什么是防御类股？

防御类股，顾名思义，是指在经济环境不稳定或市场下行时，相对其他股票表现出较强韧性和稳定性的股票。这类股票通常属于非周期性行业，如消费品、医疗保健和公用事业等，它们的盈利受经济周期的影响较小，因此被视为避险资产。

在经济波动较大或市场前景不明朗时，投资者往往会将资金转向防御类股，以规避风险并保持资产的稳定增长。由于防御类股的盈利相对稳定，且波动较小，因此其股价通常较为抗跌，能够为投资者提供一定的安全垫。

此外，防御类股还具有较好的股息收益，可以为投资者提供稳定的现金流。对于长期投资者而言，持有防御类股不仅可以规避风险，还可以获得稳定的股息收入，增加投资组合的多样性。

然而，需要注意的是，防御类股并不意味着完全没有风险。在经济危机或市场崩盘时，所有股票都可能面临大幅下跌的风险。此外，防御类股的收益率相对较低，因此投资者在选择防御类股时需要权衡其风险和收益的平衡。

总的来说，防御类股是一种相对稳定的股票类型，适合在市场不确定性较高时作为避险资产配置。投资者在选择防御类股时需要综合考虑其行业前景、财务状况、股息收益等多个因素，以做出明智的投资决策。

英文版：

What Are Defensive Stocks?

Defensive stocks, as the name suggests, are stocks that exhibit strong resilience and stability during economic instability or market downturns. These stocks typically belong to non-cyclical industries such as consumer goods, healthcare, and utilities. Their earnings are less affected by economic cycles, making them considered as safe-haven assets.

When the economy is volatile or the market outlook is uncertain, investors often turn to defensive stocks to avoid risks and maintain stable asset growth. Due to their relatively stable earnings and small fluctuations, defensive stocks tend to be less susceptible to market downturns, providing investors with a certain level of security.

In addition, defensive stocks often offer good dividend yields, providing investors with stable cash flow. For long-term investors, holding defensive stocks not only helps to avoid risks but also generates stable dividend income, increasing portfolio diversification.

However, it's important to note that defensive stocks do not eliminate risk entirely. During economic crises or market collapses, all stocks may face significant下跌risks. Additionally, defensive stocks typically have lower yields, so investors need to balance risk and return when selecting defensive stocks.

Overall, defensive stocks are a relatively stable type of stock that are suitable for allocation as safe-haven assets during periods of high market uncertainty. When selecting defensive stocks, investors need to consider multiple factors such as industry prospects, financial health, dividend yields, and more to make informed investment decisions.