{"id":74051,"date":"2025-08-13T02:02:59","date_gmt":"2025-08-12T18:02:59","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=74051"},"modified":"2025-08-13T09:50:07","modified_gmt":"2025-08-13T01:50:07","slug":"kgi-daily-trading-ideas-13-aug-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5:"},"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 size-full\" id=\"sp\"><img fetchpriority=\"high\" decoding=\"async\" width=\"940\" height=\"200\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28.png\" alt=\"\" class=\"wp-image-69977\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/image-28-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-74051-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"395\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-15.png\" alt=\"\" class=\"wp-image-74149\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-15.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-15-300x126.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-15-768x322.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"941\" height=\"240\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-16.png\" alt=\"\" class=\"wp-image-74150\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-16.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-16-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-16-768x196.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/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=\"941\" height=\"290\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-17.png\" alt=\"\" class=\"wp-image-74151\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-17.png 941w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-17-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/image-17-768x237.png 768w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/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\/08\/word-image-74051-4.png\" alt=\"\" class=\"wp-image-74086\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-4-300x64.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-74051-_qqv3rtx8nazp\"><\/a><a id=\"post-74051-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\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=\"1913\" height=\"807\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-74087\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21.png 1913w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21-300x127.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21-1024x432.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21-768x324.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-ai-generated-content-m-21-1536x648.png 1536w\" sizes=\"(max-width: 1913px) 100vw, 1913px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-6.png\" alt=\"\" class=\"wp-image-74088\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-6-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"sg\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-7.png\" class=\"wp-image-74089\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64<\/strong><br>  <\/li>\n\n\n\n<li>\u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002<br>  <\/li>\n\n\n\n<li><strong>\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002<\/strong>\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002<br>  <\/li>\n\n\n\n<li><strong>\u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002<\/strong>\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002<\/strong>\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-74090\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-17.