<p>如果你在 2000 年前试图寻找分红股票，美国最大的公司是一个很好的选择。像通用电气（今天称为 <strong>GE Aerospace</strong>）、<strong>辉瑞</strong>、<strong>沃尔玛</strong>、<strong>IBM</strong> 以及合并形成 <strong>埃克森美孚</strong> 的石油公司，都是按市值计算的前 10 大公司，并且都支付分红。</p>
<p>然而，今天国家最大的公司在分红方面要吝啬得多。在九家市值超过一万亿美元的美国公司中，只有两家支付分红：<strong>博通</strong>（AVGO 0.58%）和 <strong>苹果</strong>（AAPL 0.16%）。</p>
<p>那么，这些巨型科技公司中，哪一家更适合分红投资者呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>分红上升，收益率下降</h2>
<p>乍一看，这两家公司的分红似乎都不特别令人印象深刻。苹果的分红收益率仅为 0.4%，而博通的也不高，只有 0.7%。这些对于收入投资者来说值得考虑吗？</p>
<p>答案是肯定的，因为这些收益率并不是由于管理层缺乏分红增长。事实上，博通和苹果都有最近的年度分红增长历史。博通自 2016 年以来每年都提高分红，而苹果自 2012 年以来也如此。</p>
<p>尽管这些年度增长，公司的收益率目前如此之小，实际上对投资者来说是个好事。它们的股价增长速度远快于分红支付。在过去 10 年中，苹果的分红增长了 100%，而博通的增长超过了 1200%！但在同一时期，苹果的股价增长超过 800%，博通的股价则上涨超过 2800%，因此每家的分红收益率都下降了。</p>
<p>博通在相对于其股价增长的分红增加方面做得更好，但这里还有更多需要考虑的因素。</p>
<h2>为分红支付的代价</h2>
<p>分红是从自由现金流中支付的，而苹果的自由现金流远远超过博通。2024 年，苹果产生了 1088 亿美元的自由现金流，而博通仅为 194 亿美元。同时，博通支付的总分红为 98 亿美元，而苹果为 152 亿美元。</p>
<p>从某种角度来看，博通在分红支付上更为慷慨，实际上，博通在过去 10 年中分红增长 1240% 大致与其净收入（1250%）和自由现金流（1350%）的过去 12 个月（TTM）增长相当。这仍然使博通在支付分红后有大量剩余现金。</p>
<p>尽管苹果在分红支付上花费的自由现金流比例较小，但它的分红增长速度实际上远快于其自由现金流。从 TTM 的角度来看，苹果的自由现金流在过去 10 年中仅增长了 37.8%，净收入仅增长了 86%，但其分红增长了 100%。因此，尽管它在股东分红上花费的自由现金流比例远小于博通，但相对于其自由现金流，它的分红增长速度更快。</p>
<h2>更好的人工智能分红股票</h2>
<p>虽然这两家公司的分红收益率相对较小，但它们都表现出对年度分红增长的承诺，并且都有足够的空间进一步增加分红，而不会过度消耗其自由现金流。</p>
<p>由于这两项分红看起来资金充足且可能继续增长，分红投资者可能会选择博通，因为它的（目前）收益率更高。也就是说，收入投资者在这两家巨型人工智能（AI）公司中选择任何一家都不会出错。</p>

苹果

博通

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>这篇文章将苹果和博通作为股息股票进行了比较，指出尽管两家公司股息收益率较低（苹果为 0.16%，博通为 0.58%），但它们都有年度增加股息的历史。博通在过去十年中将股息大幅提高了超过 1200%，而苹果的股息增长了 100%。苹果的自由现金流（1088 亿美元）明显高于博通（194 亿美元），但两家公司都有提升股息的空间。最终，尽管两者都是股息投资者的稳健选择，但博通因其更高的收益率而被推荐</p>

