{"id":648132,"date":"2026-07-03T18:35:53","date_gmt":"2026-07-04T01:35:53","guid":{"rendered":"https:\/\/nai500.com\/?p=648132"},"modified":"2026-07-03T18:35:53","modified_gmt":"2026-07-04T01:35:53","slug":"%e5%8a%a0%e6%8b%bf%e5%a4%a7%e6%94%bf%e5%ba%9c%e6%96%a5%e5%b7%a8%e8%b5%84%e5%bb%ba%e6%b2%b9%e7%ae%a1%ef%bc%8cpembina-%e4%bb%a5-10-%e7%9a%84%e8%82%a1%e6%9d%83%e6%8a%a2%e5%b0%bd%e9%a3%8e%e5%a4%b4","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/07\/%e5%8a%a0%e6%8b%bf%e5%a4%a7%e6%94%bf%e5%ba%9c%e6%96%a5%e5%b7%a8%e8%b5%84%e5%bb%ba%e6%b2%b9%e7%ae%a1%ef%bc%8cpembina-%e4%bb%a5-10-%e7%9a%84%e8%82%a1%e6%9d%83%e6%8a%a2%e5%b0%bd%e9%a3%8e%e5%a4%b4\/","title":{"rendered":"\u52a0\u62ff\u5927\u653f\u5e9c\u65a5\u5de8\u8d44\u5efa\u6cb9\u7ba1\uff0cPembina \u4ee5 10% \u7684\u80a1\u6743\u62a2\u5c3d\u98ce\u5934\uff1f"},"content":{"rendered":"<p>\u963f\u5c14\u4f2f\u5854\u7701\u653f\u5e9c\u8fd1\u65e5\u5411\u8054\u90a6\u91cd\u5927\u9879\u76ee\u529e\u516c\u5ba4\u6b63\u5f0f\u9012\u4ea4\u4e86\u4e00\u4efd\u915d\u917f\u5df2\u4e45\u7684\u897f\u6d77\u5cb8\u77f3\u6cb9\u7ba1\u9053\u63d0\u6848\u3002\u6309\u7167\u89c4\u5212\uff0c\u8fd9\u4e00\u8d85\u7ea7\u5de5\u7a0b\u5c06\u5927\u4f53\u6cbf\u73b0\u6709 Trans Mountain \u7ba1\u9053\u8d70\u5eca\u5efa\u8bbe\uff0c\u5c06\u6cb9\u7802\u91cd\u6cb9\u76f4\u9001\u592a\u5e73\u6d0b\u51fa\u6d77\u53e3\uff0c\u9884\u8ba1\u603b\u6295\u8d44\u89c4\u6a21\u8db3\u4ee5\u4e0e\u5f53\u5e74\u8017\u8d44 340 \u4ebf\u52a0\u5143\u7684 Trans Mountain \u6269\u5efa\u5de5\u7a0b\u6bd4\u80a9\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5728\u8fd9\u6761\u88ab\u603b\u7406\u9a6c\u514b\u00b7\u5361\u5c3c\u79f0\u4e3a\u201c\u5efa\u8bbe\u56fd\u5bb6\u7684\u4e00\u4ee3\u4eba\u4e00\u9047\u7684\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u201d\u4e2d\uff0c\u6700\u5f15\u4eba\u6ce8\u76ee\u7684\u5e76\u975e\u638c\u63e1\u4e5d\u6210\u80a1\u6743\u7684\u8054\u90a6\u548c\u7701\u5c5e\u7687\u5bb6\u516c\u53f8\uff0c\u800c\u662f\u4ec5\u6301\u6709\u5efa\u8bbe\u671f 10% \u6743\u76ca\u7684\u5c11\u6570\u80a1\u4e1c\u2014\u2014<strong><a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=PPL%3ACA\">Pembina Pipeline Corp.\u00a0(TSX:PPL)<\/a><\/strong>\u3002<\/p>\n<h2>\u653f\u5e9c\u7684\u201c\u5927\u5305\u5927\u63fd\u201d\u4e0e\u6c11\u4f01\u7684\u201c\u7cbe\u786e\u5361\u4f4d\u201d<\/h2>\n<p>\u4ece\u80a1\u6743\u7ed3\u6784\u770b\uff0c\u65b0\u5efa\u7ba1\u9053\u51e0\u4e4e\u5b8c\u5168\u7531\u516c\u5171\u90e8\u95e8\u4e3b\u5bfc\u3002\u8054\u90a6\u7687\u5bb6\u516c\u53f8 Trans Mountain