<p>九月來了，看起來美聯儲的聯邦公開市場委員會下週會議時可能會再次降低基準利率。許多股票，尤其是那些對利率特別敏感的公司的股票，已經在預期中上漲。</p>
<p>作為一家銀行和信用卡網絡，<strong>美國運通</strong>（AXP -0.28%）對利率非常敏感。去年它的表現非常突出，漲幅達到 58%，而今年迄今的漲幅大致與 <strong>標準普爾 500 指數</strong> 相當。如果聯邦基金利率如預期被削減，美國運通可能會大幅受益，其股票可能會再次表現優異。</p>
<h2>在金融領域脱穎而出</h2>
<p>美國運通以其信用卡和收費卡而聞名，但該公司已經遠不止於此。它擁有一個大型銀行業務部門，與其卡網絡協同工作，形成一個閉環模型，但每個部門為整體增添了獨特的價值。</p>
<p>美國運通的目標客户是重視其卡片獎勵計劃的高端客户，這些計劃提供旅行優惠和積分，以及在高檔購物地點和餐廳的折扣。公司向持卡人收取年費以獲得這些特權，而費用收入是其商業模式的重要組成部分。作為一家銀行，美國運通的目標是小型企業，並提供比許多大型機構更具個性化的體驗。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>該銀行還向使用其卡片的人提供信用，因此不需要與合作機構合作。這也使得美國運通能夠在不同的經濟環境中表現良好。當利率較高時，它在存款上獲得更多的淨利息收入。當經濟表現良好，客户消費增加時，它蓬勃發展。然而，當經濟承壓時，它通常表現出韌性，因為其核心客户有更多的錢可花，並且無論宏觀經濟條件如何，它都會收取年費。這一重要的經常性收入流保持了其利潤的穩定增長。</p>
<h2>獲得動力</h2>
<p>這一切在 2025 年第二季度完美展現。儘管持續的宏觀經濟壓力，美國運通的收入同比增長了 9%（貨幣中性），調整後的每股收益增長了 17%。卡片費用增長了 20%，佔總收入的近 14%。</p>
<p>該季度的卡會員消費創下紀錄，對高端產品的需求也很高。公司經常 “更新” 其卡片產品和優惠，以保持相關性並吸引新會員，並表示將在秋季推出對其美國業務和個人白金卡的 “重大升級”。如果這與由於利率降低而獲得更多資金的機會相吻合，可能會成為強勁增長的良方。</p>
<p>它還更加關注吸引年輕人，這也取得了成效。在第二季度，卡會員消費同比增長了 7%，而 Z 世代的消費增長了 39%，千禧一代的消費增長了 10%。儘管 X 世代仍佔所有年齡類別中消費總額的最大份額（36%），但年輕類別的更高增長預示着銀行的未來前景良好。</p>
<h2>巴菲特的長期寵兒</h2>
<p>沃倫·巴菲特讚揚美國運通的全球品牌，以及它不需要花費大量資金就能賺取豐厚利潤的事實。他還喜歡投資那些支付股息並通過股票回購計劃回饋股東的公司。美國運通的股息在當前價格下為 0.9%。這並不是一個高收益，但其分紅可靠，管理層在維持或提高分紅方面有着悠久的記錄，並且在第二季度回購了 14 億美元的股票。美國運通是巴菲特股票的典範，他經常將其作為優秀企業的例子。</p>
<p>如果美聯儲如預期在本月降低利率，美國運通的股票應該會大幅上漲。更重要的是，經濟活動的增加應該會促進其業務。</p>

美國運通

<p>美國運通（AXP）在九月份被強調為值得購買的頂級股票，特別是在美聯儲可能降息的背景下。該公司以其信用卡和收費卡而聞名，在各種經濟條件下表現出韌性，2025 年第二季度收入增長了 9%，調整後的每股收益增長了 17%。美國運通的目標客户羣是高端客户，並且在年輕人羣體中實現了顯著增長。沃倫·巴菲特對該股票表示支持，認為其可靠的股息和股票回購計劃使其具有吸引力，並預測在預期的降息情況下，股票可能會大幅上漲</p>

