<p>希望通過股息股票增加被動收入的投資者有兩種基本選擇。快速提高派息的股息支付者通常提供較低的初始收益率，而收益較高的股票則往往緩慢增加派息，甚至沒有增加。</p>
<p>目前，<strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) 和 <strong>AT&amp;T</strong>(T 0.41%) 代表了股息投資者困境的兩端。谷歌和 YouTube 的母公司利潤激增，可以用於增加股息支付，但其收益率非常低。AT&amp;T 提供高收益率，但其盈利增長緩慢。</p>
<p>讓我們更仔細地看看這兩者，以瞭解哪一個可能更適合你的投資組合。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. Alphabet</h2>
<p>去年，Alphabet 開始了一項股息計劃，並且已經提高了一次派息。今年四月，該公司將派息提高了 5%，達到每股 0.21 美元。雖然這一增幅顯著，但遠低於其可能承受的水平。</p>
<p>在最近的價格下，Alphabet 的收益率約為 0.4%，並未引起許多股息投資者的關注。然而，如果你有較長的投資時間，添加這隻股票到你的投資組合中，可能會在你準備退休時帶來豐厚的收入。</p>
<p>從長期來看，每股收益和股息支付往往是同步上升的。在過去五年中，Alphabet 的每股收益年均增長高達 29.4%。該公司的廣告和雲計算業務在過去 12 個月中產生了約 667 億美元的自由現金流。在同一時間段內，股息支付佔可用於支付的自由現金流的比例不到 15%。</p>
<p>Alphabet 在發佈生成性人工智能工具方面稍顯遲緩，但其強大的優勢意味着它可能在未來幾年內擁有最受歡迎的 AI 驅動搜索工具。儘管 <strong>Microsoft</strong> 在每台電腦上推廣其 Edge 瀏覽器，但根據 Statcounter 的數據，Alphabet 的 Chrome 瀏覽器在 6 月份的全球市場份額為 68%。</p>
<p>谷歌搜索和 Chrome 瀏覽器是 Alphabet 的 Android 操作系統的默認應用，該系統在全球 74% 的智能手機上運行。憑藉 Android 和 Chrome，Alphabet 可以接觸到數十億用户及其瀏覽活動生成的所有數據，其盈利豐厚的廣告業務有很大機會在長期內保持領先。</p>
<h2>2. AT&amp;T</h2>
<p>儘管 Alphabet 的利潤激增，但電信巨頭 AT&amp;T 卻在緩慢前行。過去 12 個月的每股收益僅比五年前高出 15.8%。</p>
<p>幾年前媒體資產的剝離部分導致了增長乏力，持續的固定電話連接損失也是原因之一。這些問題是暫時的，但該公司在美國移動互聯網寡頭市場的地位可能在未來幾年內保持不變。這使得它有機會通過銷售無線互聯網和移動服務繼續增長。</p>
<p>AT&amp;T 在 2022 年減少了股息，自那以來沒有再做任何調整。在最近的價格下，該股票提供 4% 的收益率，約為 Alphabet 的 10 倍。</p>
<p>AT&amp;T 沒有 Alphabet 那樣鉅額的現金流，但足以滿足其股息義務。過去 12 個月的自由現金流達到 196 億美元，超過了公司滿足股息義務所需的兩倍多。管理層預計今年自由現金流將略微下降，達到略高於 160 億美元，這仍然遠遠超過維持派息所需的金額。</p>
<p>預計今年的固定電話業務收入將再次下降，但 AT&amp;T 有增長引擎在推動相反的方向。今年，移動收入預計將增長 3% 或更好，此外，其消費者寬帶產品也在快速增長。第二季度消費者光纖寬帶收入同比飆升 18.9%，達到 21 億美元，並預計在 2025 年剩餘時間內將繼續保持類似的增長速度。</p>
<p>不要讓像 Cricket 和 Mint 這樣的移動虛擬網絡運營商的激增讓你誤以為移動互聯網用户之間的競爭很激烈。自從 <strong>T-Mobile</strong> 在 2020 年收購 Sprint 以來，美國實際上只有三家全國性的移動互聯網提供商可供選擇。</p>
<p>按收入計算，AT&amp;T 穩居第二。考慮到達到目前地位所需的巨大投資，除非國會強迫三大運營商之一解散，否則我們不太可能看到更多競爭者能夠提供全國性的移動互聯網服務。</p>
<p>AT&amp;T 的股息可能不會快速增長，但該公司可能很快開始宣佈年度派息增加。今年早些時候，它將債務減少到約 2.5 倍的過去 12 個月的 EBITDA，並啓動了一項 100 億美元的股票回購計劃。</p>
<h2>現在哪個是更好的股息股票？</h2>
<p>我不打算在至少 20 年內依賴我的股息股票產生的被動收入。考慮到這一點，我更期待購買 Alphabet。</p>
<p>如果我們將這兩家公司過去五年的盈利增長率向前推算，現在購買的 Alphabet 股票的成本收益率可能會在 2035 年超過 AT&amp;T 的收益。如果我離退休更近，我可能會考慮 AT&amp;T 是更好的選擇。然而，考慮到有時間讓派息增長，從長遠來看，我更適合持有 Alphabet 的股票。</p>

