{"id":657956,"date":"2026-08-18T18:45:29","date_gmt":"2026-08-19T01:45:29","guid":{"rendered":"https:\/\/nai500.com\/?p=657956"},"modified":"2026-08-18T18:45:29","modified_gmt":"2026-08-19T01:45:29","slug":"%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e7%ae%a1%e9%81%93%e5%bb%ba%e8%ae%be%e6%8f%90%e9%80%9f%ef%bc%8cenb%e3%80%81ppl%e3%80%81trp%e7%8e%b0%e5%9c%a8%e8%83%bd%e4%b8%8a%e8%bd%a6%e5%90%97%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/08\/%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%83%bd%e6%ba%90%e7%ae%a1%e9%81%93%e5%bb%ba%e8%ae%be%e6%8f%90%e9%80%9f%ef%bc%8cenb%e3%80%81ppl%e3%80%81trp%e7%8e%b0%e5%9c%a8%e8%83%bd%e4%b8%8a%e8%bd%a6%e5%90%97%ef%bc%9f\/","title":{"rendered":"\u52a0\u62ff\u5927\u80fd\u6e90\u7ba1\u9053\u5efa\u8bbe\u63d0\u901f\uff0cENB\u3001PPL\u3001TRP\u73b0\u5728\u80fd\u4e0a\u8f66\u5417\uff1f"},"content":{"rendered":"

\u52a0\u62ff\u5927\u4f5c\u4e3a\u5168\u7403\u7b2c\u56db\u5927\u77f3\u6cb9\u751f\u4ea7\u56fd\uff0c\u6b63\u5728\u63a8\u52a8\u81f3\u5c11\u516d\u4e2a\u80fd\u6e90\u51fa\u53e3\u7ba1\u9053\u9879\u76ee\u3002\u6839\u636e\u8def\u900f\u8ba1\u7b97\uff0c\u8fd9\u4e9b\u9879\u76ee\u5408\u8ba1\u52302035\u5e74\u53ef\u589e\u52a0225\u4e07\u6876\/\u65e5\u7684\u51fa\u53e3\u7ba1\u9053\u8fd0\u529b\uff0c\u6709\u671b\u63d0\u5347\u52a0\u62ff\u5927\u77f3\u6cb9\u51fa\u53e3\u89c4\u6a21\uff0c\u5e76\u63a8\u52a8\u603b\u7406\u9a6c\u514b\u00b7\u5361\u5c3c\u63d0\u51fa\u7684\u201c\u80fd\u6e90\u8d85\u7ea7\u5927\u56fd\u201d\u76ee\u6807\u9010\u6b65\u843d\u5730\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0cEnbridge (TSX:ENB)<\/a>\u3001Pembina Pipeline (TSX:PPL)<\/a>\u548cTC Energy (TSX:TRP)<\/a>\u4e09\u5bb6\u80fd\u6e90\u57fa\u5efa\u516c\u53f8\u53d7\u5230\u5e02\u573a\u5173\u6ce8\u3002<\/p>\n

\u6839\u636e\u62ab\u9732\u4fe1\u606f\uff0c\u516d\u4e2a\u5728\u5efa\u6216\u62df\u8bae\u9879\u76ee\u5305\u62ec\uff1a<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u9879\u76ee\u540d\u79f0<\/td>\n\u65b0\u589e\u8fd0\u529b\uff08\u4e07\u6876\/\u65e5\uff09<\/td>\n\u9879\u76ee\u72b6\u6001<\/td>\n\u76ee\u6807\u6295\u8fd0\u65f6\u95f4<\/td>\n<\/tr>\n<\/thead>\n
Enbridge\u4e3b\u7ebf\u4e00\u671f\u4f18\u5316<\/td>\n15<\/td>\n\u5df2\u83b7\u6279\u51c6<\/td>\n2027\u5e74<\/td>\n<\/tr>\n
Trans Mountain\u51cf\u963b\u5242\u9879\u76ee<\/td>\n9<\/td>\n\u5df2\u83b7\u6279\u51c6<\/td>\n2027\u5e74<\/td>\n<\/tr>\n
Enbridge\u4e3b\u7ebf\u4e8c\u671f\u4f18\u5316<\/td>\n25<\/td>\n\u62df\u8bae\u9636\u6bb5<\/td>\n\u672a\u5b9a<\/td>\n<\/tr>\n
Trans Mountain\u4e3b\u7ebf\u4f18\u5316<\/td>\n21<\/td>\n\u62df\u8bae\u9636\u6bb5<\/td>\n2028\u5e74<\/td>\n<\/tr>\n
South Bow\/Bridger Prairie\u8fde\u63a5\u7ebf<\/td>\n55<\/td>\n\u62df\u8bae\u9636\u6bb5<\/td>\n2028\u5e74<\/td>\n<\/tr>\n
Alberta\u897f\u6d77\u5cb8\u7ba1\u9053<\/td>\n100<\/td>\n\u62df\u8bae\u9636\u6bb5<\/td>\n2033\u5e74\u81f32034\u5e74<\/td>\n<\/tr>\n
\u5408\u8ba1<\/strong><\/td>\n225<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Enbridge\uff1a\u5408\u540c\u6a21\u5f0f\u7a33\u56fa\uff0c\u8fde\u7eed31\u5e74\u4e0a\u8c03\u80a1\u606f<\/h2>\n

