{"id":625636,"date":"2026-03-16T00:23:05","date_gmt":"2026-03-16T07:23:05","guid":{"rendered":"https:\/\/nai500.com\/?p=625636"},"modified":"2026-03-16T00:23:05","modified_gmt":"2026-03-16T07:23:05","slug":"%e6%97%a2%e8%a6%81%e6%8a%97%e8%b7%8c%e5%8f%88%e8%a6%81%e8%83%bd%e6%bc%b2%ef%bc%9f%e9%80%99%e5%80%8b%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e7%a5%a8%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%ad%96%e7%95%a5","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/03\/%e6%97%a2%e8%a6%81%e6%8a%97%e8%b7%8c%e5%8f%88%e8%a6%81%e8%83%bd%e6%bc%b2%ef%bc%9f%e9%80%99%e5%80%8b%e5%8a%a0%e6%8b%bf%e5%a4%a7%e8%82%a1%e7%a5%a8%e6%8a%95%e8%b3%87%e7%b5%84%e5%90%88%e7%ad%96%e7%95%a5\/","title":{"rendered":"\u65e2\u8981\u6297\u8dcc\u53c8\u8981\u80fd\u6f32\uff1f\u9019\u500b\u52a0\u62ff\u5927\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u7b56\u7565\u7c21\u76f4\u7121\u61c8\u53ef\u64ca"},"content":{"rendered":"

\u5728\u5730\u7de3\u653f\u6cbb\u7dca\u5f35\u5c40\u52e2\u6301\u7e8c\u767c\u9175\u3001\u5927\u5b97\u5546\u54c1\u50f9\u683c\u5287\u70c8\u6ce2\u52d5\u7684\u7576\u4e0b\uff0c\u52a0\u62ff\u5927\u80a1\u5e02\u6b63\u7d93\u6b77\u8457\u904e\u5c71\u8eca\u822c\u7684\u884c\u60c5\u3002\u4e00\u65b9\u9762\uff0c\u4f0a\u6717\u5a01\u8105\u5c01\u9396\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7684\u6d88\u606f\u63a8\u52d5\u539f\u6cb9\u50f9\u683c\u98c6\u5347\uff0c\u80fd\u6e90\u80a1\u96a8\u4e4b\u8d77\u821e\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u901a\u8139\u96b1\u6182\u548c\u7d93\u6fdf\u589e\u901f\u653e\u7de9\u7684\u64d4\u6182\u53c8\u4ee4\u6295\u8cc7\u8005\u7d1b\u7d1b\u64a4\u96e2\u9ad8\u98a8\u96aa\u8cc7\u7522\uff0c\u8f49\u5411\u9632\u79a6\u677f\u584a\u3002\u9762\u5c0d\u9019\u6a23\u7684\u5e02\u5834\u74b0\u5883\uff0c\u8a31\u591a\u52a0\u62ff\u5927\u6295\u8cc7\u8005\u9677\u5165\u4e86\u5169\u96e3\uff1a\u662f\u61c9\u8a72\u62cb\u552e\u6240\u6709\u982d\u5bf8\u8eb2\u9032\u516c\u7528\u4e8b\u696d\u7b49\u907f\u98a8\u6e2f\uff0c\u9084\u662f\u62bc\u6ce8\u8cc7\u6e90\u80a1\u7684\u7206\u767c\u529b\u535a\u53d6\u8d85\u984d\u6536\u76ca\uff1f<\/p>\n

\u4e8b\u5be6\u4e0a\uff0c\u771f\u6b63\u7684\u6295\u8cc7\u667a\u6167\u5f9e\u4e0d\u5728\u65bc\u4e8c\u9078\u4e00\uff0c\u800c\u5728\u65bc\u69cb\u5efa\u4e00\u500b\u201c\u9032\u53ef\u653b\u3001\u9000\u53ef\u5b88\u201d\u7684\u5747\u8861\u7d44\u5408\u3002\u672c\u6587\u5c07\u70ba\u60a8\u89e3\u6790\u4e00\u500b\u770b\u4f3c\u7121\u61c8\u53ef\u64ca\u7684\u52a0\u62ff\u5927\u80a1\u7968\u6295\u8cc7\u7b56\u7565\u2014\u2014\u901a\u904e\u914d\u7f6e\u517c\u5177\u9632\u79a6\u6027\u8207\u6210\u9577\u6027\u7684\u512a\u8cea\u6a19\u7684\uff0c\u5be6\u73fe\u201c\u65e2\u8981\u6297\u8dcc\u53c8\u8981\u80fd\u6f32\u201d\u7684\u96d9\u91cd\u76ee\u6a19\u3002<\/p>\n

