{"id":614431,"date":"2026-01-13T00:50:26","date_gmt":"2026-01-13T08:50:26","guid":{"rendered":"https:\/\/nai500.com\/?p=614431"},"modified":"2026-01-13T00:50:26","modified_gmt":"2026-01-13T08:50:26","slug":"%e6%af%94%e7%88%be-%e8%93%8b%e8%8c%a8-%e5%9f%ba%e9%87%91%e6%9c%83-%e5%85%ad%e6%88%90-%e5%80%89%e4%bd%8d-%e6%8c%81%e6%9c%89-%e4%b8%89%e6%94%af-%e8%82%a1%e7%a5%a8","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/01\/%e6%af%94%e7%88%be-%e8%93%8b%e8%8c%a8-%e5%9f%ba%e9%87%91%e6%9c%83-%e5%85%ad%e6%88%90-%e5%80%89%e4%bd%8d-%e6%8c%81%e6%9c%89-%e4%b8%89%e6%94%af-%e8%82%a1%e7%a5%a8\/","title":{"rendered":"\u6bd4\u723e\u00b7\u84cb\u8328\u57fa\u91d1\u6703\u8fd1\u516d\u6210\u5009\u4f4d\u6301\u6709\u4e86\u9019\u4e09\u652f\u80a1\u7968\uff01"},"content":{"rendered":"<p>\u4f5c\u70ba\u5fae\u8edf\u5275\u59cb\u4eba\uff0c\u6bd4\u723e\u00b7\u84cb\u8328\u7684\u8ca1\u5bcc\u6545\u4e8b\u4eba\u76e1\u7686\u77e5\u3002\u7136\u800c\uff0c\u5176\u540d\u4e0b\u6bd4\u723e\u53ca\u6885\u7433\u9054\u00b7\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u537b\u5448\u73fe\u51fa\u8207\u5176\u79d1\u6280\u5de8\u982d\u5275\u59cb\u4eba\u8eab\u4efd\u8fe5\u7570\u7684\u98a8\u683c\u3002<\/p>\n<p>\u6839\u64da\u8a72\u57fa\u91d1\u6703\u6700\u65b0\u63d0\u4ea4\u7d66\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u7684\u6587\u4ef6\uff0c\u5176\u50f9\u503c\u7d04380\u5104\u7f8e\u5143\u7684\u516c\u958b\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u6709\u9ad8\u905459%\u7684\u8cc7\u7522\u96c6\u4e2d\u6295\u8cc7\u65bc\u4e09\u5bb6\u516c\u53f8\uff1a<strong><b>Berkshire Hathaway<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=BRK.A\"><strong><u><b>BRK.A<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=BRK.B\"><strong><u><b>BRK.B<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong><strong><b>\u3001\u5ee2\u7269\u7ba1\u7406\u516c\u53f8<\/b><\/strong><strong><b>WM<\/b><\/strong>\u00a0<strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=WM\"><strong><u><b>WM<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong><strong><b>\u548c<\/b><\/strong><strong><b>\u52a0\u62ff\u5927\u570b\u5bb6\u9435\u8def\u516c\u53f8<\/b><\/strong><strong><b>Canadian National Railway<\/b><\/strong><strong><b>(<\/b><\/strong><a href=\"https:\/\/nai500.com\/zh-hant\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%A9%A2\/?qm_symbol=CNR\"><strong><u><b>CNR<\/b><\/u><\/strong><\/a><strong><b>)<\/b><\/strong>\u3002\u9019\u4e00\u914d\u7f6e\u6df1\u523b\u53cd\u6620\u4e86\u5176\u9577\u671f\u53cb\u4eba\u6c83\u502b\u00b7\u5df4\u83f2\u7279\u7684\u6295\u8cc7\u54f2\u5b78\uff0c\u5373\u5c08\u6ce8\u65bc\u64c1\u6709\u5bec\u95ca\u201c\u8b77\u57ce\u6cb3\u201d\u3001\u80fd\u7522\u751f\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u50f9\u503c\u578b\u4f01\u696d\u3002<\/p>\n<p><b><\/b><strong><b>1. Berkshire