<p><strong>可口可乐</strong>(KO 0.55%) 和 <strong>宝洁</strong>(PG 0.20%) 是市场上最可靠的两只股息股票之一。这两家公司都是 <strong>股息王</strong>--这意味着它们连续至少 50 年支付并提高股息（可口可乐和宝洁已经连续 60 多年实现了这一点）。</p>
<p>可口可乐和宝洁也是 <strong>道琼斯工业平均指数</strong> 的成分之一 -- 该指数包含 30 家领先行业的蓝筹公司。而且，最重要的是，由于它们稳定且可预测的商业模式，无论经济周期如何，这两家公司都能够蓬勃发展。</p>
<p>可口可乐在 9 月 4 日创下历史最高盘中价，而宝洁则在 9 月 10 日实现了历史最高盘中价。然而，随着最近几周大盘指数持续上涨，可口可乐和宝洁从它们的高点略微回落。</p>
<p>以下是低利率对可口可乐和宝洁意味着什么，以及这些股息股票现在是否值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE5NzgvZ2V0dHlpbWFnZXMtNTMwNjg2MDg1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE5NzgvZ2V0dHlpbWFnZXMtNTMwNjg2MDg1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源: Getty Images。</p>
<h2>安全股票的特点</h2>
<p><strong>消费者必需品选择性行业 SPDR 基金</strong>，反映了该行业的表现，今年迄今上涨了 17.4%--主要是由于其最大的成分如可口可乐和宝洁的涨幅。这是一个历史上保守且低增长的行业取得的巨大回报。然而，在市场不确定性时期，投资者倾向于寻求安全领域 -- 这在通货膨胀和较高利率的时期尤为明显。</p>
<p>消费品、医疗保健和公用事业是一些最安全的股票市场部门。这些部门的产品和服务需求往往与更广泛的经济相关性较小，与工业或消费者自由支出等高度周期性的部门相比，这是一个优势。当经济增长停滞或存在不确定性时，这种特征是一种优势。但当经济增长强劲时，这也可能是一个弱点，并有助于其他部门的收益增长。</p>
<p>就在不久前，2024 年表现最佳的万得全球交易所交易基金 (ETF) 是 <strong>万得公用事业 ETF</strong>。因此，值得了解的是，2024 年对于安全部门来说是一个突破性的一年。鉴于上涨，短期为导向的投资者可能选择从必需品和公用事业部门转向更具周期性的名称。但根据市场动态在各个部门之间进行交易可能是一种有缺陷的长期策略。一个更简单的方法是找到一个部门中质量最高的公司，并随着时间的推移坚定持有它们甚至增加持有量。可口可乐和宝洁展示了它们为何可以说是消费品部门中最好的两家公司。</p>
<h2>未来增长的空间</h2>
<p>尽管可口可乐和宝洁在完全不同的行业运营，但它们在高度专注的资本配置方面非常相似。</p>
<p>可口可乐拥有多样化的饮料产品组合，涵盖软饮料、果汁、水、气泡水、能量饮料、咖啡和茶。当它收购一个品牌时，它会全力以赴地利用其营销和分销实力 -- 这可以将一个地区性的赢家推向全球舞台。这正是可口可乐与 Topo Chico 合作的方式。</p>
<p>同样，宝洁专注于其在几个消费品类别中的顶级品牌 -- 从汰渍洗衣液到吉列剃须刀再到帮宝适尿片等。宝洁很少收购或开发全新品牌。相反，它发展现有品牌并为忠实客户提供服务。宝洁的简单而有效的策略赋予了它定价权 -- 这支持了盈利增长、股票回购和持续提高股息。</p>
<h2>两个无论市场如何波动都值得持有的候选股</h2>
<p>可口可乐的市盈率为 29，股息率为 2.7%，而宝洁的市盈率为 28.7，股息率为 2.3%。因此，这两只股票都不便宜，也没有超高的股息率。</p>
<p>鉴于它们较高的估值和最近的表现，这两家公司确实容易受到回调的影响。但长期投资者应更关心每家公司的表现以及它们为未来增长做好的准备，而不是关心它们在短期内是受欢迎还是不受欢迎。</p>
<p>宝洁继续利用股票回购和股息来回报股东，而可口可乐则通过技术改进和跨供应链更好地整合品牌来加速增长。</p>
<p>这两家公司都处于巅峰状态，现在仍然是稳健的买入选择，但投资者不应感到惊讶，如果其中任何一只股票因估值担忧或一些人选择抛售安全股而进一步下跌。</p>

宝洁

可口可乐

<p>可口可乐和宝洁，作为两家股息王企业，尽管整体市场出现了反弹，但它们的股价仍略有下跌。较低的利率影响了投资者的行为，导致他们转向更具周期性的股票。然而，由于它们坚实的商业模式和资本配置重点，这两家公司仍然是强劲的长期投资标的。可口可乐的市盈率为 29，宝洁为 28.7，它们并不便宜，但其增长潜力和稳定的股息使它们成为吸引人的投资选择，即使在潜在的短期波动中也是如此</p>

