<p>如果你在 2000 年前試圖尋找分紅股票，美國最大的公司是一個很好的選擇。像通用電氣（今天稱為 <strong>GE Aerospace</strong>）、<strong>輝瑞</strong>、<strong>沃爾瑪</strong>、<strong>IBM</strong> 以及合併形成 <strong>埃克森美孚</strong> 的石油公司，都是按市值計算的前 10 大公司，並且都支付分紅。</p>
<p>然而，今天國家最大的公司在分紅方面要吝嗇得多。在九家市值超過一萬億美元的美國公司中，只有兩家支付分紅：<strong>博通</strong>（AVGO 0.58%）和 <strong>蘋果</strong>（AAPL 0.16%）。</p>
<p>那麼，這些巨型科技公司中，哪一家更適合分紅投資者呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>分紅上升，收益率下降</h2>
<p>乍一看，這兩家公司的分紅似乎都不特別令人印象深刻。蘋果的分紅收益率僅為 0.4%，而博通的也不高，只有 0.7%。這些對於收入投資者來説值得考慮嗎？</p>
<p>答案是肯定的，因為這些收益率並不是由於管理層缺乏分紅增長。事實上，博通和蘋果都有最近的年度分紅增長曆史。博通自 2016 年以來每年都提高分紅，而蘋果自 2012 年以來也如此。</p>
<p>儘管這些年度增長，公司的收益率目前如此之小，實際上對投資者來説是個好事。它們的股價增長速度遠快於分紅支付。在過去 10 年中，蘋果的分紅增長了 100%，而博通的增長超過了 1200%！但在同一時期，蘋果的股價增長超過 800%，博通的股價則上漲超過 2800%，因此每家的分紅收益率都下降了。</p>
<p>博通在相對於其股價增長的分紅增加方面做得更好，但這裏還有更多需要考慮的因素。</p>
<h2>為分紅支付的代價</h2>
<p>分紅是從自由現金流中支付的，而蘋果的自由現金流遠遠超過博通。2024 年，蘋果產生了 1088 億美元的自由現金流，而博通僅為 194 億美元。同時，博通支付的總分紅為 98 億美元，而蘋果為 152 億美元。</p>
<p>從某種角度來看，博通在分紅支付上更為慷慨，實際上，博通在過去 10 年中分紅增長 1240% 大致與其淨收入（1250%）和自由現金流（1350%）的過去 12 個月（TTM）增長相當。這仍然使博通在支付分紅後有大量剩餘現金。</p>
<p>儘管蘋果在分紅支付上花費的自由現金流比例較小，但它的分紅增長速度實際上遠快於其自由現金流。從 TTM 的角度來看，蘋果的自由現金流在過去 10 年中僅增長了 37.8%，淨收入僅增長了 86%，但其分紅增長了 100%。因此，儘管它在股東分紅上花費的自由現金流比例遠小於博通，但相對於其自由現金流，它的分紅增長速度更快。</p>
<h2>更好的人工智能分紅股票</h2>
<p>雖然這兩家公司的分紅收益率相對較小，但它們都表現出對年度分紅增長的承諾，並且都有足夠的空間進一步增加分紅，而不會過度消耗其自由現金流。</p>
<p>由於這兩項分紅看起來資金充足且可能繼續增長，分紅投資者可能會選擇博通，因為它的（目前）收益率更高。也就是説，收入投資者在這兩家巨型人工智能（AI）公司中選擇任何一家都不會出錯。</p>

蘋果

博通

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>這篇文章將蘋果和博通作為股息股票進行了比較，指出儘管兩家公司股息收益率較低（蘋果為 0.16%，博通為 0.58%），但它們都有年度增加股息的歷史。博通在過去十年中將股息大幅提高了超過 1200%，而蘋果的股息增長了 100%。蘋果的自由現金流（1088 億美元）明顯高於博通（194 億美元），但兩家公司都有提升股息的空間。最終，儘管兩者都是股息投資者的穩健選擇，但博通因其更高的收益率而被推薦</p>