Hathaway (\u6301\u5009\u5360\u6bd41%)\uff1a\u5df4\u83f2\u7279<\/b><\/strong><strong><b>\u6350\u8d08<\/b><\/strong><\/p>\n<p>\u84cb\u8328\u57fa\u91d1\u6703\u662f\u4f2f\u514b\u5e0c\u723e\u54c8\u6492\u97cb\u7684\u6700\u5927\u80a1\u6771\u4e4b\u4e00\uff0c\u6301\u6709\u7d042180\u842c\u80a1\u4f2f\u514b\u5e0c\u723eB\u985e\u80a1\uff0c\u7576\u524d\u5e02\u503c\u7d04109\u5104\u7f8e\u5143\u3002\u9019\u4e9b\u80a1\u4efd\u4e3b\u8981\u4f86\u6e90\u65bc\u5df4\u83f2\u7279\u6bcf\u5e74\u7684\u5b9a\u5411\u6350\u8d08\u3002\u76e1\u7ba1\u6350\u8d08\u689d\u6b3e\u8981\u6c42\u57fa\u91d1\u6703\u5728\u7576\u5e74\u4f7f\u7528\u5176\u5168\u90e8\u50f9\u503c\uff0c\u4f46\u4fe1\u6258\u7ba1\u7406\u4eba\u591a\u5e74\u4f86\u9078\u64c7\u4fdd\u7559\u4e86\u5927\u90e8\u5206\u80a1\u4efd\u3002<\/p>\n<p>\u96a8\u8457\u5df4\u83f2\u7279\u65bc2025\u5e745\u6708\u5ba3\u5e03\u9000\u4f11\uff0c\u4e26\u7531Greg Abel\u65bc2026\u5e741\u67081\u65e5\u6b63\u5f0f\u63a5\u4efb\u8463\u4e8b\u9577\uff0c\u5e02\u5834\u6b63\u5bc6\u5207\u95dc\u6ce8\u9019\u4f4d\u65b0\u4efb\u638c\u9580\u4eba\u5982\u4f55\u99d5\u99ad\u9019\u500b\u64c1\u6709\u8d85\u904e6700\u5104\u7f8e\u5143\u53ef\u6295\u8cc7\u8cc7\u7522\u53ca\u6578\u5341\u5bb6\u5168\u8cc7\u5b50\u516c\u53f8\u7684\u9f90\u5927\u5546\u696d\u5e1d\u570b\u3002\u76ee\u524d\uff0cBerkshire\u80a1\u50f9\u81ea\u5df4\u83f2\u7279\u9000\u4f11\u8072\u660e\u5f8c\u8d70\u52e2\u5e73\u7a69\uff0c\u5176\u5e02\u6de8\u7387\u7d04\u70ba1.5\u500d\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u7a69\u5065\uff0c\u6838\u5fc3\u4fdd\u96aa\u696d\u52d9\u96d6\u57282025\u5e74\u521d\u56e0\u52a0\u5dde\u91ce\u706b\u906d\u53d7\u632b\u6298\uff0c\u4f46\u6574\u9ad4\u73fe\u91d1\u6d41\u4f9d\u7136\u5f37\u52c1\u3002<\/p>\n<p><b><\/b><strong><b>2. WM (\u6301\u5009\u5360\u6bd47%)\uff1a<\/b><\/strong><strong><b>\u201c<\/b><\/strong><strong><b>\u4e0d\u8d77\u773c<\/b><\/strong><strong><b>\u201d<\/b><\/strong><strong><b>\u751f\u610f\u4e2d\u7684\u7d55\u5c0d\u4e3b\u5c0e\u8005<\/b><\/strong><\/p>\n<p>WM\uff08\u524d\u8eab\u70baWaste Management\uff09\u662f\u5317\u7f8e\u6700\u5927\u7684\u56fa\u9ad4\u5ee2\u7269\u6536\u96c6\u548c\u8655\u7f6e\u516c\u53f8\u3002\u5176\u6838\u5fc3\u7af6\u722d\u512a\u52e2\u5728\u65bc\u64c1\u6709\u8d85\u904e260\u500b\u5783\u573e\u586b\u57cb\u5834\u7d44\u6210\u7684\u7db2\u7d61\uff0c\u800c\u65b0\u5efa\u586b\u57cb\u5834\u6240\u9762\u81e8\u7684\u6975\u9ad8\u76e3\u7ba1\u58c1\u58d8\uff0c\u69cb\u7bc9\u4e86\u5e7e\u4e4e\u4e0d\u53ef\u903e\u8d8a\u7684\u7af6\u722d\u8b77\u57ce\u6cb3\u3002\u9019\u8feb\u4f7f\u8a31\u591a\u5c0f\u578b\u5783\u573e\u904b\u8f38\u516c\u53