<p>当 2024 年 12 月 31 日收盘铃声响起时，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别实现了 13%、23% 和 29% 的回报。更令人振奋的是，这三个指数都创下了多次历史最高收盘纪录。</p>
<p>在成千上万的上市公司和交易所交易基金（ETFs）中，可能有多种证券可以帮助您实现投资目标。但在关键时刻，难以超越股息股票的长期超额收益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvZXhjaGFuZ2UtbW9uZXktZGl2aWRlbmQtcGF5b3V0LXlpZWxkLWluY29tZS1zdG9ja3MtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvZXhjaGFuZ2UtbW9uZXktZGl2aWRlbmQtcGF5b3V0LXlpZWxkLWluY29tZS1zdG9ja3MtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>在《股息的力量：过去、现在与未来》中，哈特福基金与内德·戴维斯研究公司合作，比较了 1973 年至 2023 年 50 年期间股息股票与非支付股票的表现。他们发现，股息股票的平均年回报率为 9.17%，远超非支付股票的 4.27%，而且波动性低于基准的标准普尔 500 指数。</p>
<p>这些结果并不令人惊讶。定期向股东支付股息的公司几乎总是能够持续盈利，并且证明了它们在经济困难时期的应对能力。此外，收入股票通常能够提供透明的长期增长前景，这正是华尔街所青睐的。</p>
<p>股息股票的挑战在于在最大化收入的同时最小化风险。由于收益率是相对于股价的派息的函数，一家经营模式不佳且股价下跌的公司可能会让投资者陷入一个丰厚（但不可持续）的收益陷阱。但经过适当的审查，至少四倍于标准普尔 500 指数收益率的超高收益公司是可以找到的。</p>
<p>接下来是三只超高收益股息股票——平均收益率为 7.93%——在历史上价格便宜，毫无疑问在 2025 年是值得购买的。</p>
<h2>福特汽车公司：6.06% 收益率</h2>
<p>在新的一年里，第一只值得购买的高收益股票就是位于迪尔伯恩的汽车制造商 <strong>福特汽车公司</strong>（F -2.52%），目前的收益率略高于 6%。</p>
<p>与大多数汽车股票一样，福特也面临一些挑战。随着竞争加剧，电动汽车（EV）的需求有所减弱，导致公司 Model e 部门出现了可观的亏损。此外，保修相关费用的大幅增加也影响了福特的利润。</p>
<p>尽管面临这些困难，福特仍有一些有利因素，可能会为公司带来意想不到的好年景。</p>
<p>或许最大的推动因素是其质量控制工作的显著成效。在 2024 年 6 月底发布的 J.D. Power 美国初始质量研究中，福特在 34 个品牌中每 100 辆车的问题数量排名第九。许多公司的保修相关费用与吉姆·哈基特担任首席执行官期间有关。自 2020 年 10 月吉姆·法利接任以来，福特显著改善了生产流程，这应该会更早地减少保修成本。</p>
<p>另一个值得注意的方面是，福特能够调整支出以提高利润率。在 2023 年 10 月，法利和他的团队宣布计划将 120 亿美元的电动汽车支出推迟，直到需求足够强劲以支持生产扩张。能够灵活调整这些支出应该会在 2025 年为 Model e 部门带来更小的亏损。</p>
<p>此外，福特的主打产品——卡车销售——依然特别强劲。福特的 F 系列卡车在美国连续 48 年成为最畅销卡车，并且在过去 43 年中一直是最畅销的车辆。尽管在商业世界中，规模并不总是意味着更好，但卡车的车辆利润率明显高于小型轿车。F 系列的成功对福特的增长至关重要。</p>
<p>更令人振奋的是福特的估值极其便宜。尽管汽车股票高度周期性，且往往以低于大多数行业的前瞻市盈率（P/E）交易，但福特的前瞻市盈率为 5.5，是十年来的低点。它的账面价值也以 11% 的折扣进行估值，除去 COVID-19 崩盘后，这是自 2006 年以来最便宜的市净率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>PennantPark Floating Rate Capital：11.25% 收益率</h2>
<p>第二只在 2025 年值得关注的超高收益股息股票是商业发展公司（BDC）<strong>PennantPark Floating Rate Capital</strong>（PFLT 0.55%）。PennantPark 每月支付一次股息，目前的收益率高达 11.25%。</p>
<p>BDC 是一种投资于一般未经过验证的小型和微型公司的股权（普通股和优先股）和/或债务的商业类型（称为 “中型市场公司”）。截至 9 月 30 日，PennantPark 的 19.84 亿美元投资组合中有 88% 投资于债务证券，这意味着它主要是一家债务驱动的 BDC。</p>
<p>持有中型市场公司的贷款的核心优势在于，许多公司缺乏基本的金融服务，包括贷款和信用额度。由于这些未经过验证的企业可用的选择有限，PennantPark 能够在其贷款上产生远高于市场平均水平的收益。</p>
<p>该公司的另一个竞争优势，可能从其名称中就能看出，便是其大约 17.5 亿美元的债务组合中 100% 为浮动利率。美联储在四十年来最陡峭的加息周期中，自 2022 年 3 月至 2023 年 7 月，联邦基金利率上升了 525 个基点，这使得 PennantPark Floating Rate Capital 的债务投资加权平均收益率上升了 520 个基点，达到了 12.6% 的峰值。即使在美联储现在进入降息周期的情况下，该公司 11.5% 的债务证券加权平均收益率仍然表明有大量高利润的贷款正在发放。</p>
<p>该公司在保护其投资组合免受不利事件（如贷款逾期）方面也做得特别出色。例如，其大约 17.5 亿美元的贷款中，除了 270 万美元外，全部为第一留置权担保票据。在不太可能的情况下，如果其中一位借款人申请破产，第一留置权担保债权人将排在偿还的最前面。作为补充，截至 2024 年 9 月 30 日，PennantPark 整体投资组合的逾期支付比例仅为 0.4%。</p>
