这家美国业务总部设于芝加哥郊外的连锁超市，自 2021 年美国通胀率开始飙升后便开启了扩张热潮， 去年新增门店数量更是创下历史纪录。 美国相关数据显示，尽管食品通胀增速已有所放缓，但去年食品价格仍同比上涨 2.4%，且自疫情暴发 以来，食品价格累计涨幅已高达约 25%。美国劳工部于本周二发布报告称，12 月食品杂货价格环比上 涨 0.7%，2025 年的涨价增速超过了前两年。 随着越来越多家庭为削减开支而转向更实惠的购物渠道，阿尔迪正抓住这一机遇抢占市场份额。 受美国经济形势引发的担忧情绪影响，越来越多美国人减少外出就餐、选择居家做饭，折扣连锁超市阿 尔迪借此契机加速扩张，计划今年在美国新增超 180 家门店。 当下，美国人逐渐放弃信赖的知名品牌，转而选择更便宜的超市自有品牌；同时舍弃常年光顾的购物场 所，投向折扣店或二手杂货店的怀抱。这一消费趋势也让达乐公司、美元树等全美连锁折扣店迎来发展 红利。 其实早在特朗普政府发起贸易战之前，这种消费转向就已初现端倪，而在过去一年间，该趋势的发展速 度明显加快。 阿尔迪曾在 2024 年表示，受通胀担忧情绪蔓延的影响，公司计划到 2028 年在美国新增 800 家门店 ...

Core Viewpoint - Amazon has shown a 20% increase over the past year, significantly outperforming benchmark indices, with a forward P/E ratio of 35, indicating investor willingness to pay a premium for its growth potential [1][8]. Financial Performance - Amazon's Q3 2025 financial report revealed that it has exceeded market expectations for both revenue and earnings per share for five consecutive quarters, showcasing strong fundamentals and robust demand [3]. - On the first trading day after the earnings release, Amazon's stock price rose approximately 10% [4]. - North America contributed 59% of total sales, with net sales of $106.3 billion, a year-on-year increase of 11% [4][5]. - International business accounted for 23% of total sales, with net sales of $40.9 billion, reflecting a 14% year-on-year growth [4][6]. - Amazon Web Services (AWS) contributed 18% of total sales, with net sales of $33 billion, marking a 20% year-on-year increase, making it the fastest-growing segment [4][6]. - The company's net profit for Q3 was $17.4 billion, remaining stable year-on-year, primarily impacted by significant expenses related to legal settlements and layoffs [7]. Strategic Initiatives - Amazon is actively investing in artificial intelligence, launching new UltraServers powered by NVIDIA chips for complex AI model training and deployment [7]. - AWS has seen a 150% quarter-on-quarter increase in the adoption rate of its self-developed accelerator chip, Trainium2 [7]. - The AI tool Rufus has served approximately 250 million users this year, enhancing purchase conversion rates by 60% [7]. - Amazon has expanded its same-day delivery service for fresh food to over 1,000 towns in the U.S., with plans to cover about 2,300 towns by year-end [7]. - The company is also entering the sports streaming market, with Prime platform broadcasting NBA games, attracting viewers from around 200 countries [7]. Market Outlook - Analysts project that Amazon's diluted earnings per share will reach $7.04 in 2025, $7.80 in 2026, and $9.48 in 2027, with expected double-digit net profit growth in the coming years [8]. - A conservative estimate suggests a target price of $300 based on a forward P/E ratio of 32, which is 10% lower than the current ratio [8]. Competitive Position - Amazon's strategic initiatives and investments are expected to strengthen its competitive moat and support sustained growth, enhancing global brand recognition and maintaining market leadership [8][11]. - Despite potential risks, including market corrections and high capital expenditures in AI, the overall outlook remains positive, with more favorable factors than negative ones [9][11].