{"id":588119,"date":"2025-08-18T02:04:52","date_gmt":"2025-08-18T09:04:52","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/08\/%e4%b8%89%e5%8f%aa%e8%b6%85%e7%ba%a7%e5%ae%89%e5%85%a8%e7%9a%84%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e6%81%af%e6%94%b6%e7%9b%8a%e8%82%a1\/"},"modified":"2025-08-18T02:05:21","modified_gmt":"2025-08-18T09:05:21","slug":"%e4%b8%89%e9%9a%bb%e8%b6%85%e7%b4%9a%e5%ae%89%e5%85%a8%e7%9a%84%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e6%81%af%e6%94%b6%e7%9b%8a%e8%82%a1","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/08\/%e4%b8%89%e9%9a%bb%e8%b6%85%e7%b4%9a%e5%ae%89%e5%85%a8%e7%9a%84%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e6%81%af%e6%94%b6%e7%9b%8a%e8%82%a1\/","title":{"rendered":"\u4e09\u96bb\u8d85\u7d1a\u5b89\u5168\u7684\u52a0\u62ff\u5927\u80a1\u606f\u6536\u76ca\u80a1"},"content":{"rendered":"

\u53ef\u9760\u7684\u6536\u5165\u662f\u6295\u8cc7\u8005\u7684\u201c\u8056\u676f\u201d\u3002\u7576\u5e02\u5834\u6ce2\u52d5\u6642\uff0c\u5177\u5099\u8d85\u9ad8\u5b89\u5168\u6027\u7684\u80a1\u606f\u80fd\u8b93\u4f60\u5f9e\u5bb9\u61c9\u5c0d\uff0c\u4e26\u6301\u7e8c\u7372\u5f97\u6536\u76ca\u3002\u5c0d\u65bc\u6ce8\u91cd\u80a1\u606f\u5b89\u5168\u6027\u548c\u53ef\u9760\u6027\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u4e0b\u9762\u9019\u4e09\u5bb6\u52a0\u62ff\u5927\u9f8d\u982d\u4f01\u696d\u4e0d\u50c5\u662f\u7a69\u5065\u7684\u80a1\u606f\u80a1\u7968\uff0c\u6d3e\u606f\u80fd\u529b\u4e5f\u5177\u5099\u8db3\u5920\u7684\u5b89\u5168\u6027\uff0c\u503c\u5f97\u95dc\u6ce8\uff1a<\/p>\n

1. Pembina Pipeline\uff08TSX: PPL\uff09<\/a><\/h2>\n

Pembina Pipeline\u662f\u4e00\u5bb6\u591a\u5143\u5316\u7684\u80fd\u6e90\u4e2d\u6e38\u904b\u71df\u5546\uff0c\u8986\u84cb\u7ba1\u9053\u3001\u5929\u7136\u6c23\u8655\u7406\u53ca\u52a0\u62ff\u5927\u897f\u90e8\u7684\u51fa\u53e3\u696d\u52d9\u3002\u6838\u5fc3\u512a\u52e2\u5728\u65bc\u53d7\u76ca\u65bc\u80fd\u6e90\u9700\u6c42\u56de\u5347\uff0c\u80fd\u5920\u9396\u5b9a\u9577\u671f\u4f4e\u98a8\u96aa\u7684\u73fe\u91d1\u6d41\uff0c\u4e26\u4e14\u64c1\u6709\u7406\u60f3\u7684\u6536\u8cbb\u578b\u696d\u52d9\u6a21\u5f0f\u3002\u516c\u53f8\u80a1\u606f\u7387\u7d04\u70ba5.5%\uff0c\u7ba1\u7406\u5c64\u8fd1\u671f\u5f37\u5316\u4e86\u589e\u9577\u8207\u7a69\u5b9a\u8209\u63aa\u3002<\/p>\n