谷歌-A

谷歌-C

美國電話電報

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

<p>投資者在尋找分紅股票時面臨選擇：低收益、高增長的選項如谷歌-A，或高收益、低增長的股票如美國電話電報。谷歌-A 最近將其分紅提高了 5%，但收益率約為 0.4%；而美國電話電報則提供 4% 的收益率，儘管其盈利停滯。谷歌-A 強勁的現金流和在廣告及雲服務領域的市場主導地位暗示了長期增長潛力。相反，美國電話電報的移動服務和消費者寬帶預計將增長，儘管面臨近期挑戰，仍能支持其分紅義務。這兩隻股票為收入生成提供了不同的機會</p>

<p>Investors looking to grow their passive income stream with dividend stocks have two basic options. Dividend payers that raise their payouts rapidly tend to offer low yields up front, while higher-yielding stocks tend to increase their payouts slowly, if at all.</p>
<div class="lb-trans"><p>希望通過股息股票增加被動收入的投資者有兩種基本選擇。快速提高派息的股息支付者通常提供較低的初始收益率，而收益較高的股票則往往緩慢增加派息，甚至沒有增加。</p>
</div><p>Right now, <strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) and <strong>AT&amp;T</strong>(T 0.41%) represent opposite ends of the dividend investors' dilemma. Profit that could be used to boost dividend payments are surging for the parent company behind Google and YouTube, but it offers a very low yield. AT&amp;T offers a high yield, but earnings have been rising at a snail's pace.</p>
<div class="lb-trans"><p>目前，<strong>Alphabet</strong>(GOOG 0.45%) (GOOGL 0.54%) 和 <strong>AT&amp;T</strong>(T 0.41%) 代表了股息投資者困境的兩端。谷歌和 YouTube 的母公司利潤激增，可以用於增加股息支付，但其收益率非常低。AT&amp;T 提供高收益率，但其盈利增長緩慢。</p>
</div><p>Let's take a closer look at both to see which could be a better fit for your portfolio.</p>
<div class="lb-trans"><p>讓我們更仔細地看看這兩者，以瞭解哪一個可能更適合你的投資組合。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MTEvaW52ZXN0b3ItY2hhcnQtc3RvY2stZmluYW5jZS13YWxsLXN0cmVldC1icm9rZXItZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826511%2Finvestor-chart-stock-finance-wall-street-broker-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Alphabet</h2>
<div class="lb-trans"><h2>1. Alphabet</h2>
</div><p>Last year, Alphabet began a dividend program, and it's already raised the payout once. This April, the company bumped its payout up by 5% to $0.21 per share. While significant, the raise was much smaller than it could probably afford.</p>
<div class="lb-trans"><p>去年，Alphabet 開始了一項股息計劃，並且已經提高了一次派息。今年四月，該公司將派息提高了 5%，達到每股 0.21 美元。雖然這一增幅顯著，但遠低於其可能承受的水平。</p>
</div><p>With a yield of about 0.4% at recent prices, Alphabet is not on many dividend investors' radar. If you have a long time horizon, though, adding this stock to your portfolio could lead to heaps of income generation once you're ready to retire.</p>
<div class="lb-trans"><p>在最近的價格下，Alphabet 的收益率約為 0.4%，並未引起許多股息投資者的關注。然而，如果你有較長的投資時間，添加這隻股票到你的投資組合中，可能會在你準備退休時帶來豐厚的收入。</p>
</div><p>When viewed on a long-term timeline, earnings per share and dividend payments tend to rise in line with each other. Over the past five years, Alphabet raised earnings per share by a whopping 29.4% annually. The conglomerate's advertising and cloud computing businesses generated around $66.7 billion in free cash flow over the past 12 months. Dividends over the same time frame worked out to less than 15% of the free cash flow available to make the payments.</p>