<p>If you were trying to find dividend stocks before the year 2000, the largest companies in the U.S. were a great place to look. Stalwarts like General Electric (today called <strong>GE Aerospace</strong>), <strong>Pfizer</strong>, <strong>Walmart</strong>, <strong>IBM</strong>, and the oil companies that would merge to form <strong>ExxonMobil</strong> were all among the 10 largest companies by market cap, and all paid dividends.</p>
<div class="lb-trans"><p>如果你在 2000 年前试图寻找分红股票，美国最大的公司是一个很好的选择。像通用电气（今天称为 <strong>GE Aerospace</strong>）、<strong>辉瑞</strong>、<strong>沃尔玛</strong>、<strong>IBM</strong> 以及合并形成 <strong>埃克森美孚</strong> 的石油公司，都是按市值计算的前 10 大公司，并且都支付分红。</p>
</div><p>Today, on the other hand, the country's largest companies are much more stingy their payouts. Of the nine U.S.-based companies with trillion-dollar-plus market caps, just two pay a dividend: <strong>Broadcom</strong>(AVGO 0.58%) and <strong>Apple</strong>(AAPL 0.16%).</p>
<div class="lb-trans"><p>然而，今天国家最大的公司在分红方面要吝啬得多。在九家市值超过一万亿美元的美国公司中，只有两家支付分红：<strong>博通</strong>（AVGO 0.58%）和 <strong>苹果</strong>（AAPL 0.16%）。</p>
</div><p>But which of these massive tech companies is the better buy for dividend investors?</p>
<div class="lb-trans"><p>那么，这些巨型科技公司中，哪一家更适合分红投资者呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835168%2Fgettyimages-1553397789-1200x800-5b2df79.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>Rising payouts, shrinking yields</h2>
<div class="lb-trans"><h2>分红上升，收益率下降</h2>
</div><p>At first glance, neither company's dividend looks particularly impressive. Apple's dividend yield is just 0.4%, and Broadcom's isn't much better, at 0.7%. Are those even worth considering for income investors?</p>
<div class="lb-trans"><p>乍一看，这两家公司的分红似乎都不特别令人印象深刻。苹果的分红收益率仅为 0.4%，而博通的也不高，只有 0.7%。这些对于收入投资者来说值得考虑吗？</p>
</div><p>The answer is yes, because those yields aren't small due to a lack of dividend increases from management. In fact, both Broadcom and Apple have a recent history of annual dividend hikes. Broadcom has raised its dividend every year since 2016, and Apple has done so since 2012.</p>
<div class="lb-trans"><p>答案是肯定的，因为这些收益率并不是由于管理层缺乏分红增长。事实上，博通和苹果都有最近的年度分红增长历史。博通自 2016 年以来每年都提高分红，而苹果自 2012 年以来也如此。</p>
</div><p>The reason the companies' yields are currently so small despite these annual increases is actually a good thing for investors. Their share prices have increased much faster than their dividend payouts. Over the last 10 years, Apple's dividend has grown by 100%, while Broadcom's has grown by more than 1,200%! But during that same period, Apple's share price has increased more than 800%, and Broadcom's shares have jumped more than 2,800%, so the dividend yield for each has shrunk.</p>
<div class="lb-trans"><p>尽管这些年度增长，公司的收益率目前如此之小，实际上对投资者来说是个好事。它们的股价增长速度远快于分红支付。在过去 10 年中，苹果的分红增长了 100%，而博通的增长超过了 1200%！但在同一时期，苹果的股价增长超过 800%，博通的股价则上涨超过 2800%，因此每家的分红收益率都下降了。</p>
</div><p>Broadcom has done a better job of increasing its dividend relative to its share price increases, but there's more to consider here.</p>
<div class="lb-trans"><p>博通在相对于其股价增长的分红增加方面做得更好，但这里还有更多需要考虑的因素。</p>
</div><h2>Paying for that payout</h2>
<div class="lb-trans"><h2>为分红支付的代价</h2>
</div><p>Dividends are paid out of free cash flow, and Apple has a lot more of that than Broadcom. In 2024, Apple generated $108.8 billion in free cash flow, compared to just $19.4 billion for Broadcom. Meanwhile Broadcom paid a total of $9.8 billion in dividend payments, compared to $15.2 billion for Apple.</p>
<div class="lb-trans"><p>分红是从自由现金流中支付的，而苹果的自由现金流远远超过博通。2024 年，苹果产生了 1088 亿美元的自由现金流，而博通仅为 194 亿美元。同时，博通支付的总分红为 98 亿美元，而苹果为 152 亿美元。</p>
</div><p>One way to look at this is that Broadcom is much more generous with its dividend payments, and in fact, Broadcom's dividend increase of 1,240% over the last 10 years is roughly comparable to the trailing 12-month (TTM) increase in its net income (1,250%) and its free cash flow (1,350%) during that time. That still leaves Broadcom with plenty of leftover cash after its dividends are paid.</p>
<div class="lb-trans"><p>从某种角度来看，博通在分红支付上更为慷慨，实际上，博通在过去 10 年中分红增长 1240% 大致与其净收入（1250%）和自由现金流（1350%）的过去 12 个月（TTM）增长相当。这仍然使博通在支付分红后有大量剩余现金。</p>
</div><p>Although Apple spends a smaller percentage of its free cash flow on dividend payouts, it has actually increased its dividend much faster than its free cash flow. On a TTM basis, Apple's free cash flow has only increased by 37.8% over the last 10 years, and its net income has only gone up by 86%, but its dividend has increased by 100%. So, it may spend a much smaller percentage of its free cash flow on shareholder dividends than Broadcom, but it has raised its dividend at a faster rate relative to its free cash flow.</p>
<div class="lb-trans"><p>尽管苹果在分红支付上花费的自由现金流比例较小，但它的分红增长速度实际上远快于其自由现金流。从 TTM 的角度来看，苹果的自由现金流在过去 10 年中仅增长了 37.8%，净收入仅增长了 86%，但其分红增长了 100%。因此，尽管它在股东分红上花费的自由现金流比例远小于博通，但相对于其自由现金流，它的分红增长速度更快。</p>
</div><h2>The better AI dividend stock</h2>
<div class="lb-trans"><h2>更好的人工智能分红股票</h2>
</div><p>While both companies' dividend yields are comparatively small, they've both shown a commitment to annual dividend increases, and both have plenty of room to increase their dividends further without overly taxing their free cash flow.</p>
<div class="lb-trans"><p>虽然这两家公司的分红收益率相对较小，但它们都表现出对年度分红增长的承诺，并且都有足够的空间进一步增加分红，而不会过度消耗其自由现金流。</p>
</div><p>Because both dividends look well funded and likely to continue growing, dividend investors will likely want to pick Broadcom for its (currently) higher yield. That said, income investors are unlikely to go wrong with either of these massive artificial intelligence (AI) heavyweights.</p>
<div class="lb-trans"><p>由于这两项分红看起来资金充足且可能继续增长，分红投资者可能会选择博通，因为它的（目前）收益率更高。也就是说，收入投资者在这两家巨型人工智能（AI）公司中选择任何一家都不会出错。</p>
</div>

Better AI Dividend Stock: Apple vs. Broadcom

- 美国大型公司中，只有 Broadcom 和 Apple 支付股息。  
- Broadcom 股息增长超过 1,200%，Apple 增长 100%。  
- 投资者可选择 Broadcom 以获取更高的股息收益。

更优质的 AI 股息股票：苹果与博通