<p><strong>Coca-Cola</strong>(KO 0.55%) and <strong>Procter &amp; Gamble</strong>(PG 0.20%) are two of the most reliable dividend stocks on the market. Both companies are Dividend Kings -- which are companies that have paid and raised their dividends for at least 50 years in a row (Coke and P&amp;G have done it for more than 60 consecutive years).</p>
<div class="lb-trans"><p><strong>可口可乐</strong>(KO 0.55%) 和 <strong>宝洁</strong>(PG 0.20%) 是市场上最可靠的两只股息股票之一。这两家公司都是 <strong>股息王</strong>--这意味着它们连续至少 50 年支付并提高股息（可口可乐和宝洁已经连续 60 多年实现了这一点）。</p>
</div><p>Coke and P&amp;G are also components of the <strong>Dow Jones Industrial Average</strong> -- which contains 30 industry-leading blue chip companies. And, perhaps most importantly, both companies can thrive no matter the economic cycle thanks to their steady and predicable business models.</p>
<div class="lb-trans"><p>可口可乐和宝洁也是 <strong>道琼斯工业平均指数</strong> 的成分之一 -- 该指数包含 30 家领先行业的蓝筹公司。而且，最重要的是，由于它们稳定且可预测的商业模式，无论经济周期如何，这两家公司都能够蓬勃发展。</p>
</div><p>Coke reached an all-time intraday high on Sept. 4, while P&amp;G achieved its record intraday high on Sept. 10. And yet, as the broader indexes have continued to rally in recent weeks, Coke and P&amp;G have sold off slightly from their highs.</p>
<div class="lb-trans"><p>可口可乐在 9 月 4 日创下历史最高盘中价，而宝洁则在 9 月 10 日实现了历史最高盘中价。然而，随着最近几周大盘指数持续上涨，可口可乐和宝洁从它们的高点略微回落。</p>
</div><p>Here's what lower interest rates mean for Coke and P&amp;G, and whether these dividend stocks are worth buying now.</p>
<div class="lb-trans"><p>以下是低利率对可口可乐和宝洁意味着什么，以及这些股息股票现在是否值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTE5NzgvZ2V0dHlpbWFnZXMtNTMwNjg2MDg1LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F791978%2Fgettyimages-530686085-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源: Getty Images。</p>
</div><h2>Characteristics of safe stocks</h2>
<div class="lb-trans"><h2>安全股票的特点</h2>
</div><p>The <strong>Consumer Staples Select Sector SPDR Fund</strong>, which mirrors the performance of the sector, is up 17.4% year to date -- led by gains in its largest components like Coke and P&amp;G. That's a huge return from a historically stodgy and low-growth sector. However, investors tend to gravitate toward areas of safety amid market uncertainty -- which has been the case during this period of inflation and higher interest rates.</p>
<div class="lb-trans"><p><strong>消费者必需品选择性行业 SPDR 基金</strong>，反映了该行业的表现，今年迄今上涨了 17.4%--主要是由于其最大的成分如可口可乐和宝洁的涨幅。这是一个历史上保守且低增长的行业取得的巨大回报。然而，在市场不确定性时期，投资者倾向于寻求安全领域 -- 这在通货膨胀和较高利率的时期尤为明显。</p>
</div><p>Consumer staples, healthcare, and utilities are some of the safest stock market sectors. Demand for the products and services in these sectors tends to be less correlated to the broader economy than, say, industrials or consumer discretionary, which can be highly cyclical. This characteristic is a strength when economic growth stalls or there is uncertainty. But it can also be a weakness when economic growth is strong and helps compound gains in other sectors.</p>
<div class="lb-trans"><p>消费品、医疗保健和公用事业是一些最安全的股票市场部门。这些部门的产品和服务需求往往与更广泛的经济相关性较小，与工业或消费者自由支出等高度周期性的部门相比，这是一个优势。当经济增长停滞或存在不确定性时，这种特征是一种优势。但当经济增长强劲时，这也可能是一个弱点，并有助于其他部门的收益增长。</p>
</div><p>It wasn't long ago that the top-performing Vanguard exchange-traded fund (ETF) in 2024 was the <strong>Vanguard Utility ETF</strong>. So, it's worth understanding that 2024 has been a breakout year for safe sectors. Given the run-up, short-term-minded investors may choose to rotate out of staples and utilities and into more cyclical names. But trading in and out of sectors based on market dynamics can be a flawed long-term strategy. A far simpler approach is to find the highest-quality companies in a sector and stick with them or even add to them over time. Coke and P&amp;G have demonstrated why they are arguably two of the best companies in the consumer staples sector.</p>
