<p><strong>開市客</strong>(COST 0.42%) 具有一些令人驚歎的特質，使其在各種情況下成為越來越多會員的零售目的地。儘管其估值較高，但股票仍然不斷上漲，這並不奇怪。</p>
<p><strong>亞馬遜</strong>(AMZN -0.74%) 則完全是另一種零售巨頭，它遠不止於零售。儘管增長速度超過開市客，但其估值卻下降了，今天看起來像是個便宜貨。</p>
<p>這兩家零售巨頭中，今天哪一家更值得購買？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>支持開市客的理由：穩定而堅實</h2>
<p>開市客以其著名的會員模式而聞名，這種模式培養了忠誠度，產生了高銷售額，並創造了直接流向底線的經常性收入流。它經過數十年的發展，現已擁有 7960 萬會員。</p>
<p>開市客的模式在全球零售明星中脱穎而出。儘管有包括 <strong>沃爾瑪</strong> 的山姆會員店和 <strong>BJ's Wholesale Club</strong> 在內的競爭對手，但開市客仍是最大的倉儲零售商。由於其通過會員費盈利，最近基本會員費提高至 65 美元，優質會員費提高至 130 美元，因此它能夠將商品價格保持在極低水平。例如，它以 1.50 美元的熱狗和 4.99 美元的烤雞而聞名，但通常以低價批量銷售產品，並且由於購買量大，可以與供應商談判以獲得更好的交易。</p>
<p>低價格使得數百萬會員願意在這裏購物，充分利用他們的年度會員資格。開市客的續費率非常高，在 2025 財年第三季度（截至 5 月 11 日），美國和加拿大的續費率為 92.7%，國際續費率為 90.2%。</p>
<p>儘管零售模式幾十年來保持不變，開市客仍然找到創新的方法。它在電子商務領域成為了一個重要參與者，進入了亞馬遜的領域，以適合其大型倉庫的方式進行，專注於大件商品的店內自取。電子商務銷售在第三季度增長了 14.8%，推動了總收入增長 8.2%。</p>
<p>開市客在吸引更多人註冊優質會員方面也非常成功。截至第三季度末，這些會員佔總數的 47%，但佔銷售額的 73%。他們享有額外的福利，如 2% 的現金返還，以及最近在週末的獨家購物時間。這是一種在各種條件下蓬勃發展的模式，並且有助於進一步增長，這就是為什麼開市客在幾十年裏一直是如此出色的股票。它還支付股息，雖然收益率較低，但也定期支付特別股息，最近一次支付是在近兩年前的 15 美元。</p>
<h2>支持亞馬遜的理由：遠不止於零售</h2>
<p>亞馬遜也是一家零售商，但它遠不止於此。它擁有完全不同的電子商務模式，低價格、大量商品和快速的交貨時間幫助它佔據市場；它可能擁有多達 40% 的美國電子商務市場，甚至更多，這使得任何競爭對手在短期內都無法追趕，即使像開市客這樣的公司正在利用其獨特的特點來充分利用電子商務。</p>
<p>不過，亞馬遜並沒有停滯不前。它不斷升級其市場，推出新商品、新品牌、新技術和更快的履行服務，以保持領先地位。</p>
<p>儘管人工智能（AI）作為一個流行詞相對較新，但在亞馬遜的背景下，通常指的是其雲業務，我認為人工智能在塑造今天的亞馬遜中發揮了重要作用。自成立以來，它就利用人工智能為客户提供推薦，並提高了其能力，以提供產品的並排比較，幫助客户做出明智的決策並按下購買按鈕。</p>
<p>但確實，今天的人工智能業務是生成式的，通過亞馬遜網絡服務（AWS）提供，這是其雲服務部門。AWS 客户可以利用亞馬遜的平台創建各種人工智能應用，使用多種大型語言模型，具有不同程度的定製化。亞馬遜不僅是美國最大的電子商務公司，也是全球最大的雲計算公司，市場份額約為 30%。</p>
<p>它仍在快速增長，第二季度銷售額同比增長 17%。亞馬遜整體報告的銷售額增長為 13%，考慮到它是全球第二大銷售公司，過去 12 個月的銷售額為 6700 億美元，這是一項令人印象深刻的成就。</p>
<p>首席執行官安迪·賈西認為，這只是人工智能業務的開始，但它已經是一個數十億美元的業務，增長率達到三位數。亞馬遜還有其他幾個大型競爭性業務，包括廣告和流媒體，這使得它成為一個如此吸引人的股票投資。</p>
<h2>估值將決定選擇</h2>
<p>購買這兩隻優秀股票都有理由。它們都是行業領導者，未來有很多期待。讓我們回到估值的問題上。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png"/></p>
<p>COST PS 比率數據來源於 YCharts</p>
<p>開市客的交易價格遠高於其五年平均市盈率，而亞馬遜的交易價格則低於其五年平均的一半。然而，這包括了一個短期內因對電動車公司 <strong>Rivian Automotive</strong> 的投資而產生的異常損失。開市客在價格與銷售比率上則便宜得多。</p>
<p>雖然我推薦這兩隻股票，但亞馬遜今天看起來更值得購買，因為它有許多不同的機會，尤其是在其兩個主要細分市場，並且它的交易價格處於罕見的折扣狀態。</p>

開市客

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>成本公司和亞馬遜被比較為潛在的股票購買對象。成本公司的會員模式促進了客户忠誠度併產生穩定的收入，具有高續費率和成功的電子商務增長。相比之下，亞馬遜在電子商務和雲計算領域佔據主導地位，利用人工智能進行客户互動和產品推薦。雖然成本公司提供低價和股息，但亞馬遜多樣化的商業模式和銷售的快速增長使其成為一個強大的競爭對手。投資者必須權衡成本公司的穩定性與亞馬遜的廣闊增長潛力</p>

<p><strong>Costco Wholesale</strong>(COST 0.42%) has some amazing qualities that make it a retail destination for an increasing number of members under all kinds of circumstances. It's no wonder the stock keeps climbing despite its premium valuation.</p>
<div class="lb-trans"><p><strong>開市客</strong>(COST 0.42%) 具有一些令人驚歎的特質，使其在各種情況下成為越來越多會員的零售目的地。儘管其估值較高，但股票仍然不斷上漲，這並不奇怪。</p>
