<p>隨着科技巨頭競相收購人工智能（AI）硬件，<strong>Nvidia</strong> 仍然是市場的焦點。然而，一家低調的贏家在今年悄然實現了更強勁的股票表現。這隻股票是 <strong>盈透證券</strong>（IBKR -0.49%），這是一家以全球覆蓋和自動化為自豪的電子經紀公司。與許多 2025 年炒作驅動的股票不同，它的業務勢頭在收入和利潤兩方面都表現出色。</p>
<p>截至目前，盈透證券的股價年初至今上漲近 60%，而同期 Nvidia 的股價上漲約 39%。當然，投資者更關心的是未來而非過去。考慮到這一點，我相信盈透證券在長期內有望超越 Nvidia。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>驚人的勢頭</h2>
<p>盈透證券的規模、自動化和全球覆蓋相結合，使公司在低成本運營方面具備競爭優勢，最近在市場份額上取得了令人矚目的勝利。考慮到其成功的商業模式以及有利的股票市場，很容易看出這家公司為何能實現令人印象深刻的增長。</p>
<p>盈透證券的第二季度報告顯示，業務全面開花。淨收入同比增長 20%，達到 15 億美元，而淨利潤增長 24%。令人印象深刻的是，該季度公司的税前利潤率為 75%——高於去年同期的 72%。</p>
<p>這些強勁的財務數據得益於出色的關鍵客户指標。由於股票、期權和期貨的交易量增加，佣金收入增長了 27%。此外，賬户數量同比增長 32%，達到 387 萬，客户權益增長 34%，約為 6650 億美元，日均收入交易（DARTs）躍升 49%，達到 355 萬。此外，保證金貸款增長 18%，達到 651 億美元。</p>
<p>對投資者來説，幸運的是，盈透證券還每月提供客户指標。季度後的數據進一步增強——尤其是在九月份。上個月，盈透證券的 DARTs 達到了 386 萬，同比增長 47%，環比增長 11%；客户權益達到 7575 億美元，同比增長 40%，環比增長 6%；保證金貸款上升至 773 億美元，同比增長 39%，環比增長 8%。這些是公司佣金和利息收入的生命線輸入，並且從八月份已經強勁的活動中逐步改善，為公司下一個定於 10 月 16 日下午的財報更新奠定了健康的基礎。</p>
<h2>為什麼這可能在長期內超越 Nvidia</h2>
<p>毫無疑問，Nvidia 的卓越表現。作為芯片領導者，它繼續實現非凡的收入增長（最近一個季度收入同比增長 56%）。但有兩個關鍵風險使其相較於盈透證券的吸引力下降。第一個是估值。截至目前，Nvidia 的市盈率約為 53，而盈透證券的市盈率為 37。此外，Nvidia 的業務高度週期性。儘管圍繞 AI 的炒作表明當前週期仍處於早期階段，但總有可能這種 AI 支出熱潮會比預期更快地消退。此外，競爭環境可能比預期更加激烈，從而對 Nvidia 的價格施加壓力。</p>
<p>當然，盈透證券也面臨着重大風險。例如，市場波動的急劇下降可能會減少交易活動和佣金，而股市拋售可能會縮小保證金餘額和客户權益。此外，利率下降將對盈透證券的淨利息收入施加壓力，而淨利息收入是其淨收入的重要組成部分（第二季度淨利息收入為 8.6 億美元，而非利息收入為 6.2 億美元）。最後，競爭對手可能會在盈透證券的一些優勢領域，如自動化和全球規模上取得進展。</p>
<p>即使考慮到這些風險，盈透證券在 10 年期的投資中仍然顯得更具吸引力。雖然盈透證券面臨自身的重大風險，但較低的估值在一定程度上更好地考慮了這些風險。盈透證券加速的基本面與較低的起始估值相結合，使其不僅有可信的機會繼續超越 Nvidia，而且在未來十年內擴大這一領先優勢。</p>

盈透證券

<p>盈透證券（IBKR）在今年的股票表現上超過了英偉達，股價上漲近 60%，而英偉達上漲了 39%。該公司的財務狀況強勁，淨收入增長了 20%，淨利潤增長了 24%。佣金收入和客户權益等關鍵指標也顯示出顯著增長。儘管英偉達表現強勁，但其高估值和週期性特徵帶來了風險。相比之下，盈透證券的低估值和穩健的基本面使其成為潛在的更好的長期投資</p>

