<p>作者：Emily Bary 和 Philip van Doorn</p>
<p>标准普尔 500 指数通信行业的几家公司以低市盈率交易，吸引人的股息收益率得到了现金流的有力支持。</p>
<p>截至目前，Verizon 和 AT&amp;T 的股东们度过了一个优秀的年度——这两只股票仍然可以被视为基于市盈率、股息收益率和预计自由现金流收益的深度价值投资。</p>
<p>今年，向价值股的转变使电信行业受益，主要参与者的表现均优于大盘。</p>
<p>截至 2026 年，标准普尔 500 指数（SPX）下跌了 1.5%，而 Verizon 的股票（VZ）上涨了 25.5%，AT&amp;T（T）上涨了 15.3%，T-Mobile US（TMUS）上涨了 91%。（本文中所有价格变动截至周五，并不包括股息。）</p>
<p>即便是曾因竞争担忧而受到压制的有线电视提供商 Charter Communications（CHTR）和 Comcast（CMCSA）的股票，今年迄今分别上涨了 11.3% 和 14%，而去年则出现了两位数的下跌。</p>
<p>然而，除了 T-Mobile 之外，上述电信股票的筛选结果显示为 “深度价值” 投资。Verizon 和 AT&amp;T 是标准普尔 500 通信服务行业中市盈率最低的股票之一。这些价格是根据 LSEG 调查的分析师对未来 12 个月每股收益的共识估计进行计算的市盈率。这些比率按市值加权。</p>
<p>Verizon、Charter 和 Comcast 的前瞻市盈率低于标准普尔 500 通信行业 21.4 的加权前瞻市盈率和标准普尔 500 的 21.8 的一半。AT&amp;T 的前瞻市盈率略高于这三者，为 12.2。</p>
<p>T-Mobile US 的价格更高，前瞻市盈率为 20.2。然而，根据共识估计，该公司预计将以比 AT&amp;T 和 Verizon 更快的速度增长收入。这三家公司主导了美国无线电信市场，T-Mobile 在 2024 年的市场份额为 35%，Verizon 为 34%，AT&amp;T 为 27%。这些是 TeleGeography 提供的最新市场份额数据，更新于去年四月。</p>
<p>电信股票的突出表现与价值投资的广泛势头相辅相成。根据 LSEG 的数据，Russell 3000 价值指数（XX:RAV）今年迄今上涨了 3.3%，而 Russell 3000 成长指数（XX:RAG）下跌了 5.5%。</p>
<p>在无线股票方面，投资者似乎已经与行业的竞争动态达成了共识。去年底，华尔街担心 Verizon 在新任首席执行官 Dan Schulman 的领导下会夸大增长。无线行业在某种程度上依赖于 Verizon 保持定价的纪律，而不是引导竞争对手追求自身用户增长而导致价格竞争。</p>
<p>但在 Verizon 在第四季度发布了 616,000 个净后付费手机用户后，这是自 2019 年以来最大的增幅，投资者并没有感到过于不安。</p>
<p>一方面，Citi 分析师 Michael Rollins 在给客户的二月报告中承认：“Verizon 的雄心可能会引发对其竞争对手未来财务风险的担忧。” 不过，他写道，“这一担忧的很大一部分” 已经反映在无线股票的价格中。</p>
<p>与此同时，AT&amp;T 继续收获多年简化战略的成果。曾因承担债务以推动高成本媒体收购而受到指责的 AT&amp;T，随后出售了这些业务，并重新聚焦于核心电信活动。通过投资光纤连接，该公司能够销售更多的捆绑产品，这有助于客户留存。</p>
<p>AT&amp;T 还在继续扩展其无线宽带能力。这包括一项 230 亿美元的交易，以收购 EchoStar（SATS）的频谱许可证，预计将在 2026 年中期完成。</p>
