{"id":581498,"date":"2025-06-30T00:45:17","date_gmt":"2025-06-30T07:45:17","guid":{"rendered":"https:\/\/nai500.com\/?p=581498"},"modified":"2025-06-30T00:45:17","modified_gmt":"2025-06-30T07:45:17","slug":"%e7%b2%be%e9%81%b8%e5%85%ad%e9%9a%bb%e7%be%8e%e8%82%a1%e5%a4%a9%e7%84%b6%e6%b0%a3%e8%82%a1%e7%a5%a8%ef%bc%9a%e8%83%bd%e6%ba%90%e8%bd%89%e5%9e%8b%e4%b8%ad%e4%b8%8d%e5%8f%af%e6%88%96%e7%bc%ba%e7%9a%84","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/06\/%e7%b2%be%e9%81%b8%e5%85%ad%e9%9a%bb%e7%be%8e%e8%82%a1%e5%a4%a9%e7%84%b6%e6%b0%a3%e8%82%a1%e7%a5%a8%ef%bc%9a%e8%83%bd%e6%ba%90%e8%bd%89%e5%9e%8b%e4%b8%ad%e4%b8%8d%e5%8f%af%e6%88%96%e7%bc%ba%e7%9a%84\/","title":{"rendered":"\u7cbe\u9078\u516d\u96bb\u7f8e\u80a1\u5929\u7136\u6c23\u80a1\u7968\uff1a\u80fd\u6e90\u8f49\u578b\u4e2d\u4e0d\u53ef\u6216\u7f3a\u7684\u6a4b\u6a11\u71c3\u6599"},"content":{"rendered":"

\u5118\u7ba1\u5168\u7403\u6b63\u5728\u5927\u529b\u63a8\u52d5\u98a8\u80fd\u3001\u592a\u967d\u80fd\u7b49\u53ef\u518d\u751f\u80fd\u6e90\u767c\u5c55\uff0c\u4f46\u5c08\u5bb6\u6307\u51fa\uff0c\u672a\u4f86\u6578\u5341\u5e74\u5929\u7136\u6c23\u4ecd\u5c07\u662f\u80fd\u6e90\u7d50\u69cb\u7684\u91cd\u8981\u7d44\u6210\u90e8\u5206\u3002\u6839\u64da6\u670826\u65e5\u767c\u4f48\u7684\u300a\u4e16\u754c\u80fd\u6e90\u7d71\u8a08\u5e74\u9452\u300b\u6700\u65b0\u6578\u64da\uff0c\u53bb\u5e74\u5168\u7403\u5929\u7136\u6c23\u9700\u6c42\u589e\u95772.5%\uff0c\u7522\u91cf\u63d0\u53471.2%\u3002<\/p>\n

\u76f8\u6bd4\u7164\u70ad\uff0c\u5929\u7136\u6c23\u4f5c\u70ba\u5316\u77f3\u71c3\u6599\u66f4\u52a0\u6e05\u6f54\uff0c\u4e14\u80fd\u70ba\u96fb\u7db2\u63d0\u4f9b\u7a69\u5b9a\u7684\u57fa\u8377\u96fb\u529b\u3002\u9019\u4e00\u512a\u52e2\u81f3\u95dc\u91cd\u8981\u2014\u2014\u96a8\u8457\u4eba\u53e3\u589e\u9577\u3001\u5de5\u696d\u64f4\u5f35\u3001\u4ea4\u901a\u7b49\u9818\u57df\u96fb\u6c23\u5316\u53ca\u652f\u6301\u4eba\u5de5\u667a\u80fd\u767c\u5c55\u7684\u6578\u64da\u4e2d\u5fc3\u80fd\u8017\u6fc0\u589e\uff0c\u5168\u7403\u96fb\u529b\u9700\u6c42\u5c07\u6301\u7e8c\u6500\u5347\u3002\u570b\u969b\u80fd\u6e90\u7f72(IEA)\u9810\u6e2c\uff0c\u5728\u73fe\u884c\u653f\u7b56\u60c5\u666f\u4e0b\uff0c2023-2035\u5e74\u5168\u7403\u5929\u7136\u6c23\u9700\u6c42\u5c07\u4fdd\u63010.5%\u7684\u5e74\u589e\u901f\uff0c\u4f46\u9810\u8a08\u5c07\u57282030\u5e74\u5de6\u53f3\u9054\u5cf0\u3002<\/p>\n

