<p><strong>Robinhood</strong>(HOOD 3.13%) 和 <strong>Interactive Brokers</strong>(IBKR 0.18%) 在被納入受尊敬的 <strong>S&amp;P 500</strong> 指數後都達成了一個重大里程碑。Interactive Brokers 於八月加入該基準指數，而 Robinhood 在一個月後緊隨其後。</p>
<p>這兩家公司在經紀業務領域都是強有力的參與者，擁有穩健的業務和卓越的增長。如果你在尋找有潛力的成長股，這兩家公司值得考慮。</p>
<p>話雖如此，這兩個名字中有一個在此時顯得更具吸引力。讓我們探討這兩家公司，揭示哪隻股票今天看起來更適合投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這兩家金融科技公司有什麼共同點</h2>
<p>Robinhood 和 Interactive Brokers 都提供在線經紀服務，但它們服務於不同的投資者羣體，同時共享核心功能。</p>
<p>Robinhood 首創了免佣金交易，採用以移動為主的平台，旨在為零售投資者，特別是年輕用户，普及金融。其商業模式在很大程度上依賴於訂單流支付，但此後增加了保證金貸款、淨利息收入和其他基於費用的收入來源。</p>
<p>相比之下，Interactive Brokers 面向專業交易者和機構，提供全球市場接入、先進的交易工具以及包括期貨、外匯和債券在內的多種資產類別。它通過佣金（主要在其 IBKR Pro 級別下）、利息收入和數據服務來產生收入。</p>
<p>儘管存在差異，這兩個平台都提供零佣金的股票和 ETF 交易、期權接入、分數股和保證金賬户，並在不斷發展的經紀業務領域中嶄露頭角。</p>
<h2>Robinhood 正在追求多條增長途徑</h2>
<p>Robinhood 正在快速增長。其平台上的資產數量顯著增加。自 2023 年底以來，Robinhood 的平台資產幾乎從 1026 億美元增加到 3040 億美元（截至 8 月 31 日）。它在吸引客户將資產帶入其平台方面表現出色，為其奠定了堅實的基礎。</p>
<p>該公司正在採取多項措施推動增長。首先，它提供退休賬户以吸引年輕用户並進行交叉銷售。它為客户提供傳統或羅斯 IRA 的退休儲蓄賬户，併為符合條件的 Robinhood Gold 訂閲者匹配最高 3% 的貢獻。</p>
<p>它還在為核心金融需求構建產品，如財富管理和顧問服務，未來將重點關注跨代顧問服務，部分通過收購 TradePMR 實現。今年 3 月，它推出了 Robinhood Strategies，一項數字投資顧問服務。</p>
<p>此外，它希望通過 Robinhood Legend 更好地與 Interactive Brokers 的平台競爭，這是一個專為活躍交易者構建的強大基於瀏覽器的桌面交易平台。</p>
<p>最後，該公司希望利用加密貨幣日益增長的趨勢，提供代幣化股票，同時擴大其加密貨幣的存在。它將代幣化視為金融基礎設施的根本轉變，認為加密貨幣和區塊鏈技術將通過減少對傳統金融中介的需求提供顯著的效率。</p>
<h2>Interactive Brokers 的技術和成本優勢</h2>
<p>Interactive Brokers 專注於那些重視高水平分析、執行速度、效率和低成本的技術型投資者。其大量高級管理人員是軟件工程師，致力於儘可能多地自動化業務。</p>
<p>由於其廣泛的自動化，Interactive Brokers 成功地維持了行業中最低的成本結構之一。Interactive Brokers 對自動化的關注不僅使其成為低成本提供者，還促進了公司的卓越利潤率。</p>
<p>由於其低成本結構帶來的運營效率，Interactive Brokers 實現了超越許多金融公司的最佳利潤率。去年，Interactive Brokers 的税前利潤率在 2024 年為 71%，在第二季度上升至 75%。</p>
<h2>Robinhood 或 Interactive Brokers 哪個更適合你？</h2>
<p>你首先需要考慮的是估值。Robinhood 的市盈率為 122 倍過去 12 個月的每股收益（EPS）。從前瞻性來看，它的市盈率為 70.7 倍今年的收益和 60.1 倍 2026 年的收益。因此，儘管該公司正在追求多個增長舉措，投資者仍在為這些預期支付溢價。</p>
<p>Interactive Brokers 的估值更為合理，市盈率為 35.8 倍去年的收益和 30.7 倍今年的預期收益。</p>
<p>今天購買 Robinhood 也可能使你面臨更多的波動性。Robinhood 的貝塔值為 2.4，股票的波動性超過基準 <strong>S&amp;P 500</strong> 指數的兩倍，因此在市場下行時更容易受到影響。Interactive Brokers 的貝塔值為 1.2，波動性略高於 S&amp;P 500，但低於 Robinhood。</p>
<p>這兩隻股票都在穩步增長，我認為它們都可以成為多元化投資組合的良好補充。如果你專注於增長並希望採取激進的投資策略，Robinhood 可能是你今天的買入選擇。然而，如果讓我今天選擇一隻股票，我會選擇 Interactive Brokers，因為它的估值更為實惠。</p>

HOOD

盈透證券

<p>Robinhood 和盈透證券均已被納入標準普爾 500 指數，這標誌着兩家公司都達成了重要里程碑。Robinhood 以其免佣交易和專注於散户投資者而聞名，自 2023 年底以來，其平台資產從 1026 億美元增長至 3040 億美元。它正在擴展其產品，包括退休賬户和加密貨幣服務。相比之下，盈透證券則針對專業交易者，提供先進的工具和低成本結構，獲得了較高的利潤率。雖然 Robinhood 具有更高的增長潛力，但與更穩定的盈透證券相比，它的波動性更大</p>

<p><strong>Robinhood</strong>(HOOD 3.13%) and <strong>Interactive Brokers</strong>(IBKR 0.18%) both hit a massive milestone after being added to the respected <strong>S&amp;P 500</strong> index. Interactive Brokers joined the benchmark index in August, and Robinhood followed suit one month later.</p>
