<p><strong>道琼斯工业平均指数</strong>(^DJI -0.00%) 正在经历过去五年来的第三次重大调整。2020 年，<strong>霍尼韦尔国际</strong>、<strong>Salesforce</strong> 和 <strong>安进</strong> 取代了 <strong>RTX</strong>（前身为雷神技术）、<strong>埃克森美孚</strong> 和 <strong>辉瑞</strong>。今年早些时候，<strong>亚马逊</strong> 取代了 <strong>沃尔格林联合公司</strong>。而在 11 月 8 日星期五，<strong>英伟达</strong> 将取代 <strong>英特尔</strong>，<strong>舍温 - 威廉姆斯</strong> 将接替化工巨头 <strong>陶氏</strong> 的位置。</p>
<p>在相对较短的时间内，DJIA 发生了许多变化，这表明未来可能还会有更多变化。这种潜在性让一些人开始猜测下一个可能被替换的成分股。比如，<strong>迪士尼</strong>(DIS 0.04%) 会是下一个被剔除的公司吗？如果真的被剔除，<strong>Meta Platforms</strong>(META 3.44%) 或 <strong>字母表</strong>(GOOGL 2.40%)(GOOG 2.21%) 会是替代这家媒体巨头的候选者吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MTIvZ2V0dHlpbWFnZXMtMTM5ODg0NDM5MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MTIvZ2V0dHlpbWFnZXMtMTM5ODg0NDM5MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>道琼斯工业平均指数动态</h2>
<p>道琼斯的 30 个成分股代表了 11 个股票市场行业。随着科技在美国股票市场总价值中占比的增加，行业权重也发生了变化。因此，道琼斯的工业成分远不如以前那样重要。</p>
<p>道琼斯成分股的变化可能出于多种原因。通常，这种变化发生是因为某家公司失去了行业领导地位和/或在道琼斯指数中的表现不佳，以至于不再足够大，无法恰当地代表其行业。</p>
<p>道琼斯是一个价格加权指数，这意味着股票的价格而不是市值决定其权重。五年前，<strong>联合健康集团</strong> 的股价约为每股 250 美元，<strong>高盛</strong> 约为 220 美元，<strong>微软</strong> 约为 145 美元。这三家公司都取得了巨大的增长（且没有进行股票拆分），使它们成为今天权重最高的三只成分股，合计占指数的 23% 以上。</p>
<p>道琼斯成分股的中位数价格约为 200 美元，而最高的是联合健康，达 567 美元（截至本文撰写时），而英特尔则是目前最低的，仅为每股 23.30 美元。长期表现不佳是某些公司被剔除出道琼斯的常见主题。</p>
<p>当 <strong>RTX</strong>、<strong>辉瑞</strong> 和 <strong>埃克森美孚</strong> 在 2020 年 8 月 31 日被剔除时，它们在过去五年中都遭遇了糟糕的表现，埃克森美孚损失了 46.9% 的价值，RTX 仅上涨 6.2%，辉瑞仅上涨 17.3%。此外，这三家公司的股价均在 61 美元或以下，远低于平均水平。沃尔格林的股价已跌至 25 年来的低点，且为单数字股价，使其成为被亚马逊替代的合适人选。</p>
<p>迪士尼的股价距离其 10 年低点（2023 年 10 月 4 日达到）仅下跌约 22%。多年的表现不佳使其在道琼斯中的排名降至第 23 位。通常，这些条件可能使迪士尼面临被替换的风险，但迪士尼正在扭转局面。其流媒体业务在经历多年巨额亏损后现在已经盈利。迪士尼最近在票房上也取得了更好的成功，像《头脑特工队 2》这样的热门影片改善了其收入状况，而迪士尼的主题公园继续表现良好，为公司创造了丰厚的现金流。</p>
<p>总体而言，迪士尼代表了一种独特的传统媒体、流媒体、商品、娱乐、邮轮等的结合。如果迪士尼的流媒体业务再次出现亏损，且主题公园显示出疲软迹象，迪士尼可能会被替换。但目前，迪士尼值得留在道琼斯中。</p>
<h2>预测道琼斯的下一步变化</h2>
<p>字母表和/或 Meta Platforms 早该被纳入道琼斯。通信行业已增长至 <strong>S&amp;P 500</strong> 的 9.1%——按权重计算的第四大行业。字母表和 Meta 是这一增长的关键部分，因为它们属于通信行业，而非科技行业。</p>
<p>目前，道琼斯中唯一的通信成分股是迪士尼和 <strong>威瑞森通信</strong>(VZ -1.43%)，合计约占指数的 2%。目前，通信行业在道琼斯中严重缺乏代表性且显得过时，因为没有社交媒体的曝光。</p>
<p>字母表和 Meta Platforms 是类似的公司，但有一些关键差异。Meta 拥有其旗舰应用程序 Instagram、Facebook 和 Whats App，但它还有其 Reality Labs 研发部门，重金投资于元宇宙、虚拟现实、人工智能等领域。</p>
<p>字母表拥有谷歌、YouTube、谷歌云、安卓等，因此它在社交媒体方面的影响力较小。加入字母表将完成三大云公司（与亚马逊网络服务 [AWS] 和微软云）中的三巨头。此外，它还将增加一个主导的媒体平台 YouTube，这与迪士尼相得益彰。安卓将为 <strong>苹果</strong> 的 iPhone 增加智能手机的曝光。</p>
<p>字母表已经在 2022 年完成了分拆股票的关键步骤。以每股约 170 美元的价格，字母表非常适合纳入道琼斯，因为它正好在中位数水平。如果 Meta 进行 4 比 1 的股票拆分，其每股价格将为 143 美元，接近英伟达的股价。这也可能是一个不错的选择。不过，考虑到字母表的历史和更大的多样性，它可能会在 Meta 之前被纳入道琼斯。</p>
<p>在替代候选者方面，威瑞森和 <strong>思科系统</strong>(CSCO 0.36%) 比迪士尼更具优势。首先，这两家公司股价均低于 60 美元——因此它们的权重已经很低。这两只股票在过去五年中的表现都很糟糕，思科仅上涨 18%，而威瑞森则下跌 31%。</p>
