<p>由于 <strong>标准普尔 500 指数</strong>(^GSPC -1.46%) 的收益率仅为 1.2%，因此寻找能够提供稳定且可观的被动收入的公司或交易所交易基金（ETF）变得更加困难。但这并不意味着没有可行的选择，只要你知道在哪里寻找。</p>
<p><strong>金佰利</strong>(KMB 2.34%)、<strong>斯马克</strong>(SJM 3.45%) 和 <strong>先锋总公司债 ETF</strong>(VTC 0.55%) 的收益率均超过 3%。以下是这两只分红股票和这只 ETF 值得现在购买的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MTMvZ2V0dHlpbWFnZXMtMTQzNjAzODAyNy0xMjAxeDc0Mi0xNTM2YTExLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MTMvZ2V0dHlpbWFnZXMtMTQzNjAzODAyNy0xMjAxeDc0Mi0xNTM2YTExLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>对于高收益分红机会，金佰利股票是一个不错的选择</h2>
<p><strong>斯科特·莱文</strong> <strong>(金佰利)：</strong> 很难否认购买像金佰利这样的领先消费品股票并观察丰厚的分红收入持续流入的吸引力——在过去五十多年里，这种收入不断增加，使得该股票获得了 “分红之王” 的称号。</p>
<p>怀疑者常常对高收益分红股票持怀疑态度，担心公司财务状况不稳。然而，金佰利的情况恰恰相反。收入投资者应该认真考虑在这只股票的 3.9% 预期收益分红仍在折扣区时点击购买。</p>
<p>金佰利的历史可以追溯到 1872 年，已经成长为消费品行业的主导者。无论你是依赖好奇宝宝纸尿裤来保护你的小宝贝的新父母，还是桌上放着一盒克林克斯纸巾的老师，你每天都很可能在使用金佰利的品牌——或多个品牌。</p>
<p>凭借如此令人印象深刻的品牌组合，从婴儿护理到成人护理，金佰利产生了强劲且稳定的现金流。这种现金流应该能缓解怀疑者对分红不稳的担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f750974a8bb2aa3f50a764b8c1ec2457.png?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://media.ycharts.com/charts/f750974a8bb2aa3f50a764b8c1ec2457.png"/></p>
<p>KMB 每股自由现金流（年度）数据来自 YCharts。</p>
<p>在过去十年中，金佰利显然产生了自由现金流，以支持其对股东的分红。而且，不仅仅是现金流证明了分红的安全性。在过去五年中，金佰利的平均分红支付比率为 76.6%。</p>
<p>作为一只分红之王，金佰利展现了对回报股东的坚定承诺。该股票的交易价格为 16.3 倍的过去收益，低于其五年平均市盈率（P/E）22.5 倍，今天似乎是购买金佰利股票的好时机。</p>
<h2>斯马克的价格过低，值得购买</h2>
<p><strong>丹尼尔·福尔伯</strong> <strong>(斯马克)：</strong> 像斯马克这样的包装食品公司在最近几个月遭受重创，许多行业领导者的股价徘徊在多年低点。</p>
<p>通货膨胀对行业造成了影响，消费者在关注杂货支出。包装食品公司面临着削弱的定价能力和对其产品需求的双重打击，因此行业不受欢迎是可以理解的。但这次抛售可能过于激烈，尤其是对于像斯马克这样的顶级公司。</p>
<p>该公司的品牌——如 Jif、Uncrustables、Milk-Bone、Hostess 等——涵盖了咖啡、冷冻食品、零食、涂抹酱、宠物食品、烘焙食品等多个类别。斯马克近年来的增长并不出色，但收入仍处于历史最高水平，利润率也很优秀。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3e824ccf6990afef0cbead2c6af510ee.png?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://media.ycharts.com/charts/3e824ccf6990afef0cbead2c6af510ee.png"/></p>
<p>SJM 数据来自 YCharts。</p>
<p>更重要的是，该公司的市盈率仅为 10.5。这对于一家拥有稳健品牌的平衡公司来说，实在是太便宜了，无法忽视。</p>
<p>更重要的是，斯马克已经连续 23 年提高分红，收益率为 3.8%。与 <strong>卡夫亨氏</strong>、<strong>通用磨坊</strong>、<strong>坎贝尔</strong> 和 <strong>康尼格拉品牌</strong> 等同行相比，这一分红增长的持续时间要长得多。然而，想要在包装食品公司中寻找最佳记录的投资者应该更仔细地关注分红之王 <strong>霍梅尔食品</strong>——该公司连续 59 年提高分红。</p>
<p>在价格接近五年低点时，投资者正获得绝佳机会，以低价购买斯马克的股票，同时增加他们的被动收入来源。</p>
<p>通过投资 2500 美元于斯马克，你可以预计在 2025 年获得约 95 美元的被动收入。</p>
<h2>历史表明这只公司债券具有良好的价值</h2>
<p><strong>李·萨马哈</strong> <strong>(先锋公司债 ETF)：</strong> 如果你曾听过投资格言 “不要与美联储对抗”，并对此表示赞同，那么这只收益率为 4.5% 的公司债 ETF 将引起你的兴趣。</p>
<p>对于不熟悉的人来说，这与避免与罗杰·费德勒、包裹投递员或 FBI 特工发生冲突无关。相反，这意味着不要在利率上采取与美联储利率变动方向相反的立场。</p>
<p>然而，这正是债券市场最近所做的。下图显示美联储降低了利率。然而，债券市场却通过出售债券提高利率——基准 10 年期国债收益率高于美联储降息时的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bd64c0dcf237c5a0fc07e2f24089b7c4.png?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://media.ycharts.com/charts/bd64c0dcf237c5a0fc07e2f24089b7c4.png"/></p>
