{"id":654896,"date":"2026-08-04T20:20:56","date_gmt":"2026-08-05T03:20:56","guid":{"rendered":"https:\/\/nai500.com\/?p=654896"},"modified":"2026-08-04T20:20:56","modified_gmt":"2026-08-05T03:20:56","slug":"%e5%8a%a0%e6%8b%bf%e5%a4%a7%e4%b8%a4%e5%a4%a7%e7%94%b5%e4%bf%a1%e5%b7%a8%e5%a4%b4%e5%89%8a%e5%87%8f%e8%82%a1%e6%81%af%ef%bc%9a%e9%a3%8e%e9%99%a9%e9%87%8a%e6%94%be%e4%b8%8e%e4%bc%b0%e5%80%bc%e9%87%8d","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/08\/%e5%8a%a0%e6%8b%bf%e5%a4%a7%e4%b8%a4%e5%a4%a7%e7%94%b5%e4%bf%a1%e5%b7%a8%e5%a4%b4%e5%89%8a%e5%87%8f%e8%82%a1%e6%81%af%ef%bc%9a%e9%a3%8e%e9%99%a9%e9%87%8a%e6%94%be%e4%b8%8e%e4%bc%b0%e5%80%bc%e9%87%8d\/","title":{"rendered":"\u52a0\u62ff\u5927\u4e24\u5927\u7535\u4fe1\u5de8\u5934\u524a\u51cf\u80a1\u606f\uff1a\u98ce\u9669\u91ca\u653e\u4e0e\u4f30\u503c\u91cd\u4f30"},"content":{"rendered":"<p>\u8fd1\u671f\uff0c\u52a0\u62ff\u5927\u7535\u4fe1\u884c\u4e1a\u4e24\u5927\u5de8\u5934<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=T%3ACA\"> Telus\uff08T\uff09<\/a>\u548c<a href=\"https:\/\/nai500.com\/zh-hant\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%a9%a2\/?qm_symbol=BCE%3ACA\"> BCE\uff08BCE\uff09<\/a>\u5148\u540e\u5927\u5e45\u8c03\u964d\u80a1\u606f\uff0c\u5f15\u53d1\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002\u4e24\u5bb6\u516c\u53f8\u4e3b\u52a8\u727a\u7272\u77ed\u671f\u80a1\u4e1c\u56de\u62a5\uff0c\u4ee5\u6362\u53d6\u8d44\u4ea7\u8d1f\u503a\u8868\u7684\u4fee\u590d\u4e0e\u957f\u671f\u8d22\u52a1\u5f39\u6027\uff0c\u8fd9\u4e00\u8fde\u4e32\u52a8\u4f5c\u88ab\u89c6\u4e3a\u96c6\u4e2d\u91ca\u653e\u524d\u671f\u79ef\u7d2f\u7684\u8d22\u52a1\u98ce\u9669\u3002<\/p>\n<p>Telus \u5728\u516c\u5e03\u5f31\u4e8e\u9884\u671f\u7684\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u540e\uff0c\u80a1\u4ef7\u5355\u65e5\u91cd\u632b 11.3%\uff0c\u8f83 52 \u5468\u9ad8\u70b9\u5df2\u4e0b\u8dcc\u8d85\u8fc7 42%\u3002\u8d22\u62a5\u663e\u793a\uff0c\u516c\u53f8\u5f53\u5b63\u5408\u5e76\u8425\u6536\u4e3a 49 \u4ebf\u52a0\u5143\uff0c\u540c\u6bd4\u4e0b\u6ed1 3%\uff1b\u53d7\u786e\u8ba4\u4e0e TELUS Digital \u76f8\u5173\u7684 21 \u4ebf\u52a0\u5143\u975e\u73b0\u91d1\u51cf\u503c\u51b2\u51fb\uff0c\u51c0\u4e8f\u635f\u6269\u5927\u81f3 18 \u4ebf\u52a0\u5143\u3002\u4e3a\u4fdd\u7559\u73b0\u91d1\u5e76\u964d\u4f4e\u6760\u6746\uff0c\u7ba1\u7406\u5c42\u5c06\u5b63\u5ea6\u80a1\u606f\u5927\u5e45\u524a\u51cf 55%\u81f3\u6bcf\u80a1 0.19 \u52a0\u5143\u3002\u4ec5\u6b64\u4e00\u9879\uff0c\u9884\u8ba1\u5230 2028 \u5e74\u524d\u7d2f\u8ba1\u53ef\u8282\u7701\u7ea6 27 \u4ebf\u52a0\u5143\u8d44\u91d1\uff0c\u8fd9\u4e9b\u8d44\u91d1\u5c06\u4e3b\u8981\u7528\u4e8e\u538b\u964d\u8d1f\u503a\uff0c\u76ee\u6807\u662f\u5230 2028 \u5e74\u5e95\u5c06\u51c0\u503a\u52a1\u4e0e\u8c03\u6574\u540e