<p>目前，Verizon 是该指数中收益最高的股票，股息收益率为 6.6%。但由于当局将收益为 5.8% 的道琼斯指数成分股替换为收益仅为 0.8% 的 Sherwin-Williams，似乎股息收益率现在不再是考虑的重点，未来的增长潜力变得更加重要。</p>
<p>将思科替换为 Alphabet 或 Meta 从技术上讲是跨行业的调整，因为思科属于科技行业。但该指数之前也做过类似的调整，例如 Salesforce 替换了 ExxonMobil。</p>
<p>此外，目前道琼斯指数中有六只科技股——微软、苹果、英伟达、Salesforce、国际商业机器公司和思科。但亚马逊在 AWS 上非常专注于科技，Alphabet 和 Meta 也是如此。这意味着将道琼斯中可以说是最弱的科技股替换为一家专注于科技的通信公司是非常合理的。</p>
<h2>以增长驱动的股市</h2>
<p>近年来，道琼斯指数的成分变化显示出从价值向增长的明显转变，且对收益的重视程度降低。思科目前的收益率为 2.9%，市盈率仅为 22.1，价格极为便宜。但它远不是估值最高的科技公司。Verizon 在电信领域处于领先地位，但社交媒体对股市价值的影响远大于电信。</p>
<p>Salesforce、亚马逊和英伟达在不到五年的时间内被纳入道琼斯指数，显示出该指数愿意适应市场动态的变化。这些变动遵循了我们在标准普尔 500 指数中看到的趋势，该指数的收益率已降至仅 1.3%，而之前约为 2%。</p>
<p>如果更广泛的股市变得不再关注被动收入，风险厌恶型投资者可能会越来越多地转向收益更高的行业，如能源或公用事业，或转向其他资产类别，如债券和高收益储蓄账户。更加关注增长的道琼斯指数也意味着基于未来增长的更高估值，而不是基于过去的业绩，这可能导致更高的波动性以及更剧烈的上涨和下跌波动。</p>

迪士尼

<p>道琼斯工业平均指数正在经历重大变化，英伟达取代了英特尔，舍温威廉姆斯取代了道琼斯的位置。这引发了关于未来潜在替换的疑问，特别是关于迪士尼，迪士尼的排名已经下降。尽管其流媒体和票房表现最近有所改善，但迪士尼的地位仍然脆弱。与此同时，考虑到通信行业的代表性不足，谷歌母公司 Alphabet 和 Meta Platforms 被视为纳入道琼斯的强有力候选者。它们的加入可能会增强该指数在当今市场中的相关性</p>

<p>The <strong>Dow Jones Industrial Average</strong>(^DJI -0.00%) is undergoing its third major shakeup in the last five years. In 2020, <strong>Honeywell International</strong>, <strong>Salesforce</strong>, and <strong>Amgen</strong> replaced <strong>RTX</strong>(formerly Raytheon Technologies), <strong>ExxonMobil</strong>, and <strong>Pfizer</strong>. Earlier this year, <strong>Amazon</strong> replaced <strong>Walgreens Boots Alliance</strong>. And on Friday, Nov. 8, <strong>Nvidia</strong> will replace <strong>Intel</strong> and <strong>Sherwin-Williams</strong> will take the slot occupied by chemical giant <strong>Dow</strong>.</p>
<div class="lb-trans"><p><strong>道琼斯工业平均指数</strong>(^DJI -0.00%) 正在经历过去五年来的第三次重大调整。2020 年，<strong>霍尼韦尔国际</strong>、<strong>Salesforce</strong> 和 <strong>安进</strong> 取代了 <strong>RTX</strong>（前身为雷神技术）、<strong>埃克森美孚</strong> 和 <strong>辉瑞</strong>。今年早些时候，<strong>亚马逊</strong> 取代了 <strong>沃尔格林联合公司</strong>。而在 11 月 8 日星期五，<strong>英伟达</strong> 将取代 <strong>英特尔</strong>，<strong>舍温 - 威廉姆斯</strong> 将接替化工巨头 <strong>陶氏</strong> 的位置。</p>
</div><p>There have been plenty of changes happening to the DJIA in a relatively short amount of time, suggesting that additional changes aren't out of the question. That potential has some wondering which component could be swapped out next. Could <strong>Walt Disney</strong>(DIS 0.04%), for example, be the next company to get dropped? And if it does fall off, could <strong>Meta Platforms</strong>(META 3.44%) or <strong>Alphabet</strong>(GOOGL 2.40%)(GOOG 2.21%) be candidates to replace the media giant?</p>