Catalyst\u80fd\u6e90\u57fa\u790e\u8a2d\u65bd\u57fa\u91d1(\u4ee3\u78bc:MLXIX)\u806f\u5e2d\u6295\u8cc7\u7d44\u5408\u7d93\u7406Henry Hoffman\u6307\u51fa\uff0c\u95dc\u9375\u8da8\u52e2\u5728\u65bc\u6578\u64da\u4e2d\u5fc3\u548c\u5de5\u696d\u56de\u6d41\u63a8\u52d5\u7684\u570b\u5167\u5929\u7136\u6c23\u9700\u6c42\u7d50\u69cb\u6027\u589e\u9577\uff0c\u4ee5\u53ca\u7f8e\u570bLNG\u51fa\u53e3\u7b2c\u4e09\u8f2a\u64f4\u5f35\u6f6e\u3002\u5728\u6b64\u80cc\u666f\u4e0b\uff0c\u53ef\u901a\u904e\u8239\u8236\u904b\u8f38\u7684\u8d85\u4f4e\u6eab\u5929\u7136\u6c23\uff08\u5373\u6db2\u5316\u5929\u7136\u6c23LNG\uff09\u5e02\u5834\u5730\u4f4d\u65e5\u76ca\u63d0\u5347\u3002\u800c\u4f5c\u70ba\u5168\u7403\u6700\u5927\u7684LNG\u51fa\u53e3\u570b\uff0c\u7f8e\u570b\u70ba\u6295\u8cc7\u8005\u63d0\u4f9b\u4e86\u5177\u5099\u5f37\u52c1\u589e\u9577\u6f5b\u529b\u7684\u5929\u7136\u6c23\u516c\u53f8\u80a1\u7968\u3002<\/p>\n

\u5982\u4f55\u6311\u9078\u5929\u7136\u6c23\u80a1\u7968\uff1f<\/h2>\n

\u805a\u7126\u5177\u5099\u986f\u8457\u6210\u672c\u512a\u52e2\u7684\u5929\u7136\u6c23\u958b\u63a1\u4f01\u696d\u81f3\u95dc\u91cd\u8981\uff0c\u9019\u985e\u516c\u53f8\u5373\u4f7f\u5728\u6c23\u50f9\u4e0b\u884c\u9031\u671f\u4ecd\u80fd\u7dad\u6301\u76c8\u5229\u3002\u6b64\u5916\uff0c\u64c1\u6709\u5f37\u52c1\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u4f01\u696d\u5177\u5099\u66f4\u5f37\u7684\u6297\u98a8\u96aa\u80fd\u529b\uff0c\u6bd4\u5982\u8aaa\u4f4e\u8ca0\u50b5\u7387\uff08\u8ca0\u50b5\/EBITDA<2.5\u500d\u70ba\u512a\uff09\uff0c\u5145\u8db3\u7684\u7d93\u71df\u6027\u73fe\u91d1\u6d41\uff08\u8986\u84cb\u8cc7\u672c\u652f\u51fa1.5\u500d\u4ee5\u4e0a\uff09\uff0c\u4ee5\u53ca\u6295\u8cc7\u7d1a\u4fe1\u7528\u8a55\u7d1a\u3002\u6700\u5f8c\uff0c\u5982\u679c\u60f3\u8981\u898f\u907f\u50f9\u683c\u6ce2\u52d5\u98a8\u96aa\uff0c\u53ef\u4ee5\u9078\u64c7\u4e2d\u6e38\u57fa\u790e\u8a2d\u65bd\u80a1\u7968\u3002<\/p>\n

\u4ee5\u4e0b\u662f2025\u5e74\u503c\u5f97\u95dc\u6ce8\u7684\u7f8e\u80a1\u5929\u7136\u6c23\u80a1\u7968\uff1a<\/p>\n

