始從高位回落，違約率已經在改善。</p>
</div><p>American Express has been a reliable stock for decades, and it also pays a growing dividend. It's one of Warren Buffett's favorite and longest-held stocks, and it can still provide value for new and current shareholders.</p>
<div class="lb-trans"><p>美國運通幾十年來一直是一隻可靠的股票，並且還支付不斷增長的股息。它是沃倫·巴菲特最喜歡和持有時間最長的股票之一，並且仍然可以為新老股東提供價值。</p>
</div>

Why American Express Stock Gained 11% in August

- 美國運通 (AXP) 股票在 8 月上漲 11%。  
- 該公司受益於市場對美聯儲降息的樂觀預期。  
- 2025 年第二季度，收入同比增長 9%，調整後每股收益增長 17%。

為什麼美國運通的股票在八月份上漲了 11%？