<p><strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）在经历了 4 月份的急剧抛售后，正朝着 2025 年实现高于平均水平的表现迈进。令人印象深刻的表现是在 2023 年和 2024 年连续超过 20% 的增长基础上取得的。</p>
<p>不言而喻，标准普尔 500 指数表现火热，因此投资者可能需要格外小心，以确保他们瞄准的是能够通过未来盈利增长来证明其估值的优质公司。</p>
<p>以下是这三位《傻瓜投资》贡献者认为 <strong>WM</strong>（WM 0.81%）、<strong>国际商业机器公司</strong>（IBM -2.70%）和 <strong>达美航空</strong>（DAL 0.02%）在 8 月份作为顶级股息股票值得加倍投资的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcwMTkvc2FuaXRhdGlvbi1lbmdpbmVlci1nYXJiYWdlLXBpY2stdXAtd2FzdGUtbWFuYWdlbWVudC0xMjAxeDgwMS1kMjFiNDVkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcwMTkvc2FuaXRhdGlvbi1lbmdpbmVlci1nYXJiYWdlLXBpY2stdXAtd2FzdGUtbWFuYWdlbWVudC0xMjAxeDgwMS1kMjFiNDVkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>WM 在产生被动收入方面是最可靠的选择</h2>
<p><strong>Daniel Foelber（WM）：</strong> 你可能会想，WM，前身为废物管理，怎么能被归类为成长股。但这家工业巨头在过去五年和十年期间的表现超过了标准普尔 500 指数，尽管标准普尔 500 指数的许多涨幅是由大型科技股推动的。</p>
<p>该公司并没有在人工智能（AI）或云计算领域提供突破性的创新。但可以说，它确实在将垃圾（和回收）变成财富，这得益于其稳定且可预测的商业模式。</p>
<p>随着人口和经济的扩张，对垃圾和回收的收集、运输和处理的需求也在增长。WM 拥有覆盖整个废物管理价值链的综合商业模式，这使其对运营有更多的控制权，并有机会提高效率。由于 WM 是美国的领导者，它具备通过有机增长和收购来获取市场份额的规模。</p>
<p>该公司正在稳步提高其运营利润率和自由现金流，这表明业务持续改善。在第二季度，它报告了调整后的息税折旧摊销前营业收入（EBITDA）下的 29.9% 的总公司利润率；其传统业务增长 7.1%，整体收入增长 19%，考虑到收购 Stericycle。</p>
<p>Stericycle 交易于 2024 年 11 月完成，使 WM 能够进入不断增长的医疗废物市场，该市场比一般的住宅、商业或工业废物服务更为专业。72 亿美元的交易是对 2020 年 10 月收购 Advanced Disposal（46 亿美元）的后续，扩大了公司在美国东部的地理覆盖范围。</p>
<p>以 29.9 倍的前瞻性市盈率来看，WM 远非便宜股票。实际上，它相当昂贵。但它以稳定的自由现金流支撑其溢价估值，这些现金流用于增加股息、回购股票和再投资于业务。</p>
<p>该公司已经连续 22 年提高股息。尽管有许多可观的股息增加（最近一次为 10% 的增长），但由于其股票价格表现优异，股息收益率仅为 1.5%。</p>
<p>WM 的股息非常可负担。每季度成本约为 6.69 亿美元，年成本为 26.76 亿美元，但它计划在 2025 年实现 28 亿到 29 亿美元的自由现金流。</p>
<p>综合来看，WM 作为一只超高质量的股息股票脱颖而出，最适合那些不寻求最大化被动收入的投资者，而是希望在强劲的增长故事上收集股息。</p>
<h2>IBM 拥有丰富的 AI 曝光，成立超过一个世纪但仍然符合成长股标准</h2>
<p><strong>Scott Levine（国际商业机器公司）：</strong> 我知道，很难将一家成立于 1911 年的公司如 IBM 视为成长股，但考虑到其在 AI 领域的强大曝光，未来几年的超额增长潜力确实在可能范围之内。</p>
<p>再加上该股票提供吸引人的 2.6% 的前瞻性股息收益率，这使其成为一个绝佳的机会，让投资者在 AI 市场发展时坐享其成。</p>
<p>在 IBM 最近报告的 2025 年第二季度财务结果中，该公司庆祝的众多成就中，最显著的是其强大的生成 AI 业务——这基本上是其已获得的活跃合同和订单的总和——自 2023 年起至今达到了 75 亿美元。</p>
<p>从另一个角度来看，考虑到根据《傻瓜投资》的研究，该公司在美国公司中拥有最多的生成 AI 专利，这显示了其 AI 曝光的强大。</p>
<p>从 watsonx，一套帮助客户管理数据的 AI 工具，到 Red Hat，提供生成 AI 和预测 AI 工具，IBM 为客户提供了一套复杂的 AI 应用，预计将以比之前预期更陡峭的速度增长。</p>
<p>至于股息，IBM 五年的平均派息比率为 156%，可能会让一些人感到警觉，但在意识到该公司的强大自由现金流完全覆盖这一点后，投资者会发现他们的担忧得到了缓解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3348d05467e9e70b0abdf53e8b2e29ea.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/3348d05467e9e70b0abdf53e8b2e29ea.png"/></p>
<p>IBM 每股自由现金流（年度）数据来自 YCharts。</p>
<p>对于那些希望通过稳健的股息投资来增强 AI 曝光的投资者来说，IBM 现在是一个很好的选择。</p>
<h2>一段长期的增长故事伴随股息</h2>
<p><strong>Lee Samaha（达美航空）：</strong> 在这一部分，我有两个惊喜要告诉你。首先，达美航空支付股息（当前收益率：1.4%），其次，它是真正有潜力成为平衡投资组合中成长部分的竞争者。</p>
<p>第一个观点可能会让你感到惊讶，因为航空公司被视为高度周期性的企业，其收益在经济衰退时会崩溃（这使得维持稳定的股息变得具有挑战性）。然而，现实是行业正在发生变化，达美航空专注于增长更可持续的高端舱位收入，加上其忠诚度计划和与 <strong>American Express</strong> 的联名信用卡所带来的收入，正在减少其收益的周期性。</p>