\u9632\u79a6\u4e4b\u76fe\uff1aFortis\u8207Waste Connections\u7684\u7a69\u5065\u5e95\u8272<\/h2>\n

\u5728\u4efb\u4f55\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u9632\u79a6\u578b\u80a1\u7968\u90fd\u626e\u6f14\u8457\u201c\u58d3\u8259\u77f3\u201d\u7684\u89d2\u8272\u3002\u5b83\u5011\u901a\u5e38\u63d0\u4f9b\u5fc5\u9700\u7684\u7522\u54c1\u6216\u670d\u52d9\uff0c\u9700\u6c42\u53d7\u7d93\u6fdf\u9031\u671f\u5f71\u97ff\u8f03\u5c0f\uff0c\u4e26\u80fd\u7522\u751f\u6301\u7e8c\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\u3002\u5728\u52a0\u62ff\u5927\u5e02\u5834\uff0cFortis\uff08TSX:FTS\uff09<\/a>\u548cWaste Connections\uff08TSX:WCN\uff09<\/a>\u582a\u7a31\u9019\u4e00\u9818\u57df\u7684\u5178\u7bc4\u3002<\/p>\n

Fortis\u662f\u4e00\u5bb6\u6a6b\u8de8\u52a0\u62ff\u5927\u3001\u7f8e\u570b\u53ca\u52a0\u52d2\u6bd4\u5730\u5340\u7684\u96fb\u529b\u548c\u5929\u7136\u6c23\u516c\u7528\u4e8b\u696d\u516c\u53f8\u3002\u6838\u5fc3\u696d\u52d9\u2014\u2014\u96fb\u529b\u548c\u71c3\u6c23\u7684\u50b3\u8f38\u8207\u5206\u914d\u2014\u2014\u5c6c\u4e8e\u53d7\u76e3\u7ba1\u7684\u58df\u65b7\u6027\u8cea\uff0c\u7d0495%\u7684\u8cc7\u7522\u96c6\u4e2d\u65bc\u4f4e\u98a8\u96aa\u7684\u8f38\u914d\u74b0\u7bc0\uff0c\u70ba\u76c8\u5229\u80fd\u529b\u69cb\u7bc9\u4e86\u5805\u5be6\u7684\u8b77\u57ce\u6cb3\u3002\u7121\u8ad6\u7d93\u6fdf\u7e41\u69ae\u8207\u5426\uff0c\u5bb6\u5ead\u548c\u4f01\u696d\u90fd\u9700\u8981\u96fb\u529b\u8207\u4f9b\u6696\uff0c\u56e0\u6b64Fortis\u7684\u71df\u6536\u548c\u73fe\u91d1\u6d41\u5177\u6709\u6975\u9ad8\u7684\u53ef\u9810\u898b\u6027\u3002\u66f4\u70ba\u96e3\u5f97\u7684\u662f\uff0c\u8a72\u516c\u53f8\u5df2\u9023\u7e8c52\u5e74\u63d0\u9ad8\u80a1\u606f\uff0c\u662f\u76ee\u524d\u52a0\u62ff\u5927\u4e0a\u5e02\u516c\u53f8\u4e2d\u80a1\u606f\u589e\u9577\u8a18\u9304\u6700\u9577\u7684\u4fdd\u6301\u8005\u4e4b\u4e00\u3002\u7ba1\u7406\u5c64\u5df2\u660e\u78ba\u8868\u793a\uff0c\u4f9d\u8a17\u4e8e\u7e3d\u984d\u9054288\u5104\u52a0\u5143\u7684\u4e94\u5e74\u8cc7\u672c\u6295\u8cc7\u8a08\u5283\uff0c\u516c\u53f8\u6709\u671b\u57282030\u5e74\u524d\u5c07\u8cbb\u7387\u57fa\u6578\u4ee5\u7d047%\u7684\u5e74\u8907\u5408\u589e\u9577\u7387\u64f4\u5927\u81f3579\u5104\u52a0\u5143\uff0c\u4e26\u652f\u6301\u672a\u4f86\u80a1\u606f\u4ee5\u6bcf\u5e744%-6%\u7684\u901f\u5ea6\u589e\u9577\u3002\u5c0d\u65bc\u5c0b\u6c42\u7a69\u5b9a\u6536\u76ca\u7684\u6295\u8cc7\u8005\u800c\u8a00\uff0cFortis\u7121\u7591\u662f\u52d5\u76ea\u5e02\u5834\u4e2d\u7684\u201c\u5b9a\u5fc3\u4e38\u201d\u3002<\/p>\n

