{"id":632183,"date":"2026-04-19T18:40:41","date_gmt":"2026-04-20T01:40:41","guid":{"rendered":"https:\/\/nai500.com\/?p=632183"},"modified":"2026-04-19T18:40:41","modified_gmt":"2026-04-20T01:40:41","slug":"%e9%93%9c%e4%bb%b7%e9%80%bc%e8%bf%91%e5%8e%86%e5%8f%b2%e5%b3%b0%e5%80%bc%ef%bc%8c%e8%bf%994%e5%8f%aa%e9%93%9c%e4%b8%9a%e8%82%a1%e7%a5%a8%e5%80%bc%e5%be%97%e5%85%b3%e6%b3%a8","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/04\/%e9%93%9c%e4%bb%b7%e9%80%bc%e8%bf%91%e5%8e%86%e5%8f%b2%e5%b3%b0%e5%80%bc%ef%bc%8c%e8%bf%994%e5%8f%aa%e9%93%9c%e4%b8%9a%e8%82%a1%e7%a5%a8%e5%80%bc%e5%be%97%e5%85%b3%e6%b3%a8\/","title":{"rendered":"\u94dc\u4ef7\u903c\u8fd1\u5386\u53f2\u5cf0\u503c\uff0c\u8fd94\u53ea\u94dc\u4e1a\u80a1\u7968\u503c\u5f97\u5173\u6ce8"},"content":{"rendered":"

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\u536b\u661f\u6570\u636e\u663e\u793a\uff0c\u4e2d\u56fd\u94dc\u51b6\u70bc\u6d3b\u8dc3\u5ea6\u5df2\u6500\u5347\u81f31073\u4e07\u5428\u7684\u5386\u53f2\u5cf0\u503c\uff0c\u95f2\u7f6e\u4ea7\u80fd\u5360\u6bd4\u964d\u81f33.9%\u3002Earth-i\u6307\u51fa\uff0c\u8fd9\u6807\u5fd7\u7740\u4e0b\u6e38\u201c\u4e70\u65b9\u7f62\u5de5\u201d\u7684\u7ec8\u7ed3\u3002\u800c\u4e0e\u4e2d\u56fd\u6ee1\u4ea7\u5f62\u6210\u6781\u81f4\u53cd\u5dee\u7684\u662f\uff0c\u6d77\u5916\u4f9b\u7ed9\u94fe\u6b63\u6df1\u9677\u201c\u51b0\u706b\u4e24\u91cd\u5929\u201d\uff1a\u4f0a\u6717\u4e24\u5ea7\u5408\u8ba140\u4e07\u5428\u5e74\u4ea7\u80fd\u7684\u51b6\u70bc\u5382\u975e\u8ba1\u5212\u505c\u8fd0\uff0c\u6fb3\u5927\u5229\u4e9aMount Isa\u51b6\u70bc\u5382\u6301\u7eed\u505c\u4ea7\uff0c\u5317\u7f8e\u95f2\u7f6e\u4ea7\u80fd\u5360\u6bd4\u98d9\u5347\u81f332.3%\u3002<\/p>\n

\u8fd9\u573a\u4f9b\u9700\u9519\u914d\u6700\u6781\u81f4\u7684\u4f53\u73b0\u5728\u4e8e\u94dc\u7cbe\u77ff\u52a0\u5de5\u8d39\uff08TC\/RC\uff09\u7684\u53f2\u8bd7\u7ea7\u5d29\u584c\u3002\u636eS&P Global Energy\u65d7\u4e0bPlatts\u7684\u6570\u636e\u663e\u793a\uff0c\u8fd1\u671f\u73b0\u8d27\u5e02\u573a\u62db\u6807\u7684TC\/RC\u5df2\u6df1\u9677\u8d1f\u503c\u533a\u95f4\uff0c\u903c\u8fd1\u6bcf\u5428\u8d1f78.50\u7f8e\u5143\u548c\u6bcf\u78c5\u8d1f7.85\u7f8e\u5206\u3002\u4f5c\u4e3a\u5bf9\u6bd4\uff0c2024\u5e741\u6708\u65f6\u8be5\u8d39\u7528\u8fd8\u4e3a\u6b63\u503c50\u7f8e\u5143\u3002<\/p>\n

