-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：亚马逊于5月4日推出了Amazon Supply Chain Services（亚马逊供应链服务），向所有企业开放其物流网络，提供全面的货运、配送、仓储和包裹运输服务。包括宝洁和3M在内的主要客户已签约加入，这标志着亚马逊正式成为与UPS和FedEx直接竞争的全方位物流服务商。我们认为，这将对UPS和FedEx此前集中发展B2B业务以应对亚马逊住宅市场份额增长的B2B市场构成威胁。UPS正面临着日益严峻的业务量压力，因为该公司计划到2026年中期将其与亚马逊的合作缩减50%。在业务量不断减少的情况下，成本分摊到不断下降的业务量上，UPS亟需B2B业务的增长，而亚马逊的出现正威胁着这一增长。过去三年，UPS 的股价平均比 FDX 溢价 14.9%，但这一关系在 2025 年 11 月发生逆转，截至 2026 年 5 月 1 日，UPS 的股价折价已达 23.5%。FDX 的溢价反映了投资者对其 B2B 定位的信心，但亚马逊的进入对这一竞争优势构成了挑战。
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