<p>如果對市場上許多熱門股票的高估值感到猶豫不決，你並不孤單。許多投資者在觀望，擔心市場調整，同時又擔心錯過進一步上漲的機會。</p>
<p>解決方案是：稍微偏離一下主流市場。市場的整體高估值主要集中在與人工智能（AI）行業相關的大型美國科技公司。其他大多數股票在各個地方仍然相對可負擔，其中許多公司都是引人注目的增長潛力。</p>
<p><strong>阿里巴巴集團</strong>（BABA 8.08%）是這些公司中最優秀的之一，原因有四個。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2MjEvaW52ZXN0aW5nLXNjcmVlbi1hbmFseXNpcy1pbnZlc3Rvci1ncm93dGgtc3RvY2tzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2MjEvaW52ZXN0aW5nLXNjcmVlbi1hbmFseXNpcy1pbnZlc3Rvci1ncm93dGgtc3RvY2tzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>它的業務範圍廣泛</h2>
<p>你所熟知的阿里巴巴，就是中國在線購物平台天貓和淘寶的母公司，這兩個平台共同佔據了中國電商市場約 40% 的份額。你可能也熟悉它的 AliExpress，它將中國製造商與海外消費者連接起來。</p>
<p>然後還有你不太瞭解的阿里巴巴。該公司還管理着一個規模可觀的雲計算業務，正在深入人工智能領域，一個類似 YouTube 的流媒體視頻平台優酷，一個名為菜鳥的物流部門，以及在醫療、通信、健身和現場娛樂行業的業務。</p>
<p>在許多方面，它就像北美的 <strong>亞馬遜</strong>，利用其在多種業務中的影響力，將消費者引入一個更大的生態系統。</p>
<h2>而且它在不斷擴展這個網絡</h2>
<p>當然，如果任何一個利潤中心的增長機會都很糟糕，那麼經營多個互補的利潤中心也沒有意義。幸運的是，阿里巴巴最重要的市場正面臨良好的增長前景。</p>
<p>一些投資者可能會不同意，指出上個月中國的出口疲軟，緊隨其後的是 7 月份令人失望的零售銷售。同時，中國的房地產市場仍在掙扎，價格仍處於多年低點。</p>
<p>現在退一步看更大的圖景。雖然 8 月份中國對美國的出口可能有所下降，但同比仍增長了 4.4%——只是從 7 月份炙手可熱的 7.2% 增長速度回落。</p>
<p>7 月份中國的零售銷售同比也增長了 3.7%，僅僅低於分析師對 4.6% 增長的預期，這一預期是基於 5 月和 6 月異常強勁的消費支出。請記住，去年中期中國的零售支出異常低迷，為今年的誇張增長奠定了基礎。</p>
<p>還要記住，7 月份中國的工業產出同比增長了 5.7%，在 6 月份增長 6.8% 的情況下，似乎並未受到房地產問題的影響。</p>
