<p>许多高收益股息股票是增长较慢的公司，通常缺乏令人信服的机会来再投资于扩展其业务。因此，这些公司通常决定通过股息将其现金流的相当一部分返还给投资者。</p>
<p>然而，<strong>Brookfield Infrastructure</strong>（BIPC 0.43%）（BIP 0.10%）在大多数高收益股息股票中脱颖而出。虽然这家全球基础设施运营商支付的股息收益率为 4.3%——显著高于 <strong>标准普尔 500 指数</strong>（^GSPC -0.32%）的 1.2%——但它也具有强劲的增长前景。这种高收入与高增长的罕见组合使我坚信，Brookfield 将在未来十年内显著超越标准普尔 500 指数的回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>增长股东价值的强大策略</h2>
<p>自成立以来，Brookfield Infrastructure 的回报优于更广泛的市场。该公司的运营资金（FFO）以 14% 的复合年增长率增长，支持 9% 的复合年股息增长率。这种组合使 Brookfield 能够在同一时期内提供平均年总回报率为 13.1%，远高于标准普尔 500 指数的 11.4% 年回报。</p>
<p>该公司增长股东价值的策略很简单：它以价值为基础收购高质量的基础设施企业，然后通过以运营为导向的管理来提升这些企业。Brookfield 还通过完成附加收购和增长资本项目来扩展这些企业。随着这些企业的成熟，Brookfield 将其出售，以将资本回收再投资于更高回报的新投资。</p>
<h2>多重增长催化剂</h2>
<p>Brookfield 投资于能够产生持久且稳定增长现金流的企业。大约 85% 的 FFO 来自长期合同和政府监管的费率结构。这些框架要么将费率与通货膨胀挂钩，要么保护其利润率免受通货膨胀影响。仅通货膨胀指数化就应推动其每股 FFO 年增长 3% 至 4%。</p>
<p>此外，该公司专注于投资于能够受益于主要全球投资主题的基础设施企业，如数字化、去碳化和去全球化。这些大趋势应推动其基础设施平台的稳定量增长，Brookfield 估计这将每年为其每股 FFO 增加 1%-2%。</p>
<p>这些大趋势还应为公司提供充足的机会，在支付股息（占其 FFO 的 30%-40%）后，将其保留的现金流再投资于增长资本项目。Brookfield 目前在其待办事项中有超过 77 亿美元的增长资本项目，预计将在未来两到三年内完成。其中大部分（近 59 亿美元）是数据基础设施投资，如新的数据中心和两座美国半导体制造设施。该公司估计，仅用其支付股息后的自由现金流资助的项目每年将为其每股 FFO 增加另 2%-3%。</p>
<p>Brookfield 还通过将其资本回收策略的收益投入新投资来提升其增长前景。例如，今年它获得了三项高质量的基础设施投资——Colonial、Hotwire 和 <strong>Wells Fargo</strong> Rail。该公司正在这些资产上投资 13 亿美元，这些投资应通过通货膨胀指数化的费率结构提供稳定和增长的现金流。这些及未来的新投资进一步增强了其增长前景。</p>
<p>Brookfield 看到在未来十年继续投资高质量基础设施企业的巨大机会。它认为，世界在未来 15 年内需要花费惊人的 100 万亿美元来维护、升级和建设基础设施，包括在未来三到五年内超过 8 万亿美元用于人工智能基础设施。这一强劲的机会集支持了 Brookfield 的观点，即它可以继续以超过 10% 的年率增长其每股 FFO。</p>
<h2>强劲的总回报潜力</h2>
<p>Brookfield Infrastructure 为投资者提供了超过 4% 的稳定基础回报，计划每年增长 5% 至 9%。此外，该公司预计每股 FFO 将实现超过 10% 的年增长。这使得 Brookfield 能够在未来十年内产生中十位数的平均年总回报，支持我对其将超越市场的预期。</p>

BIPC

<p>布鲁克菲尔德基础设施公司（Brookfield Infrastructure，BIPC，BIP）预计将在未来十年内表现优于标准普尔 500 指数，提供 4.3% 的股息收益率，而标准普尔 500 指数的股息收益率为 1.2%。该公司在运营资金（FFO）方面实现了 14% 的复合年增长率，年股息增长率为 9%。布鲁克菲尔德的战略包括收购高质量的基础设施企业和投资于增长项目，当前有超过 77 亿美元的项目储备。公司预计年运营资金增长超过 10%，使其有望实现中双位数的总回报，显著超过市场表现</p>

<p>Many high-yield dividend stocks are slower-growing companies that often lack compelling opportunities to reinvest in expanding their businesses. As a consequence, these companies often decide to return a substantial share of their cash flow to investors via dividends.</p>
<div class="lb-trans"><p>许多高收益股息股票是增长较慢的公司，通常缺乏令人信服的机会来再投资于扩展其业务。因此，这些公司通常决定通过股息将其现金流的相当一部分返还给投资者。</p>
</div><p>However, <strong>Brookfield Infrastructure</strong>(BIPC 0.43%) (BIP 0.10%) stands out from most high-yield dividend stocks. While the global infrastructure operator pays a dividend yielding 4.3% -- significantly higher than the <strong>S&amp;P 500</strong>'s (^GSPC -0.32%) 1.2% -- it also has strong growth prospects. This rare combination of high income and high growth drives my conviction that Brookfield will significantly outperform the S&amp;P 500's returns over the next decade.</p>
