<p>希望通过股息股票增加被动收入的投资者有两种基本选择。快速提高派息的股息支付者通常提供较低的初始收益率，而收益较高的股票则往往缓慢增加派息，甚至没有增加。</p>
<p>目前，<strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) 和 <strong>AT&amp;T</strong>(T 0.41%) 代表了股息投资者困境的两端。谷歌和 YouTube 的母公司利润激增，可以用于增加股息支付，但其收益率非常低。AT&amp;T 提供高收益率，但其盈利增长缓慢。</p>
<p>让我们更仔细地看看这两者，以了解哪一个可能更适合你的投资组合。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. Alphabet</h2>
<p>去年，Alphabet 开始了一项股息计划，并且已经提高了一次派息。今年四月，该公司将派息提高了 5%，达到每股 0.21 美元。虽然这一增幅显著，但远低于其可能承受的水平。</p>
<p>在最近的价格下，Alphabet 的收益率约为 0.4%，并未引起许多股息投资者的关注。然而，如果你有较长的投资时间，添加这只股票到你的投资组合中，可能会在你准备退休时带来丰厚的收入。</p>
<p>从长期来看，每股收益和股息支付往往是同步上升的。在过去五年中，Alphabet 的每股收益年均增长高达 29.4%。该公司的广告和云计算业务在过去 12 个月中产生了约 667 亿美元的自由现金流。在同一时间段内，股息支付占可用于支付的自由现金流的比例不到 15%。</p>
<p>Alphabet 在发布生成性人工智能工具方面稍显迟缓，但其强大的优势意味着它可能在未来几年内拥有最受欢迎的 AI 驱动搜索工具。尽管 <strong>Microsoft</strong> 在每台电脑上推广其 Edge 浏览器，但根据 Statcounter 的数据，Alphabet 的 Chrome 浏览器在 6 月份的全球市场份额为 68%。</p>
<p>谷歌搜索和 Chrome 浏览器是 Alphabet 的 Android 操作系统的默认应用，该系统在全球 74% 的智能手机上运行。凭借 Android 和 Chrome，Alphabet 可以接触到数十亿用户及其浏览活动生成的所有数据，其盈利丰厚的广告业务有很大机会在长期内保持领先。</p>
<h2>2. AT&amp;T</h2>
<p>尽管 Alphabet 的利润激增，但电信巨头 AT&amp;T 却在缓慢前行。过去 12 个月的每股收益仅比五年前高出 15.8%。</p>
<p>几年前媒体资产的剥离部分导致了增长乏力，持续的固定电话连接损失也是原因之一。这些问题是暂时的，但该公司在美国移动互联网寡头市场的地位可能在未来几年内保持不变。这使得它有机会通过销售无线互联网和移动服务继续增长。</p>
<p>AT&amp;T 在 2022 年减少了股息，自那以来没有再做任何调整。在最近的价格下，该股票提供 4% 的收益率，约为 Alphabet 的 10 倍。</p>
<p>AT&amp;T 没有 Alphabet 那样巨额的现金流，但足以满足其股息义务。过去 12 个月的自由现金流达到 196 亿美元，超过了公司满足股息义务所需的两倍多。管理层预计今年自由现金流将略微下降，达到略高于 160 亿美元，这仍然远远超过维持派息所需的金额。</p>
<p>预计今年的固定电话业务收入将再次下降，但 AT&amp;T 有增长引擎在推动相反的方向。今年，移动收入预计将增长 3% 或更好，此外，其消费者宽带产品也在快速增长。第二季度消费者光纤宽带收入同比飙升 18.9%，达到 21 亿美元，并预计在 2025 年剩余时间内将继续保持类似的增长速度。</p>
<p>不要让像 Cricket 和 Mint 这样的移动虚拟网络运营商的激增让你误以为移动互联网用户之间的竞争很激烈。自从 <strong>T-Mobile</strong> 在 2020 年收购 Sprint 以来，美国实际上只有三家全国性的移动互联网提供商可供选择。</p>
<p>按收入计算，AT&amp;T 稳居第二。考虑到达到目前地位所需的巨大投资，除非国会强迫三大运营商之一解散，否则我们不太可能看到更多竞争者能够提供全国性的移动互联网服务。</p>
<p>AT&amp;T 的股息可能不会快速增长，但该公司可能很快开始宣布年度派息增加。今年早些时候，它将债务减少到约 2.5 倍的过去 12 个月的 EBITDA，并启动了一项 100 亿美元的股票回购计划。</p>
<h2>现在哪个是更好的股息股票？</h2>
<p>我不打算在至少 20 年内依赖我的股息股票产生的被动收入。考虑到这一点，我更期待购买 Alphabet。</p>
<p>如果我们将这两家公司过去五年的盈利增长率向前推算，现在购买的 Alphabet 股票的成本收益率可能会在 2035 年超过 AT&amp;T 的收益。如果我离退休更近，我可能会考虑 AT&amp;T 是更好的选择。然而，考虑到有时间让派息增长，从长远来看，我更适合持有 Alphabet 的股票。</p>