Enbridge\u5728TSX\u4e0a\u5e02\uff0c\u7ecf\u8425\u8d85\u8fc7200\u4e2a\u521b\u6536\u8d44\u4ea7\uff0c\u7ea698%\u7684\u6536\u76ca\u6765\u81ea\u957f\u671f\u7167\u4ed8\u4e0d\u8bae\u5408\u540c\u548c\u53d7\u76d1\u7ba1\u8d44\u4ea7\u3002\u516c\u53f8\u5927\u90e8\u5206\u6536\u76ca\u8fd8\u53d7\u5230\u901a\u80c0\u8054\u52a8\u673a\u5236\u4fdd\u62a4\uff0c\u56e0\u6b64\u5728\u4e0d\u540c\u7ecf\u6d4e\u73af\u5883\u4e0b\u90fd\u80fd\u4fdd\u6301\u8f83\u4e3a\u7a33\u5b9a\u7684\u73b0\u91d1\u6d41\u3002\u51ed\u501f\u8fd9\u79cd\u8d22\u52a1\u97e7\u6027\uff0cEnbridge\u5df2\u7ecf\u8fde\u7eed\u652f\u4ed8\u80a1\u606f\u8d85\u8fc770\u5e74\uff0c\u5e76\u8fde\u7eed31\u5e74\u63d0\u9ad8\u80a1\u606f\uff0c\u5f53\u524d\u80a1\u606f\u7387\u4e3a5.5%\u3002<\/p>\n

\u540c\u65f6\uff0c\u516c\u53f8\u6b63\u5728\u63a8\u8fdb410\u4ebf\u52a0\u5143\u7684\u8d44\u672c\u8ba1\u5212\uff0c\u7528\u4e8e\u6269\u5927\u8d44\u4ea7\u57fa\u7840\uff0c\u6ee1\u8db3\u5317\u7f8e\u77f3\u6cb9\u548c\u5929\u7136\u6c14\u4ea7\u91cf\u589e\u957f\u5e26\u6765\u7684\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u9700\u6c42\u3002\u76f8\u5173\u6295\u8d44\u6709\u671b\u63d0\u5347\u73b0\u91d1\u6d41\uff0c\u800c\u7a33\u5065\u7684\u8d22\u52a1\u72b6\u51b5\u4e5f\u4e3a\u80a1\u606f\u6301\u7eed\u652f\u4ed8\u63d0\u4f9b\u652f\u6491\u3002<\/p>\n

Pembina Pipeline\uff1a\u5408\u540c\u6536\u5165\u6258\u5e95\uff0c\u591a\u4e2a\u589e\u957f\u9879\u76ee\u63a8\u8fdb<\/h2>\n

Pembina Pipeline\u5e76\u4e0d\u6309\u6708\u652f\u4ed8\u80a1\u606f\uff0c\u4f46\u63094.4%\u7684\u80a1\u606f\u7387\u8ba1\u7b97\uff0c5000\u52a0\u5143\u6295\u8d44\u6bcf\u5b63\u5ea6\u53ef\u83b7\u5f9753.66\u52a0\u5143\uff0c\u6298\u5408\u6708\u5747\u7ea617.88\u52a0\u5143\u3002\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u7a33\u5065\uff0c\u540c\u65f6\u62e5\u6709\u591a\u4e2a\u589e\u957f\u673a\u4f1a\uff0c\u5728\u52a0\u62ff\u5927\u897f\u90e8\u63d0\u4f9b\u5173\u952e\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u670d\u52a1\u3002Pembina\u7684\u5408\u540c\u6536\u5165\u5360\u6bd4\u9ad8\uff0c\u80fd\u591f\u8f83\u597d\u652f\u6301\u80a1\u606f\u3002\u672a\u6765\u4e94\u5e74\uff0cLNG\u7ec8\u7aef\u3001\u6570\u636e\u4e2d\u5fc3\u4f9b\u7535\u3001\u4e59\u70f7\u63d0\u53d6\u7b49\u91cd\u5927\u9879\u76ee\u9884\u8ba1\u5c06\u5e26\u6765\u4e2d\u7b49\u4e2a\u4f4d\u6570\u589e\u957f\u3002\u516c\u53f8\u80a1\u4ef7\u8fd1\u671f\u56de\u8c03\u7ea66%\uff0c\u88ab\u90e8\u5206\u6295\u8d44\u8005\u89c6\u4e3a\u5f00\u59cb\u5efa\u4ed3\u7684\u65f6\u673a\u3002<\/p>\n