<p>關鍵是，儘管中國經濟的某些部分可能會遇到短期的逆風，但總體上其實表現得相當不錯——根據路透社的報道，當前季度的整體經濟增長率為 4.5%，預計第四季度將增長 4%。這比近期的增長率慢，但仍然穩健，當然也比世界其他大部分地區，包括美國的經濟增長要好。</p>
<p>在一定程度上，經濟逆風可能會抑制中國消費者支出，而這對阿里巴巴至關重要，但它們似乎並未影響市場的在線部分。尼爾森 IQ 報告稱，儘管中國快速消費品的整體銷售在第二季度僅增長了 3.4%，但這些商品的在線銷售同比飆升了 16.2%。</p>
<h2>它正在為引領中國在全球 AI 市場的份額而佈局</h2>
<p>儘管消費者支出可能是阿里巴巴目前最大的收入驅動因素，但人工智能的崛起以及對雲計算解決方案的需求，可能使這一部門成為公司增長最快、最盈利的業務。阿里巴巴的雲業務在今年第二季度增長了公司領先的 26%。</p>
<p>然而，最好的可能還在後頭。</p>
<p>你看，該公司不僅在服務中國的人工智能行業。它還在從零開始幫助構建這個行業。阿里巴巴的 AI 聊天應用 Qwen，類似於 OpenAI 的 ChatGPT，將與在中國銷售的 <strong>蘋果</strong>iPhone 原生兼容，或許會建立一個其他面向消費者的科技公司也會複製的商業關係。Qwen 還能夠滿足阿里巴巴第三方在線賣家的商業需求。</p>
<p>該公司甚至正在開發自己的高性能計算處理器，作為北京鼓勵的努力的一部分，以減少對 <strong>英偉達</strong> 和 <strong>英特爾</strong> 等美國半導體公司的依賴。</p>
<p>也不要低估中國集體發展自身人工智能產業的能力，既用於自身，也用於向國境以外的客户營銷。正如 <strong>摩根士丹利</strong> 分析師最近指出的，中國本土的人工智能努力正在 “喚醒一頭沉睡的巨人”。順便提一下，摩根士丹利的分析師還補充説，人工智能的使用可能在未來兩到三年內為中國的 GDP 增長率增加 20 到 30 個基點，推動消費者支出超出當前預期。</p>
<p>阿里巴巴當然在這一增長的各個方面都處於良好的位置。</p>
<h2>阿里巴巴的股票出奇地便宜</h2>
<p>也許這個故事中最令人驚訝的部分是什麼？你可以以微不足道的價格投資這個不斷增長的電子商務和人工智能巨頭。與像 Nvidia 或軟件巨頭 <strong>Microsoft</strong> 這樣估值高昂的股票不同，阿里巴巴的股票（技術上是美國存託憑證）目前的價格不到明年預期收益的 20 倍，儘管預計明年其營收和淨利潤增長將在經歷今年的小幅停滯後加速。</p>
<p>分析師們認為阿里巴巴的股票便宜。目前的共識目標價為 164.63 美元，比該股票最近的價格高出 13%。這並不是一個巨大的差異，但由於上週該股票在財報發佈後的巨大上漲，這一差距幾乎減半。一旦分析師有機會全面評估其第二季度報告並對其觀點做出任何樂觀的調整，不要驚訝於這個平均目標價的逐步上升。</p>