<p>此外，其包含股权投资的 19.84 亿美元投资组合分布在 158 家公司中。平均投资规模为 1260 万美元，足够小，不会在出现问题时引发剧烈波动。</p>
<p>目前，机会主义的收入寻求者可以以其账面价值的 4% 折扣和仅为 2025 年预测收益的 8.7 倍的倍数购买 PennantPark 的股票。</p>
<h2>辉瑞：6.48% 的收益率</h2>
<p>2025 年值得大力推荐的第三只超高收益股是制药巨头 <strong>辉瑞</strong>（PFE 0.30%），其支付可持续的 6.5% 收益率。</p>
<p>在过去两年中，辉瑞最大的敌人是其自身的成功。在 2022 年，辉瑞推出 COVID-19 疫苗 Comirnaty 和口服治疗药物 Paxlovid 后，因这两种疗法的销售，辉瑞的总销售额超过了 560 亿美元。到 2024 年，辉瑞的指导预计将达到大约 85 亿美元的总销售额。在两年内看到超过 480 亿美元的销售额蒸发，确实是一个难以接受的事实。</p>
<p>但每个硬币都有两面。尽管辉瑞的 COVID-19 疗法在过去两年中销售大幅下滑，但在十年前，它们的销售额为零。包括 Comirnaty 和 Paxlovid 在内，辉瑞在 2024 年全年的销售指导中预计将达到 625 亿美元的中位数。这比 2020 年报告的 419 亿美元的销售额增长了 49%。</p>
<p>辉瑞新药组合的重要之处在于，除了 COVID-19 疗法外，它一直在产生稳定的有机增长。特别是，该公司的专业护理和肿瘤学部门在今年前九个月中，排除货币波动，均实现了双位数的增长。</p>
<p>辉瑞在 2023 年 12 月以 430 亿美元收购癌症药物开发公司 Seagen，成为新一年的另一个明确催化剂。除了扩展其高利润的肿瘤学管道外，此交易还增加了超过 30 亿美元的销售额，并将带来成本节约，从而提升公司在 2025 年的利润。</p>
<p>此外，不要忘记医疗保健是一个高度防御性的行业。无论美国经济表现如何，人们仍然需要医疗护理和处方药。由于我们无法控制何时生病或会发展出何种疾病，辉瑞新药的需求往往在每年之间保持一致。</p>
<p>辉瑞之所以值得大力推荐，是因为其估值极其便宜。该公司的前瞻市盈率为 9，是本十年来的最低水平，其 6.5% 的收益率接近历史最高水平。这是 2025 年投资者在价值、收入和稳定性方面的完美结合。</p>

福特汽车

PFLT

<p>这篇文章讨论了三只被认为是 2025 年强力买入的超高收益股息股票，强调了它们的表现和潜力。道琼斯指数、标准普尔 500 指数和纳斯达克在 2024 年取得了显著回报，历史上股息股票的表现优于非支付股息的股票。福特汽车的股息收益率为 6.06%，尽管面临挑战，但其质量控制不断改善，卡车销量强劲。PennantPark Floating Rate Capital 的股息收益率为 11.25%，专注于对中型市场公司的债务投资。这些股票的平均收益率为 7.93%，使其成为投资者的有吸引力的选择</p>

<p>When the closing bell rang on Dec. 31, the <strong>Dow Jones Industrial Average</strong>, <strong>S&amp;P 500</strong>, and <strong>Nasdaq Composite</strong> had delivered respective returns of 13%, 23%, and 29% in 2024. The icing on the cake is that all three indexes achieved multiple record-closing highs.</p>
<div class="lb-trans"><p>当 2024 年 12 月 31 日收盘铃声响起时，<strong>道琼斯工业平均指数</strong>、<strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 分别实现了 13%、23% 和 29% 的回报。更令人振奋的是，这三个指数都创下了多次历史最高收盘纪录。</p>
</div><p>With thousands of publicly traded companies and exchange-traded funds (ETFs) to choose from, there are probably multiple securities that can help you meet your investment goals. But when push comes to shove, it's tough to top the long-term outperformance of dividend stocks.</p>
<div class="lb-trans"><p>在成千上万的上市公司和交易所交易基金（ETFs）中，可能有多种证券可以帮助您实现投资目标。但在关键时刻，难以超越股息股票的长期超额收益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvZXhjaGFuZ2UtbW9uZXktZGl2aWRlbmQtcGF5b3V0LXlpZWxkLWluY29tZS1zdG9ja3MtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802551%2Fexchange-money-dividend-payout-yield-income-stocks-invest-getty.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><p>In <em>The Power of Dividends: Past, Present, and Future</em>, researchers at Hartford Funds, in collaboration with Ned Davis Research, compared the performance of dividend stocks to non-payers over a 50-year period (1973-2023). What they found is that dividend stocks handily outperformed the non-payers based on average annual return -- 9.17% vs. 4.27% -- and did so while being less volatile than the benchmark S&amp;P 500.</p>