谷歌-A

谷歌-C

美国电话电报

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>投资者在寻找分红股票时面临选择：低收益、高增长的选项如谷歌-A，或高收益、低增长的股票如美国电话电报。谷歌-A 最近将其分红提高了 5%，但收益率约为 0.4%；而美国电话电报则提供 4% 的收益率，尽管其盈利停滞。谷歌-A 强劲的现金流和在广告及云服务领域的市场主导地位暗示了长期增长潜力。相反，美国电话电报的移动服务和消费者宽带预计将增长，尽管面临近期挑战，仍能支持其分红义务。这两只股票为收入生成提供了不同的机会</p>

<p>Investors looking to grow their passive income stream with dividend stocks have two basic options. Dividend payers that raise their payouts rapidly tend to offer low yields up front, while higher-yielding stocks tend to increase their payouts slowly, if at all.</p>
<div class="lb-trans"><p>希望通过股息股票增加被动收入的投资者有两种基本选择。快速提高派息的股息支付者通常提供较低的初始收益率，而收益较高的股票则往往缓慢增加派息，甚至没有增加。</p>
</div><p>Right now, <strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) and <strong>AT&amp;T</strong>(T 0.41%) represent opposite ends of the dividend investors' dilemma. Profit that could be used to boost dividend payments are surging for the parent company behind Google and YouTube, but it offers a very low yield. AT&amp;T offers a high yield, but earnings have been rising at a snail's pace.</p>
<div class="lb-trans"><p>目前，<strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) 和 <strong>AT&amp;T</strong>(T 0.41%) 代表了股息投资者困境的两端。谷歌和 YouTube 的母公司利润激增，可以用于增加股息支付，但其收益率非常低。AT&amp;T 提供高收益率，但其盈利增长缓慢。</p>
</div><p>Let's take a closer look at both to see which could be a better fit for your portfolio.</p>
<div class="lb-trans"><p>让我们更仔细地看看这两者，以了解哪一个可能更适合你的投资组合。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826511%2Finvestor-chart-stock-finance-wall-street-broker-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>1. Alphabet</h2>
<div class="lb-trans"><h2>1. Alphabet</h2>
</div><p>Last year, Alphabet began a dividend program, and it's already raised the payout once. This April, the company bumped its payout up by 5% to $0.21 per share. While significant, the raise was much smaller than it could probably afford.</p>
<div class="lb-trans"><p>去年，Alphabet 开始了一项股息计划，并且已经提高了一次派息。今年四月，该公司将派息提高了 5%，达到每股 0.21 美元。虽然这一增幅显著，但远低于其可能承受的水平。</p>
</div><p>With a yield of about 0.4% at recent prices, Alphabet is not on many dividend investors' radar. If you have a long time horizon, though, adding this stock to your portfolio could lead to heaps of income generation once you're ready to retire.</p>
<div class="lb-trans"><p>在最近的价格下，Alphabet 的收益率约为 0.4%，并未引起许多股息投资者的关注。然而，如果你有较长的投资时间，添加这只股票到你的投资组合中，可能会在你准备退休时带来丰厚的收入。</p>
</div><p>When viewed on a long-term timeline, earnings per share and dividend payments tend to rise in line with each other. Over the past five years, Alphabet raised earnings per share by a whopping 29.4% annually. The conglomerate's advertising and cloud computing businesses generated around $66.7 billion in free cash flow over the past 12 months. Dividends over the same time frame worked out to less than 15% of the free cash flow available to make the payments.</p>
<div class="lb-trans"><p>从长期来看，每股收益和股息支付往往是同步上升的。在过去五年中，Alphabet 的每股收益年均增长高达 29.4%。该公司的广告和云计算业务在过去 12 个月中产生了约 667 亿美元的自由现金流。在同一时间段内，股息支付占可用于支付的自由现金流的比例不到 15%。</p>