</div><p><strong>Amazon</strong>(AMZN -0.74%) is a different kind of retail beast altogether, and it's so much more than retail. Despite higher growth than Costco, its valuation has declined and it looks like a bargain today.</p>
<div class="lb-trans"><p><strong>亞馬遜</strong>(AMZN -0.74%) 則完全是另一種零售巨頭，它遠不止於零售。儘管增長速度超過開市客，但其估值卻下降了，今天看起來像是個便宜貨。</p>
</div><p>Which of these retail giants is the better buy today?</p>
<div class="lb-trans"><p>這兩家零售巨頭中，今天哪一家更值得購買？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE2MTUvc2hvcHBpbmctZ3JvY2VyeS1tb20tYW5kLWJhYnktMTIwMHg4MDAtNWIyZGY3OS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831615%2Fshopping-grocery-mom-and-baby-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><h2>The case for Costco: Steady and solid</h2>
<div class="lb-trans"><h2>支持開市客的理由：穩定而堅實</h2>
</div><p>Costco has a famed membership model that breeds loyalty and generates high sales as well as creates a recurring revenue stream that goes straight to the bottom line. It has built up its business over several decades and now counts 79.6 million people as members.</p>
<div class="lb-trans"><p>開市客以其著名的會員模式而聞名，這種模式培養了忠誠度，產生了高銷售額，並創造了直接流向底線的經常性收入流。它經過數十年的發展，現已擁有 7960 萬會員。</p>
</div><p>Costco's model stands out from the retail superstars of the world. Although there are competitors, including <strong>Walmart</strong>'s Sam's Club and <strong>BJ's Wholesale Club</strong>, Costco is the largest warehouse retailer. Because it makes money from its membership fees, which were recently raised to $65 for a basic membership and $130 for a premium membership, it can keep the prices of its merchandise extremely low. It's famous for its $1.50 hot dog and $4.99 rotisserie chicken, for example, but it generally sells products in bulk for low prices, and it can negotiate with suppliers to get better deals since it buys so much.</p>
<div class="lb-trans"><p>開市客的模式在全球零售明星中脱穎而出。儘管有包括 <strong>沃爾瑪</strong> 的山姆會員店和 <strong>BJ's Wholesale Club</strong> 在內的競爭對手，但開市客仍是最大的倉儲零售商。由於其通過會員費盈利，最近基本會員費提高至 65 美元，優質會員費提高至 130 美元，因此它能夠將商品價格保持在極低水平。例如，它以 1.50 美元的熱狗和 4.99 美元的烤雞而聞名，但通常以低價批量銷售產品，並且由於購買量大，可以與供應商談判以獲得更好的交易。</p>
</div><p>The low prices make it worthwhile for its millions of members to shop there and make the most of their annual memberships. Costco sports a very high renewal rate, which was 92.7% in the U.S. and Canada in the 2025 fiscal third quarter (ended May 11) and 90.2% internationally.</p>
<div class="lb-trans"><p>低價格使得數百萬會員願意在這裏購物，充分利用他們的年度會員資格。開市客的續費率非常高，在 2025 財年第三季度（截至 5 月 11 日），美國和加拿大的續費率為 92.7%，國際續費率為 90.2%。</p>
</div><p>Although the retail model has remained the same for decades, Costco has found ways to innovate. It's become a serious player in e-commerce, Amazon's territory, doing it in a way that works for its large warehouses by focusing on in-store pickup for bulky items. E-commerce sales increased 14.8% in the third quarter, driving total revenue growth of 8.2%.</p>