Corp. \u5c06\u626e\u6f14\u5f00\u53d1\u5546\u3001\u5efa\u9020\u5546\u548c\u8fd0\u8425\u5546\u7684\u89d2\u8272\uff0c\u5229\u7528\u5176\u521a\u521a\u5b8c\u6210\u6269\u5efa\u5e76\u6ee1\u8d1f\u8377\u8fd0\u8425\u7684\u65e2\u6709\u7ba1\u9053\u7cfb\u7edf\uff0c\u5b9e\u73b0\u4eba\u5458\u3001\u8d70\u5eca\u548c\u7cfb\u7edf\u7684\u6df1\u5ea6\u590d\u7528\uff1b\u963f\u5c14\u4f2f\u5854\u77f3\u6cb9\u8425\u9500\u59d4\u5458\u4f1a\uff08APMC\uff09\u4f5c\u4e3a\u7701\u5c5e\u5546\u4e1a\u673a\u6784\uff0c\u5219\u53f2\u65e0\u524d\u4f8b\u5730\u4ece\u5408\u540c\u627f\u8bfa\u4e00\u6b65\u8de8\u5165\u80a1\u6743\u6295\u8d44\u5c42\u9762\uff0c\u4e3a\u9879\u76ee\u6ce8\u5165\u5b9e\u8d28\u6027\u7684\u7701\u65b9\u80cc\u4e66\u3002\u4e24\u5927\u653f\u5e9c\u5b9e\u4f53\u5408\u8ba1\u6301\u6709 90% \u7684\u6743\u76ca\uff0c\u610f\u5473\u7740\u9879\u76ee\u7684\u878d\u8d44\u538b\u529b\u548c\u5efa\u8bbe\u98ce\u9669\u4e3b\u8981\u7531\u8054\u90a6\u548c\u7701\u7ea7\u8d22\u653f\u625b\u8d77\u3002<\/p>\n<p>\u76f8\u5f62\u4e4b\u4e0b\uff0cPembina \u7684\u6295\u5165\u663e\u5f97\u514b\u5236\u800c\u7cbe\u51c6\u3002\u6839\u636e\u975e\u7ea6\u675f\u6027\u534f\u8bae\uff0cPembina \u5728\u5efa\u8bbe\u671f\u5185\u6301\u6709 10% \u7684\u6743\u76ca\uff0c\u5e76\u62e5\u6709\u5728\u7ba1\u9053\u6295\u8fd0\u540e\u5c06\u6301\u80a1\u6bd4\u4f8b\u7ffb\u500d\u81f3 20% \u7684\u9009\u62e9\u6743\u3002\u516c\u53f8\u9996\u5e2d\u6267\u884c\u5b98\u65af\u79d1\u7279\u00b7\u4f2f\u7f57\u65af\u660e\u786e\u8868\u793a\uff0c\u53c2\u4e0e\u5c06\u201c\u7ecf\u8fc7\u4e0e\u6240\u6709\u8d44\u672c\u51b3\u7b56\u76f8\u540c\u7684\u7eaa\u5f8b\u6027\u5ba1\u89c6\uff0c\u4fdd\u6301\u8d22\u52a1\u7075\u6d3b\u6027\uff0c\u5e76\u5d4c\u5165\u6709\u610f\u4e49\u7684\u4fdd\u62a4\u63aa\u65bd\u201d\uff0c\u4ee5\u786e\u4fdd\u201c\u7b26\u5408\u8d22\u52a1\u62a4\u680f\uff0c\u4e3a\u80a1\u4e1c\u521b\u9020\u6301\u4e45\u4ef7\u503c\u201d\u3002\u8fd9\u4e00\u8868\u6001\u4e0e\u5e02\u573a\u4e0a\u90e8\u5206\u56fd\u4f01\u9879\u76ee\u201c\u91cd\u89c4\u6a21\u8f7b\u56de\u62a5\u201d\u7684\u523b\u677f\u5370\u8c61\u5f62\u6210\u9c9c\u660e\u53cd\u5dee\uff0c\u4e5f\u8ba9 Pembina \u7684\u51fa\u8d44\u7acb\u523b\u83b7\u5f97\u4e86\u201c\u8d44\u672c\u7eaa\u5f8b\u62c5\u5f53\u201d\u7684\u6807\u7b7e\u3002<\/p>\n<h2>\u62a2\u98ce\u5934\u7684\u5e95\u6c14\uff1a\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u8d22\u52a1\u6295\u8d44\u8005<\/h2>\n<p>Pembina \u4e4b\u6240\u4ee5\u80fd\u4ee5\u533a\u533a 10% \u80a1\u6743\u6210\u4e3a\u8206\u8bba\u7126\u70b9\uff0c\u6839\u672c\u539f\u56e0\u5728\u4e8e\u5b83\u7edd\u975e\u7b80\u5355\u7684\u88ab\u52a8\u51fa\u8d44\u65b9\uff0c\u800c\u662f\u624b\u63e1\u4e24\u5927\u7a00\u7f3a\u7b79\u7801\u3002<\/p>\n<p>\u5176\u4e00\uff0c\u662f\u00a0<strong>\u201c<\/strong><strong>\u7a00\u91ca\u5242\u201d\u7684\u6218\u7565\u534f\u540c<\/strong>\u3002\u6cb9\u7802\u6ca5\u9752\u6781\u5176\u9ecf\u7a20\uff0c\u5fc5\u987b\u63ba\u5165\u51dd\u6790\u6cb9\u7b49\u8f7b\u8d28\u6db2\u4f53\u624d\u80fd\u901a\u8fc7\u7ba1\u9053\u6d41\u52a8\u3002\u524d