<p>第二个观点也可能令人惊讶，因为达美航空传统上被视为周期性股票，而不是增长股票。这个假设依然成立；然而，这里要提出的论点是，长期趋势线——即增长波动的基础——正在向上发展，原因如上所述。</p>
<p>像达美航空这样的网络运营商在应对不断上升的机场成本方面处于有利位置，因为这些成本在其业务中所占比例相较于低成本航空公司要小得多。此外，航空公司在行为上比历史上更加自律。这一切都使得达美航空成为增长投资者的一个有吸引力的股票。</p>

废品管理

达美航空

<p>标准普尔 500 指数预计在 2025 年将有一个强劲的表现，继 2023 年和 2024 年的显著增长之后。建议投资者关注优质公司以实现未来的盈利增长。推荐的三只股息股票是废品管理（WM）、国际商业机器公司（IBM）和达美航空（DAL）。WM 展现了持续的增长和盈利能力，而 IBM 则利用其人工智能能力实现未来增长。这两家公司都提供有吸引力的股息，使其成为寻求可靠收入与增长潜力的投资者的理想选择</p>

<p>The <strong>S&amp;P 500</strong>(SNPINDEX: ^GSPC) is on track to have an above-average year in 2025 after a rapid recovery from a steep sell-off in April. The impressive performance comes on top of back-to-back gains of more than 20% in 2023 and 2024.</p>
<div class="lb-trans"><p><strong>标准普尔 500 指数</strong>（SNPINDEX: ^GSPC）在经历了 4 月份的急剧抛售后，正朝着 2025 年实现高于平均水平的表现迈进。令人印象深刻的表现是在 2023 年和 2024 年连续超过 20% 的增长基础上取得的。</p>
</div><p>Needless to say, the S&amp;P 500 is running hot, so investors may want to take extra care to ensure they are targeting quality companies that can justify their valuations with future earnings growth.</p>
<div class="lb-trans"><p>不言而喻，标准普尔 500 指数表现火热，因此投资者可能需要格外小心，以确保他们瞄准的是能够通过未来盈利增长来证明其估值的优质公司。</p>
</div><p>Here's why these three Motley Fool contributors think <strong>WM</strong>(WM 0.81%), <strong>International Business Machines</strong>(IBM -2.70%), and <strong>Delta Air Lines</strong>(DAL 0.02%) stand out as top dividend stocks to double up on in August.</p>
<div class="lb-trans"><p>以下是这三位《傻瓜投资》贡献者认为 <strong>WM</strong>（WM 0.81%）、<strong>国际商业机器公司</strong>（IBM -2.70%）和 <strong>达美航空</strong>（DAL 0.02%）在 8 月份作为顶级股息股票值得加倍投资的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjcwMTkvc2FuaXRhdGlvbi1lbmdpbmVlci1nYXJiYWdlLXBpY2stdXAtd2FzdGUtbWFuYWdlbWVudC0xMjAxeDgwMS1kMjFiNDVkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F827019%2Fsanitation-engineer-garbage-pick-up-waste-management-1201x801-d21b45d.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>WM is as reliable as it gets when it comes to generating passive income</h2>
<div class="lb-trans"><h2>WM 在产生被动收入方面是最可靠的选择</h2>
</div><p><strong>Daniel Foelber (WM):</strong> You may be wondering how WM, formerly known as Waste Management, can be classified as a growth stock. But the industrial giant has outperformed the S&amp;P 500 over the last five-year and 10-year periods despite a good chunk of S&amp;P 500 gains being driven by megacap tech stocks.</p>
<div class="lb-trans"><p><strong>Daniel Foelber（WM）：</strong> 你可能会想，WM，前身为废物管理，怎么能被归类为成长股。但这家工业巨头在过去五年和十年期间的表现超过了标准普尔 500 指数，尽管标准普尔 500 指数的许多涨幅是由大型科技股推动的。</p>
</div><p>The company isn't delivering groundbreaking innovation in artificial intelligence (AI) or cloud computing. But you could say it is literally turning trash (and recycling) into treasure thanks to its stable and predictable business model.</p>