<p>10 年期国债利率数据来自 YCharts。</p>
<p>此外，如下所示，市场利率与高质量公司债券之间往往存在反向关系。这是完全合理的，因为当国债收益率上升时，公司债券收益率上升，这意味着公司债券价格下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1614ae906ae474ea1e82aa437d46043f.png?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://media.ycharts.com/charts/1614ae906ae474ea1e82aa437d46043f.png"/></p>
<p>VTC 数据来自 YCharts。</p>
<p>如果你相信历史会占上风，市场与美联储的斗争将会结束，那么这个债券 ETF 是一个极好的投资选择。它采用了 “ETF 中的 ETF” 结构，投资于另外三个 Vanguard ETF，这些 ETF 都不持有低于（低违约风险）“BBB-” 评级的公司债券。如果公司债券收益率下降（而债券价格上涨），这个 ETF 可能会产生显著的回报，而且投资者以 4.5% 的收益率买入也是一个不错的选择。</p>

斯马克

Vanguard国际债券ETF

<p>这篇文章讨论了两只支付股息的股票，金佰利（Kimberly-Clark）和斯马克（J.M. Smucker），以及 Vanguard 国际债券 ETF，所有这些的收益率均超过 3.5%。金佰利作为 “股息之王”，提供 3.9% 的收益率，拥有强劲的现金流和低市盈率，使其成为一个稳健的投资选择。尽管斯马克最近面临一些挑战，但其收益率为 3.8%，市盈率仅为 10.5，呈现出一个买入机会。Vanguard 国际债券 ETF 的收益率为 4.5%，对关注美联储趋势的投资者具有吸引力</p>

<p>With the <strong>S&amp;P 500</strong>(^GSPC -1.46%) yield at just 1.2%, it has become more challenging to find companies or exchange-traded funds (ETFs) that can provide a steady and sizable stream of passive income. But that doesn't mean there aren't viable options if you know where to look.</p>
<div class="lb-trans"><p>由于 <strong>标准普尔 500 指数</strong>(^GSPC -1.46%) 的收益率仅为 1.2%，因此寻找能够提供稳定且可观的被动收入的公司或交易所交易基金（ETF）变得更加困难。但这并不意味着没有可行的选择，只要你知道在哪里寻找。</p>
</div><p><strong>Kimberly-Clark</strong>(KMB 2.34%), <strong>J.M. Smucker</strong>(SJM 3.45%), and the <strong>Vanguard Total Corporate Bond ETF</strong>(VTC 0.55%) all yield over 3%. Here's why these two dividend stocks and this ETF are worth buying now.</p>
<div class="lb-trans"><p><strong>金佰利</strong>(KMB 2.34%)、<strong>斯马克</strong>(SJM 3.45%) 和 <strong>先锋总公司债 ETF</strong>(VTC 0.55%) 的收益率均超过 3%。以下是这两只分红股票和这只 ETF 值得现在购买的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDQ4MTMvZ2V0dHlpbWFnZXMtMTQzNjAzODAyNy0xMjAxeDc0Mi0xNTM2YTExLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F804813%2Fgettyimages-1436038027-1201x742-1536a11.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>For a high-yield dividend opportunity at bargain prices, Kimberly-Clark stock is a great choice</h2>
<div class="lb-trans"><h2>对于高收益分红机会，金佰利股票是一个不错的选择</h2>
</div><p><strong>Scott Levine</strong> <strong>(Kimberly-Clark):</strong> It's hard to argue with the allure of picking up a leading consumer staples stock like Kimberly-Clark and watching the ample dividend income consistently roll in -- as it has done at increasingly higher amounts for over five decades, resulting in the stock earning the title of Dividend King.</p>
<div class="lb-trans"><p><strong>斯科特·莱文</strong> <strong>(金佰利)：</strong> 很难否认购买像金佰利这样的领先消费品股票并观察丰厚的分红收入持续流入的吸引力——在过去五十多年里，这种收入不断增加，使得该股票获得了 “分红之王” 的称号。</p>
