<p><strong>道琼斯工业平均指数</strong>(^DJI 0.59%) 在 2024 年迎来了第二次重大变动。今年早些时候，<strong>亚马逊</strong>(AMZN -0.89%) 替代了 <strong>沃尔格林联合</strong>。现在，<strong>英伟达</strong>(NVDA -0.84%) 将与 <strong>英特尔</strong> 进行更换，而 <strong>舍温 - 威廉姆斯</strong> 则替代了化工巨头 <strong>陶氏</strong>。</p>
<p>以下是为什么这个已有 128 年历史的指数的变动反映了更广泛的市场领导力，以及为什么蓝筹股的定义可能需要更新。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY4NTYvZ2V0dHktc2FmZS1zZWN1cmUtdW1icmVsbGEtcmV0aXJlbWVudC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY4NTYvZ2V0dHktc2FmZS1zZWN1cmUtdW1icmVsbGEtcmV0aXJlbWVudC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>以增长为主，告别高收益</h2>
<p>“蓝筹股” 一词源于扑克，指的是最高面值的筹码。蓝筹股并没有官方定义，但传统上道琼斯的 30 个成分股都符合标准，以及那些在较长时间内增加股息的公司，如股息之王。股息之王是指那些连续增长股息至少 50 年的公司。</p>
<p>大多数道琼斯股票支付股息，但并非全部。2020 年 8 月，<strong>Salesforce</strong> 替代了 <strong>埃克森美孚</strong> 进入道琼斯，成为第三个不支付股息的成分股，此前 <strong>波音</strong> 和 <strong>华特迪士尼</strong> 在年初暂停了季度分红。然而，Salesforce 在今年早些时候开始支付适度的股息，而迪士尼也恢复了股息，但金额低于削减前的水平。</p>
<p>亚马逊目前不支付股息。英伟达支付股息，但仅仅是技术性支付，每季度每股仅为 0.01 美元。舍温 - 威廉姆斯的股息收益率仅为 0.8%，而它所替代的陶氏则是该指数中收益率最高的公司之一，周五的收益率为 5.7%。</p>
<p>调整后，只有 16 个道琼斯成分股的收益率在 2% 或以上，8 个成分股的收益率在 1% 或以下。</p>
<p>过去，道琼斯充满了优先考虑股息的公司。如今，关注点已从股息转向行业领导力。</p>
<h2>理解股息和资本配置</h2>
<p>要理解股息为何对我们对蓝筹股的形象如此重要，我们首先需要理解公司为何支付股息。</p>
<p>股息是公司将收益直接分配给股东的一种方式。如果公司能够长期稳定地支付股息，那么它的业务可能是稳健的。如果一家公司能够每年提高股息，这意味着其收益在增长，因此它能够将更多的利润分配给股东。</p>
<p>然而，股息只是公司配置资本的一种方式。公司可以偿还债务，或将多余的收益保留为现金及现金等价物或可交易证券。它还可以回购股票，从而减少流通股数量并人为提高每股收益。公司可以进行并购（M&amp;A），并可以将资金重新投入到业务中以推动有机增长。</p>
<p>许多传统的蓝筹道琼斯股票的增长前景有限，或其商业模式实际上并不需要不断增加的再投资水平。例如，<strong>可口可乐</strong> 的股东不希望看到公司将所有的超额利润用于冒险的研发项目，以期开发出下一个伟大的饮料。<strong>宝洁</strong> 也不应盲目投入资金，希望开发出颠覆性的纸巾。即使是像 <strong>摩根大通</strong> 这样的公司，也更愿意稳步扩大其网络和客户基础，而不是过度杠杆化以危及其稳定性。因此，这些公司自然会利用股息作为奖励股东的主要方式，以获得被动收入，无论股市表现如何。</p>
<p>相比之下，今天最有价值的公司大多被视为成长股。股息可能是其中的一部分，但并不是重点。<strong>苹果</strong> 和 <strong>微软</strong> 支付股息，但两者的收益率都低于 1%。<strong>字母表</strong> 和 <strong>Meta Platforms</strong> 在今年早些时候开始支付股息，但两者的收益率都低于 0.5%。然而，这些公司的一个共同主题是它们回购了大量自己的股票。</p>
<p>使用资本回购股票而不是支付股息显示出管理层相信该股票的价值良好，并且在长期内将产生比股息更好的回报。到目前为止，这一策略对于像苹果、微软、字母表和 Meta 这样的巨型科技公司来说，确实证明了其有效性，它们在长期内的表现远超大盘。</p>
<p>沃伦·巴菲特领导的 <strong>伯克希尔哈撒韦</strong> 以不支付股息而闻名，因为巴菲特认为伯克希尔能够通过资本增值为投资者提供比股息更高的回报（而且他是对的）。尽管没有股息，许多人可能仍会将伯克希尔哈撒韦视为蓝筹股。<strong>Meta</strong> 和 <strong>字母表</strong> 也是如此，尽管它们的收益率如此之低，并且支付股息的时间仅为几个月而非几十年。但对于那些没有可观股息或回购计划的公司呢？</p>
<p>最近加入道琼斯的亚马逊和英伟达通过股票激励稀释了其股东。尤其是亚马逊，以其将资金重新投入到多个行业而闻名。在过去十年中，亚马逊的流通股数量增加了 13.1%，但股价却增长了超过 13 倍。因此，很难反对亚马逊超激进的资本配置策略。</p>
<h2>对蓝筹股的新看法</h2>
<p>道琼斯工业平均指数已经演变，因此 “蓝筹股” 的定义也应该随之更新。</p>
<p>蓝筹股的地位应该更多地关注行业领导力和资本配置的有效性，而不是基于资本是分配给股息、回购、并购还是有机增长来进行区分。也就是说，如果一家公司决定走像亚马逊或英伟达这样的高风险路线，它需要证明资本支出的价值。</p>
<p>“蓝筹股” 这一术语应保留给那些在行业中领先、产生大量超额资本并以最大化股东价值的方式使用这些资本的公司。</p>

英特尔

<p>道琼斯工业平均指数在 2024 年正经历重大变化，英特尔被英伟达取代，陶氏化学则被舍温 - 威廉姆斯取代。这一变化突显了从高收益分红股票向以增长为导向的公司的转变，挑战了传统的蓝筹股定义。虽然分红历来是蓝筹股的标志，但许多当前的领军企业更重视资本配置策略，如股票回购，而非分红。这一演变反映了更广泛的市场趋势，表明在当今经济中需要重新定义什么构成蓝筹股</p>

<p>The <strong>Dow Jones Industrial Average</strong>(^DJI 0.59%) is making its second major change in 2024. Earlier this year, <strong>Amazon</strong>(AMZN -0.89%) replaced <strong>Walgreens Boots Alliance</strong>. Now, <strong>Nvidia</strong>(NVDA -0.84%) is swapping with <strong>Intel</strong>, and <strong>Sherwin-Williams</strong> is replacing chemical giant <strong>Dow</strong>.</p>
