{"id":627065,"date":"2026-03-23T17:54:52","date_gmt":"2026-03-24T00:54:52","guid":{"rendered":"https:\/\/nai500.com\/?p=627065"},"modified":"2026-03-23T17:54:52","modified_gmt":"2026-03-24T00:54:52","slug":"%e6%b2%b9%e5%83%b9%e8%b7%b3%e6%b0%b4%ef%bc%8c%e9%80%99%e4%b8%89%e9%9a%bb%e9%ab%98%e7%9b%9b%e6%8e%a8%e8%96%a6%e7%9a%84%e7%9f%b3%e6%b2%b9%e8%82%a1%e7%a5%a8%e9%82%84%e8%83%bd%e8%b2%b7%e5%97%8e%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/03\/%e6%b2%b9%e5%83%b9%e8%b7%b3%e6%b0%b4%ef%bc%8c%e9%80%99%e4%b8%89%e9%9a%bb%e9%ab%98%e7%9b%9b%e6%8e%a8%e8%96%a6%e7%9a%84%e7%9f%b3%e6%b2%b9%e8%82%a1%e7%a5%a8%e9%82%84%e8%83%bd%e8%b2%b7%e5%97%8e%ef%bc%9f\/","title":{"rendered":"\u6cb9\u50f9\u8df3\u6c34\uff0c\u9019\u4e09\u96bb\u9ad8\u76db\u63a8\u85a6\u7684\u77f3\u6cb9\u80a1\u7968\u9084\u80fd\u8cb7\u55ce\uff1f"},"content":{"rendered":"

\u5c31\u572848\u5c0f\u6642\u901a\u7252\u5f15\u767c\u7684\u5168\u7403\u6cb9\u5e02\u6050\u614c\u9054\u5230\u9802\u5cf0\u4e4b\u969b\uff0c\u5287\u60c5\u7a81\u7136\u53cd\u8f49\u3002\u7279\u6717\u666e\u5ba3\u4f48\u63a8\u9072\u5c0d\u4f0a\u6717\u96fb\u529b\u8a2d\u65bd\u7684\u6253\u64ca\u884c\u52d5\uff0c\u5730\u7de3\u653f\u6cbb\u98a8\u96aa\u6ea2\u50f9\u8fc5\u901f\u5f9e\u539f\u6cb9\u50f9\u683c\u4e2d\u88ab\u5254\u9664\uff0c\u539f\u6cb9\u50f9\u683c\u61c9\u8072\u4e0b\u8dcc\uff0c\u80fd\u6e90\u80a1\u4e5f\u96a8\u4e4b\u96c6\u9ad4\u56de\u8abf\u3002<\/p>\n

\u9019\u4e00\u6232\u5287\u6027\u8f49\u6298\uff0c\u6070\u597d\u767c\u751f\u5728\u4e00\u4efd\u95dc\u9375\u5831\u544a\u767c\u4f48\u4e4b\u5f8c\u2014\u2014\u9ad8\u76db\u525b\u525b\u5c07Valero Energy (VLO)<\/a><\/strong>\u3001HF Sinclair (DINO)\u00a0<\/a><\/strong>\u548cMarathon Petroleum (MPC)\u00a0<\/a><\/strong>\u5217\u70ba2026\u5e74\u7149\u6cb9\u677f\u584a\u7684\u4e09\u5927\u9996\u9078\u80a1\uff0c\u4e26\u6089\u6578\u7d66\u4e88\u201c\u8cb7\u5165\u201d\u8a55\u7d1a\uff0c\u76ee\u6a19\u50f9\u5206\u5225\u6307\u5411237\u7f8e\u5143\u300161\u7f8e\u5143\u548c239\u7f8e\u5143\u3002<\/p>\n

\u5982\u4eca\u6cb9\u50f9\u6025\u8f49\u76f4\u4e0b\uff0c\u4e00\u500b\u95dc\u9375\u554f\u984c\u64fa\u5728\u6295\u8cc7\u8005\u9762\u524d\uff1a\u9ad8\u76db\u770b\u591a\u7684\u908f\u8f2f\u662f\u5426\u4f9d\u7136\u6210\u7acb\uff1f\u9019\u4e09\u96bb\u80a1\u7968\uff0c\u73fe\u5728\u9084\u662f\u201c\u4e0a\u8eca\u201d\u7684\u6a5f\u6703\u55ce\uff1f<\/strong><\/p>\n

