{"id":656492,"date":"2026-08-12T16:41:44","date_gmt":"2026-08-12T23:41:44","guid":{"rendered":"https:\/\/nai500.com\/?p=656492"},"modified":"2026-08-12T16:41:44","modified_gmt":"2026-08-12T23:41:44","slug":"%e9%8a%85%e5%83%b9%e5%8f%88%e7%a0%b4%e7%b4%80%e9%8c%84%ef%bc%81%e9%8a%85%e7%a4%a6%e8%82%a1%e6%80%8e%e9%ba%bc%e9%81%b8%ef%bc%9f%ef%bc%88%e9%99%84%e4%bc%b0%e5%80%bc%e8%a1%a8%f0%9f%93%8a%ef%bc%89","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/08\/%e9%8a%85%e5%83%b9%e5%8f%88%e7%a0%b4%e7%b4%80%e9%8c%84%ef%bc%81%e9%8a%85%e7%a4%a6%e8%82%a1%e6%80%8e%e9%ba%bc%e9%81%b8%ef%bc%9f%ef%bc%88%e9%99%84%e4%bc%b0%e5%80%bc%e8%a1%a8%f0%9f%93%8a%ef%bc%89\/","title":{"rendered":"\u9285\u50f9\u53c8\u7834\u7d00\u9304\uff01\u9285\u7926\u80a1\u600e\u9ebc\u9078\uff1f\uff08\u9644\u4f30\u503c\u8868\ud83d\udcca\uff09"},"content":{"rendered":"<p>\u9285\u50f9\u5728\u7d10\u7d04\u5546\u54c1\u4ea4\u6613\u6240\u518d\u5275\u7d00\u9304\u3002\u9031\u4e09\uff0c9\u6708\u4ea4\u5272\u7684\u9285\u671f\u8ca8\u89f8\u53ca\u6bcf\u78c56.7140\u7f8e\u5143\uff08\u6bcf\u567814,802\u7f8e\u5143\uff09\uff0c\u7a81\u78348\u67085\u65e5\u5275\u4e0b\u7684\u6bcf\u78c56.7045\u7f8e\u5143\u7d00\u9304\uff0c\u96a8\u5f8c\u56de\u843d\u81f36.6335\u7f8e\u5143\uff0c\u7576\u65e5\u57fa\u672c\u6301\u5e73\u300212\u6708\u5408\u7d04\u89f8\u53ca6.8070\u7f8e\u5143\uff0c2027\u5e749\u6708\u4ea4\u5272\u7684\u5408\u7d04\u58317.0280\u7f8e\u5143\u3002<\/p>\n<p>\u502b\u6566\u5e02\u5834\u65b9\u9762\uff0cLME\u73fe\u8ca8\u9285\u9031\u4e8c\u7d50\u7b97\u50f9\u6bcf\u567814,424.50\u7f8e\u5143\uff0c\u8f03\u4e09\u500b\u6708\u5408\u7d04\u6bcf\u567814,217.00\u7f8e\u5143\u5347\u6c34207.50\u7f8e\u5143\uff0c\u70ba2026\u5e74\u4ee5\u4f86\u6700\u5bec\u6c34\u5e73\u3002\u524d\u4e00\u65e5\u5347\u6c34\u70ba138\u7f8e\u5143\uff0c7\u6708\u5e95\u50c534\u7f8e\u5143\u3002LME\u9285\u5eab\u5b58\u964d\u81f3214,550\u5678\uff0c\u81ea7\u6708\u5e95\u4ee5\u4f86\u6e1b\u5c11\u903e35,000\u5678\uff0c\u964d\u5e4514%\u3002COMEX\u9285\u50f9\u7d04\u6bcf\u567814,625\u7f8e\u5143\uff0c\u9ad8\u65bcLME\u4e09\u500b\u6708\u50f9\u683c\u7d04400\u7f8e\u5143\u3002\u9285\u50f92026\u5e74\u7d2f\u8a08\u4e0a\u6f32\u7d0418%\uff0c\u904e\u53bb12\u500b\u6708\u4e0a\u6f3247%\u3002<\/p>\n<p>\u9285\u50f9\u8d70\u9ad8\u8b93\u9285\u7926\u80a1\u4f30\u503c\u51fa\u73fe\u660e\u986f\u5206\u5316\u3002\u4e0b\u8868\u5217\u51fa\u4e3b\u8981\u9285\u7926\u80a1\u7684\u5e02\u503c\u3001\u524d\u77bb\u5e02\u76c8\u7387\u3001EV\/EBITDA\u3