<div class="lb-trans"><p>在《股息的力量：过去、现在与未来》中，哈特福基金与内德·戴维斯研究公司合作，比较了 1973 年至 2023 年 50 年期间股息股票与非支付股票的表现。他们发现，股息股票的平均年回报率为 9.17%，远超非支付股票的 4.27%，而且波动性低于基准的标准普尔 500 指数。</p>
</div><p>These results shouldn't come as a surprise. Companies that regularly pay a dividend to their shareholders are almost always profitable on a recurring basis and have proven their ability to navigate challenging economic climates. What's more, income stocks can often provide transparent long-term growth outlooks, which Wall Street loves.</p>
<div class="lb-trans"><p>这些结果并不令人惊讶。定期向股东支付股息的公司几乎总是能够持续盈利，并且证明了它们在经济困难时期的应对能力。此外，收入股票通常能够提供透明的长期增长前景，这正是华尔街所青睐的。</p>
</div><p>The challenge with dividend stocks is maximizing income while minimizing risk. Since yields are a function of payout relative to share price, a company with a struggling operating model and declining share price can trap investors with a juicy (but unsustainable) yield. But with proper vetting, companies with ultra-high-yields that are at least four times the yield of the S&amp;P 500 <em>can</em> be found.</p>
<div class="lb-trans"><p>股息股票的挑战在于在最大化收入的同时最小化风险。由于收益率是相对于股价的派息的函数，一家经营模式不佳且股价下跌的公司可能会让投资者陷入一个丰厚（但不可持续）的收益陷阱。但经过适当的审查，至少四倍于标准普尔 500 指数收益率的超高收益公司是可以找到的。</p>
</div><p>What follows are three ultra-high-yield dividend stocks -- sporting an average yield of 7.93% -- which are historically cheap and nothing short of screaming buys in 2025.</p>
<div class="lb-trans"><p>接下来是三只超高收益股息股票——平均收益率为 7.93%——在历史上价格便宜，毫无疑问在 2025 年是值得购买的。</p>
</div><h2>Ford Motor Company: 6.06% yield</h2>
<div class="lb-trans"><h2>福特汽车公司：6.06% 收益率</h2>
</div><p>The first high-octane income stock that's begging to be bought in the new year is none other than Dearborn-based automaker <strong>Ford Motor Company</strong>(F -2.52%), which is currently yielding just over 6%.</p>
<div class="lb-trans"><p>在新的一年里，第一只值得购买的高收益股票就是位于迪尔伯恩的汽车制造商 <strong>福特汽车公司</strong>（F -2.52%），目前的收益率略高于 6%。</p>
</div><p>Like most auto stocks, Ford is contending with some challenges. Demand for electric vehicles (EV) has tapered as competition has picked up, leading to sizable losses for the company's Model e segment. Additionally, a big uptick in warranty-related expenses has dinged Ford's bottom line.</p>
