{"id":608309,"date":"2025-12-05T11:34:54","date_gmt":"2025-12-05T19:34:54","guid":{"rendered":"https:\/\/nai500.com\/?p=608309"},"modified":"2025-12-05T11:34:54","modified_gmt":"2025-12-05T19:34:54","slug":"304t","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/12\/304t\/","title":{"rendered":"\u80fd\u6e90\u8f49\u578b\u4e2d\u6700\u5371\u96aa\u7684\u6578\u5b57\u4e0d\u662f 304T"},"content":{"rendered":"

\u5728\u80fd\u6e90\u8f49\u578b\u7684\u6578\u5b78\u4e2d\u6709\u4e00\u500b\u6096\u8ad6\u3002\u5982\u679c\u8fd1 10 \u5146\u7f8e\u5143\u50c5\u63db\u4f86\u5316\u77f3\u71c3\u6599\u9700\u6c42\u4efd\u984d 7% \u7684\u4e0b\u964d\uff0c\u90a3\u9ebc 304 \u5146\u53c8\u80fd\u63db\u4f86\u4ec0\u9ebc\uff1f\u9019\u500b\u7531 Glencore \u57f7\u884c\u9577\u63d0\u51fa\u7684\u6578\u5b57\u4ee4\u4eba\u9707\u64bc\uff0c\u4f46\u771f\u6b63\u7684\u98a8\u96aa\u5728\u65bc\u5b83\u8b93\u6211\u5011\u5ffd\u7565\u4e86\u67d0\u4e9b\u4e8b\uff1a\u4e0d\u662f\u8cc7\u91d1\u77ed\u7f3a\uff0c\u800c\u662f\u6642\u9593\u3001\u4fe1\u4efb\u3001\u8861\u91cf\u65b9\u6cd5\u8207\u7de9\u885d\u7684\u77ed\u7f3a\u3002\u5e02\u5834\u559c\u6b61\u5713\u6f64\u7684\u6578\u5b57\uff1b\u7cfb\u7d71\u5247\u56e0\u66f4\u6df7\u4e82\u7684\u539f\u56e0\u800c\u5931\u9748\u3002<\/p>\n

304 \u5146\u7684\u982d\u689d\u63a9\u84cb\u4e86\u6b63\u78ba\u7684\u554f\u984c<\/h3>\n

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\u8cc7\u672c\u4e0d\u662f\u74f6\u9838\uff0c\u6642\u9593\u624d\u662f<\/h3>\n

\u7d04\u675f\u662f\u7269\u7406\u8207\u7a0b\u5e8f\u6027\u7684\u3002\u8f38\u96fb\u7dda\u8def\u5f9e\u5be9\u6279\u5230\u5efa\u6210\u901a\u5e38\u8981\u82b1\u8fd1\u5341\u5e74\u3002\u96fb\u7db2\u4e92\u9023\u5b58\u5728\u7a4d\u58d3\u3002\u63a1\u7926\u9805\u76ee\u5f9e\u767c\u73fe\u5230\u751f\u7522\u5f80\u5f80\u9700\u8981\u5341\u5e74\u3002\u719f\u7df4\u52de\u52d5\u529b\u4f9b\u61c9\u4e0d\u8db3\u3002\u4f60\u53ef\u4ee5\u5728\u5e7e\u79d2\u9418\u5167\u8f49\u79fb\u8cc7\u91d1\uff1b\u537b\u7121\u6cd5\u7e2e\u77ed\u51b6\u91d1\u3001\u5ca9\u571f\u8abf\u67e5\u6216\u8b8a\u58d3\u5668\u7684\u4ea4\u4ed8\u6642\u9593\u3002\u628a\u96fb\u7db2\u60f3\u50cf\u6210\u4e00\u5ea7\u6a4b\u6a11\u2014\u2014\u5728\u540c\u4e00\u8eca\u9053\u4e0a\u592a\u5feb\u589e\u52a0\u592a\u591a\u8ca0\u91cd\uff0c\u5fae\u88c2\u7e2b\u5c31\u6703\u7a4d\u7d2f\u3002\u70ba\u5e73\u5747\u689d\u4ef6\u904e\u5ea6\u512a\u5316\u6703\u964d\u4f4e\u5b89\u5168\u908a\u969b\uff0c\u8b93\u7cfb\u7d71\u5c0d\u5929\u6c23\u3001\u6ce2\u52d5\u8207\u653f\u7b56\u885d\u64ca\u8b8a\u5f97\u8106\u5f31\u3002\u5de5\u7a0b\u4e0a\u7684\u6559\u8a13\u5f88\u7c21\u55ae\uff1a\u901f\u5ea6\u8207\u8ca0\u8377\u5fc5\u9808\u8207\u7d50\u69cb\u7684\u75b2\u52de\u6975\u9650\u5339\u914d\uff0c\u5426\u5247\u6574\u500b\u7cfb\u7d71\u6703\u4e00\u6b21\u6027\u5d29\u6f70\u3002<\/p>\n