\u908f\u8f2f\u7684\u6838\u5fc3\uff1a\u7149\u6cb9\u5546\u8207\u6cb9\u50f9\u7684\u95dc\u4fc2\uff0c\u4e26\u975e\u7dda\u6027<\/h2>\n

\u8981\u56de\u7b54\u9019\u500b\u554f\u984c\uff0c\u9996\u5148\u9700\u8981\u5398\u6e05\u4e00\u500b\u6838\u5fc3\u8a8d\u77e5\uff1a\u9ad8\u76db\u770b\u591a\u7684\u4e26\u975e\u6cb9\u50f9\u672c\u8eab\uff0c\u800c\u662f\u7f8e\u570b\u7149\u6cb9\u5546\u5728\u7d50\u69cb\u6027\u4f9b\u9700\u932f\u914d\u4e2d\u7684\u5b9a\u50f9\u80fd\u529b\u3002<\/strong><\/p>\n

\u904e\u53bb\u5e7e\u5468\u63a8\u52d5\u7149\u6cb9\u5546\u696d\u7e3e\u8d70\u5f37\u7684\u56e0\u7d20\u9060\u4e0d\u6b62\u4e2d\u6771\u5c40\u52e2\u9019\u4e00\u9805\u3002\u7d05\u6d77\u822a\u904b\u98a8\u96aa\u6301\u7e8c\u64fe\u52d5\u5168\u7403\u6210\u54c1\u6cb9\u4f9b\u61c9\u93c8\uff0c\u758a\u52a0\u7f8e\u570b\u7149\u5ee0\u7522\u80fd\u5728\u904e\u53bb\u6578\u5e74\u7684\u51fa\u6e05\uff0c\u4f7f\u5f97\u7f8e\u570b\u58a8\u897f\u54e5\u7063\u53ca\u897f\u6d77\u5cb8\u7684\u7149\u6cb9\u80fd\u529b\u6210\u70ba\u5168\u7403\u5e02\u5834\u4e0a\u6108\u767c\u7a00\u7f3a\u7684\u8cc7\u6e90\u3002\u6b63\u5982\u8cc7\u6df1\u5206\u6790\u5e2bTom Lee\u8fd1\u671f\u6307\u51fa\u7684\uff0c\u7f8e\u570b\u4f5c\u70ba\u6de8\u51fa\u53e3\u570b<\/strong>\uff0c\u5728\u6cb9\u50f9\u9ad8\u4f01\u7684\u74b0\u5883\u4e2d\u6bd4\u9032\u53e3\u570b\u5177\u5099\u66f4\u5f37\u7684\u9632\u79a6\u6027\u2014\u2014\u9019\u610f\u5473\u8457\u5730\u7de3\u885d\u7a81\u5c0d\u7f8e\u570b\u80fd\u6e90\u4f01\u696d\u800c\u8a00\uff0c\u4e26\u4e0d\u5b8c\u5168\u662f\u6210\u672c\uff0c\u800c\u66f4\u591a\u662f\u6a5f\u6703\u3002<\/p>\n

\u9ad8\u76db\u5831\u544a\u7684\u6838\u5fc3\u89c0\u9ede\u6b63\u5728\u65bc\u6b64\uff1a\u7149\u6cb9\u677f\u584a\u6b63\u9762\u81e8\u8fd1\u7aef\u591a\u91cd\u9806\u98a8\uff0c\u5305\u62ec\u66f4\u5065\u5eb7\u7684\u88c2\u89e3\u50f9\u5dee\u548c\u66f4\u7dca\u5f35\u7684\u5eab\u5b58\u6c34\u5e73\u3002\u56e0\u6b64\uff0c\u5373\u4fbf\u5730\u7de3\u885d\u7a81\u66ab\u6642\u964d\u6eab\uff0c\u7d50\u69cb\u6027\u4f9b\u61c9\u7dca\u5f35\u4e26\u672a\u6839\u672c\u7de9\u89e3<\/strong>\u3002\u9019\u6b63\u662f\u9ad8\u76db\u6562\u65bc\u5728\u4e09\u5bb6\u7149\u6cb9\u5546\u8eab\u4e0a\u62bc\u6ce8\u7684\u6839\u672c\u539f\u56e0\u3002<\/p>\n

