<p>市場的反彈讓標誌性的成長投資者 Cathie Wood 心情愉悦。Ark Invest 的創始人、首席執行官和優秀的股票挑選者在本週的第一個交易日進行了操作。她在週一僅購買了五隻不同的股票，但其中三隻股票的共同點是它們都是中國公司。</p>
<p>Wood 在週一增加了對 <strong>阿里巴巴</strong>(BABA 0.87%)、<strong>小馬智行</strong>(PONY -0.56%) 和 <strong>百度</strong>(BIDU 1.01%) 的持倉。這三家公司都在努力在全球第二大經濟體中佔據一席之地。讓我們更仔細地看看 Wood 的三項新購買，希望在中國獲得豐厚回報。</p>
<h2>1. 阿里巴巴</h2>
<p>中國的電子商務先鋒在 2025 年蓬勃發展。該股票幾乎翻了一番，今年上漲了 95%。但如果你期待一個教科書式的市場贏家，你可能會失望而歸。</p>
<p>阿里巴巴的增長並不出色。收入連續第四年以個位數的速度增長。底線的表現也不見得好到哪裏，今年阿里巴巴在連續兩個季度未能達到華爾街的利潤預期。然而，由於在貿易戰擔憂的影響下，中國股票在今年初處於低迷狀態，阿里巴巴在年初的前瞻市盈率僅為個位數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>阿里巴巴的商業模式運作良好。它在中國有兩個電子商務主力。淘寶是中國領先的消費者對消費者市場。天貓是阿里巴巴的企業對消費者平台。這些都是現金奶牛，產生了阿里巴巴 45% 的合併收入，同時也貢獻了 113% 的合併調整後息税折舊攤銷前利潤（EBITDA）。</p>
<p>沒錯。其國內電子商務業務的盈利能力，在最新一個季度的調整後 EBITDA 利潤率達到 44%，足以為其其他 55% 的業務虧損提供資金。無論是銷售中國貨物到全球的 AliExpress，還是正在發展的雲業務，阿里巴巴都在對未來的主力進行明智的投資。</p>
<p>阿里巴巴有足夠的閒置資金回饋股東。其現金充裕的資產負債表使其能夠靈活支付小額股息，同時在過去四個季度中也進行了股票回購。隨着股票以合理的 16 倍下一個財年的預期收益交易，如果其一些副業開始盈利，這個好故事可能會變得更好。</p>
<h2>2. 小馬智行</h2>
<p>距離小馬智行以每股 13 美元上市僅過去 10 個月。現在這是一次成功的發行。依靠人工智能（AI）的自動駕駛技術提供商對投資者來説是一場驚心動魄的旅程。小馬智行的股價在 2 月份曾達到 23 美元，隨後在兩個月後暴跌至 4.11 美元。此後，股價幾乎全部回升，漲幅超過五倍。截至週一收盤，該股票自 IPO 以來上漲了 58%，表現優於市場。</p>
<p>小馬智行在中國的機器人出租車商業化方面表現良好，在自駕車股票的海洋中脱穎而出。它是 2025 年在上海舉行的世界人工智能大會上唯一提供完全無人駕駛和按需叫車服務的參與者。它也是唯一能夠在極端天氣條件下運營的參與者。</p>
<p>最新一個季度的收入增長了 76%，達到了 2150 萬美元的美國等值，得益於機器人出租車收入的翻倍。其機器人出租車的收費收入增長了四倍，儘管是基於一年前的小基數。小馬智行預計到今年年底其車隊將達到 1000 輛。它正在向中國以外的市場拓展。本月早些時候，它宣佈計劃在卡塔爾提供服務。雖然小馬智行尚未盈利，但它必須在其 73 億美元的市值中實現增長，但它無疑在朝着正確的方向前進。</p>
<h2>3. 百度</h2>
<p>最後是百度。在這一年中國成長股的強勁表現中，百度顯得有些姍姍來遲。三個月前，它的股價大致與 2025 年初時相同，但自那時以來已上漲超過 60%。</p>
<p>中國領先的搜索引擎運營商的成長煩惱比阿里巴巴更為嚴重。在過去三年中，收入在兩年內出現下降，百度的收入在 2025 年上半年也有所下滑。今年夏天，百度的崛起得益於其新興的 AI 芯片業務。由於與中國的貿易限制，該國轉向本土企業，而百度恰好在這個時候處於正確的位置。</p>
<p>儘管最近反彈，百度的交易市盈率僅為 12 倍。分析師預計明年收入和調整後收益將恢復增長。對於一家曾經表現出色的公司來説，這個價格是合理的，它可能很快就會再次達到輝煌。</p>

小馬智行

<p>凱西·伍德（Cathie Wood），阿克投資（Ark Invest）的創始人，進行了大量股票購買，重點關注三家中國公司：阿里巴巴、小馬智行（Pony AI）和百度。儘管阿里巴巴的收入增長緩慢，但其電子商務模式強大，資產負債表現金充裕。專注於自動駕駛的小馬智行（Pony AI）股票恢復顯著，並正在擴展其機器人出租車服務。作為中國領先的搜索引擎，百度正在受益於不斷增長的人工智能芯片業務，儘管近年來面臨收入下降。伍德的投資反映了對這些公司在中國市場潛力的樂觀態度</p>

<p>The rallying market has iconic growth investor Cathie Wood in a buying mood. The Ark Invest founder, CEO, and ace stock picker was making moves on the first trading day of the week. She bought only five different stocks on Monday, but one thing that three of them had in common is that they're Chinese companies.</p>
<div class="lb-trans"><p>市場的反彈讓標誌性的成長投資者 Cathie Wood 心情愉悦。Ark Invest 的創始人、首席執行官和優秀的股票挑選者在本週的第一個交易日進行了操作。她在週一僅購買了五隻不同的股票，但其中三隻股票的共同點是它們都是中國公司。</p>
</div><p>Wood added to her existing positions in <strong>Alibaba</strong>(BABA 0.87%), <strong>Pony AI</strong>(PONY -0.56%), and <strong>Baidu</strong>(BIDU 1.01%) on Monday. All three companies are trying to carve out a role in the world's second largest economy. Let's take a closer look at the Wood's three fresh purchases that are hoping to score big in China.</p>
<div class="lb-trans"><p>Wood 在週一增加了對 <strong>阿里巴巴</strong>(BABA 0.87%)、<strong>小馬智行</strong>(PONY -0.56%) 和 <strong>百度</strong>(BIDU 1.01%) 的持倉。這三家公司都在努力在全球第二大經濟體中佔據一席之地。讓我們更仔細地看看 Wood 的三項新購買，希望在中國獲得豐厚回報。</p>
</div><h2>1. Alibaba</h2>
<div class="lb-trans"><h2>1. 阿里巴巴</h2>