\u57fa\u4e8e\u5f53\u524d\u94dc\u4ef7\u903c\u8fd1\u5386\u53f2\u5cf0\u503c\u3001\u4f9b\u7ed9\u7aef\u786c\u7ea6\u675f\u96be\u4ee5\u7f13\u89e3\u7684\u80cc\u666f\uff0c\u4ee5\u4e0b\u56db\u53ea\u5728\u7ebd\u7ea6\u8bc1\u5238\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u94dc\u4e1a\u5de8\u5934\u503c\u5f97\u6295\u8d44\u8005\u91cd\u70b9\u5ba1\u89c6\uff1a<\/p>\n

1. Freeport-McMoRan (NYSE: FCX)<\/a><\/h2>\n

\u4f5c\u4e3a\u5168\u7403\u6700\u5927\u7684\u4e0a\u5e02\u94dc\u751f\u4ea7\u5546\u4e4b\u4e00\uff0cFreeport\u7684\u7687\u51a0\u8d44\u4ea7\u662f\u4f4d\u4e8e\u5370\u5c3c\u7684\u5de8\u578b\u77ff\u5c71Grasberg\u3002\u516c\u53f8\u57282025\u5e74\u4ea7\u94dc34\u4ebf\u78c5\uff0c\u8d21\u732e\u4e86\u7f8e\u56fd70%\u7684\u7cbe\u70bc\u94dc\u4ea7\u91cf\u3002FCX\u7684\u770b\u70b9\u5728\u4e8e\u5e9e\u5927\u7684\u6709\u673a\u589e\u957f\u7ba1\u7ebf\uff0c\u7279\u522b\u662f\u901a\u8fc7\u6d78\u51fa\u6280\u672f\u6539\u8fdb\u4e0e\u56de\u6536\u7387\u63d0\u5347\uff0c\u9884\u8ba1\u52302030\u5e74\u5e95\u53ef\u989d\u5916\u91ca\u653e8\u4ebf\u78c5\u7684\u5e74\u4ea7\u80fd\u3002\u6b64\u5916\uff0c\u4e9a\u5229\u6851\u90a3\u5ddeBagdad\u9879\u76ee\u548c\u667a\u5229El Abra\u6269\u5efa\u9879\u76ee\u63d0\u4f9b\u4e86\u4e2d\u957f\u671f\u7684\u4ea7\u91cf\u4e0e\u73b0\u91d1\u6d41\u5f39\u6027\u3002<\/p>\n

2. Southern Copper (NYSE: SCCO)<\/a><\/h2>\n

Southern Copper\u62e5\u6709\u4e1a\u5185\u6700\u4f4e\u7684\u73b0\u91d1\u6210\u672c\u66f2\u7ebf\u548c\u5168\u7403\u6700\u5927\u7684\u94dc\u50a8\u91cf\u3002\u8fd9\u79cd\u8d44\u6e90\u7980\u8d4b\u4e3a\u8be5\u516c\u53f8\u5728\u4ef7\u683c\u9ad8\u4f4d\u65f6\u63d0\u4f9b\u4e86\u5de8\u5927\u7684\u5229\u6da6\u6760\u6746\u3002\u516c\u53f8\u8463\u4e8b\u4f1a\u5df2\u6279\u51c6\u4e86\u591a\u4e2a\u8fd1\u671f\u6269\u4ea7\u9879\u76ee\uff0c\u8ba1\u5212\u52302029\u5e74\u589e\u52a015.6\u4e07\u5428\u4ea7\u91cf\u3002\u66f4\u8fdc\u671f\u6765\u770b\uff0c\u5e9e\u5927\u7684\u9879\u76ee\u50a8\u5907\u6709\u671b\u57282033\u5e74\u524d\u518d\u8d21\u732e54.5\u4e07\u5428\u5e74\u4ea7\u80fd\u3002\u4f5c\u4e3a\u5468\u671f\u80a1\u4e2d\u9632\u5fa1\u6027\u4e0e\u8fdb\u653b\u6027\u517c\u5907\u7684\u6807\u7684\uff0cSCCO\u5728\u8d1f\u52a0\u5de5\u8d39\u73af\u5883\u4e2d\u72ec\u4eab\u4f4e\u6210\u672c\u7ea2\u5229\u3002<\/p>\n

