{"id":588116,"date":"2025-08-18T02:04:52","date_gmt":"2025-08-18T09:04:52","guid":{"rendered":"https:\/\/nai500.com\/?p=588116"},"modified":"2025-08-18T02:04:52","modified_gmt":"2025-08-18T09:04:52","slug":"%e4%b8%89%e5%8f%aa%e8%b6%85%e7%ba%a7%e5%ae%89%e5%85%a8%e7%9a%84%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e6%81%af%e6%94%b6%e7%9b%8a%e8%82%a1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/08\/%e4%b8%89%e5%8f%aa%e8%b6%85%e7%ba%a7%e5%ae%89%e5%85%a8%e7%9a%84%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e6%81%af%e6%94%b6%e7%9b%8a%e8%82%a1\/","title":{"rendered":"\u4e09\u53ea\u8d85\u7ea7\u5b89\u5168\u7684\u52a0\u62ff\u5927\u80a1\u606f\u6536\u76ca\u80a1"},"content":{"rendered":"

\u53ef\u9760\u7684\u6536\u5165\u662f\u6295\u8d44\u8005\u7684\u201c\u5723\u676f\u201d\u3002\u5f53\u5e02\u573a\u6ce2\u52a8\u65f6\uff0c\u5177\u5907\u8d85\u9ad8\u5b89\u5168\u6027\u7684\u80a1\u606f\u80fd\u8ba9\u4f60\u4ece\u5bb9\u5e94\u5bf9\uff0c\u5e76\u6301\u7eed\u83b7\u5f97\u6536\u76ca\u3002\u5bf9\u4e8e\u6ce8\u91cd\u80a1\u606f\u5b89\u5168\u6027\u548c\u53ef\u9760\u6027\u7684\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u4e0b\u9762\u8fd9\u4e09\u5bb6\u52a0\u62ff\u5927\u9f99\u5934\u4f01\u4e1a\u4e0d\u4ec5\u662f\u7a33\u5065\u7684\u80a1\u606f\u80a1\u7968\uff0c\u6d3e\u606f\u80fd\u529b\u4e5f\u5177\u5907\u8db3\u591f\u7684\u5b89\u5168\u6027\uff0c\u503c\u5f97\u5173\u6ce8\uff1a<\/p>\n

1. Pembina Pipeline\uff08TSX: PPL\uff09<\/a><\/h2>\n

Pembina Pipeline\u662f\u4e00\u5bb6\u591a\u5143\u5316\u7684\u80fd\u6e90\u4e2d\u6e38\u8fd0\u8425\u5546\uff0c\u8986\u76d6\u7ba1\u9053\u3001\u5929\u7136\u6c14\u5904\u7406\u53ca\u52a0\u62ff\u5927\u897f\u90e8\u7684\u51fa\u53e3\u4e1a\u52a1\u3002\u6838\u5fc3\u4f18\u52bf\u5728\u4e8e\u53d7\u76ca\u4e8e\u80fd\u6e90\u9700\u6c42\u56de\u5347\uff0c\u80fd\u591f\u9501\u5b9a\u957f\u671f\u4f4e\u98ce\u9669\u7684\u73b0\u91d1\u6d41\uff0c\u5e76\u4e14\u62e5\u6709\u7406\u60f3\u7684\u6536\u8d39\u578b\u4e1a\u52a1\u6a21\u5f0f\u3002\u516c\u53f8\u80a1\u606f\u7387\u7ea6\u4e3a5.5%\uff0c\u7ba1\u7406\u5c42\u8fd1\u671f\u5f3a\u5316\u4e86\u589e\u957f\u4e0e\u7a33\u5b9a\u4e3e\u63aa\u3002<\/p>\n