</div><p>China's e-commerce pioneer is rolling in 2025. The stock has nearly doubled, surging 95% this year. But if you're expecting a textbook case of a market beater, you'll probably walk away disappointed.</p>
<div class="lb-trans"><p>中國的電子商務先鋒在 2025 年蓬勃發展。該股票幾乎翻了一番，今年上漲了 95%。但如果你期待一個教科書式的市場贏家，你可能會失望而歸。</p>
</div><p>Alibaba isn't posting stellar growth. Revenue is rising at a single-digit clip for the fourth year in a row. The bottom-line story isn't necessarily any better, with Alibaba falling short of Wall Street profit targets in back-to-back quarters this year. However, with Chinese stocks depressed heading into this year on trade war concerns, Alibaba was trading at a forward earnings multiple in the single digits at the start of this year.</p>
<div class="lb-trans"><p>阿里巴巴的增長並不出色。收入連續第四年以個位數的速度增長。底線的表現也不見得好到哪裏，今年阿里巴巴在連續兩個季度未能達到華爾街的利潤預期。然而，由於在貿易戰擔憂的影響下，中國股票在今年初處於低迷狀態，阿里巴巴在年初的前瞻市盈率僅為個位數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ2MzUvZ2V0dHlsYWR5b25waG9uZS5qcGVnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834635%2Fgettyladyonphone.jpeg&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>Alibaba's model works. It has two e-commerce workhorses in China. Taobao is the country's leading consumer-to-consumer marketplace. Tmall is Alibaba's business-to-consumer play. These are cash cows, generating 45% of Alibaba's consolidated revenue but also 113% of its consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).</p>
<div class="lb-trans"><p>阿里巴巴的商業模式運作良好。它在中國有兩個電子商務主力。淘寶是中國領先的消費者對消費者市場。天貓是阿里巴巴的企業對消費者平台。這些都是現金奶牛，產生了阿里巴巴 45% 的合併收入，同時也貢獻了 113% 的合併調整後息税折舊攤銷前利潤（EBITDA）。</p>
</div><p>You read that right. The profitability of its domestic e-commerce business, cranking out an adjusted EBITDA margin of 44% in its latest quarter, is enough to finance the losses for the other 55% of its business. Whether it's the AliExpress segment that sells Chinese-sourced goods all over the world or a percolating cloud business, Alibaba is making well-placed bets on future workhorses.</p>
<div class="lb-trans"><p>沒錯。其國內電子商務業務的盈利能力，在最新一個季度的調整後 EBITDA 利潤率達到 44%，足以為其其他 55% 的業務虧損提供資金。無論是銷售中國貨物到全球的 AliExpress，還是正在發展的雲業務，阿里巴巴都在對未來的主力進行明智的投資。</p>
</div><p>Alibaba has enough spare money to return money to its shareholders. Its cash-rich balance sheet affords it the flexibility to pay a small dividend, but it has also pulled off share buybacks in each of the past four quarters. With the shares trading for a reasonable 16 times next fiscal year's projected earnings, this good story can get even better if some of its side bets start to pay off.</p>
<div class="lb-trans"><p>阿里巴巴有足夠的閒置資金回饋股東。其現金充裕的資產負債表使其能夠靈活支付小額股息，同時在過去四個季度中也進行了股票回購。隨着股票以合理的 16 倍下一個財年的預期收益交易，如果其一些副業開始盈利，這個好故事可能會變得更好。</p>
</div><h2>2. Pony AI</h2>
<div class="lb-trans"><h2>2. 小馬智行</h2>
</div><p>It's been just 10 months since Pony AI went public at $13 a share. It's a successful offering -- now. The provider of autonomous driving tech that leans on artificial intelligence (AI) has been a wild ride for investors. Pony AI saw its shares top $23 in February, before plunging as low as $4.11 just two months later. It has since nearly made all of that back with a better-than-fivefold jump. The stock is now beating the market with a 58% gain since its IPO as of Monday's close.</p>