<div class="lb-trans"><p>与大多数汽车股票一样，福特也面临一些挑战。随着竞争加剧，电动汽车（EV）的需求有所减弱，导致公司 Model e 部门出现了可观的亏损。此外，保修相关费用的大幅增加也影响了福特的利润。</p>
</div><p>Despite these potholes, Ford has catalysts working in its favor that may lead to a surprisingly good year for the company.</p>
<div class="lb-trans"><p>尽管面临这些困难，福特仍有一些有利因素，可能会为公司带来意想不到的好年景。</p>
</div><p>Perhaps the biggest needle-mover is that its quality control efforts are yielding tangible results. In J.D. Power's 2024 U.S. Initial Quality Study, released in late June, Ford had the ninth-fewest problems per 100 vehicles out of the 34 brands analyzed. Many of the company's warranty-related expenses tie into Jim Hackett's time as CEO. Since Jim Farley took over in October 2020, Ford has notably improved its production process, which should lessen warranty costs sooner, rather than later.</p>
<div class="lb-trans"><p>或许最大的推动因素是其质量控制工作的显著成效。在 2024 年 6 月底发布的 J.D. Power 美国初始质量研究中，福特在 34 个品牌中每 100 辆车的问题数量排名第九。许多公司的保修相关费用与吉姆·哈基特担任首席执行官期间有关。自 2020 年 10 月吉姆·法利接任以来，福特显著改善了生产流程，这应该会更早地减少保修成本。</p>
</div><p>Something else worth noting is that Ford has the ability to pull levers and adjust its spending to boost its margins. In October 2023, Farley and his team announced plans to defer $12 billion in EV spending until demand picked up enough to merit production expansion. Having the flexibility to pull these levers should result in smaller losses for the Model e division in 2025.</p>
<div class="lb-trans"><p>另一个值得注意的方面是，福特能够调整支出以提高利润率。在 2023 年 10 月，法利和他的团队宣布计划将 120 亿美元的电动汽车支出推迟，直到需求足够强劲以支持生产扩张。能够灵活调整这些支出应该会在 2025 年为 Model e 部门带来更小的亏损。</p>
</div><p>Additionally, Ford's bread-and-butter -- truck sales -- remains particularly strong. Ford's F-Series has been the best-selling truck in America for 48 consecutive years, as well as the top-selling vehicle, <em>period</em>, for 43 straight years. Though bigger doesn't always mean better in the business world, trucks do generate considerably better vehicle margins than small sedans. The success of the F-Series is critical to Ford's growth.</p>
<div class="lb-trans"><p>此外，福特的主打产品——卡车销售——依然特别强劲。福特的 F 系列卡车在美国连续 48 年成为最畅销卡车，并且在过去 43 年中一直是最畅销的车辆。尽管在商业世界中，规模并不总是意味着更好，但卡车的车辆利润率明显高于小型轿车。F 系列的成功对福特的增长至关重要。</p>
</div><p>The icing on the cake is Ford's jaw-droppingly cheap valuation. Even though auto stocks are highly cyclical and tend to trade at lower forward price-to-earnings (P/E) ratios than most sectors and industries, Ford's forward P/E of 5.5 is a low-water mark for the decade. It's also valued at an 11% discount to its book value, which, excluding the COVID-19 crash, marks its cheapest price-to-book ratio since 2006.</p>