\u8fd1\u671f\u52a8\u6001\u65b9\u9762\uff0c\u516c\u53f8\u62a5\u544a\u7b2c\u4e8c\u5b63\u5ea6\u8c03\u6574\u540eEBITDA\uff08\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff09\u8d85\u8fc710\u4ebf\u52a0\u5143\u5e76\u5c0f\u5e45\u4e0a\u8c03\u4e86\u5168\u5e74\u6307\u5f15\uff0c\u8868\u660e\u73b0\u91d1\u6d41\u9884\u671f\u7a33\u5065\u3002\u540c\u65f6\uff0c\u901a\u8fc7Prince Rupert\u5347\u7ea7\u9879\u76ee\u53ca\u4e00\u9879\u957f\u671f\u6536\u8d39\u534f\u8bae\uff0c\u9501\u5b9a\u4e86\u9ad8\u8fbe\u6bcf\u65e55\u4e07\u6876\u7684\u4e19\u70f7\u51fa\u53e3\u80fd\u529b\u3002\u6b64\u5916\uff0c\u4e0e\u539f\u4f4f\u6c11Haisla Nation\u5408\u4f5c\u7684Cedar LNG\u9879\u76ee\u6b63\u5728\u63a8\u8fdb\uff0c\u5173\u952e\u7ba1\u9053\u6269\u5efa\u9879\u76ee\u4e5f\u8fdb\u5165\u6700\u7ec8\u6295\u8d44\u51b3\u7b56\u9636\u6bb5\uff0c\u589e\u957f\u8def\u5f84\u6e05\u6670\u3002\u5bf9\u4e8e\u8fd9\u79cd\u7c7b\u76d1\u7ba1\u73b0\u91d1\u6d41\u800c\u8a00\uff0c\u5f53\u524d\u4f30\u503c\u5408\u7406\u3002<\/p>\n

2. \u5b8f\u5229\u91d1\u878d\uff08TSX: MFC\uff09<\/h2>\n

\u5b8f\u5229\u91d1\u878d\u662f\u52a0\u62ff\u5927\u6700\u5927\u7684\u4fdd\u9669\u53ca\u8d22\u5bcc\u7ba1\u7406\u673a\u6784\u4e4b\u4e00\uff0c\u6df1\u8015\u4e9a\u6d32\u53ca\u5317\u7f8e\u5e02\u573a\u3002\u516c\u53f8\u6838\u5fc3\u4f18\u52bf\u4f53\u73b0\u5728\u53d1\u5c55\u8f7b\u8d44\u672c\u4e1a\u52a1\u7684\u540c\u65f6\u4fdd\u6301\u4e86\u5f3a\u52b2\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u80a1\u606f\u7387\u7565\u9ad8\u4e8e4%\uff0c\u4e14\u6d3e\u606f\u653f\u7b56\u7559\u6709\u5145\u8db3\u7684\u63d0\u5347\u7a7a\u95f4\u3002<\/p>\n

\u8fc7\u53bb\u4e00\u5e74\uff0c\u516c\u53f8\u80a1\u4ef7\u4e0a\u6da8\u7ea618%\uff0c\u9a71\u52a8\u529b\u5305\u62ec\u4e24\u4f4d\u6570\u7684\u6536\u5165\u589e\u957f\u4ee5\u53ca\u4e1a\u52a1\u7ec4\u5408\u6297\u5e02\u573a\u6ce2\u52a8\u6027\u589e\u5f3a\u3002\u77ed\u671f\u5185\uff0c\u516c\u53f8\u7684\u76c8\u5229\u52a8\u80fd\u9884\u8ba1\u5c06\u7ee7\u7eed\u6765\u6e90\u4e8e\u8d22\u5bcc\u7ba1\u7406\u548c\u4fdd\u9669\u4e1a\u52a1\uff0c\u800c\u7a33\u5b9a\u7684\u5229\u7387\u5c06\u652f\u6491\u6295\u8d44\u6536\u5165\u7684\u540c\u65f6\u4e0d\u4f1a\u5bf9\u4fdd\u5355\u8d1f\u503a\u9020\u6210\u538b\u529b\u3002\u4e0b\u4e00\u6b65\u503c\u5f97\u5173\u6ce8\u7684\u662f\u8d44\u672c\u914d\u7f6e\u7b56\u7565\uff1a\u5b8f\u5229\u91d1\u878d\u62e5\u6709\u8db3\u591f\u89c4\u6a21\uff0c\u80fd\u591f\u5728\u76c8\u5229\u589e\u957f\u7684\u540c\u65f6\u6301\u7eed\u56de\u8d2d\u80a1\u7968\u5e76\u63d0\u9ad8\u80a1\u606f\uff0c\u4f46\u4f1a\u6743\u8861\u4e9a\u6d32\u9ad8\u589e\u957f\u5e02\u573a\u7684\u6295\u8d44\u3002<\/p>\n