Waste Connections\u5247\u662f\u5317\u7f8e\u9818\u5148\u7684\u56fa\u9ad4\u5ee2\u7269\u7ba1\u7406\u670d\u52d9\u5546\u3002\u8207\u516c\u7528\u4e8b\u696d\u76f8\u4f3c\uff0c\u5783\u573e\u6536\u96c6\u3001\u56de\u6536\u548c\u8655\u7406\u540c\u6a23\u662f\u73fe\u4ee3\u793e\u6703\u4e0d\u53ef\u6216\u7f3a\u7684\u57fa\u790e\u670d\u52d9\u3002Waste Connections\u7684\u6230\u7565\u805a\u7126\u65bc\u4e8c\u7d1a\u548c\u7368\u5bb6\u5e02\u5834\uff0c\u9019\u4e9b\u5730\u5340\u7af6\u722d\u58d3\u529b\u8f03\u5c0f\uff0c\u56e0\u6b64\u80fd\u5920\u4fdd\u6301\u8f03\u9ad8\u7684\u904b\u71df\u5229\u6f64\u7387\u3002\u904e\u53bb\u4e94\u5e74\uff0c\u516c\u53f8\u5b8c\u6210\u4e86\u7d04100\u9805\u6536\u8cfc\uff0c\u70ba\u5e74\u5316\u6536\u5165\u8ca2\u737b\u4e86\u7d0422\u5104\u52a0\u5143\u3002\u6191\u85c9\u7a69\u5065\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u548c\u5f37\u52c1\u7684\u73fe\u91d1\u6d41\uff0cWaste Connections\u7684\u4e26\u8cfc\u6b65\u4f10\u4e26\u672a\u505c\u6b47\uff0c\u6536\u8cfc\u7ba1\u9053\u4e2d\u4ecd\u6709\u591a\u500b\u6f5b\u5728\u76ee\u6a19\uff0c\u5408\u8a08\u5e74\u6536\u5165\u6f5b\u529b\u7d0450\u5104\u52a0\u5143\u3002\u6b64\u5916\uff0c\u516c\u53f8\u6b63\u7a4d\u6975\u64f4\u5c55\u53ef\u518d\u751f\u5929\u7136\u6c23\u696d\u52d9\uff0c\u591a\u500b\u8a2d\u65bd\u5df2\u6295\u5165\u904b\u71df\u6216\u5373\u5c07\u6295\u7522\uff0c\u4e26\u8a08\u5283\u4e8e\u660e\u5e74\u555f\u7528\u4e00\u5ea7\u5168\u65b0\u7684\u5c16\u7aef\u56de\u6536\u8a2d\u65bd\u3002\u9019\u7a2e\u201c\u5167\u751f\u589e\u9577+\u5916\u5ef6\u4e26\u8cfc\u201d\u7684\u96d9\u8f2a\u9a45\u52d5\u6a21\u5f0f\uff0c\u4f7fWaste Connections\u5728\u904e\u53bb\u5341\u5e74\u70ba\u80a1\u6771\u5275\u9020\u4e86\u5e74\u5747\u7d0416.2%\u7684\u7e3d\u56de\u5831\uff0c\u9060\u8d85\u5927\u76e4\u6307\u6578\u3002\u5728\u9632\u79a6\u6027\u4e4b\u5916\uff0c\u5b83\u4e5f\u5177\u5099\u4e86\u53ef\u89c0\u7684\u6210\u9577\u6027\u3002<\/p>\n

\u9032\u653b\u4e4b\u77db\uff1aSprott\u8207Canadian Natural Resources\u7684\u9031\u671f\u5f48\u6027<\/h2>\n