EBITDA \u4e4b\u6bd4\u964d\u81f3 3 \u500d\u3002\u6d3e\u606f\u91cd\u7f6e\u540e\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u652f\u4ed8\u7387\u5c06\u4ece 60%-75% \u56de\u843d\u81f3 45%-60% \u533a\u95f4\uff0c\u5206\u7ea2\u7684\u53ef\u6301\u7eed\u6027\u663e\u8457\u589e\u5f3a\u3002<\/p>\n<p>\u5c3d\u7ba1\u77ed\u671f\u9635\u75db\u660e\u663e\uff0cTelus \u7ecf\u8425\u5c42\u9762\u4ecd\u4e0d\u4e4f\u4eae\u70b9\uff1a\u7ecf\u8425\u6d3b\u52a8\u73b0\u91d1\u6d41\u540c\u6bd4\u589e\u957f 15.1% \u81f3 13 \u4ebf\u52a0\u5143\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u5fae\u589e 1.9% \u81f3 5.45 \u4ebf\u52a0\u5143\u3002\u7f51\u7edc\u5efa\u8bbe\u65b9\u9762\uff0c\u4e8c\u5b63\u5ea6\u8d44\u672c\u652f\u51fa\u4e3a 6.78 \u4ebf\u52a0\u5143\uff0c5G \u7f51\u7edc\u4eba\u53e3\u8986\u76d6\u7387\u5df2\u8fbe 92%\uff0c\u672a\u6765\u4e94\u5e74\u8fd8\u8ba1\u5212\u6295\u5165\u7ea6 660 \u4ebf\u52a0\u5143\u7528\u4e8e\u5f3a\u5316 5G \u53ca\u5bbd\u5e26\u57fa\u7840\u8bbe\u65bd\u3002\u4e0d\u8fc7\uff0c\u7ba1\u7406\u5c42\u540c\u6b65\u4e0b\u8c03\u4e86 2026 \u5e74\u8d22\u52a1\u6307\u5f15\uff0c\u9884\u8ba1\u5168\u5e74\u6536\u5165\u6301\u5e73\u6216\u4e0b\u6ed1 2%\uff0c\u8c03\u6574\u540e EBITDA \u53ef\u80fd\u6536\u7f29 2% \u81f3 4%\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u7ea6 18 \u4ebf\u52a0\u5143\uff0c\u663e\u8457\u4f4e\u4e8e\u6b64\u524d 25 \u4ebf\u52a0\u5143\u7684\u9884\u671f\u3002\u5b8c\u6210\u8c03\u6574\u540e\uff0cTelus \u8fdc\u671f\u80a1\u606f\u7387\u4ecd\u6709 5.6%\uff0c\u8fdc\u671f\u5e02\u76c8\u7387\u7ea6 14.1 \u500d\uff0c\u4f30\u503c\u56de\u5f52\u81f3\u76f8\u5bf9\u5408\u7406\u6c34\u5e73\u3002<\/p>\n<p>\u53e6\u4e00\u5de8\u5934 BCE \u540c\u6837\u7ecf\u5386\u4e86\u80a1\u606f\u91cd\u7f6e\u3002\u9762\u5bf9\u503a\u52a1\u79ef\u7d2f\u3001\u9ad8\u5229\u7387\u73af\u5883\u548c\u6fc0\u70c8\u5e02\u573a\u7ade\u4e89\uff0cBCE \u5c06\u5b63\u5ea6\u80a1\u606f\u8c03\u964d\u81f3\u6bcf\u80a1 0.44 \u52a0\u5143\uff0c\u5e74\u5316\u6d3e\u606f 1.75 \u52a0\u5143\uff0c\u5bf9\u5e94\u6536\u76ca\u7387\u7ea6 5.8%\uff0c\u8f83\u6b64\u524d\u8d85\u8fc7 11% \u7684\u9ad8\u4f4d\u5927\u5e45\u56de\u843d\u3002\u524a\u51cf\u80a1\u606f\u4e3a BCE \u91ca\u653e\u51fa\u53ef\u89c2\u7684\u73b0\u91d1\u7f13\u51b2\u30022025 \u8d22\u5e74\uff0cBCE \u4ea7\u751f\u81ea\u7531\u73b0\u91d1\u6d41\u7ea6 32 \u4ebf\u52a0\u5143\uff0c\u9ad8\u4e8e 2024 \u5e74\u7684 29 \u4ebf\u52a0\u5143\uff1b2026 \u5e74\u7b2c\u4e00\u5b63\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u5fae\u589e\u81f3 8.04 \u4ebf\u52a0\u5143\u3002\u6d3e\u606f\u8c03\u964d\u540e\uff0c\u516c\u53f8\u65e0\u987b\u518d\u5c06\u7edd\u5927\u90e8\u5206\u81ea\u7531\u73b0\u91d1\u6d41\u7528\u4e8e\u5206\u914d\uff0c\u8fdb\u800c\u83b7\u5f97\u66f4\u591a\u4f59\u88d5\u53bb\u507f\u8fd8\u503a\u52a1\u548c\u63a8\u8fdb