{"id":656488,"date":"2026-08-12T16:41:43","date_gmt":"2026-08-12T23:41:43","guid":{"rendered":"https:\/\/nai500.com\/?p=656488"},"modified":"2026-08-12T16:41:43","modified_gmt":"2026-08-12T23:41:43","slug":"%e9%93%9c%e4%bb%b7%e5%8f%88%e7%a0%b4%e7%ba%aa%e5%bd%95%ef%bc%81%e9%93%9c%e7%9f%bf%e8%82%a1%e6%80%8e%e4%b9%88%e9%80%89%ef%bc%9f%ef%bc%88%e9%99%84%e4%bc%b0%e5%80%bc%e8%a1%a8%f0%9f%93%8a%ef%bc%89","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/08\/%e9%93%9c%e4%bb%b7%e5%8f%88%e7%a0%b4%e7%ba%aa%e5%bd%95%ef%bc%81%e9%93%9c%e7%9f%bf%e8%82%a1%e6%80%8e%e4%b9%88%e9%80%89%ef%bc%9f%ef%bc%88%e9%99%84%e4%bc%b0%e5%80%bc%e8%a1%a8%f0%9f%93%8a%ef%bc%89\/","title":{"rendered":"\u94dc\u4ef7\u53c8\u7834\u7eaa\u5f55\uff01\u94dc\u77ff\u80a1\u600e\u4e48\u9009\uff1f\uff08\u9644\u4f30\u503c\u8868\ud83d\udcca\uff09"},"content":{"rendered":"<p>\u94dc\u4ef7\u5728\u7ebd\u7ea6\u5546\u54c1\u4ea4\u6613\u6240\u518d\u521b\u7eaa\u5f55\u3002\u5468\u4e09\uff0c9\u6708\u4ea4\u5272\u7684\u94dc\u671f\u8d27\u89e6\u53ca\u6bcf\u78c56.7140\u7f8e\u5143\uff08\u6bcf\u542814,802\u7f8e\u5143\uff09\uff0c\u7a81\u78348\u67085\u65e5\u521b\u4e0b\u7684\u6bcf\u78c56.7045\u7f8e\u5143\u7eaa\u5f55\uff0c\u968f\u540e\u56de\u843d\u81f36.6335\u7f8e\u5143\uff0c\u5f53\u65e5\u57fa\u672c\u6301\u5e73\u300212\u6708\u5408\u7ea6\u89e6\u53ca6.8070\u7f8e\u5143\uff0c2027\u5e749\u6708\u4ea4\u5272\u7684\u5408\u7ea6\u62a57.0280\u7f8e\u5143\u3002<\/p>\n<p>\u4f26\u6566\u5e02\u573a\u65b9\u9762\uff0cLME\u73b0\u8d27\u94dc\u5468\u4e8c\u7ed3\u7b97\u4ef7\u6bcf\u542814,424.50\u7f8e\u5143\uff0c\u8f83\u4e09\u4e2a\u6708\u5408\u7ea6\u6bcf\u542814,217.00\u7f8e\u5143\u5347\u6c34207.50\u7f8e\u5143\uff0c\u4e3a2026\u5e74\u4ee5\u6765\u6700\u5bbd\u6c34\u5e73\u3002\u524d\u4e00\u65e5\u5347\u6c34\u4e3a138\u7f8e\u5143\uff0c7\u6708\u5e95\u4ec534\u7f8e\u5143\u3002LME\u94dc\u5e93\u5b58\u964d\u81f3214,550\u5428\uff0c\u81ea7\u6708\u5e95\u4ee5\u6765\u51cf\u5c11\u903e35,000\u5428\uff0c\u964d\u5e4514%\u3002COMEX\u94dc\u4ef7\u7ea6\u6bcf\u542814,625\u7f8e\u5143\uff0c\u9ad8\u4e8eLME\u4e09\u4e2a\u6708\u4ef7\u683c\u7ea6400\u7f8e\u5143\u3002\u94dc\u4ef72026\u5e74\u7d2f\u8ba1\u4e0a\u6da8\u7ea618%\uff0c\u8fc7\u53bb12\u4e2a\u6708\u4e0a\u6da847%\u3002<\/p>\n<p>\u94dc\u4ef7\u8d70\u9ad8\u8ba9\u94dc\u77ff\u80a1\u4f30\u503c\u51fa\u73b0\u660e\u663e\u5206\u5316\u3002\u4e0b\u8868\u5217\u51fa\u4e3b\u8981\u94dc\u77ff\u80a1\u7684\u5e02\u503c\u3001\u524d\u77bb\u5e02\u76