<p>截至第四季度，超过四成的 AT&amp;T 光纤用户也使用该公司的无线服务。</p>
<p>T-Mobile 通过更专注于资本回报给投资者留下了深刻印象。首席财务官 Peter Osvaldik 在二月告诉 MarketWatch，该公司在未来两年内有 “相当大的能力” 投资于其网络，并向股东分配现金，以股息和回购的形式。</p>
<p>Verizon、AT&amp;T 和 T-Mobile 的网络投资让有线电视投资者感到不安，因为这三家公司都加强了其家庭互联网产品的提供，无论是通过光纤服务还是依赖于闲置移动容量的固定无线接入产品。在这种更具竞争性的背景下，Comcast 和 Charter 的宽带用户流失严重。</p>
<p>现在，负面情绪可能已经触底。例如，Charter 在第四季度确实失去了宽带用户，但数量少于预期，也少于去年同期。而且该公司在视频业务上实际上实现了用户增长，这一业务曾长期处于下滑状态。</p>
<p>“Charter 正在享受由其捆绑流媒体套餐驱动的惊人转机，” MoffettNathanson 分析师 Craig Moffett 当时写道。</p>
<p>Comcast 并不是一家纯粹的电信提供商，因为该公司还运营着工作室、主题公园和流媒体单位。“我们相信 Comcast 的业绩正在触底，” Wolfe Research 的 Peter Supino 在其第四季度财报后写道，尽管他补充说管理层 “仍然避免承认其综合结构的失败。” 在 Supino 看来，这导致投资者低估了包括 NBCUniversal 在内的业务部门。</p>
<p>筛选标准普尔 500 通信行业</p>
<p>标准普尔 500 通信服务行业仅有 20 家公司，其中实际上包括两个大型科技公司——Alphabet (GOOGL) (GOOG) 和 Meta Platforms (META)。这两家公司占据了跟踪该行业的 State Street Communication Services Select Sector SPDR ETF XLC 的 38%。再加上 Netflix (NFLX)，这三家公司几乎占据了 XLC 投资组合的 44%。</p>
<p>以下是该行业的所有 20 家公司，按前瞻市盈率升序排列。我们还包括了股息收益率和前瞻自由现金流收益率。</p>
<p>公司的自由现金流（FCF）是指在资本支出后的剩余现金流。这是公司可以用来资助扩张或收购、支付股息、回购股票或用于其他公司目的的资金。</p>
<p>上述前瞻自由现金流收益率是基于当前股价和 LSEG 调查的分析师对 2026 年每股自由现金流的共识估计。如果我们将估计的自由现金流收益率与股息收益率进行比较，可以看出是否存在 “头部空间” 在股息之上。这可以指示当前股息支付的安全性，以及产生的多余现金可以以（希望）对股东有利的方式进行部署。</p>
<p>Charter 以最低的前瞻市盈率和最高的前瞻自由现金流收益率位居榜首。对于愿意在一个仍被认为处于衰退中的行业中进行价值投资的投资者来说，这组数字非常有趣，因为产生了如此多的现金。</p>
<p>Omnicom (OMC) 紧随其后，不仅市盈率低，而且吸引人的股息收益率为 3.77%，这得到了预期的 14.13% 的自由现金流收益率的强力支持。如果在 10 年期美国国债 BX:TMUBMUSD10Y 收益率为 4.14% 的市场中，这个股息收益率没有给你留下深刻印象，请考虑到标准普尔 500 的加权股息收益率仅为 1.16%，根据 LSEG 的数据显示，债券没有股票在长期内可能具有的资本增长潜力。</p>
<p>Comcast 的股息收益率为 4.14%，同样得到了预期每股自由现金流的强力支持。</p>
<p>（更多内容敬请关注）道琼斯新闻社</p>
<p>03-07-26 0730ET</p>