阿里巴巴

阿里巴巴-W

2 倍做多阿里巴巴 ETF - KraneShares

BABO

2 倍做多 BABA ETF - GraniteShares

<p>這篇文章討論了投資阿里巴巴集團（BABA）的四個有力理由，強調其多元化的商業模式，包括電子商務、雲計算和人工智能。儘管對中國經濟挑戰的擔憂，阿里巴巴仍然具備增長潛力，特別是在在線銷售和人工智能發展方面。阿里巴巴的雲業務正在快速擴展，其人工智能項目，如 Qwen 聊天應用，預計將提升其市場地位。分析師指出，中國的人工智能產業正在崛起，為阿里巴巴帶來了重大機遇</p>

<p>If steep valuations for many of the market's most popular stocks have you wary of stepping into any of them, you're not alone. Plenty of investors are on the sidelines here, fearing a correction, yet simultaneously worried about missing out on more upside.</p>
<div class="lb-trans"><p>如果對市場上許多熱門股票的高估值感到猶豫不決，你並不孤單。許多投資者在觀望，擔心市場調整，同時又擔心錯過進一步上漲的機會。</p>
</div><p>There is a solution: Just look a bit off the beaten path. The market's outrageous overall valuation is largely limited to massive U.S. technology companies with exposure to the artificial intelligence (AI) industry. Most everything else, everywhere else, is still reasonably affordable, with many of these names being compelling growth prospects.</p>
<div class="lb-trans"><p>解決方案是：稍微偏離一下主流市場。市場的整體高估值主要集中在與人工智能（AI）行業相關的大型美國科技公司。其他大多數股票在各個地方仍然相對可負擔，其中許多公司都是引人注目的增長潛力。</p>
</div><p><strong>Alibaba Group</strong>(BABA 8.08%) is one of the best of the best of these other names, for four specific reasons.</p>
<div class="lb-trans"><p><strong>阿里巴巴集團</strong>（BABA 8.08%）是這些公司中最優秀的之一，原因有四個。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzI2MjEvaW52ZXN0aW5nLXNjcmVlbi1hbmFseXNpcy1pbnZlc3Rvci1ncm93dGgtc3RvY2tzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832621%2Finvesting-screen-analysis-investor-growth-stocks.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>It casts a wide net</h2>
<div class="lb-trans"><h2>它的業務範圍廣泛</h2>
</div><p>There's the Alibaba you know. That's the parent to China's online shopping platforms Tmall and Taobao, which collectively account for about 40% of China's total e-commerce. You may also be familiar with its AliExpress, which connects China's manufacturers with overseas consumers.</p>
<div class="lb-trans"><p>你所熟知的阿里巴巴，就是中國在線購物平台天貓和淘寶的母公司，這兩個平台共同佔據了中國電商市場約 40% 的份額。你可能也熟悉它的 AliExpress，它將中國製造商與海外消費者連接起來。</p>
</div><p>Then there's the Alibaba you <em>don't</em> know. The company also manages a sizable cloud computing business that's wading deeper into artificial intelligence, a YouTube-like streaming video platform known as YouKu, a logistics arm called Cainiao, and businesses in the healthcare, communications, fitness, and live entertainment industries.</p>
<div class="lb-trans"><p>然後還有你不太瞭解的阿里巴巴。該公司還管理着一個規模可觀的雲計算業務，正在深入人工智能領域，一個類似 YouTube 的流媒體視頻平台優酷，一個名為菜鳥的物流部門，以及在醫療、通信、健身和現場娛樂行業的業務。</p>
</div><p>In many ways it's like <strong>Amazon</strong> in North America, leveraging its reach into several different kinds of businesses to funnel consumers into a much larger ecosystem.</p>
<div class="lb-trans"><p>在許多方面，它就像北美的 <strong>亞馬遜</strong>，利用其在多種業務中的影響力，將消費者引入一個更大的生態系統。</p>
</div><h2>And it's casting that net in an ever-expanding ocean</h2>
<div class="lb-trans"><h2>而且它在不斷擴展這個網絡</h2>
</div><p>Operating several complementary profit centers doesn't do any good if the opportunity for growth for any of them is lousy, of course. Fortunately, Alibaba's most important market is facing solid growth prospects.</p>
<div class="lb-trans"><p>當然，如果任何一個利潤中心的增長機會都很糟糕，那麼經營多個互補的利潤中心也沒有意義。幸運的是，阿里巴巴最重要的市場正面臨良好的增長前景。</p>
</div><p>Some investors might disagree, pointing to last month's weak exports (from China) following the country's disappointing retail sales in July. Meanwhile, China's real estate market continues to struggle, with prices still making multiyear lows.</p>