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-17.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-17-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"617\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9.jpeg\" alt=\"A graph on a white background\n\nAI-generated content may be incorrect.\" class=\"wp-image-74091\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9-300x119.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9-1024x406.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9-768x305.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-white-background-ai-generated-conten-9-1536x609.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-white-background-description-aut-9.jpeg\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" class=\"wp-image-74092\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-white-background-description-aut-9.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-white-background-description-aut-9-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <strong> <\/strong>\n<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355<\/strong><br>  <\/li>\n\n\n\n<li>\u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002<\/strong>\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002<\/strong>\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002<br>  <\/li>\n\n\n\n<li><strong>\u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u3002<\/strong>1.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-74093\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-18.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-18.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-18-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1112\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-variety-of-lines-ai-generated-c-3.jpeg\" alt=\"A graph showing a variety of lines\n\nAI-generated content may be incorrect.\" class=\"wp-image-74094\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-variety-of-lines-ai-generated-c-3.jpeg 1112w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-variety-of-lines-ai-generated-c-3-300x155.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-variety-of-lines-ai-generated-c-3-1024x529.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-variety-of-lines-ai-generated-c-3-768x397.jpeg 768w\" sizes=\"(max-width: 1112px) 100vw, 1112px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-13.png\" class=\"wp-image-74095\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-13-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"hk\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-14.png\" class=\"wp-image-74096\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-74051-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5<\/strong><br>  <\/li>\n\n\n\n<li>\u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002<\/strong>\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002<\/strong>\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002<\/strong>\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-74097\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-19.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-19.