{"id":621951,"date":"2026-02-24T03:24:31","date_gmt":"2026-02-24T11:24:31","guid":{"rendered":"https:\/\/nai500.com\/?p=621951"},"modified":"2026-02-24T03:24:31","modified_gmt":"2026-02-24T11:24:31","slug":"%e7%83%8f%e5%85%8b%e8%98%ad%e7%84%a1%e4%ba%ba%e6%a9%9f%e8%a5%b2%e6%93%8a%e5%be%b7%e9%ad%af%e6%97%a5%e5%b7%b4%e6%a8%9e%e7%b4%90%ef%bc%9b%e6%b2%b9%e5%83%b9%e4%b8%8a%e6%bc%b2%e3%80%81%e6%ad%90%e7%9b%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/02\/%e7%83%8f%e5%85%8b%e8%98%ad%e7%84%a1%e4%ba%ba%e6%a9%9f%e8%a5%b2%e6%93%8a%e5%be%b7%e9%ad%af%e6%97%a5%e5%b7%b4%e6%a8%9e%e7%b4%90%ef%bc%9b%e6%b2%b9%e5%83%b9%e4%b8%8a%e6%bc%b2%e3%80%81%e6%ad%90%e7%9b%9f\/","title":{"rendered":"\u70cf\u514b\u862d\u7121\u4eba\u6a5f\u8972\u64ca\u5fb7\u9b6f\u65e5\u5df4\u6a1e\u7d10\uff1b\u6cb9\u50f9\u4e0a\u6f32\u3001\u6b50\u76df\u5206\u88c2"},"content":{"rendered":"

\u6cb9\u50f9\u4e0a\u6f32\uff0c\u6b50\u6d32\u80fd\u6e90\u80a1\u53d7\u8ffd\u6367\uff0c\u6b64\u524d\u6e05\u6668\u7684\u4e00\u8d77\u7121\u4eba\u6a5f\u653b\u64ca\u5f15\u71c3\u4e86\u4fc4\u7f85\u65af\u9791\u977c\u65af\u5766 Kaleykino \u539f\u6cb9\u6cf5\u7ad9\uff0c\u8a72\u6cf5\u7ad9\u662f\u4f9b\u61c9\u901a\u5f80\u4e2d\u6b50\u7684 Druzhba \u7ba1\u7dda\u7684\u91cd\u8981\u7bc0\u9ede\u3002\u5730\u5340\u5b98\u54e1\u5728\u591a\u8d77\u7206\u70b8\u5f8c\u78ba\u8a8d\u7531 Transneft \u71df\u904b\u7684\u8a72\u8655\u767c\u751f\u706b\u707d\uff0c\u7121\u4eba\u54e1\u50b7\u4ea1\u5831\u544a\u3002\u300a\u83ab\u65af\u79d1\u6642\u5831\u300b\u7a31\u8a72\u6a1e\u7d10\u532f\u805a\u4f86\u81ea\u897f\u897f\u4f2f\u5229\u4e9e\u8207\u4f0f\u723e\u52a0\u5730\u5340\u7684\u539f\u6cb9\u6d41\u91cf\uff0c\u4e26\u5c07\u76f8\u7576\u5927\u6bd4\u4f8b\u7684\u4fc4\u7f85\u65af\u4f9b\u61c9\u5c0e\u5411\u51fa\u53e3\u8def\u7dda\uff0c\u5305\u62ec Druzhba\u3002\u9019\u6b21\u8972\u64ca\u767c\u751f\u5728\u95dc\u65bc\u505c\u6b62\u5411\u5308\u7259\u5229\u8207\u65af\u6d1b\u4f10\u514b\u8f38\u9001 Druzhba \u539f\u6cb9\u7684\u653f\u6cbb\u722d\u7aef\u5347\u7d1a\u4e4b\u969b\uff0c\u9032\u4e00\u6b65\u52a0\u5287\u4e86\u4f9b\u61c9\u7dca\u7e2e\uff0c\u73fe\u6b63\u6ce2\u53ca\u5e03\u9b6f\u585e\u723e\u8207\u77f3\u6cb9\u5e02\u5834\u3002<\/p>\n