<div class="lb-trans"><p>一些投資者可能會不同意，指出上個月中國的出口疲軟，緊隨其後的是 7 月份令人失望的零售銷售。同時，中國的房地產市場仍在掙扎，價格仍處於多年低點。</p>
</div><p>Now take a step back and look at the bigger picture. China's exports to the United States in August may have fallen, in a manner of speaking, but they were still up 4.4% year over year -- they simply fell from July's red-hot growth pace of 7.2%.</p>
<div class="lb-trans"><p>現在退一步看更大的圖景。雖然 8 月份中國對美國的出口可能有所下降，但同比仍增長了 4.4%——只是從 7 月份炙手可熱的 7.2% 增長速度回落。</p>
</div><p>July's retail sales in China were also up a solid 3.7% year over year, merely falling short of analysts' estimates for 4.6% growth based on unusually strong consumer spending in May and June. Just bear in mind that China's retail spending in the middle of last year was unusually light, setting the stage for exaggerated growth this year.</p>
<div class="lb-trans"><p>7 月份中國的零售銷售同比也增長了 3.7%，僅僅低於分析師對 4.6% 增長的預期，這一預期是基於 5 月和 6 月異常強勁的消費支出。請記住，去年中期中國的零售支出異常低迷，為今年的誇張增長奠定了基礎。</p>
</div><p>Also remember that China's industrial output improved 5.7% year over year in July, after growing 6.8% in June, seemingly unfazed by real estate woes.</p>
<div class="lb-trans"><p>還要記住，7 月份中國的工業產出同比增長了 5.7%，在 6 月份增長 6.8% 的情況下，似乎並未受到房地產問題的影響。</p>
</div><p>The point is, while some parts of China's economy may be bumping into an occasional short-lived headwind, on balance it's actually doing pretty well -- well enough to drive overall economic growth of 4.5% in the quarter currently underway, according to Reuters, followed by 4% growth in Q4. That's slower than recent growth rates, but still solid, and certainly still more economic growth than you'll find in most other corners of the world, including within the United States.</p>
<div class="lb-trans"><p>關鍵是，儘管中國經濟的某些部分可能會遇到短期的逆風，但總體上其實表現得相當不錯——根據路透社的報道，當前季度的整體經濟增長率為 4.5%，預計第四季度將增長 4%。這比近期的增長率慢，但仍然穩健，當然也比世界其他大部分地區，包括美國的經濟增長要好。</p>
</div><p>To the extent that economic headwinds <em>might</em> stifle China's consumer spending, which is so important to Alibaba, they don't appear to be affecting the online sliver of the market. Nielsen IQ reports that while China's sales of fast-moving consumer goods improved a ho-hum 3.4% overall in Q2, online sales of these goods soared 16.2% year over year.</p>
<div class="lb-trans"><p>在一定程度上，經濟逆風可能會抑制中國消費者支出，而這對阿里巴巴至關重要，但它們似乎並未影響市場的在線部分。尼爾森 IQ 報告稱，儘管中國快速消費品的整體銷售在第二季度僅增長了 3.4%，但這些商品的在線銷售同比飆升了 16.2%。</p>
</div><h2>It's positioning to lead China's piece of the global AI market</h2>
<div class="lb-trans"><h2>它正在為引領中國在全球 AI 市場的份額而佈局</h2>
</div><p>Although consumer spending may be Alibaba's biggest revenue driver right now, the rise of artificial intelligence -- and the subsequent demand for cloud computing solutions -- could make this arm the company's fastest-growing and most profitable venture. Alibaba's cloud business grew a company-leading 26% during the second quarter of this year.</p>
<div class="lb-trans"><p>儘管消費者支出可能是阿里巴巴目前最大的收入驅動因素，但人工智能的崛起以及對雲計算解決方案的需求，可能使這一部門成為公司增長最快、最盈利的業務。阿里巴巴的雲業務在今年第二季度增長了公司領先的 26%。</p>
</div><p>The best, however, may be yet to come.</p>
<div class="lb-trans"><p>然而，最好的可能還在後頭。</p>
</div><p>See, the company's not just serving China's artificial intelligence industry. It's helping build it from the ground up. Alibaba's AI-powered chat app, Qwen, which is comparable to OpenAI's ChatGPT, will natively work with <strong>Apple</strong>'s iPhones sold in China, perhaps establishing a business relationship that will be replicated by other consumer-facing technology outfits. Qwen is also capable of meeting the business needs of Alibaba's third-party online sellers.</p>