<div class="lb-trans"><p>在相对较短的时间内，DJIA 发生了许多变化，这表明未来可能还会有更多变化。这种潜在性让一些人开始猜测下一个可能被替换的成分股。比如，<strong>迪士尼</strong>(DIS 0.04%) 会是下一个被剔除的公司吗？如果真的被剔除，<strong>Meta Platforms</strong>(META 3.44%) 或 <strong>字母表</strong>(GOOGL 2.40%)(GOOG 2.21%) 会是替代这家媒体巨头的候选者吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY3MTIvZ2V0dHlpbWFnZXMtMTM5ODg0NDM5MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796712%2Fgettyimages-1398844390-1200x800-5b2df79.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>Dow Jones Industrial Average dynamics</h2>
<div class="lb-trans"><h2>道琼斯工业平均指数动态</h2>
</div><p>The Dow's 30 components represent the 11 stock market sectors. Over time, sector weights have changed as tech has become a larger share of the U.S. stock market's total value. As such, the Dow is far less industrial than it used to be.</p>
<div class="lb-trans"><p>道琼斯的 30 个成分股代表了 11 个股票市场行业。随着科技在美国股票市场总价值中占比的增加，行业权重也发生了变化。因此，道琼斯的工业成分远不如以前那样重要。</p>
</div><p>Changes to the Dow's composition can occur for various reasons. Generally, this usually occurs because a company has lost some of its industry leadership and/or has underperformed the Dow index so much that it is no longer large enough to properly represent its sector.</p>
<div class="lb-trans"><p>道琼斯成分股的变化可能出于多种原因。通常，这种变化发生是因为某家公司失去了行业领导地位和/或在道琼斯指数中的表现不佳，以至于不再足够大，无法恰当地代表其行业。</p>
</div><p>The Dow is a price-weighted index, meaning a stock's price rather than its market cap determines its weighting. Five years ago, <strong>UnitedHealth Group</strong> had a stock price of around $250 per share, <strong>Goldman Sachs</strong> was around $220, and <strong>Microsoft</strong> was around $145. Big gains in all three companies (and a lack of stock splits) have allowed them to become today's top three highest-weighted components -- combining for over 23% of the index.</p>
<div class="lb-trans"><p>道琼斯是一个价格加权指数，这意味着股票的价格而不是市值决定其权重。五年前，<strong>联合健康集团</strong> 的股价约为每股 250 美元，<strong>高盛</strong> 约为 220 美元，<strong>微软</strong> 约为 145 美元。这三家公司都取得了巨大的增长（且没有进行股票拆分），使它们成为今天权重最高的三只成分股，合计占指数的 23% 以上。</p>
</div><p>The median price of a Dow component is around $200, whereas the highest is UnitedHealth at $567 (at the time of this writing), and Intel is (for the moment) the lowest at just $23.30 per share. Prolonged underperformance is a common theme for certain companies getting removed from the Dow.</p>
<div class="lb-trans"><p>道琼斯成分股的中位数价格约为 200 美元，而最高的是联合健康，达 567 美元（截至本文撰写时），而英特尔则是目前最低的，仅为每股 23.30 美元。长期表现不佳是某些公司被剔除出道琼斯的常见主题。</p>
</div><p>When RTX, Pfizer, and ExxonMobil were removed on Aug. 31, 2020, they had all suffered terrible five-year performances, with ExxonMobil losing 46.9% of its value, RTX up just 6.2%, and Pfizer up just 17.3%. Moreover, all three companies had stock prices of $61 or lower -- significantly below average. Walgreens had fallen to a 25-year low and a single-digit stock price, making it ripe for replacement by Amazon.</p>