3. \u6c38\u660e\u91d1\u878d\uff08TSX: SLF\uff09<\/h2>\n

\u6c38\u660e\u91d1\u878d\u662f\u4e00\u5bb6\u5168\u7403\u4fdd\u9669\u5de8\u5934\uff0c\u5728\u8d44\u4ea7\u7ba1\u7406\u3001\u56e2\u4f53\u798f\u5229\u53ca\u5feb\u901f\u589e\u957f\u7684\u4e9a\u6d32\u5e02\u573a\u5904\u4e8e\u9886\u5148\u5730\u4f4d\u3002\u516c\u53f8\u6838\u5fc3\u4f18\u52bf\u5728\u4e8e\u7a33\u5065\u7684\u80a1\u606f\u7387\uff08\u7ea64.5%\uff09\u548c\u5353\u8d8a\u7684\u8d44\u672c\u5b9e\u529b\uff0cLICAT\uff08\u5bff\u9669\u8d44\u672c\u5145\u8db3\u6d4b\u8bd5\uff09\u6bd4\u7387\u9ad8\u8fbe151%\uff0c\u56e0\u6b64\u5373\u4f7f\u662f\u5728\u5e02\u573a\u6ce2\u52a8\u65f6\u671f\u4ecd\u80fd\u6301\u7eed\u56de\u62a5\u80a1\u4e1c\u3002<\/p>\n

\u516c\u53f8\u80a1\u4ef7\u8fc7\u53bb\u4e00\u5e74\u4e0a\u6da8\u4e86\u7ea613%\uff0c\u6700\u8fd1\u4e00\u4e2a\u5b63\u5ea6\u7684\u51c0\u6536\u5165\u6301\u7eed\u589e\u957f\uff0c\u80a1\u672c\u56de\u62a5\u7387\uff08ROE\uff09\u63a5\u8fd120%\u3002\u6b64\u5916\uff0c\u516c\u53f8\u7ba1\u7406\u5c42\u4eca\u5e74\u79ef\u6781\u5b9e\u65bd\u80a1\u7968\u56de\u8d2d\u3002\u4e3b\u8981\u7684\u589e\u957f\u50ac\u5316\u5242\u5305\u62ec\u7a33\u5b9a\u7684\u8d44\u4ea7\u7ba1\u7406\u8d44\u91d1\u6d41\u5165\uff0c\u56e2\u4f53\u5065\u5eb7\u9700\u6c42\u4ee5\u53ca\u4e9a\u6d32\u5730\u533a\u4e0d\u65ad\u589e\u957f\u7684\u94f6\u884c\u4fdd\u9669\u9500\u552e\u3002\u516c\u53f8\u5f53\u524d\u4f30\u503c\u4e5f\u9887\u5177\u5438\u5f15\u529b\uff0c\u5bf9\u4e8e\u4e00\u4e2a\u80fd\u5b9e\u73b0\u4e24\u4f4d\u6570ROE\u7684\u77e5\u540d\u4f01\u4e1a\uff0c\u524d\u77bb\u5e02\u76c8\u7387\u5904\u4e8e\u8f83\u4f4e\u7684\u4e24\u4f4d\u6570\u6c34\u5e73\u3002\u4e3b\u8981\u98ce\u9669\u5728\u4e8e\u4e0e\u5e02\u573a\u6302\u94a9\u7684\u6536\u8d39\u6536\u5165\u4ee5\u53ca\u4fe1\u8d37\u7684\u6076\u5316\uff0c\u4f46\u516c\u53f8\u591a\u5143\u5316\u7684\u4e1a\u52a1\u7ec4\u5408\u6709\u52a9\u4e8e\u5e73\u6ed1\u8fd9\u4e9b\u98ce\u9669\u3002<\/p>\n