<p>With tech giants racing to buy up artificial intelligence (AI) hardware, <strong>Nvidia</strong> remains the market's headline act. But an under-the-radar winner has quietly posted even stronger stock performance this year. The stock? <strong>Interactive Brokers</strong>(IBKR -0.49%), an electronic brokerage that prides itself on global reach and automation. And unlike many of 2025's hype-driven stocks, its business momentum is showing up on both the top <em>and</em> bottom line.</p>
<div class="lb-trans"><p>隨着科技巨頭競相收購人工智能（AI）硬件，<strong>Nvidia</strong> 仍然是市場的焦點。然而，一家低調的贏家在今年悄然實現了更強勁的股票表現。這隻股票是 <strong>盈透證券</strong>（IBKR -0.49%），這是一家以全球覆蓋和自動化為自豪的電子經紀公司。與許多 2025 年炒作驅動的股票不同，它的業務勢頭在收入和利潤兩方面都表現出色。</p>
</div><p>As of this writing, Interactive Brokers shares are up nearly 60% year to date, versus about 39% for Nvidia over the same period. Of course, investors are more concerned about the future than the past. With that in mind, I believe Interactive Brokers is well-positioned to outperform Nvidia over the long haul.</p>
<div class="lb-trans"><p>截至目前，盈透證券的股價年初至今上漲近 60%，而同期 Nvidia 的股價上漲約 39%。當然，投資者更關心的是未來而非過去。考慮到這一點，我相信盈透證券在長期內有望超越 Nvidia。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY4NDUvdGhpcy1zdG9jay13aWxsLW91dHBlcmZvcm0tbnZpZGlhLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836845%2Fthis-stock-will-outperform-nvidia.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>Incredible momentum</h2>
<div class="lb-trans"><h2>驚人的勢頭</h2>
</div><p>Interactive Brokers' scale, automation, and global reach, which all combine to give the company a competitive advantage as the low-cost operator, are paying off in impressive market share wins recently. When viewing its winning business formula, alongside a favorable equities market, it's easy to see why this company is putting up impressive growth.</p>
<div class="lb-trans"><p>盈透證券的規模、自動化和全球覆蓋相結合，使公司在低成本運營方面具備競爭優勢，最近在市場份額上取得了令人矚目的勝利。考慮到其成功的商業模式以及有利的股票市場，很容易看出這家公司為何能實現令人印象深刻的增長。</p>
</div><p>Interactive Brokers' second-quarter report showed a business firing on all cylinders. Net revenue rose 20% year over year to $1.5 billion, while net income rose 24%. Impressively, the company's pre-tax profit margin for the quarter was 75% -- up from 72% in the year-ago quarter.</p>
<div class="lb-trans"><p>盈透證券的第二季度報告顯示，業務全面開花。淨收入同比增長 20%，達到 15 億美元，而淨利潤增長 24%。令人印象深刻的是，該季度公司的税前利潤率為 75%——高於去年同期的 72%。</p>
</div><p>These strong financials were supported by amazing key customer metrics. Commission revenue increased 27% on higher trading volumes across stocks, options, and futures. Additionally, accounts increased 32% year over year to 3.87 million, client equity rose 34% to about $665 billion, and daily average revenue trades (DARTs) jumped 49% to 3.55 million. Also bolstering results, margin loans climbed 18% to $65.1 billion.</p>
<div class="lb-trans"><p>這些強勁的財務數據得益於出色的關鍵客户指標。由於股票、期權和期貨的交易量增加，佣金收入增長了 27%。此外，賬户數量同比增長 32%，達到 387 萬，客户權益增長 34%，約為 6650 億美元，日均收入交易（DARTs）躍升 49%，達到 355 萬。此外，保證金貸款增長 18%，達到 651 億美元。</p>
</div><p>Fortunately for investors, Interactive Brokers also provides customer metrics on a monthly basis. The post-quarter cadence has since strengthened even further -- particularly in September. Last month, Interactive Brokers' DARTs reached 3.86 million, up 47% year over year and 11% month over month; ending client equity hit $757.5 billion, up 40% year over year and 6% month over month; and margin loans rose to $77.3 billion, up 39% year over year and 8% month over month. These are the lifeblood inputs for the firm's commission and interest revenue, and they improved sequentially from August's already-robust activity, setting up a healthy backdrop for the company's next earnings update, which is scheduled for the afternoon of Thursday, Oct. 16.</p>
