{"id":627061,"date":"2026-03-23T17:54:51","date_gmt":"2026-03-24T00:54:51","guid":{"rendered":"https:\/\/nai500.com\/?p=627061"},"modified":"2026-03-23T17:54:51","modified_gmt":"2026-03-24T00:54:51","slug":"%e6%b2%b9%e4%bb%b7%e8%b7%b3%e6%b0%b4%ef%bc%8c%e8%bf%99%e4%b8%89%e5%8f%aa%e9%ab%98%e7%9b%9b%e6%8e%a8%e8%8d%90%e7%9a%84%e7%9f%b3%e6%b2%b9%e8%82%a1%e7%a5%a8%e8%bf%98%e8%83%bd%e4%b9%b0%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/03\/%e6%b2%b9%e4%bb%b7%e8%b7%b3%e6%b0%b4%ef%bc%8c%e8%bf%99%e4%b8%89%e5%8f%aa%e9%ab%98%e7%9b%9b%e6%8e%a8%e8%8d%90%e7%9a%84%e7%9f%b3%e6%b2%b9%e8%82%a1%e7%a5%a8%e8%bf%98%e8%83%bd%e4%b9%b0%e5%90%97%ef%bc%9f\/","title":{"rendered":"\u6cb9\u4ef7\u8df3\u6c34\uff0c\u8fd9\u4e09\u53ea\u9ad8\u76db\u63a8\u8350\u7684\u77f3\u6cb9\u80a1\u7968\u8fd8\u80fd\u4e70\u5417\uff1f"},"content":{"rendered":"

\u5c31\u572848\u5c0f\u65f6\u901a\u7252\u5f15\u53d1\u7684\u5168\u7403\u6cb9\u5e02\u6050\u614c\u8fbe\u5230\u9876\u5cf0\u4e4b\u9645\uff0c\u5267\u60c5\u7a81\u7136\u53cd\u8f6c\u3002\u7279\u6717\u666e\u5ba3\u5e03\u63a8\u8fdf\u5bf9\u4f0a\u6717\u7535\u529b\u8bbe\u65bd\u7684\u6253\u51fb\u884c\u52a8\uff0c\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u6ea2\u4ef7\u8fc5\u901f\u4ece\u539f\u6cb9\u4ef7\u683c\u4e2d\u88ab\u5254\u9664\uff0c\u539f\u6cb9\u4ef7\u683c\u5e94\u58f0\u4e0b\u8dcc\uff0c\u80fd\u6e90\u80a1\u4e5f\u968f\u4e4b\u96c6\u4f53\u56de\u8c03\u3002<\/p>\n

\u8fd9\u4e00\u620f\u5267\u6027\u8f6c\u6298\uff0c\u6070\u597d\u53d1\u751f\u5728\u4e00\u4efd\u5173\u952e\u62a5\u544a\u53d1\u5e03\u4e4b\u540e\u2014\u2014\u9ad8\u76db\u521a\u521a\u5c06Valero Energy (VLO)<\/a><\/strong>\u3001HF Sinclair (DINO)\u00a0<\/a><\/strong>\u548cMarathon Petroleum (MPC)\u00a0<\/a><\/strong>\u5217\u4e3a2026\u5e74\u70bc\u6cb9\u677f\u5757\u7684\u4e09\u5927\u9996\u9009\u80a1\uff0c\u5e76\u6089\u6570\u7ed9\u4e88\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u5206\u522b\u6307\u5411237\u7f8e\u5143\u300161\u7f8e\u5143\u548c239\u7f8e\u5143\u3002<\/p>\n

\u5982\u4eca\u6cb9\u4ef7\u6025\u8f6c\u76f4\u4e0b\uff0c\u4e00\u4e2a\u5173\u952e\u95ee\u9898\u6446\u5728\u6295\u8d44\u8005\u9762\u524d\uff1a\u9ad8\u76db\u770b\u591a\u7684\u903b\u8f91\u662f\u5426\u4f9d\u7136\u6210\u7acb\uff1f\u8fd9\u4e09\u53ea\u80a1\u7968\uff0c\u73b0\u5728\u8fd8\u662f\u201c\u4e0a\u8f66\u201d\u7684\u673a\u4f1a\u5417\uff1f<\/strong><\/p>\n