<div class="lb-trans"><p><strong>Robinhood</strong>(HOOD 3.13%) 和 <strong>Interactive Brokers</strong>(IBKR 0.18%) 在被納入受尊敬的 <strong>S&amp;P 500</strong> 指數後都達成了一個重大里程碑。Interactive Brokers 於八月加入該基準指數，而 Robinhood 在一個月後緊隨其後。</p>
</div><p>Both companies are strong players in the brokerage space, with solid businesses and stellar growth. If you're on the hunt for growth stocks that have the potential to deliver, these two are worth considering.</p>
<div class="lb-trans"><p>這兩家公司在經紀業務領域都是強有力的參與者，擁有穩健的業務和卓越的增長。如果你在尋找有潛力的成長股，這兩家公司值得考慮。</p>
</div><p>That said, one of these names stands out as the more attractive buy at this moment. Let's explore the two companies and uncover which stock looks like a better buy for investors today.</p>
<div class="lb-trans"><p>話雖如此，這兩個名字中有一個在此時顯得更具吸引力。讓我們探討這兩家公司，揭示哪隻股票今天看起來更適合投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MTQvcGVyc29uLWxvb2tzLWF0LXN0b2NrLWNoYXJ0LW9uLXBob25lLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833914%2Fperson-looks-at-stock-chart-on-phone-getty.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>Here's what these two fintechs have in common</h2>
<div class="lb-trans"><h2>這兩家金融科技公司有什麼共同點</h2>
</div><p>Robinhood and Interactive Brokers both offer online brokerage services, but they serve different investor segments while sharing core functionalities.</p>
<div class="lb-trans"><p>Robinhood 和 Interactive Brokers 都提供在線經紀服務，但它們服務於不同的投資者羣體，同時共享核心功能。</p>
</div><p>Robinhood pioneered commission-free trading with a mobile-first platform designed to democratize finance for retail investors, particularly younger users. Its business model leaned heavily on payment for order flow, but it has since added margin lending, net interest income, and other fee-based revenue streams.</p>
<div class="lb-trans"><p>Robinhood 首創了免佣金交易，採用以移動為主的平台，旨在為零售投資者，特別是年輕用户，普及金融。其商業模式在很大程度上依賴於訂單流支付，但此後增加了保證金貸款、淨利息收入和其他基於費用的收入來源。</p>
</div><p>Interactive Brokers, by contrast, caters to professional traders and institutions, offering global market access, advanced trading tools, and a wide array of asset classes, including futures, forex, and bonds. It generates revenue through commissions (primarily under its IBKR Pro tier), interest income, and data services.</p>
<div class="lb-trans"><p>相比之下，Interactive Brokers 面向專業交易者和機構，提供全球市場接入、先進的交易工具以及包括期貨、外匯和債券在內的多種資產類別。它通過佣金（主要在其 IBKR Pro 級別下）、利息收入和數據服務來產生收入。</p>
</div><p>Despite their differences, both platforms provide zero-commission stock and ETF trading, options access, fractional shares, and margin accounts, and have emerged as competitive players in the evolving brokerage landscape.</p>
<div class="lb-trans"><p>儘管存在差異，這兩個平台都提供零佣金的股票和 ETF 交易、期權接入、分數股和保證金賬户，並在不斷發展的經紀業務領域中嶄露頭角。</p>
</div><h2>Robinhood is pursuing multiple growth avenues</h2>
<div class="lb-trans"><h2>Robinhood 正在追求多條增長途徑</h2>
