<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?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://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>在选择高收益股息策略时，表面收益率很重要，但提供收益的公司的实力同样重要。维持和增长股息的能力往往取决于基础业务的质量。盈利能力强和现金流稳定的公司通常更有能力增加分红并支持长期价格表现。</p>
<p>为了关注这种平衡，标普全球高股息 100 指数使用复合评分选择公司，该评分结合了两个股息指标和两个质量指标。</p>
<h3><strong>方法论概述</strong></h3>
<p>该方法论以标普全球大中型股为指数范围，首先筛选出至少连续支付 10 年股息的公司，然后剔除股息收益率低于中位数的公司。在剩余的子集中，基于结合股息收益率、股息增长、股东权益回报率（ROE）和自由现金流（FCF）与总债务比率的复合评分选择前 100 家公司。</p>
<p>所选成分股按流通市值（FMC）乘以股息收益率加权，帮助平衡流动性与增强收入。为了降低集中风险并支持多样化，单只股票的权重限制为 4%，行业权重限制为 25%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-SP-Global-Dividend-100-Index-Methodology-Overview-1.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-SP-Global-Dividend-100-Index-Methodology-Overview-1.png"/></p>
<h3><strong>回测表现概述</strong></h3>
<p>标普全球高股息 100 指数在长期和短期回测期间均表现优于基准，具有更高的风险调整收益和显著更高的长期股息收益率。股息指数的防御性体现在较低的回撤和下行捕捉，同时在上涨市场中仍然表现强劲。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-Performance-Metrics.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-Performance-Metrics.png"/></p>
<h3><strong>股息收益率</strong></h3>
<p>截至 2025 年 12 月 31 日，标普全球高股息 100 指数的历史平均长期股息收益率为 4.27%，而基准为 2.37%，差异为 190 个基点。有趣的是，截至 2025 年 12 月 31 日，两者当前股息收益率之间的差异为 250 个基点，标普全球高股息 100 指数预计股息收益率为 4.16%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-Historical-Dividend-Yield.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-Historical-Dividend-Yield.png"/></p>
<h3><strong>股息增长</strong></h3>
<p>增长的股息可以帮助在高通胀时期保持购买力。在回测期间，标普全球高股息 100 指数在 5 年和 10 年期间的股息增长超过 7%（见图表 5），而更广泛的基准约为 4%。这种更强的增长特征表明，在 2022 年和 2023 年经历的高通胀期间，收入水平可能更具韧性。这些结果反映了该指数的方法论，该方法论在复合评分框架内结合了股息增长和质量基本面。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Long-Term-Dividend-Growth.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Long-Term-Dividend-Growth.png"/></p>
<h3><strong>国家/地区分布洞察</strong></h3>
<p>截至 2025 年 12 月 31 日，标普全球高股息 100 指数相对于基准显示出更均衡的地区组合。欧洲和亚太地区各占指数的约 27%，而美国和北美约占 41.8%——相对于基准约低 20%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Regional-Weights-1.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Regional-Weights-1.png"/></p>
<h3><strong>行业分布洞察</strong></h3>
<p>图表 7 显示，截至 2025 年 12 月 31 日，标普全球高股息 100 指数在能源和金融行业的超配最大。尽管在信息技术行业整体上仍然低配，但标普全球高股息 100 指数在该行业的权重远高于其全球股息指数同行。这是由于选择评分中的质量指标，筛选出在该行业具有股息前景的高质量公司。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-6-Sector-Weights.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://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-6-Sector-Weights.png"/></p>
<h3><strong>结论</strong></h3>
<p>标普全球高股息 100 指数的长期回测表现突显了基于规则的方法论优先考虑高股息收益、持续的股息增长和强大的基本面。该指数历史上相对于基准显示出相对较高的风险调整收益、稳健的股息和防御性特征。通过将高收益股票的选择锚定在公司的基本实力上，该指数还展示了稳健的股息增长，这可能有助于保持购买力。</p>
<hr/>
<p>1 有关完整的方法论，请参阅道琼斯股息指数方法论。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>质量胜于数量：标普 500 质量指数的特点</p>
<p>股票、行业与成功？</p>
<p>动量因子：在美国边界之外继续蓬勃发展</p>

标普全球高股利 ETF - SPDR

<p>标普全球高股利 100 指数通过选择盈利能力强和现金流充足的公司，结合了高收益和质量。它筛选至少有 10 年分红记录且收益率高于中位数的公司，使用分红指标和质量指标的综合评分。该指数在长期收益和分红增长方面表现优于基准，并在通胀期间显示出韧性。截至 2025 年 12 月 31 日，该指数具有均衡的地区组合，并在能源和金融领域有超配，强调了在分红策略中质量的重要性</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>When selecting a high yield dividend strategy, headline yield matters—but so does the strength of the companies delivering it. The ability to sustain and grow dividends over time often depends on underlying business quality. Companies with strong profitability and resilient cash flows are typically better positioned to increase payouts and support long-term price performance.</p>
<div class="lb-trans"><p>在选择高收益股息策略时，表面收益率很重要，但提供收益的公司的实力同样重要。维持和增长股息的能力往往取决于基础业务的质量。盈利能力强和现金流稳定的公司通常更有能力增加分红并支持长期价格表现。</p>