c8\u7387\u3001EV\/EBITDA\u3001\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u7387\u3001\u8d1f\u503a\u6743\u76ca\u6bd4\u3001\u516c\u5141\u4ef7\u503c\u4e0a\u884c\u7a7a\u95f4\u4e0e\u4e00\u5e74\u56de\u62a5\u3002<\/p>\n<table>\n<thead>\n<tr>\n<td>\u80a1\u7968<\/td>\n<td>\u5e02\u503c<\/td>\n<td>\u524d\u77bb\u5e02\u76c8\u7387<\/td>\n<td>EV\/EBITDA<\/td>\n<td>\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u7387<\/td>\n<td>\u8d1f\u503a\/\u6743\u76ca<\/td>\n<td>\u516c\u5141\u4ef7\u503c\u4e0a\u884c\u7a7a\u95f4<\/td>\n<td>\u4e00\u5e74\u56de\u62a5<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=TECK\">Teck Resources (TECK)<\/a><\/td>\n<td>328\u4ebf\u7f8e\u5143<\/td>\n<td>14.6x<\/td>\n<td>7.5x<\/td>\n<td>4.2%<\/td>\n<td>35.5%<\/td>\n<td>+6.6%<\/td>\n<td>+108.6%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=GLEN\">Glencore (GLEN)<\/a><\/td>\n<td>902\u4ebf\u7f8e\u5143<\/td>\n<td>12.5x<\/td>\n<td>9.0x<\/td>\n<td>-1.5%<\/td>\n<td>108.5%<\/td>\n<td>+13.4%<\/td>\n<td>+98.7%<\/td>\n<\/tr>\n<tr>\n<td>First Quantum (FM)<\/td>\n<td>264\u4ebf\u7f8e\u5143<\/td>\n<td>N\/M<\/td>\n<td>20.4x<\/td>\n<td>1.9%<\/td>\n<td>67.7%<\/td>\n<td>+10.8%<\/td>\n<td>+91.5%<\/td>\n<\/tr>\n<tr>\n<td>Hudbay Minerals (HBM)<\/td>\n<td>124\u4ebf\u7f8e\u5143<\/td>\n<td>19.3x<\/td>\n<td>11.1x<\/td>\n<td>2.3%<\/td>\n<td>21.8%<\/td>\n<td>-11.7%<\/td>\n<td>+196.0%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=SCCO\">Southern Copper (SCCO)<\/a><\/td>\n<td>1670\u4ebf\u7f8e\u5143<\/td>\n<td>25.9x<\/td>\n<td>17.0x<\/td>\n<td>3.1%<\/td>\n<td>68.3%<\/td>\n<td>-20.7%<\/td>\n<td>+121.4%<\/td>\n<\/tr>\n<tr>\n<td>Freeport-McMoRan (FCX)<\/td>\n<td>1013\u4ebf\u7f8e\u5143<\/td>\n<td>23.7x<\/td>\n<td>12.5x<\/td>\n<td>1.7%<\/td>\n<td>51.5%<\/td>\n<td>-14.7%<\/td>\n<td>+71.9%<\/td>\n<\/tr>\n<tr>\n<td>Antofagasta (ANTO)<\/td>\n<td>535\u4ebf\u7f8e\u5143<\/td>\n<td>30.0x<\/td>\n<td>11.9x<\/td>\n<td>-1.1%<\/td>\n<td>73.9%<\/td>\n<td>-19.8%<\/td>\n<td>+100.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>\u6570\u636e\u622a\u81f32026\u5e748\u670811\u65e5\uff1b\u516c\u5141\u4ef7\u503c\u4e0a\u884c\u7a7a\u95f4\u4e3a\u6a21\u578b\u5bf9\u6bd4\u73b0\u4ef7\uff1b\u7b5b\u9009\u5feb\u7167\u53ef\u80fd\u6ede\u540e\u4e8e\u5b9e\u65f6\u4ef7\u683c\u3002<\/em><\/p>\n<p>\u5728\u4f30\u503c\u5c42\u9762\uff0cTeck Resources \u662f\u6700\u5e73\u8861\u7684\u9009\u62e9\u3002\u524d\u77bb\u5e02\u76c8\u738714.6\u500d\uff0cEV\/EBITDA\u4ec57.5\u500d\uff0c\u662f\u4e3b\u8981\u94dc\u77ff\u80a1\u4e2d\u6bcf\u4e00\u4f30\u503c\u6307\u6807\u7684\u6700\u4f4e\u6c34\u5e73\u3002\u8d1f\u503a\u6743\u76ca\u6bd4\u4ec535.5%\uff0c\u8d44\u4ea7\u8d1f\u503a\u8868\u6700\u4e3a\u5e72\u51c0\uff1b\u81ea\u7531\u73b0\u91d1\u6d41\u6536\u76ca\u73874.2%\uff0c\u5728\u76c8\u5229\u94dc\u77ff\u4e2d\u6700\u9ad8\u3002\u516c\u5141\u4ef7\u503c\u6a21\u578b\u4ecd\u663e\u793a6.6%\u7684\u4e0a\u884c\u7a7a\u95f4\uff0c\u5e02\u573a\u5c1a\u672a\u5b8c\u5168\u53cd\u6620\u94dc\u4ef7\u8d70\u52bf\u3002Teck \u51fa\u552e\u70bc\u94a2\u7164\u4e1a\u52a1\u540e\u8f6c\u5411\u94dc\uff0c\u5bf9\u94dc\u7684\u655e\u53e3\u6301\u7eed\u63d0\u5347\u3002<\/p>\n<p>Glencore \u5c5e\u4e8e\u6df1\u5ea6\u4ef7\u503c\u6807\u7684\u3002\u524d\u77bb\u5e02\u76c8\u738712.5\u500d\uff0cEV\/EBITDA 9.0\u500d\uff0c\u4e3a\u53ef\u6bd4\u516c\u53f8\u4e2d\u6700\u4f4e\uff1b\u516c\u5141\u4ef7\u503c\u6a21\u578b\u663e\u793a13.4%\u4e0a\u884c\u7a7a\u95f4\uff0c\u5728\u8fd9\u4e00\u540d\u5355\u4e2d\u6700\u9ad8\u3002\u4f46\u9700\u8981\u6ce8\u610f\uff0cGlencore \u8d1f\u503a\u6743\u76ca\u6bd4\u8fbe108.5%\uff0c\u81ea\u7531\u73b0\u91d1\u6d41\u4e3a\u8d1f\u3002\u4f5c\u4e3a\u591a\u5143\u5316\u77ff\u5546\u4e0e\u8d38\u6613\u5546\uff0c\u94dc\u4e1a\u52a1\u7eaf\u5ea6\u88ab\u7a00\u91ca\uff0c\u4f46\u89c4\u6a21\u4e0e\u4f4e\u4f30\u503c\u8ba9\u8fd9\u5bb6\u516c\u53f8\u6210\u4e3a\u5546\u54c1\u6574\u4f53\u8d70\u5f3a\u7684\u6760\u6746\u62bc\u6ce8\u3002<\/p>\n<p>\u8d28\u91cf\u6ea2\u4ef7\u4e00\u7aef\uff0cSouthern Copper \u662f\u884c\u4e1a\u9886\u5148\u8005\uff0cROE\u4e3a50.1%\uff0c\u5728\u77ff\u4e1a\u4e2d\u65e0\u4e0e\u4f26\u6bd4\uff0c\u62e5\u6709\u5168\u7403\u6700\u5927\u94dc\u50a8\u91cf\uff0c\u5c5e\u4e8e\u6700\u9ad8\u8d28\u91cf\u7684\u7eaf\u94dc\u6807\u7684\u3002\u4f46\u6309\u6eda\u52a8\u76c8\u5229\u8ba1\u7b97\uff0c\u5e02\u76c8\u7387\u4e3a29.5\u500d\uff0c\u516c\u5141\u4ef7\u503c\u6a21\u578b\u663e\u793a\u9ad8\u4f3020.7%\u3002\u5e02\u573a\u5df2\u7ecf\u628a\u5b8c\u7f8e\u9884\u671f\u8ba1\u5165\u80a1\u4ef7\uff0c\u8fd9\u53ea\u80a1\u7968\u66f4\u9002\u5408\u957f\u671f\u6301\u6709\uff0c\u800c\u975e\u4ef7\u503c\u578b\u5165\u573a\u3002Freeport-McMoRan \u662f\u7f8e\u56fd\u4e0a\u5e02\u7684\u6700\u5927\u94dc\u77ff\u5546\uff0c\u6eda\u52a8\u5e02\u76c8\u738734.5\u500d\uff0c\u516c\u5141\u4ef7\u503c\u4e0b\u884c\u7a7a\u95f414.7%\u3002\u8fd0\u8425\u80fd\u529b\u4f18\u79c0\uff0c\u4f46\u94dc\u4ef7\u6da8\u52bf\u5df2\u5b8c\u5168\u4f53\u73b0\u5728\u80a1\u4ef7\u4e2d\u3002<\/p>\n<p>\u82e5\u5e0c\u671b\u5206\u6563\u4e2a\u80a1\u98ce\u9669\uff0c<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=COPX\">Global