Druzhba \u6a1e\u7d10\u53d7\u5275\u5e36\u52d5\u6cb9\u50f9\u5c0f\u5e45\u4e0a\u63da<\/h3>\n

\u5e03\u862d\u7279\u8207 WTI \u5728\u65e9\u76e4\u8d70\u9ad8\uff0c\u8fd1\u6708\u6642\u5dee\uff08front-month time spreads\uff09\u8d70\u5f37\uff0c\u4ea4\u6613\u8005\u5c07\u65b0\u589e\u7684\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u8207\u4e2d\u6b50\u53ef\u80fd\u7684\u4f9b\u61c9\u4e2d\u65b7\u7d0d\u5165\u50f9\u683c\u3002\u7cbe\u7149\u7522\u54c1\u7684\u6ce2\u52d5\u56de\u5347\uff0c\u53d7\u5230\u5167\u9678\u539f\u6cb9\u4f9b\u61c9\u66f4\u7dca\u5f35\u8207\u6539\u9053\u5ef6\u8aa4\u7684\u64d4\u6182\uff0c\u6b50\u6d32\u67f4\u6cb9\u8207\u6c7d\u6cb9\u5229\u5dee\u64f4\u5927\u3002\u96d6\u7136\u4fc4\u7f85\u65af\u6ce2\u7f85\u7684\u6d77\u8207\u9ed1\u6d77\u6e2f\u53e3\u7684\u6d77\u904b\u51fa\u53e3\u66ab\u6642\u672a\u53d7\u5f71\u97ff\uff0c\u4f46\u6b64\u6b21\u6df1\u5165\u4fc4\u5883\u5167\u7684\u6253\u64ca\u589e\u52a0\u4e86\u4e00\u5c64\u4e0d\u78ba\u5b9a\u6027\uff0c\u901a\u5e38\u6703\u5148\u53cd\u6620\u5728\u5373\u671f\u6cb9\u6876\uff0c\u7136\u5f8c\u5728\u6574\u500b\u66f2\u7dda\u4e0a\u9ad4\u73fe\u5728\u98a8\u96aa\u6ea2\u50f9\u3002<\/p>\n

Kaleykino \u70ba\u4f55\u5c0d Druzhba \u6d41\u91cf\u91cd\u8981<\/h3>\n

Kaleykino \u4f4d\u65bc Almetyevsk \u9644\u8fd1\uff0c\u8655\u65bc\u532f\u96c6\u4e26\u6df7\u5408\u4fc4\u7f85\u65af\u539f\u6cb9\u7684\u4e3b\u5e79\u7db2\u7d61\uff0c\u7136\u5f8c\u5c07\u7522\u91cf\u63a8\u9001\u81f3\u5404\u500b\u5916\u51fa\u53e3\u8d70\u5eca\u3002\u300a\u83ab\u65af\u79d1\u6642\u5831\u300b\u6307\u51fa\uff0c\u8a72\u8907\u5408\u9ad4\u8655\u7406\u7684\u6d41\u91cf\u7d04\u4f54\u4fc4\u7f85\u65af\u6d41\u5411\u51fa\u53e3\u8def\u7dda\uff08\u5305\u62ec Druzhba \u7cfb\u7d71\uff09\u539f\u6cb9\u7684\u8fd1 30%\u3002\u76ee\u524d\u5c1a\u7121\u640d\u5bb3\u8a55\u4f30\uff0c\u4f46\u6b64\u898f\u6a21\u7684\u8abf\u548c\u6216\u6cf5\u9001\u7ad9\u82e5\u906d\u5230\u4efb\u4f55\u5be6\u8cea\u6027\u640d\u5bb3\uff0c\u53ef\u80fd\u5c0d\u7ba1\u7dda\u6c34\u529b\u4ee5\u53ca\u6279\u6b21\u6392\u7a0b\u7522\u751f\u9023\u9396\u6548\u61c9\uff0c\u8907\u96dc\u5316\u9762\u5411\u67d0\u4e9b\u7149\u5ee0\u7684 Urals \u54c1\u7d1a\u539f\u6cb9\u4ea4\u4ed8\uff0c\u56e0\u9019\u4e9b\u7149\u5ee0\u662f\u4f9d\u5176\u786b\u542b\u91cf\u8207\u5bc6\u5ea6\u7279\u6027\u8a2d\u8a08\u904b\u884c\u3002\u5c0d\u5308\u7259\u5229\u7684 MOL \u8207\u5176\u65af\u6d1b\u4f10\u514b\u5b50\u516c\u53f8 Slovnaft \u800c\u8a00\uff0c\u9019\u7a2e\u76f8\u5bb9\u6027\u5c0d\u7a69\u5b9a\u7522\u80fd\u81f3\u95dc\u91cd\u8981\u3002<\/p>\n