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-white-tex-19-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1556\" height=\"617\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-74098\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14.jpeg 1556w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-300x119.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-1024x406.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-768x305.jpeg 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-1536x609.jpeg 1536w\" sizes=\"(max-width: 1556px) 100vw, 1556px\" \/><\/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><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-17.png\" class=\"wp-image-74099\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-17.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-17-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a43\uff0c\u76ee\u6807\u4ef7\uff1a49\uff0c\u6b62\u635f\u4ef7\uff1a40<\/strong><br>  <\/li>\n\n\n\n<li>\u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u6295\u8d44\u63a7\u80a1\u516c\u53f8\uff0c\u4e3b\u8981\u4ece\u4e8b\u534a\u5bfc\u4f53\u4ea7\u54c1\u7684\u5236\u9020\u548c\u9500\u552e\u3002\u516c\u53f8\u7684\u4e3b\u8981\u4e1a\u52a1\u662f\u4e3a\u591a\u6837\u5316\u7684\u4e13\u4e1a\u5de5\u827a\u5e73\u53f0\u63d0\u4f9b\u6676\u5706\u4ee3\u5de5\u548c\u652f\u6301\u670d\u52a1\uff0c\u5305\u62ec\u5d4c\u5165\u5f0f\/\u72ec\u7acb\u975e\u6613\u5931\u6027\u5b58\u50a8\u5668\u3001\u7535\u6e90\u5206\u7acb\u5668\u4ef6\u3001\u6a21\u62df\u548c\u7535\u6e90\u7ba1\u7406\u3001\u903b\u8f91\u548c\u5c04\u9891\uff08RF\uff09\u7b49\u3002\u516c\u53f8\u7684\u4ea7\u54c1\u7ec8\u7aef\u5e02\u573a\u5305\u62ec\u6d88\u8d39\u7535\u5b50\u3001\u5de5\u4e1a\u548c\u6c7d\u8f66\u7535\u5b50\u3001\u901a\u4fe1\u4ea7\u54c1\u548c\u8ba1\u7b97\u673a\u3002\u516c\u53f8\u8fd8\u4ece\u4e8b\u623f\u5730\u4ea7\u5f00\u53d1\u548c\u79df\u8d41\u4e1a\u52a1\uff0c\u4e1a\u52a1\u904d\u53ca\u56fd\u5185\u548c\u6d77\u5916\u5e02\u573a\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5f3a\u52b2\u7684\u8d22\u52a1\u52bf\u5934\u6e90\u4e8e\u4ea7\u80fd\u5229\u7528\u7387\u63d0\u5347\u3002<\/strong>\u534e\u8679\u534a\u5bfc\u4f53\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8868\u73b0\u7a33\u5065\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f18.3%\uff0c\u8fbe\u52305.661\u4ebf\u7f8e\u5143\uff0c\u6bdb\u5229\u7387\u63d0\u5347\u81f310.9%\u3002\u589e\u957f\u5f97\u76ca\u4e8e\u6676\u5706\u51fa\u8d27\u91cf\u589e\u52a0\u3001\u5e73\u5747\u9500\u552e\u4ef7\u683c\u63d0\u9ad8\uff0c\u4ee5\u53ca\u521b\u7eaa\u5f55\u7684108.3%\u4ea7\u80fd\u5229\u7528\u7387\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u51c0\u5229\u6da6\u73af\u6bd4\u6fc0\u589e112%\uff0c\u53cd\u6620\u51fa\u8fd0\u8425\u6548\u7387\u7684\u63d0\u5347\u3001\u5916\u6c47\u635f\u5931\u7684\u51cf\u5c11\u4ee5\u53ca\u66f4\u5f3a\u7684\u653f\u5e9c\u8865\u8d34\u3002\u516c\u53f8\u7684\u6218\u7565\u6295\u8d44\uff0c\u7279\u522b\u662f\u5728\u6269\u5927\u65e0\u9521\u65b012\u82f1\u5bf8\u751f\u4ea7\u7ebf\u65b9\u9762\uff0c\u6b63\u4e3a\u5176\u5728PMIC\u3001\u6a21\u62df\u548c\u8d85\u7ed3MOSFET\u7b49\u4e13\u4e1a\u6280\u672f\u9886\u57df\u7684\u6301\u7eed\u589e\u957f\u5960\u5b9a\u57fa\u7840\u3002\u7ba1\u7406\u5c42\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u6536\u5165\u6307\u5f15\u5c06\u8fbe\u52306.4\u4ebf\u7f8e\u5143\uff0c\u4e13\u6ce8\u4e8e\u5de5\u827a\u4f18\u5316\u548c\u4ea7\u54c1\u7ec4\u5408\u591a\u6837\u5