{"id":58952,"date":"2025-01-02T21:46:29","date_gmt":"2025-01-02T13:46:29","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=58952"},"modified":"2025-01-03T09:51:39","modified_gmt":"2025-01-03T01:51:39","slug":"kgi-daily-trading-ideas-03-jan-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-jan-2025-zh\/","title":{"rendered":"2025\u5e741\u67083\u65e5: \u80dc\u79d1\u5de5\u4e1a (SCI SP), \u8001\u94fa\u9ec4\u91d1(6181 HK), Banco Macro S.A. (BMA US)"},"content":{"rendered":"\n<p class=\"has-cyan-bluish-gray-background-color has-background wp-block-paragraph\"><a href=\"#sg\">\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350<\/a> |<a href=\"#hk\"> \u9999\u6e2f\u80a1\u7968\u63a8\u8350<\/a> | <a href=\"#us\">\u7f8e\u80a1\u63a8\u8350<\/a> | <a href=\"http:\/\/sp\">\u884c\u4e1a\u677f\u5757\u8868\u73b0<\/a> | <a href=\"#td\"> \u4ea4\u6613\u9f99\u864e\u699c<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"sp\"><img fetchpriority=\"high\" decoding=\"async\" width=\"829\" height=\"104\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259.png\" alt=\"\" class=\"wp-image-47866\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259.png 829w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/07\/word-image-259-768x96.png 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-58952-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"459\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-3.png\" alt=\"\" class=\"wp-image-58998\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-3.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-3-300x146.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-3-768x375.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"939\" height=\"241\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-4.png\" alt=\"\" class=\"wp-image-58999\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-4.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-4-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-4-768x197.png 768w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"939\" height=\"289\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-5.png\" alt=\"\" class=\"wp-image-59000\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-5.png 939w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-5-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/image-5-768x236.png 768w\" sizes=\"(max-width: 939px) 100vw, 939px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-4.png\" alt=\"\" class=\"wp-image-58956\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-4-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-58952-_qqv3rtx8nazp\"><\/a><a id=\"post-58952-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<img loading=\"lazy\" decoding=\"async\" width=\"2168\" height=\"1047\" alt=\"A screenshot of a computer\n\nDescription automatically generated\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5.png\" class=\"wp-image-58957\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5.png 2168w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5-300x145.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5-1024x495.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5-768x371.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5-1536x742.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-screenshot-of-a-computer-description-automatica-5-2048x989.png 2048w\" sizes=\"(max-width: 2168px) 100vw, 2168px\" \/><\/h3>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-6.png\" alt=\"\" class=\"wp-image-58958\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h1 class=\"wp-block-heading\"><a id=\"post-58952-_7c2gwybbbr90\"><\/a><\/h1>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"sg\"><a id=\"post-58952-_9i0c554gtu0u\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-7.png\" class=\"wp-image-58959\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u80dc\u79d1\u5de5\u4e1a (SCI SP)\uff1a\u63d0\u524d\u5b8c\u5de5<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a5.45\uff0c\u76ee\u6807\u4ef7\uff1a5.85\uff0c\u6b62\u635f\u4ef7\uff1a5.25<\/strong><br>  <\/li>\n\n\n\n<li>\u65b0\u52a0\u5761\u80dc\u79d1\u5de5\u4e1a\u6709\u9650\u516c\u53f8\u4e3a\u5de5\u4e1a\u56ed\u533a\u63d0\u4f9b\u516c\u7528\u4e8b\u4e1a\u548c\u7efc\u5408\u670d\u52a1\uff0c\u5982\u7535\u529b\u3001\u5929\u7136\u6c14\u3001\u84b8\u6c7d\u3001\u6c34\u3001\u5e9f\u6c34\u5904\u7406\u548c\u5176\u4ed6\u73b0\u573a\u670d\u52a1\u3002\u80dc\u79d1\u5de5\u4e1a\u4e3a\u5de5\u4e1a\u56ed\u533a\u3001\u5546\u4e1a\u3001\u5546\u4e1a\u548c\u4f4f\u5b85\u7a7a\u95f4\u63d0\u4f9b\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u63d0\u524d\u5b8c\u5de5\u3002<\/strong>\u80dc\u79d1\u5de5\u4e1a\u96c6\u56e2\u6700\u8fd1\u8868\u793a\uff0c\u5176\u5728\u4e2d\u4e1c\u7684\u9996\u4e2a\u7eff\u8272\u80fd\u6e90\u9879\u76ee\u5c06\u6bd4\u8ba1\u5212\u63d0\u524d\u56db\u4e2a\u591a\u6708\u5f00\u59cb\u5546\u4e1a\u8fd0\u8425\u3002\u8fd9\u662f\u7531\u4e8e\u5176\u5168\u8d44\u5b50\u516c\u53f8\u80dc\u79d1\u516c\u7528\u4e8b\u4e1a\u5b8c\u6210\u4e86\u9a8c\u6536\u6d4b\u8bd5\uff0c\u5b9e\u73b0\u4e86\u8be5\u7535\u529b\u9879\u76ee\u7684\u5546\u4e1a\u8fd0\u8425\u3002\u9a6c\u7eb3\u4e8c\u671f\u592a\u9633\u80fd\u72ec\u7acb\u53d1\u7535\u9879\u76ee\u662f\u80dc\u79d1\u5728\u4e2d\u4e1c\u7684\u9996\u4e2a\u7eff\u8272\u80fd\u6e90\u5f00\u53d1\u9879\u76ee\u3002\u8be5\u9879\u76ee\u8fd8\u5f97\u5230\u4e86\u4e0e\u963f\u66fc\u7535\u529b\u548c\u6c34\u52a1\u91c7\u8d2d\u516c\u53f8\u7b7e\u8ba2\u7684 20 \u5e74\u7535\u529b\u8d2d\u4e70\u534f\u8bae\u7684\u652f\u6301\u3002\u9884\u8ba1\u8be5\u9879\u76ee\u5c06\u589e\u52a0\u96c6\u56e2\u7684\u6bcf\u80a1\u6536\u76ca\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5370\u5ea6\u592a\u9633\u80fd\u50a8\u80fd\u9879\u76ee\u3002<\/strong>\u80dc\u79d1\u5de5\u4e1a\u96c6\u56e2\u5168\u8d44\u62e5\u6709\u7684\u53ef\u518d\u751f\u80fd\u6e90\u5b50\u516c\u53f8\u80dc\u79d1\u7eff\u8272\u57fa\u5efa\u88ab\u5370\u5ea6\u56fd\u6709\u4f01\u4e1a\u5370\u5ea6\u592a\u9633\u80fd\u516c\u53f8\u6388\u4e88\u4e86\u4e00\u4e2a\u5efa\u8bbe-\u62e5\u6709-\u8fd0\u8425\u9879\u76ee\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u4e2a 