\u5e03\u9054\u4f69\u65af\u8207\u5e03\u62c9\u8fea\u65af\u62c9\u767c\u65bd\u58d3<\/h3>\n

\u6b64\u6b21\u7206\u70b8\u767c\u751f\u4e4b\u969b\uff0c\u5308\u7259\u5229\u8207\u65af\u6d1b\u4f10\u514b\u5df2\u5c31\u53e6\u4e00\u5b97\u8207\u897f\u70cf\u514b\u862d 1 \u6708 27 \u65e5\u8a2d\u5099\u906d\u8972\u76f8\u95dc\u7684 Druzhba \u505c\u8f38\u4e8b\u4ef6\uff0c\u8207\u57fa\u8f14\u767c\u751f\u722d\u57f7\u3002\u8a72\u7ba1\u7dda\u7684\u6cb9\u6d41\u66fe\u88ab\u4e2d\u6b62\uff0c\u5f15\u767c\u95dc\u65bc\u7dad\u4fee\u8207\u8cac\u4efb\u7684\u722d\u8b70\u3002\u5e03\u9054\u4f69\u65af\u6307\u63a7\u70cf\u514b\u862d\u6545\u610f\u62d6\u5ef6\u91cd\u555f\uff0c\u4ee5\u5411\u6b50\u76df\u5167\u89aa\u4fc4\u7684\u80fd\u6e90\u5805\u5b88\u8005\u65bd\u58d3\u3002\u4f5c\u70ba\u56de\u61c9\uff0c\u5308\u7259\u5229\u5c01\u6bba\u4e86\u6b50\u76df\u7b2c 20 \u6ce2\u5236\u88c1\u6848\u8207\u5c0d\u57fa\u8f14\u7684\u6578\u5341\u5104\u6b50\u5143\u63f4\u52a9\u65b9\u6848\uff0c\u5c07\u5176\u6279\u51c6\u8207\u6062\u5fa9\u4f9b\u61c9\u639b\u9264\u3002\u65af\u6d1b\u4f10\u514b\u5df2\u505c\u6b62\u5411\u70cf\u514b\u862d\u63d0\u4f9b\u7dca\u6025\u96fb\u529b\u4f9b\u61c9\u4e26\u5a01\u8105\u63a1\u53d6\u66f4\u5ee3\u6cdb\u5831\u5fa9\uff0c\u4ee4\u5e03\u9b6f\u585e\u723e\u9762\u81e8\u66f4\u9ad8\u8ced\u6ce8\u3002\u4eca\u65e5\u5c0d Kaleykino \u7684\u6253\u64ca\u7d66\u5169\u570b\u653f\u5e9c\u5e36\u4f86\u4e86\u65b0\u7684\u69d3\u687f\uff0c\u4f46\u4e5f\u5e36\u4f86\u65b0\u7684\u98a8\u96aa\u655e\u53e3\u3002<\/p>\n

