{"id":614427,"date":"2026-01-13T00:50:25","date_gmt":"2026-01-13T08:50:25","guid":{"rendered":"https:\/\/nai500.com\/?p=614427"},"modified":"2026-01-13T00:50:25","modified_gmt":"2026-01-13T08:50:25","slug":"%e6%af%94%e5%b0%94-%e7%9b%96%e8%8c%a8-%e5%9f%ba%e9%87%91%e4%bc%9a-%e5%85%ad%e6%88%90-%e4%bb%93%e4%bd%8d-%e6%8c%81%e6%9c%89-%e4%b8%89%e6%94%af-%e8%82%a1%e7%a5%a8","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/01\/%e6%af%94%e5%b0%94-%e7%9b%96%e8%8c%a8-%e5%9f%ba%e9%87%91%e4%bc%9a-%e5%85%ad%e6%88%90-%e4%bb%93%e4%bd%8d-%e6%8c%81%e6%9c%89-%e4%b8%89%e6%94%af-%e8%82%a1%e7%a5%a8\/","title":{"rendered":"\u6bd4\u5c14\u00b7\u76d6\u8328\u57fa\u91d1\u4f1a\u8fd1\u516d\u6210\u4ed3\u4f4d\u6301\u6709\u4e86\u8fd9\u4e09\u652f\u80a1\u7968\uff01"},"content":{"rendered":"<p>\u4f5c\u4e3a\u5fae\u8f6f\u521b\u59cb\u4eba\uff0c\u6bd4\u5c14\u00b7\u76d6\u8328\u7684\u8d22\u5bcc\u6545\u4e8b\u4eba\u5c3d\u7686\u77e5\u3002\u7136\u800c\uff0c\u5176\u540d\u4e0b\u6bd4\u5c14\u53ca\u6885\u7433\u8fbe\u00b7\u76d6\u8328\u57fa\u91d1\u4f1a\u7684\u6295\u8d44\u7b56\u7565\uff0c\u5374\u5448\u73b0\u51fa\u4e0e\u5176\u79d1\u6280\u5de8\u5934\u521b\u59cb\u4eba\u8eab\u4efd\u8fe5\u5f02\u7684\u98ce\u683c\u3002<\/p>\n<p>\u6839\u636e\u8be5\u57fa\u91d1\u4f1a\u6700\u65b0\u63d0\u4ea4\u7ed9\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u7684\u6587\u4ef6\uff0c\u5176\u4ef7\u503c\u7ea6380\u4ebf\u7f8e\u5143\u7684\u516c\u5f00\u80a1\u7968\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u6709\u9ad8\u8fbe59%\u7684\u8d44\u4ea7\u96c6\u4e2d\u6295\u8d44\u4e8e\u4e09\u5bb6\u516c\u53f8\uff1a<strong><b>Berkshire Hathaway<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=BRK.A\"><strong><u><b>BRK.A<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=BRK.B\"><strong><u><b>BRK.B<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong><strong><b>\u3001\u5e9f\u7269\u7ba1\u7406\u516c\u53f8<\/b><\/strong><strong><b>WM<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=WM\"><strong><u><b>WM<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong><strong><b>\u548c<\/b><\/strong><strong><b>\u52a0\u62ff\u5927\u56fd\u5bb6\u94c1\u8def\u516c\u53f8<\/b><\/strong><strong><b>Canadian National Railway<\/b><\/strong><strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=CNR\"><strong><u><b>CNR<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u3002\u8fd9\u4e00\u914d\u7f6e\u6df1\u523b\u53cd\u6620\u4e86\u5176\u957f\u671f\u53cb\u4eba\u6c83\u4f26\u00b7\u5df4\u83f2\u7279\u7684\u6295\u8d44\u54f2\u5b66\uff0c\u5373\u4e13\u6ce8\u4e8e\u62e5\u6709\u5bbd\u9614\u201c\u62a4\u57ce\u6cb3\u201d\u3001\u80fd\u4ea7\u751f\u7a33\u5b9a\u73b0\u91d1\u6d41\u7684\u4ef7\u503c\u578b\u4f01\u4e1a\u3002<\/p>\n<p><b><\/b><strong><b>1. Berkshire