\u903b\u8f91\u7684\u6838\u5fc3\uff1a\u70bc\u6cb9\u5546\u4e0e\u6cb9\u4ef7\u7684\u5173\u7cfb\uff0c\u5e76\u975e\u7ebf\u6027<\/h2>\n

\u8981\u56de\u7b54\u8fd9\u4e2a\u95ee\u9898\uff0c\u9996\u5148\u9700\u8981\u5398\u6e05\u4e00\u4e2a\u6838\u5fc3\u8ba4\u77e5\uff1a\u9ad8\u76db\u770b\u591a\u7684\u5e76\u975e\u6cb9\u4ef7\u672c\u8eab\uff0c\u800c\u662f\u7f8e\u56fd\u70bc\u6cb9\u5546\u5728\u7ed3\u6784\u6027\u4f9b\u9700\u9519\u914d\u4e2d\u7684\u5b9a\u4ef7\u80fd\u529b\u3002<\/strong><\/p>\n

\u8fc7\u53bb\u51e0\u5468\u63a8\u52a8\u70bc\u6cb9\u5546\u4e1a\u7ee9\u8d70\u5f3a\u7684\u56e0\u7d20\u8fdc\u4e0d\u6b62\u4e2d\u4e1c\u5c40\u52bf\u8fd9\u4e00\u9879\u3002\u7ea2\u6d77\u822a\u8fd0\u98ce\u9669\u6301\u7eed\u6270\u52a8\u5168\u7403\u6210\u54c1\u6cb9\u4f9b\u5e94\u94fe\uff0c\u53e0\u52a0\u7f8e\u56fd\u70bc\u5382\u4ea7\u80fd\u5728\u8fc7\u53bb\u6570\u5e74\u7684\u51fa\u6e05\uff0c\u4f7f\u5f97\u7f8e\u56fd\u58a8\u897f\u54e5\u6e7e\u53ca\u897f\u6d77\u5cb8\u7684\u70bc\u6cb9\u80fd\u529b\u6210\u4e3a\u5168\u7403\u5e02\u573a\u4e0a\u6108\u53d1\u7a00\u7f3a\u7684\u8d44\u6e90\u3002\u6b63\u5982\u8d44\u6df1\u5206\u6790\u5e08Tom Lee\u8fd1\u671f\u6307\u51fa\u7684\uff0c\u7f8e\u56fd\u4f5c\u4e3a\u51c0\u51fa\u53e3\u56fd<\/strong>\uff0c\u5728\u6cb9\u4ef7\u9ad8\u4f01\u7684\u73af\u5883\u4e2d\u6bd4\u8fdb\u53e3\u56fd\u5177\u5907\u66f4\u5f3a\u7684\u9632\u5fa1\u6027\u2014\u2014\u8fd9\u610f\u5473\u7740\u5730\u7f18\u51b2\u7a81\u5bf9\u7f8e\u56fd\u80fd\u6e90\u4f01\u4e1a\u800c\u8a00\uff0c\u5e76\u4e0d\u5b8c\u5168\u662f\u6210\u672c\uff0c\u800c\u66f4\u591a\u662f\u673a\u4f1a\u3002<\/p>\n

\u9ad8\u76db\u62a5\u544a\u7684\u6838\u5fc3\u89c2\u70b9\u6b63\u5728\u4e8e\u6b64\uff1a\u70bc\u6cb9\u677f\u5757\u6b63\u9762\u4e34\u8fd1\u7aef\u591a\u91cd\u987a\u98ce\uff0c\u5305\u62ec\u66f4\u5065\u5eb7\u7684\u88c2\u89e3\u4ef7\u5dee\u548c\u66f4\u7d27\u5f20\u7684\u5e93\u5b58\u6c34\u5e73\u3002\u56e0\u6b64\uff0c\u5373\u4fbf\u5730\u7f18\u51b2\u7a81\u6682\u65f6\u964d\u6e29\uff0c\u7ed3\u6784\u6027\u4f9b\u5e94\u7d27\u5f20\u5e76\u672a\u6839\u672c\u7f13\u89e3<\/strong>\u3002\u8fd9\u6b63\u662f\u9ad8\u76db\u6562\u4e8e\u5728\u4e09\u5bb6\u70bc\u6cb9\u5546\u8eab\u4e0a\u62bc\u6ce8\u7684\u6839\u672c\u539f\u56e0\u3002<\/p>\n

