过去一年，尽管亚马逊云科技（AWS）增长重新加速，且公司利润率最高的商业化业务持续扩 张，亚马逊（AMZN）的股价表现仍落后于整体科技市场。 公司当前估值较历史水平存在折 价，市场担忧的核心在于其 2025 年资本支出预计将接近 1250 亿美元，且 2026 年还可能 进一步增加。市场关注短期现金流的逻辑虽可以理解，但投资者忽略了其商业模式中蕴含的 潜 在期权价值 —— 这一价值将推动 2026 年成为公司基础设施投资转化为利润率扩张的关键之 年。 通过发力定制化芯片（Trainium3）并向服务主导型营收结构转型（目前服务收入占总销售额 的 60%），亚马逊正将自身定位为 低成本算力提供商 ，同时在电商基础上搭建更高价值的商 业化平台。对公司而言，关键在于当推理任务成为主导型工作负载时，现有算力规模所能支撑 的利润率水平与定价能力。 【如需和我们交流可扫码添加进社群】 亚马逊的投资逻辑并非赢得整个人工智能军备竞赛，而是通过 单位经济效益规模化 ，同时维 持多元化的商业化渠道，以对冲业务执行风险。 尽管自由现金流有所压缩，但多元化的现金来 源与持续改善的资本回报率，仍使亚马逊具备长期投资吸引力。 资 本 配 ...

Core Insights - Amazon's Q1 2025 financial results show a total revenue of $155.7 billion, reflecting a 10% year-over-year growth when excluding foreign exchange impacts [9] - The company has made significant advancements in optimizing its fulfillment network, which has improved efficiency and reduced costs [2] - The retail business is currently facing uncertainties regarding potential tariff increases, but there has been no noticeable decline in demand [3] Financial Performance - Total revenue for Q1 2025 was $1,557 million, with a slight increase of 0.3% compared to estimates [1] - The operating profit for the quarter was $184.1 million, exceeding guidance by approximately $400 million [9] - AWS's annualized revenue surpassed $117 billion, driven by increased cloud migration and the adoption of generative AI [9] Business Segments - The online store segment generated $547 million in revenue, with a year-over-year growth of 7% [1] - Third-party seller services revenue reached $346 million, reflecting a 16% year-over-year increase [1] - The advertising segment reported $128 million in revenue, with a year-over-year growth of 24.3% [1] Strategic Initiatives - Amazon is expanding its fulfillment network by increasing the number of delivery stations in rural areas to enhance delivery speed [2] - The company is focusing on essential goods, with daily necessities growing at more than double the rate of other categories [4] - Amazon's advertising platform is performing strongly, reaching an average audience of over 275 million in the U.S. [4] Technological Advancements - AWS is expected to see significant growth in the coming years, with the potential for annual revenues in the hundreds of billions due to the shift to cloud services [5] - The introduction of the Trainium2 chip is expected to enhance AI model performance and reduce costs [6] - Amazon's AI business is currently generating annual revenues in the billions, with a triple-digit growth rate [8]