美国电信股指 ETF - iShares

2 倍做多通信服务 ETF - ProShares

TMUS

美国电话电报

标普全球电信股指数 ETF - iShares

通信服务 ETF - SPDR

威瑞森

电信业 ETF - Vanguard

标普电信 ETF - SPDR

<p>电信股在 2026 年表现良好，威瑞森上涨了 25.5%，美国电话电报上涨了 15.3%，尽管标普 500 指数下跌了 1.5%。这些股票被视为深度价值投资，交易时的市盈率较低。T-Mobile 在收入增长预期方面领先，而美国电话电报则受益于简化战略。该行业的强劲表现与更广泛的价值股趋势相一致，罗素 3000 价值指数上涨了 3.3%。投资者对无线市场的竞争动态持乐观态度，各公司正在投资网络能力和客户保留策略</p>

<p>By Emily Bary and Philip van Doorn</p>
<div class="lb-trans"><p>作者：Emily Bary 和 Philip van Doorn</p>
</div><p>Several companies in the S&amp;P 500's communications sector trade at low price-to-earnings valuations, with attractive dividend yields well supported by cash flow</p>
<div class="lb-trans"><p>标准普尔 500 指数通信行业的几家公司以低市盈率交易，吸引人的股息收益率得到了现金流的有力支持。</p>
</div><p>This has been an excellent year so far for shareholders of Verizon and AT&amp;T - and both stocks can still be considered deep-value plays based on price-to-earnings ratios, dividend yields and estimated free-cash-flow yields.</p>
<div class="lb-trans"><p>截至目前，Verizon 和 AT&amp;T 的股东们度过了一个优秀的年度——这两只股票仍然可以被视为基于市盈率、股息收益率和预计自由现金流收益的深度价值投资。</p>
</div><p>A pivot toward value stocks has benefited the telecommunications industry this year, with the major players all outperforming the broader market.</p>
<div class="lb-trans"><p>今年，向价值股的转变使电信行业受益，主要参与者的表现均优于大盘。</p>
</div><p>As the S&amp;P 500 SPX has declined 1.5% so far in 2026, Verizon's stock (VZ) has risen 25.5%, while AT&amp;T (T) is up 15.3% and T-Mobile US (TMUS) has advanced 91%. (All price changes in this article are through Friday and exclude dividends.)</p>
<div class="lb-trans"><p>截至 2026 年，标准普尔 500 指数（SPX）下跌了 1.5%，而 Verizon 的股票（VZ）上涨了 25.5%，AT&amp;T（T）上涨了 15.3%，T-Mobile US（TMUS）上涨了 91%。（本文中所有价格变动截至周五，并不包括股息。）</p>
</div><p>Even shares of cable providers Charter Communications (CHTR) and Comcast (CMCSA), once weighed down by competitive concerns over their home-internet businesses, have staged 11.3% and 14% rallies so far this year, respectively, following double-digit declines last year.</p>
<div class="lb-trans"><p>即便是曾因竞争担忧而受到压制的有线电视提供商 Charter Communications（CHTR）和 Comcast（CMCSA）的股票，今年迄今分别上涨了 11.3% 和 14%，而去年则出现了两位数的下跌。</p>
</div><p>And yet, save for T-Mobile, the above telecom stocks screen as &#34;deep-value&#34; plays. Verizon and AT&amp;T are among the least expensive stocks in the S&amp;P 500 communications-services sector XX:SP500.50 by forward price-to-earnings ratios. These are prices divided by consensus 12-month earnings-per-share estimates among analysts polled by LSEG. The ratios are weighted by market capitalization for sectors and indexes.</p>
<div class="lb-trans"><p>然而，除了 T-Mobile 之外，上述电信股票的筛选结果显示为 “深度价值” 投资。Verizon 和 AT&amp;T 是标准普尔 500 通信服务行业中市盈率最低的股票之一。这些价格是根据 LSEG 调查的分析师对未来 12 个月每股收益的共识估计进行计算的市盈率。这些比率按市值加权。</p>
</div><p>Verizon, Charter and Comcast trade at forward P/E valuations that are less than half of the weighted forward P/E ratios of 21.4 for the S&amp;P 500 communications sector and 21.8 for the full S&amp;P 500. AT&amp;T trades slightly higher than those three, at a forward P/E of 12.2.</p>
<div class="lb-trans"><p>Verizon、Charter 和 Comcast 的前瞻市盈率低于标准普尔 500 通信行业 21.4 的加权前瞻市盈率和标准普尔 500 的 21.8 的一半。AT&amp;T 的前瞻市盈率略高于这三者，为 12.2。</p>