316\uff0c\u9884\u8ba1\u5c06\u63a8\u52a8\u5173\u952e\u8fd0\u8425\u6307\u6807\u7684\u6301\u7eed\u6539\u5584\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5bf9\u7f8e\u56fd\u5173\u7a0e\u7684\u5f71\u54cd\u6700\u5c0f\uff0c\u53d7\u76ca\u4e8e\u5f3a\u52b2\u7684\u4e2d\u56fd\u9700\u6c42\u3002<\/strong>\u5c3d\u7ba1\u7f8e\u56fd\u534a\u5bfc\u4f53\u5173\u7a0e\u5bf9\u5168\u7403\u4f9b\u5e94\u94fe\u7684\u90e8\u5206\u9886\u57df\u9020\u6210\u4e86\u51b2\u51fb\uff0c\u534e\u8679\u7684\u5546\u4e1a\u6a21\u5f0f\u57fa\u672c\u4e0a\u662f\u9694\u79bb\u7684\u3002\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u6765\u81ea\u7f8e\u56fd\u7684\u6536\u5165\u4ec5\u5360\u603b\u6536\u5165\u76849.4%\uff0c\u800c\u4e2d\u56fd\u8d21\u732e\u4e86\u5360\u4e3b\u5bfc\u5730\u4f4d\u768483%\uff0c\u8fd9\u4e00\u7ec6\u5206\u5e02\u573a\u5728\u5f3a\u52b2\u7684\u56fd\u5185\u9700\u6c42\u4e0b\u540c\u6bd4\u589e\u957f21.8%\u3002\u5373\u4f7f\u7531\u4e8e\u5173\u7a0e\u76f8\u5173\u7684\u9006\u98ce\u5bfc\u81f4\u7f8e\u56fd\u9500\u552e\u4e0b\u964d\uff0c\u8fd9\u4e00\u5f71\u54cd\u4e5f\u53ef\u80fd\u88ab\u4e2d\u56fd\u5bf9\u5d4c\u5165\u5f0fNVM\u3001\u6a21\u62df\u548c\u7535\u6e90\u5206\u7acb\u4ea7\u54c1\u7684\u5f3a\u52b2\u9700\u6c42\u4ee5\u53ca\u65e5\u76ca\u589e\u957f\u7684\u5de5\u4e1a\u548c\u6c7d\u8f66\u5e94\u7528\u6240\u62b5\u6d88\u3002\u534e\u8679\u4e0e\u56fd\u5185\u5ba2\u6237\u7684\u6218\u7565\u5bf9\u63a5\u4ee5\u53ca\u5bf9\u4e13\u4e1a\u6280\u672f\u7ec6\u5206\u5e02\u573a\u7684\u5173\u6ce8\uff0c\u964d\u4f4e\u4e86\u5176\u5bf9\u534e\u76db\u987f\u653f\u7b56\u53d8\u5316\u7684\u8106\u5f31\u6027\u3002\u5728\u4f9b\u5e94\u94fe\u533a\u57df\u5316\u52a0\u901f\u7684\u73af\u5883\u4e2d\uff0c\u516c\u53f8\u5177\u5907\u5145\u5206\u7684\u6761\u4ef6\u5229\u7528\u4e2d\u56fd\u5e9e\u5927\u4e14\u4e0d\u65ad\u589e\u957f\u7684\u534a\u5bfc\u4f53\u5e02\u573a\u4f5c\u4e3a\u4e3b\u8981\u589e\u957f\u5f15\u64ce\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f18.3%\uff0c\u8fbe\u52305.661\u4ebf\u7f8e\u5143\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u51c0\u5229\u6da6\u5728\u7b2c\u4e8c\u5b63\u5ea6\u589e\u957f19.2%\uff0c\u8fbe\u5230800\u4e07\u7f8e\u5143\uff0c\u8f83\u7b2c\u4e00\u5b63\u5ea6\u589e\u957f112.1%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u5728\u7b2c\u4e8c\u5b63\u5ea6\u4e0a\u534725%\uff0c\u8fbe\u52300.005\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a0.004\u7f8e\u5143\u3002\u5bf9\u4e8e\u7b2c\u4e09\u5b63\u5ea6\uff0c\u516c\u53f8\u9884\u8ba1\u6536\u5165\u5c06\u7ea6\u4e3a6.2\u4ebf\u81f36.4\u4ebf\u7f8e\u5143\uff0c\u6bdb\u5229\u7387\u5c06\u572810%\u81f312%\u4e4b\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-74100\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-17.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-17.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-17-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1112\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-graph-of-a-stock-market-ai-gene-3.jpeg\" alt=\"A graph showing a graph of a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-74101\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-graph-of-a-stock-market-ai-gene-3.jpeg 1112w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-graph-of-a-stock-market-ai-gene-3-300x155.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-graph-of-a-stock-market-ai-gene-3-1024x529.