{"id":661992,"date":"2026-09-08T07:27:26","date_gmt":"2026-09-08T14:27:26","guid":{"rendered":"https:\/\/nai500.com\/?p=661992"},"modified":"2026-09-08T07:27:26","modified_gmt":"2026-09-08T14:27:26","slug":"%e9%8a%85%e5%83%b9%e5%89%b5%e6%ad%b7%e5%8f%b2%e6%96%b0%e9%ab%98%ef%bc%8c%e5%85%a8%e7%90%83%e6%90%b6%e9%8a%85%e6%99%82%e4%bb%a3%e4%be%86%e4%ba%86%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/09\/%e9%8a%85%e5%83%b9%e5%89%b5%e6%ad%b7%e5%8f%b2%e6%96%b0%e9%ab%98%ef%bc%8c%e5%85%a8%e7%90%83%e6%90%b6%e9%8a%85%e6%99%82%e4%bb%a3%e4%be%86%e4%ba%86%ef%bc%9f\/","title":{"rendered":"\u9285\u50f9\u5275\u6b77\u53f2\u65b0\u9ad8\uff0c\u5168\u7403\u6436\u9285\u6642\u4ee3\u4f86\u4e86\uff1f"},"content":{"rendered":"

\u502b\u6566\u91d1\u5c6c\u4ea4\u6613\u6240\u9285\u50f9\u9031\u4e00\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\uff0c\u76e4\u4e2d\u4e00\u5ea6\u89f8\u53ca\u6bcf\u567814,533\u7f8e\u5143\uff0c\u8d85\u904e\u4eca\u5e741\u6708\u5275\u4e0b\u7684\u524d\u7d00\u9304\u3002\u904e\u53bb\u4e00\u5e74\uff0c\u9285\u50f9\u7d2f\u8a08\u4e0a\u6f3217%\uff0c\u9577\u671f\u4f9b\u9700\u7f3a\u53e3\u8207\u77ed\u671f\u5eab\u5b58\u64e0\u58d3\u5171\u540c\u63a8\u52d5\u50f9\u683c\u4e0a\u884c\u3002<\/p>\n

\u672c\u8f2a\u4e0a\u6f32\u7684\u76f4\u63a5\u63a8\u624b\u4e4b\u4e00\u662f\u7f8e\u570b\u95dc\u7a05\u9810\u671f\u3002\u5e02\u5834\u4ecd\u62bc\u6ce8\u7e3d\u7d71\u7279\u6717\u666e\u5c07\u628a\u95dc\u7a05\u64f4\u5927\u81f3\u7cbe\u7149\u9285\u9032\u53e3\uff0c\u5118\u7ba1\u7f8e\u570b\u5546\u52d9\u90e8\u61c9\u65bc\u5169\u500b\u6708\u524d\u5411\u767d\u5bae\u63d0\u4ea4\u662f\u5426\u5fb5\u6536\u9285\u95dc\u7a05\u7684\u5efa\u8b70\u5831\u544a\uff0c\u4f46\u6b63\u5f0f\u6c7a\u5b9a\u5c1a\u672a\u843d\u5730\u3002\u53bb\u5e742\u6708\u7279\u6717\u666e\u9996\u6b21\u6b63\u5f0f\u63d0\u8b70\u5c0d\u9285\u52a0\u5f81\u95dc\u7a05\u4ee5\u4f86\uff0c\u7d10\u7d04\u5546\u54c1\u4ea4\u6613\u6240\u9285\u671f\u8ca8\u50f9\u683c\u76f8\u5c0d\u502b\u6566\u5e02\u5834\u6301\u7e8c\u6ea2\u50f9\uff0c\u8cbf\u6613\u5546\u5927\u898f\u6a21\u5c07\u9285\u904b\u5f80\u7f8e\u570b\u4ee5\u5957\u53d6\u50f9\u5dee\uff0c\u6578\u767e\u842c\u5678\u9285\u7684\u8de8\u5883\u6d41\u52d5\u62bd\u5e79\u4e86\u5168\u7403\u5176\u4ed6\u5730\u5340\u7684\u53ef\u4ea4\u5272\u5eab\u5b58\u3002<\/p>\n

\u502b\u6566\u91d1\u5c6c\u4ea4\u6613\u6240\u5168\u7403\u5009\u5132\u7db2\u7d61\u4e2d\u7684\u9285\u5eab\u5b58\u6301\u7e8c\u4e0b\u964d\uff0c\u4e0a\u6708\u4e00\u5ea6\u5f15\u767c\u91cd\u5927\u64e0\u5009\u3002\u5118\u7ba1\u65b0\u5230\u8ca8\u7de9\u89e3\u4e86\u90e8\u5206\u58d3\u529b\uff0c\u73fe\u8ca8\u50f9\u683c\u4ecd\u5927\u5e45\u9ad8\u65bc\u4e09\u500b\u6708\u671f\u8ca8\uff0c\u51fa\u73fe\u6df1\u5ea6\u73fe\u8ca8\u5347\u6c34\uff0c\u5373\u5e02\u5834\u6240\u7a31\u7684\u201cbackwardation\u201d\uff0c\u8868\u660e\u77ed\u671f\u4f9b\u61c9\u7121\u6cd5\u6eff\u8db3\u9700\u6c42\u3002<\/p>\n