TC Energy\uff1a\u5929\u7136\u6c14\u7ba1\u9053\u4e0e\u53d1\u7535\u7ec4\u5408\uff0c2028\u5e74EBITDA\u76ee\u6807\u660e\u786e<\/h2>\n

TC Energy\u62e5\u6709\u5e76\u8fd0\u8425\u8986\u76d6\u5317\u7f8e\u7684\u5929\u7136\u6c14\u7ba1\u9053\u7f51\u7edc\uff0c\u4ee5\u53ca\u7ea64.7\u5409\u74e6\u53d1\u7535\u5bb9\u91cf\u7ec4\u5408\u3002\u7ea698%\u7684\u6536\u76ca\u6765\u81ea\u53d7\u8d39\u7387\u76d1\u7ba1\u8d44\u4ea7\u548c\u957f\u671f\u7167\u4ed8\u4e0d\u8bae\u5408\u540c\uff0c\u8d22\u52a1\u8868\u73b0\u53d7\u5546\u54c1\u4ef7\u683c\u6ce2\u52a8\u548c\u5b8f\u89c2\u73af\u5883\u53d8\u5316\u7684\u5f71\u54cd\u76f8\u5bf9\u6709\u9650\u3002\u516c\u53f8\u5df2\u8fde\u7eed26\u5e74\u63d0\u9ad8\u80a1\u606f\uff0c\u5f53\u524d\u8fdc\u671f\u6536\u76ca\u7387\u4e3a3.96%\u3002<\/p>\n

\u5317\u7f8e\u5929\u7136\u6c14\u4ea7\u91cf\u6301\u7eed\u4e0a\u5347\uff0c\u4e3aTC Energy\u7684\u57fa\u7840\u8bbe\u65bd\u5e26\u6765\u957f\u671f\u9700\u6c42\u3002\u516c\u53f8\u6b63\u5728\u6269\u5927\u8d44\u4ea7\u57fa\u7840\uff0c\u5df2\u670920\u4ebf\u52a0\u5143\u9879\u76ee\u6295\u5165\u670d\u52a1\uff0c\u53e6\u670935\u4ebf\u52a0\u5143\u9879\u76ee\u9884\u8ba1\u4eca\u5e74\u4e0a\u7ebf\uff0c\u5f00\u53d1\u50a8\u5907\u4e2d\u8fd8\u6709\u7ea6200\u4ebf\u52a0\u5143\u9879\u76ee\u3002\u516c\u53f8\u9884\u8ba1\u52302028\u5e74\u8c03\u6574\u540eEBITDA\u5c06\u8fbe\u5230126\u4ebf\u81f3131\u4ebf\u52a0\u5143\uff0c\u533a\u95f4\u4e2d\u70b9\u5bf9\u5e94\u7684\u5e74\u5316\u589e\u957f\u7387\u4e3a5.4%\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u52a0\u62ff\u5927\u4f5c\u4e3a\u5168\u7403\u7b2c\u56db\u5927\u77f3\u6cb9\u751f\u4ea7\u56fd\uff0c\u6b63\u5728\u63a8\u52a8\u81f3\u5c11\u516d\u4e2a\u80fd\u6e90\u51fa\u53e3\u7ba1\u9053\u9879\u76ee\u3002\u6839\u636e\u8def\u900f\u8ba1\u7b97\uff0c\u8fd9\u4e9b\u9879\u76ee\u5408\u8ba1\u52302035\u5e74\u53ef\u589e\u52a0 […]<\/p>\n","protected":false},"author":27,"featured_media":596270,"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-657956","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\/657956","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=657956"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/657956\/revisions"}],"predecessor-version":[{"id":657959,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/posts\/657956\/revisions\/657959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media\/596270"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=657956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/categories?post=657956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hans\/wp-json\/wp\/v2\/tags?post=657956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}