<div class="lb-trans"><p>對投資者來説，幸運的是，盈透證券還每月提供客户指標。季度後的數據進一步增強——尤其是在九月份。上個月，盈透證券的 DARTs 達到了 386 萬，同比增長 47%，環比增長 11%；客户權益達到 7575 億美元，同比增長 40%，環比增長 6%；保證金貸款上升至 773 億美元，同比增長 39%，環比增長 8%。這些是公司佣金和利息收入的生命線輸入，並且從八月份已經強勁的活動中逐步改善，為公司下一個定於 10 月 16 日下午的財報更新奠定了健康的基礎。</p>
</div><h2>Why this could beat Nvidia long term</h2>
<div class="lb-trans"><h2>為什麼這可能在長期內超越 Nvidia</h2>
</div><p>There is no denying Nvidia's excellence. The chip leader continues to post extraordinary top-line growth (revenue rose 56% year over year in its most recent quarter). But there are two key risks that arguably make it less attractive than Interactive Brokers. The first is valuation. As of this writing, Nvidia commands a price-to-earnings ratio of about 53. Interactive Brokers, by contrast, has a price-to-earnings ratio of 37. Additionally, Nvidia's business is highly cyclical. While the hype surrounding AI today would suggest that the current cycle is still in still in its early innings, there's always a chance that this AI-spending boom fades sooner and faster than expected. Additionally, the competitive environment could intensify more than anticipated, pressuring Nvidia's prices.</p>
<div class="lb-trans"><p>毫無疑問，Nvidia 的卓越表現。作為芯片領導者，它繼續實現非凡的收入增長（最近一個季度收入同比增長 56%）。但有兩個關鍵風險使其相較於盈透證券的吸引力下降。第一個是估值。截至目前，Nvidia 的市盈率約為 53，而盈透證券的市盈率為 37。此外，Nvidia 的業務高度週期性。儘管圍繞 AI 的炒作表明當前週期仍處於早期階段，但總有可能這種 AI 支出熱潮會比預期更快地消退。此外，競爭環境可能比預期更加激烈，從而對 Nvidia 的價格施加壓力。</p>
</div><p>Of course, there are substantial risks for Interactive Brokers, too. A sharp decline in market volatility, for instance, could reduce trading activity and commissions, and a stock market sell-off could shrink margin balances and client equity. Further, lower interest rates would pressure Interactive Brokers' net interest income, which is a significant portion of its net income (second-quarter net interest income was $860 million, compared to $620 million in non-interest income). Finally, competitors could make inroads on some of Interactive Brokers' strengths, including automation and global scale.</p>
<div class="lb-trans"><p>當然，盈透證券也面臨着重大風險。例如，市場波動的急劇下降可能會減少交易活動和佣金，而股市拋售可能會縮小保證金餘額和客户權益。此外，利率下降將對盈透證券的淨利息收入施加壓力，而淨利息收入是其淨收入的重要組成部分（第二季度淨利息收入為 8.6 億美元，而非利息收入為 6.2 億美元）。最後，競爭對手可能會在盈透證券的一些優勢領域，如自動化和全球規模上取得進展。</p>
</div><p>Even when considering these risks, Interactive Brokers arguably looks like the better investment with a 10-year horizon. While Interactive Brokers faces its own substantial risks, a lower valuation arguably does a better job of accounting for these. Interactive Brokers' combination of accelerating fundamentals and a lower starting valuation gives it a credible shot not only to keep outpacing Nvidia from here, but to widen that lead over the next decade.</p>
<div class="lb-trans"><p>即使考慮到這些風險，盈透證券在 10 年期的投資中仍然顯得更具吸引力。雖然盈透證券面臨自身的重大風險，但較低的估值在一定程度上更好地考慮了這些風險。盈透證券加速的基本面與較低的起始估值相結合，使其不僅有可信的機會繼續超越 Nvidia，而且在未來十年內擴大這一領先優勢。</p>
</div>

Prediction: This Growth Stock Has Crushed Nvidia Recently and Will Obliterate It Over the Next 10 Years

- Interactive Brokers 股價今年上漲近 60%，超越 Nvidia 的 39% 增長。  
- 第二季度淨收入同比增長 20%，淨利潤增長 24%，顯示出強勁的業務勢頭。  
- 儘管面臨風險，Interactive Brokers 在長期投資中可能優於 Nvidia。  

預測：這隻成長股最近已經超越了 Nvidia，並將在未來 10 年內徹底超越它