1. Cheniere Energy\uff08LNG\u5de8\u982d\uff09<\/h2>\n

\u4f5c\u70ba\u7f8e\u570b\u6700\u5927\u3001\u5168\u7403\u7b2c\u4e8c\u5927\u7684LNG\u751f\u7522\u5546\uff0cCheniere Energy\uff08NYSE: LNG\uff09<\/a>\u5be6\u73fe\u4e86\u5929\u7136\u6c23\u7372\u53d6\u3001\u904b\u8f38\u3001\u6db2\u5316\u53ca\u4ea4\u4ed8\u7684\u5168\u7522\u696d\u93c8\u8986\u84cb\u3002\u516c\u53f8\u6838\u5fc3\u8cc7\u7522\u4f4d\u65bc\u58a8\u897f\u54e5\u7063\u7684\u5169\u5927\u6db2\u5316\u51fa\u53e3\u8a2d\u65bd\uff1a\u8def\u6613\u65af\u5b89\u90a3\u5dde\u7684Sabine Pass\u7d42\u7aef\uff086\u689d\u751f\u7522\u7dda\uff0c\u5e74\u7522\u80fd3000\u842c\u5678\uff09\u4ee5\u53ca\u5fb7\u5dde\u7684Corpus Christi\u7d42\u7aef\uff083\u689d\u751f\u7522\u7dda\uff0c\u5e74\u7522\u80fd1500\u842c\u5678\uff0c\u4e09\u671f\u64f4\u5efa\u4e2d\uff09\u3002\u516c\u53f8\u901a\u904e\u9577\u671f\u5354\u8b70\u92b7\u552e\u6a21\u5f0f\u4fdd\u969c\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\uff0c\u4e26\u7528\u65bc\u5206\u7d05\uff082021\u5e74\u672b\u555f\u52d5\uff09\u3001\u80a1\u7968\u56de\u8cfc\u3001\u50b5\u52d9\u511f\u9084\u53ca\u7522\u80fd\u64f4\u5f35\u3002<\/p>\n

2. Energy Transfer\uff08\u4e2d\u6e38\u57fa\u5efa\uff09<\/h2>\n

\u8a72\u4f01\u696d\u5c08\u6ce8\u5929\u7136\u6c23\u3001\u539f\u6cb9\u3001LNG\u7b49\u80fd\u6e90\u7684\u904b\u8f38\u8207\u5b58\u5132\uff0c\u5728\u7522\u696d\u93c8\u4e2d\u6e38\u4f54\u64da\u95dc\u9375\u5730\u4f4d\u3002\u516c\u53f8\u589e\u9577\u6f5b\u529b\u4e3b\u8981\u57fa\u65bc\u4e09\u65b9\u9762\u512a\u52e2\uff1a\u6578\u64da\u4e2d\u5fc3\u80fd\u6e90\u9700\u6c42\u589e\u9577\u6a5f\u9047\uff0c\u8986\u84cb\u5ee3\u6cdb\u7684\u7ba1\u7db2\u4f48\u5c40\u4ee5\u53ca\u7d93\u904e\u9a57\u8b49\u7684\u904b\u71df\u53ef\u9760\u6027\u3002<\/p>\n

3. Williams\uff08\u5929\u7136\u6c23\u7ba1\u7db2\u904b\u71df\u5546\uff09<\/h2>\n

Williams\u904b\u71df\u8457\u7f8e\u570b\u6700\u5927\u7684\u5929\u7136\u6c23\u7ba1\u7db2\u4e4b\u4e00\uff0c\u901a\u904e\u8207\u8d85\u5927\u898f\u6a21\u96f2\u670d\u52d9\u5546\u5408\u4f5c\u958b\u767c\u53ef\u64f4\u5c55\u548c\u9ad8\u6548\u7684\u5929\u7136\u6c23\u4f9b\u96fb\u89e3\u6c7a\u65b9\u6848\uff0c\u5efa\u7acb\u5dee\u7570\u5316\u7af6\u722d\u529b\u3002\u56b4\u683c\u7684\u8cc7\u672c\u7d00\u5f8b\u914d\u5408\u9577\u671f\u5354\u8b70\u9396\u5b9a\uff0c\u986f\u8457\u589e\u5f37\u4e86\u516c\u53f8\u672a\u4f86\u767c\u5c55\u7684\u78ba\u5b9a\u6027\u3002<\/p>\n

4. EQT\uff08\u751f\u7522\u9f8d\u982d\uff09<\/h2>\n

\u7f8e\u570b\u6700\u5927\u5929\u7136\u6c23\u751f\u7522\u5546EQT\u805a\u7126\u963f\u5df4\u62c9\u5951\u4e9e\u76c6\u5730\uff08Appalachian Basin\uff09\u8cc7\u6e90\u958b\u767c\u30022024\u5e74\u901a\u904e\u5168\u80a1\u7968\u4ea4\u6613\u6536\u8cfcEquitrans Midstream\u5be6\u73fe\u5782\u76f4\u6574\u5408\uff0c\u898f\u6a21\u6548\u61c9\u4f7f\u5176\u6210\u70ba\u5168\u7403\u6700\u4f4e\u6210\u672c\u7684\u751f\u7522\u5546\u4e4b\u4e00\u3002\u884c\u696d\u6700\u512a\u4fe1\u7528\u8a55\u7d1a\u70ba\u8a72\u516c\u53f8\u63d0\u4f9b\u4f4e\u6210\u672c\u878d\u8cc7\u512a\u52e2\uff0c\u9032\u4e00\u6b65\u978f\u56fa\u5e02\u5834\u5730\u4f4d\u3002<\/p>\n