150 \u5146\u74e6 (MW) \u7684\u592a\u9633\u80fd\u5149\u4f0f\u9879\u76ee\u548c\u4e00\u4e2a 300 \u5146\u74e6\u65f6 (MWh) \u7684\u7535\u6c60\u50a8\u80fd\u7cfb\u7edf (BESS)\uff0c\u6807\u5fd7\u7740\u80dc\u79d1\u5728\u5370\u5ea6\u7684\u9996\u4e2a\u592a\u9633\u80fd\u548c BESS \u6df7\u5408\u9879\u76ee\u3002\u80dc\u79d1\u8fd8\u63d0\u5230\uff0c\u8be5\u534f\u8bae\u662f\u7ade\u6807\u4e24\u4e2a\u5343\u5146\u74e6 (GW) \u7684\u8de8\u5dde\u8f93\u7535\u7cfb\u7edf\u8fde\u63a5\u592a\u9633\u80fd\u53d1\u7535\u9879\u76ee\u548c 4 GWh \u7684 BESS \u7684\u4e00\u90e8\u5206\u3002\u8be5\u9879\u76ee\u8ba1\u5212\u5728\u534f\u8bae\u7b7e\u7f72\u4e4b\u65e5\u8d77\u4e24\u5e74\u5185\u6295\u5165\u5546\u4e1a\u8fd0\u8425\uff0c\u5e76\u5c06\u901a\u8fc7\u5185\u90e8\u8d44\u91d1\u548c\u503a\u52a1\u878d\u8d44\u3002\u9884\u8ba1\u8fd9\u5c06\u4f7f\u80dc\u79d1\u5728\u5370\u5ea6\u7684\u53ef\u518d\u751f\u80fd\u6e90\u603b\u88c5\u673a\u5bb9\u91cf\u8fbe\u5230\u8fd1 6 GW\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong> 24\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u81f332.1\u4ebf\u65b0\u5143\uff0c\u800c23\u5e74\u540c\u671f\u4e3a36.6\u4ebf\u65b0\u5143\u300224\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f1.1%\uff0c\u81f35.5\u4ebf\u65b0\u5143\uff0c\u800c23\u5e74\u540c\u671f\u4e3a5.44\u4ebf\u65b0\u5143\u300224\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4e3a30.30\u65b0\u52a0\u5761\u5206\uff0c\u9ad8\u4e8e23\u5e74\u540c\u671f\u768429.71\u65b0\u52a0\u5761\u5206\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6\u3002<\/strong><br><strong><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-58960\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-8.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-8.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-8-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1263\" height=\"558\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-9.jpeg\" alt=\"\" class=\"wp-image-58961\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-9.jpeg 1263w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-9-300x133.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-9-1024x452.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-9-768x339.jpeg 768w\" sizes=\"(max-width: 1263px) 100vw, 1263px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-white-background-description-aut-1.png\" class=\"wp-image-58962\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-white-background-description-aut-1.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-white-background-description-aut-1-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5e03\u7c73\u5854\u739b\u519c\u4e1a (BAL SP)\uff1a\u68d5\u6988\u6cb9\u4ef7\u683c\u51fa\u73b0\u826f\u597d\u8ff9\u8c61<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.860\uff0c\u76ee\u6807\u4ef7\uff1a0.920\uff0c\u6b62\u635f\u4ef7\uff1a0.830<\/strong><br>  <\/li>\n\n\n\n<li>\u5e03\u7c73\u5854\u739b\u519c\u4e1a\u751f\u4ea7\u68d5\u6988\u6cb9 (CPO) \u548c\u68d5\u6988\u4ec1\u6cb9 (PK)\uff0c\u5176\u6cb9\u68d5\u79cd\u690d\u56ed\u4f4d\u4e8e\u5370\u5ea6\u5c3c\u897f\u4e9a\u3002 \u8be5\u516c\u53f8\u7684\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\uff1a\u79cd\u690d\u548c\u6536\u83b7\u6cb9\u68d5\u6811\uff1b\u52a0\u5de5\u6765\u81ea\u5176\u6cb9\u68d5\u79cd\u690d\u56ed\u3001\u5408\u4f5c\u79cd\u690d\u56ed\u548c\u7b2c\u4e09\u65b9\u7684\u9c9c\u679c\u4e32\uff08FFB\uff09\u751f\u4ea7 CPO \u548c PK\uff1b\u4ee5\u53ca\u5728\u5370\u5ea6\u5c3c\u897f\u4e9a\u9500\u552e CPO \u548c PK\u3002<br>  <\/li>\n\n\n\n<li><strong>\u68d5\u6988\u6cb9\u4ef7\u683c\u53cd\u5f39\u3002 <\/strong>\u9a6c\u6765\u897f\u4e9a\u68d5\u6988\u6cb9\u4ef7\u683c\u8fd1\u671f\u53cd\u5f39\u81f3\u6bcf\u5428 4,600 \u9a6c\u5e01\u4ee5\u4e0a\uff0c\u53d7\u5230\u9022\u4f4e\u4e70\u5165\u7684\u652f\u6301\u3002\u81ea 2024 \u5e74 12 \u6708 20 \u65e5\u4f4e\u70b9\u4ee5\u6765\uff0c\u5408\u7ea6\u4ef7\u683c\u4e0a\u6da8\u8d85\u8fc7 4%\uff0c\u6709\u671b\u5b9e\u73b0\u4e09\u4e2a\u661f\u671f\u4ee5\u6765\u7684\u9996\u6b21\u5468\u5ea6\u4e0a\u6da8\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5bf9\u5173\u952e\u6d88\u8d39\u56fd\u4e2d\u56fd\u519c\u5386\u65b0\u5e74\u671f\u95f4\u5546\u54c1\u9700\u6c42\u5c06\u589e\u52a0\u7684\u4e50\u89c2\u60c5\u7eea\u3002\u5728\u4ea7\u91cf\u65b9\u9762\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u5f3a\u964d\u96e8\u5bfc\u81f4\u884c\u4e1a\u76d1\u7ba1\u673a\u6784\u9884\u8ba1 12 \u6708\u4ea7\u91cf\u5c06\u8fde\u7eed\u7b2c\u56db\u4e2a\u6708\u4e0b\u964d\uff0c\u8fd9\u53ef\u80fd\u5bfc\u81f4\u5e93\u5b58\u8fde\u7eed\u7b2c\u4e09\u4e2a\u6708\u4e0b\u964d\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5bf9\u963f\u6839\u5ef7\u90e8\u5206\u5730\u533a\u5e72\u65f1\u5929\u6c14\u7684\u62c5\u5fe7\u4fc3\u4f7f\u6295\u673a\u8005\u5e73\u4ed3\u5927\u8c46\u548c\u5927\u8c46\u7c95\u671f\u8d27\u7a7a\u5934\u5934\u5bf8\uff0c\u4e3a\u68d5\u6988\u6cb9\u4ef7\u683c\u63d0\u4f9b\u4e86\u989d\u5916\u652f\u6491\u3002\u7136\u800c\uff0c\u8d27\u8fd0\u8c03\u67e5\u673a\u6784\u7684\u6570\u636e\u663e\u793a\uff0c12 \u6708 1 \u65e5\u81f3 25 \u65e5\u9a6c\u6765\u897f\u4e9a\u68d5\u6988\u6cb9\u51fa\u53e3\u91cf\u8f83 11 \u6708\u540c\u671f\u4e0b\u964d 1.1% \u81f3 4%\uff0c\u9650\u5236\u4e86\u6da8\u5e45\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u68d5\u6988\u6cb9\u73b0\u8d27\u4ef7\u683c<\/strong>\n  <img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"561\" alt=\"A graph with lines and dots\n\nDescription automatically generated\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-2.jpeg\" class=\"wp-image-58963\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-2.jpeg 1228w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-2-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-2-1024x468.