<div class="lb-trans"><p><strong>道琼斯工业平均指数</strong>(^DJI 0.59%) 在 2024 年迎来了第二次重大变动。今年早些时候，<strong>亚马逊</strong>(AMZN -0.89%) 替代了 <strong>沃尔格林联合</strong>。现在，<strong>英伟达</strong>(NVDA -0.84%) 将与 <strong>英特尔</strong> 进行更换，而 <strong>舍温 - 威廉姆斯</strong> 则替代了化工巨头 <strong>陶氏</strong>。</p>
</div><p>Here's why the shakeups in the 128-year-old index reflect broader market leadership, and why the very definition of what it means to be a blue chip stock could need an update.</p>
<div class="lb-trans"><p>以下是为什么这个已有 128 年历史的指数的变动反映了更广泛的市场领导力，以及为什么蓝筹股的定义可能需要更新。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTY4NTYvZ2V0dHktc2FmZS1zZWN1cmUtdW1icmVsbGEtcmV0aXJlbWVudC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F796856%2Fgetty-safe-secure-umbrella-retirement-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>In with growth, out with high yield</h2>
<div class="lb-trans"><h2>以增长为主，告别高收益</h2>
</div><p>The term &#34;blue chip&#34; comes from poker, where it refers to the highest chip denomination. There is no official definition of a blue chip stock, but traditionally all 30 components of the Dow would make the cut, as well as companies that have increased their dividends for an extended period of time, such as Dividend Kings. Dividend Kings are companies that have grown their dividends for at least 50 consecutive years.</p>
<div class="lb-trans"><p>“蓝筹股” 一词源于扑克，指的是最高面值的筹码。蓝筹股并没有官方定义，但传统上道琼斯的 30 个成分股都符合标准，以及那些在较长时间内增加股息的公司，如股息之王。股息之王是指那些连续增长股息至少 50 年的公司。</p>
</div><p>Most, but not all, Dow stocks pay dividends. In August 2020, <strong>Salesforce</strong> replaced <strong>ExxonMobil</strong> in the Dow. It became the third component not to pay a dividend, after Boeing and Walt Disney suspended their quarterly payouts earlier in the year. However, Salesforce began paying a modest dividend earlier this year, and Disney has since brought back its dividend, at a smaller amount than before the cut.</p>
<div class="lb-trans"><p>大多数道琼斯股票支付股息，但并非全部。2020 年 8 月，<strong>Salesforce</strong> 替代了 <strong>埃克森美孚</strong> 进入道琼斯，成为第三个不支付股息的成分股，此前 <strong>波音</strong> 和 <strong>华特迪士尼</strong> 在年初暂停了季度分红。然而，Salesforce 在今年早些时候开始支付适度的股息，而迪士尼也恢复了股息，但金额低于削减前的水平。</p>
</div><p>Amazon doesn't currently pay a dividend. Nvidia does, but only on a technicality, as it is just $0.01 per share per quarter. Sherwin-Williams yields just 0.8%, whereas the company it's replacing, Dow, was one of the highest-yielding companies in the index, with a yield of 5.7% at Friday's prices.</p>
<div class="lb-trans"><p>亚马逊目前不支付股息。英伟达支付股息，但仅仅是技术性支付，每季度每股仅为 0.01 美元。舍温 - 威廉姆斯的股息收益率仅为 0.8%，而它所替代的陶氏则是该指数中收益率最高的公司之一，周五的收益率为 5.7%。</p>
</div><p>Post-adjustment, there will be just 16 Dow components that yield 2% or more, and eight components that yield 1% or less.</p>
<div class="lb-trans"><p>调整后，只有 16 个道琼斯成分股的收益率在 2% 或以上，8 个成分股的收益率在 1% 或以下。</p>
</div><p>In the past, the Dow was chock-full of companies that prioritized dividends. Today, the focus has shifted away from dividends toward industry leadership.</p>
<div class="lb-trans"><p>过去，道琼斯充满了优先考虑股息的公司。如今，关注点已从股息转向行业领导力。</p>
</div><h2>Understanding dividends and capital allocation</h2>
<div class="lb-trans"><h2>理解股息和资本配置</h2>