\u4e09\u5bb6\u9996\u9078\u80a1\uff1a\u5404\u6709\u8b77\u57ce\u6cb3\uff0c\u4e0d\u61fc\u77ed\u671f\u6ce2\u52d5<\/h2>\n

\u5f9e\u57fa\u672c\u9762\u4f86\u770b\uff0c\u9ad8\u76db\u9078\u64c7\u7684\u9019\u4e09\u5bb6\u516c\u53f8\uff0c\u7121\u4e00\u4f8b\u5916\u90fd\u5177\u5099\u7a7f\u8d8a\u77ed\u671f\u6cb9\u50f9\u6ce2\u52d5\u7684\u80fd\u529b\u3002<\/p>\n

Valero Energy<\/strong>\u662f\u9ad8\u76db\u773c\u4e2d\u201c\u6700\u660e\u78ba\u7684\u8d0f\u5bb6\u201d\u3002\u6838\u5fc3\u512a\u52e2\u5728\u65bc\u8cc7\u7522\u8cea\u91cf\u8207\u5730\u7406\u4f48\u5c40\u7684\u4e0d\u53ef\u8907\u88fd\u6027\u3002\u516c\u53f8\u4f4d\u65bc\u58a8\u897f\u54e5\u7063\u6cbf\u5cb8\u7684\u7149\u5ee0\u7cfb\u7d71\u5177\u5099\u8655\u7406\u91cd\u8cea\u539f\u6cb9\u7684\u80fd\u529b\uff0c\u80fd\u5c07\u6210\u672c\u66f4\u4f4e\u7684\u539f\u6599\u8f49\u5316\u70ba\u9ad8\u9644\u52a0\u503c\u6210\u54c1\u6cb9\uff0c\u9019\u4e00\u6280\u8853\u512a\u52e2\u76f4\u63a5\u9ad4\u73fe\u5728\u9ad8\u905413%\u7684\u6bdb\u5229\u7387\u4e0a\uff0c\u986f\u8457\u9818\u5148\u4e8e\u540c\u884c\u3002\u5373\u4fbf\u6cb9\u50f9\u77ed\u671f\u56de\u8abf\uff0c\u9019\u7a2e\u6210\u672c\u7aef\u7684\u7d50\u69cb\u6027\u512a\u52e2\u4ecd\u80fd\u70ba\u5229\u6f64\u63d0\u4f9b\u7de9\u885d\u3002\u6b64\u5916\uff0c\u516c\u53f8\u8fd1\u671f\u6062\u5fa9\u9032\u53e3\u59d4\u5167\u745e\u62c9\u539f\u6cb9\uff0c\u4e26\u8a08\u5283\u6301\u7e8c\u512a\u5316\u539f\u6599\u7d50\u69cb\uff0c\u9032\u4e00\u6b65\u978f\u56fa\u8a72\u516c\u53f8\u5728\u91cd\u6cb9\u52a0\u5de5\u9818\u57df\u7684\u58c1\u58d8\u3002<\/p>\n