\u8fd1\u671f\u52d5\u614b\u65b9\u9762\uff0c\u516c\u53f8\u5831\u544a\u7b2c\u4e8c\u5b63\u5ea6\u8abf\u6574\u5f8cEBITDA\uff08\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u5229\u6f64\uff09\u8d85\u904e10\u5104\u52a0\u5143\u4e26\u5c0f\u5e45\u4e0a\u8abf\u4e86\u5168\u5e74\u6307\u5f15\uff0c\u8868\u660e\u73fe\u91d1\u6d41\u9810\u671f\u7a69\u5065\u3002\u540c\u6642\uff0c\u901a\u904ePrince Rupert\u5347\u7d1a\u9805\u76ee\u53ca\u4e00\u9805\u9577\u671f\u6536\u8cbb\u5354\u8b70\uff0c\u9396\u5b9a\u4e86\u9ad8\u9054\u6bcf\u65e55\u842c\u6876\u7684\u4e19\u70f7\u51fa\u53e3\u80fd\u529b\u3002\u6b64\u5916\uff0c\u8207\u539f\u4f4f\u6c11Haisla Nation\u5408\u4f5c\u7684Cedar LNG\u9805\u76ee\u6b63\u5728\u63a8\u9032\uff0c\u95dc\u9375\u7ba1\u9053\u64f4\u5efa\u9805\u76ee\u4e5f\u9032\u5165\u6700\u7d42\u6295\u8cc7\u6c7a\u7b56\u968e\u6bb5\uff0c\u589e\u9577\u8def\u5f91\u6e05\u6670\u3002\u5c0d\u65bc\u9019\u7a2e\u985e\u76e3\u7ba1\u73fe\u91d1\u6d41\u800c\u8a00\uff0c\u7576\u524d\u4f30\u503c\u5408\u7406\u3002<\/p>\n

2. \u5b8f\u5229\u91d1\u878d\uff08TSX: MFC\uff09<\/h2>\n

\u5b8f\u5229\u91d1\u878d\u662f\u52a0\u62ff\u5927\u6700\u5927\u7684\u4fdd\u96aa\u53ca\u8ca1\u5bcc\u7ba1\u7406\u6a5f\u69cb\u4e4b\u4e00\uff0c\u6df1\u8015\u4e9e\u6d32\u53ca\u5317\u7f8e\u5e02\u5834\u3002\u516c\u53f8\u6838\u5fc3\u512a\u52e2\u9ad4\u73fe\u5728\u767c\u5c55\u8f15\u8cc7\u672c\u696d\u52d9\u7684\u540c\u6642\u4fdd\u6301\u4e86\u5f37\u52c1\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u80a1\u606f\u7387\u7565\u9ad8\u65bc4%\uff0c\u4e14\u6d3e\u606f\u653f\u7b56\u7559\u6709\u5145\u8db3\u7684\u63d0\u5347\u7a7a\u9593\u3002<\/p>\n

\u904e\u53bb\u4e00\u5e74\uff0c\u516c\u53f8\u80a1\u50f9\u4e0a\u6f32\u7d0418%\uff0c\u9a45\u52d5\u529b\u5305\u62ec\u5169\u4f4d\u6578\u7684\u6536\u5165\u589e\u9577\u4ee5\u53ca\u696d\u52d9\u7d44\u5408\u6297\u5e02\u5834\u6ce2\u52d5\u6027\u589e\u5f37\u3002\u77ed\u671f\u5167\uff0c\u516c\u53f8\u7684\u76c8\u5229\u52d5\u80fd\u9810\u8a08\u5c07\u7e7c\u7e8c\u4f86\u6e90\u65bc\u8ca1\u5bcc\u7ba1\u7406\u548c\u4fdd\u96aa\u696d\u52d9\uff0c\u800c\u7a69\u5b9a\u7684\u5229\u7387\u5c07\u652f\u6490\u6295\u8cc7\u6536\u5165\u7684\u540c\u6642\u4e0d\u6703\u5c0d\u4fdd\u55ae\u8ca0\u50b5\u9020\u6210\u58d3\u529b\u3002\u4e0b\u4e00\u6b65\u503c\u5f97\u95dc\u6ce8\u7684\u662f\u8cc7\u672c\u914d\u7f6e\u7b56\u7565\uff1a\u5b8f\u5229\u91d1\u878d\u64c1\u6709\u8db3\u5920\u898f\u6a21\uff0c\u80fd\u5920\u5728\u76c8\u5229\u589e\u9577\u7684\u540c\u6642\u6301\u7e8c\u56de\u8cfc\u80a1\u7968\u4e26\u63d0\u9ad8\u80a1\u606f\uff0c\u4f46\u6703\u6b0a\u8861\u4e9e\u6d32\u9ad8\u589e\u9577\u5e02\u5834\u7684\u6295\u8cc7\u3002<\/p>\n