</div><p>To understand why dividends are so fundamental to our image of a blue chip stock, we have to first understand why companies pay them in the first place.</p>
<div class="lb-trans"><p>要理解股息为何对我们对蓝筹股的形象如此重要，我们首先需要理解公司为何支付股息。</p>
</div><p>A dividend is a way for a company to pass along earnings directly to its shareholders. If it can pay a dividend consistently over the long term, its business is probably solid. If a company can raise its dividend every year, that implies earnings are growing, so it can afford to pass even more profits to shareholders.</p>
<div class="lb-trans"><p>股息是公司将收益直接分配给股东的一种方式。如果公司能够长期稳定地支付股息，那么它的业务可能是稳健的。如果一家公司能够每年提高股息，这意味着其收益在增长，因此它能够将更多的利润分配给股东。</p>
</div><p>However, dividends are just one way a company can allocate capital. A company can pay down debt or keep excess earnings in cash and cash equivalents or marketable securities. It can also repurchase stock, which reduces the share count and artificially increases earnings per share. It can engage in mergers and acquisitions (M&amp;A), and companies can pour money back into the business to drive organic growth.</p>
<div class="lb-trans"><p>然而，股息只是公司配置资本的一种方式。公司可以偿还债务，或将多余的收益保留为现金及现金等价物或可交易证券。它还可以回购股票，从而减少流通股数量并人为提高每股收益。公司可以进行并购（M&amp;A），并可以将资金重新投入到业务中以推动有机增长。</p>
</div><p>Many of the traditional blue chip Dow stocks have limited growth prospects or business models that actually don't need ever-higher levels of reinvestment. For example, <strong>Coca-Cola</strong> shareholders wouldn't want to see the company use all its excess profits in risky research and development endeavors in the hopes of making the next great soda. It would be unwise for <strong>Procter &amp; Gamble</strong> to throw money at the wall in the hopes of developing a game-changing paper towel. Even a company like <strong>JPMorgan Chase</strong> would prefer steadily growing its network and client base rather than overleveraging and jeopardizing its stability. So naturally, these companies use dividends as a key way to reward shareholders with passive income, no matter what the stock market is doing.</p>
<div class="lb-trans"><p>许多传统的蓝筹道琼斯股票的增长前景有限，或其商业模式实际上并不需要不断增加的再投资水平。例如，<strong>可口可乐</strong> 的股东不希望看到公司将所有的超额利润用于冒险的研发项目，以期开发出下一个伟大的饮料。<strong>宝洁</strong> 也不应盲目投入资金，希望开发出颠覆性的纸巾。即使是像 <strong>摩根大通</strong> 这样的公司，也更愿意稳步扩大其网络和客户基础，而不是过度杠杆化以危及其稳定性。因此，这些公司自然会利用股息作为奖励股东的主要方式，以获得被动收入，无论股市表现如何。</p>
</div><p>In comparison, today's most valuable companies are mostly considered growth stocks. Dividends may be part of the equation, but they aren't the focus. <strong>Apple</strong> and <strong>Microsoft</strong> pay dividends, but both yield less than 1%. <strong>Alphabet</strong> and <strong>Meta Platforms</strong> began paying dividends earlier this year, but both yield less than 0.5%. However, a common theme among all these companies is that they buy back a considerable amount of their own stock.</p>
<div class="lb-trans"><p>相比之下，今天最有价值的公司大多被视为成长股。股息可能是其中的一部分，但并不是重点。<strong>苹果</strong> 和 <strong>微软</strong> 支付股息，但两者的收益率都低于 1%。<strong>字母表</strong> 和 <strong>Meta Platforms</strong> 在今年早些时候开始支付股息，但两者的收益率都低于 0.5%。然而，这些公司的一个共同主题是它们回购了大量自己的股票。</p>