\u9577\u671f\u770b\uff0c\u5168\u7403\u5927\u578b\u9285\u7926\u8001\u5316\uff0c\u65b0\u589e\u7522\u80fd\u6709\u9650\uff0c\u96e3\u4ee5\u5339\u914d\u6578\u64da\u4e2d\u5fc3\u3001\u53ef\u518d\u751f\u80fd\u6e90\u548c\u96fb\u7db2\u5efa\u8a2d\u5e36\u4f86\u7684\u9700\u6c42\u589e\u9577\u3002\u9285\u591a\u982d\u591a\u5e74\u4f86\u4e00\u76f4\u5f37\u8abf\u9019\u4e00\u7d50\u69cb\u6027\u77db\u76fe\uff0c\u5982\u4eca\u6b63\u9010\u6b65\u514c\u73fe\u3002\u8207\u6b64\u540c\u6642\uff0c\u9ad8\u9285\u50f9\u5c0d\u9700\u6c42\u7aef\u5f62\u6210\u6f5b\u5728\u6291\u5236\uff0c\u8cb7\u5bb6\u53ef\u80fd\u5c0b\u6c42\u92c1\u7b49\u66ff\u4ee3\u6750\u6599\uff0c\u4f46\u5230\u76ee\u524d\u70ba\u6b62\uff0c\u9700\u6c42\u7aef\u7684\u62b5\u6297\u5c1a\u672a\u963b\u6b62\u9285\u50f9\u6500\u5347\u3002<\/p>\n

\u5de8\u982d\u806f\u624b\u5c0b\u9285\uff1a\u9577\u671f\u4f9b\u61c9\u7126\u616e\u4e0b\u7684\u6230\u7565\u5361\u4f4d<\/h2>\n

\u5c31\u5728\u9285\u50f9\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\u7684\u540c\u6642\uff0c\u5168\u7403\u6700\u5927\u7926\u696d\u516c\u53f8\u5fc5\u548c\u5fc5\u62d3\u8207\u6ce2\u862d\u9285\u696dKGHM\u7c3d\u7f72\u8ad2\u89e3\u5099\u5fd8\u9304\uff0c\u806f\u624b\u5728\u5168\u7403\u7bc4\u570d\u5167\u5c0b\u627e\u65b0\u9285\u7926\u3002\u5169\u5bb6\u516c\u53f8\u8868\u793a\uff0c\u5c07\u78ba\u5b9a\u5171\u540c\u95dc\u6ce8\u5340\u57df\u3001\u4ea4\u63db\u6280\u8853\u5c08\u9577\u4e26\u6bd4\u8f03\u904b\u71df\u5be6\u8e10\uff0c\u5408\u4f5c\u53ef\u80fd\u64f4\u5c55\u5230\u96d9\u65b9\u73fe\u6709\u696d\u52d9\u7248\u5716\u4e4b\u5916\u7684\u5730\u5340\u3002<\/p>\n

KGHM\u662f\u5168\u7403\u7b2c\u4e8c\u5927\u767d\u9280\u751f\u7522\u5546\uff0c\u4e5f\u662f\u6b50\u76df\u6700\u5927\u7684\u9285\u7926\u751f\u7522\u5546\uff0c\u5728\u6ce2\u862d\u3001\u7f8e\u570b\u3001\u52a0\u62ff\u5927\u548c\u667a\u5229\u64c1\u6709\u8cc7\u7522\u3002\u5fc5\u548c\u5fc5\u62d3\u5247\u5728\u6fb3\u5927\u5229\u4e9e\u3001\u52a0\u62ff\u5927\u3001\u667a\u5229\u3001\u79d8\u9b6f\u3001\u5df4\u897f\u548c\u7f8e\u570b\u904b\u71df\u5927\u578b\u7926\u696d\u9805\u76ee\u3002\u5fc5\u548c\u5fc5\u62d3\u9996\u5e2d\u57f7\u884c\u5b98\u5e03\u862d\u767b\u00b7\u514b\u96f7\u683c\u8868\u793a\uff1a\u201c\u4e16\u754c\u9700\u8981\u66f4\u591a\u9285\uff0c\u50b3\u7d71\u7d93\u6fdf\u589e\u9577\u3001\u80fd\u6e90\u8f49\u578b\u548c\u6578\u5b57\u6295\u8cc7\u90fd\u5728\u63a8\u52d5\u9700\u6c42\u3002\u6211\u5011\u5c08\u6ce8\u4e8e\u901a\u904e\u9019\u985e\u5275\u65b0\u5408\u4f5c\u91cb\u653e\u9ad8\u56de\u5831\u589e\u9577\u3002\u201d<\/p>\n

