<p>对当前关税形势的更好把握以及整体强劲的财报季帮助市场在最近几周反弹，主要指数均显著回升，扭转了今年早些时候的亏损。</p>
<p>许多跟踪这些指数的交易所交易基金（ETFs）也有所恢复。<strong>先锋通信 ETF</strong>（VOX 0.44%）在仅仅八个交易日内飙升了 9.3%，从 4 月 21 日市场收盘到 5 月 1 日。</p>
<p>该 ETF 的主要持股包括 <strong>谷歌</strong>（GOOG 0.14%）（GOOGL 0.12%）、<strong>Meta Platforms</strong>（META 0.34%）和 <strong>奈飞</strong>（NFLX -1.95%），它们都报告了强劲的财报，推动 ETF 上涨。即使在最近的上涨之后，现在购买该 ETF 也为时不晚。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MzgvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtbG9va2luZy1hdC1hLW1vYmlsZS1waG9uZS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MzgvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtbG9va2luZy1hdC1hLW1vYmlsZS1waG9uZS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>顶尖公司的领导力</h2>
<p>奈飞以优异的业绩拉开了财报季的序幕，报告了强劲的收入和利润增长。</p>
<p>该公司建立了一个抵御关税的坚固商业模式，支持高利润增长和定价能力。奈飞是 <strong>标准普尔 500 指数</strong> 中表现最好的成分股之一——截至本文撰写时，今年迄今上涨了 28%，并创下历史新高，而主要指数仍然处于下跌状态。</p>
<p>Meta Platforms 在周四因其财报上涨了 4.2%。该公司继续以惊人的速度增长销售和盈利。其人工智能（AI）投资正在通过提升参与度和广告支出获得回报。Meta 的应用家族（Instagram、Facebook 和 WhatsApp）继续成为全球最有价值的数字资产，尽管经济不确定性依然吸引广告支出。</p>
<p>谷歌的财报同样出色，年销售增长 12%，运营收入增长 20%，创下最佳第一季度。虽然奈飞是一家纯粹的流媒体业务，Meta 是一家纯粹的社交媒体公司（并在其上面添加了一些虚拟现实和增强现实项目），但谷歌的情况则更为复杂。其超过一半的收入来自谷歌搜索。但谷歌云也是云计算领域的第三大玩家，仅次于 <strong>亚马逊</strong> 网络服务和 <strong>微软</strong> 云。谷歌还拥有 YouTube，这是一个高度盈利的现金牛，操作系统 Android，自动驾驶公司 Waymo，人工智能部门 DeepMind 等。</p>
<p>尽管这一季度表现强劲，谷歌的表现仍低于许多大型成长股同行，截至本文撰写时，股价年初至今下跌了 14.8%，而 <strong>纳斯达克综合指数</strong> 仅下跌了 8.3%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7df1496ba9678b02324f63787e58e9e.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/c7df1496ba9678b02324f63787e58e9e.png"/></p>
<p>数据来源：YCharts。</p>
<h2>信息时代的投资</h2>
<p>通信行业可以说是最独特的股票市场板块，因为它融合了增长、收入和价值。它包括像 <strong>AT&amp;T</strong>、<strong>威瑞森通信</strong> 和 <strong>T-Mobile</strong> 这样的电信巨头，像 <strong>康卡斯特</strong> 和 <strong>华纳兄弟探索</strong> 这样的传统媒体公司，像 <strong>电子艺术</strong>、<strong>Take-Two Interactive</strong> 和 <strong>Roblox</strong> 这样的电子游戏公司，像奈飞这样的新兴娱乐公司，以及当然还有 Meta 和谷歌。</p>
<p>信息共享的方式随着时间的推移发生了很大变化，从少数广播网络到有线和线性网络的崛起，再到流媒体和社交媒体。通信行业反映了这种价值的转变，Meta、谷歌和奈飞合计占该基金的 46.4%。这三家公司单独就能推动该行业。</p>
<p>然而，该行业的其余部分相对偏向价值和收入。例如，综合电信服务占该基金的 10.9%。这些股票往往具有高股息收益率和低估值。</p>
<p>先锋通信 ETF 的市盈率（P/E）仅为 18.8，股息收益率为 1.1%。即使与其他传统的、价值导向的行业相比，这也非常便宜。例如，低增长的 <strong>先锋公用事业 ETF</strong> 的收益率为 3%，但市盈率为 20.4。同样，<strong>先锋消费品 ETF</strong> 的市盈率为 24.2，收益率为 2.4%。</p>
<p>通信行业提供了增长、收入和价值的罕见结合，因为其许多主要持股的估值低于标准普尔 500 指数。尽管 Meta Platforms 和谷歌的自由现金流持续增长且利润率高，但它们的市盈率分别仅为 22.4 和 18，而标准普尔 500 的市盈率为 27.9。</p>
<h2>现在购买的顶级行业</h2>
<p>通信行业是寻找良好价值的成长股的投资者的绝佳选择。Meta Platforms 和谷歌继续交出优异的业绩，但这两只股票仍然便宜。</p>
<p>电信和传统媒体公司在该行业中扮演着支持角色，使其比科技或消费品等行业更注重价值。</p>
<p>通信行业非常适合对谷歌、Meta 和奈飞感兴趣但对其他更昂贵的成长股不太感兴趣的投资者。而且先锋通信 ETF 的费用比率仅为 0.09%，最低投资额为 1 美元，进入门槛低，不会让你在费用上感到窒息。</p>
<p>综合来看，通信行业是现在最值得购买的行业之一。</p>