<div class="lb-trans"><p>更令人振奋的是福特的估值极其便宜。尽管汽车股票高度周期性，且往往以低于大多数行业的前瞻市盈率（P/E）交易，但福特的前瞻市盈率为 5.5，是十年来的低点。它的账面价值也以 11% 的折扣进行估值，除去 COVID-19 崩盘后，这是自 2006 年以来最便宜的市净率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDI1NTEvYnVzaW5lc3MtbWVldGluZy10YWJsZXRzLWxhcHRvcHMtZ3JhcGhzLWNoYXJ0cy1hZHZlcnRpc2luZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802551%2Fbusiness-meeting-tablets-laptops-graphs-charts-advertising-getty.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>PennantPark Floating Rate Capital: 11.25% yield</h2>
<div class="lb-trans"><h2>PennantPark Floating Rate Capital：11.25% 收益率</h2>
</div><p>A second ultra-high-yield dividend stock that's a screaming bargain in 2025 is business development company (BDC) <strong>PennantPark Floating Rate Capital</strong>(PFLT 0.55%). PennantPark doles out its dividend on a monthly basis, which currently equates to a mouthwatering 11.25% yield.</p>
<div class="lb-trans"><p>第二只在 2025 年值得关注的超高收益股息股票是商业发展公司（BDC）<strong>PennantPark Floating Rate Capital</strong>（PFLT 0.55%）。PennantPark 每月支付一次股息，目前的收益率高达 11.25%。</p>
</div><p>BDC's are a type of business that invests in the equity (common and preferred stock) and/or debt of generally unproven small- and micro-cap companies (known as &#34;middle-market companies&#34;). As of Sept. 30, 88% of PennantPark's $1.984 billion portfolio was invested in debt securities, which means it's primarily a debt-driven BDC.</p>
<div class="lb-trans"><p>BDC 是一种投资于一般未经过验证的小型和微型公司的股权（普通股和优先股）和/或债务的商业类型（称为 “中型市场公司”）。截至 9 月 30 日，PennantPark 的 19.84 亿美元投资组合中有 88% 投资于债务证券，这意味着它主要是一家债务驱动的 BDC。</p>
</div><p>The core advantage of holding loans for middle-market companies is that many lack access to basic financial services, including loans and lines of credit. With limited options available to these unproven businesses, PennantPark is able to generate a yield on its loans that's <em>well above</em> the market average.</p>
<div class="lb-trans"><p>持有中型市场公司的贷款的核心优势在于，许多公司缺乏基本的金融服务，包括贷款和信用额度。由于这些未经过验证的企业可用的选择有限，PennantPark 能够在其贷款上产生远高于市场平均水平的收益。</p>
</div><p>Another competitive edge for the company, which its name may have given away, is that 100% of its roughly $1.75 billion debt portfolio is variable rate. The steepest rate-hiking cycle by the Fed in four decades, which saw the federal funds rate rise by 525 basis points between March 2022 and July 2023, increased PennantPark Floating Rate Capital's weighted average yield on debt investments by 520 basis points to a peak of 12.6%. Even with the Fed now in a rate-easing cycle, the company's weighted average yield on debt securities of 11.5% suggests plenty of highly profitable loans are being made.</p>
