亚马逊（AMZN）

Amazon (AMZN)
亚马逊股价近期在高位强势运行。截至5月20日收报约265.01美元，当日涨幅约2.19%。当前股价处于52周区间196.00~278.56美元的上沿区域。
The Amazon stock has been performing strongly at high levels recently. As of May 20, it closed at approximately $265.01, up about 2.19% for the day. The current stock price is near the upper end of the 52-week range of $196.00 to $278.56.
Q1 2026 AWS收入为376亿美元，同比增长28%，是过去15个季度中最快的增速，打破了此前关于云业务放缓的讨论。AI推理工作负载是这一轮高速增长的推动力之一，公司在Bedrock和Trainium上的部署正持续扩大客户范围。
Q1 2026 AWS revenue reached $37.6 billion, a 28% year-over-year increase, the fastest growth in the past 15 quarters, breaking previous discussions about cloud business slowdown. AI inference workloads are one of the drivers of this rapid growth, with the company's deployment on Bedrock and Trainium continuously expanding its customer base.
零售业务边际改善
Retail business margin improvement
北美零售业务的营业利润率从8.0%提升至9.0%，意味着约40亿美元的年化增量运营收益。广告业务、区域性履约体系的推进，是其利润率提升背后的重要推手。
The operating profit margin of North American retail business increased from 8.0% to 9.0%, representing an annualized incremental operating profit of about $4 billion. The advancement of advertising business and regional fulfillment systems are key drivers behind the margin improvement.
此外，公司对2026年全年资本开支的指引约2000亿美元，市场对近期自由现金流可能因此受到压制存在担忧。摩根大通维持超配评级，但将目标价从313美元小幅下调至312美元。在股价处于历史高位附近时，投资者需要权衡——是押注AWS重新加速叠加零售利润率扩张形成的双重增长动力，还是对当前已计入大量乐观预期的价格持谨慎态度。
Additionally, the company’s full-year capital expenditure guidance for 2026 is about $200 billion, raising concerns that free cash flow may be constrained in the near term. JPMorgan maintains an overweight rating but slightly lowers the target price from $313 to $312. When the stock price is near historical highs, investors need to weigh whether to bet on AWS re-accelerating combined with retail profit margin expansion for dual growth, or to adopt a cautious attitude towards the price already reflecting substantial optimistic expectations.
亚马逊 AWS重拾28%高增长、零售利润率持续扩张（9.0%→+） 2000亿美元资本开支压制短期自由现金流、股价处于历史高位
Amazon AWS regains 28% high growth, retail profit margin continues to expand (9.0%→+). $200 billion capital expenditure suppresses short-term free cash flow, stock price at historical high.
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