</div><p>Using capital to buy back stock instead of paying a dividend shows confidence that management believes the stock is a good value and will produce a better return than dividends over time. So far, that strategy has certainly proven true for mega-cap tech giants like Apple, Microsoft, Alphabet, and Meta, which have crushed the performance of the broader market over the long term.</p>
<div class="lb-trans"><p>使用资本回购股票而不是支付股息显示出管理层相信该股票的价值良好，并且在长期内将产生比股息更好的回报。到目前为止，这一策略对于像苹果、微软、字母表和 Meta 这样的巨型科技公司来说，确实证明了其有效性，它们在长期内的表现远超大盘。</p>
</div><p>Warren Buffett-led <strong>Berkshire Hathaway</strong> famously doesn't pay a dividend, because Buffett believes Berkshire can provide a higher return to investors with capital gains than dividends (and he's been right). Despite its lack of dividends, many folks would probably consider Berkshire Hathaway a blue chip stock. The same goes for Meta and Alphabet, even though they sport such low yields and have been paying dividends for a matter of months rather than decades. But what about companies that don't sport sizable dividends or buyback programs?</p>
<div class="lb-trans"><p>沃伦·巴菲特领导的 <strong>伯克希尔哈撒韦</strong> 以不支付股息而闻名，因为巴菲特认为伯克希尔能够通过资本增值为投资者提供比股息更高的回报（而且他是对的）。尽管没有股息，许多人可能仍会将伯克希尔哈撒韦视为蓝筹股。<strong>Meta</strong> 和 <strong>字母表</strong> 也是如此，尽管它们的收益率如此之低，并且支付股息的时间仅为几个月而非几十年。但对于那些没有可观股息或回购计划的公司呢？</p>
</div><p>Recent Dow additions Amazon and Nvidia dilute their shareholders with stock-based compensation. Amazon, in particular, is famous for pouring money back into the business to invest in a variety of industries. Over the last decade, Amazon's share count has increased by 13.1%, but the stock price has increased by over 13-fold. So it's hard to argue against Amazon's ultra-aggressive capital allocation strategy.</p>
<div class="lb-trans"><p>最近加入道琼斯的亚马逊和英伟达通过股票激励稀释了其股东。尤其是亚马逊，以其将资金重新投入到多个行业而闻名。在过去十年中，亚马逊的流通股数量增加了 13.1%，但股价却增长了超过 13 倍。因此，很难反对亚马逊超激进的资本配置策略。</p>
</div><h2>A new take on blue chip stocks</h2>
<div class="lb-trans"><h2>对蓝筹股的新看法</h2>
</div><p>The Dow Jones Industrial Average has evolved, and so should the definition of &#34;blue chip stock.&#34;</p>
<div class="lb-trans"><p>道琼斯工业平均指数已经演变，因此 “蓝筹股” 的定义也应该随之更新。</p>
</div><p>Blue chip status should be more about industry leadership and the effectiveness of capital allocation, rather than discriminating based on whether capital is allocated toward dividends, buybacks, M&amp;A, or organic growth. That being said, if a company decides to go the riskier route of companies like Amazon or Nvidia, it needs to prove that the capital spending is worth it.</p>
<div class="lb-trans"><p>蓝筹股的地位应该更多地关注行业领导力和资本配置的有效性，而不是基于资本是分配给股息、回购、并购还是有机增长来进行区分。也就是说，如果一家公司决定走像亚马逊或英伟达这样的高风险路线，它需要证明资本支出的价值。</p>
</div><p>The term &#34;blue chip&#34; should be reserved for industry-leading companies that generate plenty of excess capital <em>and</em> use it in a way that maximizes shareholder value.</p>
<div class="lb-trans"><p>“蓝筹股” 这一术语应保留给那些在行业中领先、产生大量超额资本并以最大化股东价值的方式使用这些资本的公司。</p>
</div>

With Nvidia Replacing Intel in the Dow Jones, Is It Time to Redefine What It Means to Be a Blue Chip Stock?

- 道琼斯工业平均指数在 2024 年进行第二次重大调整。  
- 英伟达替换英特尔，舍温威廉姆斯取代道化学。  
- 蓝筹股的定义应更新，更注重行业领导力和资本配置效率。

随着英伟达取代英特尔进入道琼斯指数，现在是否是重新定义蓝筹股含义的时机？