<div class="lb-trans"><p>就在不久前，2024 年表现最佳的万得全球交易所交易基金 (ETF) 是 <strong>万得公用事业 ETF</strong>。因此，值得了解的是，2024 年对于安全部门来说是一个突破性的一年。鉴于上涨，短期为导向的投资者可能选择从必需品和公用事业部门转向更具周期性的名称。但根据市场动态在各个部门之间进行交易可能是一种有缺陷的长期策略。一个更简单的方法是找到一个部门中质量最高的公司，并随着时间的推移坚定持有它们甚至增加持有量。可口可乐和宝洁展示了它们为何可以说是消费品部门中最好的两家公司。</p>
</div><h2>Runways for future growth</h2>
<div class="lb-trans"><h2>未来增长的空间</h2>
</div><p>Although Coke and P&amp;G operate in completely different industries, they are remarkably similar in that they are highly focused capital allocators.</p>
<div class="lb-trans"><p>尽管可口可乐和宝洁在完全不同的行业运营，但它们在高度专注的资本配置方面非常相似。</p>
</div><p>Coke has a diversified beverage portfolio that spans soft drinks, juice, water, sparkling water, energy drinks, coffee, and tea. When it acquires a brand, it puts the full force of its marketing and distribution prowess behind it -- which can propel a regional winner to the global stage. This is exactly what Coke did with Topo Chico.</p>
<div class="lb-trans"><p>可口可乐拥有多样化的饮料产品组合，涵盖软饮料、果汁、水、气泡水、能量饮料、咖啡和茶。当它收购一个品牌时，它会全力以赴地利用其营销和分销实力 -- 这可以将一个地区性的赢家推向全球舞台。这正是可口可乐与 Topo Chico 合作的方式。</p>
</div><p>Similarly, P&amp;G focuses on its top brands in several consumer goods categories -- from Tide detergent to Gillette razors to Pampers diapers and more. P&amp;G rarely acquires or develops an entirely new brand. Instead, it develops existing brands and delivers for loyal customers. P&amp;G's simple yet effective strategy gives it pricing power -- which supports earnings growth, stock buybacks, and consistent dividend raises.</p>
<div class="lb-trans"><p>同样，宝洁专注于其在几个消费品类别中的顶级品牌 -- 从汰渍洗衣液到吉列剃须刀再到帮宝适尿片等。宝洁很少收购或开发全新品牌。相反，它发展现有品牌并为忠实客户提供服务。宝洁的简单而有效的策略赋予了它定价权 -- 这支持了盈利增长、股票回购和持续提高股息。</p>
</div><h2>Two buy-and-hold candidates no matter what the market throws at you</h2>
<div class="lb-trans"><h2>两个无论市场如何波动都值得持有的候选股</h2>
</div><p>Coke has a 29 price-to-earnings (P/E) ratio and a 2.7% yield compared to a 28.7 P/E ratio and a 2.3% yield for P&amp;G. So neither stock is cheap or has an ultra-high yield.</p>
<div class="lb-trans"><p>可口可乐的市盈率为 29，股息率为 2.7%，而宝洁的市盈率为 28.7，股息率为 2.3%。因此，这两只股票都不便宜，也没有超高的股息率。</p>
</div><p>Given their higher valuations and recent performances, both companies are admittedly vulnerable to a pullback. But long-term investors should care more about how each company is doing and how it is positioned for future growth than whether it is falling in or out of favor in the short term.</p>
<div class="lb-trans"><p>鉴于它们较高的估值和最近的表现，这两家公司确实容易受到回调的影响。但长期投资者应更关心每家公司的表现以及它们为未来增长做好的准备，而不是关心它们在短期内是受欢迎还是不受欢迎。</p>
</div><p>P&amp;G continues to use buybacks and dividends to reward shareholders, while Coke is accelerating growth thanks to technological improvements and better brand integration across its supply chain.</p>
<div class="lb-trans"><p>宝洁继续利用股票回购和股息来回报股东，而可口可乐则通过技术改进和跨供应链更好地整合品牌来加速增长。</p>
</div><p>Both companies are at the top of their game and remain solid buys now, but investors shouldn't be surprised if either stock sells off further due to valuation concerns or some folks choosing to dump safe stocks in favor of risker names.</p>
<div class="lb-trans"><p>这两家公司都处于巅峰状态，现在仍然是稳健的买入选择，但投资者不应感到惊讶，如果其中任何一只股票因估值担忧或一些人选择抛售安全股而进一步下跌。</p>
</div>

Are Lower Interest Rates to Blame for Knocking Dividend Kings Coca-Cola and Procter & Gamble Off Their All-Time Highs?

- 可口可乐和宝洁是可靠的股息股票，均为 “股息之王”。  
- 两家公司在经济周期中表现稳定，近期股价略有回落。  
- 长期投资者应关注其未来增长潜力，仍然是值得购买的股票。

较低的利率是否是导致股息之王可口可乐和宝洁股价从历史高点回落的原因？