<p>September is here, and it looks like the Federal Reserve's Federal Open Market Committee just might lower its benchmark interest rate again when it meets next week. Many stocks, especially those of companies that are particularly sensitive to interest rates, are already climbing in anticipation.</p>
<div class="lb-trans"><p>九月來了，看起來美聯儲的聯邦公開市場委員會下週會議時可能會再次降低基準利率。許多股票，尤其是那些對利率特別敏感的公司的股票，已經在預期中上漲。</p>
</div><p>As a bank and credit card network, <strong>American Express</strong>(AXP -0.28%) is very sensitive to interest rates. It was a standout stock last year, gaining 58%, and its gains so far this year are roughly in line with the <strong>S&amp;P 500</strong>. If the federal funds rate gets the expected cut, Amex could benefit in a big way, and its stock could start to outperform again.</p>
<div class="lb-trans"><p>作為一家銀行和信用卡網絡，<strong>美國運通</strong>（AXP -0.28%）對利率非常敏感。去年它的表現非常突出，漲幅達到 58%，而今年迄今的漲幅大致與 <strong>標準普爾 500 指數</strong> 相當。如果聯邦基金利率如預期被削減，美國運通可能會大幅受益，其股票可能會再次表現優異。</p>
</div><h2>Standing out in finance</h2>
<div class="lb-trans"><h2>在金融領域脱穎而出</h2>
</div><p>American Express is known for its credit and charge cards, but the company has become a lot more than that. It has a large banking segment that works together with its card network to create a closed-loop model, but each segment adds its own unique value to the whole.</p>
<div class="lb-trans"><p>美國運通以其信用卡和收費卡而聞名，但該公司已經遠不止於此。它擁有一個大型銀行業務部門，與其卡網絡協同工作，形成一個閉環模型，但每個部門為整體增添了獨特的價值。</p>
</div><p>American Express targets an upscale clientele that prizes its card rewards programs, which offer travel perks and points, as well as discounts at premium shopping locations and restaurants. The company charges annual fees to cardholders for these privileges, and the fee income is a major part of its model. As a bank, American Express targets small businesses and offers a more boutique experience than many larger institutions.</p>
<div class="lb-trans"><p>美國運通的目標客户是重視其卡片獎勵計劃的高端客户，這些計劃提供旅行優惠和積分，以及在高檔購物地點和餐廳的折扣。公司向持卡人收取年費以獲得這些特權，而費用收入是其商業模式的重要組成部分。作為一家銀行，美國運通的目標是小型企業，並提供比許多大型機構更具個性化的體驗。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTIvdHdvLXBlb3BsZS13aXRoLWNyZWRpdC1jYXJkcy1hbmQtYS1zbWFydHBob25lLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831612%2Ftwo-people-with-credit-cards-and-a-smartphone.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>The bank also provides the credit to people using its cards, so it doesn't need to work with partner institutions. This also makes American Express a business that can perform well in different economic environments. When interest rates are higher, it makes more net interest income on its deposits. When the economy is doing well and customers are spending, it thrives. However, it usually demonstrates resilience when the economy is under pressure since its core customers have more money to spend, and since it collects its annual fees regardless of the macro conditions. That important recurring revenue stream keeps its profits coming in smoothly.</p>
<div class="lb-trans"><p>該銀行還向使用其卡片的人提供信用，因此不需要與合作機構合作。這也使得美國運通能夠在不同的經濟環境中表現良好。當利率較高時，它在存款上獲得更多的淨利息收入。當經濟表現良好，客户消費增加時，它蓬勃發展。然而，當經濟承壓時，它通常表現出韌性，因為其核心客户有更多的錢可花，並且無論宏觀經濟條件如何，它都會收取年費。這一重要的經常性收入流保持了其利潤的穩定增長。</p>