Hathaway (\u6301\u4ed3\u5360\u6bd429.1%)\uff1a\u5df4\u83f2\u7279\u6350\u8d60<\/b><\/strong><\/p>\n<p>\u76d6\u8328\u57fa\u91d1\u4f1a\u662f\u4f2f\u514b\u5e0c\u5c14\u54c8\u6492\u97e6\u7684\u6700\u5927\u80a1\u4e1c\u4e4b\u4e00\uff0c\u6301\u6709\u7ea62180\u4e07\u80a1\u4f2f\u514b\u5e0c\u5c14B\u7c7b\u80a1\uff0c\u5f53\u524d\u5e02\u503c\u7ea6109\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u80a1\u4efd\u4e3b\u8981\u6765\u6e90\u4e8e\u5df4\u83f2\u7279\u6bcf\u5e74\u7684\u5b9a\u5411\u6350\u8d60\u3002\u5c3d\u7ba1\u6350\u8d60\u6761\u6b3e\u8981\u6c42\u57fa\u91d1\u4f1a\u5728\u5f53\u5e74\u4f7f\u7528\u5176\u5168\u90e8\u4ef7\u503c\uff0c\u4f46\u4fe1\u6258\u7ba1\u7406\u4eba\u591a\u5e74\u6765\u9009\u62e9\u4fdd\u7559\u4e86\u5927\u90e8\u5206\u80a1\u4efd\u3002<\/p>\n<p>\u968f\u7740\u5df4\u83f2\u7279\u4e8e2025\u5e745\u6708\u5ba3\u5e03\u9000\u4f11\uff0c\u5e76\u7531Greg Abel\u4e8e2026\u5e741\u67081\u65e5\u6b63\u5f0f\u63a5\u4efb\u8463\u4e8b\u957f\uff0c\u5e02\u573a\u6b63\u5bc6\u5207\u5173\u6ce8\u8fd9\u4f4d\u65b0\u4efb\u638c\u95e8\u4eba\u5982\u4f55\u9a7e\u9a6d\u8fd9\u4e2a\u62e5\u6709\u8d85\u8fc76700\u4ebf\u7f8e\u5143\u53ef\u6295\u8d44\u8d44\u4ea7\u53ca\u6570\u5341\u5bb6\u5168\u8d44\u5b50\u516c\u53f8\u7684\u5e9e\u5927\u5546\u4e1a\u5e1d\u56fd\u3002\u76ee\u524d\uff0cBerkshire\u80a1\u4ef7\u81ea\u5df4\u83f2\u7279\u9000\u4f11\u58f0\u660e\u540e\u8d70\u52bf\u5e73\u7a33\uff0c\u5176\u5e02\u51c0\u7387\u7ea6\u4e3a1.5\u500d\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u7a33\u5065\uff0c\u6838\u5fc3\u4fdd\u9669\u4e1a\u52a1\u867d\u57282025\u5e74\u521d\u56e0\u52a0\u5dde\u91ce\u706b\u906d\u53d7\u632b\u6298\uff0c\u4f46\u6574\u4f53\u73b0\u91d1\u6d41\u4f9d\u7136\u5f3a\u52b2\u3002<\/p>\n<p><b><\/b><strong><b>2. WM (\u6301\u4ed3\u5360\u6bd416.7%)\uff1a<\/b><\/strong><strong><b>\u201c<\/b><\/strong><strong><b>\u4e0d\u8d77\u773c<\/b><\/strong><strong><b>\u201d<\/b><\/strong><strong><b>\u751f\u610f\u4e2d\u7684\u7edd\u5bf9\u4e3b\u5bfc\u8005<\/b><\/strong><\/p>\n<p>WM\uff08\u524d\u8eab\u4e3aWaste Management\uff09\u662f\u5317\u7f8e\u6700\u5927\u7684\u56fa\u4f53\u5e9f\u7269\u6536\u96c6\u548c\u5904\u7f6e\u516c\u53f8\u3002\u5176\u6838\u5fc3\u7ade\u4e89\u4f18\u52bf\u5728\u4e8e\u62e5\u6709\u8d85\u8fc7260\u4e2a\u5783\u573e\u586b\u57cb\u573a\u7ec4\u6210\u7684\u7f51\u7edc\uff0c\u800c\u65b0\u5efa\u586b\u57cb\u573a\u6240\u9762\u4e34\u7684\u6781\u9ad8\u76d1\u7ba1\u58c1\u5792\uff0c\u6784\u7b51\u4e86\u51e0\u4e4e\u4e0d\u53ef\u903e\u8d8a\u7684\u7ade\u4e89\u62a4\u57ce\u6cb3\u3002\u8fd9\u8feb\u4f7f\u8bb8\u591a\u5c0f\u578b\u5783\u573e\u8fd0\u8f93\u516c\u53f8\u5fc5\u987b\u901a\u8fc7WM\u7684\u8f6c\u8fd0\u7ad9\u548c\u586b\u57cb\u573a\u8fdb\u884c