001\u81ea\u7531\u73fe\u91d1\u6d41\u6536\u76ca\u7387\u3001\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u3001\u516c\u5141\u50f9\u503c\u4e0a\u884c\u7a7a\u9593\u8207\u4e00\u5e74\u56de\u5831\u3002<\/p>\n<table>\n<thead>\n<tr>\n<td>\u80a1\u7968<\/td>\n<td>\u5e02\u503c<\/td>\n<td>\u524d\u77bb\u5e02\u76c8\u7387<\/td>\n<td>EV\/EBITDA<\/td>\n<td>\u81ea\u7531\u73fe\u91d1\u6d41\u6536\u76ca\u7387<\/td>\n<td>\u8ca0\u50b5\/\u6b0a\u76ca<\/td>\n<td>\u516c\u5141\u50f9\u503c\u4e0a\u884c\u7a7a\u9593<\/td>\n<td>\u4e00\u5e74\u56de\u5831<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=TECK\">Teck Resources (TECK)<\/a><\/td>\n<td>328\u5104\u7f8e\u5143<\/td>\n<td>14.6x<\/td>\n<td>7.5x<\/td>\n<td>4.2%<\/td>\n<td>35.5%<\/td>\n<td>+6.6%<\/td>\n<td>+108.6%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=GLEN\">Glencore (GLEN)<\/a><\/td>\n<td>902\u5104\u7f8e\u5143<\/td>\n<td>12.5x<\/td>\n<td>9.0x<\/td>\n<td>-1.5%<\/td>\n<td>108.5%<\/td>\n<td>+13.4%<\/td>\n<td>+98.7%<\/td>\n<\/tr>\n<tr>\n<td>First Quantum (FM)<\/td>\n<td>264\u5104\u7f8e\u5143<\/td>\n<td>N\/M<\/td>\n<td>20.4x<\/td>\n<td>1.9%<\/td>\n<td>67.7%<\/td>\n<td>+10.8%<\/td>\n<td>+91.5%<\/td>\n<\/tr>\n<tr>\n<td>Hudbay Minerals (HBM)<\/td>\n<td>124\u5104\u7f8e\u5143<\/td>\n<td>19.3x<\/td>\n<td>11.1x<\/td>\n<td>2.3%<\/td>\n<td>21.8%<\/td>\n<td>-11.7%<\/td>\n<td>+196.0%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=SCCO\">Southern Copper (SCCO)<\/a><\/td>\n<td>1670\u5104\u7f8e\u5143<\/td>\n<td>25.9x<\/td>\n<td>17.0x<\/td>\n<td>3.1%<\/td>\n<td>68.3%<\/td>\n<td>-20.7%<\/td>\n<td>+121.4%<\/td>\n<\/tr>\n<tr>\n<td>Freeport-McMoRan (FCX)<\/td>\n<td>1013\u5104\u7f8e\u5143<\/td>\n<td>23.7x<\/td>\n<td>12.5x<\/td>\n<td>1.7%<\/td>\n<td>51.5%<\/td>\n<td>-14.7%<\/td>\n<td>+71.9%<\/td>\n<\/tr>\n<tr>\n<td>Antofagasta (ANTO)<\/td>\n<td>535\u5104\u7f8e\u5143<\/td>\n<td>30.0x<\/td>\n<td>11.9x<\/td>\n<td>-1.1%<\/td>\n<td>73.9%<\/td>\n<td>-19.8%<\/td>\n<td>+100.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>\u6578\u64da\u622a\u81f3<\/em><em>2026<\/em><em>\u5e74<\/em><em>8<\/em><em>\u6708<\/em><em>11<\/em><em>\u65e5\uff1b\u516c\u5141\u50f9\u503c\u4e0a\u884c\u7a7a\u9593\u70ba\u6a21\u578b\u5c0d\u6bd4\u73fe\u50f9\uff1b\u7be9\u9078\u5feb\u7167\u53ef\u80fd\u6eef\u5f8c\u65bc\u5be6\u6642\u50f9\u683c\u3002<\/em><\/p>\n<p>\u5728\u4f30\u503c\u5c64\u9762\uff0cTeck Resources \u662f\u6700\u5e73\u8861\u7684\u9078\u64c7\u3002\u524d\u77bb\u5e02\u76c8\u738714.6\u500d\uff0cEV\/EBITDA\u50c57.5\u500d\uff0c\u662f\u4e3b\u8981\u9285\u7926\u80a1\u4e2d\u6bcf\u4e00\u4f30\u503c\u6307\u6a19\u7684\u6700\u4f4e\u6c34\u5e73\u3002\u8ca0\u50b5\u6b0a\u76ca\u6bd4\u50c535.5%\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u6700\u70ba\u4e7e\u6de8\uff1b\u81ea\u7531\u73fe\u91d1\u6d41\u6536\u76ca\u73874.2%\uff0c\u5728\u76c8\u5229\u9285\u7926\u4e2d\u6700\u9ad8\u3002\u516c\u5141\u50f9\u503c\u6a21\u578b\u4ecd\u986f\u793a6.6%\u7684\u4e0a\u884c\u7a7a\u9593\uff0c\u5e02\u5834\u5c1a\u672a\u5b8c\u5168\u53cd\u6620\u9285\u50f9\u8d70\u52e2\u3002Teck \u51fa\u552e\u7149\u92fc\u7164\u696d\u52d9\u5f8c\u8f49\u5411\u9285\uff0c\u5c0d\u9285\u7684\u655e\u53e3\u6301\u7e8c\u63d0\u5347\u3002<\/p>\n<p>Glencore \u5c6c\uffff\u6df1\u5ea6\u50f9\u503c\u6a19\u7684\u3002\u524d\u77bb\u5e02\u76c8\u738712.5\u500d\uff0cEV\/EBITDA 9.0\u500d\uff0c\u70ba\u53ef\u6bd4\u516c\u53f8\u4e2d\u6700\u4f4e\uff1b\u516c\u5141\u50f9\u503c\u6a21\u578b\u986f\u793a13.4%\u4e0a\u884c\u7a7a\u9593\uff0c\u5728\u9019\u4e00\u540d\u55ae\u4e2d\u6700\u9ad8\u3002\u4f46\u9700\u8981\u6ce8\u610f\uff0cGlencore \u8ca0\u50b5\u6b0a\u76ca\u6bd4\u9054108.5%\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u70ba\u8ca0\u3002\u4f5c\u70ba\u591a\u5143\u5316\u7926\u5546\u8207\u8cbf\u6613\u5546\uff0c\u9285\u696d\u52d9\u7d14\u5ea6\u88ab\u7a00\u91cb\uff0c\u4f46\u898f\u6a21\u8207\u4f4e\u4f30\u503c\u8b93\u9019\u5bb6\u516c\u53f8\u6210\u70ba\u5546\u54c1\u6574\u9ad4\u8d70\u5f37\u7684\u6760\u6746\u62bc\u6ce8\u3002<\/p>\n<p>\u8cea\u91cf\u6ea2\u50f9\u4e00\u7aef\uff0cSouthern Copper \u662f\u884c\u696d\u9818\u5148\u8005\uff0cROE\u70ba50.1%\uff0c\u5728\u7926\u696d\u4e2d\u7121\u8207\u502b\u6bd4\uff0c\u64c1\u6709\u5168\u7403\u6700\u5927\u9285\u5132\u91cf\uff0c\u5c6c\uffff\u6700\u9ad8\u8cea\u91cf\u7684\u7d14\u9285\u6a19\u7684\u3002\u4f46\u6309\u6efe\u52d5\u76c8\u5229\u8a08\u7b97\uff0c\u5e02\u76c8\u7387\u70ba29.5\u500d\uff0c\u516c\u5141\u50f9\u503c\u6a21\u578b\u986f\u793a\u9ad8\u4f3020.7%\u3002\u5e02\u5834\u5df2\u7d93\u628a\u5b8c\u7f8e\u9810\u671f\u8a08\u5165\u80a1\u50f9\uff0c\u9019\u53ea\u80a1\u7968\u66f4\u9069\u5408\u9577\u671f\u6301\u6709\uff0c\u800c\u975e\u50f9\u503c\u578b\u5165\u5834\u3002Freeport-McMoRan \u662f\u7f8e\u570b\u4e0a\u5e02\u7684\u6700\u5927\u9285\u7926\u5546\uff0c\u6efe\u52d5\u5e02\u76c8\u738734.5\u500d\uff0c\u516c\u5141\u50f9\u503c\u4e0b\u884c\u7a7a\u959314.7%\u3002\u904b\u71df\u80fd\u529b\u512a\u79c0\uff0c\u4f46\u9285\u50f9\u6f32\u52e2\u5df2\u5b8c\u5168\u9ad4\u73fe\u5728\u80a1\u50f9\u4e2d\u3002<\/p>\n<p>\u82e5\u5e0c\u671b\u5206\u6563\u500b\u80a1\u98a8\u96aa\uff0c<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=COPX\">Global