<div class="lb-trans"><p>儘管零售模式幾十年來保持不變，開市客仍然找到創新的方法。它在電子商務領域成為了一個重要參與者，進入了亞馬遜的領域，以適合其大型倉庫的方式進行，專注於大件商品的店內自取。電子商務銷售在第三季度增長了 14.8%，推動了總收入增長 8.2%。</p>
</div><p>Costco has also been extremely successful in getting more people to sign up for the premium membership. These members account for 47% of the total as of the end of the third quarter, but 73% of sales. They get added perks like 2% cash back, and more recently, an exclusive shopping hour on the weekends. This is a model that thrives under all kinds of conditions and lends itself to further growth, which is why Costco has been such a spectacular stock to own for decades. It also pays a dividend, which has a low yield, but it has also periodically paid a special dividend, which was $15 in its most recent payment nearly two years ago.</p>
<div class="lb-trans"><p>開市客在吸引更多人註冊優質會員方面也非常成功。截至第三季度末，這些會員佔總數的 47%，但佔銷售額的 73%。他們享有額外的福利，如 2% 的現金返還，以及最近在週末的獨家購物時間。這是一種在各種條件下蓬勃發展的模式，並且有助於進一步增長，這就是為什麼開市客在幾十年裏一直是如此出色的股票。它還支付股息，雖然收益率較低，但也定期支付特別股息，最近一次支付是在近兩年前的 15 美元。</p>
</div><h2>The case for Amazon: Much more than retail</h2>
<div class="lb-trans"><h2>支持亞馬遜的理由：遠不止於零售</h2>
</div><p>Amazon is also a retailer, but it's so much more. It has a completely different model that's all e-commerce, and its low prices, large assortment, and fast delivery times have helped it corner the market; it may have as much as 40% of the U.S. e-commerce market or even more, which makes it impossible for any competition to catch up in the short term, even if companies like Costco are leveraging their distinct features to make the most of e-commerce.</p>
<div class="lb-trans"><p>亞馬遜也是一家零售商，但它遠不止於此。它擁有完全不同的電子商務模式，低價格、大量商品和快速的交貨時間幫助它佔據市場；它可能擁有多達 40% 的美國電子商務市場，甚至更多，這使得任何競爭對手在短期內都無法追趕，即使像開市客這樣的公司正在利用其獨特的特點來充分利用電子商務。</p>
</div><p>Still, Amazon isn't leaving things alone. It constantly upgrades its marketplace with new merchandise, new brands, new technology, and faster fulfillment to stay on top.</p>
<div class="lb-trans"><p>不過，亞馬遜並沒有停滯不前。它不斷升級其市場，推出新商品、新品牌、新技術和更快的履行服務，以保持領先地位。</p>
</div><p>Although artificial intelligence (AI) is fairly new as a buzzword, and with Amazon, it usually refers to its cloud business, I would suggest that AI has played no small part in making Amazon what it is today. It has used AI since its inception to provide recommendations for its customers, and it has improved its capabilities to offer side-by-side comparisons of products and help customers make informed decisions and to press the button.</p>
<div class="lb-trans"><p>儘管人工智能（AI）作為一個流行詞相對較新，但在亞馬遜的背景下，通常指的是其雲業務，我認為人工智能在塑造今天的亞馬遜中發揮了重要作用。自成立以來，它就利用人工智能為客户提供推薦，並提高了其能力，以提供產品的並排比較，幫助客户做出明智的決策並按下購買按鈕。</p>
</div><p>But yes, the AI business it has today is the generative kind, which it offers through Amazon Web Services (AWS), its cloud services division. AWS clients can use Amazon's platform to create all kinds of AI apps using an array of large language models with varying levels of customization. Amazon isn't just the largest e-commerce company in the U.S., it's also the largest cloud computing company in the world, with about 30% of the market.</p>