\u6b50\u76df\u80fd\u6e90\u5206\u6b67\u64f4\u5927<\/h3>\n

\u7576\u6b50\u76df\u8457\u624b\u7981\u6b62\u5927\u591a\u6578\u4fc4\u7f85\u65af\u539f\u6cb9\u9032\u53e3\u6642\uff0c\u66fe\u5411\u4f9d\u8cf4 Druzhba \u7684\u5167\u9678\u6210\u54e1\u570b\u7d66\u4e88\u8c41\u514d\uff0c\u53cd\u6620\u51fa\u76e1\u7ba1\u5df2\u7d93\u5169\u5e74\u591a\u6642\u9593\u591a\u5143\u5316\uff0c\u4f46\u5c0d\u7ba1\u7dda\u7684\u4f9d\u8cf4\u4ecd\u7136\u9811\u56fa\u3002\u9019\u9805\u6298\u8877\u6b63\u5728\u51fa\u73fe\u88c2\u75d5\u3002\u5982\u679c Kaleykino \u7684\u4e2d\u65b7\u8207\u70cf\u514b\u862d\u4e00\u5074\u7684\u505c\u8f38\u758a\u52a0\uff0c\u5308\u7259\u5229\u8207\u65af\u6d1b\u4f10\u514b\u5c07\u9762\u81e8\u77ed\u671f\u539f\u6599\u7dca\u5f35\uff0c\u53ef\u80fd\u88ab\u8feb\u4ee5\u66f4\u9ad8\u6210\u672c\u900f\u904e\u66ff\u4ee3\u8def\u5f91\u7372\u53d6\u984d\u5916\u6cb9\u6876\u3002\u5728\u653f\u6cbb\u4e0a\uff0c\u9019\u7a2e\u58d3\u529b\u6b63\u8f49\u5316\u70ba\u5f37\u786c\u5426\u6c7a\u8207\u516c\u958b\u6307\u63a7\u6572\u8a50\uff0c\u5a01\u8105\u8981\u5728\u8a72\u5340\u4f01\u5716\u52a0\u5f37\u57f7\u6cd5\u4e26\u5835\u585e\u6f0f\u6d1e\u4e4b\u969b\u7834\u58de\u5236\u88c1\u5718\u7d50\u3002\u80fd\u6e90\u5b89\u5168\u518d\u6b21\u6210\u70ba\u6495\u88c2\u6b50\u76df\u51dd\u805a\u529b\u7684\u58d3\u529b\u9ede\u3002<\/p>\n

\u5308\u7259\u5229\u8207\u65af\u6d1b\u4f10\u514b\u80fd\u5426\u586b\u88dc\u4f9b\u61c9\u7f3a\u53e3\uff1f<\/h3>\n

\u6709\u66ff\u4ee3\u65b9\u6848\uff0c\u4f46\u6c92\u6709\u4e00\u500b\u662f\u8f15\u9b06\u7684\u3002\u4f86\u81ea\u514b\u7f85\u57c3\u897f\u4e9e\u7684 Adria \u7ba1\u7dda\u53ef\u4ee5\u5c07\u6d77\u904b\u539f\u6cb9\u8f38\u9001\u5230 MOL \u7684 Duna \u7149\u5ee0\uff0c\u7136\u5f8c\u518d\u9001\u5f80\u5e03\u62c9\u8fea\u65af\u62c9\u767c\u7684 Slovnaft\uff0c\u4f46\u5099\u7528\u904b\u529b\u6709\u9650\u4e14\u7269\u6d41\u901f\u5ea6\u8f03 Druzhba \u76f4\u9001\u6162\u3002\u5f9e Urals \u8f49\u5411\u975e\u4fc4\u54c1\u7d1a\u53ef\u80fd\u9700\u8981\u64cd\u4f5c\u4e0a\u7684\u8abf\u6574\u4e26\u53ef\u80fd\u964d\u4f4e\u7522\u7387\uff0c\u5728\u7149\u5ee0\u91cd\u65b0\u512a\u5316\u539f\u6599\u642d\u914d\u4e4b\u524d\u6703\u4fb5\u8755\u5229\u6f64\u7387\u3002\u5c0d\u5167\u9678\u71c3\u6599\u5e02\u5834\u4f86\u8aaa\uff0c\u5373\u4fbf\u662f\u77ed\u66ab\u7684\u539f\u6cb9\u77ed\u7f3a\u4e5f\u53ef\u80fd\u8017\u76e1\u5eab\u5b58\u4e26\u64f4\u5927\u67f4\u6cb9\u88c2\u53e3\u2014\u2014\u5728\u67f4\u6cb9\u65b9\u9762\uff0c\u6b50\u6d32\u7d50\u69cb\u6027\u4f9b\u61c9\u4f9d\u7136\u7dca\u5f35\u3002\u82e5\u4e2d\u65b7\u6301\u7e8c\uff0c\u9810\u671f\u6703\u6709\u66f4\u591a\u8ca8\u7269\u5f9e\u5730\u4e2d\u6d77\u8207\u4e2d\u6771\u88ab\u8f49\u5411\u4e9e\u5f97\u91cc\u4e9e\u6d77\u8207\u591a\u7459\u6cb3\u7db2\u7d61\uff0c\u63a8\u9ad8\u5340\u57df\u904b\u8cbb\u8207\u4fdd\u96aa\u6210\u672c\u3002<\/p>\n