HF Sinclair<\/strong>\u5247\u88ab\u9ad8\u76db\u8996\u70ba\u88ab\u5e02\u5834\u4f4e\u4f30\u7684\u50f9\u503c\u578b\u9078\u64c7\u3002\u8207\u7d14\u7cb9\u7684\u7149\u6cb9\u5546\u4e0d\u540c\uff0cHF Sinclair\u7684\u696d\u52d9\u7248\u5716\u8986\u84cb\u4e86\u4e2d\u6e38\u3001\u71df\u92b7\u548c\u6f64\u6ed1\u6cb9\u9818\u57df\uff0c\u4f7f\u5f97\u5176\u76c8\u5229\u7d50\u69cb\u66f4\u70ba\u591a\u5143\u3002\u5728\u7af6\u722d\u6fc0\u70c8\u7684\u897f\u6d77\u5cb8\u5e02\u5834\uff0c\u7531\u65bc\u591a\u5ea7\u7149\u5ee0\u76f8\u7e7c\u95dc\u9589\uff0c\u5340\u57df\u4f9b\u61c9\u6301\u7e8c\u5403\u7dca\uff0cHF Sinclair\u6191\u85c9\u5340\u57df\u4e3b\u5c0e\u5730\u4f4d\u5be6\u73fe\u4e86\u986f\u8457\u7684\u5229\u6f64\u6539\u5584\u2014\u2014\u56db\u5b63\u5ea6\u8abf\u6574\u5f8c\u7149\u6cb9\u6bdb\u5229\u7387\u8e8d\u5347\u903e50%\u81f3\u6bcf\u687616.28\u7f8e\u5143\u3002\u5c0d\u65bc\u9019\u5bb6\u516c\u53f8\u800c\u8a00\uff0c\u5373\u4f7f\u6cb9\u50f9\u6574\u9ad4\u56de\u843d\uff0c\u5340\u57df\u6027\u7684\u4f9b\u9700\u5931\u8861\u4f9d\u7136\u80fd\u70ba\u696d\u7e3e\u63d0\u4f9b\u652f\u6490\u3002<\/p>\n

Marathon Petroleum<\/strong>\u7684\u6838\u5fc3\u50f9\u503c\u5247\u9ad4\u73fe\u5728\u5f37\u5927\u7684\u73fe\u91d1\u56de\u5831\u80fd\u529b\u4e0a\u3002\u516c\u53f8\u56db\u5b63\u5ea6\u5411\u80a1\u6771\u8fd4\u9084\u4e86\u7d0413\u5104\u7f8e\u5143\uff0c\u622a\u81f3\u53bb\u5e74\u5e95\u4ecd\u670944\u5104\u7f8e\u5143\u7684\u56de\u8cfc\u6388\u6b0a\u672a\u4f7f\u7528\u3002\u540c\u6642\uff0c\u516c\u53f8\u5728\u897f\u6d77\u5cb8\u7684\u4f48\u5c40\u6b63\u9022\u5176\u6642\uff1a\u6d1b\u6749\u78ef\u7149\u5ee0\u7684\u73fe\u4ee3\u5316\u6539\u9020\u5df2\u65bc\u8fd1\u671f\u5b8c\u6210\uff0c\u800c\u897f\u6d77\u5cb8\u822a\u7a7a\u71c3\u6cb9\u6ea2\u50f9\u6b63\u903c\u8fd1\u5169\u5e74\u9ad8\u4f4d\u3002\u5728\u7149\u5ee0\u7522\u80fd\u53d7\u9650\u3001\u6210\u54c1\u6cb9\u9700\u6c42\u76f8\u5c0d\u525b\u6027\u7684\u80cc\u666f\u4e0b\uff0cMarathon\u7684\u73fe\u91d1\u6d41\u5275\u9020\u80fd\u529b\u548c\u80a1\u6771\u56de\u5831\u8a08\u5283\u4f7f\u5176\u5177\u5099\u6975\u5f37\u7684\u9632\u79a6\u5c6c\u6027\u3002<\/p>\n

\u56de\u8abf\u662f\u6a5f\u6703\u9084\u662f\u98a8\u96aa\uff1f<\/h2>\n

\u5f9e\u80a1\u50f9\u8868\u73fe\u770b\uff0c\u4e0a\u8ff0\u4e09\u96bb\u80a1\u7968\u904e\u53bb\u4e00\u5e74\u7684\u7d2f\u8a08\u6f32\u5e45\u5206\u5225\u70ba83.13%\u300185.56%\u548c56.31%\uff0c\u9060\u8d85\u5927\u76e4\u3002\u77ed\u671f\u5167\uff0c\u96a8\u8457\u4e2d\u6771\u5c40\u52e2\u964d\u6eab\uff0c\u80fd\u6e90\u677f\u584a\u51fa\u73fe\u7372\u5229\u56de\u5410\u662f\u5408\u7406\u7684\u5e02\u5834\u884c\u70ba\u3002<\/p>\n