<div class="lb-trans"><p>该公司并没有在人工智能（AI）或云计算领域提供突破性的创新。但可以说，它确实在将垃圾（和回收）变成财富，这得益于其稳定且可预测的商业模式。</p>
</div><p>As the population and economy expand, the need for trash and recycling collection, transportation, and processing grows. WM has an integrated business model covering the entire waste management value chain, which gives it more control over its operations and opportunities to increase efficiency. And since WM is the U.S. leader, it has the size needed to take market share through organic growth and acquisitions.</p>
<div class="lb-trans"><p>随着人口和经济的扩张，对垃圾和回收的收集、运输和处理的需求也在增长。WM 拥有覆盖整个废物管理价值链的综合商业模式，这使其对运营有更多的控制权，并有机会提高效率。由于 WM 是美国的领导者，它具备通过有机增长和收购来获取市场份额的规模。</p>
</div><p>The company is steadily growing its operating margins and free cash flow, which is a sign that the business continues to get better. In the second quarter, it reported a 29.9% total company margin under adjusted operating earnings before interest, taxes, depreciation, and amortization (EBITDA); 7.1% growth in its legacy business, and 19% overall revenue growth factoring in its acquisition of Stericycle.</p>
<div class="lb-trans"><p>该公司正在稳步提高其运营利润率和自由现金流，这表明业务持续改善。在第二季度，它报告了调整后的息税折旧摊销前营业收入（EBITDA）下的 29.9% 的总公司利润率；其传统业务增长 7.1%，整体收入增长 19%，考虑到收购 Stericycle。</p>
</div><p>The Stericycle deal was completed in November 2024, giving WM a play on the growing healthcare waste market, which is more specialized than general residential, commercial, or industrial waste services. The $7.2 billion deal follows up the $4.6 billion acquisition of Advanced Disposal in October 2020, which expanded the company's geographic coverage in the eastern half of the U.S.</p>
<div class="lb-trans"><p>Stericycle 交易于 2024 年 11 月完成，使 WM 能够进入不断增长的医疗废物市场，该市场比一般的住宅、商业或工业废物服务更为专业。72 亿美元的交易是对 2020 年 10 月收购 Advanced Disposal（46 亿美元）的后续，扩大了公司在美国东部的地理覆盖范围。</p>
</div><p>At 29.9 times forward earnings, WM is far from a cheap stock. It's actually fairly expensive. But it backs up its premium valuation with stable free cash flow that it uses to grow its dividend, repurchase stock, and reinvest in the business.</p>
<div class="lb-trans"><p>以 29.9 倍的前瞻性市盈率来看，WM 远非便宜股票。实际上，它相当昂贵。但它以稳定的自由现金流支撑其溢价估值，这些现金流用于增加股息、回购股票和再投资于业务。</p>
</div><p>The company has 22 consecutive years of raising its dividend. Despite many sizable dividend increases (the most recent being a 10% bump), the stock only yields 1.5% due to its outperforming stock price.</p>
<div class="lb-trans"><p>该公司已经连续 22 年提高股息。尽管有许多可观的股息增加（最近一次为 10% 的增长），但由于其股票价格表现优异，股息收益率仅为 1.5%。</p>
</div><p>WM's dividend is highly affordable. It costs the company about $669 million per quarter or $2.676 billion per year, but it plans to earn $2.8 billion to $2.9 billion in 2025 free cash flow.</p>
<div class="lb-trans"><p>WM 的股息非常可负担。每季度成本约为 6.69 亿美元，年成本为 26.76 亿美元，但它计划在 2025 年实现 28 亿到 29 亿美元的自由现金流。</p>