X Copper Miners ETF\uff08COPX\uff09<\/a>\u6301\u670944\u53ea\u94dc\u77ff\u80a1\uff0c\u524d\u4e94\u6301\u4ed3\u4e3a Hudbay Minerals 5.7%\u3001Teck Resources 5.3%\u3001BHP 5.1%\u3001First Quantum 5.1%\u3001Southern Copper 5.0%\u3002\u8be5ETF\u5e02\u76c8\u738714.2\u500d\uff0c\u80a1\u606f\u73872.2%\uff0c\u5165\u573a\u4f30\u503c\u4f4e\u4e8e\u591a\u6570\u4e2a\u80a1\uff0c\u4f46beta\u8fbe2.06\uff0c\u4f1a\u653e\u5927\u94dc\u4ef7\u53cc\u5411\u6ce2\u52a8\u3002<\/p>\n<p>\u6295\u8d44\u8005\u9762\u5bf9\u94dc\u4ef7\u65b0\u9ad8\uff0c\u9700\u8981\u533a\u5206\u4f30\u503c\u4e0e\u8d28\u91cf\u3002\u4fbf\u5b9c\u5e76\u975e\u552f\u4e00\u6807\u51c6\uff0c\u9ad8ROE\u4e0e\u50a8\u91cf\u4f18\u52bf\u5f80\u5f80\u5bf9\u5e94\u66f4\u9ad8\u5b9a\u4ef7\u3002\u4f30\u503c\u8868\u4e0e\u516c\u5141\u4ef7\u503c\u6a21\u578b\u63d0\u4f9b\u53c2\u7167\uff0c\u4f46\u5b9e\u65f6\u7b5b\u9009\u53ef\u80fd\u5b58\u5728\u6ede\u540e\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u94dc\u4ef7\u5728\u7ebd\u7ea6\u5546\u54c1\u4ea4\u6613\u6240\u518d\u521b\u7eaa\u5f55\u3002\u5468\u4e09\uff0c9\u6708\u4ea4\u5272\u7684\u94dc\u671f\u8d27\u89e6\u53ca\u6bcf\u78c56.7140\u7f8e\u5143\uff08\u6bcf\u542814,802\u7f8e\u5143\uff09\uff0c\u7a81\u78348\u6708 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":598005,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1521,430,2196],"tags":[2158,1402,893,741],"class_list":["post-656488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1521","category-trends-strategies-zh-hans","category-2196","tag-2158","tag-1402","tag-893","tag-741","sectors-base-metals-sch","locations-europe-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\/656488","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=656488"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/656488\/revisions"}],"predecessor-version":[{"id":656491,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/656488\/revisions\/656491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/598005"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=656488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=656488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=656488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}