</div><p>Skeptics will often balk at high-yield dividend stocks for fear that the company is not standing on firm financial footing. However, this is hardly the case with Kimberly-Clark. Income investors would be well-served to strongly consider clicking the buy button on the stock -- along with its 3.9% forward-yielding dividend -- while it's hanging on the discount rack.</p>
<div class="lb-trans"><p>怀疑者常常对高收益分红股票持怀疑态度，担心公司财务状况不稳。然而，金佰利的情况恰恰相反。收入投资者应该认真考虑在这只股票的 3.9% 预期收益分红仍在折扣区时点击购买。</p>
</div><p>With a history dating back to 1872, Kimberly-Clark has grown into a dominant player in the consumer staples industry. Whether you're a new parent who relies on Huggies to protect your little one or a teacher with a box of Kleenex on your desk, the odds are extremely strong that you're using a Kimberly-Clark brand -- or several -- on a daily basis.</p>
<div class="lb-trans"><p>金佰利的历史可以追溯到 1872 年，已经成长为消费品行业的主导者。无论你是依赖好奇宝宝纸尿裤来保护你的小宝贝的新父母，还是桌上放着一盒克林克斯纸巾的老师，你每天都很可能在使用金佰利的品牌——或多个品牌。</p>
</div><p>With such an impressive portfolio of brands, ranging from baby care to adult care, Kimberly-Clark generates strong and consistent cash flow. This cash flow should assuage skeptics' concerns that the dividend is on shaky ground.</p>
<div class="lb-trans"><p>凭借如此令人印象深刻的品牌组合，从婴儿护理到成人护理，金佰利产生了强劲且稳定的现金流。这种现金流应该能缓解怀疑者对分红不稳的担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f750974a8bb2aa3f50a764b8c1ec2457.png" alt="" original-src="https://media.ycharts.com/charts/f750974a8bb2aa3f50a764b8c1ec2457.png"/></p>
<p>KMB Free Cash Flow Per Share (Annual) data by YCharts.</p>
<div class="lb-trans"><p>KMB 每股自由现金流（年度）数据来自 YCharts。</p>
</div><p>Over the past decade, it's clear that Kimberly-Clark has generated free cash flow from which it can source its payout to shareholders. And it's not only the cash flow that speaks to the security of the payout. Over the past five years, Kimberly-Clark has averaged a 76.6% payout ratio.</p>
<div class="lb-trans"><p>在过去十年中，金佰利显然产生了自由现金流，以支持其对股东的分红。而且，不仅仅是现金流证明了分红的安全性。在过去五年中，金佰利的平均分红支付比率为 76.6%。</p>
</div><p>As a Dividend King, Kimberly-Clark has demonstrated a steadfast commitment to rewarding shareholders. With the stock trading at 16.3 times trailing earnings, a discount to its five-year average price-to-earnings (P/E) ratio of 22.5, today seems like a great time to load up the shopping cart with Kimberly-Clark stock.</p>
<div class="lb-trans"><p>作为一只分红之王，金佰利展现了对回报股东的坚定承诺。该股票的交易价格为 16.3 倍的过去收益，低于其五年平均市盈率（P/E）22.5 倍，今天似乎是购买金佰利股票的好时机。</p>
</div><h2>J.M. Smucker is too deep in the bargain bin to pass up</h2>
<div class="lb-trans"><h2>斯马克的价格过低，值得购买</h2>
</div><p><strong>Daniel Foelber (J.M. Smucker):</strong> Packaged-food companies like J.M. Smucker have gotten hammered in recent months, with many industry leaders hovering around multi-year lows.</p>
<div class="lb-trans"><p><strong>丹尼尔·福尔伯</strong> <strong>(斯马克)：</strong> 像斯马克这样的包装食品公司在最近几个月遭受重创，许多行业领导者的股价徘徊在多年低点。</p>
