{"id":666137,"date":"2026-09-29T06:58:33","date_gmt":"2026-09-29T13:58:33","guid":{"rendered":"https:\/\/nai500.com\/?p=666137"},"modified":"2026-09-29T06:58:33","modified_gmt":"2026-09-29T13:58:33","slug":"%e7%be%8e%e5%9c%8b%e7%9a%84%e7%a4%a6%e7%94%a2%e7%8d%a8%e7%ab%8b%e6%88%b0%e7%95%a5%ef%bc%8c%e9%9b%a2%e4%b8%8d%e9%96%8b%e5%8a%a0%e6%8b%bf%e5%a4%a7","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/09\/%e7%be%8e%e5%9c%8b%e7%9a%84%e7%a4%a6%e7%94%a2%e7%8d%a8%e7%ab%8b%e6%88%b0%e7%95%a5%ef%bc%8c%e9%9b%a2%e4%b8%8d%e9%96%8b%e5%8a%a0%e6%8b%bf%e5%a4%a7\/","title":{"rendered":"\u7f8e\u570b\u7684\u7926\u7522\u7368\u7acb\u6230\u7565\uff0c\u96e2\u4e0d\u958b\u52a0\u62ff\u5927"},"content":{"rendered":"<p>\u7f8e\u570b\u524d\u653f\u5e9c\u5236\u88c1\u5b98\u54e1\u3001\u5916\u4ea4\u95dc\u4fc2\u5354\u6703\uff08CFR\uff09\u9ad8\u7d1a\u7814\u7a76\u54e1 Edward Fishman \u9031\u4e00\u5728\u79d1\u7f85\u62c9\u591a\u65af\u666e\u6797\u65af\u8209\u884c\u7684\u7f8e\u6d32\u7926\u696d\u8ad6\u58c7\u4e0a\u8b66\u544a\uff0c\u83ef\u76db\u9813\u5c0d\u52a0\u62ff\u5927\u7684\u6575\u8996\uff0c\u6b63\u5728\u5a01\u8105\u7f8e\u570b\u6e1b\u5c11\u5c0d\u83ef\u7926\u7522\u4f9d\u8cf4\u7684\u52aa\u529b\u3002<\/p>\n<p>Fishman \u66fe\u5728\u5967\u5df4\u99ac\u653f\u5e9c\u671f\u9593\u53c3\u8207\u8a2d\u8a08\u5c0d\u4fc4\u7f85\u65af\u548c\u4f0a\u6717\u7684\u5236\u88c1\uff0c2017 \u5e74\u96e2\u958b\u653f\u5e9c\uff0c\u73fe\u57f7\u638c CFR \u7684 Greenberg \u5730\u7de3\u7d93\u6fdf\u4e2d\u5fc3\u3002\u4ed6\u6307\u51fa\uff0c\u7f8e\u570b\u6709\u8cc7\u91d1\u548c\u653f\u6cbb\u610f\u9858\u6295\u8cc7\u7926\u7522\u4f9b\u61c9\uff0c\u4f46\u958b\u767c\u9019\u4e9b\u8cc7\u6e90\u96e2\u4e0d\u958b\u52a0\u62ff\u5927\u548c\u6fb3\u5927\u5229\u4e9e\u7684\u63a1\u7926\u5c08\u696d\u6280\u8853\u3002\u4ed6\u76f4\u8a00\uff0c\u82e5\u7e7c\u7e8c\u5c0d\u52a0\u5c0d\u6297\uff0c\u7f8e\u570b\u5e7e\u4e4e\u4e0d\u53ef\u80fd\u64fa\u812b\u5c0d\u83ef\u7926\u7522\u4f9d\u8cf4\uff0c\u6c92\u6709\u52a0\u62ff\u5927\u4eba\u7684\u53c3\u8207\uff0c\u9019\u4e00\u76ee\u6a19\u7121\u5f9e\u8ac7\u8d77\u3002<\/p>\n<p>\u9019\u4e00\u5224\u65b7\u76f4\u6307\u83ef\u76db\u9813\u7926\u7522\u6230\u7565\u7684\u77db\u76fe\uff1a\u4fdd\u969c\u4f9b\u61c9\u9700\u8981\u76df\u53cb\u5408\u4f5c\uff0c\u8cbf\u6613\u722d\u7aef\u537b\u5728\u640d\u5bb3\u9019\u4e9b\u95dc\u4fc2\u3002\u64da\u570b\u969b\u80fd\u6e90\u7f72\u6578\u64da\uff0c\u4e2d\u570b\u5728\u7a00\u571f\u7cbe\u7149\u74b0\u7bc0\u96c6\u4e2d\u5ea6\u5c24\u70ba\u7a81\u51fa \u2014\u20142024 \u5e74\u5360\u5168\u7403\u7cbe\u7149\u7522\u51fa\u7684 91%\uff0c\u800c\u958b\u63a1\u7aef\u70ba 60%\u3002\u4e2d\u570b\u53bb\u5e74 4 \u6708\u51fa\u81fa\u7684\u51fa\u53e3\u7ba1\u63a7\u5df2\u64fe\u4e82\u78c1\u6750\u4f9b\u61c9\uff0c\u8feb\u4f7f\u90e8\u5206\u8eca\u4f01\u6e1b\u7522\u6216\u81e8\u6642\u505c\u7522\u3002<\/p>\n<p>\u591a\u502b\u591a\u7684 Centerra Gold\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=CG%3ACA\">TSX: CG<\/a>\uff1b<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=CGAU\">NYSE: CGAU<\/a>\uff09\u6b63\u5728\u91cd\u555f\u611b\u9054\u8377\u5dde Thompson Creek \u926c\u7926\uff0c\u4ee5\u4f9b\u61c9\u8cd3\u5915\u6cd5\u5c3c\u4e9e\u5dde Langeloth \u52a0\u5de5\u5ee0\uff0c\u64da\u6700\u65b0\u5b63\u5ea6\u8ca1\u5831\u8a08\u5283 2027 \u5e74\u4e2d\u9996\u6b21\u51fa\u7926\u3002\u926c\u53ef\u5f37\u5316\u80fd\u6e90\u57fa\u790e\u8a2d\u65bd\u3001\u570b\u9632\u548c\u822a\u7a7a\u822a\u5929\u7528\u92fc\uff0c\u9996\u5e2d\u57f7\u884c\u5b98 Paul Tomory \u7a31\u8a72\u696d\u52d9\u5c07\u53d7\u76ca\u65bc\u7f8e\u570b\u570b\u5167\u92fc\u9435\u7522\u80fd\u64f4\u5f35\u8207\u518d\u5de5\u696d\u5316\u9032\u7a0b\u3002<a href=\"https:\/\/nai500.com\/zh-hans\/%e8%82%a1%e7%a5%a8%e6%9f%a5%e8%af%a2\/?qm_symbol=HL\">Hecla Mining\uff08NYSE: HL\uff09<\/a>\u9996\u5e2d\u57f7\u884c\u5b98 Rob Krcmarov \u5247\u5f9e\u4f4e\u53f8\u6cd5\u98a8\u96aa\u89d2\u5ea6\u5207\u5165\uff0c\u9ad8\u76db\u65d7\u4e0b\u4f4d\u65bc\u963f\u62c9\u65af\u52a0\u3001\u611b\u9054\u8377\u548c\u80b2\u7a7a\u7684\u4e09\u5ea7\u5728\u7522\u9280\u7926\u63d0\u4f9b\u4e86\u5b89\u5168\u7684\u672a\u4f86\u73fe\u91d1\u6d41\u8207\u7522\u91cf\uff0c\u9019\u69cb\u6210 Hecla \u7684\u4f30\u503c\u6ea2\u50f9\u4f86\u6e90\uff0c\u516c\u53f8\u5c07\u7e7c\u7e8c\u901a\u904e\u5df2\u6709\u8cc7\u7522\u5167\u751f\u589e\u9577\uff0c\u800c\u975e\u4f9d\u8cf4\u4e26\u8cfc\u3002<\/p>\n<p>Fishman \u63d0\u9192\uff0c\u4e0d\u61c9\u5c07\u7d93\u6fdf\u5c0d\u6297\u8996\u70ba\u7279\u6717\u666e\u653f\u5e9c\u7684\u81e8\u6642\u73fe\u8c61 \u2014\u2014 \u6b77\u5c46\u7f8e\u570b\u653f\u5e9c\u90fd\u5728\u64f4\u5927\u7d93\u6fdf\u65bd\u58d3\u5de5\u5177\u7684\u4f7f\u7528\uff0c\u800c\u7926\u696d\u6295\u8cc7\u9031\u671f\u9577\u65bc\u9078\u8209\u9031\u671f\u3002\u4ed6\u540c\u6642\u6307\u51fa\uff0c\u5404\u570b\u4ecd\u9700\u754c\u5b9a &#8220;\u5b89\u5168\u7926\u7522\u4f9b\u61c9&#8221; 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