X Copper Miners ETF\uff08COPX\uff09<\/a>\u6301\u670944\u53ea\u9285\u7926\u80a1\uff0c\u524d\u4e94\u6301\u5009\u70ba Hudbay Minerals 5.7%\u3001Teck Resources 5.3%\u3001BHP 5.1%\u3001First Quantum 5.1%\u3001Southern Copper 5.0%\u3002\u8a72ETF\u5e02\u76c8\u738714.2\u500d\uff0c\u80a1\u606f\u73872.2%\uff0c\u5165\u5834\u4f30\u503c\u4f4e\u65bc\u591a\u6578\u500b\u80a1\uff0c\u4f46beta\u90542.06\uff0c\u6703\u653e\u5927\u9285\u50f9\u96d9\u5411\u6ce2\u52d5\u3002<\/p>\n<p>\u6295\u8cc7\u8005\u9762\u5c0d\u9285\u50f9\u65b0\u9ad8\uff0c\u9700\u8981\u5340\u5206\u4f30\u503c\u8207\u8cea\u91cf\u3002\u4fbf\u5b9c\u4e26\u975e\u552f\u4e00\u6a19\u6e96\uff0c\u9ad8ROE\u8207\u5132\u91cf\u512a\u52e2\u5f80\u5f80\u5c0d\u61c9\u66f4\u9ad8\u5b9a\u50f9\u3002\u4f30\u503c\u8868\u8207\u516c\u5141\u50f9\u503c\u6a21\u578b\u63d0\u4f9b\u53c3\u7167\uff0c\u4f46\u5be6\u6642\u7be9\u9078\u53ef\u80fd\u5b58\u5728\u6eef\u5f8c\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u9285\u50f9\u5728\u7d10\u7d04\u5546\u54c1\u4ea4\u6613\u6240\u518d\u5275\u7d00\u9304\u3002\u9031\u4e09\uff0c9\u6708\u4ea4\u5272\u7684\u9285\u671f\u8ca8\u89f8\u53ca\u6bcf\u78c56.7140\u7f8e\u5143\uff08\u6bcf\u567814,802\u7f8e\u5143\uff09\uff0c\u7a81\u78348\u6708 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":598006,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1522,431,2197],"tags":[2159,1404,2606,784],"class_list":["post-656492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","category-2197","tag-2159","tag-1404","tag-2606","tag-784","sectors-base-metals-tch","locations-europe-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\/656492","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\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=656492"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/656492\/revisions"}],"predecessor-version":[{"id":656495,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/656492\/revisions\/656495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/598006"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=656492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=656492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=656492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}