</div><p>Add it all up, and WM stands out as an ultra-high-quality dividend stock that is best suited for investors not looking to maximize their passive income, but rather to collect a dividend as the cherry on top of a strong underlying growth story.</p>
<div class="lb-trans"><p>综合来看，WM 作为一只超高质量的股息股票脱颖而出，最适合那些不寻求最大化被动收入的投资者，而是希望在强劲的增长故事上收集股息。</p>
</div><h2>With ample AI exposure, IBM is over a century old but still qualifies as a growth stock</h2>
<div class="lb-trans"><h2>IBM 拥有丰富的 AI 曝光，成立超过一个世纪但仍然符合成长股标准</h2>
</div><p><strong>Scott Levine</strong> <strong>(International Business Machines):</strong> I know, I know: It's hard to look at a company like IBM that was incorporated in 1911 and characterize it as a growth stock, but considering its strong exposure to AI, the potential for outsize growth in the coming years is exactly something that's within the realm of possibility for Big Blue.</p>
<div class="lb-trans"><p><strong>Scott Levine（国际商业机器公司）：</strong> 我知道，很难将一家成立于 1911 年的公司如 IBM 视为成长股，但考虑到其在 AI 领域的强大曝光，未来几年的超额增长潜力确实在可能范围之内。</p>
</div><p>Add to this the fact that the stock offers an attractive 2.6% forward-yielding dividend, and it emerges as a great opportunity to sit back and get paid for doing nothing while the AI market evolves.</p>
<div class="lb-trans"><p>再加上该股票提供吸引人的 2.6% 的前瞻性股息收益率，这使其成为一个绝佳的机会，让投资者在 AI 市场发展时坐享其成。</p>
</div><p>Of the many achievements that IBM celebrated when it reported second-quarter 2025 financial results recently, one of the most notable is the company's strong generative-AI book of business -- more or less a running total of active contracts and orders it has secured -- that represented $7.5 billion from its inception in 2023 to date.</p>
<div class="lb-trans"><p>在 IBM 最近报告的 2025 年第二季度财务结果中，该公司庆祝的众多成就中，最显著的是其强大的生成 AI 业务——这基本上是其已获得的活跃合同和订单的总和——自 2023 年起至今达到了 75 亿美元。</p>
</div><p>For another perspective on how robust its AI exposure is, consider the fact that, according to research from The Motley Fool, the company has the most generative AI patents among American companies.</p>
<div class="lb-trans"><p>从另一个角度来看，考虑到根据《傻瓜投资》的研究，该公司在美国公司中拥有最多的生成 AI 专利，这显示了其 AI 曝光的强大。</p>
</div><p>From watsonx, a suite of AI tools that help customers manage data, to Red Hat, which offers generative AI and predictive AI tools, IBM provides customers with a sophisticated set of AI applications that is expected to grow at a steeper rate than previously thought.</p>
<div class="lb-trans"><p>从 watsonx，一套帮助客户管理数据的 AI 工具，到 Red Hat，提供生成 AI 和预测 AI 工具，IBM 为客户提供了一套复杂的 AI 应用，预计将以比之前预期更陡峭的速度增长。</p>
</div><p>As for the dividend, IBM's five-year average payout ratio of 156% may set off alarm bells for some, but after taking a breath and recognizing how the company's strong free cash flow more than covers it, investors will find their concerns assuaged.</p>