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-graph-of-a-stock-market-ai-gene-3-768x397.jpeg 768w\" sizes=\"(max-width: 1112px) 100vw, 1112px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/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\/08\/word-image-74051-20.png\" alt=\"\" class=\"wp-image-74102\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-20.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-20-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\" id=\"us\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-21.png\" alt=\"\" class=\"wp-image-74103\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-21.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-21-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u901a\u7528\u822a\u7a7a (GE US)\uff1a\u5728\u7ecf\u6d4e\u524d\u666f\u75b2\u8f6f\u4e2d\u84c4\u52bf\u5f85\u53d1<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a274 \u76ee\u6807\u4ef7\uff1a300 \u6b62\u635f\u4ef7\uff1a261<\/strong><br>  <\/li>\n\n\n\n<li>\u901a\u7528\u822a\u7a7a\u4f5c\u4e3a\u98de\u673a\u53d1\u52a8\u673a\u4f9b\u5e94\u5546\u8fd0\u8425\u3002\u516c\u53f8\u63d0\u4f9b\u55b7\u6c14\u5f0f\u548c\u6da1\u6868\u53d1\u52a8\u673a\uff0c\u4ee5\u53ca\u5546\u4e1a\u3001\u519b\u4e8b\u3001\u5546\u52a1\u548c\u901a\u7528\u822a\u7a7a\u98de\u673a\u7684\u96c6\u6210\u7cfb\u7edf\u3002\u901a\u7528\u822a\u7a7a\u4e3a\u5168\u7403\u5ba2\u6237\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u55b7\u6c14\u53d1\u52a8\u673a\u9700\u6c42\u548c\u4f9b\u5e94\u94fe\u590d\u82cf\u63a8\u52a8\u8fd0\u8425\u52a8\u529b\u3002<\/strong>\u968f\u7740\u5168\u7403\u5546\u4e1a\u822a\u7a7a\u9700\u6c42\u5728\u75ab\u60c5\u540e\u6301\u7eed\u6b63\u5e38\u5316\uff0c\u901a\u7528\u822a\u7a7a\u5c55\u73b0\u51fa\u5f3a\u52b2\u7684\u6267\u884c\u529b\u3002\u516c\u53f8\u62a5\u544a\u7b2c\u4e8c\u5b63\u5ea6\u603b\u53d1\u52a8\u673a\u4ea4\u4ed8\u91cf\u540c\u6bd4\u6fc0\u589e45%\uff0c\u7528\u4e8e\u7a7a\u5ba2\u548c\u6ce2\u97f3\u7a84\u4f53\u98de\u673a\u7684LEAP\u53d1\u52a8\u673a\u4ea4\u4ed8\u91cf\u589e\u957f38%\u3002\u8fd9\u4e00\u53cd\u5f39\u53cd\u6620\u4e86\u98de\u673a\u751f\u4ea7\u7684\u590d\u82cf\u4ee5\u53ca\u901a\u7528\u822a\u7a7a\u5728\u89e3\u51b3\u4f9b\u5e94\u74f6\u9888\u65b9\u9762\u7684\u6210\u529f\uff0c\u4f9b\u5e94\u5546\u73b0\u5df2\u4ea4\u4ed8\u8d85\u8fc790%\u7684\u627f\u8bfa\u91cf\u3002\u6539\u5584\u7684\u53d1\u52a8\u673a\u4ea7\u91cf\uff0c\u52a0\u4e0a\u8d85\u8fc770%\u7684\u5546\u4e1a\u53d1\u52a8\u673a\u6536\u5165\u6765\u81ea\u5f3a\u52b2\u7684\u552e\u540e\u670d\u52a1\u6536\u5165\uff0c\u652f\u6491\u4e86\u901a\u7528\u822a\u7a7a\u5bf92025\u5e74\u6bcf\u80a1\u6536\u76ca\u6307\u5f15\u7684\u4e0a\u8c03\u548c\u957f\u671f\u5229\u6da6\u9884\u6d4b\u3002\u5c3d\u7ba1\u9762\u4e34\u8d38\u6613\u9006\u98ce\uff0c\u5168\u7403\u98de\u673a\u8d77\u98de\u91cf\u9884\u8ba1\u5c06\u9002\u5ea6\u589e\u957f\uff0c\u901a\u7528\u822a\u7a7a\u5c06\u8fd0\u8425\u6536\u76ca\u8f6c\u5316\u4e3a\u76c8\u5229\u80fd\u529b\u7684\u80fd\u529b\u663e\u793a\u51fa\u5728\u7f8e\u56fd\u5b8f\u89c2\u73af\u5883\u653e\u7f13\u4e2d\u7684\u97e7\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5168\u7403\u822a\u7a7a\u9700\u6c42\u7684\u7ed3\u6784\u6027\u987a\u98ce\u652f\u6301\u957f\u671f\u589e\u957f\u3002<\/strong>\u5168\u7403\u5546\u4e1a\u822a\u7a7a\u6b63\u8fdb\u5165\u4e00\u4e2a\u6301\u7eed\u6570\u5341\u5e74\u7684\u8d85\u7ea7\u5468\u671f\uff0c\u8fd9\u4e00\u5468\u671f\u7531\u4e2d\u4ea7\u9636\u7ea7\u6269\u5927\u3001GDP\u589e\u957f\u548c\u57ce\u5e02\u5316\uff0c\u7279\u522b\u662f\u5728