<div class="lb-trans"><p>你看，該公司不僅在服務中國的人工智能行業。它還在從零開始幫助構建這個行業。阿里巴巴的 AI 聊天應用 Qwen，類似於 OpenAI 的 ChatGPT，將與在中國銷售的 <strong>蘋果</strong>iPhone 原生兼容，或許會建立一個其他面向消費者的科技公司也會複製的商業關係。Qwen 還能夠滿足阿里巴巴第三方在線賣家的商業需求。</p>
</div><p>The company's even building its own high-performance computer processor as part of a Beijing-encouraged effort to wean itself from dependence on technology made by American semiconductor outfits like <strong>Nvidia</strong> and <strong>Intel</strong>.</p>
<div class="lb-trans"><p>該公司甚至正在開發自己的高性能計算處理器，作為北京鼓勵的努力的一部分，以減少對 <strong>英偉達</strong> 和 <strong>英特爾</strong> 等美國半導體公司的依賴。</p>
</div><p>Don't dismiss China's collective ability to develop its own artificial intelligence industry, either, to use itself and to market to customers beyond the country's own borders. As <strong>Morgan Stanley</strong> analysts recently noted of China's homegrown AI efforts, &#34;a sleeping giant awakens.&#34; And by the way, Morgan Stanley's analysts add that the use of artificial intelligence could add between 20 and 30 basis points to China's GDP growth rate over the next two to three years, spurring consumer spending more than is currently expected.</p>
<div class="lb-trans"><p>也不要低估中國集體發展自身人工智能產業的能力，既用於自身，也用於向國境以外的客户營銷。正如 <strong>摩根士丹利</strong> 分析師最近指出的，中國本土的人工智能努力正在 “喚醒一頭沉睡的巨人”。順便提一下，摩根士丹利的分析師還補充説，人工智能的使用可能在未來兩到三年內為中國的 GDP 增長率增加 20 到 30 個基點，推動消費者支出超出當前預期。</p>
</div><p>Alibaba is, of course, well positioned to feature prominently in all aspects of this growth.</p>
<div class="lb-trans"><p>阿里巴巴當然在這一增長的各個方面都處於良好的位置。</p>
</div><h2>Alibaba stock is surprisingly cheap</h2>
<div class="lb-trans"><h2>阿里巴巴的股票出奇地便宜</h2>
</div><p>Perhaps the most surprising part of the story? You can buy into this growing e-commerce and artificial intelligence powerhouse for little more than a song. Unlike steeply valued stocks like Nvidia or software giant <strong>Microsoft</strong>, Alibaba shares (technically American depositary receipts) are currently priced at less than 20 times next year's expected earnings, despite the anticipated acceleration of its top- and bottom-line growth next year following this year's slight lull.</p>
<div class="lb-trans"><p>也許這個故事中最令人驚訝的部分是什麼？你可以以微不足道的價格投資這個不斷增長的電子商務和人工智能巨頭。與像 Nvidia 或軟件巨頭 <strong>Microsoft</strong> 這樣估值高昂的股票不同，阿里巴巴的股票（技術上是美國存託憑證）目前的價格不到明年預期收益的 20 倍，儘管預計明年其營收和淨利潤增長將在經歷今年的小幅停滯後加速。</p>
</div><p>The analyst community thinks Alibaba is cheap, anyway. Its current consensus target of $164.63 stands 13% above the ticker's recent price. That's not a huge difference, but the gap was nearly halved by last week's massive post-earnings surge from the stock. Don't be surprised if this average target inches upward once analysts have a chance to fully assess its second-quarter report and make any bullish changes to their opinions.</p>
<div class="lb-trans"><p>分析師們認為阿里巴巴的股票便宜。目前的共識目標價為 164.63 美元，比該股票最近的價格高出 13%。這並不是一個巨大的差異，但由於上週該股票在財報發佈後的巨大上漲，這一差距幾乎減半。一旦分析師有機會全面評估其第二季度報告並對其觀點做出任何樂觀的調整，不要驚訝於這個平均目標價的逐步上升。</p>
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4 Reasons to Buy Alibaba Stock Like There's No Tomorrow

- 阿里巴巴在中國電商市場佔據約 40% 的份額，業務多元化。  
- 儘管中國經濟面臨挑戰，阿里巴巴的雲計算和 AI 業務仍在快速增長。  
- 當前阿里巴巴股價低於預期收益的 20 倍，分析師認為其估值便宜。  

購買阿里巴巴股票的四個理由：抓住機會，莫失良機