</div><p>Alphabet was a bit slow to release generative artificial intelligence tools, but strong advantages mean it's likely to own the most popular AI-driven search tools for years to come. Despite <strong>Microsoft</strong> promoting its Edge browser on everyone's PC, Alphabet's Chrome browser had a global market share of 68% in June, according to Statcounter.</p>
<div class="lb-trans"><p>Alphabet 在发布生成性人工智能工具方面稍显迟缓，但其强大的优势意味着它可能在未来几年内拥有最受欢迎的 AI 驱动搜索工具。尽管 <strong>Microsoft</strong> 在每台电脑上推广其 Edge 浏览器，但根据 Statcounter 的数据，Alphabet 的 Chrome 浏览器在 6 月份的全球市场份额为 68%。</p>
</div><p>Google Search and the Chrome browser are defaults on Alphabet's Android operating system, which runs on 74% of the world's smartphones. With Android and Chrome giving Alphabet access to billions of users and all the data their browsing activity generates, its lucrative advertising business has a good chance to stay on top for the long run.</p>
<div class="lb-trans"><p>谷歌搜索和 Chrome 浏览器是 Alphabet 的 Android 操作系统的默认应用，该系统在全球 74% 的智能手机上运行。凭借 Android 和 Chrome，Alphabet 可以接触到数十亿用户及其浏览活动生成的所有数据，其盈利丰厚的广告业务有很大机会在长期内保持领先。</p>
</div><h2>2. AT&amp;T</h2>
<div class="lb-trans"><h2>2. AT&amp;T</h2>
</div><p>While profit at Alphabet has been surging, the telecom giant, AT&amp;T, has been lumbering along. Earnings per share over the trailing 12 months are only 15.8% higher than they were five years ago.</p>
<div class="lb-trans"><p>尽管 Alphabet 的利润激增，但电信巨头 AT&amp;T 却在缓慢前行。过去 12 个月的每股收益仅比五年前高出 15.8%。</p>
</div><p>The spinoff of its media assets a couple of years ago is partly responsible for the lack of growth, and so is the ongoing loss of wireline phone connections. These issues are temporary, but the company's position in America's mobile internet oligopoly is likely to remain intact for many years to come. This gives it a chance to continue growing through sales of its wireless internet and mobility services.</p>
<div class="lb-trans"><p>几年前媒体资产的剥离部分导致了增长乏力，持续的固定电话连接损失也是原因之一。这些问题是暂时的，但该公司在美国移动互联网寡头市场的地位可能在未来几年内保持不变。这使得它有机会通过销售无线互联网和移动服务继续增长。</p>
</div><p>AT&amp;T reduced its dividend in 2022, and it hasn't budged since. At recent prices, the stock offers a 4% yield, which is roughly 10 times more than you'd receive from Alphabet.</p>
<div class="lb-trans"><p>AT&amp;T 在 2022 年减少了股息，自那以来没有再做任何调整。在最近的价格下，该股票提供 4% 的收益率，约为 Alphabet 的 10 倍。</p>
</div><p>AT&amp;T doesn't have Alphabet's immense cash flow, but it's more than enough to meet its dividend obligation. Free cash flow that reached $19.6 billion over the past 12 months was more than twice what the company needed to meet its dividend obligation. Management expects free cash flow to subside slightly to a little over $16 billion this year, which is still plenty more than necessary to maintain the payout.</p>
<div class="lb-trans"><p>AT&amp;T 没有 Alphabet 那样巨额的现金流，但足以满足其股息义务。过去 12 个月的自由现金流达到 196 亿美元，超过了公司满足股息义务所需的两倍多。管理层预计今年自由现金流将略微下降，达到略高于 160 亿美元，这仍然远远超过维持派息所需的金额。</p>