</div><p>T-Mobile US is more expensive, with a forward P/E of 20.2. However, the company is expected to increase its revenue at a faster pace than rivals AT&amp;T and Verizon, according to consensus estimates. The three dominate the U.S. wireless telecom space, with a 35% market share for T-Mobile, a 34% share for Verizon and a 27% share for AT&amp;T in 2024. These are the most recent market-share figures available from TeleGeography, updated last April.</p>
<div class="lb-trans"><p>T-Mobile US 的价格更高，前瞻市盈率为 20.2。然而，根据共识估计，该公司预计将以比 AT&amp;T 和 Verizon 更快的速度增长收入。这三家公司主导了美国无线电信市场，T-Mobile 在 2024 年的市场份额为 35%，Verizon 为 34%，AT&amp;T 为 27%。这些是 TeleGeography 提供的最新市场份额数据，更新于去年四月。</p>
</div><p>The standout performance of telecommunications stocks dovetails with broader momentum for value plays. The Russell 3000 Value Index XX:RAV has risen 3.3% so far this year, while the Russell 3000 Growth Index XX:RAG has declined 5.5%, according to LSEG.</p>
<div class="lb-trans"><p>电信股票的突出表现与价值投资的广泛势头相辅相成。根据 LSEG 的数据，Russell 3000 价值指数（XX:RAV）今年迄今上涨了 3.3%，而 Russell 3000 成长指数（XX:RAG）下跌了 5.5%。</p>
</div><p>When it comes to the wireless stocks, investors seem to have made peace with competitive dynamics in the industry. Late last year, Wall Street worried that Verizon was talking up growth under new CEO Dan Schulman. The wireless industry had been somewhat counting on Verizon to stay disciplined with its pricing and not lead rivals toward a race to the bottom in pursuit of its own subscriber growth.</p>
<div class="lb-trans"><p>在无线股票方面，投资者似乎已经与行业的竞争动态达成了共识。去年底，华尔街担心 Verizon 在新任首席执行官 Dan Schulman 的领导下会夸大增长。无线行业在某种程度上依赖于 Verizon 保持定价的纪律，而不是引导竞争对手追求自身用户增长而导致价格竞争。</p>
</div><p>But after Verizon posted 616,000 net postpaid phone subscribers in the fourth quarter, its largest such haul in since 2019, investors weren't too rattled.</p>
<div class="lb-trans"><p>但在 Verizon 在第四季度发布了 616,000 个净后付费手机用户后，这是自 2019 年以来最大的增幅，投资者并没有感到过于不安。</p>
</div><p>On the one hand, &#34;Verizon's ambitions are likely to raise concerns on the future financial risks from elevated industry competition for its competitors,&#34; Citi analyst Michael Rollins acknowledged in a February note to clients. Still, he wrote that &#34;a substantial portion of this concern&#34; had been already baked into the prices of wireless stocks.</p>
<div class="lb-trans"><p>一方面，Citi 分析师 Michael Rollins 在给客户的二月报告中承认：“Verizon 的雄心可能会引发对其竞争对手未来财务风险的担忧。” 不过，他写道，“这一担忧的很大一部分” 已经反映在无线股票的价格中。</p>
</div><p>AT&amp;T, meanwhile, continues to reap the rewards of a simplification strategy years in the making. Once maligned for taking on debt to fuel costly media acquisitions, AT&amp;T has since sold off those units and refocused on core telecommunications activities. By investing in fiber connectivity, the company has been able to sell more bundled offerings, something that it says helps with customer retention.</p>
<div class="lb-trans"><p>与此同时，AT&amp;T 继续收获多年简化战略的成果。曾因承担债务以推动高成本媒体收购而受到指责的 AT&amp;T，随后出售了这些业务，并重新聚焦于核心电信活动。通过投资光纤连接，该公司能够销售更多的捆绑产品，这有助于客户留存。</p>
</div><p>AT&amp;T is also continuing to expand its wireless broadband capability. This includes a $23 billion deal to acquire spectrum licenses from EchoStar (SATS), in a deal slated for completion in the middle of 2026.</p>