\u4e09\u5bb6\u9996\u9009\u80a1\uff1a\u5404\u6709\u62a4\u57ce\u6cb3\uff0c\u4e0d\u60e7\u77ed\u671f\u6ce2\u52a8<\/h2>\n

\u4ece\u57fa\u672c\u9762\u6765\u770b\uff0c\u9ad8\u76db\u9009\u62e9\u7684\u8fd9\u4e09\u5bb6\u516c\u53f8\uff0c\u65e0\u4e00\u4f8b\u5916\u90fd\u5177\u5907\u7a7f\u8d8a\u77ed\u671f\u6cb9\u4ef7\u6ce2\u52a8\u7684\u80fd\u529b\u3002<\/p>\n

Valero Energy<\/strong>\u662f\u9ad8\u76db\u773c\u4e2d\u201c\u6700\u660e\u786e\u7684\u8d62\u5bb6\u201d\u3002\u6838\u5fc3\u4f18\u52bf\u5728\u4e8e\u8d44\u4ea7\u8d28\u91cf\u4e0e\u5730\u7406\u5e03\u5c40\u7684\u4e0d\u53ef\u590d\u5236\u6027\u3002\u516c\u53f8\u4f4d\u4e8e\u58a8\u897f\u54e5\u6e7e\u6cbf\u5cb8\u7684\u70bc\u5382\u7cfb\u7edf\u5177\u5907\u5904\u7406\u91cd\u8d28\u539f\u6cb9\u7684\u80fd\u529b\uff0c\u80fd\u5c06\u6210\u672c\u66f4\u4f4e\u7684\u539f\u6599\u8f6c\u5316\u4e3a\u9ad8\u9644\u52a0\u503c\u6210\u54c1\u6cb9\uff0c\u8fd9\u4e00\u6280\u672f\u4f18\u52bf\u76f4\u63a5\u4f53\u73b0\u5728\u9ad8\u8fbe13%\u7684\u6bdb\u5229\u7387\u4e0a\uff0c\u663e\u8457\u9886\u5148\u4e8e\u540c\u884c\u3002\u5373\u4fbf\u6cb9\u4ef7\u77ed\u671f\u56de\u8c03\uff0c\u8fd9\u79cd\u6210\u672c\u7aef\u7684\u7ed3\u6784\u6027\u4f18\u52bf\u4ecd\u80fd\u4e3a\u5229\u6da6\u63d0\u4f9b\u7f13\u51b2\u3002\u6b64\u5916\uff0c\u516c\u53f8\u8fd1\u671f\u6062\u590d\u8fdb\u53e3\u59d4\u5185\u745e\u62c9\u539f\u6cb9\uff0c\u5e76\u8ba1\u5212\u6301\u7eed\u4f18\u5316\u539f\u6599\u7ed3\u6784\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u8be5\u516c\u53f8\u5728\u91cd\u6cb9\u52a0\u5de5\u9886\u57df\u7684\u58c1\u5792\u3002<\/p>\n