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-2-768x351.jpeg 768w\" sizes=\"(max-width: 1228px) 100vw, 1228px\" \/>\n<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2025 \u5e74\u68d5\u6988\u6cb9\u4ef7\u683c\u6599\u5c06\u4fdd\u6301\u7a33\u5b9a\u3002 <\/strong>\u636e\u68d5\u6988\u6cb9\u751f\u4ea7\u56fd\u5706\u684c\u4f1a\u8bae (CPOPC) \u9884\u6d4b\uff0c2025 \u5e74\u68d5\u6988\u6cb9\u4ef7\u683c\u9884\u8ba1\u5c06\u5728 4,000-5,000 \u9a6c\u5e01\/\u5428\u4e4b\u95f4\uff0c\u8fd9\u662f\u7531\u4e8e\u4e3b\u8981\u5e02\u573a\u4ea7\u91cf\u505c\u6ede\u3002\u968f\u7740\u5168\u7403\u5bf9\u68d5\u6988\u6cb9\u7684\u9700\u6c42\u589e\u957f\uff0c\u4ea7\u91cf\u505c\u6ede\u53ef\u80fd\u4f1a\u5bfc\u81f4\u4f9b\u5e94\u77ed\u7f3a\uff0c\u4ece\u800c\u63a8\u52a8\u4ef7\u683c\u4e0a\u6da8\u3002\u6b64\u5916\uff0c\u9884\u8ba1\u8001\u9f84\u5316\u79cd\u690d\u56ed\u3001\u4e0d\u53ef\u9884\u6d4b\u7684\u5929\u6c14\u548c\u65b0\u79cd\u690d\u56ed\u5730\u533a\u6269\u5f20\u6709\u9650\u7b49\u56e0\u7d20\u5bfc\u81f4\u7684\u4ea7\u91cf\u505c\u6ede\u5c06\u7ed9\u5168\u7403\u4f9b\u5e94\u5e26\u6765\u538b\u529b\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u4ef7\u683c\u3002Bumitama Agri \u6709\u671b\u4ece 2025 \u5e74\u8d77\u7a33\u5b9a\u7684\u68d5\u6988\u6cb9\u4ef7\u683c\u4e2d\u53d7\u76ca\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7a33\u5065\u7684\u5546\u4e1a\u6a21\u5f0f\u3002 <\/strong>Bumitama Agri \u5728\u8fc7\u53bb\u5341\u5e74\u4e2d\u8868\u73b0\u51fa\u97e7\u6027\uff0c\u6210\u529f\u5e94\u5bf9\u7531\u9700\u6c42\u53d8\u5316\u3001\u6076\u52a3\u5929\u6c14\u548c\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u9a71\u52a8\u7684\u68d5\u6988\u6cb9\u4ef7\u683c\u6ce2\u52a8\u3002\u8be5\u516c\u53f8\u59cb\u7ec8\u4fdd\u6301\u5f3a\u52b2\u7684\u8d22\u52a1\u4e1a\u7ee9\u548c\u80a1\u4e1c\u56de\u62a5\uff0c\u5305\u62ec 2022 \u8d22\u5e74\u521b\u7eaa\u5f55\u7684 14% \u80a1\u606f\u6536\u76ca\u7387\u548c 2023 \u8d22\u5e74\u7684 10% \u80a1\u606f\u6536\u76ca\u7387\uff0c\u8fd9\u5f97\u76ca\u4e8e\u5f3a\u5927\u7684\u73b0\u91d1\u6d41\u548c\u5065\u5eb7\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u3002\u5c3d\u7ba1 2024 \u5e74\u4e0a\u534a\u5e74\u9762\u4e34\u5929\u6c14\u76f8\u5173\u6311\u6218\u548c\u6210\u672c\u538b\u529b\uff0c\u4f46 Bumitama \u4ecd\u5b9e\u73b0\u4e86\u663e\u7740\u7684\u73af\u6bd4\u589e\u957f\uff0c\u6bdb\u5229\u6da6\u3001\u51c0\u5229\u6da6\u548c EBITDA \u5747\u663e\u7740\u6539\u5584\u3002\u6838\u5fc3\u5229\u6da6\u589e\u957f 43%\uff0c\u5f97\u76ca\u4e8e\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8\u548c\u6210\u672c\u538b\u529b\u7f13\u89e3\u3002\u4e3b\u8981\u589e\u957f\u52a8\u529b\u5305\u62ec\u5370\u5ea6\u5c3c\u897f\u4e9a\u7684\u751f\u7269\u67f4\u6cb9\u8ba1\u5212\uff0c\u8be5\u8ba1\u5212\u5c06\u5230 2025 \u5e74\u5c06\u63ba\u6df7\u8981\u6c42\u63d0\u9ad8\u5230 40%\uff0c\u4ece\u800c\u63d0\u9ad8\u56fd\u5185\u6d88\u8d39\u91cf\u5e76\u51cf\u5c11\u51fa\u53e3\u91cf\uff0c\u4ece\u800c\u7ef4\u6301\u5168\u7403\u68d5\u6988\u6cb9\u4ef7\u683c\u7684\u4e0a\u6da8\u3002\u68d5\u6988\u4ec1\u4ef7\u683c\u98d9\u5347\u8fdb\u4e00\u6b65\u4e3a\u589e\u957f\u673a\u4f1a\u505a\u51fa\u8d21\u732e\u3002\u5c55\u671b\u672a\u6765\uff0cBumitama \u6709\u671b\u5b9e\u73b0\u6301\u7eed\u7684\u8d22\u52a1\u589e\u957f\uff0c\u8fd9\u5f97\u76ca\u4e8e\u7a33\u5b9a\u7684\u6210\u672c\u3001\u5f3a\u52b2\u7684\u9700\u6c42\u4ee5\u53ca\u68d5\u6988\u6cb9\u548c\u68d5\u6988\u4ec1\u4ea7\u54c1\u7684\u6709\u5229\u5b9a\u4ef7\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>24\u8d22\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f1.4%\uff0c\u81f37.6\u4e07\u4ebf\u5370\u5c3c\u76fe\uff0c\u800c23\u8d22\u5e74\u540c\u671f\u4e3a7.50\u4e07\u4ebf\u5370\u5c3c\u76fe\u300224\u8d22\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e0b\u964d29.5%\uff0c\u81f31.00\u4e07\u4ebf\u5370\u5c3c\u76fe\uff0c\u800c23\u8d22\u5e74\u4e0a\u534a\u5e74\u4e3a1.42\u4e07\u4ebf\u5370\u5c3c\u76fe\u300224\u8d22\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u548c\u644a\u8584\u6bcf\u80a1\u6536\u76ca\u4e3a494\u5370\u5c3c\u76fe\uff0c\u800c23\u5e74\u540c\u671f\u4e3a686\u5370\u5c3c\u76fe\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6\u3002<\/strong><br><strong><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-58964\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-object-with-numbers-1.png\" alt=\"A blue and white rectangular object with numbers\n\nDescription automatically generated\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-object-with-numbers-1.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-object-with-numbers-1-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"538\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-a-line-graph-description-automatical-1.jpeg\" alt=\"A graph with a line graph\n\nDescription automatically generated with medium confidence\" class=\"wp-image-58965\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-a-line-graph-description-automatical-1.jpeg 1228w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-a-line-graph-description-automatical-1-300x131.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-a-line-graph-description-automatical-1-1024x449.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-a-line-graph-description-automatical-1-768x336.jpeg 768w\" sizes=\"(max-width: 1228px) 100vw, 1228px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-14.png\" class=\"wp-image-58966\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-14.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-14-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hk\"><a id=\"post-58952-_f3bvj0c8rd86\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-15.png\" class=\"wp-image-58967\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-15.