<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg?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://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>股市仍然接近历史高点，但最近几周波动性回归。股市的大幅波动提醒投资者，股票有时会（并且确实会）下跌。</p>
<p>因此，收入投资者可以通过购买多年来不断提高股息的优质股息股票来为熊市做好准备。股息增长股票具有持久的竞争优势和长期增长潜力。</p>
<p>这三只熊市股票可以以超越市场的收益率和稳定的股息进行购买，即使在经济衰退期间也是如此。</p>
<h3><strong>汉诺威保险集团 (THG)</strong></h3>
<p>汉诺威保险集团是一家控股公司，其主要业务是提供财产和意外伤害保险产品和服务。该公司通过美国的独立代理商和经纪人进行市场营销。在 2024 年，个人保险业务占分部收入的约 41%；商业保险占 36%；其他财产与意外伤害占 23%。该公司运营的投资组合主要投资于固定收益证券。</p>
<p>在 2025 年 10 月 29 日，汉诺威保险集团公布了截至 2025 年 9 月 30 日的第三季度财务业绩。公司宣布净收入为 1.787 亿美元，或每股摊薄收益 4.90 美元，较去年同期的 1.021 亿美元，或每股摊薄收益 2.80 美元，显著改善。</p>
<p>该季度的营业收入为 1.856 亿美元，或每股摊薄收益 5.09 美元，而去年同期为 1.113 亿美元，或每股摊薄收益 3.05 美元。第三季度的综合比率（不包括灾害）为 88.1%，反映出所有部门的承保盈利能力增强。这一改善得益于严格的定价，专业业务的续保价格上涨 8.3%，核心商业业务上涨 9.9%，个人保险业务上涨 10.5%。</p>
<p>净投资收入增长 27.5%，达到 1.170 亿美元，得益于更高的收益率和强劲的运营现金流。整体综合比率为 91.1%，灾害损失为 4620 万美元，占综合比率的 3.0 个百分点，主要来自天气相关事件。</p>
<p>THG 已连续 20 年提高股息。</p>
<h3><strong>百事公司 (PEP)</strong></h3>
<p>百事公司是一家全球食品和饮料公司，年销售额达到 890 亿美元。公司的产品包括百事可乐、山露、Frito-Lay 薯片、佳得乐、Tropicana 橙汁和 Quaker 食品。</p>
<p>公司在其产品组合中拥有超过 20 个年销售额超过 10 亿美元的品牌。2025 年 2 月 4 日，百事公司将其年化股息提高 5.0%，至 5.69 美元，从 2025 年 6 月的支付开始，延续了公司 53 年的股息增长记录。</p>
<p>在 2025 年 10 月 9 日，百事公司公布了截至 2025 年 9 月 30 日的第三季度财报。该季度收入增长 2.7%，达到 239 亿美元，超出预期 9000 万美元。调整后的每股收益为 2.29 美元，较去年同期的 2.31 美元略有不及，但比预期高出 0.03 美元。</p>
<p>第三季度的有机销售增长 1.3%。在此期间，饮料和食品的销量均下降 1%。尽管销量下降 3%，但百事饮料北美的有机收入在此期间增长了 2%。</p>
<p>百事食品北美的收入下降 3%，主要由于剥离。食品销量下降 4%。国际饮料部门下降 1%，主要由于销量下降。欧洲/中东/非洲的收入增长 5.5%。食品销量下降 1%，但饮料增长 1.5% 抵消了这一影响。</p>
<p>百事公司重申了 2025 年的先前指引，仍预计有机销售将处于低个位数范围。该公司已连续 53 年提高股息，成为股息之王。</p>
<h3><strong>PPG 工业 (PPG)</strong></h3>
<p>PPG 工业是全球最大的涂料和涂层公司。其唯一规模相似的竞争对手是 Sherwin-Williams 和荷兰涂料公司 Akzo Nobel。PPG 工业成立于 1883 年，最初是一家玻璃制造和分销商（其名称代表匹兹堡平板玻璃），如今在 100 个地点拥有约 3500 名技术员工，分布在 70 多个国家。</p>
<p>在 2025 年 7 月 17 日，PPG 工业将其季度股息提高 4.4%，至 0.71 美元，延续了公司 54 年的股息增长记录。</p>
<p>在 2025 年 10 月 28 日，PPG 工业公布了截至 2025 年 9 月 30 日的第三季度业绩。该季度收入下降 10.7%，至 41 亿美元，但超出预期 5000 万美元。调整后的每股收益为 2.13 美元，与去年同期持平，但比预期高出 0.05 美元。</p>
<p>由于价格上涨和产品销量改善，该季度的有机增长为 2%。全球建筑涂料的收入增长 1%，达到 10.1 亿美元，因价格上涨和外汇转换收益抵消了销量下降和剥离的影响。</p>
<p>拉丁美洲和亚太地区在此期间表现良好。性能涂料增长 3%，达到 14.1 亿美元，因价格上涨抵消了销量下降。航空、保护和海洋涂料以及交通解决方案在该季度均有所增长。</p>
<p>工业涂料的收入保持在 16.6 亿美元。销量增长 4%，但因价格略微下降和剥离而被抵消。汽车 OEM 在该季度恢复增长，所有地区均出现销量增长。该业务的增长速度超过全球汽车行业约 300 个基点。</p>
<p>PPG 工业在第三季度回购了约 1.5 亿美元的股票，并在年初至今已回购约 6.9 亿美元的股票。对于 2025 年，该公司现在预计调整后的每股收益在 7.60 美元至 7.70 美元之间。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>高股息 50：Orchid Island Capital</p>
<p>10 个低派息比率的高股息收益股票</p>
<p>过去 10 年表现最佳的 10 只股息之王</p>

PPG工业

汉诺威保险

百事

<p>这篇文章强调了三只抗衰退的股息股票：汉诺威保险集团、百事公司和 PPG 工业。这些公司持续增加股息，使其在市场波动期间对收入投资者具有吸引力。汉诺威保险集团报告了强劲的财务业绩，净收入和营业收入均有所改善。百事公司继续保持股息增长的势头，营收表现稳健。尽管收入下降，PPG 工业仍维持股息增长。这些股票提供稳定的股息和超越市场的收益率，非常适合熊市投资</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2015/06/10/16/35/mark-804936_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>The stock market is still near record highs, but volatility has returned in recent weeks. Big swings up and down in the stock market are a reminder to investors that stocks can (and do) decline from time to time.</p>