\u4f46\u503c\u5f97\u7559\u610f\u7684\u662f\uff0c\u9ad8\u76db\u7684\u63a8\u85a6\u908f\u8f2f\u4e26\u672a\u56e0\u6cb9\u50f9\u55ae\u65e5\u8df3\u6c34\u800c\u5931\u6548\u3002\u76f8\u53cd\uff0c\u5982\u679c\u6cb9\u50f9\u56e0\u4f9b\u7d66\u7aef\u6062\u5fa9\u800c\u56de\u843d\u81f3\u5408\u7406\u5340\u9593\uff0c\u7149\u6cb9\u5546\u7684\u539f\u6599\u6210\u672c\u58d3\u529b\u53cd\u800c\u6709\u671b\u6e1b\u8f15\uff0c\u88c2\u89e3\u50f9\u5dee\u53ef\u80fd\u9032\u4e00\u6b65\u8d70\u95ca\u3002\u8207\u6b64\u540c\u6642\uff0c\u4e09\u5bb6\u516c\u53f8\u5404\u81ea\u5177\u5099\u7684\u73fe\u91d1\u6d41\u80fd\u529b\u3001\u80a1\u6771\u56de\u5831\u7d00\u5f8b\u4ee5\u53ca\u7d50\u69cb\u6027\u5340\u4f4d\u512a\u52e2\uff0c\u4ecd\u7136\u662f\u652f\u6301\u5176\u9577\u671f\u50f9\u503c\u7684\u6838\u5fc3\u652f\u67f1\u3002<\/p>\n

\u5f9e\u4f30\u503c\u89d2\u5ea6\u770b\uff0c\u4e09\u96bb\u80a1\u7968\u7684\u52d5\u614b\u5e02\u76c8\u7387\u5206\u5225\u70ba15.87\u500d\u300114.57\u500d\u548c15.01\u500d\uff0c\u8655\u65bc\u5408\u7406\u5340\u9593\u3002\u5c0d\u65bc\u9577\u671f\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u5730\u7de3\u653f\u6cbb\u5f15\u767c\u7684\u6cb9\u50f9\u6ce2\u52d5\u56fa\u7136\u5e36\u4f86\u77ed\u671f\u64fe\u52d5\uff0c\u4f46\u82e5\u5c07\u8996\u91ce\u62c9\u9577\u81f32026\u5e74\uff0c\u9ad8\u76db\u6240\u5f37\u8abf\u7684\u201c\u7149\u6cb9\u80fd\u529b\u7a00\u7f3a\u6027\u201d\u9019\u4e00\u4e3b\u7dda\u4e26\u672a\u52d5\u6416\u3002<\/p>\n

\u7d50\u8a9e<\/h2>\n

\u7279\u6717\u666e\u7684\u201c\u4e94\u5929\u7de9\u5211\u201d\u66ab\u6642\u62c6\u9664\u4e86\u6cb9\u5e02\u982d\u9802\u6700\u7dca\u8feb\u7684\u5f15\u4fe1\uff0c\u4f46\u4e26\u672a\u6539\u8b8a\u5168\u7403\u7149\u80fd\u7dca\u5f35\u3001\u5730\u7de3\u885d\u7a81\u61f8\u800c\u672a\u6c7a\u3001\u6210\u54c1\u6cb9\u4f9b\u61c9\u93c8\u6301\u7e8c\u8106\u5f31\u7684\u73fe\u5be6\u3002\u5c0d\u65bc\u9ad8\u76db\u63a8\u85a6\u7684\u4e09\u96bb\u7149\u6cb9\u80a1\u800c\u8a00\uff0c\u6cb9\u50f9\u8df3\u6c34\u66f4\u50cf\u662f\u4e00\u6b21\u58d3\u529b\u6e2c\u8a66\u2014\u2014\u6aa2\u9a57\u7684\u4e26\u975e\u5b83\u5011\u7684\u6cb9\u50f9\u654f\u611f\u6027\uff0c\u800c\u662f\u5728\u5e02\u5834\u60c5\u7dd2\u9000\u6f6e\u5f8c\uff0c\u662f\u5426\u4ecd\u6709\u8db3\u5920\u7684\u57fa\u672c\u9762\u652f\u6490\u3002<\/p>\n

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