</div><p>Inflation is taking its toll on the industry as buyers watch grocery spending. Packaged-food companies face a one-two punch of weakening pricing power and demand for their products, so it's understandable why the industry is out of favor. But the sell-off has arguably gone too far, especially for a top company like J.M. Smucker.</p>
<div class="lb-trans"><p>通货膨胀对行业造成了影响，消费者在关注杂货支出。包装食品公司面临着削弱的定价能力和对其产品需求的双重打击，因此行业不受欢迎是可以理解的。但这次抛售可能过于激烈，尤其是对于像斯马克这样的顶级公司。</p>
</div><p>The company's brands -- like Jif, Uncrustables, Milk-Bone, Hostess, and others -- span various categories, including coffee, frozen foods, snacks, spreads, pet food, baked foods, and more. J.M. Smucker's growth hasn't been stellar in recent years, but revenue is still at an all-time high, and margins are excellent.</p>
<div class="lb-trans"><p>该公司的品牌——如 Jif、Uncrustables、Milk-Bone、Hostess 等——涵盖了咖啡、冷冻食品、零食、涂抹酱、宠物食品、烘焙食品等多个类别。斯马克近年来的增长并不出色，但收入仍处于历史最高水平，利润率也很优秀。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3e824ccf6990afef0cbead2c6af510ee.png" alt="" original-src="https://media.ycharts.com/charts/3e824ccf6990afef0cbead2c6af510ee.png"/></p>
<p>SJM data by YCharts.</p>
<div class="lb-trans"><p>SJM 数据来自 YCharts。</p>
</div><p>What's more, the company sports a P/E ratio of just 10.5. That's simply too cheap to ignore for a balanced company with solid brands.</p>
<div class="lb-trans"><p>更重要的是，该公司的市盈率仅为 10.5。这对于一家拥有稳健品牌的平衡公司来说，实在是太便宜了，无法忽视。</p>
</div><p>To top it all off, J.M. Smucker has 23 consecutive years of dividend increases and a yield of 3.8%. That's a far longer streak of increasing the payout compared to peers like <strong>Kraft Heinz</strong>, <strong>General Mills</strong>, <strong>Campbell's</strong>, and <strong>Conagra Brands</strong>. However, investors looking for the ultimate track record among packaged-food companies should take a closer look at Dividend King <strong>Hormel Foods</strong> -- which has 59 consecutive years of dividend raises.</p>
<div class="lb-trans"><p>更重要的是，斯马克已经连续 23 年提高分红，收益率为 3.8%。与 <strong>卡夫亨氏</strong>、<strong>通用磨坊</strong>、<strong>坎贝尔</strong> 和 <strong>康尼格拉品牌</strong> 等同行相比，这一分红增长的持续时间要长得多。然而，想要在包装食品公司中寻找最佳记录的投资者应该更仔细地关注分红之王 <strong>霍梅尔食品</strong>——该公司连续 59 年提高分红。</p>
</div><p>With its price around a five-year low, investors are getting an excellent opportunity to scoop up shares of J.M. Smucker while boosting their passive income stream.</p>
<div class="lb-trans"><p>在价格接近五年低点时，投资者正获得绝佳机会，以低价购买斯马克的股票，同时增加他们的被动收入来源。</p>
</div><p>By investing $2,500 in J.M. Smucker, you can expect to earn about $95 in passive income in 2025.</p>
<div class="lb-trans"><p>通过投资 2500 美元于斯马克，你可以预计在 2025 年获得约 95 美元的被动收入。</p>
</div><h2>History suggests this corporate bond is a good value</h2>
<div class="lb-trans"><h2>历史表明这只公司债券具有良好的价值</h2>
</div><p><strong>Lee Samaha</strong> <strong>(The Vanguard Corporate Bond ETF):</strong> If you ever heard the investment maxim &#34;Don't fight the Fed&#34; and are sympathetic to it, then this 4.5%-yielding corporate bond ETF will interest you.</p>