\u9019\u5c0d\u4fc4\u7f85\u65af\u77f3\u6cb9\u73fe\u91d1\u6d41\u7684\u610f\u7fa9<\/h3>\n

\u5c0d\u83ab\u65af\u79d1\u800c\u8a00\uff0c\u77ed\u671f\u5b8f\u89c0\u885d\u64ca\u53d6\u6c7a\u65bc\u4e2d\u65b7\u6301\u7e8c\u6642\u9593\u8207\u80fd\u5426\u6539\u9053\u3002\u4fc4\u7f85\u65af\u5df2\u8d8a\u4f86\u8d8a\u719f\u7df4\u65bc\u5728\u7ba1\u7dda\u8207\u6d77\u904b\u6e20\u9053\u9593\u8abf\u914d\u6cb9\u91cf\uff0cTransneft \u901a\u5e38\u4e5f\u6703\u8fc5\u901f\u884c\u52d5\u4ee5\u7e5e\u904e\u5b64\u7acb\u640d\u5bb3\u3002\u4f46\u5916\u90e8\u89c0\u611f\u5f88\u91cd\u8981\uff1a\u4e00\u6b21\u6210\u529f\u7684\u9060\u8ddd\u96e2\u6253\u64ca\u767c\u751f\u5728\u8ddd\u96e2\u70cf\u514b\u862d\u8d85\u904e\u4e00\u5343\u516c\u91cc\u8655\uff0c\u51f8\u986f\u57fa\u8f14\u7684\u6253\u64ca\u80fd\u529b\u5ef6\u4f38\uff0c\u4e26\u4f7f\u8cb7\u5bb6\u8207\u4fdd\u96aa\u5546\u5c0d\u4fc4\u570b\u5167\u9678\u57fa\u790e\u8a2d\u65bd\u7684\u97cc\u6027\u7522\u751f\u7591\u554f\u3002\u70cf\u514b\u862d\u5b89\u5168\u5c40\u5df2\u6697\u793a\u5c07\u7e7c\u7e8c\u91dd\u5c0d\u958b\u63a1\u8207\u904b\u8f38\u8a2d\u65bd\uff0c\u4ee5\u300c\u7cfb\u7d71\u6027\u300d\u5730\u6d88\u8017\u4fc4\u7f85\u65af\u77f3\u6cb9\u6536\u5165\u3002\u5373\u4fbf\u6c92\u6709\u5927\u91cf\u9ad4\u7a4d\u640d\u5931\uff0c\u98a8\u96aa\u611f\u77e5\u4e0a\u5347\u4e5f\u6703\u64f4\u5927\u4fc4\u7f85\u65af\u54c1\u7d1a\u7684\u6298\u8b93\uff0c\u4e26\u62ac\u9ad8\u5168\u7403\u539f\u6cb9\u57fa\u6e96\u6240\u5167\u542b\u7684\u6574\u9ad4\u98a8\u96aa\u6ea2\u50f9\u3002<\/p>\n

\u4ea4\u6613\u8a0a\u865f\uff1a\u6642\u5dee\u3001\u7149\u5ee0\u5229\u5dee\u3001\u80a1\u5e02<\/h3>\n