<div class="lb-trans"><p>距離小馬智行以每股 13 美元上市僅過去 10 個月。現在這是一次成功的發行。依靠人工智能（AI）的自動駕駛技術提供商對投資者來説是一場驚心動魄的旅程。小馬智行的股價在 2 月份曾達到 23 美元，隨後在兩個月後暴跌至 4.11 美元。此後，股價幾乎全部回升，漲幅超過五倍。截至週一收盤，該股票自 IPO 以來上漲了 58%，表現優於市場。</p>
</div><p>Pony AI has been faring well in the commercialization of robotaxis in China, standing out in a sea of self-driving-car stocks. It's the only participant at the World Artificial Intelligence Conference 2025 in Shanghai to offer fully driverless and on-demand ride-hailing services. It's also the only participant that's able to operate in extreme weather conditions.</p>
<div class="lb-trans"><p>小馬智行在中國的機器人出租車商業化方面表現良好，在自駕車股票的海洋中脱穎而出。它是 2025 年在上海舉行的世界人工智能大會上唯一提供完全無人駕駛和按需叫車服務的參與者。它也是唯一能夠在極端天氣條件下運營的參與者。</p>
</div><p>Revenue rose 76% in its latest quarter to the U.S. equivalent of $21.5 million, fueled by the more than doubling of robotaxi revenue. Its robotaxi fare-charging revenue more than quadrupled, admittedly off a small base a year ago. Pony AI expects to hit 1,000 vehicles in its fleet by the end of this year. It's making inroads outside China. Earlier this month it announced plans to offer its services in Qatar. The profitless Pony AI will have to grow into its beefy $7.3 billion market cap, but it's certainly steering -- not necessarily autonomously -- in the right direction.</p>
<div class="lb-trans"><p>最新一個季度的收入增長了 76%，達到了 2150 萬美元的美國等值，得益於機器人出租車收入的翻倍。其機器人出租車的收費收入增長了四倍，儘管是基於一年前的小基數。小馬智行預計到今年年底其車隊將達到 1000 輛。它正在向中國以外的市場拓展。本月早些時候，它宣佈計劃在卡塔爾提供服務。雖然小馬智行尚未盈利，但它必須在其 73 億美元的市值中實現增長，但它無疑在朝着正確的方向前進。</p>
</div><h2>3. Baidu</h2>
<div class="lb-trans"><h2>3. 百度</h2>
</div><p>Finally we have Baidu. It's been a late bloomer in this potent year for Chinese growth stocks. Three months ago it was trading roughly where it was when 2025 started, but it has gone on to soar more than 60% since then.</p>
<div class="lb-trans"><p>最後是百度。在這一年中國成長股的強勁表現中，百度顯得有些姍姍來遲。三個月前，它的股價大致與 2025 年初時相同，但自那時以來已上漲超過 60%。</p>
</div><p>The growing pains for China's leading search engine operator have been even worse than Alibaba. Revenue has declined in two of the past three years, and Baidu's top line has inched lower through the first half of 2025. The catalyst for Baidu's emergence this summer has come from its fledgling AI chips business. Trading restrictions with China find the country turning to homegrown players, and Baidu happens to finally be in the right place at the right time.</p>
<div class="lb-trans"><p>中國領先的搜索引擎運營商的成長煩惱比阿里巴巴更為嚴重。在過去三年中，收入在兩年內出現下降，百度的收入在 2025 年上半年也有所下滑。今年夏天，百度的崛起得益於其新興的 AI 芯片業務。由於與中國的貿易限制，該國轉向本土企業，而百度恰好在這個時候處於正確的位置。</p>
</div><p>Despite the recent rally, Baidu is trading for just 12 times trailing earnings. Analysts see a return to revenue and adjusted earnings growth next year. This is a good price for a company that has been great before, and it might be close to getting there again.</p>
<div class="lb-trans"><p>儘管最近反彈，百度的交易市盈率僅為 12 倍。分析師預計明年收入和調整後收益將恢復增長。對於一家曾經表現出色的公司來説，這個價格是合理的，它可能很快就會再次達到輝煌。</p>
</div>

Cathie Wood 在中國尋找投資機會：她剛剛買入的 3 只股票