\u6295\u8d44\u903b\u8f91<\/h2>\n

\u7ec4\u5408\u8fd9\u4e09\u5bb6\u4f01\u4e1a\u53ef\u6784\u5efa\u62b5\u5fa1\u5b8f\u89c2\u98ce\u9669\u7684\u6536\u5165\u7ec4\u5408\uff1aPPL\u7ed1\u5b9a\u957f\u671f\u80fd\u6e90\u57fa\u5efa\u7684\u5408\u7ea6\u73b0\u91d1\u6d41\uff0cMFC\u4f4e\u4ef7\u5e03\u5c40\u5168\u7403\u4fdd\u9669\u6210\u957f\u80a1\uff0cSLF\u63d0\u4f9b\u9ad8\u54c1\u8d28\u4e1a\u52a1\uff0c\u96c4\u539a\u7684\u8d44\u672c\u5b9e\u529b\uff0c\u4ee5\u53ca\u6709\u7c98\u6027\u7684\u6536\u8d39\u4e1a\u52a1\u3002\u7efc\u5408\u80a1\u606f\u7387\u663e\u8457\u9ad8\u4e8e\u5e02\u573a\u6c34\u5e73\uff0c\u5e76\u4e14\u80cc\u540e\u6709\u7a33\u5b9a\u591a\u5143\u7684\u76c8\u5229\u5f15\u64ce\u652f\u6491\u3002<\/p>\n

\u80a1\u606f\u6536\u76ca\u6d4b\u7b97<\/strong>\uff08\u57fa\u4e8e21,000\u52a0\u5143\u6295\u8d44\uff09\uff1a<\/p>\n\n\n\n\n\n\n\n\n
\u516c\u53f8<\/strong><\/td>\n\u80a1\u4ef7<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u6301\u80a1\u6570<\/strong><\/td>\n\u5355\u6b21\u80a1\u606f<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u5e74\u80a1\u606f<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u6295\u8d44\u989d<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n<\/tr>\n<\/thead>\n
PPL<\/td>\n49.10<\/td>\n142<\/td>\n2.84<\/td>\n403.28<\/td>\n6,972.20<\/td>\n<\/tr>\n
MFC<\/td>\n41.52<\/td>\n168<\/td>\n1.76<\/td>\n295.68<\/td>\n6,976.32<\/td>\n<\/tr>\n
SLF<\/td>\n79.29<\/td>\n88<\/td>\n3.52<\/td>\n309.76<\/td>\n6,974.52<\/td>\n<\/tr>\n
\u5e74\u603b\u80a1\u606f\u6536\u5165\uff1a<\/strong>1,008.72<\/strong>\u52a0\u5143<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u603b\u7ed3<\/strong>\uff1a\u6ca1\u6709\u80a1\u606f\u662f\u96f6\u98ce\u9669\u7684\u3002\u4f46\u5982\u679c\u9700\u8981\u53ef\u89c4\u5212\u7684\u957f\u7ebf\u6536\u5165\uff0c\u8fd9\u4e09\u5bb6\u516c\u53f8\u53ef\u4ee5\u663e\u8457\u63d0\u5347\u80dc\u7387\u3002\u4f5c\u4e3a\u672a\u6765\u5341\u5e74\u7684\u201c\u4e70\u5165\u6301\u6709\u201d\u578b\u6838\u5fc3\u8d44\u4ea7\uff0cPembina\u3001\u5b8f\u5229\u548c\u6c38\u660e\u662f\u660e\u667a\u7684\u8d77\u6b65\u4e4b\u9009\uff0c\u6536\u83b7\u80a1\u606f\uff0c\u79ef\u7d2f\u590d\u5229\uff0c\u8ba9\u65f6\u95f4\u521b\u9020\u4ef7\u503c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u53ef\u9760\u7684\u6536\u5165\u662f\u6295\u8d44\u8005\u7684\u201c\u5723\u676f\u201d\u3002\u5f53\u5e02\u573a\u6ce2\u52a8\u65f6\uff0c\u5177\u5907\u8d85\u9ad8\u5b89\u5168\u6027\u7684\u80a1\u606f\u80fd\u8ba9\u4f60\u4ece\u5bb9\u5e94\u5bf9\uff0c\u5e76\u6301\u7eed\u83b7\u5f97\u6536\u76ca\u3002\u5bf9\u4e8e\u6ce8\u91cd\u80a1\u606f\u5b89 […]<\/p>\n","protected":false},"author":27,"featured_media":550535,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430],"tags":[2146,2247,1859,522],"class_list":["post-588116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2146","tag-2247","tag-1859","tag-522","sectors-2092","sectors-oil-gas-zh-hans","sectors-financial-products-zh-hans","locations-canada-zh-hans","exchange-tsx-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/588116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=588116"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/588116\/revisions"}],"predecessor-version":[{"id":588123,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/588116\/revisions\/588123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/550535"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=588116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=588116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=588116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}