<div class="lb-trans"><p>当 <strong>RTX</strong>、<strong>辉瑞</strong> 和 <strong>埃克森美孚</strong> 在 2020 年 8 月 31 日被剔除时，它们在过去五年中都遭遇了糟糕的表现，埃克森美孚损失了 46.9% 的价值，RTX 仅上涨 6.2%，辉瑞仅上涨 17.3%。此外，这三家公司的股价均在 61 美元或以下，远低于平均水平。沃尔格林的股价已跌至 25 年来的低点，且为单数字股价，使其成为被亚马逊替代的合适人选。</p>
</div><p>Disney is off just 22% or so from its 10-year low (reached on Oct. 4, 2023). Years of underperformance have pushed its ranking in the Dow down to the 23rd spot. Normally, these conditions could make Disney vulnerable to replacement, but Disney is turning the corner. Its streaming segment is now profitable after years of sizable losses. Disney has had better recent success at the box office, with hits like <em>Inside Out 2</em> improving its revenue situation, and Disney's parks continue to do well and generate plenty of cash flow for the company.</p>
<div class="lb-trans"><p>迪士尼的股价距离其 10 年低点（2023 年 10 月 4 日达到）仅下跌约 22%。多年的表现不佳使其在道琼斯中的排名降至第 23 位。通常，这些条件可能使迪士尼面临被替换的风险，但迪士尼正在扭转局面。其流媒体业务在经历多年巨额亏损后现在已经盈利。迪士尼最近在票房上也取得了更好的成功，像《头脑特工队 2》这样的热门影片改善了其收入状况，而迪士尼的主题公园继续表现良好，为公司创造了丰厚的现金流。</p>
</div><p>Overall, Disney represents a unique blend of traditional media, streaming, merchandise, entertainment, cruise ships, and more. Now, if Disney's streaming segment falls back into the red and the parks show signs of weakness, Disney may warrant replacement. But for now, Disney deserves to stay.</p>
<div class="lb-trans"><p>总体而言，迪士尼代表了一种独特的传统媒体、流媒体、商品、娱乐、邮轮等的结合。如果迪士尼的流媒体业务再次出现亏损，且主题公园显示出疲软迹象，迪士尼可能会被替换。但目前，迪士尼值得留在道琼斯中。</p>
</div><h2>Predicating the Dow's next changes</h2>
<div class="lb-trans"><h2>预测道琼斯的下一步变化</h2>
</div><p>Alphabet and/or Meta Platforms are long overdue for inclusion in the Dow. The communications sector has grown to become 9.1% of the <strong>S&amp;P 500</strong> -- the fourth-largest sector by weight. Alphabet and Meta are key parts of that surge because they are in the communications sector, not tech.</p>
<div class="lb-trans"><p>字母表和/或 Meta Platforms 早该被纳入道琼斯。通信行业已增长至 <strong>S&amp;P 500</strong> 的 9.1%——按权重计算的第四大行业。字母表和 Meta 是这一增长的关键部分，因为它们属于通信行业，而非科技行业。</p>
</div><p>Currently, the only communications components in the Dow are Disney and <strong>Verizon Communications</strong>(VZ -1.43%), which comprise a combined 2% or so of the index. As of right now, communications is heavily underrepresented and outdated, given there is no social media exposure.</p>
<div class="lb-trans"><p>目前，道琼斯中唯一的通信成分股是迪士尼和 <strong>威瑞森通信</strong>(VZ -1.43%)，合计约占指数的 2%。目前，通信行业在道琼斯中严重缺乏代表性且显得过时，因为没有社交媒体的曝光。</p>
</div><p>Alphabet and Meta Platforms are similar companies but have some key differences. Meta has its flagship apps, Instagram, Facebook, and What's App, but it also has its Reality Labs research and development division, which invests heavily in the metaverse, virtual reality, artificial intelligence, and more.</p>