f8\u5fc5\u9808\u901a\u904eWM\u7684\u8f49\u904b\u7ad9\u548c\u586b\u57cb\u5834\u9032\u884c\u8655\u7406\u3002<\/p>\n<p>\u76e1\u7ba1\u9762\u81e8\u53ef\u56de\u6536\u7269\u50f9\u683c\u4e0b\u8dcc\u7b49\u6311\u6230\uff0c\u4f46WM\u6191\u501f\u5176\u5e02\u5834\u4e3b\u5c0e\u5730\u4f4d\uff0c\u80fd\u5920\u6301\u7e8c\u5411\u5bb6\u5ead\u3001\u4f01\u696d\u548c\u7b2c\u4e09\u65b9\u904b\u8f38\u516c\u53f8\u63d0\u9ad8\u8cbb\u7387\uff0c\u5f9e\u800c\u63a8\u52d5\u71df\u696d\u6536\u5165\u589e\u9577\u548c\u904b\u71df\u5229\u6f64\u7387\u6539\u5584\u3002\u8fd1\u671f\uff0c\u516c\u53f8\u901a\u904e\u6536\u8cfcStericycle\uff08\u73fe\u70baWM Healthcare Solutions\uff09\u9032\u8ecd\u91ab\u7642\u5ee2\u7269\u8655\u7406\u9818\u57df\uff0c\u65e8\u5728\u8207\u73fe\u6709\u696d\u52d9\u7522\u751f\u5354\u540c\u6548\u61c9\u3002\u4ee5\u4f01\u696d\u50f9\u503c\u8207\u606f\u7a05\u6298\u820a\u6524\u92b7\u524d\u5229\u6f64\uff08EV\/EBITDA\uff09\u6bd4\u7387\u4f4e\u65bc14\u500d\u4f30\u503c\u4f86\u770b\uff0c\u5e02\u5834\u5c0d\u5176\u5b9a\u50f9\u76f8\u5c0d\u5408\u7406\u3002<\/p>\n<p><b><\/b><strong><b>3. Canadian National Railway (\u6301\u5009\u5360\u6bd46%)\uff1a\u8cab\u7a7f\u5317\u7f8e\u5927\u9678\u7684<\/b><\/strong><strong><b>\u201c<\/b><\/strong><strong><b>\u92fc\u9435\u52d5\u8108<\/b><\/strong><strong><b>\u201d<\/b><\/strong><\/p>\n<p>\u52a0\u62ff\u5927\u570b\u5bb6\u9435\u8def\u516c\u53f8\u64c1\u6709\u6a6b\u8de8\u52a0\u62ff\u5927\u6d77\u5cb8\u81f3\u7f8e\u570b\u65b0\u5967\u723e\u826f\u7684\u9435\u8def\u7db2\u7d61\uff0c\u5176\u5730\u7406\u8986\u84cb\u7bc4\u570d\u69cb\u6210\u4e86\u5f37\u5927\u7684\u81ea\u7136\u58df\u65b7\u512a\u52e2\u3002\u76e1\u7ba1\u884c\u696d\u6574\u9ad4\u589e\u9577\u7de9\u6162\uff082020-2024\u5e74\u8ca8\u904b\u91cf\u5e74\u5747\u589e\u901f\u50c51%\uff09\uff0c\u4e14\u66fe\u53d7\u8cbf\u6613\u653f\u7b56\u5f71\u97ff\uff0c\u4f46\u516c\u53f8\u901a\u904e\u8abf\u6574\u8ca8\u904b\u7d50\u69cb\uff08\u589e\u52a0\u77f3\u6cb9\u5316\u5de5\u3001\u7ce7\u98df\u7b49\u54c1\u985e\uff09\u4f86\u62b5\u6d88\u90e8\u5206\u7522\u54c1\u904b\u8f38\u91cf\u7684\u4e0b\u6ed1\u3002<\/p>\n<p>\u9435\u8def\u884c\u696d\u7684\u9ad8\u8cc7\u672c\u6295\u5165\u548c\u898f\u6a21\u6548\u61c9\u5c0e\u81f4\u4e86\u6975\u9ad8\u7684\u9032\u5165\u58c1\u58d8\uff0c\u4e26\u63a8\u52d5\u884c\u696d\u6301\u7e8c\u6574\u5408\u3002Canadian