</div><p>Robinhood is growing quickly. The amount of assets on its platform has increased significantly. Since the end of 2023, Robinhood's platform assets have nearly tripled from $102.6 billion to $304 billion (as of Aug. 31). It has done a stellar job of attracting customers to bring assets to its platform, giving it a solid base to build upon.</p>
<div class="lb-trans"><p>Robinhood 正在快速增長。其平台上的資產數量顯著增加。自 2023 年底以來，Robinhood 的平台資產幾乎從 1026 億美元增加到 3040 億美元（截至 8 月 31 日）。它在吸引客户將資產帶入其平台方面表現出色，為其奠定了堅實的基礎。</p>
</div><p>The company is taking several steps to drive growth. For one, it is offering retirement accounts to attract and cross-sell to its younger user base. It offers customers retirement savings accounts with Traditional or Roth IRAs, and matches eligible contributions up to 3% for Robinhood Gold subscribers.</p>
<div class="lb-trans"><p>該公司正在採取多項措施推動增長。首先，它提供退休賬户以吸引年輕用户並進行交叉銷售。它為客户提供傳統或羅斯 IRA 的退休儲蓄賬户，併為符合條件的 Robinhood Gold 訂閲者匹配最高 3% 的貢獻。</p>
</div><p>It is also building products for core financial needs, such as wealth management and advisory services, with a future focus on multigenerational advisory services, partly through the acquisition of TradePMR. In March, it launched Robinhood Strategies, a digital investment advisory service.</p>
<div class="lb-trans"><p>它還在為核心金融需求構建產品，如財富管理和顧問服務，未來將重點關注跨代顧問服務，部分通過收購 TradePMR 實現。今年 3 月，它推出了 Robinhood Strategies，一項數字投資顧問服務。</p>
</div><p>Additionally, it looks to better compete with Interactive Brokers' platform with Robinhood Legend, its powerful browser-based desktop trading platform built specifically for active traders.</p>
<div class="lb-trans"><p>此外，它希望通過 Robinhood Legend 更好地與 Interactive Brokers 的平台競爭，這是一個專為活躍交易者構建的強大基於瀏覽器的桌面交易平台。</p>
</div><p>Finally, the company seeks to capitalize on the growing trend in cryptocurrency, offering tokenized stocks as it expands its cryptocurrency presence. It sees tokenization as a fundamental shift in financial infrastructure, believing that cryptocurrency and blockchain technology will offer significant efficiencies by reducing the need for traditional financial intermediaries.</p>
<div class="lb-trans"><p>最後，該公司希望利用加密貨幣日益增長的趨勢，提供代幣化股票，同時擴大其加密貨幣的存在。它將代幣化視為金融基礎設施的根本轉變，認為加密貨幣和區塊鏈技術將通過減少對傳統金融中介的需求提供顯著的效率。</p>
</div><h2>Interactive Brokers' technology and cost advantage</h2>
<div class="lb-trans"><h2>Interactive Brokers 的技術和成本優勢</h2>
</div><p>Interactive Brokers focuses on tech-savvy investors who prioritize high-level analytics, execution speed, efficiency, and low costs. A significant number of its senior managers are software engineers dedicated to automating as much of the business as possible.</p>
<div class="lb-trans"><p>Interactive Brokers 專注於那些重視高水平分析、執行速度、效率和低成本的技術型投資者。其大量高級管理人員是軟件工程師，致力於儘可能多地自動化業務。</p>