</div><h2>Gaining momentum</h2>
<div class="lb-trans"><h2>獲得動力</h2>
</div><p>This all played out perfectly in 2025's second quarter. American Express's revenue increased 9% year over year (currency neutral) despite continued macroeconomic pressure, and adjusted earnings per share were up 17%. Card fees increased by 20% and accounted for almost 14% of the total.</p>
<div class="lb-trans"><p>這一切在 2025 年第二季度完美展現。儘管持續的宏觀經濟壓力，美國運通的收入同比增長了 9%（貨幣中性），調整後的每股收益增長了 17%。卡片費用增長了 20%，佔總收入的近 14%。</p>
</div><p>There was record cardmember spending in the quarter and high demand for premium products. The company frequently &#34;refreshes&#34; its card offerings and perks to stay relevant and attract new members, and it said it's going to launch a &#34;major upgrade&#34; to its U.S. business and personal platinum cards in the fall. If that coincides with greater access to money due to lower interest rates, it could be a recipe for robust growth.</p>
<div class="lb-trans"><p>該季度的卡會員消費創下紀錄，對高端產品的需求也很高。公司經常 “更新” 其卡片產品和優惠，以保持相關性並吸引新會員，並表示將在秋季推出對其美國業務和個人白金卡的 “重大升級”。如果這與由於利率降低而獲得更多資金的機會相吻合，可能會成為強勁增長的良方。</p>
</div><p>It's also focusing more on appealing to younger people, and that's paying off. While there was 7% increase year over year in cardmember spending in the second quarter, there was a 39% in Gen Z spending, and a 10% increase in millennial spending. Gen X still accounted for the most total spending of any age category at 36%, but the higher growth in younger categories bodes well for the bank's future.</p>
<div class="lb-trans"><p>它還更加關注吸引年輕人，這也取得了成效。在第二季度，卡會員消費同比增長了 7%，而 Z 世代的消費增長了 39%，千禧一代的消費增長了 10%。儘管 X 世代仍佔所有年齡類別中消費總額的最大份額（36%），但年輕類別的更高增長預示着銀行的未來前景良好。</p>
</div><h2>A longtime Buffett favorite</h2>
<div class="lb-trans"><h2>巴菲特的長期寵兒</h2>
</div><p>Warren Buffett has praised American Express' global brand and the fact that it doesn't have to spend a lot of money to make a lot of money. He also loves to invest in companies that pay dividends and give back to shareholders through stock repurchase programs. American Express' dividend yields 0.9% at the current price. That's not a high yield, but its payouts are reliable, management has a long track record of maintaining or hiking them, and it repurchased $1.4 billion in stock in the second quarter. American Express is the paradigm of the Buffett stock, and he frequently references it as an example of a great business.</p>
<div class="lb-trans"><p>沃倫·巴菲特讚揚美國運通的全球品牌，以及它不需要花費大量資金就能賺取豐厚利潤的事實。他還喜歡投資那些支付股息並通過股票回購計劃回饋股東的公司。美國運通的股息在當前價格下為 0.9%。這並不是一個高收益，但其分紅可靠，管理層在維持或提高分紅方面有着悠久的記錄，並且在第二季度回購了 14 億美元的股票。美國運通是巴菲特股票的典範，他經常將其作為優秀企業的例子。</p>
</div><p>If the Fed cuts interest rates as expected this month, American Express stock should jump. More importantly, higher economic activity should boost its business.</p>
<div class="lb-trans"><p>如果美聯儲如預期在本月降低利率，美國運通的股票應該會大幅上漲。更重要的是，經濟活動的增加應該會促進其業務。</p>
</div>

1 Warren Buffett Stock to Buy Hand Over Fist in September

- 美國聯邦儲備可能在下週降低基準利率，股票市場已提前反應。  
- 美國運通在 2025 年第二季度收入同比增長 9%，調整後每股收益上升 17%。  
- 若利率降低，預計美國運通股票將上漲，經濟活動也將提升其業務。

9 月份值得大量買入的一隻沃倫·巴菲特股票