<p>If you were trying to find dividend stocks before the year 2000, the largest companies in the U.S. were a great place to look. Stalwarts like General Electric (today called <strong>GE Aerospace</strong>), <strong>Pfizer</strong>, <strong>Walmart</strong>, <strong>IBM</strong>, and the oil companies that would merge to form <strong>ExxonMobil</strong> were all among the 10 largest companies by market cap, and all paid dividends.</p>
<div class="lb-trans"><p>如果你在 2000 年前試圖尋找分紅股票，美國最大的公司是一個很好的選擇。像通用電氣（今天稱為 <strong>GE Aerospace</strong>）、<strong>輝瑞</strong>、<strong>沃爾瑪</strong>、<strong>IBM</strong> 以及合併形成 <strong>埃克森美孚</strong> 的石油公司，都是按市值計算的前 10 大公司，並且都支付分紅。</p>
</div><p>Today, on the other hand, the country's largest companies are much more stingy their payouts. Of the nine U.S.-based companies with trillion-dollar-plus market caps, just two pay a dividend: <strong>Broadcom</strong>(AVGO 0.58%) and <strong>Apple</strong>(AAPL 0.16%).</p>
<div class="lb-trans"><p>然而，今天國家最大的公司在分紅方面要吝嗇得多。在九家市值超過一萬億美元的美國公司中，只有兩家支付分紅：<strong>博通</strong>（AVGO 0.58%）和 <strong>蘋果</strong>（AAPL 0.16%）。</p>
</div><p>But which of these massive tech companies is the better buy for dividend investors?</p>
<div class="lb-trans"><p>那麼，這些巨型科技公司中，哪一家更適合分紅投資者呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxNjgvZ2V0dHlpbWFnZXMtMTU1MzM5Nzc4OS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835168%2Fgettyimages-1553397789-1200x800-5b2df79.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>Rising payouts, shrinking yields</h2>
<div class="lb-trans"><h2>分紅上升，收益率下降</h2>
</div><p>At first glance, neither company's dividend looks particularly impressive. Apple's dividend yield is just 0.4%, and Broadcom's isn't much better, at 0.7%. Are those even worth considering for income investors?</p>
<div class="lb-trans"><p>乍一看，這兩家公司的分紅似乎都不特別令人印象深刻。蘋果的分紅收益率僅為 0.4%，而博通的也不高，只有 0.7%。這些對於收入投資者來説值得考慮嗎？</p>
</div><p>The answer is yes, because those yields aren't small due to a lack of dividend increases from management. In fact, both Broadcom and Apple have a recent history of annual dividend hikes. Broadcom has raised its dividend every year since 2016, and Apple has done so since 2012.</p>
<div class="lb-trans"><p>答案是肯定的，因為這些收益率並不是由於管理層缺乏分紅增長。事實上，博通和蘋果都有最近的年度分紅增長曆史。博通自 2016 年以來每年都提高分紅，而蘋果自 2012 年以來也如此。</p>
</div><p>The reason the companies' yields are currently so small despite these annual increases is actually a good thing for investors. Their share prices have increased much faster than their dividend payouts. Over the last 10 years, Apple's dividend has grown by 100%, while Broadcom's has grown by more than 1,200%! But during that same period, Apple's share price has increased more than 800%, and Broadcom's shares have jumped more than 2,800%, so the dividend yield for each has shrunk.</p>
<div class="lb-trans"><p>儘管這些年度增長，公司的收益率目前如此之小，實際上對投資者來説是個好事。它們的股價增長速度遠快於分紅支付。在過去 10 年中，蘋果的分紅增長了 100%，而博通的增長超過了 1200%！但在同一時期，蘋果的股價增長超過 800%，博通的股價則上漲超過 2800%，因此每家的分紅收益率都下降了。</p>