3. \u6c38\u660e\u91d1\u878d\uff08TSX: SLF\uff09<\/h2>\n

\u6c38\u660e\u91d1\u878d\u662f\u4e00\u5bb6\u5168\u7403\u4fdd\u96aa\u5de8\u982d\uff0c\u5728\u8cc7\u7522\u7ba1\u7406\u3001\u5718\u9ad4\u798f\u5229\u53ca\u5feb\u901f\u589e\u9577\u7684\u4e9e\u6d32\u5e02\u5834\u8655\u65bc\u9818\u5148\u5730\u4f4d\u3002\u516c\u53f8\u6838\u5fc3\u512a\u52e2\u5728\u65bc\u7a69\u5065\u7684\u80a1\u606f\u7387\uff08\u7d044.5%\uff09\u548c\u5353\u8d8a\u7684\u8cc7\u672c\u5be6\u529b\uff0cLICAT\uff08\u58fd\u96aa\u8cc7\u672c\u5145\u8db3\u6e2c\u8a66\uff09\u6bd4\u7387\u9ad8\u9054151%\uff0c\u56e0\u6b64\u5373\u4f7f\u662f\u5728\u5e02\u5834\u6ce2\u52d5\u6642\u671f\u4ecd\u80fd\u6301\u7e8c\u56de\u5831\u80a1\u6771\u3002<\/p>\n

\u516c\u53f8\u80a1\u50f9\u904e\u53bb\u4e00\u5e74\u4e0a\u6f32\u4e86\u7d0413%\uff0c\u6700\u8fd1\u4e00\u500b\u5b63\u5ea6\u7684\u6de8\u6536\u5165\u6301\u7e8c\u589e\u9577\uff0c\u80a1\u672c\u56de\u5831\u7387\uff08ROE\uff09\u63a5\u8fd120%\u3002\u6b64\u5916\uff0c\u516c\u53f8\u7ba1\u7406\u5c64\u4eca\u5e74\u7a4d\u6975\u5be6\u65bd\u80a1\u7968\u56de\u8cfc\u3002\u4e3b\u8981\u7684\u589e\u9577\u50ac\u5316\u5291\u5305\u62ec\u7a69\u5b9a\u7684\u8cc7\u7522\u7ba1\u7406\u8cc7\u91d1\u6d41\u5165\uff0c\u5718\u9ad4\u5065\u5eb7\u9700\u6c42\u4ee5\u53ca\u4e9e\u6d32\u5730\u5340\u4e0d\u65b7\u589e\u9577\u7684\u9280\u884c\u4fdd\u96aa\u92b7\u552e\u3002\u516c\u53f8\u7576\u524d\u4f30\u503c\u4e5f\u9817\u5177\u5438\u5f15\u529b\uff0c\u5c0d\u65bc\u4e00\u500b\u80fd\u5be6\u73fe\u5169\u4f4d\u6578ROE\u7684\u77e5\u540d\u4f01\u696d\uff0c\u524d\u77bb\u5e02\u76c8\u7387\u8655\u65bc\u8f03\u4f4e\u7684\u5169\u4f4d\u6578\u6c34\u5e73\u3002\u4e3b\u8981\u98a8\u96aa\u5728\u65bc\u8207\u5e02\u5834\u639b\u9264\u7684\u6536\u8cbb\u6536\u5165\u4ee5\u53ca\u4fe1\u8cb8\u7684\u60e1\u5316\uff0c\u4f46\u516c\u53f8\u591a\u5143\u5316\u7684\u696d\u52d9\u7d44\u5408\u6709\u52a9\u65bc\u5e73\u6ed1\u9019\u4e9b\u98a8\u96aa\u3002<\/p>\n

\u6295\u8cc7\u908f\u8f2f<\/h2>\n

\u7d44\u5408\u9019\u4e09\u5bb6\u4f01\u696d\u53ef\u69cb\u5efa\u62b5\u79a6\u5b8f\u89c0\u98a8\u96aa\u7684\u6536\u5165\u7d44\u5408\uff1aPPL\u7d81\u5b9a\u9577\u671f\u80fd\u6e90\u57fa\u5efa\u7684\u5408\u7d04\u73fe\u91d1\u6d41\uff0cMFC\u4f4e\u50f9\u4f48\u5c40\u5168\u7403\u4fdd\u96aa\u6210\u9577\u80a1\uff0cSLF\u63d0\u4f9b\u9ad8\u54c1\u8cea\u696d\u52d9\uff0c\u96c4\u539a\u7684\u8cc7\u672c\u5be6\u529b\uff0c\u4ee5\u53ca\u6709\u7c98\u6027\u7684\u6536\u8cbb\u696d\u52d9\u3002\u7d9c\u5408\u80a1\u606f\u7387\u986f\u8457\u9ad8\u65bc\u5e02\u5834\u6c34\u5e73\uff0c\u4e26\u4e14\u80cc\u5f8c\u6709\u7a69\u5b9a\u591a\u5143\u7684\u76c8\u5229\u5f15\u64ce\u652f\u6490\u3002<\/p>\n