<div class="lb-trans"><p>字母表和 Meta Platforms 是类似的公司，但有一些关键差异。Meta 拥有其旗舰应用程序 Instagram、Facebook 和 Whats App，但它还有其 Reality Labs 研发部门，重金投资于元宇宙、虚拟现实、人工智能等领域。</p>
</div><p>Alphabet has Google, YouTube, Google Cloud, Android, and more, so it's less of a play on social media. Adding Alphabet would complete the trio of the three largest cloud companies (along with Amazon Web Services [AWS] and Microsoft Cloud). It would also add a dominant media platform, YouTube, which would pair well with Disney. And Android would add smartphone exposure to go along with <strong>Apple</strong>'s iPhone.</p>
<div class="lb-trans"><p>字母表拥有谷歌、YouTube、谷歌云、安卓等，因此它在社交媒体方面的影响力较小。加入字母表将完成三大云公司（与亚马逊网络服务 [AWS] 和微软云）中的三巨头。此外，它还将增加一个主导的媒体平台 YouTube，这与迪士尼相得益彰。安卓将为 <strong>苹果</strong> 的 iPhone 增加智能手机的曝光。</p>
</div><p>Alphabet has already completed the crucial step of splitting its stock in 2022. At around $170 per share, Alphabet is tailor-made for inclusion in the Dow since it is right around the median level. If Meta did a 4-for-1 stock split, it would have a price per share of $143, which is around Nvidia's stock price. That could be a good fit, too. Still, given Alphabet's history and greater diversification, it will probably be added to the Dow before Meta.</p>
<div class="lb-trans"><p>字母表已经在 2022 年完成了分拆股票的关键步骤。以每股约 170 美元的价格，字母表非常适合纳入道琼斯，因为它正好在中位数水平。如果 Meta 进行 4 比 1 的股票拆分，其每股价格将为 143 美元，接近英伟达的股价。这也可能是一个不错的选择。不过，考虑到字母表的历史和更大的多样性，它可能会在 Meta 之前被纳入道琼斯。</p>
</div><p>In terms of replacement candidates, Verizon and <strong>Cisco Systems</strong>(CSCO 0.36%) stand out as better choices than Disney. For starters, both companies have stock prices below $60 -- so they are already low weights. Both stocks have performed terribly over the last five years, with Cisco up just 18% compared to a 31% decline for Verizon.</p>
<div class="lb-trans"><p>在替代候选者方面，威瑞森和 <strong>思科系统</strong>(CSCO 0.36%) 比迪士尼更具优势。首先，这两家公司股价均低于 60 美元——因此它们的权重已经很低。这两只股票在过去五年中的表现都很糟糕，思科仅上涨 18%，而威瑞森则下跌 31%。</p>
</div><p>Verizon is currently the highest-yielding stock in the index, with a 6.6% dividend yield. But since the powers that be replaced Dow, which yields 5.8%, with Sherwin-Williams, which yields just 0.8%, it seems that dividend yield is now less important a consideration than future growth potential.</p>
<div class="lb-trans"><p>目前，Verizon 是该指数中收益最高的股票，股息收益率为 6.6%。但由于当局将收益为 5.8% 的道琼斯指数成分股替换为收益仅为 0.8% 的 Sherwin-Williams，似乎股息收益率现在不再是考虑的重点，未来的增长潜力变得更加重要。</p>
</div><p>Replacing Cisco with Alphabet or Meta would technically be a cross-sector adjustment since Cisco is in the tech sector. But the index has made similar changes before, with Salesforce replacing ExxonMobil.</p>