</div><p>Broadcom has done a better job of increasing its dividend relative to its share price increases, but there's more to consider here.</p>
<div class="lb-trans"><p>博通在相對於其股價增長的分紅增加方面做得更好，但這裏還有更多需要考慮的因素。</p>
</div><h2>Paying for that payout</h2>
<div class="lb-trans"><h2>為分紅支付的代價</h2>
</div><p>Dividends are paid out of free cash flow, and Apple has a lot more of that than Broadcom. In 2024, Apple generated $108.8 billion in free cash flow, compared to just $19.4 billion for Broadcom. Meanwhile Broadcom paid a total of $9.8 billion in dividend payments, compared to $15.2 billion for Apple.</p>
<div class="lb-trans"><p>分紅是從自由現金流中支付的，而蘋果的自由現金流遠遠超過博通。2024 年，蘋果產生了 1088 億美元的自由現金流，而博通僅為 194 億美元。同時，博通支付的總分紅為 98 億美元，而蘋果為 152 億美元。</p>
</div><p>One way to look at this is that Broadcom is much more generous with its dividend payments, and in fact, Broadcom's dividend increase of 1,240% over the last 10 years is roughly comparable to the trailing 12-month (TTM) increase in its net income (1,250%) and its free cash flow (1,350%) during that time. That still leaves Broadcom with plenty of leftover cash after its dividends are paid.</p>
<div class="lb-trans"><p>從某種角度來看，博通在分紅支付上更為慷慨，實際上，博通在過去 10 年中分紅增長 1240% 大致與其淨收入（1250%）和自由現金流（1350%）的過去 12 個月（TTM）增長相當。這仍然使博通在支付分紅後有大量剩餘現金。</p>
</div><p>Although Apple spends a smaller percentage of its free cash flow on dividend payouts, it has actually increased its dividend much faster than its free cash flow. On a TTM basis, Apple's free cash flow has only increased by 37.8% over the last 10 years, and its net income has only gone up by 86%, but its dividend has increased by 100%. So, it may spend a much smaller percentage of its free cash flow on shareholder dividends than Broadcom, but it has raised its dividend at a faster rate relative to its free cash flow.</p>
<div class="lb-trans"><p>儘管蘋果在分紅支付上花費的自由現金流比例較小，但它的分紅增長速度實際上遠快於其自由現金流。從 TTM 的角度來看，蘋果的自由現金流在過去 10 年中僅增長了 37.8%，淨收入僅增長了 86%，但其分紅增長了 100%。因此，儘管它在股東分紅上花費的自由現金流比例遠小於博通，但相對於其自由現金流，它的分紅增長速度更快。</p>
</div><h2>The better AI dividend stock</h2>
<div class="lb-trans"><h2>更好的人工智能分紅股票</h2>
</div><p>While both companies' dividend yields are comparatively small, they've both shown a commitment to annual dividend increases, and both have plenty of room to increase their dividends further without overly taxing their free cash flow.</p>
<div class="lb-trans"><p>雖然這兩家公司的分紅收益率相對較小，但它們都表現出對年度分紅增長的承諾，並且都有足夠的空間進一步增加分紅，而不會過度消耗其自由現金流。</p>
</div><p>Because both dividends look well funded and likely to continue growing, dividend investors will likely want to pick Broadcom for its (currently) higher yield. That said, income investors are unlikely to go wrong with either of these massive artificial intelligence (AI) heavyweights.</p>
<div class="lb-trans"><p>由於這兩項分紅看起來資金充足且可能繼續增長，分紅投資者可能會選擇博通，因為它的（目前）收益率更高。也就是説，收入投資者在這兩家巨型人工智能（AI）公司中選擇任何一家都不會出錯。</p>
</div>

Better AI Dividend Stock: Apple vs. Broadcom

- 美國大型公司中，只有 Broadcom 和 Apple 支付股息。  
- Broadcom 股息增長超過 1,200%，Apple 增長 100%。  
- 投資者可選擇 Broadcom 以獲取更高的股息收益。

更優質的 AI 股息股票：蘋果與博通