{"id":666133,"date":"2026-09-29T06:58:32","date_gmt":"2026-09-29T13:58:32","guid":{"rendered":"https:\/\/nai500.com\/?p=666133"},"modified":"2026-09-29T06:58:32","modified_gmt":"2026-09-29T13:58:32","slug":"%e7%be%8e%e5%9b%bd%e7%9a%84%e7%9f%bf%e4%ba%a7%e7%8b%ac%e7%ab%8b%e6%88%98%e7%95%a5%ef%bc%8c%e7%a6%bb%e4%b8%8d%e5%bc%80%e5%8a%a0%e6%8b%bf%e5%a4%a7","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2026\/09\/%e7%be%8e%e5%9b%bd%e7%9a%84%e7%9f%bf%e4%ba%a7%e7%8b%ac%e7%ab%8b%e6%88%98%e7%95%a5%ef%bc%8c%e7%a6%bb%e4%b8%8d%e5%bc%80%e5%8a%a0%e6%8b%bf%e5%a4%a7\/","title":{"rendered":"\u7f8e\u56fd\u7684\u77ff\u4ea7\u72ec\u7acb\u6218\u7565\uff0c\u79bb\u4e0d\u5f00\u52a0\u62ff\u5927"},"content":{"rendered":"<p>\u7f8e\u56fd\u524d\u653f\u5e9c\u5236\u88c1\u5b98\u5458\u3001\u5916\u4ea4\u5173\u7cfb\u534f\u4f1a\uff08CFR\uff09\u9ad8\u7ea7\u7814\u7a76\u5458 Edward Fishman \u5468\u4e00\u5728\u79d1\u7f57\u62c9\u591a\u65af\u666e\u6797\u65af\u4e3e\u884c\u7684\u7f8e\u6d32\u77ff\u4e1a\u8bba\u575b\u4e0a\u8b66\u544a\uff0c\u534e\u76db\u987f\u5bf9\u52a0\u62ff\u5927\u7684\u654c\u89c6\uff0c\u6b63\u5728\u5a01\u80c1\u7f8e\u56fd\u51cf\u5c11\u5bf9\u534e\u77ff\u4ea7\u4f9d\u8d56\u7684\u52aa\u529b\u3002<\/p>\n<p>Fishman \u66fe\u5728\u5965\u5df4\u9a6c\u653f\u5e9c\u671f\u95f4\u53c2\u4e0e\u8bbe\u8ba1\u5bf9\u4fc4\u7f57\u65af\u548c\u4f0a\u6717\u7684\u5236\u88c1\uff0c2017 \u5e74\u79bb\u5f00\u653f\u5e9c\uff0c\u73b0\u6267\u638c CFR \u7684 Greenberg \u5730\u7f18\u7ecf\u6d4e\u4e2d\u5fc3\u3002\u4ed6\u6307\u51fa\uff0c\u7f8e\u56fd\u6709\u8d44\u91d1\u548c\u653f\u6cbb\u610f\u613f\u6295\u8d44\u77ff\u4ea7\u4f9b\u5e94\uff0c\u4f46\u5f00\u53d1\u8fd9\u4e9b\u8d44\u6e90\u79bb\u4e0d\u5f00\u52a0\u62ff\u5927\u548c\u6fb3\u5927\u5229\u4e9a\u7684\u91c7\u77ff\u4e13\u4e1a\u6280\u672f\u3002\u4ed6\u76f4\u8a00\uff0c\u82e5\u7ee7\u7eed\u5bf9\u52a0\u5bf9\u6297\uff0c\u7f8e\u56fd\u51e0\u4e4e\u4e0d\u53ef\u80fd\u6446\u8131\u5bf9\u534e\u77ff\u4ea7\u4f9d\u8d56\uff0c\u6ca1\u6709\u52a0\u62ff\u5927\u4eba\u7684\u53c2\u4e0e\uff0c\u8fd9\u4e00\u76ee\u6807\u65e0\u4ece\u8c08\u8d77\u3002<\/p>\n<p>\u8fd9\u4e00\u5224\u65ad\u76f4\u6307\u534e\u76db\u987f\u77ff\u4ea7\u6218\u7565\u7684\u77db\u76fe\uff1a\u4fdd\u969c\u4f9b\u5e94\u9700\u8981\u76df\u53cb\u5408\u4f5c\uff0c\u8d38\u6613\u4e89\u7aef\u5374\u5728\u635f\u5bb3\u8fd9\u4e9b\u5173\u7cfb\u3002\u636e\u56fd\u9645\u80fd\u6e90\u7f72\u6570\u636e\uff0c\u4e2d\u56fd\u5728\u7a00\u571f\u7cbe\u70bc\u73af\u8282\u96c6\u4e2d\u5ea6\u5c24\u4e3a\u7a81\u51fa \u2014\u20142024 \u5e74\u5360\u5168\u7403\u7cbe\u70bc\u4ea7\u51fa\u7684 91%\uff0c\u800c\u5f00\u91c7\u7aef\u4e3a 60%\u3002\u4e2d\u56fd\u53bb\u5e74 4 \u6708\u51fa\u53f0\u7684\u51fa\u53e3\u7ba1\u63a7\u5df2\u6270\u4e71\u78c1\u6750\u4f9b\u5e94\uff0c\u8feb\u4f7f\u90e8\u5206\u8f66\u4f01\u51cf\u4ea7\u6216\u4e34\u65f6\u505c\u4ea7\u3002<\/p>\n<p>\u591a\u4f26\u591a\u7684 Centerra Gold\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=CG%3ACA\">TSX: CG<\/a>\uff1b<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=CGAU\">NYSE: CGAU<\/a>\uff09\u6b63\u5728\u91cd\u542f\u7231\u8fbe\u8377\u5dde Thompson Creek \u94bc\u77ff\uff0c\u4ee5\u4f9b\u5e94\u5bbe\u5915\u6cd5\u5c3c\u4e9a\u5dde Langeloth \u52a0\u5de5\u5382\uff0c\u636e\u6700\u65b0\u5b63\u5ea6\u8d22\u62a5\u8ba1\u5212 2027 \u5e74\u4e2d\u9996\u6b21\u51fa\u77ff\u3002\u94bc\u53ef\u5f3a\u5316\u80fd\u6e90\u57fa\u7840\u8bbe\u65bd\u3001\u56fd\u9632\u548c\u822a\u7a7a\u822a\u5929\u7528\u94a2\uff0c\u9996\u5e2d\u6267\u884c\u5b98 Paul Tomory \u79f0\u8be5\u4e1a\u52a1\u5c06\u53d7\u76ca\u4e8e\u7f8e\u56fd\u56fd\u5185\u94a2\u94c1\u4ea7\u80fd\u6269\u5f20\u4e0e\u518d\u5de5\u4e1a\u5316\u8fdb\u7a0b\u3002<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=HL\">Hecla Mining\uff08NYSE: HL\uff09<\/a>\u9996\u5e2d\u6267\u884c\u5b98 Rob Krcmarov \u5219\u4ece\u4f4e\u53f8\u6cd5\u98ce\u9669\u89d2\u5ea6\u5207\u5165\uff0c\u9ad8\u76db\u65d7\u4e0b\u4f4d\u4e8e\u963f\u62c9\u65af\u52a0\u3001\u7231\u8fbe\u8377\u548c\u80b2\u7a7a\u7684\u4e09\u5ea7\u5728\u4ea7\u94f6\u77ff\u63d0\u4f9b\u4e86\u5b89\u5168\u7684\u672a\u6765\u73b0\u91d1\u6d41\u4e0e\u4ea7\u91cf\uff0c\u8fd9\u6784\u6210 Hecla \u7684\u4f30\u503c\u6ea2\u4ef7\u6765\u6e90\uff0c\u516c\u53f8\u5c06\u7ee7\u7eed\u901a\u8fc7\u5df2\u6709\u8d44\u4ea7\u5185\u751f\u589e\u957f\uff0c\u800c\u975e\u4f9d\u8d56\u5e76\u8d2d\u3002<\/p>\n<p>Fishman \u63d0\u9192\uff0c\u4e0d\u5e94\u5c06\u7ecf\u6d4e\u5bf9\u6297\u89c6\u4e3a\u7279\u6717\u666e\u653f\u5e9c\u7684\u4e34\u65f6\u73b0\u8c61 \u2014\u2014 \u5386\u5c4a\u7f8e\u56fd\u653f\u5e9c\u90fd\u5728\u6269\u5927\u7ecf\u6d4e\u65bd\u538b\u5de5\u5177\u7684\u4f7f\u7528\uff0c\u800c\u77ff\u4e1a\u6295\u8d44\u5468\u671f\u957f\u4e8e\u9009\u4e3e\u5468\u671f\u3002\u4ed6\u540c\u65f6\u6307\u51fa\uff0c\u5404\u56fd\u4ecd\u9700\u754c\u5b9a &#8220;\u5b89\u5168\u77ff\u4ea7\u4f9b\u5e94&#8221; 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