<div class="lb-trans"><p>股市仍然接近历史高点，但最近几周波动性回归。股市的大幅波动提醒投资者，股票有时会（并且确实会）下跌。</p>
</div><p>Because of this, income investors can position themselves for a bear market by buying quality dividend stocks that have each raised their dividends for many years. Dividend growth stocks have durable competitive advantages and long-term growth.</p>
<div class="lb-trans"><p>因此，收入投资者可以通过购买多年来不断提高股息的优质股息股票来为熊市做好准备。股息增长股票具有持久的竞争优势和长期增长潜力。</p>
</div><p>These 3 bear market stocks can be purchased for market-beating yields, and stable dividends even during recessions.</p>
<div class="lb-trans"><p>这三只熊市股票可以以超越市场的收益率和稳定的股息进行购买，即使在经济衰退期间也是如此。</p>
</div><h3><strong>Hanover Insurance Group (THG)</strong></h3>
<div class="lb-trans"><h3><strong>汉诺威保险集团 (THG)</strong></h3>
</div><p>The Hanover Insurance Group is a holding company whose primary business is offering property and casualty insurance products and services. The company markets itself through independent agents and brokers in the United States. In 2024, Personal Lines accounted for approximately 41% of segmented revenues; Commercial Lines, 36%; Other Property &amp; Casualty, 23%. The company operates an investment portfolio that is primarily exposed to fixed-income securities.</p>
<div class="lb-trans"><p>汉诺威保险集团是一家控股公司，其主要业务是提供财产和意外伤害保险产品和服务。该公司通过美国的独立代理商和经纪人进行市场营销。在 2024 年，个人保险业务占分部收入的约 41%；商业保险占 36%；其他财产与意外伤害占 23%。该公司运营的投资组合主要投资于固定收益证券。</p>
</div><p>On October 29th, 2025, The Hanover Insurance Group reported its financial results for the third quarter for the period ending September 30th, 2025. The company announced net income of $178.7 million, or $4.90 per diluted share, a substantial improvement from $102.1 million, or $2.80 per diluted share, in the same period the previous year.</p>
<div class="lb-trans"><p>在 2025 年 10 月 29 日，汉诺威保险集团公布了截至 2025 年 9 月 30 日的第三季度财务业绩。公司宣布净收入为 1.787 亿美元，或每股摊薄收益 4.90 美元，较去年同期的 1.021 亿美元，或每股摊薄收益 2.80 美元，显著改善。</p>
</div><p>Operating income for the quarter was $185.6 million, or $5.09 per diluted share, compared to $111.3 million, or $3.05 per diluted share, in the prior-year quarter. The combined ratio for the third quarter, excluding catastrophes, was 88.1%, reflecting enhanced underwriting profitability across all segments. This improvement was underpinned by disciplined pricing, with renewal price increases of 8.3% in Specialty, 9.9% in Core Commercial, and 10.5% in Personal Lines.</p>
<div class="lb-trans"><p>该季度的营业收入为 1.856 亿美元，或每股摊薄收益 5.09 美元，而去年同期为 1.113 亿美元，或每股摊薄收益 3.05 美元。第三季度的综合比率（不包括灾害）为 88.1%，反映出所有部门的承保盈利能力增强。这一改善得益于严格的定价，专业业务的续保价格上涨 8.3%，核心商业业务上涨 9.9%，个人保险业务上涨 10.5%。</p>
</div><p>Net investment income rose by 27.5% to $117.0 million, supported by higher earned yields and strong operational cash flows. The overall combined ratio stood at 91.1%, with catastrophe losses of $46.2 million, or 3.0 points of the combined ratio, mainly from weather-related events.</p>
<div class="lb-trans"><p>净投资收入增长 27.5%，达到 1.170 亿美元，得益于更高的收益率和强劲的运营现金流。整体综合比率为 91.1%，灾害损失为 4620 万美元，占综合比率的 3.0 个百分点，主要来自天气相关事件。</p>