<div class="lb-trans"><p>该公司的另一个竞争优势，可能从其名称中就能看出，便是其大约 17.5 亿美元的债务组合中 100% 为浮动利率。美联储在四十年来最陡峭的加息周期中，自 2022 年 3 月至 2023 年 7 月，联邦基金利率上升了 525 个基点，这使得 PennantPark Floating Rate Capital 的债务投资加权平均收益率上升了 520 个基点，达到了 12.6% 的峰值。即使在美联储现在进入降息周期的情况下，该公司 11.5% 的债务证券加权平均收益率仍然表明有大量高利润的贷款正在发放。</p>
</div><p>The company has also done a particularly good job of insulating its portfolio from adverse events, such as loan delinquencies. For instance, all but $2.7 million of its approximately $1.75 billion in loans are first-lien secured notes. First-lien secured debtholders are at the front of the line for repayment in the unlikely event that one of its borrowers seeks bankruptcy. For added context, only 0.4% of PennantPark's overall portfolio at cost was delinquent on payments, as of Sept. 30, 2024.</p>
<div class="lb-trans"><p>该公司在保护其投资组合免受不利事件（如贷款逾期）方面也做得特别出色。例如，其大约 17.5 亿美元的贷款中，除了 270 万美元外，全部为第一留置权担保票据。在不太可能的情况下，如果其中一位借款人申请破产，第一留置权担保债权人将排在偿还的最前面。作为补充，截至 2024 年 9 月 30 日，PennantPark 整体投资组合的逾期支付比例仅为 0.4%。</p>
</div><p>Further, its $1.984 billion portfolio, inclusive of equity stakes, is spread across 158 companies. An average investment size of $12.6 million is small enough to not rock the boat if something goes wrong.</p>
<div class="lb-trans"><p>此外，其包含股权投资的 19.84 亿美元投资组合分布在 158 家公司中。平均投资规模为 1260 万美元，足够小，不会在出现问题时引发剧烈波动。</p>
</div><p>Shares of PennantPark can be scooped up right now by opportunistic income seekers for a 4% discount to its book value and a multiple of just 8.7 times forecast earnings for 2025.</p>
<div class="lb-trans"><p>目前，机会主义的收入寻求者可以以其账面价值的 4% 折扣和仅为 2025 年预测收益的 8.7 倍的倍数购买 PennantPark 的股票。</p>
</div><h2>Pfizer: 6.48% yield</h2>
<div class="lb-trans"><h2>辉瑞：6.48% 的收益率</h2>
</div><p>The third ultra-high-yield dividend stock that makes for a screaming buy in 2025 is pharmaceutical goliath <strong>Pfizer</strong>(PFE 0.30%), which is paying out a sustainable 6.5% yield.</p>
<div class="lb-trans"><p>2025 年值得大力推荐的第三只超高收益股是制药巨头 <strong>辉瑞</strong>（PFE 0.30%），其支付可持续的 6.5% 收益率。</p>
</div><p>Over the last two years, Pfizer's biggest enemy has been its own success. In 2022, shortly after rolling out COVID-19 vaccine Comirnaty and oral treatment Paxlovid, which is designed to lessen the severity of symptoms in patients with COVID-19, the company recognized more than $56 billion in combined sales from these two therapies. In 2024, Pfizer's guidance calls for roughly $8.5 billion in combined sales. Seeing more than $48 billion in sales evaporate in two years has been a tough pill to swallow.</p>
<div class="lb-trans"><p>在过去两年中，辉瑞最大的敌人是其自身的成功。在 2022 年，辉瑞推出 COVID-19 疫苗 Comirnaty 和口服治疗药物 Paxlovid 后，因这两种疗法的销售，辉瑞的总销售额超过了 560 亿美元。到 2024 年，辉瑞的指导预计将达到大约 85 亿美元的总销售额。在两年内看到超过 480 亿美元的销售额蒸发，确实是一个难以接受的事实。</p>