HF Sinclair<\/strong>\u5219\u88ab\u9ad8\u76db\u89c6\u4e3a\u88ab\u5e02\u573a\u4f4e\u4f30\u7684\u4ef7\u503c\u578b\u9009\u62e9\u3002\u4e0e\u7eaf\u7cb9\u7684\u70bc\u6cb9\u5546\u4e0d\u540c\uff0cHF Sinclair\u7684\u4e1a\u52a1\u7248\u56fe\u8986\u76d6\u4e86\u4e2d\u6e38\u3001\u8425\u9500\u548c\u6da6\u6ed1\u6cb9\u9886\u57df\uff0c\u4f7f\u5f97\u5176\u76c8\u5229\u7ed3\u6784\u66f4\u4e3a\u591a\u5143\u3002\u5728\u7ade\u4e89\u6fc0\u70c8\u7684\u897f\u6d77\u5cb8\u5e02\u573a\uff0c\u7531\u4e8e\u591a\u5ea7\u70bc\u5382\u76f8\u7ee7\u5173\u95ed\uff0c\u533a\u57df\u4f9b\u5e94\u6301\u7eed\u5403\u7d27\uff0cHF Sinclair\u51ed\u501f\u533a\u57df\u4e3b\u5bfc\u5730\u4f4d\u5b9e\u73b0\u4e86\u663e\u8457\u7684\u5229\u6da6\u6539\u5584\u2014\u2014\u56db\u5b63\u5ea6\u8c03\u6574\u540e\u70bc\u6cb9\u6bdb\u5229\u7387\u8dc3\u5347\u903e50%\u81f3\u6bcf\u687616.28\u7f8e\u5143\u3002\u5bf9\u4e8e\u8fd9\u5bb6\u516c\u53f8\u800c\u8a00\uff0c\u5373\u4f7f\u6cb9\u4ef7\u6574\u4f53\u56de\u843d\uff0c\u533a\u57df\u6027\u7684\u4f9b\u9700\u5931\u8861\u4f9d\u7136\u80fd\u4e3a\u4e1a\u7ee9\u63d0\u4f9b\u652f\u6491\u3002<\/p>\n

Marathon Petroleum<\/strong>\u7684\u6838\u5fc3\u4ef7\u503c\u5219\u4f53\u73b0\u5728\u5f3a\u5927\u7684\u73b0\u91d1\u56de\u62a5\u80fd\u529b\u4e0a\u3002\u516c\u53f8\u56db\u5b63\u5ea6\u5411\u80a1\u4e1c\u8fd4\u8fd8\u4e86\u7ea613\u4ebf\u7f8e\u5143\uff0c\u622a\u81f3\u53bb\u5e74\u5e95\u4ecd\u670944\u4ebf\u7f8e\u5143\u7684\u56de\u8d2d\u6388\u6743\u672a\u4f7f\u7528\u3002\u540c\u65f6\uff0c\u516c\u53f8\u5728\u897f\u6d77\u5cb8\u7684\u5e03\u5c40\u6b63\u9022\u5176\u65f6\uff1a\u6d1b\u6749\u77f6\u70bc\u5382\u7684\u73b0\u4ee3\u5316\u6539\u9020\u5df2\u4e8e\u8fd1\u671f\u5b8c\u6210\uff0c\u800c\u897f\u6d77\u5cb8\u822a\u7a7a\u71c3\u6cb9\u6ea2\u4ef7\u6b63\u903c\u8fd1\u4e24\u5e74\u9ad8\u4f4d\u3002\u5728\u70bc\u5382\u4ea7\u80fd\u53d7\u9650\u3001\u6210\u54c1\u6cb9\u9700\u6c42\u76f8\u5bf9\u521a\u6027\u7684\u80cc\u666f\u4e0b\uff0cMarathon\u7684\u73b0\u91d1\u6d41\u521b\u9020\u80fd\u529b\u548c\u80a1\u4e1c\u56de\u62a5\u8ba1\u5212\u4f7f\u5176\u5177\u5907\u6781\u5f3a\u7684\u9632\u5fa1\u5c5e\u6027\u3002<\/p>\n

\u56de\u8c03\u662f\u673a\u4f1a\u8fd8\u662f\u98ce\u9669\uff1f<\/h2>\n

\u4ece\u80a1\u4ef7\u8868\u73b0\u770b\uff0c\u4e0a\u8ff0\u4e09\u53ea\u80a1\u7968\u8fc7\u53bb\u4e00\u5e74\u7684\u7d2f\u8ba1\u6da8\u5e45\u5206\u522b\u4e3a83.13%\u300185.56%\u548c56.31%\uff0c\u8fdc\u8d85\u5927\u76d8\u3002\u77ed\u671f\u5185\uff0c\u968f\u7740\u4e2d\u4e1c\u5c40\u52bf\u964d\u6e29\uff0c\u80fd\u6e90\u677f\u5757\u51fa\u73b0\u83b7\u5229\u56de\u5410\u662f\u5408\u7406\u7684\u5e02\u573a\u884c\u4e3a\u3002<\/p>\n

