汇丰HSBC：亚马逊（AMZN.US）-美股公司研究：加速布局在线杂货市场；物流能力升级与降息周期共促中期盈利-250929（中译版）（20页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Investment Research at:https:/ Insights that speak to you|Hear our research o

2、n the goFind out more Accelerated investment in CSPs to meet industry demand/lower Fed rates bode well for medium-term earnings outlook Expanded logistics capabilities to unlock US online grocery market share potential supported by lower cost to serve Retain Buy rating;strong track record of beating

3、 guidance leaves stock well placed into Q3;TP USD260(from USD256)Accelerated investment in AWS bodes well for the medium term:Lower%top line growth at AWS vs peers reflects a higher absolute base of comparison.Nonetheless,AWS is the leader in early-stage cloud/AI markets which we expect to benefit f

4、rom the long-term growth in off-premise IT spend.This should continue to benefit wider industry contracted commitments,and revenues for CSPs(cloud service providers).as do lower Fed rates for consumer spending trends into 2026:We note the lowering of the federal funds target range by 25bp to 4.00-4.

5、25%in September,with potential for further cuts before the year end,is a positive for consumer sentiment/expenditure into 2026.See our latest multi-asset bulletin Up,up&up more,22 September 2025,for some pertinent charts.Expanded logistics to unlock US grocery online market share potential:We take a

6、 closer look at the US online grocery market,Amazons no.2 position therein,and the development of the expansion of the groups logistics capabilities.This is expected,by Amazon,to allow the group to offer a Same-Day Delivery grocery service to over 4,000 smaller cities/towns/rural areas by the end of