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-15-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><a id=\"post-58952-_34eo5yf8y7pj\"><\/a><strong>\u8001\u94fa\u9ec4\u91d1(6181 HK)\uff1a\u9ec4\u91d1\u524d\u666f\u4e50\u89c2<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a250\uff0c\u76ee\u6807\u4ef7\uff1a290\uff0c\u6b62\u635f\u4ef7\uff1a230<\/strong><br>  <\/li>\n\n\n\n<li>\u8001\u94fa\u9ec4\u91d1\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4ece\u4e8b\u7814\u53d1\u3001\u5236\u4f5c\u548c\u9500\u552e\u9ec4\u91d1\u9970\u54c1\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u5546\u54c1\u5236\u4f5c\u548c\u4fdd\u517b\u7ef4\u4fee\u670d\u52a1\u3002\u8be5\u516c\u53f8\u9ec4\u91d1\u4ea7\u54c1\u4e3b\u8981\u5305\u62ec\u8db3\u91d1\u9ec4\u91d1\u4ea7\u54c1\u548c\u8db3\u91d1\u9576\u5d4c\u4ea7\u54c1\uff08\u8db3\u91d1\u9576\u5d4c\u94bb\u77f3\u6216\u5176\u4ed6\u5b9d\u77f3\uff09\u3002\u8db3\u91d1\u9ec4\u91d1\u4ea7\u54c1\u662f\u4ee5\u4e00\u7cfb\u5217\u53e4\u6cd5\u624b\u5de5\u6280\u827a\u5236\u4f5c\u7684\u9ec4\u91d1\u4ea7\u54c1\uff0c\u5305\u62ec\u540a\u5760\u3001\u624b\u956f\u3001\u6212\u6307\u53ca\u8033\u9489\u7b49\u65e5\u5e38\u4f69\u6234\u7684\u914d\u9970\uff0c\u4ee5\u53ca\u628a\u73a9\u3001\u65e5\u7528\u91d1\u5668\u548c\u6446\u4ef6\u91d1\u5668\u7b49\u514b\u91cd\u8f83\u5927\u7684\u73e0\u5b9d\u3002\u8db3\u91d1\u9576\u5d4c\u4ea7\u54c1\u662f\u94bb\u77f3\u6216\u5176\u4ed6\u5b9d\u77f3\uff08\u5982\u6709\u8272\u5b9d\u77f3\uff09\u9576\u5d4c\u4e8e\u8db3\u91d1\u9576\u6258\u4e2d\u3002\u8be5\u516c\u53f8\u4e3b\u8981\u5728\u4e2d\u56fd\u5e02\u573a\u5f00\u5c55\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>2025 \u5e74\u7684\u4e0d\u786e\u5b9a\u6027\u7ee7\u7eed\u652f\u6491\u91d1\u4ef7\u3002 <\/strong>\u968f\u7740\u65b0\u5174\u5e02\u573a\u592e\u884c\u52a0\u901f\u8d2d\u91d1\uff0c\u91d1\u4ef7\u9884\u8ba1\u5c06\u9ad8\u4e8e\u9884\u671f\u4e0a\u6da8\u3002\u53d7\u7f8e\u56fd\u5f53\u9009\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u5373\u5c06\u51fa\u53f0\u7684\u653f\u7b56\u4ee5\u53ca\u7f8e\u8054\u50a8 (Fed) \u4e0b\u4e00\u6b65\u4e3e\u63aa\u7684\u6295\u8d44\u8005\u8c28\u614e\u60c5\u7eea\u9a71\u52a8\uff0c\u7f8e\u5143\u7ee7\u7eed\u53d7\u76ca\u4e8e\u907f\u9669\u5e02\u573a\u73af\u5883\u3002\u7f8e\u8054\u50a8\u5728 12 \u6708\u7684\u653f\u7b56\u4f1a\u8bae\u4e0a\u91c7\u53d6\u4e86\u9e70\u6d3e\u7acb\u573a\uff0c\u63d0\u9ad8\u4e86\u672c\u6708\u6682\u505c\u964d\u606f\u5468\u671f\u7684\u9884\u671f\u3002\u5c3d\u7ba1\u7f8e\u5143\u5f3a\u52b2\uff0c\u4f46\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u590d\u82cf\u7684\u505c\u6ede\u4f3c\u4e4e\u5728\u652f\u6491\u91d1\u4ef7\u3002\u8fd9\u8fdb\u4e00\u6b65\u5f97\u5230\u4e86\u6301\u7eed\u7684\u4e2d\u56fd\u7ecf\u6d4e\u62c5\u5fe7\u548c\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\uff08\u5c24\u5176\u662f\u4e2d\u4e1c\uff09\u80cc\u666f\u4e0b\uff0c\u5bf9\u9ec4\u91d1\u4f5c\u4e3a\u4f20\u7edf\u907f\u9669\u8d44\u4ea7\u9700\u6c42\u7684\u589e\u52a0\u7684\u63d0\u632f\u3002\u6b64\u5916\uff0c\u5e02\u573a\u9884\u671f\u4e2d\u56fd\u5c06\u5728 2025 \u5e74\u91c7\u53d6\u66f4\u591a\u79ef\u6781\u7684\u523a\u6fc0\u7ecf\u6d4e\u589e\u957f\u653f\u7b56\uff0c\u8fdb\u4e00\u6b65\u63d0\u632f\u91d1\u4ef7\uff0c\u4e2d\u56fd\u4ecd\u7136\u662f\u5168\u7403\u6700\u5927\u7684\u8d35\u91d1\u5c5e\u6d88\u8d39\u56fd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8d28\u91cf\u91cd\u4e8e\u6570\u91cf\u7684\u5546\u4e1a\u6a21\u5f0f\u3002 <\/strong>\u516c\u53f8\u6210\u7acb\u4e8e 15 \u5e74\u524d\uff0c\u4e00\u76f4\u6709\u610f\u4fdd\u6301\u7cbe\u54c1\u5e97\u7684\u5b58\u5728\uff0c\u4ec5\u6709 33 \u5bb6\u95e8\u5e97\uff0c\u4e13\u8425\u4ee5\u4f5b\u6559\u4e3a\u7075\u611f\u8bbe\u8ba1\u7684\u4f20\u7edf\u9ec4\u91d1\u73e0\u5b9d\uff0c\u4ee5\u56fa\u5b9a\u4ef7\u683c\u51fa\u552e\u3002\u8fd9\u79cd\u505a\u6cd5\u5c06\u516c\u53f8\u4e0e\u901a\u5e38\u6839\u636e\u91cd\u91cf\u5b9a\u4ef7\u5546\u54c1\u7684\u5f53\u5730\u7ade\u4e89\u5bf9\u624b\u533a\u5206\u5f00\u6765\u3002\u5bf9\u4e8e\u8001\u51e4\u7965\u6765\u8bf4\uff0c\u8fd9\u79cd\u533a\u522b\u63d0\u5347\u4e86\u5176\u5962\u534e\u9b45\u529b\uff0c\u8ba9\u4eba\u8054\u60f3\u5230\u5361\u5730\u4e9a\u548c\u8482\u8299\u5c3c\u7b49\u5168\u7403\u54c1\u724c\uff0c\u8fd9\u5bf9\u4e8e\u4e00\u4e2a\u4e2d\u56fd\u54c1\u724c\u6765\u8bf4\u662f\u7f55\u89c1\u7684\u6210\u5c31\u3002\u516c\u53f8\u7684\u5c0f\u89c4\u6a21\u4e5f\u6210\u4e3a\u6218\u7565\u4f18\u52bf\uff0c\u4f7f\u5176\u80fd\u591f\u4e13\u6ce8\u4e8e\u8d28\u91cf\u800c\u975e\u6570\u91cf\uff0c\u5e76\u5728\u4e2d\u56fd\u5236\u9020\u5962\u4f88\u54c1\u7684\u7ec6\u5206\u5e02\u573a\u4e2d\u72ec\u6811\u4e00\u5e1c\u3002\u5c55\u671b\u672a\u6765\uff0c\u8fd9\u79cd\u5546\u4e1a\u6a21\u5f0f\u975e\u5e38\u9002\u5408\u5438\u5f15\u9ad8\u51c0\u503c\u6d88\u8d39\u8005\uff0c\u5de9\u56fa\u8001\u51e4\u7965\u7684\u957f\u671f\u524d\u666f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6269\u5f20\u8ba1\u5212\u3002 <\/strong>\u8001\u51e4\u7965\u62e5\u6709 33 \u5bb6\u95e8\u5e97\u7684\u9002\u4e2d\u7f51\u7edc\uff0c\u4e13\u8425\u4ee5\u4f5b\u6559\u4e3a\u7075\u611f\u7684\u4f20\u7edf\u9ec4\u91d1\u73e0\u5b9d\u3002\u9664\u4e86\u5b9e\u4f53\u5e97\u9762\u4e4b\u5916\uff0c\u516c\u53f8\u8fd8\u901a\u8fc7\u963f\u91cc\u5df4\u5df4\u5929\u732b\u3001\u4eac\u4e1c\u548c\u5fae\u4fe1\u7b49\u7535\u5b50\u5546\u52a1\u5e73\u53f0\u7684\u65d7\u8230\u5e97\u62d3\u5c55\u7ebf\u4e0a\u4e1a\u52a1\u3002\u672a\u6765\u4e09\u5e74\uff0c\u8001\u51e4\u7965\u8ba1\u5212\u901a\u8fc7\u5728\u4e2d\u56fd\u5927\u9646\u65b0\u589e 10 \u5bb6\u95e8\u5e97\uff0c\u5e76\u5728\u9999\u6e2f\u3001\u6fb3\u95e8\u3001\u65b0\u52a0\u5761\u548c\u5176\u4ed6\u4e9a\u6d32\u57ce\u5e02\u65b0\u589e\u7ea6 5 \u5bb6\u95e8\u5e97\u8fdb\u884c\u6218\u7565\u6269\u5f20\u3002\u5c3d\u7ba1\u5982\u6b64\uff0c\u516c\u53f8\u4ecd\u7136\u81f4\u529b\u4e8e\u5176\u6838\u5fc3\u7406\u5ff5\uff0c\u5373\u4f18\u5148\u8003\u8651\u8d28\u91cf\u800c\u975e\u6570\u91cf\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002 <\/strong>\u6536\u5165\u8f8323\u5e74\u4e0a\u534a\u5e74\u768414.2\u4ebf\u5143\u4eba\u6c11\u5e01\u589e\u957f148.3%\uff0c\u8fbe\u523035.2\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u51c0\u5229\u6da6\u8f8323\u5e74\u4e0a\u534a\u5e74\u76841.97\u4ebf\u5143\u4eba\u6c11\u5e01\u589e\u957f197.9%\uff0c\u8fbe\u52305.88\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4ece23\u5e74\u4e0a\u534a\u5e74\u76841.44\u5143\u4eba\u6c11\u5e01\u4e0a\u5347\u81f324\u5e74\u4e0a\u534a\u5e74\u76844.11\u5143\u4eba\u6c11\u5e01\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br><strong><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-58968\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-16.