<div class="lb-trans"><p>AT&amp;T 还在继续扩展其无线宽带能力。这包括一项 230 亿美元的交易，以收购 EchoStar（SATS）的频谱许可证，预计将在 2026 年中期完成。</p>
</div><p>As of the fourth quarter, more than four in 10 AT&amp;T fiber subscribers also used the company's wireless services.</p>
<div class="lb-trans"><p>截至第四季度，超过四成的 AT&amp;T 光纤用户也使用该公司的无线服务。</p>
</div><p>T-Mobile has been impressing investors through its greater focus on capital returns. CFO Peter Osvaldik told MarketWatch in February that the company was sitting on a &#34;significant amount of capacity&#34; both to invest in its network and dole out cash to shareholders over the next two years, in the form of dividends and buybacks.</p>
<div class="lb-trans"><p>T-Mobile 通过更专注于资本回报给投资者留下了深刻印象。首席财务官 Peter Osvaldik 在二月告诉 MarketWatch，该公司在未来两年内有 “相当大的能力” 投资于其网络，并向股东分配现金，以股息和回购的形式。</p>
</div><p>The network investments at Verizon, AT&amp;T and T-Mobile have been a source of consternation for cable investors, as all three companies have stepped up their home-internet offerings, either via fiber service or fixed-wireless-access products, which rely on spare mobile capacity. Comcast and Charter have bled broadband subscribers against this more competitive backdrop.</p>
<div class="lb-trans"><p>Verizon、AT&amp;T 和 T-Mobile 的网络投资让有线电视投资者感到不安，因为这三家公司都加强了其家庭互联网产品的提供，无论是通过光纤服务还是依赖于闲置移动容量的固定无线接入产品。在这种更具竞争性的背景下，Comcast 和 Charter 的宽带用户流失严重。</p>
</div><p>Now, the negative sentiment may have bottomed. Charter, for instance, did lose broadband subscribers in the fourth quarter, but fewer than expected and fewer than in the year-before period. And the company actually managed to grow subscribers in video, a business that had been in protracted decline.</p>
<div class="lb-trans"><p>现在，负面情绪可能已经触底。例如，Charter 在第四季度确实失去了宽带用户，但数量少于预期，也少于去年同期。而且该公司在视频业务上实际上实现了用户增长，这一业务曾长期处于下滑状态。</p>
</div><p>&#34;Charter is enjoying an astounding turnaround driven by its bundled streaming packages,&#34; MoffettNathanson analyst Craig Moffett wrote at the time.</p>
<div class="lb-trans"><p>“Charter 正在享受由其捆绑流媒体套餐驱动的惊人转机，” MoffettNathanson 分析师 Craig Moffett 当时写道。</p>
</div><p>Comcast isn't a pure-play telecom provider, as the company also operates studio, theme-park and streaming units. &#34;We are convinced that Comcast's results are bottoming,&#34; Wolfe Research's Peter Supino wrote after its fourth-quarter earnings report, though he added that management &#34;continues to avoid acknowledging the failure of its conglomerate structure.&#34; In Supino's view, that has led investors to undervalue business segments, including NBCUniversal.</p>
<div class="lb-trans"><p>Comcast 并不是一家纯粹的电信提供商，因为该公司还运营着工作室、主题公园和流媒体单位。“我们相信 Comcast 的业绩正在触底，” Wolfe Research 的 Peter Supino 在其第四季度财报后写道，尽管他补充说管理层 “仍然避免承认其综合结构的失败。” 在 Supino 看来，这导致投资者低估了包括 NBCUniversal 在内的业务部门。</p>
</div><p>Screening the S&amp;P 500 communications sector</p>
<div class="lb-trans"><p>筛选标准普尔 500 通信行业</p>
</div><p>There are only 20 companies in the S&amp;P 500 communications-services sector, which actually includes two Big Tech names - Alphabet (GOOGL) (GOOG) and Meta Platforms (META). These two make up 38% of the State Street Communication Services Select Sector SPDR ETF XLC, which tracks the sector. Add Netflix (NFLX), and those three companies make up nearly 44% of the XLC portfolio.</p>