谷歌-A

谷歌-C

奈飞

<p>先锋通讯 ETF 在八天内上涨了 9.3%，主要受到顶级持股谷歌（Alphabet）、Meta Platforms 和奈飞（Netflix）强劲业绩的推动。奈飞报告了显著的收入增长，而 Meta 的人工智能投资提升了用户参与度和销售额。谷歌实现了 12% 的销售增长和 20% 的营业收入增长。通讯行业结合了增长、收入和价值，相较于标准普尔 500 指数，提供了具有吸引力的投资机会，估值较低。寻求良好价值增长的投资者可能会发现这个行业颇具吸引力，尤其是在其领先公司的强劲表现下</p>

<p>A better grasp of the current tariff situation and a generally strong earnings season have helped the market rally in recent weeks, with the major indexes all recovering significantly from losses earlier this year.</p>
<div class="lb-trans"><p>对当前关税形势的更好把握以及整体强劲的财报季帮助市场在最近几周反弹，主要指数均显著回升，扭转了今年早些时候的亏损。</p>
</div><p>Many of the exchange-traded funds (ETFs) that follow these indexes have recovered as well. The <strong>Vanguard Communications ETF</strong>(VOX 0.44%) soared 9.3% in just eight trading days, from market close on April 21 to May 1.</p>
<div class="lb-trans"><p>许多跟踪这些指数的交易所交易基金（ETFs）也有所恢复。<strong>先锋通信 ETF</strong>（VOX 0.44%）在仅仅八个交易日内飙升了 9.3%，从 4 月 21 日市场收盘到 5 月 1 日。</p>
</div><p>Top holdings in the ETF, including <strong>Alphabet</strong>(GOOG 0.14%)(GOOGL 0.12%), <strong>Meta Platforms</strong>(META 0.34%), and <strong>Netflix</strong>(NFLX -1.95%), all reported strong earnings to help lead the ETF higher. Here's why it's not too late to buy the ETF even after its recent run-up.</p>
<div class="lb-trans"><p>该 ETF 的主要持股包括 <strong>谷歌</strong>（GOOG 0.14%）（GOOGL 0.12%）、<strong>Meta Platforms</strong>（META 0.34%）和 <strong>奈飞</strong>（NFLX -1.95%），它们都报告了强劲的财报，推动 ETF 上涨。即使在最近的上涨之后，现在购买该 ETF 也为时不晚。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTY5MzgvYS1wZXJzb24tc21pbGluZy13aGlsZS1sYXlpbmctb24tYS1jb3VjaC1hbmQtbG9va2luZy1hdC1hLW1vYmlsZS1waG9uZS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F816938%2Fa-person-smiling-while-laying-on-a-couch-and-looking-at-a-mobile-phone.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>Leadership from the top</h2>
<div class="lb-trans"><h2>顶尖公司的领导力</h2>
</div><p>Netflix kicked off earnings season with excellent results, reporting strong revenue and profit growth.</p>
<div class="lb-trans"><p>奈飞以优异的业绩拉开了财报季的序幕，报告了强劲的收入和利润增长。</p>
</div><p>The company has built a bastion business model that is resistant to tariffs and supports high-margin growth and pricing power. Netflix is one of the best-performing components of the <strong>S&amp;P 500</strong> -- up 28% year to date at the time of this writing and hitting new all-time highs while the major indexes are still down on the year.</p>
<div class="lb-trans"><p>该公司建立了一个抵御关税的坚固商业模式，支持高利润增长和定价能力。奈飞是 <strong>标准普尔 500 指数</strong> 中表现最好的成分股之一——截至本文撰写时，今年迄今上涨了 28%，并创下历史新高，而主要指数仍然处于下跌状态。</p>
</div><p>Meta Platforms popped 4.2% on Thursday in response to its earnings report. The company continues to grow sales and earnings at a breakneck pace. Its artificial intelligence (AI) investments are paying off by boosting engagement and advertising spending. Meta's Family of Apps (Instagram, Facebook, and WhatsApp) continues to be some of the most valuable digital real estate on the planet, attracting advertising spending despite economic uncertainty.</p>