\u5904\u7406\u3002<\/p>\n<p>\u5c3d\u7ba1\u9762\u4e34\u53ef\u56de\u6536\u7269\u4ef7\u683c\u4e0b\u8dcc\u7b49\u6311\u6218\uff0c\u4f46WM\u51ed\u501f\u5176\u5e02\u573a\u4e3b\u5bfc\u5730\u4f4d\uff0c\u80fd\u591f\u6301\u7eed\u5411\u5bb6\u5ead\u3001\u4f01\u4e1a\u548c\u7b2c\u4e09\u65b9\u8fd0\u8f93\u516c\u53f8\u63d0\u9ad8\u8d39\u7387\uff0c\u4ece\u800c\u63a8\u52a8\u8425\u4e1a\u6536\u5165\u589e\u957f\u548c\u8fd0\u8425\u5229\u6da6\u7387\u6539\u5584\u3002\u8fd1\u671f\uff0c\u516c\u53f8\u901a\u8fc7\u6536\u8d2dStericycle\uff08\u73b0\u4e3aWM Healthcare Solutions\uff09\u8fdb\u519b\u533b\u7597\u5e9f\u7269\u5904\u7406\u9886\u57df\uff0c\u65e8\u5728\u4e0e\u73b0\u6709\u4e1a\u52a1\u4ea7\u751f\u534f\u540c\u6548\u5e94\u3002\u4ee5\u4f01\u4e1a\u4ef7\u503c\u4e0e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EV\/EBITDA\uff09\u6bd4\u7387\u4f4e\u4e8e14\u500d\u4f30\u503c\u6765\u770b\uff0c\u5e02\u573a\u5bf9\u5176\u5b9a\u4ef7\u76f8\u5bf9\u5408\u7406\u3002<\/p>\n<p><b><\/b><strong><b>3. Canadian National Railway (\u6301\u4ed3\u5360\u6bd413.6%)\uff1a\u8d2f\u7a7f\u5317\u7f8e\u5927\u9646\u7684<\/b><\/strong><strong><b>\u201c<\/b><\/strong><strong><b>\u94a2\u94c1\u52a8\u8109<\/b><\/strong><strong><b>\u201d<\/b><\/strong><\/p>\n<p>\u52a0\u62ff\u5927\u56fd\u5bb6\u94c1\u8def\u516c\u53f8\u62e5\u6709\u6a2a\u8de8\u52a0\u62ff\u5927\u6d77\u5cb8\u81f3\u7f8e\u56fd\u65b0\u5965\u5c14\u826f\u7684\u94c1\u8def\u7f51\u7edc\uff0c\u5176\u5730\u7406\u8986\u76d6\u8303\u56f4\u6784\u6210\u4e86\u5f3a\u5927\u7684\u81ea\u7136\u5784\u65ad\u4f18\u52bf\u3002\u5c3d\u7ba1\u884c\u4e1a\u6574\u4f53\u589e\u957f\u7f13\u6162\uff082020-2024\u5e74\u8d27\u8fd0\u91cf\u5e74\u5747\u589e\u901f\u4ec51%\uff09\uff0c\u4e14\u66fe\u53d7\u8d38\u6613\u653f\u7b56\u5f71\u54cd\uff0c\u4f46\u516c\u53f8\u901a\u8fc7\u8c03\u6574\u8d27\u8fd0\u7ed3\u6784\uff08\u589e\u52a0\u77f3\u6cb9\u5316\u5de5\u3001\u7cae\u98df\u7b49\u54c1\u7c7b\uff09\u6765\u62b5\u6d88\u90e8\u5206\u4ea7\u54c1\u8fd0\u8f93\u91cf\u7684\u4e0b\u6ed1\u3002<\/p>\n<p>\u94c1\u8def\u884c\u4e1a\u7684\u9ad8\u8d44\u672c\u6295\u5165\u548c\u89c4\u6a21\u6548\u5e94\u5bfc\u81f4\u4e86\u6781\u9ad8\u7684\u8fdb\u5165\u58c1\u5792\uff0c\u5e76\u63a8\u52a8\u884c\u4e1a\u6301\u7eed\u6574\u5408\u3002Canadian National\u7684\u7ba1\u7406\u5c42\u901a\u8fc7\u4e25\u683c\u63a7\u5236\u8d44\u672c\u652f\u51fa\uff0c\u4ea7\u751f\u4e86\u5f3a\u52b2\u7684\u81ea\u7531\u73b0\u91d1\u6d41\uff082025\u5e74\u524d\u4e5d\u4e2a\u6708\u589e\u957f14%\uff09\uff0c\u5e76\u7528\u4e8e\u80a1\u7968\u56de\u8d2d\u4ee5\u63d0\u5347\u6bcf\u80a1\u6536\u76ca\u3002\u5176\u5f53\u524dEV\/EBITDA\u6bd4\u7387\u4f4e\u4e8e12\u500d\uff0c\u4f30\u503c\u8f83\u540c\u4e1a\u66f4\u5177\u5438\u5f15\u529b\uff0c\u662f\u4e00\u53ea\