\u5927\u5b97\u5546\u54c1\u6578\u5b78\u8207\u7926\u5546\u7684\u5169\u96e3<\/h3>\n

Glencore \u7684\u6578\u5b57\u6697\u793a\u9285\u3001\u93b3\u3001\u9237\u3001\u77f3\u58a8\u3001\u7a00\u571f\u8207\u9ad8\u54c1\u4f4d\u9435\u7926\u7684\u958b\u63a1\u3001\u52a0\u5de5\u8207\u7269\u6d41\u9700\u6709\u6975\u5176\u5de8\u5927\u7684\u64f4\u5f35\u3002\u4f46\u50f9\u683c\u4fe1\u865f\u5230\u4f86\u6bd4\u8a31\u53ef\u653e\u884c\u5feb\uff0c\u5468\u671f\u6027\u6703\u61f2\u7f70\u5148\u884c\u8005\u3002\u7d50\u679c\u662f\u5178\u578b\u7684 Minsky \u52d5\u614b\u2014\u2014\u7a69\u5b9a\u671f\u50ac\u751f\u98a8\u96aa\u627f\u64d4\uff0c\u7136\u5f8c\u7576\u878d\u8cc7\u8207\u653f\u7b56\u6536\u7dca\u6642\u7a81\u7136\u65b7\u88c2\u3002\u81ea 2016 \u5e74\u4ee5\u4f86\uff0c\u9280\u884c\u5df2\u5411\u8f49\u578b\u7926\u7269\u63d0\u4f9b\u6578\u5343\u5104\u8cb8\u6b3e\u8207\u627f\u92b7\uff0c\u6295\u8cc7\u8005\u6301\u6709\u6578\u5343\u5104\u76f8\u95dc\u516c\u53f8\u50b5\u8207\u80a1\u7968\u3002\u9019\u7a2e\u652f\u6301\u770b\u4f3c\u52e2\u982d\u5f37\u52c1\uff0c\u76f4\u5230\u793e\u6703\u8a31\u53ef\u8207\u74b0\u5883\u5be9\u67e5\u91cd\u65b0\u5b9a\u50f9\u98a8\u96aa\u3002\u8cc7\u91d1\u8d8a\u96c6\u4e2d\u65bc\u5c11\u6578\u4f9b\u61c9\u5546\u8207\u53f8\u6cd5\u7ba1\u8f44\u5340\uff0c\u5730\u65b9\u6027\u5e72\u64fe\u8d8a\u5bb9\u6613\u6210\u70ba\u5168\u7403\u885d\u64ca\u3002\u7528\u535a\u5f08\u8ad6\u4f86\u8aaa\uff0c\u7926\u5546\u9762\u81e8\u4e00\u500b\u56de\u5831\u4e0d\u5c0d\u7a31\u7684\u5354\u8abf\u554f\u984c\uff1a\u63d0\u524d\u6295\u8cc7\u627f\u64d4\u64f1\u7f6e\u8cc7\u7522\u98a8\u96aa\uff0c\u6216\u7b49\u5f85\u537b\u5192\u8457\u932f\u904e\u4e00\u500b\u56e0\u653f\u7b56\u5927\u5e45\u53cd\u8986\u800c\u7e2e\u77ed\u7684\u8d85\u9031\u671f\u7684\u98a8\u96aa\u3002<\/p>\n