<div class="lb-trans"><p>Meta Platforms 在周四因其财报上涨了 4.2%。该公司继续以惊人的速度增长销售和盈利。其人工智能（AI）投资正在通过提升参与度和广告支出获得回报。Meta 的应用家族（Instagram、Facebook 和 WhatsApp）继续成为全球最有价值的数字资产，尽管经济不确定性依然吸引广告支出。</p>
</div><p>Alphabet also had a great report, with 12% sales growth year over year and a 20% jump in operating income for its best first quarter ever. While Netflix is a pure-play streaming business and Meta is a pure-play social media company (with some virtual reality and augmented reality projects sprinkled on top), Alphabet is a bit more complicated. Over half of its revenue comes from Google Search. But Google Cloud is also the No. 3 player in cloud computing, behind <strong>Amazon</strong> Web Services and <strong>Microsoft</strong> Cloud. Alphabet also owns YouTube, which is a highly profitable cash cow, operating system Android, self-driving company Waymo, AI division DeepMind, and more.</p>
<div class="lb-trans"><p>谷歌的财报同样出色，年销售增长 12%，运营收入增长 20%，创下最佳第一季度。虽然奈飞是一家纯粹的流媒体业务，Meta 是一家纯粹的社交媒体公司（并在其上面添加了一些虚拟现实和增强现实项目），但谷歌的情况则更为复杂。其超过一半的收入来自谷歌搜索。但谷歌云也是云计算领域的第三大玩家，仅次于 <strong>亚马逊</strong> 网络服务和 <strong>微软</strong> 云。谷歌还拥有 YouTube，这是一个高度盈利的现金牛，操作系统 Android，自动驾驶公司 Waymo，人工智能部门 DeepMind 等。</p>
</div><p>Despite the strong quarter, Alphabet has underperformed many of its megacap growth peers, with the stock down 14.8% year to date at the time of this writing compared to just an 8.3% decline in the <strong>Nasdaq Composite</strong>.</p>
<div class="lb-trans"><p>尽管这一季度表现强劲，谷歌的表现仍低于许多大型成长股同行，截至本文撰写时，股价年初至今下跌了 14.8%，而 <strong>纳斯达克综合指数</strong> 仅下跌了 8.3%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c7df1496ba9678b02324f63787e58e9e.png" alt="" original-src="https://media.ycharts.com/charts/c7df1496ba9678b02324f63787e58e9e.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><h2>An investment in the information age</h2>
<div class="lb-trans"><h2>信息时代的投资</h2>
</div><p>Communications is arguably the most unique stock market sector because it blends growth, income, and value. It includes telecommunications giants like <strong>AT&amp;T</strong>, <strong>Verizon Communications</strong>, and <strong>T-Mobile</strong>, traditional media companies like <strong>Comcast</strong> and <strong>Warner Bros.</strong> <strong>Discovery</strong>, video game companies like <strong>Electronic Arts</strong>, <strong>Take-Two Interactive</strong>, and <strong>Roblox</strong>, newer entertainment companies like Netflix, and of course, Meta and Alphabet.</p>
<div class="lb-trans"><p>通信行业可以说是最独特的股票市场板块，因为它融合了增长、收入和价值。它包括像 <strong>AT&amp;T</strong>、<strong>威瑞森通信</strong> 和 <strong>T-Mobile</strong> 这样的电信巨头，像 <strong>康卡斯特</strong> 和 <strong>华纳兄弟探索</strong> 这样的传统媒体公司，像 <strong>电子艺术</strong>、<strong>Take-Two Interactive</strong> 和 <strong>Roblox</strong> 这样的电子游戏公司，像奈飞这样的新兴娱乐公司，以及当然还有 Meta 和谷歌。</p>
</div><p>How information is shared has changed a lot over time, from a handful of broadcast networks to the rise of cable and linear networks, to streaming and social media. The communications sector reflects this shift in value, with Meta, Alphabet, and Netflix making up a combined 46.4% of the fund. These three companies alone can move the sector.</p>