u5178\u578b\u7684\u53ef\u957f\u671f\u6301\u6709\u3001\u4ea7\u751f\u7a33\u5b9a\u73b0\u91d1\u6d41\u7684\u4ef7\u503c\u80a1\u3002<\/p>\n<p><strong><b>\u6838\u5fc3\u542f\u793a\uff1a\u7a33\u5065\u4ef7\u503c\u6295\u8d44\u54f2\u5b66<\/b><\/strong><\/p>\n<p>\u76d6\u8328\u57fa\u91d1\u4f1a\u7684\u6295\u8d44\u7ec4\u5408\u6e05\u6670\u5730\u8868\u660e\uff0c\u5176\u7ba1\u7406\u91cd\u5fc3\u5e76\u975e\u8ffd\u9010\u4f7f\u5176\u521b\u59cb\u4eba\u81f4\u5bcc\u7684\u9ad8\u589e\u957f\u79d1\u6280\u80a1\uff0c\u800c\u662f\u79c9\u627f\u5df4\u83f2\u7279\u5f0f\u7684\u4ef7\u503c\u6295\u8d44\u7406\u5ff5\uff0c\u6df1\u5ea6\u96c6\u4e2d\u4e8e\u4e1a\u52a1\u6a21\u5f0f\u7b80\u5355\u6613\u61c2\u3001\u5177\u5907\u6301\u4e45\u7ade\u4e89\u4f18\u52bf\u3001\u80fd\u4ea7\u751f\u53ef\u9760\u73b0\u91d1\u6d41\u7684\u884c\u4e1a\u9886\u5bfc\u8005\u3002\u8fd9\u4f53\u73b0\u4e86\u57fa\u91d1\u4f1a\u8d44\u4ea7\u4fdd\u503c\u589e\u503c\u4ee5\u652f\u6301\u5176\u957f\u671f\u6148\u5584\u4f7f\u547d\u7684\u8c28\u614e\u7b56\u7565\u3002\u968f\u7740\u5df4\u83f2\u7279\u65f6\u4ee3\u7684\u8fc7\u6e21\uff0c\u5e02\u573a\u5c06\u68c0\u9a8c\u8fd9\u5957\u54f2\u5b66\u5728\u65b0\u65f6\u4ee3\u7684\u5ef6\u7eed\u6027\u3002<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u4e3a\u5fae\u8f6f\u521b\u59cb\u4eba\uff0c\u6bd4\u5c14\u00b7\u76d6\u8328\u7684\u8d22\u5bcc\u6545\u4e8b\u4eba\u5c3d\u7686\u77e5\u3002\u7136\u800c\uff0c\u5176\u540d\u4e0b\u6bd4\u5c14\u53ca\u6885\u7433\u8fbe\u00b7\u76d6\u8328\u57fa\u91d1\u4f1a\u7684\u6295\u8d44\u7b56\u7565\uff0c\u5374\u5448\u73b0\u51fa\u4e0e\u5176\u79d1\u6280 [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":595260,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[427,430],"tags":[2415,2158,2167,522],"class_list":["post-614427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hans","category-trends-strategies-zh-hans","tag-u-s-stocks-zh-hans","tag-2158","tag-2167","tag-522","sectors-623","sectors-financial-products-zh-hans","locations-us-zh-hans","exchange-nasdaq-zh-hans","exchange-nyse-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/614427","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\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/comments?post=614427"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/614427\/revisions"}],"predecessor-version":[{"id":614430,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/614427\/revisions\/614430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/595260"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=614427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=614427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=614427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}