Amazon(US:AMZN) 智通财经网·2026-01-20 08:47Core Viewpoint - HSBC maintains a "Buy" rating on Amazon (AMZN.US) with a target price of $300, expressing optimism about the upcoming Q4 2025 earnings report, expecting continued strong performance [1] Group 1: Q4 Performance Expectations - HSBC anticipates that Amazon's Q4 results will continue the trend of exceeding expectations, supported by cautious management guidance that leaves room for upside [1] - Historical data shows Amazon has achieved operating profits above guidance for 12 consecutive quarters [1] - AWS cloud services are expected to see a resurgence in growth, with Q3 revenue increasing by 20.2% year-over-year, up from 17.5% in Q2, and management believes this growth is sustainable [1] - Strong sales data from Black Friday/Cyber Monday, with U.S. e-commerce sales rising 7.7% to $44.2 billion, indicates resilient consumer demand, allowing Amazon to capture market share through its logistics network and discount strategies [1] Group 2: Strategic Themes for 2026 - HSBC identifies four key themes driving growth for Amazon in 2026: cloud demand, enterprise AI applications, e-commerce market share, and capital expenditures [1] - AWS plans to significantly expand computing capacity over the next two years, addressing capacity constraints in the global cloud market, and the introduction of the AI chip Trainium3 is expected to lower AI development costs [2] - AWS is set to benefit from the explosion in demand for AI infrastructure, with multiple AI innovations announced at the 2025 "re:Invent" conference accelerating digital transformation for enterprise customers [2] - Amazon aims to expand its next-day delivery service to over 4,000 small and medium-sized cities in the U.S., enhancing its penetration in high-frequency consumer sectors, currently ranking second in the online grocery market [2] - Capital expenditures for Amazon are projected to reach $150 billion in 2026, a 20% increase year-over-year, primarily for data center expansion and logistics investments to support long-term growth [2] - Overall, HSBC believes Amazon is at an excellent balance point, with AWS benefiting from increased AI computing power and retail operations enhancing profitability through logistics efficiency [2]