\u6392\u653e\u6838\u7b97\u4f5c\u70ba\u91d1\u878d\u98a8\u96aa<\/h3>\n

\u8861\u91cf\u6846\u67b6\u4e26\u975e\u4e2d\u7acb\u3002\u80fd\u6e90\u7d93\u6fdf\u8207\u91d1\u878d\u5206\u6790\u7814\u7a76\u6240\uff08Institute for Energy Economics and Financial Analysis\uff09\u5f37\u8abf\u6fb3\u6d32\u9732\u5929\u7164\u7926\u7684\u7532\u70f7\u6392\u653e\u98a8\u96aa\uff0c\u5305\u62ec\u8207 Glencore \u6709\u95dc\u7684\u71df\u904b\u3002\u5982\u679c\u7532\u70f7\u88ab\u4f4e\u5831\uff0c\u7576\u5e33\u76ee\u88ab\u4fee\u6b63\u6642\uff0c\u78b3\u6210\u672c\u6703\u4e0a\u5347\u3002\u9019\u610f\u5473\u8457\u76e3\u7ba1\u98a8\u96aa\u3001\u6f5b\u5728\u7f70\u6b3e\u3001\u66f4\u9ad8\u7684\u4fdd\u96aa\u6210\u672c\u8207\u66f4\u9ad8\u7684\u8cc7\u672c\u6210\u672c\u3002\u6295\u8cc7\u8005\u70ba\u78ba\u5b9a\u6027\u5b9a\u50f9\uff1b\u4e0d\u900f\u660e\u5247\u8981\u6c42\u6298\u8b93\u3002\u518d\u4e00\u6b21\uff0c\u770b\u4f3c\u8cc7\u672c\u652f\u51fa\u7f3a\u53e3\u7684\u6771\u897f\u5176\u5be6\u662f\u8cc7\u6599\u5b8c\u6574\u6027\u7684\u7f3a\u53e3\u3002\u6295\u8cc7\u7d44\u5408\u8d8a\u4f86\u8d8a\u4f9d\u8cf4 Scope 1-3 \u7684\u62ab\u9732\u3001\u53f8\u6cd5\u57fa\u7dda\u8207\u7b2c\u4e09\u65b9\u9a57\u8b49\u3002\u5982\u679c\u8861\u91cf\u5de5\u5177\u5728\u8b8a\u52d5\uff0c\u8f49\u578b\u9805\u76ee\u7684\u9810\u671f\u56de\u5831\u5c31\u6703\u96a8\u4e4b\u6539\u8b8a\u3002\u53e4\u5fb7\u54c8\u7279\u5b9a\u5f8b\u518d\u6b21\u51fa\u73fe\uff1a\u4ee5\u6307\u6a19\u70ba\u7ba1\u7406\u76ee\u6a19\uff0c\u6307\u6a19\u6703\u9069\u61c9\uff0c\u5f80\u5f80\u70ba\u6642\u5df2\u665a\u3002<\/p>\n

\u6295\u8cc7\u8005\u5fc3\u7406\u8207\u68c4\u6b0a\u7684\u7f8e\u5fb7<\/h3>\n

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\u4f9b\u61c9\u93c8\u3001\u4e3b\u6b0a\u8207\u96b1\u6027\u96c6\u4e2d\u6210\u672c<\/h3>\n

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\u7cfb\u7d71\u8a2d\u8a08\uff1a\u53cd\u8106\u5f31\u52dd\u904e\u96c4\u5fc3<\/h3>\n

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