<div class="lb-trans"><p>信息共享的方式随着时间的推移发生了很大变化，从少数广播网络到有线和线性网络的崛起，再到流媒体和社交媒体。通信行业反映了这种价值的转变，Meta、谷歌和奈飞合计占该基金的 46.4%。这三家公司单独就能推动该行业。</p>
</div><p>However, the rest of the sector is fairly value- and income-oriented. For example, integrated telecom services make up 10.9% of the fund. And those stocks tend to have high dividend yields and inexpensive valuations.</p>
<div class="lb-trans"><p>然而，该行业的其余部分相对偏向价值和收入。例如，综合电信服务占该基金的 10.9%。这些股票往往具有高股息收益率和低估值。</p>
</div><p>The Vanguard Communications ETF sports a price-to-earnings (P/E) ratio of just 18.8 and a dividend yield of 1.1%. That's dirt cheap, even compared to other stodgy, value-oriented sectors. For example, the low-growth <strong>Vanguard Utilities ETF</strong> yields 3% but has a higher P/E ratio of 20.4. Similarly, the <strong>Vanguard Consumer Staples ETF</strong> has a P/E ratio of 24.2 and a yield of 2.4%.</p>
<div class="lb-trans"><p>先锋通信 ETF 的市盈率（P/E）仅为 18.8，股息收益率为 1.1%。即使与其他传统的、价值导向的行业相比，这也非常便宜。例如，低增长的 <strong>先锋公用事业 ETF</strong> 的收益率为 3%，但市盈率为 20.4。同样，<strong>先锋消费品 ETF</strong> 的市盈率为 24.2，收益率为 2.4%。</p>
</div><p>The communications sector offers a rare blend of growth, income, and value because many of its top holdings have lower valuations than the S&amp;P 500. Despite their consistent free-cash-flow growth and high margins, Meta Platforms and Alphabet have P/E ratios of just 22.4 and 18, respectively, compared to the S&amp;P 500 P/E ratio of 27.9.</p>
<div class="lb-trans"><p>通信行业提供了增长、收入和价值的罕见结合，因为其许多主要持股的估值低于标准普尔 500 指数。尽管 Meta Platforms 和谷歌的自由现金流持续增长且利润率高，但它们的市盈率分别仅为 22.4 和 18，而标准普尔 500 的市盈率为 27.9。</p>
</div><h2>A top-tier sector to buy now</h2>
<div class="lb-trans"><h2>现在购买的顶级行业</h2>
</div><p>The communications sector is a great buy for investors looking for growth stocks at a good value. Meta Platforms and Alphabet continue to deliver excellent results, yet both stocks are still cheap.</p>
<div class="lb-trans"><p>通信行业是寻找良好价值的成长股的投资者的绝佳选择。Meta Platforms 和谷歌继续交出优异的业绩，但这两只股票仍然便宜。</p>
</div><p>Telecom and traditional media companies play supporting roles in the sector, making it more value-focused than sectors like tech or consumer discretionary.</p>
<div class="lb-trans"><p>电信和传统媒体公司在该行业中扮演着支持角色，使其比科技或消费品等行业更注重价值。</p>
</div><p>The communications sector is a perfect fit for investors who are interested in Alphabet, Meta, and Netflix but not so much in other, more expensive growth stocks. And with an expense ratio of just 0.09% and a minimum investment of $1, the Vanguard Communications ETF has low barriers to entry and won't drown you in fees.</p>
<div class="lb-trans"><p>通信行业非常适合对谷歌、Meta 和奈飞感兴趣但对其他更昂贵的成长股不太感兴趣的投资者。而且先锋通信 ETF 的费用比率仅为 0.09%，最低投资额为 1 美元，进入门槛低，不会让你在费用上感到窒息。</p>
</div><p>Add it all up and communications is one of the best sectors to buy now.</p>
<div class="lb-trans"><p>综合来看，通信行业是现在最值得购买的行业之一。</p>
</div>

Alphabet, Meta Platforms, and Netflix Helped Propel This Vanguard ETF 9% Higher in 8 Days. Here's Why It's Still a Buy Now.

- 市场因关税情况改善和强劲财报季而反弹，主要指数显著回升。  
- Vanguard 通信 ETF 在八个交易日内上涨 9.3%，受益于主要持股强劲业绩。  
- 通信行业结合了增长、收入和价值，适合寻求优质投资的投资者。  

Alphabet、Meta Platforms 和 Netflix 帮助推动这只先锋 ETF 在 8 天内上涨了 9%。以下是为什么它现在仍然值得购买