<div class="lb-trans"><p><strong>李·萨马哈</strong> <strong>(先锋公司债 ETF)：</strong> 如果你曾听过投资格言 “不要与美联储对抗”，并对此表示赞同，那么这只收益率为 4.5% 的公司债 ETF 将引起你的兴趣。</p>
</div><p>For the uninitiated, this isn't anything to do with avoiding a punchup with Roger Federer, a package delivery worker, or an FBI agent. Instead, it means not taking a position on interest rates that's in opposition to the direction of the Federal Reserve's interest rate movements.</p>
<div class="lb-trans"><p>对于不熟悉的人来说，这与避免与罗杰·费德勒、包裹投递员或 FBI 特工发生冲突无关。相反，这意味着不要在利率上采取与美联储利率变动方向相反的立场。</p>
</div><p>However, that's precisely what the bond market has done recently. The chart below shows the Federal Reserve reducing its interest rates. Still, the bond markets are raising interest rates by selling bonds -- the benchmark 10-year Treasury yield is higher than when the Federal Reserve cut rates.</p>
<div class="lb-trans"><p>然而，这正是债券市场最近所做的。下图显示美联储降低了利率。然而，债券市场却通过出售债券提高利率——基准 10 年期国债收益率高于美联储降息时的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/bd64c0dcf237c5a0fc07e2f24089b7c4.png" alt="" original-src="https://media.ycharts.com/charts/bd64c0dcf237c5a0fc07e2f24089b7c4.png"/></p>
<p>10-Year Treasury Rate data by YCharts.</p>
<div class="lb-trans"><p>10 年期国债利率数据来自 YCharts。</p>
</div><p>Furthermore, as shown below, market rates and high-quality corporate bonds tend to have an inverse relationship. This makes perfect sense, as when Treasury yields go up, corporate bond yields go up, meaning corporate bond prices go down.</p>
<div class="lb-trans"><p>此外，如下所示，市场利率与高质量公司债券之间往往存在反向关系。这是完全合理的，因为当国债收益率上升时，公司债券收益率上升，这意味着公司债券价格下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1614ae906ae474ea1e82aa437d46043f.png" alt="" original-src="https://media.ycharts.com/charts/1614ae906ae474ea1e82aa437d46043f.png"/></p>
<p>VTC data by YCharts.</p>
<div class="lb-trans"><p>VTC 数据来自 YCharts。</p>
</div><p>If you believe that history will prevail and the market fighting the Fed will end, this bond ETF is an excellent buy. It has an &#34;ETF of ETF&#34; structure whereby it invests in three other Vanguard ETFs, all of which hold no corporate bonds with a lower than (low default risk) &#34;BBB-&#34; rating. If corporate bond yields decline (and bond prices rise) this ETF could generate significant returns, and it doesn't hurt that investors are buying in at a 4.5% yield.</p>
<div class="lb-trans"><p>如果你相信历史会占上风，市场与美联储的斗争将会结束，那么这个债券 ETF 是一个极好的投资选择。它采用了 “ETF 中的 ETF” 结构，投资于另外三个 Vanguard ETF，这些 ETF 都不持有低于（低违约风险）“BBB-” 评级的公司债券。如果公司债券收益率下降（而债券价格上涨），这个 ETF 可能会产生显著的回报，而且投资者以 4.5% 的收益率买入也是一个不错的选择。</p>
</div>

2 Dividend-Paying Stocks and 1 ETF With Yields Over 3.5% to Buy in 2025

- S&P 500 收益率仅为 1.2%，寻找稳定的被动收入变得困难。  
- Kimberly-Clark 和 J.M. Smucker 的股息收益率均超过 3%。  
- Vanguard Corporate Bond ETF 提供 4.5% 的收益率，适合投资者。

2025 年值得购买的 2 只股息支付股票和 1 只收益率超过 3.5% 的 ETF