\u5982\u679c\u8aaa\u9632\u79a6\u80a1\u63d0\u4f9b\u4e86\u7d44\u5408\u7684\u4e0b\u884c\u4fdd\u8b77\uff0c\u90a3\u9ebc\u6210\u9577\u80a1\u5247\u662f\u7d44\u5408\u9032\u653b\u6027\u7684\u4f86\u6e90\u3002\u5728\u5e02\u5834\u4f01\u7a69\u6216\u7279\u5b9a\u5546\u54c1\u725b\u5e02\u4f86\u81e8\u6642\uff0c\u9019\u985e\u80a1\u7968\u5f80\u5f80\u80fd\u8ca2\u737b\u8d85\u984d\u6536\u76ca\u3002\u7576\u524d\u74b0\u5883\u4e0b\uff0cSprott\uff08TSX:SII\uff09<\/a>\u548cCanadian Natural Resources\uff08TSX:CNQ\uff09<\/a>\u6b63\u8655\u5728\u5404\u81ea\u7684\u666f\u6c23\u9031\u671f\u4e4b\u4e2d\u3002<\/p>\n

Sprott\u662f\u4e00\u5bb6\u5c08\u6ce8\u65bc\u8cb4\u91d1\u5c6c\u548c\u95dc\u9375\u6750\u6599\u6295\u8cc7\u7684\u8cc7\u7522\u7ba1\u7406\u516c\u53f8\u3002\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u52a0\u5287\u3001\u5168\u7403\u4f9b\u61c9\u93c8\u91cd\u69cb\u4ee5\u53ca\u5404\u570b\u5c0d\u80fd\u6e90\u5b89\u5168\u7684\u91cd\u8996\uff0c\u5171\u540c\u63a8\u52d5\u9ec3\u91d1\u3001\u767d\u9280\u4ee5\u53ca\u923e\u3001\u9285\u3001\u92f0\u7b49\u6230\u7565\u6027\u91d1\u5c6c\u7684\u50f9\u683c\u8d70\u5f37\u3002\u4f5c\u70ba\u8a72\u9818\u57df\u7684\u5c08\u696d\u7ba1\u7406\u8005\uff0cSprott\u7684\u8cc7\u7522\u7ba1\u7406\u898f\u6a21\uff08AUM\uff09\u96a8\u4e4b\u6c34\u6f32\u8239\u9ad8\u2014\u2014\u516c\u53f8\u767c\u884c\u7684\u5be6\u7269\u8cb4\u91d1\u5c6c\u4fe1\u8a17\u548cETF\u6301\u7e8c\u5438\u5f15\u8cc7\u91d1\u6d41\u5165\uff0c\u758a\u52a0\u6301\u5009\u8cc7\u7522\u7684\u5e02\u503c\u4e0a\u5347\uff0c\u5171\u540c\u63a8\u5347\u4e86\u7ba1\u7406\u8cbb\u548c\u50ad\u91d1\u6536\u5165\u3002\u904e\u53bb\u4e00\u5e74\uff0cSprott\u80a1\u50f9\u986f\u8457\u4e0a\u6f32\uff0c\u5e74\u5167\u6f32\u5e45\u5df2\u905462%\u3002\u5c55\u671b\u672a\u4f86\uff0c\u82e5\u4e2d\u6771\u5c40\u52e2\u6301\u7e8c\u7dca\u5f35\u3001\u8cbf\u6613\u6469\u64e6\u4e0d\u65b7\uff0c\u907f\u96aa\u8cc7\u91d1\u5c07\u7e7c\u7e8c\u6e67\u5165\u9ec3\u91d1\uff0c\u800c\u897f\u65b9\u570b\u5bb6\u8207\u4e2d\u570b\u5728\u95dc\u9375\u7926\u7522\u9818\u57df\u7684\u535a\u5f08\u4e5f\u5c07\u50ac\u751f\u5c0d\u76f8\u95dc\u6295\u8cc7\u5de5\u5177\u7684\u9700\u6c42\u3002Sprott\u5df2\u4f48\u5c40\u923e\u3001\u9285\u3001\u93b3\u3001\u92f0\u3001\u9237\u7b49\u591a\u96bb\u4e3b\u984cETF\uff0c2025\u5e74\u63a8\u51fa\u7684\u65b0\u7522\u54c1\u6b63\u9010\u6b65\u7372\u5f97\u5e02\u5834\u8a8d\u53ef\u3002\u5728\u6709\u5229\u7684\u5b8f\u89c0\u80cc\u666f\u548c\u6301\u7e8c\u7684\u6d41\u5165\u8cc7\u91d1\u652f\u6490\u4e0b\uff0cSprott\u7684\u76c8\u5229\u589e\u9577\u6709\u671b\u5ef6\u7e8c\uff0c\u80a1\u50f9\u4ecd\u6709\u4e0a\u884c\u7a7a\u9593\u3002<\/p>\n