<div class="lb-trans"><p>然而，<strong>Brookfield Infrastructure</strong>（BIPC 0.43%）（BIP 0.10%）在大多数高收益股息股票中脱颖而出。虽然这家全球基础设施运营商支付的股息收益率为 4.3%——显著高于 <strong>标准普尔 500 指数</strong>（^GSPC -0.32%）的 1.2%——但它也具有强劲的增长前景。这种高收入与高增长的罕见组合使我坚信，Brookfield 将在未来十年内显著超越标准普尔 500 指数的回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIyMjYvYS1wZXJzb24tbmVhci1zZXZlcmFsLXVwd2FyZC1wb2ludGluZy1hcnJvd3MuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832226%2Fa-person-near-several-upward-pointing-arrows.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>A strong strategy for growing shareholder value</h2>
<div class="lb-trans"><h2>增长股东价值的强大策略</h2>
</div><p>Brookfield Infrastructure has delivered superior returns compared to the broader market since its formation. The company has grown its funds from operations (FFO) at a 14% compound annual rate, supporting a 9% compound annual dividend growth rate. This combination has enabled Brookfield to deliver an average annual total return of 13.1%, well above the S&amp;P 500's 11.4% annual return during the same period.</p>
<div class="lb-trans"><p>自成立以来，Brookfield Infrastructure 的回报优于更广泛的市场。该公司的运营资金（FFO）以 14% 的复合年增长率增长，支持 9% 的复合年股息增长率。这种组合使 Brookfield 能够在同一时期内提供平均年总回报率为 13.1%，远高于标准普尔 500 指数的 11.4% 年回报。</p>
</div><p>The company's strategy for growing shareholder value is straightforward: It acquires high-quality infrastructure businesses on a value basis, and then enhances them through operations-oriented management. Brookfield also expands these businesses by completing bolt-on acquisitions and growth capital projects. As these businesses mature, Brookfield sells them to recycle the capital into higher-returning new investments.</p>
<div class="lb-trans"><p>该公司增长股东价值的策略很简单：它以价值为基础收购高质量的基础设施企业，然后通过以运营为导向的管理来提升这些企业。Brookfield 还通过完成附加收购和增长资本项目来扩展这些企业。随着这些企业的成熟，Brookfield 将其出售，以将资本回收再投资于更高回报的新投资。</p>
</div><h2>Multiple growth catalysts</h2>
<div class="lb-trans"><h2>多重增长催化剂</h2>
</div><p>Brookfield invests in businesses that generate durable and steadily growing cash flow. Approximately 85% of its FFO comes from long-term contracts and government-regulated rate structures. These frameworks either index rates to inflation or safeguard its margins from inflation's impact. Inflation indexation alone should drive 3% to 4% annual growth in its FFO per share.</p>
<div class="lb-trans"><p>Brookfield 投资于能够产生持久且稳定增长现金流的企业。大约 85% 的 FFO 来自长期合同和政府监管的费率结构。这些框架要么将费率与通货膨胀挂钩，要么保护其利润率免受通货膨胀影响。仅通货膨胀指数化就应推动其每股 FFO 年增长 3% 至 4%。</p>
</div><p>Additionally, the company focuses on investing in infrastructure businesses poised to benefit from major global investment themes, such as digitalization, decarbonization, and deglobalization. These megatrends should drive steady volume growth across its infrastructure platform, which Brookfield estimates will add 1%-2% to its FFO per share each year.</p>
<div class="lb-trans"><p>此外，该公司专注于投资于能够受益于主要全球投资主题的基础设施企业，如数字化、去碳化和去全球化。这些大趋势应推动其基础设施平台的稳定量增长，Brookfield 估计这将每年为其每股 FFO 增加 1%-2%。</p>