</div><p>To focus on this balance, the S&amp;P Global Dividend 100 Index selects companies using a composite score that blends two dividend metrics with two measures of quality.</p>
<div class="lb-trans"><p>为了关注这种平衡，标普全球高股息 100 指数使用复合评分选择公司，该评分结合了两个股息指标和两个质量指标。</p>
</div><h3><strong>Methodology Overview</strong></h3>
<div class="lb-trans"><h3><strong>方法论概述</strong></h3>
</div><p>The methodology begins with the S&amp;P Global LargeMidCap as the index universe, first screening to retain companies that have paid dividends for at least 10 consecutive years, then removing those with a below-median dividend yield. From the remaining subset, the top 100 companies are selected based on a composite score combining dividend yield, dividend growth, return on equity (ROE) and the ratio of free cash flow (FCF) to total debt.</p>
<div class="lb-trans"><p>该方法论以标普全球大中型股为指数范围，首先筛选出至少连续支付 10 年股息的公司，然后剔除股息收益率低于中位数的公司。在剩余的子集中，基于结合股息收益率、股息增长、股东权益回报率（ROE）和自由现金流（FCF）与总债务比率的复合评分选择前 100 家公司。</p>
</div><p>Selected constituents are weighted by float market cap (FMC) times dividend yield, helping balance liquidity with enhanced income. To help reduce concentration risk and support diversification, individual stocks are capped at 4% and sector weights are limited to 25%.</p>
<div class="lb-trans"><p>所选成分股按流通市值（FMC）乘以股息收益率加权，帮助平衡流动性与增强收入。为了降低集中风险并支持多样化，单只股票的权重限制为 4%，行业权重限制为 25%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-SP-Global-Dividend-100-Index-Methodology-Overview-1.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-1-SP-Global-Dividend-100-Index-Methodology-Overview-1.png"/></p>
<h3><strong>Back-Tested Performance Overview</strong></h3>
<div class="lb-trans"><h3><strong>回测表现概述</strong></h3>
</div><p>The S&amp;P Global Dividend 100 Index has outperformed the benchmark over the long- and short-term back-tested period, with higher risk-adjusted returns and significantly higher long-term dividend yields. The defensiveness of the dividend index can be seen in the lower drawdown and downside capture, while still participating strongly in rising markets.</p>
<div class="lb-trans"><p>标普全球高股息 100 指数在长期和短期回测期间均表现优于基准，具有更高的风险调整收益和显著更高的长期股息收益率。股息指数的防御性体现在较低的回撤和下行捕捉，同时在上涨市场中仍然表现强劲。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-Performance-Metrics.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-2-Performance-Metrics.png"/></p>
<h3><strong>Dividend Yield</strong></h3>
<div class="lb-trans"><h3><strong>股息收益率</strong></h3>
</div><p>As of Dec. 31, 2025, the historical average long-term dividend yield for the S&amp;P Global Dividend 100 Index was 4.27% versus 2.37% for the benchmark, a difference of 190 bps. Interestingly, the differential between the two current dividend yields was 250 bps as of Dec. 31, 2025, with the S&amp;P Global Dividend 100 Index anticipating a dividend yield of 4.16%.</p>
<div class="lb-trans"><p>截至 2025 年 12 月 31 日，标普全球高股息 100 指数的历史平均长期股息收益率为 4.27%，而基准为 2.37%，差异为 190 个基点。有趣的是，截至 2025 年 12 月 31 日，两者当前股息收益率之间的差异为 250 个基点，标普全球高股息 100 指数预计股息收益率为 4.16%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-Historical-Dividend-Yield.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-3-Historical-Dividend-Yield.png"/></p>
<h3><strong>Dividend Growth</strong></h3>
<div class="lb-trans"><h3><strong>股息增长</strong></h3>
</div><p>Growing dividends can help preserve purchasing power during periods of elevated inflation. During the back-tested period, the S&amp;P Global Dividend 100 Index showed dividend growth of over 7% across both the 5- and 10-year periods (see Exhibit 5), compared with approximately 4% for the broader benchmark. This stronger growth profile suggests that income levels may have been more resilient during the higher inflation experienced in 2022 and 2023. These outcomes reflect the index’s methodology, which incorporates both dividend growth and quality fundamentals within the composite scoring framework.</p>