</div><p>Business wireline revenue is expected to decline again this year, but AT&amp;T has growth engines pushing in the opposite direction. This year, mobility revenue is expected to grow by 3% or better, plus its consumer broadband products are surging. Second-quarter consumer fiber broadband revenue soared by 18.9% year over year to $2.1 billion and is expected to continue at a similar pace for the rest of 2025.</p>
<div class="lb-trans"><p>预计今年的固定电话业务收入将再次下降，但 AT&amp;T 有增长引擎在推动相反的方向。今年，移动收入预计将增长 3% 或更好，此外，其消费者宽带产品也在快速增长。第二季度消费者光纤宽带收入同比飙升 18.9%，达到 21 亿美元，并预计在 2025 年剩余时间内将继续保持类似的增长速度。</p>
</div><p>Don't let the proliferation of mobile virtual network operators such as Cricket and Mint confuse you into thinking there's a lot of competition for mobile internet subscribers. After <strong>T-Mobile</strong> acquired Sprint in 2020, Americans effectively have just three nationwide mobile internet providers to choose from.</p>
<div class="lb-trans"><p>不要让像 Cricket 和 Mint 这样的移动虚拟网络运营商的激增让你误以为移动互联网用户之间的竞争很激烈。自从 <strong>T-Mobile</strong> 在 2020 年收购 Sprint 以来，美国实际上只有三家全国性的移动互联网提供商可供选择。</p>
</div><p>By revenue, AT&amp;T is firmly in second place. Given the enormous investment required to reach its present position, we aren't likely to see any more competitors able to provide nationwide mobile internet services unless Congress forces one of the big three to break up.</p>
<div class="lb-trans"><p>按收入计算，AT&amp;T 稳居第二。考虑到达到目前地位所需的巨大投资，除非国会强迫三大运营商之一解散，否则我们不太可能看到更多竞争者能够提供全国性的移动互联网服务。</p>
</div><p>Dividends at AT&amp;T probably won't grow quickly, but the company could begin announcing annual payout bumps soon. Earlier this year, it reduced debt to about 2.5 times trailing 12-month EBITDA and initiated a $10 billion share repurchase program.</p>
<div class="lb-trans"><p>AT&amp;T 的股息可能不会快速增长，但该公司可能很快开始宣布年度派息增加。今年早些时候，它将债务减少到约 2.5 倍的过去 12 个月的 EBITDA，并启动了一项 100 亿美元的股票回购计划。</p>
</div><h2>Which is the better dividend stock to buy now?</h2>
<div class="lb-trans"><h2>现在哪个是更好的股息股票？</h2>
</div><p>I don't intend to begin leaning on the passive income my dividend stocks generate for at least 20 years. With this in mind, I'm a lot more excited to buy Alphabet.</p>
<div class="lb-trans"><p>我不打算在至少 20 年内依赖我的股息股票产生的被动收入。考虑到这一点，我更期待购买 Alphabet。</p>
</div><p>If we project these two companies' rates of earnings growth over the past five years forward, the yield on cost investors receive from Alphabet shares purchased now could surpass the amount they receive from AT&amp;T by 2035. If I were much closer to retirement, I might consider AT&amp;T the better buy. With time to let the payout grow, though, I'd be better off over the long run with shares of Alphabet.</p>
<div class="lb-trans"><p>如果我们将这两家公司过去五年的盈利增长率向前推算，现在购买的 Alphabet 股票的成本收益率可能会在 2035 年超过 AT&amp;T 的收益。如果我离退休更近，我可能会考虑 AT&amp;T 是更好的选择。然而，考虑到有时间让派息增长，从长远来看，我更适合持有 Alphabet 的股票。</p>
</div>

Better Dividend Stock: Alphabet vs. AT&T

- 投资者在选择股息股票时面临收益率与增长速度的两难选择。  
- Alphabet 提供低收益但快速增长的潜力，而 AT&T 则提供高收益但增长缓慢。  
- 长期来看，Alphabet 的收益增长可能会超越 AT&T，适合长期投资。

更好的股息股票：Alphabet 与 AT&T