<div class="lb-trans"><p>從長期來看，每股收益和股息支付往往是同步上升的。在過去五年中，Alphabet 的每股收益年均增長高達 29.4%。該公司的廣告和雲計算業務在過去 12 個月中產生了約 667 億美元的自由現金流。在同一時間段內，股息支付佔可用於支付的自由現金流的比例不到 15%。</p>
</div><p>Alphabet was a bit slow to release generative artificial intelligence tools, but strong advantages mean it's likely to own the most popular AI-driven search tools for years to come. Despite <strong>Microsoft</strong> promoting its Edge browser on everyone's PC, Alphabet's Chrome browser had a global market share of 68% in June, according to Statcounter.</p>
<div class="lb-trans"><p>Alphabet 在發佈生成性人工智能工具方面稍顯遲緩，但其強大的優勢意味着它可能在未來幾年內擁有最受歡迎的 AI 驅動搜索工具。儘管 <strong>Microsoft</strong> 在每台電腦上推廣其 Edge 瀏覽器，但根據 Statcounter 的數據，Alphabet 的 Chrome 瀏覽器在 6 月份的全球市場份額為 68%。</p>
</div><p>Google Search and the Chrome browser are defaults on Alphabet's Android operating system, which runs on 74% of the world's smartphones. With Android and Chrome giving Alphabet access to billions of users and all the data their browsing activity generates, its lucrative advertising business has a good chance to stay on top for the long run.</p>
<div class="lb-trans"><p>谷歌搜索和 Chrome 瀏覽器是 Alphabet 的 Android 操作系統的默認應用，該系統在全球 74% 的智能手機上運行。憑藉 Android 和 Chrome，Alphabet 可以接觸到數十億用户及其瀏覽活動生成的所有數據，其盈利豐厚的廣告業務有很大機會在長期內保持領先。</p>
</div><h2>2. AT&amp;T</h2>
<div class="lb-trans"><h2>2. AT&amp;T</h2>
</div><p>While profit at Alphabet has been surging, the telecom giant, AT&amp;T, has been lumbering along. Earnings per share over the trailing 12 months are only 15.8% higher than they were five years ago.</p>
<div class="lb-trans"><p>儘管 Alphabet 的利潤激增，但電信巨頭 AT&amp;T 卻在緩慢前行。過去 12 個月的每股收益僅比五年前高出 15.8%。</p>
</div><p>The spinoff of its media assets a couple of years ago is partly responsible for the lack of growth, and so is the ongoing loss of wireline phone connections. These issues are temporary, but the company's position in America's mobile internet oligopoly is likely to remain intact for many years to come. This gives it a chance to continue growing through sales of its wireless internet and mobility services.</p>
<div class="lb-trans"><p>幾年前媒體資產的剝離部分導致了增長乏力，持續的固定電話連接損失也是原因之一。這些問題是暫時的，但該公司在美國移動互聯網寡頭市場的地位可能在未來幾年內保持不變。這使得它有機會通過銷售無線互聯網和移動服務繼續增長。</p>
</div><p>AT&amp;T reduced its dividend in 2022, and it hasn't budged since. At recent prices, the stock offers a 4% yield, which is roughly 10 times more than you'd receive from Alphabet.</p>
<div class="lb-trans"><p>AT&amp;T 在 2022 年減少了股息，自那以來沒有再做任何調整。在最近的價格下，該股票提供 4% 的收益率，約為 Alphabet 的 10 倍。</p>
</div><p>AT&amp;T doesn't have Alphabet's immense cash flow, but it's more than enough to meet its dividend obligation. Free cash flow that reached $19.6 billion over the past 12 months was more than twice what the company needed to meet its dividend obligation. Management expects free cash flow to subside slightly to a little over $16 billion this year, which is still plenty more than necessary to maintain the payout.</p>
<div class="lb-trans"><p>AT&amp;T 沒有 Alphabet 那樣鉅額的現金流，但足以滿足其股息義務。過去 12 個月的自由現金流達到 196 億美元，超過了公司滿足股息義務所需的兩倍多。管理層預計今年自由現金流將略微下降，達到略高於 160 億美元，這仍然遠遠超過維持派息所需的金額。</p>