\u5e02\u5834\u5c07\u95dc\u6ce8\u5373\u671f\u5e03\u862d\u7279\u6642\u5dee\u3001\u6b50\u6d32\u67f4\u6cb9\u88c2\u53e3\u8207\u4e2d\u6b50\u7149\u5ee0\u80a1\uff0c\u4ee5\u7372\u5f97\u6700\u76f4\u63a5\u7684\u8a0a\u865f\u3002\u66f4\u5805\u56fa\u7684\u9006\u50f9\u5dee\uff08backwardation\uff09\u5c07\u78ba\u8a8d\u77ed\u671f\u5be6\u7269\u7dca\u5f35\uff0c\u800c\u67f4\u6cb9\u5229\u5dee\u82e5\u6301\u7e8c\u64f4\u5927\u5247\u6703\u8868\u660e\u4e0b\u6e38\u58d3\u529b\uff0c\u6b63\u662f\u5e03\u9054\u4f69\u65af\u8207\u5e03\u62c9\u8fea\u65af\u62c9\u767c\u4e0d\u9858\u770b\u5230\u7684\u60c5\u6cc1\u3002\u5728\u80a1\u5e02\u65b9\u9762\uff0c\u50cf Shell \u8207 BP \u9019\u985e\u6b50\u6d32\u4e00\u9ad4\u5316\u80fd\u6e90\u516c\u53f8\u901a\u5e38\u6703\u56e0\u73fe\u8ca8\u50f9\u683c\u4e0a\u5347\u8207\u8f03\u5f37\u7149\u6cb9\u5229\u5dee\u800c\u53d7\u76ca\uff0c\u800c\u4e2d\u6b50\u7684\u7d14\u7149\u5ee0\u82e5\u539f\u6599\u8b8a\u5f97\u66f4\u6602\u8cb4\u6216\u4e0d\u7a69\u5b9a\uff0c\u53ef\u80fd\u8868\u73fe\u843d\u5f8c\u3002\u4fc4\u7f85\u65af\u51fa\u53e3\u5546\u76f8\u5c0d\u5e03\u862d\u7279\u7684\u5dee\u50f9\u4e5f\u5099\u53d7\u95dc\u6ce8\uff1b\u82e5\u8a72\u5dee\u50f9\u64f4\u5927\uff0c\u5c07\u986f\u793a\u8cb7\u65b9\u8b39\u614e\u52a0\u5287\uff0c\u5118\u7ba1\u6709\u5927\u91cf\u5f71\u5b50\u8239\u968a\u7269\u6d41\u4f5c\u70ba\u7de9\u885d\u3002\u5c31\u8ca8\u5e63\u98a8\u96aa\u800c\u8a00\uff0c\u76e7\u5e03\u7684\u97cc\u6027\u5247\u662f\u6295\u8cc7\u8005\u5224\u65b7\u6b64\u6b21\u8972\u64ca\u5c6c\u8c61\u5fb5\u6027\u9084\u662f\u771f\u6b63\u7834\u58de\u6027\u7684\u6b21\u8981\u6307\u6a19\u3002<\/p>\n

\u4fc4\u7f85\u65af\u7684\u4e0b\u4e00\u6b65\u8207\u57fa\u790e\u8a2d\u65bd\u554f\u984c<\/h3>\n

Transneft \u5f88\u53ef\u80fd\u6de1\u5316\u640d\u5bb3\u4e26\u5ba3\u50b3\u8fc5\u901f\u904f\u6b62\uff0c\u6b63\u5982\u5176\u5728\u5148\u524d\u4e8b\u4ef6\u6240\u70ba\uff0c\u4ee5\u5b89\u64ab\u4e0b\u6e38\u5ba2\u6236\u4e26\u7dad\u6301\u6536\u5165\u6d41\u3002\u4e0d\u904e\uff0c\u5c0d Kaleykino \u7b49\u7bc0\u9ede\u7684\u53cd\u8986\u653b\u64ca\u986f\u793a\u51fa\u9577\u8ddd\u96e2\u7269\u6d41\u810a\u6a11\u7684\u8106\u5f31\u6027\uff0c\u9019\u6bd4\u6e2f\u53e3\u8a2d\u65bd\u66f4\u96e3\u9632\u8b77\u3002\u52a0\u56fa\u4fc4\u7f85\u65af\u5167\u9678\u6578\u5341\u500b\u6cf5\u7ad9\u8207\u5132\u6cb9\u5834\u65e2\u6602\u8cb4\u53c8\u7de9\u6162\u3002\u6bcf\u4e00\u6b21\u6210\u529f\u7684\u6253\u64ca\u90fd\u8feb\u4f7f\u63a1\u53d6\u61c9\u8b8a\u6539\u9053\uff0c\u70ba\u4ea4\u4ed8\u6642\u7a0b\u589e\u52a0\u6469\u64e6\u3002\u5c0d\u65bc\u4e00\u500b\u570d\u7e5e\u6298\u8b93\u4f46\u7a69\u5b9a\u51fa\u53e3\u4f86\u6821\u6e96\u9810\u7b97\u7684\u77f3\u6cb9\u570b\u5bb6\u800c\u8a00\uff0c\u7d2f\u7a4d\u7684\u6469\u64e6\u672c\u8eab\u5c31\u662f\u4e00\u7a2e\u58d3\u529b\u3002<\/p>\n