<div class="lb-trans"><p>增长的股息可以帮助在高通胀时期保持购买力。在回测期间，标普全球高股息 100 指数在 5 年和 10 年期间的股息增长超过 7%（见图表 5），而更广泛的基准约为 4%。这种更强的增长特征表明，在 2022 年和 2023 年经历的高通胀期间，收入水平可能更具韧性。这些结果反映了该指数的方法论，该方法论在复合评分框架内结合了股息增长和质量基本面。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Long-Term-Dividend-Growth.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-4-Long-Term-Dividend-Growth.png"/></p>
<h3><strong>Country/Region Breakdown Insights</strong></h3>
<div class="lb-trans"><h3><strong>国家/地区分布洞察</strong></h3>
</div><p>As of Dec. 31, 2025, the S&amp;P Global Dividend 100 Index displayed a more balanced regional mix relative to the benchmark. Europe and the Asia‑Pacific region each accounted for roughly 27 % of the index, while the U.S. and North America represented about 41.8 %—approximately a 20 % underweight versus the benchmark.</p>
<div class="lb-trans"><p>截至 2025 年 12 月 31 日，标普全球高股息 100 指数相对于基准显示出更均衡的地区组合。欧洲和亚太地区各占指数的约 27%，而美国和北美约占 41.8%——相对于基准约低 20%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Regional-Weights-1.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-5-Regional-Weights-1.png"/></p>
<h3><strong>Sector Breakdown Insights</strong></h3>
<div class="lb-trans"><h3><strong>行业分布洞察</strong></h3>
</div><p>Exhibit 7 illustrates that the S&amp;P Global Dividend 100 Index had the largest sector overweights in Energy and Financials as of Dec. 31, 2025. While still underweight in the Information Technology sector overall, the S&amp;P Global Dividend 100 Index had a much higher weight in this sector than its global dividend index peers. This is due to the quality metric within the selection scoring, which screens for higher quality companies with dividend prospects within the sector.</p>
<div class="lb-trans"><p>图表 7 显示，截至 2025 年 12 月 31 日，标普全球高股息 100 指数在能源和金融行业的超配最大。尽管在信息技术行业整体上仍然低配，但标普全球高股息 100 指数在该行业的权重远高于其全球股息指数同行。这是由于选择评分中的质量指标，筛选出在该行业具有股息前景的高质量公司。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-6-Sector-Weights.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2026/02/Exhibit-6-Sector-Weights.png"/></p>
<h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>The long-term back-tested performance of the S&amp;P Global Dividend 100 Index highlights that the rules-based methodology prioritizes high dividend yield, consistent dividend growth and strong fundamentals. The index has historically shown relatively high risk-adjusted returns versus the benchmark, robust dividends and defensive qualities. By anchoring the selection of high yield stocks in the fundamental strength of companies, the index has also demonstrated robust dividend growth, which could help to preserve purchasing power.</p>
<div class="lb-trans"><p>标普全球高股息 100 指数的长期回测表现突显了基于规则的方法论优先考虑高股息收益、持续的股息增长和强大的基本面。该指数历史上相对于基准显示出相对较高的风险调整收益、稳健的股息和防御性特征。通过将高收益股票的选择锚定在公司的基本实力上，该指数还展示了稳健的股息增长，这可能有助于保持购买力。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p>1 For the full methodology, please refer to the Dow Jones Dividend Indices Methodology.</p>
<div class="lb-trans"><p>1 有关完整的方法论，请参阅道琼斯股息指数方法论。</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>Quality Over Quantity: Features Of The S&amp;P 500 Quality Index</p>
<div class="lb-trans"><p>质量胜于数量：标普 500 质量指数的特点</p>
</div><p>Stocks, Sectors And Success?</p>
<div class="lb-trans"><p>股票、行业与成功？</p>
</div><p>The Momentum Factor: Continuing To Thrive Beyond U.S. Borders</p>
<div class="lb-trans"><p>动量因子：在美国边界之外继续蓬勃发展</p>
</div>

标普全球股息 100 指数：高收益与高质量的结合