</div><p>But every coin has two sides. Even though sales of Pfizer's COVID-19 therapies have plunged over the last two years, they were $0 when the decade began. Inclusive of Comirnaty and Paxlovid, Pfizer is pacing $62.5 billion at the midpoint of its full-year sales guidance for 2024. That's up 49% from the $41.9 billion in sales reported in 2020.</p>
<div class="lb-trans"><p>但每个硬币都有两面。尽管辉瑞的 COVID-19 疗法在过去两年中销售大幅下滑，但在十年前，它们的销售额为零。包括 Comirnaty 和 Paxlovid 在内，辉瑞在 2024 年全年的销售指导中预计将达到 625 亿美元的中位数。这比 2020 年报告的 419 亿美元的销售额增长了 49%。</p>
</div><p>The important thing about Pfizer's novel-drug portfolio is that, sans COVID-19 therapies, it's been generating steady organic growth. In particular, the company's specialty care and oncology segments are growing by double-digits, excluding currency movements, through the first nine months of the year.</p>
<div class="lb-trans"><p>辉瑞新药组合的重要之处在于，除了 COVID-19 疗法外，它一直在产生稳定的有机增长。特别是，该公司的专业护理和肿瘤学部门在今年前九个月中，排除货币波动，均实现了双位数的增长。</p>
</div><p>Pfizer's acquisition of cancer-drug developer Seagen for $43 billion in December 2023 serves as another clear-cut catalyst in the new year. Aside from expanding its high-margin oncology pipeline, this deal added over $3 billion in sales and will yield cost savings that fatten the company's bottom line in 2025.</p>
<div class="lb-trans"><p>辉瑞在 2023 年 12 月以 430 亿美元收购癌症药物开发公司 Seagen，成为新一年的另一个明确催化剂。除了扩展其高利润的肿瘤学管道外，此交易还增加了超过 30 亿美元的销售额，并将带来成本节约，从而提升公司在 2025 年的利润。</p>
</div><p>Additionally, don't forget that healthcare is a highly defensive sector. No matter how well or poorly the U.S. economy is performing, people will still need medical care and prescription drugs. Since we have no control over when we get sick or what ailment(s) we develop, demand for Pfizer's novel drugs tends to be consistent from one year to the next.</p>
<div class="lb-trans"><p>此外，不要忘记医疗保健是一个高度防御性的行业。无论美国经济表现如何，人们仍然需要医疗护理和处方药。由于我们无法控制何时生病或会发展出何种疾病，辉瑞新药的需求往往在每年之间保持一致。</p>
</div><p>What makes Pfizer a screaming buy is its exceptionally cheap valuation. The company's forward P/E of 9 is the lowest it's been this decade, and its 6.5% yield is approaching an all-time high. It's the perfect blend of value, income, and stability for investors in 2025.</p>
<div class="lb-trans"><p>辉瑞之所以值得大力推荐，是因为其估值极其便宜。该公司的前瞻市盈率为 9，是本十年来的最低水平，其 6.5% 的收益率接近历史最高水平。这是 2025 年投资者在价值、收入和稳定性方面的完美结合。</p>
</div>

3 Ultra-High-Yield Dividend Stocks That Are Screaming Buys in 2025

- 2024 年，道琼斯、标准普尔 500 和纳斯达克分别回报 13%、23% 和 29%。  
- 研究显示，股息股票在过去 50 年中年均回报率为 9.17%，明显高于非支付股票的 4.27%。  
- 三只高股息股票分别为福特汽车（6.06%）、PennantPark（11.25%）和辉瑞（6.48%）。  

3 只超高收益股息股票在 2025 年是强烈推荐买入