\u4f46\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c\u9ad8\u76db\u7684\u63a8\u8350\u903b\u8f91\u5e76\u672a\u56e0\u6cb9\u4ef7\u5355\u65e5\u8df3\u6c34\u800c\u5931\u6548\u3002\u76f8\u53cd\uff0c\u5982\u679c\u6cb9\u4ef7\u56e0\u4f9b\u7ed9\u7aef\u6062\u590d\u800c\u56de\u843d\u81f3\u5408\u7406\u533a\u95f4\uff0c\u70bc\u6cb9\u5546\u7684\u539f\u6599\u6210\u672c\u538b\u529b\u53cd\u800c\u6709\u671b\u51cf\u8f7b\uff0c\u88c2\u89e3\u4ef7\u5dee\u53ef\u80fd\u8fdb\u4e00\u6b65\u8d70\u9614\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4e09\u5bb6\u516c\u53f8\u5404\u81ea\u5177\u5907\u7684\u73b0\u91d1\u6d41\u80fd\u529b\u3001\u80a1\u4e1c\u56de\u62a5\u7eaa\u5f8b\u4ee5\u53ca\u7ed3\u6784\u6027\u533a\u4f4d\u4f18\u52bf\uff0c\u4ecd\u7136\u662f\u652f\u6301\u5176\u957f\u671f\u4ef7\u503c\u7684\u6838\u5fc3\u652f\u67f1\u3002<\/p>\n

\u4ece\u4f30\u503c\u89d2\u5ea6\u770b\uff0c\u4e09\u53ea\u80a1\u7968\u7684\u52a8\u6001\u5e02\u76c8\u7387\u5206\u522b\u4e3a15.87\u500d\u300114.57\u500d\u548c15.01\u500d\uff0c\u5904\u4e8e\u5408\u7406\u533a\u95f4\u3002\u5bf9\u4e8e\u957f\u671f\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5730\u7f18\u653f\u6cbb\u5f15\u53d1\u7684\u6cb9\u4ef7\u6ce2\u52a8\u56fa\u7136\u5e26\u6765\u77ed\u671f\u6270\u52a8\uff0c\u4f46\u82e5\u5c06\u89c6\u91ce\u62c9\u957f\u81f32026\u5e74\uff0c\u9ad8\u76db\u6240\u5f3a\u8c03\u7684\u201c\u70bc\u6cb9\u80fd\u529b\u7a00\u7f3a\u6027\u201d\u8fd9\u4e00\u4e3b\u7ebf\u5e76\u672a\u52a8\u6447\u3002<\/p>\n

\u7ed3\u8bed<\/h2>\n

\u7279\u6717\u666e\u7684\u201c\u4e94\u5929\u7f13\u5211\u201d\u6682\u65f6\u62c6\u9664\u4e86\u6cb9\u5e02\u5934\u9876\u6700\u7d27\u8feb\u7684\u5f15\u4fe1\uff0c\u4f46\u5e76\u672a\u6539\u53d8\u5168\u7403\u70bc\u80fd\u7d27\u5f20\u3001\u5730\u7f18\u51b2\u7a81\u60ac\u800c\u672a\u51b3\u3001\u6210\u54c1\u6cb9\u4f9b\u5e94\u94fe\u6301\u7eed\u8106\u5f31\u7684\u73b0\u5b9e\u3002\u5bf9\u4e8e\u9ad8\u76db\u63a8\u8350\u7684\u4e09\u53ea\u70bc\u6cb9\u80a1\u800c\u8a00\uff0c\u6cb9\u4ef7\u8df3\u6c34\u66f4\u50cf\u662f\u4e00\u6b21\u538b\u529b\u6d4b\u8bd5\u2014\u2014\u68c0\u9a8c\u7684\u5e76\u975e\u5b83\u4eec\u7684\u6cb9\u4ef7\u654f\u611f\u6027\uff0c\u800c\u662f\u5728\u5e02\u573a\u60c5\u7eea\u9000\u6f6e\u540e\uff0c\u662f\u5426\u4ecd\u6709\u8db3\u591f\u7684\u57fa\u672c\u9762\u652f\u6491\u3002<\/p>\n

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