---
title: "債券收益率自 2003 年以來首次超過股票收益率"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/286473200.md"
description: "債券收益率首次超過股票，自 2003 年以來，10 年期國債收益率超過標普 500 的實際收益率 1.1 個百分點。這一歷史性的差距表明固定收益競爭的轉變，30 年期國債收益率為 5.03%，投資級公司債券接近 6.5%。更高的收益率可能會導致投資者，特別是那些時間跨度較短的投資者，將資金從股票轉向債券"
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)
---

# 債券收益率自 2003 年以來首次超過股票收益率

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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