</div><p>THG has increased its dividend for 20 consecutive years.</p>
<div class="lb-trans"><p>THG 已连续 20 年提高股息。</p>
</div><h3><strong>PepsiCo Inc. (PEP)</strong></h3>
<div class="lb-trans"><h3><strong>百事公司 (PEP)</strong></h3>
</div><p>PepsiCo is a global food and beverage company that generates $89 billion in annual sales. The company’s products include Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker foods.</p>
<div class="lb-trans"><p>百事公司是一家全球食品和饮料公司，年销售额达到 890 亿美元。公司的产品包括百事可乐、山露、Frito-Lay 薯片、佳得乐、Tropicana 橙汁和 Quaker 食品。</p>
</div><p>The company has more than 20 $1 billion brands in its portfolio. On February 4th, 2025, PepsiCo increased its annualized dividend by 5.0% to $5.69 starting with the payment that was made in June 2025, extending the company’s dividend growth streak to 53 consecutive years.</p>
<div class="lb-trans"><p>公司在其产品组合中拥有超过 20 个年销售额超过 10 亿美元的品牌。2025 年 2 月 4 日，百事公司将其年化股息提高 5.0%，至 5.69 美元，从 2025 年 6 月的支付开始，延续了公司 53 年的股息增长记录。</p>
</div><p>On October 9th, 2025, PepsiCo reported third quarter earnings results for the period ending September 30th, 2025. For the quarter, revenue grew 2.7% to $23.9 billion, which beat estimates by $90 million. Adjusted earnings-per-share of $2.29 compared unfavorably to $2.31 the prior year, but this was $0.03 better than expected.</p>
<div class="lb-trans"><p>在 2025 年 10 月 9 日，百事公司公布了截至 2025 年 9 月 30 日的第三季度财报。该季度收入增长 2.7%，达到 239 亿美元，超出预期 9000 万美元。调整后的每股收益为 2.29 美元，较去年同期的 2.31 美元略有不及，但比预期高出 0.03 美元。</p>
</div><p>Organic sales grew 1.3% for the third quarter. For the period, volumes for both beverages and foods were down 1%. PepsiCo Beverages North America’s organic revenue grew 2% for the period even as volume declined by 3%.</p>
<div class="lb-trans"><p>第三季度的有机销售增长 1.3%。在此期间，饮料和食品的销量均下降 1%。尽管销量下降 3%，但百事饮料北美的有机收入在此期间增长了 2%。</p>
</div><p>Revenue for PepsiCo Foods North America decreased 3%, largely due to divestitures. Food volume decreased 4%. The International Beverages segment fell 1%, primarily due to lower volume. Revenues in Europe/Middle East/Africa were up 5.5%. Food volume declined 1%, but this was offset by a 1.5% gain in beverages.</p>
<div class="lb-trans"><p>百事食品北美的收入下降 3%，主要由于剥离。食品销量下降 4%。国际饮料部门下降 1%，主要由于销量下降。欧洲/中东/非洲的收入增长 5.5%。食品销量下降 1%，但饮料增长 1.5% 抵消了这一影响。</p>
</div><p>PepsiCo reaffirmed prior guidance for 2025, with the company still expecting organic sales in the low single-digit range. The company has increased its dividend for 53 years, making it a Dividend King.</p>
<div class="lb-trans"><p>百事公司重申了 2025 年的先前指引，仍预计有机销售将处于低个位数范围。该公司已连续 53 年提高股息，成为股息之王。</p>
</div><h3><strong>PPG Industries (PPG)</strong></h3>
<div class="lb-trans"><h3><strong>PPG 工业 (PPG)</strong></h3>
</div><p>PPG Industries is the world’s largest paints and coatings company. Its only competitors of similar size are Sherwin-Williams and Dutch paint company Akzo Nobel. PPG Industries was founded in 1883 as a manufacturer and distributor of glass (its name stands for Pittsburgh Plate Glass) and today has approximately 3,500 technical employees located in more than 70 countries at 100 locations.</p>