</div><p>Business wireline revenue is expected to decline again this year, but AT&amp;T has growth engines pushing in the opposite direction. This year, mobility revenue is expected to grow by 3% or better, plus its consumer broadband products are surging. Second-quarter consumer fiber broadband revenue soared by 18.9% year over year to $2.1 billion and is expected to continue at a similar pace for the rest of 2025.</p>
<div class="lb-trans"><p>預計今年的固定電話業務收入將再次下降，但 AT&amp;T 有增長引擎在推動相反的方向。今年，移動收入預計將增長 3% 或更好，此外，其消費者寬帶產品也在快速增長。第二季度消費者光纖寬帶收入同比飆升 18.9%，達到 21 億美元，並預計在 2025 年剩餘時間內將繼續保持類似的增長速度。</p>
</div><p>Don't let the proliferation of mobile virtual network operators such as Cricket and Mint confuse you into thinking there's a lot of competition for mobile internet subscribers. After <strong>T-Mobile</strong> acquired Sprint in 2020, Americans effectively have just three nationwide mobile internet providers to choose from.</p>
<div class="lb-trans"><p>不要讓像 Cricket 和 Mint 這樣的移動虛擬網絡運營商的激增讓你誤以為移動互聯網用户之間的競爭很激烈。自從 <strong>T-Mobile</strong> 在 2020 年收購 Sprint 以來，美國實際上只有三家全國性的移動互聯網提供商可供選擇。</p>
</div><p>By revenue, AT&amp;T is firmly in second place. Given the enormous investment required to reach its present position, we aren't likely to see any more competitors able to provide nationwide mobile internet services unless Congress forces one of the big three to break up.</p>
<div class="lb-trans"><p>按收入計算，AT&amp;T 穩居第二。考慮到達到目前地位所需的巨大投資，除非國會強迫三大運營商之一解散，否則我們不太可能看到更多競爭者能夠提供全國性的移動互聯網服務。</p>
</div><p>Dividends at AT&amp;T probably won't grow quickly, but the company could begin announcing annual payout bumps soon. Earlier this year, it reduced debt to about 2.5 times trailing 12-month EBITDA and initiated a $10 billion share repurchase program.</p>
<div class="lb-trans"><p>AT&amp;T 的股息可能不會快速增長，但該公司可能很快開始宣佈年度派息增加。今年早些時候，它將債務減少到約 2.5 倍的過去 12 個月的 EBITDA，並啓動了一項 100 億美元的股票回購計劃。</p>
</div><h2>Which is the better dividend stock to buy now?</h2>
<div class="lb-trans"><h2>現在哪個是更好的股息股票？</h2>
</div><p>I don't intend to begin leaning on the passive income my dividend stocks generate for at least 20 years. With this in mind, I'm a lot more excited to buy Alphabet.</p>
<div class="lb-trans"><p>我不打算在至少 20 年內依賴我的股息股票產生的被動收入。考慮到這一點，我更期待購買 Alphabet。</p>
</div><p>If we project these two companies' rates of earnings growth over the past five years forward, the yield on cost investors receive from Alphabet shares purchased now could surpass the amount they receive from AT&amp;T by 2035. If I were much closer to retirement, I might consider AT&amp;T the better buy. With time to let the payout grow, though, I'd be better off over the long run with shares of Alphabet.</p>
<div class="lb-trans"><p>如果我們將這兩家公司過去五年的盈利增長率向前推算，現在購買的 Alphabet 股票的成本收益率可能會在 2035 年超過 AT&amp;T 的收益。如果我離退休更近，我可能會考慮 AT&amp;T 是更好的選擇。然而，考慮到有時間讓派息增長，從長遠來看，我更適合持有 Alphabet 的股票。</p>
</div>

Better Dividend Stock: Alphabet vs. AT&T

- 投資者在選擇股息股票時面臨收益率與增長速度的兩難選擇。  
- Alphabet 提供低收益但快速增長的潛力，而 AT&T 則提供高收益但增長緩慢。  
- 長期來看，Alphabet 的收益增長可能會超越 AT&T，適合長期投資。

更好的股息股票：Alphabet 與 AT&T