National\u7684\u7ba1\u7406\u5c64\u901a\u904e\u56b4\u683c\u63a7\u5236\u8cc7\u672c\u652f\u51fa\uff0c\u7522\u751f\u4e86\u5f37\u52c1\u7684\u81ea\u7531\u73fe\u91d1\u6d41\uff082025\u5e74\u524d\u4e5d\u500b\u6708\u589e\u957714%\uff09\uff0c\u4e26\u7528\u65bc\u80a1\u7968\u56de\u8cfc\u4ee5\u63d0\u5347\u6bcf\u80a1\u6536\u76ca\u3002\u5176\u7576\u524dEV\/EBITDA\u6bd4\u7387\u4f4e\u65bc12\u500d\uff0c\u4f30\u503c\u8f03\u540c\u696d\u66f4\u5177\u5438\u5f15\u529b\uff0c\u662f\u4e00\u53ea\u5178\u578b\u7684\u53ef\u9577\u671f\u6301\u6709\u3001\u7522\u751f\u7a69\u5b9a\u73fe\u91d1\u6d41\u7684\u50f9\u503c\u80a1\u3002<\/p>\n<p><strong><b>\u6838\u5fc3\u555f\u793a\uff1a\u7a69\u5065\u50f9\u503c\u6295\u8cc7\u54f2\u5b78<\/b><\/strong><\/p>\n<p>\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u7d44\u5408\u6e05\u6670\u5730\u8868\u660e\uff0c\u5176\u7ba1\u7406\u91cd\u5fc3\u4e26\u975e\u8ffd\u9010\u4f7f\u5176\u5275\u59cb\u4eba\u81f4\u5bcc\u7684\u9ad8\u589e\u9577\u79d1\u6280\u80a1\uff0c\u800c\u662f\u79c9\u627f\u5df4\u83f2\u7279\u5f0f\u7684\u50f9\u503c\u6295\u8cc7\u7406\u5ff5\uff0c\u6df1\u5ea6\u96c6\u4e2d\u65bc\u696d\u52d9\u6a21\u5f0f\u7c21\u55ae\u6613\u61c2\u3001\u5177\u5099\u6301\u4e45\u7af6\u722d\u512a\u52e2\u3001\u80fd\u7522\u751f\u53ef\u9760\u73fe\u91d1\u6d41\u7684\u884c\u696d\u9818\u5c0e\u8005\u3002\u9019\u9ad4\u73fe\u4e86\u57fa\u91d1\u6703\u8cc7\u7522\u4fdd\u503c\u589e\u503c\u4ee5\u652f\u6301\u5176\u9577\u671f\u6148\u5584\u4f7f\u547d\u7684\u8b39\u614e\u7b56\u7565\u3002\u96a8\u8457\u5df4\u83f2\u7279\u6642\u4ee3\u7684\u904e\u6e21\uff0c\u5e02\u5834\u5c07\u6aa2\u9a57\u9019\u5957\u54f2\u5b78\u5728\u65b0\u6642\u4ee3\u7684\u5ef6\u7e8c\u6027\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u70ba\u5fae\u8edf\u5275\u59cb\u4eba\uff0c\u6bd4\u723e\u00b7\u84cb\u8328\u7684\u8ca1\u5bcc\u6545\u4e8b\u4eba\u76e1\u7686\u77e5\u3002\u7136\u800c\uff0c\u5176\u540d\u4e0b\u6bd4\u723e\u53ca\u6885\u7433\u9054\u00b7\u84cb\u8328\u57fa\u91d1\u6703\u7684\u6295\u8cc7\u7b56\u7565\uff0c\u537b\u5448\u73fe\u51fa\u8207\u5176\u79d1\u6280 [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":595261,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426,431],"tags":[2416,2159,2168,574],"class_list":["post-614431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","category-trends-strategies-zh-hant","tag-u-s-stocks-zh-hant","tag-2159","tag--zh-hant","tag-574","sectors--zh-hant","sectors-financial-products-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\/614431","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\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=614431"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/614431\/revisions"}],"predecessor-version":[{"id":614434,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/614431\/revisions\/614434"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/595261"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=614431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=614431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=614431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}