Ziply Fiber \u7b49\u589e\u957f\u578b\u7f51\u7edc\u6295\u8d44\u3002\u80a1\u606f\u57fa\u6570\u867d\u7136\u964d\u4f4e\uff0c\u4f46\u6839\u57fa\u66f4\u4e3a\u624e\u5b9e\uff0c\u53ea\u662f\u516c\u53f8\u5df2\u660e\u786e\u8868\u6001\uff0c\u77ed\u671f\u5185\u4e0d\u518d\u4ee5\u80a1\u606f\u589e\u957f\u4e3a\u6838\u5fc3\u8bc9\u6c42\uff0c\u8f6c\u800c\u805a\u7126\u8d22\u52a1\u7eaa\u5f8b\u7684\u4fee\u590d\u3002<\/p>\n<p>\u4e24\u5927\u7535\u4fe1\u5de8\u5934\u5148\u540e\u201c\u780d\u606f\u201d\uff0c\u5b9e\u8d28\u4e0a\u662f\u5bf9\u8fc7\u5f80\u9ad8\u6760\u6746\u3001\u9ad8\u6d3e\u606f\u6a21\u5f0f\u7684\u4e3b\u52a8\u7ea0\u504f\u3002\u524a\u51cf\u80a1\u606f\u964d\u4f4e\u4e86\u73b0\u91d1\u6d41\u538b\u529b\uff0c\u8ba9\u8d22\u52a1\u7ed3\u6784\u91cd\u83b7\u5f39\u6027\u3002\u867d\u7136\u77ed\u671f\u4e1a\u7ee9\u6307\u5f15\u4f9d\u7136\u504f\u5f31\u4e14\u80a1\u4ef7\u627f\u538b\uff0c\u4f46\u98ce\u9669\u96c6\u4e2d\u91ca\u653e\u540e\uff0c\u4e24\u5bb6\u516c\u53f8\u5206\u522b\u63d0\u4f9b 5.6% \u548c 5.8% \u7684\u80a1\u606f\u6536\u76ca\u7387\uff0c\u5728\u4f4e\u606f\u73af\u5883\u4e2d\u4ecd\u5177\u4e00\u5b9a\u5438\u5f15\u529b\u3002\u5bf9\u4e8e\u80fd\u591f\u63a5\u53d7\u77ed\u671f\u6ce2\u52a8\u3001\u770b\u91cd\u957f\u671f\u73b0\u91d1\u56de\u62a5\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5f53\u524d\u7684\u4f30\u503c\u8c03\u6574\u6216\u8bb8\u6b63\u5728\u6253\u5f00\u4e00\u4e2a\u503c\u5f97\u89c2\u5bdf\u7684\u5e03\u5c40\u7a97\u53e3\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u8fd1\u671f\uff0c\u52a0\u62ff\u5927\u7535\u4fe1\u884c\u4e1a\u4e24\u5927\u5de8\u5934 Telus\uff08T\uff09\u548c BCE\uff08BCE\uff09\u5148\u540e\u5927\u5e45\u8c03\u964d\u80a1\u606f\uff0c\u5f15\u53d1\u5e02\u573a\u5e7f\u6cdb\u5173\u6ce8\u3002\u4e24\u5bb6\u516c\u53f8 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":554319,"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":[2146,768,1859,2137],"class_list":["post-654896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","tag-2146","tag-768","tag-1859","tag-2137","sectors-technology-zh-hans","locations-canada-zh-hans","exchange-tsx-zh-hans"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/654896","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=654896"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/654896\/revisions"}],"predecessor-version":[{"id":654899,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/654896\/revisions\/654899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/554319"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=654896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=654896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=654896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}