<div class="lb-trans"><p>将思科替换为 Alphabet 或 Meta 从技术上讲是跨行业的调整，因为思科属于科技行业。但该指数之前也做过类似的调整，例如 Salesforce 替换了 ExxonMobil。</p>
</div><p>Moreover, there are currently six tech stocks in the Dow -- Microsoft, Apple, Nvidia, Salesforce, <strong>International Business Machines</strong>, and Cisco. But Amazon is very tech-focused with AWS and so are Alphabet and Meta. This means that replacing what is arguably the weakest tech stock in the Dow with a tech-focused communications company makes a ton of sense.</p>
<div class="lb-trans"><p>此外，目前道琼斯指数中有六只科技股——微软、苹果、英伟达、Salesforce、国际商业机器公司和思科。但亚马逊在 AWS 上非常专注于科技，Alphabet 和 Meta 也是如此。这意味着将道琼斯中可以说是最弱的科技股替换为一家专注于科技的通信公司是非常合理的。</p>
</div><h2>A growth-powered stock market</h2>
<div class="lb-trans"><h2>以增长驱动的股市</h2>
</div><p>The Dow's changing composition in recent years shows a noticeable shift from value toward growth and less emphasis on yield. Cisco currently has a sizable yield of 2.9% and a dirt-cheap price-to-earnings ratio of 22.1. But it is far from one of the highest-valued tech-oriented companies. Verizon is a leader in the telecom space, but social media is much more critical to the stock market's value than telecom.</p>
<div class="lb-trans"><p>近年来，道琼斯指数的成分变化显示出从价值向增长的明显转变，且对收益的重视程度降低。思科目前的收益率为 2.9%，市盈率仅为 22.1，价格极为便宜。但它远不是估值最高的科技公司。Verizon 在电信领域处于领先地位，但社交媒体对股市价值的影响远大于电信。</p>
</div><p>The inclusion of Salesforce, Amazon, and Nvidia in less than five years shows the Dow's willingness to adapt to changing market dynamics. The moves follow trends we are seeing in the S&amp;P 500, where the index yield has dropped to just 1.3%, while it used to be around 2%.</p>
<div class="lb-trans"><p>Salesforce、亚马逊和英伟达在不到五年的时间内被纳入道琼斯指数，显示出该指数愿意适应市场动态的变化。这些变动遵循了我们在标准普尔 500 指数中看到的趋势，该指数的收益率已降至仅 1.3%，而之前约为 2%。</p>
</div><p>If the broader stock market becomes less about passive income, risk-averse investors may increasingly turn to higher-yielding sectors, like energy or utilities, or toward other asset classes, like bonds and high-yield savings accounts. A more growth-focused Dow also means a loftier valuation based on future growth rather than past results, which could lead to higher volatility and more dramatic swings to the upside and the downside.</p>
<div class="lb-trans"><p>如果更广泛的股市变得不再关注被动收入，风险厌恶型投资者可能会越来越多地转向收益更高的行业，如能源或公用事业，或转向其他资产类别，如债券和高收益储蓄账户。更加关注增长的道琼斯指数也意味着基于未来增长的更高估值，而不是基于过去的业绩，这可能导致更高的波动性以及更剧烈的上涨和下跌波动。</p>
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With Nvidia Kicking Intel Out of the Dow Jones, Will Meta Platforms or Alphabet Eventually Replace Walt Disney Stock?

- 道琼斯工业平均指数正在经历五年来的第三次重大调整。  
- 最新调整中，英伟达取代英特尔，舍温 - 威廉姆斯取代道化学。  
- 未来可能的替换候选包括迪士尼、Meta 和 Alphabet。

随着 Nvidia 将 Intel 踢出道琼斯指数，Meta Platforms 或 Alphabet 最终会取代迪士尼的股票吗？