3. Teck Resources (NYSE: TECK)<\/a><\/h2>\n

\u8fd9\u5bb6\u52a0\u62ff\u5927\u77ff\u5546\u6b63\u5728\u7ecf\u5386\u8131\u80ce\u6362\u9aa8\u7684\u91cd\u7ec4\u30022025\u5e74\u5e95\u4e0eAnglo American\u8fbe\u6210\u7684\u5bf9\u7b49\u5408\u5e76\u5c06\u50ac\u751f\u51fa\u540d\u4e3aAnglo Teck\u7684\u65b0\u94dc\u4e1a\u5de8\u5934\u3002\u5408\u5e76\u5b8c\u6210\u540e\uff0c\u94dc\u8d44\u4ea7\u5c06\u5360\u636e\u65b0\u516c\u53f8\u4ea7\u91cf\u768470%\u4ee5\u4e0a\uff0c\u8dfb\u8eab\u5168\u7403\u524d\u4e94\u5927\u94dc\u751f\u4ea7\u5546\u4e4b\u5217\u3002\u6295\u8d44\u8005\u4e70\u5165TECK\uff0c\u5b9e\u8d28\u4e0a\u662f\u62bc\u6ce8\u5408\u5e76\u540e\u534f\u540c\u6548\u5e94\u7684\u91ca\u653e\u4ee5\u53ca\u5176\u5728\u667a\u5229\u3001\u79d8\u9c81\u9876\u7ea7\u94dc\u77ff\u4e2d\u7684\u6743\u76ca\u6574\u5408\u3002<\/p>\n

4. Rio Tinto (NYSE: RIO)<\/a><\/h2>\n

\u867d\u7136\u662f\u4e00\u5bb6\u591a\u5143\u5316\u77ff\u4e1a\u5de8\u5934\uff0c\u4f46Rio Tinto\u7684\u94dc\u4e1a\u52a1\u6b63\u6108\u53d1\u8000\u773c\u3002\u516c\u53f8\u4e0d\u4ec5\u62e5\u6709\u7f8e\u56fdKennecott\u8fd9\u4e00\u4e16\u754c\u7ea7\u77ff\u5c71\uff0c\u66f4\u6301\u6709\u8499\u53e4Oyu Tolgoi\u94dc\u91d1\u77ff66%\u7684\u6743\u76ca\u3002\u52302030\u5e74\uff0cOyu Tolgoi\u9884\u8ba1\u5c06\u6210\u4e3a\u5168\u7403\u7b2c\u56db\u5927\u94dc\u77ff\u3002\u6b64\u5916\uff0cResolution Copper\u9879\u76ee\uff08\u4e0eBHP\u5408\u8d44\uff09\u4ee5\u53ca\u6fb3\u5927\u5229\u4e9aWinu\u9879\u76ee\u7684\u8fdc\u671f\u6f5c\u529b\u4e3a\u8fd9\u53ea\u9ad8\u80a1\u606f\u80a1\u7968\u6ce8\u5165\u4e86\u6210\u957f\u57fa\u56e0\u3002\u5373\u4fbf\u8fd1\u671f\u4e0eGlencore\u7684\u5408\u5e76\u8c08\u5224\u56e0\u4f30\u503c\u5206\u6b67\u6401\u6d45\uff0cRIO\u51ed\u501f40%-60%\u7684\u76c8\u4f59\u6d3e\u606f\u653f\u7b56\uff0c\u4f9d\u7136\u662f\u957f\u671f\u8d44\u672c\u914d\u7f6e\u7684\u538b\u8231\u77f3\u3002<\/p>\n

\u98ce\u9669\u63d0\u793a\uff1a<\/strong>\u00a0\u94dc\u4ef7\u867d\u5f3a\u52bf\uff0c\u4f46\u9700\u8b66\u60d5\u5b8f\u89c2\u7ecf\u6d4e\u8870\u9000\u5bfc\u81f4\u7684\u9700\u6c42\u8bc1\u4f2a\u98ce\u9669\uff0c\u4ee5\u53ca\u52a0\u5de5\u8d39\u8d1f\u503c\u5bf9\u6df7\u5408\u578b\u51b6\u70bc\u4f01\u4e1a\u5229\u6da6\u7684\u6f5c\u5728\u4fb5\u8680\u3002\u4e0d\u8fc7\uff0c\u5728\u80fd\u6e90\u8f6c\u578b\u4e0eAI\u6570\u636e\u4e2d\u5fc3\u7528\u7535\u9700\u6c42\u7684\u53cc\u91cd\u9a71\u52a8\u4e0b\uff0c\u94dc\u7684\u957f\u671f\u4f9b\u9700\u7f3a\u53e3\u903b\u8f91\u4f9d\u7136\u575a\u633a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

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