<div class="lb-trans"><p>至于股息，IBM 五年的平均派息比率为 156%，可能会让一些人感到警觉，但在意识到该公司的强大自由现金流完全覆盖这一点后，投资者会发现他们的担忧得到了缓解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3348d05467e9e70b0abdf53e8b2e29ea.png" alt="" original-src="https://media.ycharts.com/charts/3348d05467e9e70b0abdf53e8b2e29ea.png"/></p>
<p>IBM Free Cash Flow Per Share (Annual) data by YCharts.</p>
<div class="lb-trans"><p>IBM 每股自由现金流（年度）数据来自 YCharts。</p>
</div><p>For those interested in bolstering their AI exposure with a rock-solid dividend play, IBM is a great option right now.</p>
<div class="lb-trans"><p>对于那些希望通过稳健的股息投资来增强 AI 曝光的投资者来说，IBM 现在是一个很好的选择。</p>
</div><h2>A long-term growth story with a dividend in tow</h2>
<div class="lb-trans"><h2>一段长期的增长故事伴随股息</h2>
</div><p><strong>Lee Samaha</strong> <strong>(Delta Air Lines):</strong> I have two surprises for you in this section. First, Delta Air Lines pays a dividend (current yield: 1.4%), and second, it's a genuine contender for a place in the growth end of a balanced portfolio.</p>
<div class="lb-trans"><p><strong>Lee Samaha（达美航空）：</strong> 在这一部分，我有两个惊喜要告诉你。首先，达美航空支付股息（当前收益率：1.4%），其次，它是真正有潜力成为平衡投资组合中成长部分的竞争者。</p>
</div><p>The first point might surprise you because airlines are seen as being highly cyclical businesses whose earnings collapse in a slump (making sustaining a consistent dividend challenging). Still, the reality is that the industry is changing, and Delta's focus on growing more-sustainable premium cabin revenue, combined with its loyalty programs and remuneration from co-brand credit cards with <strong>American Express,</strong> is reducing its earnings cyclicality.</p>
<div class="lb-trans"><p>第一个观点可能会让你感到惊讶，因为航空公司被视为高度周期性的企业，其收益在经济衰退时会崩溃（这使得维持稳定的股息变得具有挑战性）。然而，现实是行业正在发生变化，达美航空专注于增长更可持续的高端舱位收入，加上其忠诚度计划和与 <strong>American Express</strong> 的联名信用卡所带来的收入，正在减少其收益的周期性。</p>
</div><p>The second might also be surprising because, again, Delta is traditionally seen as a cyclical stock, not a growth stock per se. That assumption remains true; however, the argument here is that the long-term trend line -- that growth oscillates about -- is heading upward for Delta for the reasons outlined above.</p>
<div class="lb-trans"><p>第二个观点也可能令人惊讶，因为达美航空传统上被视为周期性股票，而不是增长股票。这个假设依然成立；然而，这里要提出的论点是，长期趋势线——即增长波动的基础——正在向上发展，原因如上所述。</p>
</div><p>And network operators like Delta are in a favorable position to deal with rising airport costs because they account for a smaller portion of their business compared to, say, a low-cost carrier. Furthermore, airlines are behaving in a much more disciplined manner than they historically have. It all adds up to make Delta an attractive stock for growth investors.</p>
<div class="lb-trans"><p>像达美航空这样的网络运营商在应对不断上升的机场成本方面处于有利位置，因为这些成本在其业务中所占比例相较于低成本航空公司要小得多。此外，航空公司在行为上比历史上更加自律。这一切都使得达美航空成为增长投资者的一个有吸引力的股票。</p>
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8 月份值得加倍投资并购买的 3 只派息成长股