<div class="lb-trans"><p>标准普尔 500 通信服务行业仅有 20 家公司，其中实际上包括两个大型科技公司——Alphabet (GOOGL) (GOOG) 和 Meta Platforms (META)。这两家公司占据了跟踪该行业的 State Street Communication Services Select Sector SPDR ETF XLC 的 38%。再加上 Netflix (NFLX)，这三家公司几乎占据了 XLC 投资组合的 44%。</p>
</div><p>Below are all 20 companies in the sector, sorted by ascending forward P/E. We have also included dividend yields and forward free-cash-flow yields.</p>
<div class="lb-trans"><p>以下是该行业的所有 20 家公司，按前瞻市盈率升序排列。我们还包括了股息收益率和前瞻自由现金流收益率。</p>
</div><p>A company's free cash flow (FCF) is its remaining cash flow after capital expenditures. This is money the company can use to fund expansion or acquisitions, pay dividends, buy back shares, or for other corporate purposes.</p>
<div class="lb-trans"><p>公司的自由现金流（FCF）是指在资本支出后的剩余现金流。这是公司可以用来资助扩张或收购、支付股息、回购股票或用于其他公司目的的资金。</p>
</div><p>The above forward FCF yields are based on current share prices and consensus FCF-per-share estimates for2026 among analysts polled by LSEG. If we compare the estimated FCF yields with the dividend yields, we can see if there is &#34;headroom&#34; above the dividend. This can indicate a measure of safety for the current dividend payout, as well as generation of excess cash that can be deployed in ways that (hopefully) work out well for shareholders.</p>
<div class="lb-trans"><p>上述前瞻自由现金流收益率是基于当前股价和 LSEG 调查的分析师对 2026 年每股自由现金流的共识估计。如果我们将估计的自由现金流收益率与股息收益率进行比较，可以看出是否存在 “头部空间” 在股息之上。这可以指示当前股息支付的安全性，以及产生的多余现金可以以（希望）对股东有利的方式进行部署。</p>
</div><p>Charter tops the list with the lowest forward P/E and the highest forward FCF yield. This is an interesting set of numbers for investors willing to take a value dive, even in an industry perceived still to be in decline, because so much cash is being generated.</p>
<div class="lb-trans"><p>Charter 以最低的前瞻市盈率和最高的前瞻自由现金流收益率位居榜首。对于愿意在一个仍被认为处于衰退中的行业中进行价值投资的投资者来说，这组数字非常有趣，因为产生了如此多的现金。</p>
</div><p>Omnicom (OMC) is next, with not only a low P/E but an attractive dividend yield of 3.77%, very well supported by the expected FCF yield of 14.13%. In case that dividend yield doesn't impress you in a market with 10-year U.S. Treasury notes BX:TMUBMUSD10Y yielding 4.14%, consider that the S&amp;P 500's weighted dividend yield is only 1.16%, according to LSEG, and bonds don't have the capital-growth potential that stocks can have over the long term.</p>
<div class="lb-trans"><p>Omnicom (OMC) 紧随其后，不仅市盈率低，而且吸引人的股息收益率为 3.77%，这得到了预期的 14.13% 的自由现金流收益率的强力支持。如果在 10 年期美国国债 BX:TMUBMUSD10Y 收益率为 4.14% 的市场中，这个股息收益率没有给你留下深刻印象，请考虑到标准普尔 500 的加权股息收益率仅为 1.16%，根据 LSEG 的数据显示，债券没有股票在长期内可能具有的资本增长潜力。</p>
</div><p>Comcast features a dividend yield of 4.14%, also very well supported by expected FCF per share.</p>
<div class="lb-trans"><p>Comcast 的股息收益率为 4.14%，同样得到了预期每股自由现金流的强力支持。</p>
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</div><p>03-07-26 0730ET</p>
<div class="lb-trans"><p>03-07-26 0730ET</p>
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Telecom stocks have had a great start to the year - and they're still quite cheap

Dow Jones

T-Mobile US

电信股今年开局表现出色——而且它们的价格仍然相当低廉