Canadian Natural Resources\u662f\u52a0\u62ff\u5927\u6700\u5927\u7684\u7368\u7acb\u6cb9\u6c23\u751f\u7522\u5546\u4e4b\u4e00\u3002\u8fd1\u671f\u6cb9\u50f9\u56e0\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u800c\u98c6\u5347\uff0c\u8a72\u516c\u53f8\u7121\u7591\u662f\u76f4\u63a5\u53d7\u76ca\u8005\u3002\u4f46CNQ\u7684\u5438\u5f15\u529b\u9060\u4e0d\u6b62\u65bc\u6b64\u3002\u6191\u85c9\u9ad8\u8cea\u91cf\u7684\u8cc7\u7522\u7d44\u5408\u3001\u4f4e\u6210\u672c\u904b\u71df\u80fd\u529b\u548c\u5c0d\u751f\u7522\u6548\u7387\u7684\u6301\u7e8c\u512a\u5316\uff0c\u5373\u4f7f\u5728\u6cb9\u50f9\u4f4e\u8ff7\u6642\u671f\uff0cCNQ\u4e5f\u80fd\u7522\u751f\u7a69\u5b9a\u7684\u73fe\u91d1\u6d41\u4e26\u7dad\u6301\u5065\u5eb7\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u3002\u9019\u7a2e\u97cc\u6027\u4f7f\u5176\u80fd\u5920\u5805\u6301\u9577\u671f\u7684\u80a1\u606f\u589e\u9577\u8a08\u5283\uff0c\u4e26\u901a\u904e\u6230\u7565\u6027\u6536\u8cfc\u64f4\u5927\u8cc7\u6e90\u5132\u5099\u3002\u516c\u53f8\u64c1\u6709\u5927\u91cf\u672a\u958b\u767c\u7684\u5e38\u898f\u571f\u5730\uff0c\u9019\u4e9b\u9805\u76ee\u8cc7\u672c\u958b\u652f\u8981\u6c42\u76f8\u5c0d\u8f03\u4f4e\uff0c\u6295\u7522\u9031\u671f\u77ed\uff0c\u70ba\u672a\u4f86\u7522\u91cf\u589e\u9577\u63d0\u4f9b\u4e86\u8c50\u5bcc\u7684\u201c\u70ae\u5f48\u201d\u3002\u5728\u7576\u524d\u6cb9\u50f9\u9ad8\u4f01\u7684\u80cc\u666f\u4e0b\uff0cCNQ\u7684\u76c8\u5229\u548c\u73fe\u91d1\u6d41\u5c07\u986f\u8457\u589e\u5f37\uff0c\u540c\u6642\u9ad8\u6548\u7684\u904b\u71df\u6a21\u5f0f\u4e5f\u80fd\u78ba\u4fdd\u5728\u50f9\u683c\u56de\u8abf\u6642\u4f9d\u7136\u4fdd\u6301\u7af6\u722d\u529b\u3002\u56e0\u6b64\uff0cCNQ\u4e0d\u50c5\u662f\u9ad8\u6cb9\u50f9\u7684\u535a\u5f08\u5de5\u5177\uff0c\u66f4\u662f\u4e00\u53ea\u80fd\u7a7f\u8d8a\u9031\u671f\u7684\u512a\u8cea\u80fd\u6e90\u80a1\u3002<\/p>\n

\u7d44\u5408\u4e4b\u9053\uff1a\u5747\u8861\u914d\u7f6e\uff0c\u7121\u61fc\u98a8\u96e8<\/h2>\n

\u4e00\u500b\u201c\u5168\u5929\u5019\u201d\u7d44\u5408\u7684\u95dc\u9375\u5728\u65bc\u653b\u5b88\u517c\u5099\uff1a<\/p>\n