</div><p>As a direct result of its extensive automation, it has successfully maintained one of the lowest-cost structures in the industry among broker-dealers. Interactive Brokers' focus on automation not only positions it as a low-cost provider but also contributes to the company's stellar profit margins.</p>
<div class="lb-trans"><p>由於其廣泛的自動化，Interactive Brokers 成功地維持了行業中最低的成本結構之一。Interactive Brokers 對自動化的關注不僅使其成為低成本提供者，還促進了公司的卓越利潤率。</p>
</div><p>As a result of its low-cost structure, which leads to operational efficiency, Interactive Brokers achieves best-in-class profit margins that surpass many financial companies. Last year, Interactive Brokers' pre-tax profit margin was 71% in 2024 and rose to 75% in the second quarter.</p>
<div class="lb-trans"><p>由於其低成本結構帶來的運營效率，Interactive Brokers 實現了超越許多金融公司的最佳利潤率。去年，Interactive Brokers 的税前利潤率在 2024 年為 71%，在第二季度上升至 75%。</p>
</div><h2>Is Robinhood or Interactive Brokers best for you?</h2>
<div class="lb-trans"><h2>Robinhood 或 Interactive Brokers 哪個更適合你？</h2>
</div><p>The first thing you'll want to consider is valuation. Robinhood is priced at 122 times its trailing twelve-month earnings per share (EPS). On a forward basis, it is priced at 70.7 times this year's earnings and 60.1 times 2026. So while the company is pursuing several growth initiatives, investors are paying up for those expectations.</p>
<div class="lb-trans"><p>你首先需要考慮的是估值。Robinhood 的市盈率為 122 倍過去 12 個月的每股收益（EPS）。從前瞻性來看，它的市盈率為 70.7 倍今年的收益和 60.1 倍 2026 年的收益。因此，儘管該公司正在追求多個增長舉措，投資者仍在為這些預期支付溢價。</p>
</div><p>Interactive Brokers is more reasonably priced at 35.8 times last year's earnings and 30.7 times this year's projected earnings.</p>
<div class="lb-trans"><p>Interactive Brokers 的估值更為合理，市盈率為 35.8 倍去年的收益和 30.7 倍今年的預期收益。</p>
</div><p>Buying Robinhood today will also likely expose you to more volatility. With a beta of 2.4, the stock experiences more than twice the volatility of the benchmark <strong>S&amp;P 500</strong> index, making it vulnerable in the event of a downturn. Interactive Brokers has a beta of 1.2, which is slightly more volatile than the S&amp;P 500 but less volatile than Robinhood.</p>
<div class="lb-trans"><p>今天購買 Robinhood 也可能使你面臨更多的波動性。Robinhood 的貝塔值為 2.4，股票的波動性超過基準 <strong>S&amp;P 500</strong> 指數的兩倍，因此在市場下行時更容易受到影響。Interactive Brokers 的貝塔值為 1.2，波動性略高於 S&amp;P 500，但低於 Robinhood。</p>
</div><p>Both stocks are growing at a solid clip, and I think they could both be solid additions to a diversified portfolio. If you're focused on growth and want to take an aggressive approach, Robinhood could be a buy for you today. However, if I had to pick one today, I would go with Interactive Brokers because of its more affordable valuation.</p>
<div class="lb-trans"><p>這兩隻股票都在穩步增長，我認為它們都可以成為多元化投資組合的良好補充。如果你專注於增長並希望採取激進的投資策略，Robinhood 可能是你今天的買入選擇。然而，如果讓我今天選擇一隻股票，我會選擇 Interactive Brokers，因為它的估值更為實惠。</p>
</div>

哪隻金融科技股票更好：Robinhood Markets 與盈透證券