\u80a1\u606f\u6536\u76ca\u6e2c\u7b97<\/strong>\uff08\u57fa\u65bc21,000\u52a0\u5143\u6295\u8cc7\uff09\uff1a<\/p>\n\n\n\n\n\n\n\n\n
\u516c\u53f8<\/strong><\/td>\n\u80a1\u50f9<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u6301\u80a1\u6578<\/strong><\/td>\n\u55ae\u6b21\u80a1\u606f<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u5e74\u80a1\u606f<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n\u6295\u8cc7\u984d<\/strong>(<\/strong>\u52a0\u5143<\/strong>)<\/strong><\/td>\n<\/tr>\n<\/thead>\n
PPL<\/td>\n49.10<\/td>\n142<\/td>\n2.84<\/td>\n403.28<\/td>\n6,972.20<\/td>\n<\/tr>\n
MFC<\/td>\n41.52<\/td>\n168<\/td>\n1.76<\/td>\n295.68<\/td>\n6,976.32<\/td>\n<\/tr>\n
SLF<\/td>\n79.29<\/td>\n88<\/td>\n3.52<\/td>\n309.76<\/td>\n6,974.52<\/td>\n<\/tr>\n
\u5e74\u7e3d\u80a1\u606f\u6536\u5165\uff1a<\/strong>1,008.72<\/strong>\u52a0\u5143<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u7e3d\u7d50<\/strong>\uff1a\u6c92\u6709\u80a1\u606f\u662f\u96f6\u98a8\u96aa\u7684\u3002\u4f46\u5982\u679c\u9700\u8981\u53ef\u898f\u5283\u7684\u9577\u7dda\u6536\u5165\uff0c\u9019\u4e09\u5bb6\u516c\u53f8\u53ef\u4ee5\u986f\u8457\u63d0\u5347\u52dd\u7387\u3002\u4f5c\u70ba\u672a\u4f86\u5341\u5e74\u7684\u201c\u8cb7\u5165\u6301\u6709\u201d\u578b\u6838\u5fc3\u8cc7\u7522\uff0cPembina\u3001\u5b8f\u5229\u548c\u6c38\u660e\u662f\u660e\u667a\u7684\u8d77\u6b65\u4e4b\u9078\uff0c\u6536\u7a6b\u80a1\u606f\uff0c\u7a4d\u7d2f\u8907\u5229\uff0c\u8b93\u6642\u9593\u5275\u9020\u50f9\u503c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u53ef\u9760\u7684\u6536\u5165\u662f\u6295\u8cc7\u8005\u7684\u201c\u8056\u676f\u201d\u3002\u7576\u5e02\u5834\u6ce2\u52d5\u6642\uff0c\u5177\u5099\u8d85\u9ad8\u5b89\u5168\u6027\u7684\u80a1\u606f\u80fd\u8b93\u4f60\u5f9e\u5bb9\u61c9\u5c0d\uff0c\u4e26\u6301\u7e8c\u7372\u5f97\u6536\u76ca\u3002\u5c0d\u65bc\u6ce8\u91cd\u80a1\u606f\u5b89 […]<\/p>\n","protected":false},"author":27,"featured_media":550536,"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":[2147,568,1860,574],"class_list":{"0":"post-588119","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-1522","8":"category-trends-strategies-zh-hant","9":"tag--zh-hant","10":"tag-zh-hant-blog-tag-","12":"tag-574","13":"sectors--zh-hant","14":"sectors-oil-gas-zh-hant","15":"sectors-financial-products-zh-hant","16":"locations-canada-zh-hant","17":"exchange-tsx-zh-hant"},"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/588119","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=588119"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/588119\/revisions"}],"predecessor-version":[{"id":588122,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/588119\/revisions\/588122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/550536"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=588119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=588119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=588119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}