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-16.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-16-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1263\" height=\"558\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-17.jpeg\" alt=\"\" class=\"wp-image-58969\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-17.jpeg 1263w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-17-300x133.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-17-1024x452.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-17-768x339.jpeg 768w\" sizes=\"(max-width: 1263px) 100vw, 1263px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-18.png\" class=\"wp-image-58970\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-18.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-18-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u8054\u60f3\u96c6\u56e2(992 HK)\uff1aCES\u5c55\u671b<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a10.30\uff0c\u76ee\u6807\u4ef7\uff1a11.50\uff0c\u6b62\u635f\u4ef7\uff1a9.70<\/strong><br>  <\/li>\n\n\n\n<li>\u8054\u60f3\u96c6\u56e2\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u5f00\u53d1\u3001\u5236\u9020\u548c\u9500\u552e\u79d1\u6280\u4ea7\u54c1\u53ca\u63d0\u4f9b\u670d\u52a1\u7684\u6295\u8d44\u63a7\u80a1\u516c\u53f8\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u4e09\u4e2a\u5206\u90e8\u8fd0\u8425\u5176\u4e1a\u52a1\u3002\u667a\u80fd\u8bbe\u5907\u4e1a\u52a1\u96c6\u56e2\u5206\u90e8\u4ece\u4e8b\u5236\u9020\u548c\u9500\u552e\u4e2a\u4eba\u7535\u8111\uff08PC\uff09\u3001\u5e73\u677f\u7535\u8111\u3001\u667a\u80fd\u624b\u673a\u53ca\u5176\u4ed6\u667a\u80fd\u8bbe\u5907\u3002\u57fa\u7840\u8bbe\u65bd\u65b9\u6848\u4e1a\u52a1\u96c6\u56e2\u5206\u90e8\u4ece\u4e8b\u63d0\u4f9b\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u4ea7\u54c1\u3001\u670d\u52a1\u53ca\u4f19\u4f34\u5173\u7cfb\u3001\u5f00\u53d1\u5b8c\u5584\u7684\u5168\u6808\u57fa\u7840\u8bbe\u65bd\u89e3\u51b3\u65b9\u6848\u7ec4\u5408\u4ee5\u53ca\u63d0\u4f9b\u5b58\u50a8\u89e3\u51b3\u65b9\u6848\u3002\u65b9\u6848\u670d\u52a1\u4e1a\u52a1\u96c6\u56e2\u5206\u90e8\u4ece\u4e8b\u63d0\u4f9b\u8de8\u4e2a\u4eba\u7535\u8111\u3001\u57fa\u7840\u8bbe\u65bd\u53ca\u884c\u4e1a\u667a\u80fd\u7684\u4fe1\u606f\u6280\u672f\uff08IT\uff09\u89e3\u51b3\u65b9\u6848\u548c\u670d\u52a1\uff0c\u5305\u62ec\u652f\u6301\u670d\u52a1\u3001\u8fd0\u7ef4\u670d\u52a1\u53ca\u5373\u670d\u52a1\uff08AaS\uff09\u4ea7\u54c1\u3002\u8be5\u516c\u53f8\u5728\u56fd\u5185\u548c\u56fd\u5916\u5e02\u573a\u5f00\u5c55\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6fc0\u52a8\u4eba\u5fc3\u7684 CES \u671f\u5f85\u3002<\/strong>\u8054\u60f3\u6709\u671b\u5728\u5373\u5c06\u5230\u6765\u7684 2025 \u5e74\u56fd\u9645\u6d88\u8d39\u7535\u5b50\u5c55 (CES) \u4e0a\u7ed9\u4eba\u7559\u4e0b\u6df1\u523b\u5370\u8c61\uff0c\u8be5\u5c55\u4f1a\u5c06\u4e8e 1 \u6708 7 \u65e5\u5728\u62c9\u65af\u7ef4\u52a0\u65af\u5f00\u5e55\u3002\u8fd9\u5bb6\u79d1\u6280\u5de8\u5934\u9884\u8ba1\u5c06\u63a8\u51fa\u4e00\u7cfb\u5217\u7a81\u7834\u6027\u7684\u4ea7\u54c1\uff0c\u5f70\u663e\u5176\u5bf9\u521b\u65b0\u548c\u6280\u672f\u8fdb\u6b65\u7684\u627f\u8bfa\u3002\u4eae\u70b9\u4e4b\u4e00\u662f\u4e00\u6b3e\u81ea\u5145\u7535\u84dd\u7259\u952e\u76d8\uff0c\u65e8\u5728\u6539\u53d8\u7528\u6237\u4e0e\u8bbe\u5907\u7684\u4ea4\u4e92\u65b9\u5f0f\u3002\u53e6\u4e00\u4e2a\u5173\u952e\u4ea7\u54c1\u662f\u4e00\u6b3e AI \u9a71\u52a8\u7684\u65c5\u884c\u5957\u88c5\uff0c\u65e8\u5728\u4e3a\u79fb\u52a8\u4e2d\u7684\u7528\u6237\u63d0\u9ad8\u4fbf\u5229\u6027\u548c\u6548\u7387\u3002\u636e\u4f20\u95fb\uff0c\u8054\u60f3\u53ef\u80fd\u4f1a\u9996\u6b21\u63a8\u51fa\u914d\u5907\u53ef\u6eda\u52a8\u5c4f\u5e55\u7684\u7b14\u8bb0\u672c\u7535\u8111\uff0c\u901a\u8fc7\u5141\u8bb8\u7528\u6237\u6839\u636e\u9700\u8981\u6269\u5c55\u663e\u793a\u5c4f\uff0c\u63d0\u4f9b\u524d\u6240\u672a\u6709\u7684\u7075\u6d3b\u6027\uff0c\u4ece\u800c\u4e3a\u4fbf\u643a\u5f0f\u8ba1\u7b97\u6811\u7acb\u65b0\u6807\u6746\u3002\u4ea7\u54c1\u9635\u5bb9\u8fd8\u5305\u62ec\u56db\u6b3e\u65b0\u5e73\u677f\u7535\u8111\uff0c\u4ee5\u6ee1\u8db3\u4e0d\u540c\u7684\u7528\u6237\u504f\u597d\uff0c\u4ee5\u53ca\u8fd0\u884c SteamOS \u7684\u624b\u6301\u6e38\u620f\u8bbe\u5907 Lenovo Legion Go S\u3002\u4e13\u4e3a\u6e38\u620f\u73a9\u5bb6\u8bbe\u8ba1\uff0c\u5b83\u627f\u8bfa\u63d0\u4f9b\u5f3a\u5927\u800c\u4fbf\u643a\u7684\u6e38\u620f\u4f53\u9a8c\u3002\u51ed\u501f\u8fd9\u4e00\u591a\u6837\u5316\u7684\u4ea7\u54c1\u7ec4\u5408\uff0c\u8054\u60f3\u5c55\u793a\u4e86\u5176\u5728\u79d1\u6280\u884c\u4e1a\u7684\u9886\u5bfc\u5730\u4f4d\uff0c\u8bc1\u660e\u4e86\u5176\u521b\u65b0\u548c\u6ee1\u8db3\u4e0d\u65ad\u53d1\u5c55\u7684\u6d88\u8d39\u8005\u9700\u6c42\u7684\u80fd\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e0e\u706b\u5c71\u5f15\u64ce\u7684\u5408\u4f5c\u3002<\/strong>\u5728\u6700\u8fd1\u4e8e\u5317\u4eac\u4e3e\u884c\u7684 2024 \u8054\u60f3\u5929\u79a7\u751f\u6001\u5408\u4f5c\u4f19\u4f34\u5927\u4f1a\u4e0a\uff0c\u8054\u60f3\u6b63\u5f0f\u5ba3\u5e03\u4e0e\u706b\u5c71\u5f15\u64ce\u8fbe\u6210\u5408\u4f5c\u3002\u501f\u52a9\u201c\u8d85\u8111\u201d\u8c46\u5305\u5927\u6a21\u578b\uff0c\u8054\u60f3\u7684 AI \u684c\u9762\u52a9\u624b\u5982\u5f71\u5c06\u4ece\u4f20\u7edf\u7684\u7cfb\u7edf\u5de5\u5177\u6f14\u53d8\u4e3a\u5168\u9762\u7684\u667a\u80fd\u5bf9\u8bdd\u52a9\u624b\u3002\u8fd9\u79cd\u8f6c\u53d8\u65e8\u5728\u663e\u7740\u589e\u5f3a\u7528\u6237\u4e0e PC \u7cfb\u7edf\u7684\u4ea4\u4e92\uff0c\u63d0\u4f9b\u66f4\u9ad8\u7ea7\u3001\u66f4\u76f4\u89c2\u7684\u4f7f\u7528\u4f53\u9a8c\u3002\u8fd9\u4e9b\u5347\u7ea7\u6709\u671b\u63a8\u52a8\u6d88\u8d39\u8005\u5bf9\u8054\u60f3 AI \u9a71\u52a8\u7684 PC \u7684\u5174\u8da3\u548c\u9700\u6c42\u589e\u957f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u63a8\u51fa AI \u64cd\u4f5c\u7cfb\u7edf\u3002<\/strong>\u5728\u8054\u60f3\u5e74\u5ea6\u751f\u6001\u5408\u4f5c\u4f19\u4f34\u5927\u4f1a\u4e0a\uff0c\u8be5\u516c\u53f8\u63a8\u51fa\u4e86\u4e00\u9879\u5bf9\u5176\u5929\u79a7\u4e2a\u4eba\u667a\u80fd\u7cfb\u7edf (Tianxi AS) \u7684\u91cd\u5927\u5347\u7ea7\u3002\u9ad8\u7ba1\u4eec\u5f3a\u8c03\uff0cTianxi AS \u53ef\u5728\u4f20\u7edf\u64cd\u4f5c\u7cfb\u7edf\u4e0a\u65e0\u7f1d\u8fd0\u884c\uff0c\u4e0e\u4e4b\u6df1\u5ea6\u96c6\u6210\uff0c\u540c\u65f6\u652f\u6301\u8de8\u591a\u4e2a\u8bbe\u5907\u7684\u8de8\u5e73\u53f0\u529f\u80fd\u3002\u57fa\u4e8e\u201c\u4e00\u4f53\u591a\u7aef\u201d\u6218\u7565\uff0cTianxi AS \u652f\u6301\u7ec8\u7aef\u4e0e\u4e2a\u4eba\u4e91\u4e4b\u95f4\u7684\u6df7\u5408\u90e8\u7f72\uff0c\u4e3a\u7528\u6237\u63d0\u4f9b\u4e2a\u6027\u5316\u7684\u52a9\u624b\uff0c\u4ee5\u6ee1\u8db3\u4ed6\u4eec\u7684\u9700\u6c42\u3002\u8be5\u7cfb\u7edf\u63d0\u4f9b\u57fa\u4e8e\u573a\u666f\u7684\u96c6\u6210\u80fd\u529b\uff0c\u5e76\u4e0e\u5f00\u653e\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u591a\u4e2a\u667a\u80fd\u4ee3\u7406\u8fde\u63a5\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u5176\u591a\u529f\u80fd\u6027\u548c\u7528\u6237\u4f53\u9a8c\u3002<br>  <\/li>\n\n\n\n<li><strong>25\u8d22\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002 <\/strong>\u6536\u5165\u8f8324\u8d22\u5e74\u4e0a\u534a\u5e74\u7684273\u4ebf\u7f8e\u5143\u589e\u957f21.9%\uff0c\u8fbe\u5230333\u4ebf\u7f8e\u5143\u3002\u51c0\u5229\u6da6\u8f8324\u8d22\u5e74\u4e0a\u534a\u5e74\u76844.725\u4ebf\u7f8e\u5143\u589e\u957f34.8%\uff0c\u8fbe\u52306.368\u4ebf\u7f8e\u5143\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u4ece24\u8d22\u5e74\u4e0a\u534a\u5e74\u76843.57\u7f8e\u5206\u4e0a\u5347\u81f325\u8d22\u5e74\u4e0a\u534a\u5e74\u76844.91\u7f8e\u5206\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br><strong><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-58971\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-2.png\" alt=\"A blue and white rectangular box with white text\n\nDescription automatically generated\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-2.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-2-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"538\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-1.jpeg\" alt=\"A graph of stock market\n\nDescription automatically generated\" class=\"wp-image-58972\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-1.jpeg 1228w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-1-300x131.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-1-1024x449.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-of-stock-market-description-automatically-1-768x336.jpeg 768w\" sizes=\"(max-width: 1228px) 100vw, 1228px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-21.png\" alt=\"\" class=\"wp-image-58973\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-21.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-21-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"us\"><a id=\"post-58952-_6xzuwbi3dcr\"><\/a><strong><img loading=\"lazy\" decoding=\"async\" width=\"827\" height=\"105\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-22.png\" class=\"wp-image-58974\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-22.png 827w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-22-300x38.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-22-768x98.png 768w\" sizes=\"(max-width: 827px) 100vw, 827px\" \/><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Banco Macro S.A. (BMA US)\uff1a\u4e00\u7ebf\u5e0c\u671b<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6b62\u635f\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a100\uff0c\u76ee\u6807\u4ef7\uff1a120\uff0c\u6b62\u635f\u4ef7\uff1a90<\/strong><br>  <\/li>\n\n\n\n<li>Banco Macro SA \u5438\u6536\u5b58\u6b3e\u5e76\u63d0\u4f9b\u96f6\u552e\u548c\u5546\u4e1a\u94f6\u884c\u670d\u52a1\u3002 \u8be5\u94f6\u884c\u63d0\u4f9b Visa \u548c Amex \u4fe1\u7528\u5361\u3001\u6d88\u8d39\u8d37\u6b3e\u3001\u4fdd\u9669\u548c\u5176\u4ed6\u91d1\u878d\u670d\u52a1\u3002 \u5b8f\u5229\u94f6\u884c\u5728\u963f\u6839\u5ef7\u5f00\u5c55\u4e1a\u52a1\uff0c\u5e76\u901a\u8fc7\u5176\u5b50\u516c\u53f8 Sun Bank & Trust \u5728\u5df4\u54c8\u9a6c\u5f00\u5c55\u4e1a\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u963f\u6839\u5ef7\u7d93\u6fdf\u51fa\u73fe\u66d9\u5149\u3002<\/strong>\u963f\u6839\u5ef72024\u5e74\u7b2c\u4e09\u5b63\u5ea6GDP\u74b0\u6bd4\u589e\u95773.9%\uff0c\u662f\u81ea2023\u5e74\u5e74\u5e95\u9677\u5165\u8870\u9000\u4ee5\u4f86\u9996\u6b21\u5be6\u73fe\u6b63\u5b63\u5ea6\u589e\u9577\uff0c\u4e3b\u8981\u9a45\u52d5\u56e0\u7d20\u662f\u6d88\u8cbb\u589e\u9577\u3001\u8cc7\u672c\u6295\u8cc7\u53cd\u5f48\u3001\u8fb2\u696d\u548c\u7926\u696d\u7522\u54c1\u51fa\u53e3\u589e\u9577\u3002\u5e74\u901a\u8139\u7387\u4e0b\u964d\u81f3\u81ea2023\u5e7412\u6708\u65b0\u4f4e\u81f3166%\u3002\u73fe\u4efb\u7e3d\u7d71\u7c73\u840a\u7684\u7d93\u6fdf\u4f11\u514b\u5f0f\u7642\u6cd5\u521d\u6b65\u898b\u6548\uff0c\u5176\u4e2d\u5305\u62ec\u5927\u5e45\u5ea6\u524a\u6e1b\u653f\u5e9c\u958b\u652f\u53ca\u653e\u9b06\u7ba1\u5236\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74GDP\u589e\u9577\u9810\u671f\u90545%\u3002<\/strong>\u4e16\u754c\u9280\u884c\u9810\u6e2c\u963f\u6839\u5ef7\u7d93\u6fdf\u57282025\u5e74\u589e\u9577\u7387\u70ba5%\uff0c\u800c2024\u5e74\u5247\u4e0b\u8dcc3.5%\u3002\u963f\u6839\u5ef7\u653f\u5e9c\u5728\u65b0\u4e00\u5e74\u7d93\u6fdf\u8a08\u5283\u4e2d\u5c07\u5be6\u65bd\u524a\u6e1b90%\u7684\u7a05\u6536\uff0c\u5e76\u5c07\u7a05\u52d9\u81ea\u4e3b\u6b0a\u6b78\u9084\u5404\u7701\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u963f\u6839\u5ef7\u8a08\u5283\u63a8\u9032\u8ca8\u5e63\u7af6\u722d\uff0c\u5141\u8a31\u4f7f\u7528\u4e0d\u540c\u8ca8\u5e63\u9032\u884c\u4ea4\u6613\u30022025\u5e74\u7684\u4e00\u5927\u76ee\u6a19\u662f\u53d6\u6d88\u532f\u7387\u7ba1\u5236\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5728\u963f\u6839\u5ef7\u9280\u884c\u696d\u4e2d\u8209\u8db3\u8f15\u91cd\u3002<\/strong>\u8a72\u884c\u662f\u963f\u6839\u5ef7\u7b2c\u4e8c\u5927\u570b\u6709\u79c1\u4eba\u9280\u884c\uff0c\u7b2c\u516d\u5927\u9280\u884c\uff08\u6309\u5b58\u6b3e\u53ca\u501f\u8cb8\u898f\u6a21\uff09\u3002\u622a\u81f324\u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u8a72\u884c\u7684\u7e3d\u8cc7\u7522\u70ba147.4\u5104\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>24\u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u3002 <\/strong>\u516c\u53f8\u6536\u5165\u540c\u6bd4\u4e0b\u964d22.7%\uff0c\u81f324\u5e74\u7b2c\u4e09\u5b63\u5ea6\u76848730\u4ebf\u963f\u6839\u5ef7\u6bd4\u7d22\uff0c\u76f8\u6bd4\u4e8e23\u5e74\u7b2c\u4e09\u5b63\u5ea6\u768411287\u4ebf\u963f\u6839\u5ef7\u6bd4\u7d22\u3002\u516c\u53f8\u51c0\u5229\u6da6\u589e\u957f\u81f324\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684920\u4ebf\u963f\u6839\u5ef7\u6bd4\u7d22\uff0c\u76f8\u6bd4\u4e8e23\u5e74\u7b2c\u4e09\u5b63\u5ea6\u7684239\u4ebf\u963f\u6839\u5ef7\u6bd4\u7d22\u3002\u516c\u53f8\u62a5\u544a24\u5e74\u7b2c\u4e09\u5b63\u5ea6\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u4e3a143.9\u963f\u6839\u5ef7\u6bd4\u7d22\uff0c\u76f8\u6bd4\u4e8e23\u5e74\u7b2c\u4e09\u5b63\u5ea6\u768437.39\u963f\u6839\u5ef7\u6bd4\u7d22<strong>\u3002<\/strong><br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-23.png\" alt=\"\" class=\"wp-image-58975\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-23.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-23-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1263\" height=\"558\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-24.jpeg\" alt=\"\" class=\"wp-image-58976\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-24.jpeg 1263w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-24-300x133.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-24-1024x452.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-24-768x339.jpeg 768w\" sizes=\"(max-width: 1263px) 100vw, 1263px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-flag-description-automatically-g-1.png\" class=\"wp-image-58977\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-flag-description-automatically-g-1.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-flag-description-automatically-g-1-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-long-line-of-a-flag-description-automatically-g-1-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Antero Resources Corp.(AR US)\uff1a\u53d7\u76ca\u4e8e\u5f53\u524d\u51ac\u5b63\u7684\u5b63\u8282\u6027<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a32.5\uff0c\u76ee\u6807\u4ef7\uff1a36.5\uff0c\u6b62\u635f\u4ef7\uff1a30.5<\/strong><br>  <\/li>\n\n\n\n<li>Antero Resources Corp.\u662f\u4e00\u5bb6\u4ece\u4e8b\u6cb9\u6c14\u52d8\u63a2\u3001\u5f00\u53d1\u548c\u751f\u4ea7\u7684\u516c\u53f8\u3002\u8be5\u516c\u53f8\u4e13\u6ce8\u4e8e\u975e\u5e38\u89c4\u6cb9\u6c14\u548c\u5bcc\u542b\u6db2\u4f53\u7684\u5929\u7136\u6c14\u8d44\u4ea7\u7684\u6536\u8d2d\u3001\u5f00\u53d1\u548c\u751f\u4ea7\u3002Antero Resources Corp.\u4e3a\u7f8e\u56fd\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5929\u7136\u6c14\u4ef7\u683c\u4e0a\u6da8\u3002 <\/strong>\u7f8e\u56fd\u5929\u7136\u6c14\u671f\u8d27\u4ef7\u683c\u5728\u8fc7\u53bb\u4e24\u4e2a\u6708\u4e0a\u6da8\u4e86 60% \u4ee5\u4e0a\u3002\u4f46\u8fd1\u671f\uff0c\u7531\u4e8e\u7f8e\u56fd\u80fd\u6e90\u4fe1\u606f\u7f72 (EIA) \u62a5\u544a\u663e\u793a\uff0c\u622a\u81f3 12 \u6708 20 \u65e5\u5f53\u5468\u7684\u5e93\u5b58\u51cf\u5c11\u91cf\u4e3a 930 \u4ebf\u7acb\u65b9\u82f1\u5c3a\uff0c\u4f4e\u4e8e\u9884\u671f\u7684 990 \u4ebf\u7acb\u65b9\u82f1\u5c3a\uff0c\u5e93\u5b58\u964d\u81f3 3,529 \u4ebf\u7acb\u65b9\u82f1\u5c3a\uff0c\u8be5\u5546\u54c1\u524a\u51cf\u4e86\u6da8\u5e45\u81f3 3.36 \u7f8e\u5143\/\u767e\u4e07\u82f1\u70ed\u5355\u4f4d\u3002\u7136\u800c\uff0c\u671f\u8d27\u4ef7\u683c\u53d7\u5230\u6b27\u6d32\u5929\u6c14\u6a21\u578b\u9884\u6d4b 1 \u6708\u521d\u51fa\u73b0\u6bd4\u7f8e\u56fd\u6a21\u578b\u5148\u524d\u9884\u6d4b\u7684\u66f4\u5bd2\u51b7\u5929\u6c14\u7684\u652f\u6491\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u7f8e\u56fd\u4e0b 48 \u5dde\u7684\u5929\u7136\u6c14\u65e5\u4ea7\u91cf\u5e73\u5747\u4e3a 1031 \u4ebf\u7acb\u65b9\u82f1\u5c3a\/\u5929\uff0c\u800c\u6db2\u5316\u5929\u7136\u6c14 (LNG) \u51fa\u53e3\u91cf\u9884\u8ba1\u5c06\u8fbe\u5230\u521b\u7eaa\u5f55\u7684 148 \u4ebf\u7acb\u65b9\u82f1\u5c3a\/\u5929\uff0c\u53d7\u5230\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u63a8\u52a8\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u5929\u7136\u6c14\u73b0\u8d27\u4ef7\u683c<\/strong>\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"561\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-3.jpeg\" alt=\"A graph with lines and dots\n\nDescription automatically generated\" class=\"wp-image-58978\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-3.jpeg 1228w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-3-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-3-1024x468.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-dots-description-automatic-3-768x351.jpeg 768w\" sizes=\"(max-width: 1228px) 100vw, 1228px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5b63\u8282\u6027\u9a71\u52a8\u5929\u7136\u6c14\u9700\u6c42\u3002 <\/strong>\u968f\u7740\u6d88\u8d39\u8005\u4f9d\u9760\u53d6\u6696\u6765\u62b5\u5fa1\u5bd2\u51b7\u5929\u6c14\uff0c\u51ac\u5b63\u7535\u529b\u9700\u6c42\u5927\u5e45\u4e0a\u5347\u3002\u7535\u529b\u4f7f\u7528\u91cf\u7684\u6fc0\u589e\u76f4\u63a5\u589e\u52a0\u4e86\u5bf9\u5929\u7136\u6c14\u7684\u9700\u6c42\uff0c\u53cd\u6620\u5728\u4f4e\u4e8e\u9884\u671f\u7684\u5e93\u5b58\u4e0b\u964d\u4e2d\uff0c\u8868\u660e\u6301\u7eed\u7684\u6d88\u8d39\u3002\u5bf9\u7f8e\u56fd 1 \u6708\u4efd\u5bd2\u6f6e\u7684\u9884\u6d4b\u8fdb\u4e00\u6b65\u63d0\u9ad8\u4e86\u5bf9\u5929\u7136\u6c14\u9700\u6c42\u7684\u9884\u671f\u3002\u6c14\u8c61\u5b66\u5bb6\u9884\u6d4b\uff0c1 \u6708 1 \u65e5\u81f3 5 \u65e5\uff0c\u4f4e\u4e8e\u5e73\u5747\u6c14\u6e29\u5c06\u5e2d\u5377\u7f8e\u56fd\u4e2d\u90e8\u548c\u4e1c\u90e8\uff0c\u5e76\u5728\u968f\u540e\u7684\u4e94\u5929\u5185\u52a0\u5267\u3002\u9884\u8ba1\u8fd9\u4e9b\u6761\u4ef6\u5c06\u4e3a\u5929\u7136\u6c14\u4ef7\u683c\u63d0\u4f9b\u4e0a\u6da8\u52a8\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5929\u7136\u6c14\u51fa\u53e3\u8bb8\u53ef\u8bc1\u524d\u666f\u770b\u597d\u3002 <\/strong>\u5f53\u9009\u603b\u7edf\u5510\u7eb3\u5fb7\u00b7\u7279\u6717\u666e\u627f\u8bfa\u52a0\u5feb\u6279\u51c6\u6db2\u5316\u5929\u7136\u6c14\u51fa\u53e3\u8bb8\u53ef\u8bc1\uff0c\u626d\u8f6c\u62dc\u767b\u65f6\u4ee3\u7684\u6682\u505c\uff0c\u4e3a\u4e0e\u56fd\u5185\u5929\u7136\u6c14\u9500\u552e\u76f8\u6bd4\u66f4\u6709\u5229\u53ef\u56fe\u7684\u51fa\u53e3\u94fa\u5e73\u9053\u8def\u3002\u9884\u8ba1\u5230 2025 \u5e74\uff0c\u5c06\u6709\u4e00\u6ce2\u65b0\u7684\u5317\u7f8e\u6db2\u5316\u5929\u7136\u6c14\u4f9b\u5e94\u8fdb\u5165\u5e02\u573a\u3002\u6839\u636e S&P Global Commodity Insights \u4e8e 12 \u6708 11 \u65e5\u53d1\u5e03\u7684 2025 \u5e74\u80fd\u6e90\u5c55\u671b\u62a5\u544a\uff0c\u5c3d\u7ba1\u5168\u7403\u6db2\u5316\u5929\u7136\u6c14\u4ef7\u683c\u9884\u8ba1\u5c06\u8d70\u5f31\uff0c\u4f46\u7f8e\u56fd\u5929\u7136\u6c14\u4ef7\u683c\u9884\u8ba1\u5c06\u4e0a\u6da8\u3002\u5e02\u573a\u8fd8\u9884\u8ba1\u7279\u6717\u666e\u653f\u5e9c\u5c06\u6279\u51c6\u6240\u6709\u5f85\u6279\u7684\u6db2\u5316\u5929\u7136\u6c14\u51fa\u53e3\u9879\u76ee\uff0c\u53ef\u80fd\u5728 2025 \u5e74\u4e0b\u534a\u5e74\u5b9e\u73b0\u6700\u7ec8\u6295\u8d44\u51b3\u7b56\u3002<br>  <\/li>\n\n\n\n<li><strong>2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e1a\u7ee9\u3002 <\/strong>\u516c\u53f8 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u5c0f\u5e45\u4e0b\u964d 6.24% \u81f3 10.6 \u4ebf\u7f8e\u5143\uff0c\u800c 2023 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u4e3a 11.3 \u4ebf\u7f8e\u5143\u3002\u516c\u53f8 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u51c0\u4e8f\u635f 2040 \u4e07\u7f8e\u5143\uff0c\u800c 2023 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u51c0\u5229\u6da6\u4e3a 1780 \u4e07\u7f8e\u5143\u3002\u516c\u53f8 2024 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u57fa\u672c\u6bcf\u80a1\u51c0\u4e8f\u635f 0.16 \u7f8e\u5143\uff0c\u800c 2023 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u6bcf\u80a1\u51c0\u5229\u6da6\u4e3a 0.50 \u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-3.png\" alt=\"A blue and white rectangular box with white text\n\nDescription automatically generated\" class=\"wp-image-58979\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-3.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-blue-and-white-rectangular-box-with-white-text-3-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1228\" height=\"538\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-numbers-description-automa-2.jpeg\" alt=\"A graph with lines and numbers\n\nDescription automatically generated with medium confidence\" class=\"wp-image-58980\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-numbers-description-automa-2.jpeg 1228w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-numbers-description-automa-2-300x131.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-numbers-description-automa-2-1024x449.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/a-graph-with-lines-and-numbers-description-automa-2-768x336.jpeg 768w\" sizes=\"(max-width: 1228px) 100vw, 1228px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a id=\"post-58952-_Hlt181111973\"><\/a><a id=\"post-58952-_Hlt181111974\"><\/a>\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"#top\" title=\"\">^ Back To Top<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-58952-_va9jaog5jnw3\"><\/a><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-29.png\" class=\"wp-image-58981\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-29.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-29-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"td\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-30.png\" alt=\"\" class=\"wp-image-58982\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-30.png 618w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-30-300x62.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Add Bumitama Agri Ltd. (BAL SP) at S$0.86, Lenovo Group Ltd. (992 HK) at HK$10.30. Take profit on East Buy Holding Ltd. (1797 HK) at HK$19.0. Cut loss on Keep Inc. (3650 HK) at HK$5.60, Sands China Ltd. (1928 HK) at HK$20.0, Sunny Optical Technology Group Co Ltd. (2382 HK) at HK$66.0, and Walt Disney Co. (DIS US) at US$110. \n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"511\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-31.png\" alt=\"\" class=\"wp-image-58983\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-31.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-31-300x163.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/01\/word-image-58952-31-768x416.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56591-_tiry8p5xvcqk\"><\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/t.me\/kgisg\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png\" alt=\"\" class=\"wp-image-15031\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2022\/05\/word-image-69-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/a><\/figure>\n\n\n","protected":false},"excerpt":{"rendered":"<p>\u65b0\u52a0\u5761\u80a1\u7968\u63a8\u8350 | \u9999\u6e2f\u80a1\u7968\u63a8\u8350 | \u7f8e\u80a1\u63a8\u8350 | \u884c\u4e1a\u677f\u5757\u8868\u73b0 | \u4ea4\u6613\u9f99\u864e\u699c \u7f8e\u56fd \u9999\u6e2f ^ Back To Top \u80dc\u79d1\u5de5\u4e1a (SCI SP)\uff1a\u63d0\u524d\u5b8c\u5de5 (Source: Bloomberg) \u5e03\u7c73\u5854\u739b\u519c\u4e1a (BAL SP)\uff1a\u68d5\u6988\u6cb9\u4ef7\u683c\u51fa\u73b0\u826f\u597d\u8ff9\u8c61 \u68d5\u6988\u6cb9\u73b0\u8d27\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) \u8001\u94fa\u9ec4\u91d1(6181 HK)\uff1a\u9ec4\u91d1\u524d\u666f\u4e50\u89c2 (Source: Bloomberg) \u8054\u60f3\u96c6\u56e2(992 HK)\uff1aCES\u5c55\u671b (Source: Bloomberg) Banco Macro S.A. 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