\u8a72\u5099\u5fd8\u9304\u70ba\u5169\u5bb6\u516c\u53f8\u5718\u968a\u63d0\u4f9b\u4e86\u8a55\u4f30\u6f5b\u5728\u9805\u76ee\u3001\u5224\u65b7\u6280\u8853\u80fd\u529b\u7d50\u5408\u80fd\u5426\u91cb\u653e\u984d\u5916\u9285\u7522\u91cf\u7684\u6846\u67b6\u3002KGHM\u7e3d\u88c1\u96f7\u7c73\u5409\u70cf\u4ec0\u00b7\u5e15\u4ec0\u51f1\u7dad\u5947\u7a31\uff0c\u7c3d\u7f72\u5099\u5fd8\u9304\u70ba\u5f8c\u7e8c\u8a0e\u8ad6\u63d0\u4f9b\u4e86\u7d50\u69cb\u5316\u6846\u67b6\uff0c\u4e26\u70ba\u6df1\u5165\u5206\u6790\u6f5b\u5728\u5408\u4f5c\u9818\u57df\u6253\u958b\u4e86\u5927\u9580\u3002KGHM\u526f\u7e3d\u88c1\u5b89\u5a1c\u00b7\u7d22\u6bd4\u8036\u62c9\u4f0a-\u79d1\u7d2e\u51f1\u7dad\u5947\u5247\u8868\u793a\uff0c\u5728\u4e0d\u540c\u5730\u5340\u548c\u53f8\u6cd5\u7ba1\u8f44\u5340\u904b\u71df\u7684\u7926\u696d\u516c\u53f8\u4e4b\u9593\u4ea4\u6d41\u7d93\u9a57\uff0c\u53ef\u80fd\u60e0\u53ca\u66f4\u5ee3\u6cdb\u7684\u884c\u696d\u3002<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u9019\u4efd\u5099\u5fd8\u9304\u4ecd\u662f\u63a2\u7d22\u6027\u6846\u67b6\uff0c\u4e26\u975e\u5c0d\u5177\u9ad4\u9805\u76ee\u7684\u627f\u8afe\u3002\u5169\u5bb6\u516c\u53f8\u8a08\u5283\u5148\u5b8c\u5584\u512a\u5148\u4e8b\u9805\uff0c\u4e26\u78ba\u5b9a\u5408\u4f5c\u80fd\u5728\u54ea\u4e9b\u9818\u57df\u5275\u9020\u5207\u5be6\u50f9\u503c\u3002<\/p>\n

\u9285\u50f9\u6b77\u53f2\u9ad8\u9ede\u8207\u7926\u696d\u5de8\u982d\u806f\u624b\u5c0b\u7926\u5e7e\u4e4e\u540c\u6642\u767c\u751f\uff0c\u5e02\u5834\u958b\u59cb\u601d\u8003\uff1a\u5168\u7403\u6436\u9285\u6642\u4ee3\u662f\u5426\u5df2\u7d93\u5230\u4f86\uff1f\u5728\u9577\u671f\u9700\u6c42\u9810\u671f\u8207\u77ed\u671f\u4f9b\u61c9\u7dca\u5f35\u7684\u96d9\u91cd\u63a8\u52d5\u4e0b\uff0c\u9285\u7684\u8d85\u7d1a\u9031\u671f\u6558\u4e8b\u6b63\u8b8a\u5f97\u66f4\u5177\u8aaa\u670d\u529b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u502b\u6566\u91d1\u5c6c\u4ea4\u6613\u6240\u9285\u50f9\u9031\u4e00\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\uff0c\u76e4\u4e2d\u4e00\u5ea6\u89f8\u53ca\u6bcf\u567814,533\u7f8e\u5143\uff0c\u8d85\u904e\u4eca\u5e741\u6708\u5275\u4e0b\u7684\u524d\u7d00\u9304\u3002\u904e\u53bb\u4e00\u5e74\uff0c\u9285\u50f9 […]<\/p>\n","protected":false},"author":27,"featured_media":574815,"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":[1404,2129,2606,784],"class_list":["post-661992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1522","category-trends-strategies-zh-hant","category-2197","tag-1404","tag-2129","tag-2606","tag-784","sectors-base-metals-tch","locations-europe-zh-hant","locations-us-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/661992","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=661992"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/661992\/revisions"}],"predecessor-version":[{"id":661995,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/661992\/revisions\/661995"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/574815"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=661992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=661992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=661992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}