5. NextDecade\uff08\u65b0\u92b3LNG\u4f01\u696d\uff09<\/h2>\n

\u9019\u5bb6\u65b0\u8208\u4f01\u696d\u6b63\u5728\u5fb7\u5ddeBrownsville\u9644\u8fd1\u5efa\u8a2d\u6db2\u5316\u8a2d\u65bd\uff0c\u8fd1\u671f\u5b8c\u6210\u5169\u9805\u95dc\u9375\u5408\u7d04\uff1a\u8207Bechtel Energy\u5c3148\u5104\u7f8e\u5143\u7684EPC\u5408\u540c\u91cd\u65b0\u5b9a\u50f9\uff0c\u4e26\u65b0\u589e43\u5104\u7f8e\u5143\u7684\u64f4\u5efa\u5408\u7d04\u3002\u516c\u53f8\u5546\u696d\u6a21\u5f0f\u901a\u904e\u8207\u4fe1\u7528\u8a55\u7d1a\u512a\u826f\u7684\u5168\u7403\u8cb7\u5bb6\u7c3d\u8a02\u9577\u671f\u5354\u8b70\u4fdd\u969c\u6536\u5165\u7a69\u5b9a\u6027\u3002<\/p>\n

6. Kinder Morgan\uff08\u57fa\u5efa\u5de8\u982d\uff09<\/h2>\n

\u4f5c\u70ba\u5317\u7f8e\u6700\u5927\u7684\u80fd\u6e90\u57fa\u5efa\u904b\u71df\u5546\uff0c\u8a72\u516c\u53f8\u63a7\u5236\u7f8e\u570b40%\u7684\u5929\u7136\u6c23\u8f38\u9001\u7db2\u7d61\uff0c\u64c1\u67097\u842c\u82f1\u91cc\u7684\u7ba1\u9053\u53ca7000\u5104\u7acb\u65b9\u82f1\u5c3a\u7684\u5132\u6c23\u80fd\u529b\uff08\u5360\u5168\u7f8e\u7e3d\u91cf\u768415%\uff09\u3002\u6536\u5165\u7d50\u69cb\u4e2d89%\u4f86\u81ea\u7167\u4ed8\u4e0d\u8b70\u5408\u540c\u8207\u5957\u671f\u4fdd\u503c\uff0c\u73fe\u91d1\u6d41\u9ad8\u5ea6\u7a69\u5b9a\u30022021-2023\u5e74\u7d2f\u8a08\u6295\u5165\u8d8535\u5104\u7f8e\u5143\u4e26\u8cfc\u64f4\u5c55\u7db2\u7d61\uff0c\u4e26\u8a2d\u7acb\u80fd\u6e90\u8f49\u578b\u90e8\u9580\u4f48\u5c40\u53ef\u518d\u751f\u5929\u7136\u6c23\uff08RNG\uff09\u53ca\u6c2b\u80fd\u5132\u904b\u696d\u52d9\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5118\u7ba1\u5168\u7403\u6b63\u5728\u5927\u529b\u63a8\u52d5\u98a8\u80fd\u3001\u592a\u967d\u80fd\u7b49\u53ef\u518d\u751f\u80fd\u6e90\u767c\u5c55\uff0c\u4f46\u5c08\u5bb6\u6307\u51fa\uff0c\u672a\u4f86\u6578\u5341\u5e74\u5929\u7136\u6c23\u4ecd\u5c07\u662f\u80fd\u6e90\u7d50\u69cb\u7684\u91cd\u8981\u7d44\u6210\u90e8\u5206\u3002\u6839 […]<\/p>\n","protected":false},"author":27,"featured_media":581493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431],"tags":[1788,589,568,1122],"class_list":["post-581498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","tag-1788","tag-589","tag-zh-hant-blog-tag-","tag-1122","sectors-oil-gas-zh-hant","locations-us-zh-hant","exchange-nasdaq-zh-hant","exchange-nyse-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/581498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=581498"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/581498\/revisions"}],"predecessor-version":[{"id":581501,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/581498\/revisions\/581501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/581493"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=581498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=581498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=581498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}