{"id":590868,"date":"2025-09-02T19:01:01","date_gmt":"2025-09-03T02:01:01","guid":{"rendered":"https:\/\/nai500.com\/?p=590868"},"modified":"2025-09-02T19:01:01","modified_gmt":"2025-09-03T02:01:01","slug":"%e5%85%a8%e7%90%83-%e9%bb%83%e9%87%91-%e7%94%9f%e7%94%a2-2025%e5%b9%b4-%e4%b8%8a%e5%8d%8a%e5%b9%b4-%e5%8d%81%e5%a4%a7-%e5%b7%a8%e9%a0%ad-%e6%8e%92%e5%90%8d","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/09\/%e5%85%a8%e7%90%83-%e9%bb%83%e9%87%91-%e7%94%9f%e7%94%a2-2025%e5%b9%b4-%e4%b8%8a%e5%8d%8a%e5%b9%b4-%e5%8d%81%e5%a4%a7-%e5%b7%a8%e9%a0%ad-%e6%8e%92%e5%90%8d\/","title":{"rendered":"\u5168\u7403\u9ec3\u91d1\u751f\u7522\u683c\u5c40\u751f\u8b8a\uff1a2025\u5e74\u4e0a\u534a\u5e74\u5341\u5927\u5de8\u982d\u6392\u540d\u63ed\u66c9"},"content":{"rendered":"<p>\u5728\u5168\u7403\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u5c40\u52e2\u6301\u7e8c\u5347\u7d1a\u3001\u6295\u8cc7\u8005\u7d1b\u7d1b\u6e67\u5165\u907f\u96aa\u8cc7\u7522\u7684\u63a8\u52d5\u4e0b\uff0c\u9ec3\u91d1\u50f9\u683c\u57282025\u5e74\u5c62\u5275\u65b0\u9ad8\uff0c\u4e26\u57289\u6708\u7684\u7b2c\u4e00\u500b\u4ea4\u6613\u65e5\u7a81\u7834\u4e86\u6bcf\u76ce\u53f83528\u7f8e\u5143\u7684\u66c6\u53f2\u5cf0\u503c\u3002\u8207\u6b64\u540c\u6642\uff0c\u5168\u7403\u9ec3\u91d1\u4f9b\u61c9\u4e5f\u5448\u73fe\u7a69\u6b65\u589e\u9577\u614b\u52e2\u3002<\/p>\n<p>\u6839\u64da\u4e16\u754c\u9ec3\u91d1\u5354\u6703\u7684\u6578\u64da\uff0c\u7b2c\u4e8c\u5b63\u5ea6\u5168\u7403\u9ec3\u91d1\u9700\u6c42\u540c\u6bd4\u589e\u95773%\uff0c\u9054\u52301249\u5678\uff0c\u800c\u7926\u5c71\u7522\u91cf\u5247\u5275\u4e0b909\u5678\u7684\u7d00\u9304\uff0c\u63a8\u52d5\u7e3d\u4f9b\u61c9\u91cf\u540c\u6bd4\u589e\u95773%\u3002\u5728\u9019\u4e00\u80cc\u666f\u4e0b\uff0c\u5168\u7403\u9802\u7d1a\u9ec3\u91d1\u751f\u7522\u5546\u7684\u7af6\u722d\u683c\u5c40\u4e5f\u767c\u751f\u4e86\u986f\u8457\u8b8a\u5316\u3002<\/p>\n<p>\u4ee5\u4e0b\u662f\u57fa\u65bc2025\u5e74\u4e0a\u534a\u5e74\u7522\u91cf\u6578\u64da\u7684\u5168\u7403\u5341\u5927\u9ec3\u91d1\u751f\u7522\u5546\u6392\u540d\u53ca\u5176\u52d5\u614b\u5206\u6790\u3002<\/p>\n<ol>\n<li><strong><b> \u7d10\u8499\u7279\uff08Newmont\uff09<\/b><\/strong><br \/>\n\u7e3d\u90e8\u4f4d\u65bc\u7f8e\u570b\u79d1\u7f85\u62c9\u591a\u5dde\u7684\u7d10\u8499\u7279\u516c\u53f8Newmont (<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=NEM\">NYSE: NEM, TSX: NGT<\/a>)\u4ee5338.3\u842c\u76ce\u53f8\u7684\u7522\u91cf\u87ec\u806f\u699c\u9996\uff0c\u4f46\u5176\u7522\u91cf\u8f032024\u5e74\u540c\u671f\u4e0b\u964d\u4e865%\u3002\u9019\u4e00\u4e0b\u6ed1\u4e3b\u8981\u6e90\u65bc\u516c\u53f8\u51fa\u552e\u4e86\u90e8\u5206\u975e\u6838\u5fc3\u8cc7\u7522\u3002\u76e1\u7ba1\u5982\u6b64\uff0c\u7d10\u8499\u7279\u5728\u6210\u672c\u63a7\u5236\u65b9\u9762\u53d6\u5f97\u4e86\u9032\u5c55\uff0c\u5176\u5168\u90e8\u7dad\u6301\u6210\u672c\uff08AISC\uff09\u4e0b\u964d\u4e864%\uff0c\u986f\u793a\u51fa\u5176\u5728\u904b\u71df\u6548\u7387\u4e0a\u7684\u512a\u5316\u3002<\/li>\n<li><strong><b> Agnico Eagle Mines<\/b><\/strong><br \/>\n\u52a0\u62ff\u5927\u7926\u5546Agnico Eagle Mines (<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=AEM%3ACA\">NYSE, TSX: AEM<\/a>)\u4ee5174\u842c\u76ce\u53f8\u7684\u7522\u91cf\u8e8d\u5347\u81f3\u7b2c\u4e8c\u4f4d\uff0c\u9019\u4e3b\u8981\u5f97\u76ca\u65bc\u5176\u52a0\u62ff\u5927\u5883\u5167\u591a\u500b\u7926\u5c71\u7684\u5f37\u52c1\u8868\u73fe\u3002\u8207\u50b3\u7d71\u7684\u5169\u5927\u5de8\u982d\u7d10\u8499\u7279\u548c\u5df4\u88cf\u514b\u76f8\u6bd4\uff0cAgnico Eagle\u7684\u4e0a\u534a\u5e74\u7522\u91cf\u8868\u73fe\u6700\u70ba\u7a69\u5b9a\uff0c\u4e14\u9019\u4e00\u8da8\u52e2\u6709\u671b\u5728\u672a\u4f86\u4e09\u5e74\u6301\u7e8c\u3002<\/li>\n<li><strong><b> \u5df4\u88cf\u514b\u7926\u696d\uff08Barrick Mining\uff09<\/b><\/strong><br \/>\n\u66fe\u9577\u671f\u4f4d\u5c45\u7b2c\u4e8c\u7684\u52a0\u62ff\u5927\u5df4\u88cf\u514b\u9ec3\u91d1\u516c\u53f8Barrick (<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=ABX%3ACA\">NYSE: B, TSX: ABX<\/a>)\u4eca\u5e74\u66f4\u540d\u70ba\u201c\u5df4\u88cf\u514b\u7926\u696d\u201d\uff0c\u4ee5\u9ad4\u73fe\u5176\u5411\u9285\u7926\u6230\u7565\u8f49\u578b\u7684\u6c7a\u5fc3\u30022025\u5e74\u4e0a\u534a\u5e74\uff0c\u5df4\u88cf\u514b\u7684\u9ec3\u91d1\u7522\u91cf\u5927\u5e45\u4e0b\u6ed116.7%\uff0c\u81f3155.5\u842c\u76ce\u53f8\uff0c\u6392\u540d\u8dcc\u81f3\u7b2c\u4e09\u3002\u4e3b\u8981\u539f\u56e0\u5305\u62ec\u99ac\u88cf\u653f\u5e9c\u6c92\u6536\u5176\u9f90\u5927\u7684Loulo-Gounkoto\u7926\u5c71\uff0c\u4ee5\u53ca\u5167\u83ef\u9054\u696d\u52d9\u5340\u7684\u7dad\u8b77\u5de5\u4f5c\u3002<\/li>\n<li><strong><b> Navoi Mining<\/b><\/strong><br \/>\n\u70cf\u8332\u5225\u514b\u65af\u5766\u570b\u6709\u4f01\u696dNavoi Mining\u4ee5153.8\u842c\u76ce\u53f8\u7684\u7522\u91cf\u4f4d\u5c45\u7b2c\u56db\uff0c\u540c\u6bd4\u589e\u95771.6%\u3002\u8a72\u516c\u53f8\u4f9d\u6258\u5168\u7403\u6700\u5927\u7684\u91d1\u7926\u4e4b\u4e00\u2014\u2014Muruntau\u7926\u5e8a\uff0c\u8a72\u5730\u5340\u9ec3\u91d1\u8cc7\u6e90\u91cf\u4f30\u8a08\u90541.5\u5104\u76ce\u53f8\u3002\u53bb\u5e74\uff0cNavoi\u6295\u8cc72300\u842c\u7f8e\u5143\u7528\u65bcMuruntau\u7926\u64f4\u5efa\uff0c\u9032\u4e00\u6b65\u978f\u56fa\u4e86\u5176\u7522\u80fd\u57fa\u790e\u3002<\/li>\n<li><strong><b> AngloGold Ashanti<\/b><\/strong><br \/>\n\u5357\u975e\u7926\u696d\u5de8\u982dAnglogold Ashanti (<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=AU%3ACA\">NYSE: AU<\/a>)\u4ee5152.4\u842c\u76ce\u53f8\u7684\u7522\u91cf\u6392\u540d\u7b2c\u4e94\uff0c\u4eca\u5e74\u4e0a\u534a\u5e74\u9ec3\u91d1\u7522\u91cf\u540c\u6bd4\u5927\u5e45\u589e\u957721.5%\u3002\u9019\u4e00\u589e\u9577\u4e3b\u8981\u6b78\u529f\u65bc\u5176\u57282024\u5e749\u6708\u4ee525\u5104\u7f8e\u5143\u6536\u8cfc\u4e86\u898f\u6a21\u8f03\u5c0f\u7684\u7af6\u722d\u5c0d\u624bCentamin\uff0c\u5f9e\u800c\u7372\u5f97\u4e86\u57c3\u53ca\u6700\u5927\u7684\u73fe\u4ee3\u91d1\u7926\u2014\u2014\u8607\u5361\u88cf\uff08Sukari\uff09\u7926\u3002<\/li>\n<li><strong><b> \u7d2b\u91d1\u7926\u696d\uff08Zijin Mining\uff09<\/b><\/strong><br \/>\n\u4e2d\u570b\u6700\u5927\u7684\u9ec3\u91d1\u548c\u9285\u751f\u7522\u5546\u7d2b\u91d1\u7926\u696d\u4ee5132.4\u842c\u76ce\u53f8\u7684\u7522\u91cf\u4f4d\u5217\u7b2c\u516d\uff0c\u540c\u6bd4\u589e\u957716.3%\u3002\u7d2b\u91d1\u7926\u696d\u7684\u7522\u91cf\u589e\u9577\u52e2\u982d\u5f37\u52c1\uff0c\u4eca\u5e746\u6708\u540c\u610f\u4ee512\u5104\u7f8e\u5143\u6536\u8cfc\u54c8\u85a9\u514b\u65af\u5766\u7684Raygorodok\u91d1\u7926\uff0c\u8a72\u7926\u662f\u8a72\u570b\u6700\u5927\u7684\u91d1\u7926\u4e4b\u4e00\uff0c\u9810\u8a08\u672a\u4f86\u5c07\u9032\u4e00\u6b65\u63a8\u52d5\u5176\u7522\u91cf\u63d0\u5347\u3002<\/li>\n<li><strong><b> Polyus<\/b><\/strong><br \/>\n\u4fc4\u7f85\u65af\u6700\u5927\u9ec3\u91d1\u751f\u7522\u5546Polyus\u7522\u91cf\u540c\u6bd4\u4e0b\u964d11%\uff0c\u81f3131.1\u842c\u76ce\u53f8\uff0c\u6392\u540d\u6ed1\u843d\u81f3\u7b2c\u4e03\u3002\u76e1\u7ba1\u7522\u91cf\u4e0b\u6ed1\uff0c\u4f46\u7531\u65bc\u5168\u7403\u91d1\u50f9\u9ad8\u4f01\uff0c\u8a72\u516c\u53f8\u4e0a\u534a\u5e74\u5229\u6f64\u540c\u6bd4\u589e\u957720%\uff0c\u9054\u523014\u5104\u7f8e\u5143\uff0c\u53cd\u6620\u51fa\u5176\u5f37\u5927\u7684\u76c8\u5229\u80fd\u529b\u3002<\/li>\n<li><strong><b> Gold Fields<\/b><\/strong><br \/>\n\u5357\u975e\u7684Gold Fields\u4ee5117.1\u842c\u76ce\u53f8\u7684\u7522\u91cf\u6392\u540d\u7b2c\u516b\uff0c\u540c\u6bd4\u5927\u5e45\u589e\u957722.7%\u3002\u516c\u53f8\u8fd1\u671f\u5ba3\u5e03\uff0c\u5176\u4ee524\u5104\u7f8e\u5143\u6536\u8cfc\u6fb3\u5927\u5229\u4e9eGold Road Resources\u7684\u4ea4\u6613\u5df2\u63a5\u8fd1\u5b8c\u6210\uff0c\u80a1\u6771\u5c07\u65bc9\u670822\u65e5\u6295\u7968\u8868\u6c7a\u8a72\u4ea4\u6613\u3002\u82e5\u6210\u529f\uff0c\u8a72\u516c\u53f8\u7684\u5168\u7403\u7522\u80fd\u5c07\u9032\u4e00\u6b65\u64f4\u5927\u3002<\/li>\n<li><strong><b> Kinross Gold<\/b><\/strong><br \/>\n\u52a0\u62ff\u5927Kinross Gold (<a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=K%3ACA\">TSX: K<\/a>)\u4ee5106\u842c\u76ce\u53f8\u7684\u9ec3\u91d1\u7576\u91cf\u7522\u91cf\u4f4d\u5217\u7b2c\u4e5d\uff0c\u7565\u4f4e\u65bc\u53bb\u5e74\u540c\u671f\u7684106.3\u842c\u76ce\u53f8\u3002\u8a72\u516c\u53f8\u65bc\u4eca\u5e744\u6708\u5ba3\u5e03\u6536\u8cfc\u5167\u83ef\u9054\u5dde\u7926\u696d\u516c\u53f8Eminent Gold 9.9%\u7684\u80a1\u6b0a\uff0c\u9810\u8a08\u672a\u4f86\u7522\u91cf\u5c07\u9010\u6b65\u56de\u5347\u3002<\/li>\n<li><strong><b> Northern Star Resources<\/b><\/strong><br \/>\n\u6fb3\u5927\u5229\u4e9eNorthern Star Resources\u4ee578.4\u842c\u76ce\u53f8\u7684\u7522\u91cf\u8e8b\u8eab\u7b2c\u5341\uff0c\u540c\u6bd4\u5c0f\u5e45\u4e0b\u964d1.6%\u30022024\u5e7412\u6708\uff0c\u8a72\u516c\u53f8\u5ba3\u5e03\u4ee533\u5104\u7f8e\u5143\u5168\u80a1\u7968\u4ea4\u6613\u65b9\u5f0f\u6536\u8cfcDe Grey Mining\uff0c\u986f\u793a\u51fa\u5728\u9ad8\u91d1\u50f9\u74b0\u5883\u4e0b\u884c\u696d\u6574\u5408\u7684\u52a0\u901f\u3002<\/li>\n<\/ol>\n<p><strong><b>\u884c\u696d\u8da8\u52e2\u8207\u5c55\u671b<\/b><\/strong><br \/>\n2025\u5e74\u4e0a\u534a\u5e74\uff0c\u5168\u7403\u524d\u5341\u5927\u9ec3\u91d1\u751f\u7522\u5546\u7684\u7522\u91cf\u8868\u73fe\u5206\u5316\u660e\u986f\uff1a\u90e8\u5206\u4f01\u696d\u901a\u904e\u4e26\u8cfc\u5be6\u73fe\u5feb\u901f\u589e\u9577\uff0c\u800c\u53e6\u4e00\u4e9b\u5247\u56e0\u8cc7\u7522\u525d\u96e2\u3001\u5730\u7de3\u653f\u6cbb\u56e0\u7d20\u6216\u904b\u71df\u554f\u984c\u51fa\u73fe\u4e0b\u6ed1\u3002\u8207\u6b64\u540c\u6642\uff0c\u9ad8\u91d1\u50f9\u6301\u7e8c\u63a8\u52d5\u884c\u696d\u4e26\u8cfc\u6574\u5408\uff0c\u5982Gold Fields\u3001Northern Star\u7b49\u5747\u901a\u904e\u6536\u8cfc\u64f4\u5927\u898f\u6a21\u3002<\/p>\n<p>\u6839\u64da\u9810\u6e2c\uff0c2025\u5e74\u5168\u7403\u9ec3\u91d1\u7e3d\u7522\u91cf\u9810\u8a08\u589e\u95771%\uff0c\u9054\u5230\u7d043694\u5678\uff0c\u58a8\u897f\u54e5\u3001\u52a0\u62ff\u5927\u548c\u52a0\u7d0d\u7684\u65b0\u9805\u76ee\u5c07\u6210\u70ba\u4e3b\u8981\u589e\u9577\u52d5\u529b\u3002\u76e1\u7ba1\u7522\u91cf\u589e\u901f\u6eab\u548c\uff0c\u4f46\u5728\u9700\u6c42\u5f37\u52c1\u548c\u91d1\u50f9\u9ad8\u4f01\u7684\u96d9\u91cd\u63a8\u52d5\u4e0b\uff0c\u9ec3\u91d1\u7926\u696d\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u548c\u6230\u7565\u8abf\u6574\u4ecd\u5c07\u662f\u5e02\u5834\u95dc\u6ce8\u7684\u7126\u9ede\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5728\u5168\u7403\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u5c40\u52e2\u6301\u7e8c\u5347\u7d1a\u3001\u6295\u8cc7\u8005\u7d1b\u7d1b\u6e67\u5165\u907f\u96aa\u8cc7\u7522\u7684\u63a8\u52d5\u4e0b\uff0c\u9ec3\u91d1\u50f9\u683c\u57282025\u5e74\u5c62\u5275\u65b0\u9ad8\uff0c\u4e26\u57289\u6708\u7684\u7b2c\u4e00\u500b 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