<div class="lb-trans"><p>但確實，今天的人工智能業務是生成式的，通過亞馬遜網絡服務（AWS）提供，這是其雲服務部門。AWS 客户可以利用亞馬遜的平台創建各種人工智能應用，使用多種大型語言模型，具有不同程度的定製化。亞馬遜不僅是美國最大的電子商務公司，也是全球最大的雲計算公司，市場份額約為 30%。</p>
</div><p>It's still growing quickly, with a 17% increase in sales over last year in the second quarter. Amazon as a whole reported a 13% increase in sales, which is an impressive feat considering it's the second-largest company in the world by sales, with $670 billion in trailing-12-month sales.</p>
<div class="lb-trans"><p>它仍在快速增長，第二季度銷售額同比增長 17%。亞馬遜整體報告的銷售額增長為 13%，考慮到它是全球第二大銷售公司，過去 12 個月的銷售額為 6700 億美元，這是一項令人印象深刻的成就。</p>
</div><p>CEO Andy Jassy thinks this is just the beginning for the AI business, but it's already a multibillion-dollar business growing at triple digits. Amazon also has several other large, competitive businesses, including advertising and streaming, which make it such a compelling company to own as a stock.</p>
<div class="lb-trans"><p>首席執行官安迪·賈西認為，這只是人工智能業務的開始，但它已經是一個數十億美元的業務，增長率達到三位數。亞馬遜還有其他幾個大型競爭性業務，包括廣告和流媒體，這使得它成為一個如此吸引人的股票投資。</p>
</div><h2>Valuation will make the call</h2>
<div class="lb-trans"><h2>估值將決定選擇</h2>
</div><p>There are reasons to buy each one of these fabulous stocks. They are both industry leaders for a reason, and there's a lot to expect from both of them going forward. Let's get back to the valuation piece.</p>
<div class="lb-trans"><p>購買這兩隻優秀股票都有理由。它們都是行業領導者，未來有很多期待。讓我們回到估值的問題上。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png" alt="" original-src="https://media.ycharts.com/charts/299f97be5e6bf22989ca02e5a1d264ee.png"/></p>
<p>COST PS Ratio data by YCharts</p>
<div class="lb-trans"><p>COST PS 比率數據來源於 YCharts</p>
</div><p>Costco is trading well above its five-year average P/E ratio, while Amazon is trading at less than half its five-year average. However, that includes a short period where it had an unusual loss pertaining to an investment in electric vehicle company <strong>Rivian Automotive</strong>. Costco is much cheaper on a price-to-sales basis.</p>
<div class="lb-trans"><p>開市客的交易價格遠高於其五年平均市盈率，而亞馬遜的交易價格則低於其五年平均的一半。然而，這包括了一個短期內因對電動車公司 <strong>Rivian Automotive</strong> 的投資而產生的異常損失。開市客在價格與銷售比率上則便宜得多。</p>
</div><p>While I recommend both of these stocks, Amazon still looks like the better buy today because it has so many different opportunities, especially in its two top segments, and it's trading at a rare discount.</p>
<div class="lb-trans"><p>雖然我推薦這兩隻股票，但亞馬遜今天看起來更值得購買，因為它有許多不同的機會，尤其是在其兩個主要細分市場，並且它的交易價格處於罕見的折扣狀態。</p>
</div>

Best Stock to Buy Right Now: Costco vs. Amazon

- Costco 以會員制和低價策略吸引了 7960 萬會員，續費率高達 92.7%。
- 亞馬遜在電商和雲計算領域佔據主導地位，銷售額同比增長 13%。
- 儘管兩者均具吸引力，亞馬遜因多元化機會和低估值被認為更具投資價值。

當前最值得購買的股票：開市客與亞馬遜對比