</div><p>Those megatrends should also provide the company with ample opportunities to reinvest its retained cash flow after paying dividends (30%-40% of its FFO) into growth capital projects. Brookfield currently has over $7.7 billion of growth capital projects in its backlog that it expects to complete over the next two to three years. The bulk of these (nearly $5.9 billion) are data infrastructure investments, such as new data centers and two U.S. semiconductor fabrication facilities. The company estimates that projects funded with its post-dividend free cash flow alone will tack on another 2%-3% to its FFO per share each year.</p>
<div class="lb-trans"><p>这些大趋势还应为公司提供充足的机会，在支付股息（占其 FFO 的 30%-40%）后，将其保留的现金流再投资于增长资本项目。Brookfield 目前在其待办事项中有超过 77 亿美元的增长资本项目，预计将在未来两到三年内完成。其中大部分（近 59 亿美元）是数据基础设施投资，如新的数据中心和两座美国半导体制造设施。该公司估计，仅用其支付股息后的自由现金流资助的项目每年将为其每股 FFO 增加另 2%-3%。</p>
</div><p>Brookfield also boosts its growth profile by deploying proceeds from its capital recycling strategy into new investments. For example, this year it secured three high-quality infrastructure investments -- Colonial, Hotwire, and <strong>Wells Fargo</strong> Rail. The company is investing $1.3 billion across these assets, which should contribute stable and growing cash flows through inflation-indexed rate structures. These and future new investments further enhance its growth profile.</p>
<div class="lb-trans"><p>Brookfield 还通过将其资本回收策略的收益投入新投资来提升其增长前景。例如，今年它获得了三项高质量的基础设施投资——Colonial、Hotwire 和 <strong>Wells Fargo</strong> Rail。该公司正在这些资产上投资 13 亿美元，这些投资应通过通货膨胀指数化的费率结构提供稳定和增长的现金流。这些及未来的新投资进一步增强了其增长前景。</p>
</div><p>Brookfield sees a massive opportunity to continue investing in high-quality infrastructure businesses over the next decade. It believes that the world will need to spend a staggering $100 <em>trillion</em> to maintain, upgrade, and build infrastructure over the next 15 years, including more than $8 trillion on AI infrastructure over the next three to five years. This robust opportunity set supports Brookfield's view that it can continue growing its FFO per share at a more than 10% annual rate.</p>
<div class="lb-trans"><p>Brookfield 看到在未来十年继续投资高质量基础设施企业的巨大机会。它认为，世界在未来 15 年内需要花费惊人的 100 万亿美元来维护、升级和建设基础设施，包括在未来三到五年内超过 8 万亿美元用于人工智能基础设施。这一强劲的机会集支持了 Brookfield 的观点，即它可以继续以超过 10% 的年率增长其每股 FFO。</p>
</div><h2>High-powered total return potential</h2>
<div class="lb-trans"><h2>强劲的总回报潜力</h2>
</div><p>Brookfield Infrastructure offers investors a solid base return of over 4% annually from its dividend, which it plans to grow by 5% to 9% each year. Additionally, the company expects to deliver more than 10% annual FFO growth per share. This positions Brookfield to produce an average annual total return in the mid-teens, supporting my expectation that it will crush the market in the coming decade.</p>
<div class="lb-trans"><p>Brookfield Infrastructure 为投资者提供了超过 4% 的稳定基础回报，计划每年增长 5% 至 9%。此外，该公司预计每股 FFO 将实现超过 10% 的年增长。这使得 Brookfield 能够在未来十年内产生中十位数的平均年总回报，支持我对其将超越市场的预期。</p>
</div>

预测：这只高收益股息股票将在未来十年超越标准普尔 500 指数的回报