\u63a5\u4e0b\u4f86\u61c9\u95dc\u6ce8\u7684\u7a81\u767c\u9ede<\/h3>\n

\u73fe\u5728\u6700\u91cd\u8981\u7684\u5169\u500b\u6230\u7dda\u662f\uff1aKaleykino \u7684\u6280\u8853\u6062\u5fa9\u6642\u7a0b\uff0c\u4ee5\u53ca\u6b50\u76df\u5167\u90e8\u7684\u653f\u6cbb\u50f5\u5c40\u3002\u5982\u679c\u57fa\u8f14\u7684\u9060\u7a0b\u7121\u4eba\u6a5f\u884c\u52d5\u7e7c\u7e8c\u6ef2\u900f\u4fc4\u7f85\u65af\u6df1\u5c64\u57fa\u790e\u8a2d\u65bd\uff0c\u5e02\u5834\u5c07\u628a\u66f4\u591a\u983b\u7e41\u4f46\u4ecd\u662f\u7247\u6bb5\u5f0f\u7684\u4f9b\u61c9\u6050\u614c\u8a08\u5165\u50f9\u683c\u3002\u5982\u679c\u5e03\u9054\u4f69\u65af\u8207\u5e03\u62c9\u8fea\u65af\u62c9\u767c\u7e7c\u7e8c\u5c07\u6b50\u76df\u6c7a\u7b56\u7d81\u5728 Druzhba \u6d41\u91cf\u4e0a\uff0c\u9810\u671f\u5e03\u9b6f\u585e\u723e\u5c07\u5c0b\u6c42\u4e00\u500b\u9867\u9762\u5b50\u7684\u59a5\u5354\u2014\u2014\u5f88\u53ef\u80fd\u5305\u542b\u5c0d\u66ff\u4ee3\u4f9b\u61c9\u7684\u4fdd\u8b49\u8207\u5c0d\u7149\u5ee0\u8abf\u6574\u7684\u652f\u63f4\u3002\u4efb\u4f55\u4e00\u689d\u8def\u5f91\u90fd\u6703\u5728\u5373\u671f\u6cb9\u8207\u6b50\u6d32\u67f4\u6cb9\u4e0a\u7559\u4e0b\u652f\u6490\uff0c\u81f3\u5c11\u5ef6\u7e8c\u5230\u521d\u6625\u524d\u7684\u51ac\u5b63\u5f8c\u671f\u3002\u885d\u7a81\u7684\u80fd\u6e90\u6230\u5834\u6b63\u5f9e\u524d\u7dda\u96fb\u7db2\u8207\u7149\u5ee0\u8f49\u79fb\u5230\u90a3\u4e9b\u6c7a\u5b9a\u8ab0\u4ed8\u66f4\u591a\u3001\u8ab0\u5148\u8b93\u6b65\u7684\u4e3b\u52d5\u8108\u7ba1\u7dda\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u70cf\u514b\u862d\u7121\u4eba\u6a5f\u8972\u64ca\u64ca\u4e2d\u4fc4\u7f85\u65af\u91cd\u8981\u6cb9\u7ad9\uff0c\u5f15\u767c\u6cb9\u50f9\u4e0a\u6f32\u4e26\u5728\u653f\u6cbb\u7dca\u5f35\u8207\u4f9b\u61c9\u4e2d\u65b7\u593e\u64ca\u4e0b\u64f4\u5927\u6b50\u76df\u80fd\u6e90\u5206\u6b67\u3002<\/p>\n","protected":false},"author":48,"featured_media":587492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[577,773],"class_list":["post-621951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag--zh-hant","tag-773"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/621951","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\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=621951"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/621951\/revisions"}],"predecessor-version":[{"id":621973,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/621951\/revisions\/621973"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/587492"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=621951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=621951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=621951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}