<div class="lb-trans"><p>PPG 工业是全球最大的涂料和涂层公司。其唯一规模相似的竞争对手是 Sherwin-Williams 和荷兰涂料公司 Akzo Nobel。PPG 工业成立于 1883 年，最初是一家玻璃制造和分销商（其名称代表匹兹堡平板玻璃），如今在 100 个地点拥有约 3500 名技术员工，分布在 70 多个国家。</p>
</div><p>On July 17th, 2025, PPG Industries raised its quarterly dividend 4.4% to $0.71, extending the company’s dividend growth streak to 54 consecutive years.</p>
<div class="lb-trans"><p>在 2025 年 7 月 17 日，PPG 工业将其季度股息提高 4.4%，至 0.71 美元，延续了公司 54 年的股息增长记录。</p>
</div><p>On October 28th, 2025, PPG Industries reported third quarter results for the period ending September 30th, 2025. For the quarter, revenue declined 10.7% to $4.1 billion, but this was $50 million above estimates. Adjusted earnings-per-share of $2.13 matched the prior year’s result, but this was $0.05 better than expected.</p>
<div class="lb-trans"><p>在 2025 年 10 月 28 日，PPG 工业公布了截至 2025 年 9 月 30 日的第三季度业绩。该季度收入下降 10.7%，至 41 亿美元，但超出预期 5000 万美元。调整后的每股收益为 2.13 美元，与去年同期持平，但比预期高出 0.05 美元。</p>
</div><p>Organic growth was 2% for the quarter due to higher prices and improved product volume. Revenue for Global Architectural Coatings, which was formerly part of Performance Coatings, grew 1% to $1.01 billion as higher prices and a benefit from foreign currency translation was offset by weaker volume and divestitures.</p>
<div class="lb-trans"><p>由于价格上涨和产品销量改善，该季度的有机增长为 2%。全球建筑涂料的收入增长 1%，达到 10.1 亿美元，因价格上涨和外汇转换收益抵消了销量下降和剥离的影响。</p>
</div><p>Latin America and Asia Pacific performed well during the period. Performance Coatings grew 3% to $1.41 billion due to higher prices that were offset by weaker volume. Aerospace, protective and marine coatings, and traffic solutions all were higher for the quarter.</p>
<div class="lb-trans"><p>拉丁美洲和亚太地区在此期间表现良好。性能涂料增长 3%，达到 14.1 亿美元，因价格上涨抵消了销量下降。航空、保护和海洋涂料以及交通解决方案在该季度均有所增长。</p>
</div><p>Revenue for Industrial Coatings was unchanged at $1.66 billion. Volume grew 4%, but was offset by slightly weaker pricing and divestitures. Automotive OEMs returned to growth during the quarter, with volume growth seen in all regions. This business outpaced the global automotive industry by ~300 basis points.</p>
<div class="lb-trans"><p>工业涂料的收入保持在 16.6 亿美元。销量增长 4%，但因价格略微下降和剥离而被抵消。汽车 OEM 在该季度恢复增长，所有地区均出现销量增长。该业务的增长速度超过全球汽车行业约 300 个基点。</p>
</div><p>PPG Industries repurchased ~$150 million worth of shares during Q3 and has retired ~$690 million worth of shares year-to-date. For 2025, the company now expects adjusted earnings-per-share in a range of $7.60 to $7.70.</p>
<div class="lb-trans"><p>PPG 工业在第三季度回购了约 1.5 亿美元的股票，并在年初至今已回购约 6.9 亿美元的股票。对于 2025 年，该公司现在预计调整后的每股收益在 7.60 美元至 7.70 美元之间。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>High Dividend 50: Orchid Island Capital</p>
<div class="lb-trans"><p>高股息 50：Orchid Island Capital</p>
</div><p>10 Low Payout Ratio Stocks With High Dividend Yields</p>
<div class="lb-trans"><p>10 个低派息比率的高股息收益股票</p>
</div><p>10 Best Performing Dividend Kings Over The Last 10 Years</p>
<div class="lb-trans"><p>过去 10 年表现最佳的 10 只股息之王</p>
</div>