---
title: "债券收益率自 2003 年以来首次超过股票收益率"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/286473200.md"
description: "债券收益率首次超过股票，自 2003 年以来，10 年期国债收益率超过标普 500 的实际收益率 1.1 个百分点。这一历史性的差距表明固定收益竞争的转变，30 年期国债收益率为 5.03%，投资级公司债券接近 6.5%。更高的收益率可能会导致投资者，特别是那些时间跨度较短的投资者，将资金从股票转向债券"
datetime: "2026-05-14T21:43:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286473200.md)
  - [en](https://longbridge.com/en/news/286473200.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286473200.md)
---

# 债券收益率自 2003 年以来首次超过股票收益率

Historic gap emerges: The 10-year Treasury yield exceeds the S&P 500’s realized earnings yield by roughly 1.1 percentage points, the largest negative spread since 2003. Fixed income competition: With 30-year Treasuries at 5.03% and investment-grade corporates near 6.5%, bond returns are approaching historical equity averages. Portfolio strategy shift: Higher yields could redirect capital from stocks to bonds, especially for investors with shorter time horizons or near-term spending needs.

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