APMC \u8d1f\u8d23\u4eba\u7406\u67e5\u5fb7\u00b7\u9a6c\u68ee\u76f4\u8a00\uff0c\u82e5\u6240\u6709\u89c4\u5212\u7684\u6cb9\u7802\u5916\u8f93\u7ba1\u9053\u5168\u90e8\u6295\u4ea7\uff0c\u52a0\u62ff\u5927\u672c\u571f\u7684\u7a00\u91ca\u5242\u4ea7\u91cf\u9700\u8981<strong>\u7ffb\u500d\u4ee5\u4e0a<\/strong>\u624d\u80fd\u6ee1\u8db3\u9700\u6c42\u3002\u800c Pembina \u7684\u6838\u5fc3\u4e1a\u52a1\u4e4b\u4e00\uff0c\u6b63\u662f\u901a\u8fc7\u5176\u5728\u897f\u52a0\u62ff\u5927\u7684\u5e9e\u5927\u5929\u7136\u6c14\u6536\u96c6\u5904\u7406\u7f51\u7edc\uff0c\u5c06\u51dd\u6790\u6cb9\u4ece\u5929\u7136\u6c14\u4e2d\u5206\u79bb\u51fa\u6765\u3002\u624b\u63e1\u7a00\u91ca\u5242\u4e0a\u6e38\u8d44\u6e90\uff0c\u610f\u5473\u7740 Pembina \u4e0d\u4ec5\u662f\u7ba1\u9053\u7684\u4f7f\u7528\u8005\uff0c\u66f4\u662f\u7ba1\u9053\u5f97\u4ee5\u6ee1\u8d1f\u8377\u8fd0\u8f6c\u7684\u201c\u539f\u6599\u4fdd\u969c\u8005\u201d\uff0c\u5728\u4ea7\u4e1a\u94fe\u4e2d\u7684\u8bae\u4ef7\u5730\u4f4d\u9661\u7136\u4e0a\u5347\u3002<\/p>\n<p>\u5176\u4e8c\uff0c\u662f\u00a0<strong>\u201c<\/strong><strong>\u8fd0\u8425\u7eaa\u5f8b\u201d\u7684\u4f30\u503c\u6ea2\u4ef7<\/strong>\u3002Pembina \u7684\u5929\u7136\u6c14\u7ba1\u9053\u3001\u5206\u998f\u8bbe\u65bd\u548c\u6b63\u5728\u63a8\u8fdb\u7684 Cedar \u6db2\u5316\u5929\u7136\u6c14\u51fa\u53e3\u7ec8\u7aef\uff0c\u663e\u793a\u51fa\u8be5\u516c\u53f8\u5728\u5927\u5b97\u5546\u54c1\u4e2d\u6e38\u9886\u57df\u7684\u7efc\u5408\u8fd0\u8425\u80fd\u529b\u3002\u5361\u5c3c\u603b\u7406\u7279\u522b\u6307\u51fa\uff0cPembina \u4e3a\u5408\u4f5c\u5e26\u6765\u4e86\u201c\u8d44\u672c\u7eaa\u5f8b\u4e0e\u8fd0\u8425\u4e13\u957f\u5e76\u4f7f\u5176\u66f4\u52a0\u5145\u5b9e\u201d\u3002\u5728\u4e00\u4e2a\u52a8\u8f84\u8d85\u652f\u7684\u57fa\u5efa\u65f6\u4ee3\uff0c\u8fd9\u79cd\u7eaa\u5f8b\u6027\u672c\u8eab\u5c31\u662f\u7a00\u7f3a\u8d44\u4ea7\u3002<\/p>\n<h2>\u9ad8\u606f\u589e\u957f\u6837\u672c\uff1a\u4ece\u56fd\u5bb6\u6218\u7565\u5230\u80a1\u4e1c\u94b1\u5305<\/h2>\n<p>\u8d44\u672c\u5e02\u573a\u7684\u53cd\u5e94\u65e9\u5df2\u540c\u6b65\u3002\u8fc7\u53bb\u4e00\u5e74\uff0cPembina \u80a1\u4ef7\u7d2f\u8ba1\u4e0a\u6da8\u7ea6 32%\uff0c\u5e02\u503c\u903c\u8fd1 390 \u4ebf\u52a0\u5143\u3002\u516c\u53f8\u8fd1\u671f\u66f4\u662f\u5c06\u5b63\u5ea6\u80a1\u606f\u4e0a\u8c03 3.5%\uff0c\u80a1\u606f\u7387\u7a33\u56fa\u5728 4.5% \u5de6\u53f3\uff0c\u800c\u8fd9\u4e00\u589e\u6d3e\u884c\u4e3a\u6070\u6070\u53d1\u751f\u5728\u516c\u53f8\u4e8e 2026 \u5e74\u4e00\u5b63\u5ea6\u4ea4\u51fa 11 \u4ebf\u52a0\u5143\u8c03\u6574\u540e EBITDA \u548c 7.9 \u4ebf\u52a0\u5143\u8fd0\u8425\u73b0\u91d1\u6d41\u4e4b\u540e\u3002\u5168\u5e74 43.5 \u4ebf\u81f3 45.5 \u4ebf\u52a0\u5143\u7684\u76c8\u5229\u6307\u5f15\uff0c\u53e0\u52a0 Wapiti \u6269\u5efa\u53ca K3 \u70ed\u7535\u8054\u4ea7\u8bbe\u65bd\u7b49\u5185\u751f\u9879\u76ee\u7684\u8d21\u732e\uff0c\u4e3a\u6301\u7eed\u7684\u80a1\u606f\u589e\u957f\u63d0\u4f9b\u4e86\u6e05\u6670\u7684\u73b0\u91d1\u6d41\u56fe\u8c31\u3002<\/p>\n<p>\u5bf9\u4e8e\u5bfb\u6c42\u957f\u671f\u590d\u5229\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0cPembina \u501f\u52a9\u653f\u5e9c\u625b\u9669\u3001\u81ea\u8eab\u8f7b\u8d44\u4ea7\u8f93\u51fa\u7684\u65b9\u5f0f\uff0c\u6df1\u5ea6\u53c2\u4e0e\u4e86\u4e00\u6761\u56fd\u5bb6\u7ea7\u7684\u80fd\u6e90\u51fa\u53e3\u5927\u52a8\u8109\uff0c\u540c\u65f6\u53c8\u907f\u5f00\u4e86\u65e9\u671f\u5927\u89c4\u6a21\u8d44\u672c\u5f00\u652f\u7684\u65e0\u5e95\u6d1e\u3002\u4e00\u65e6\u65b0\u7ba1\u9053\u6295\u4ea7\u5e76\u4ea7\u751f\u7a33\u5b9a\u73b0\u91d1\u6d41\uff0cPembina \u4e0d\u5149\u53ef\u4ee5\u589e\u6301\u80a1\u4efd\uff0c\u66f4\u5c06\u540c\u6b65\u4eab\u53d7\u7a00\u91ca\u5242\u9700\u6c42\u6fc0\u589e\u5e26\u6765\u7684\u4e2d\u6e38\u5229\u6da6\u7ea2\u5229\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u5b83\u624d\u4f1a\u88ab\u5e02\u573a\u89c6\u4e3a\u201c\u7528\u5c11\u91cf\u80a1\u6743\u64ac\u52a8\u4e00\u4ee3\u4eba\u673a\u9047\u201d\u7684\u5178\u578b\u2014\u2014\u653f\u5e9c\u94fa\u8def\uff0cPembina \u6536\u79df\uff0c\u800c\u80a1\u4e1c\u6536\u83b7\u7684\uff0c\u5219\u662f\u7eaa\u5f8b\u4e0e\u6210\u957f\u53cc\u8f6e\u9a71\u52a8\u4e0b\u7684\u9ad8\u606f\u679c\u5b9e\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u963f\u5c14\u4f2f\u5854\u7701\u653f\u5e9c\u8fd1\u65e5\u5411\u8054\u90a6\u91cd\u5927\u9879\u76ee\u529e\u516c\u5ba4\u6b63\u5f0f\u9012\u4ea4\u4e86\u4e00\u4efd\u915d\u917f\u5df2\u4e45\u7684\u897f\u6d77\u5cb8\u77f3\u6cb9\u7ba1\u9053\u63d0\u6848\u3002\u6309\u7167\u89c4\u5212\uff0c\u8fd9\u4e00\u8d85\u7ea7\u5de5\u7a0b\u5c06\u5927\u4f53 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":496534,"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":[2146,538,2247,1859],"class_list":["post-648132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2146","tag-538","tag-2247","tag-1859","sectors-oil-gas-zh-hans","locations-canada-zh-hans","exchange-tsx-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/648132","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=648132"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/648132\/revisions"}],"predecessor-version":[{"id":648135,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/648132\/revisions\/648135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/496534"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=648132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=648132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=648132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}