\u4e9a\u6d32\u548c\u4e2d\u4e1c\u5730\u533a\u652f\u6491\u3002\u7a7a\u5ba2\u9884\u6d4b\uff0c\u52302044\u5e74\u5168\u7403\u9700\u898143420\u67b6\u65b0\u98de\u673a\uff0c\u5176\u4e2d\u7a84\u4f53\u55b7\u6c14\u673a\u5360\u8d85\u8fc775%\u7684\u9700\u6c42\u3002\u9884\u8ba1\u5ba2\u8fd0\u4ea4\u901a\u5e74\u5747\u589e\u957f3.6%\uff0c\u52302044\u5e74\u5168\u7403\u673a\u961f\u5c06\u7ffb\u500d\uff0c\u901a\u7528\u822a\u7a7a\u5728\u5355\u901a\u9053\u53d1\u52a8\u673a\u5e73\u53f0\u7684\u4e3b\u5bfc\u5730\u4f4d\u548c\u5e7f\u6cdb\u7684\u5df2\u88c5\u673a\u57fa\u7840\u4f7f\u5176\u6210\u4e3a\u4e3b\u8981\u53d7\u76ca\u8005\u3002\u968f\u7740\u822a\u7a7a\u516c\u53f8\u73b0\u4ee3\u5316\u5176\u673a\u961f\u4ee5\u6ee1\u8db3\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\u548c\u73af\u5883\u76ee\u6807\uff0c\u901a\u7528\u822a\u7a7a\u5c06\u4ece\u521d\u59cb\u53d1\u52a8\u673a\u9500\u552e\u548c\u9ad8\u5229\u6da6\u7684\u7ef4\u62a4\u5408\u540c\u4e2d\u53d7\u76ca\u3002<br>  <\/li>\n\n\n\n<li><strong>\u901a\u8fc7\u56fd\u9632\u4e1a\u52a1\u548c\u6210\u672c\u63a7\u5236\u5728\u5173\u7a0e\u538b\u529b\u4e0b\u4fdd\u6301\u97e7\u6027\u3002<\/strong>\u968f\u7740\u5168\u7403\u519b\u4e8b\u652f\u51fa\u9884\u8ba1\u57282030\u5e74\u524d\u4ee55%\u7684\u5e74\u590d\u5408\u589e\u957f\u7387\u52a0\u901f\uff0c\u8fbe\u52303.6\u4e07\u4ebf\u7f8e\u5143\uff0c\u901a\u7528\u822a\u7a7a\u7684\u56fd\u9632\u90e8\u95e8\u4e3a\u5546\u4e1a\u822a\u7a7a\u7684\u5468\u671f\u6027\u6ce2\u52a8\u63d0\u4f9b\u4e86\u7a33\u5b9a\u7684\u5bf9\u51b2\u3002\u5176F110\u548cF414\u53d1\u52a8\u673a\u4e3a\u7f8e\u56fd\u53ca\u5176\u76df\u56fd\u7684\u5173\u952e\u5e73\u53f0\u63d0\u4f9b\u52a8\u529b\uff0c\u800c\u4e0d\u65ad\u589e\u957f\u7684\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u63a8\u52a8\u6301\u7eed\u91c7\u8d2d\u3002\u540c\u65f6\uff0c\u901a\u7528\u822a\u7a7a\u6b63\u5728\u79ef\u6781\u51cf\u8f7b\u4e0e\u5173\u7a0e\u76f8\u5173\u7684\u6210\u672c\u538b\u529b\uff0c\u9884\u8ba1\u6bcf\u5e74\u7ea6\u4e3a5\u4ebf\u7f8e\u5143\uff0c\u901a\u8fc7\u63d0\u4ef7\u3001\u6210\u672c\u63a7\u5236\u548c\u4e0e\u5ba2\u6237\u53ca\u653f\u7b56\u5236\u5b9a\u8005\u7684\u79ef\u6781\u8ba8\u8bba\u3002\u516c\u53f8\u8fd8\u5021\u5bfc\u6839\u636e1979\u5e74\u6c11\u7528\u98de\u673a\u534f\u8bae\u6062\u590d\u514d\u7a0e\u822a\u7a7a\u8d38\u6613\u3002\u8fd9\u4e9b\u56e0\u7d20\u5171\u540c\u5f3a\u5316\u4e86\u901a\u7528\u822a\u7a7a\u5728\u9762\u5bf9\u5b8f\u89c2\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u65f6\u4fdd\u62a4\u5229\u6da6\u548c\u4fdd\u6301\u76c8\u5229\u8d28\u91cf\u7684\u80fd\u529b\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u76ca\u56de\u987e\u3002<\/strong>\u6536\u5165\u540c\u6bd4\u589e\u957f24.1%\uff0c\u8fbe\u5230102\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f6.4\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a1.66\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u6d4b0.23\u7f8e\u5143\u3002\u5bf9\u4e8e\u5168\u5e74\u5ea6\uff0c\u901a\u7528\u822a\u7a7a\u73b0\u5728\u9884\u8ba1\u6bcf\u5e74\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u5229\u6da6\u57285.60\u7f8e\u5143\u81f35.80\u7f8e\u5143\u4e4b\u95f4\uff0c\u800c\u4e4b\u524d\u7684\u9884\u671f\u4e3a5.10\u7f8e\u5143\u81f35.45\u7f8e\u5143\u3002\u5b83\u8fd8\u5c062028\u5e74\u7684\u8fd0\u8425\u5229\u6da6\u9884\u6d4b\u4ece\u7ea6100\u4ebf\u7f8e\u5143\u4e0a\u8c03\u81f3\u7ea6115\u4ebf\u7f8e\u5143\u3002\u901a\u7528\u822a\u7a7a\u9884\u8ba1\u4eca\u5e74\u5173\u7a0e\u5c06\u4f7f\u5176\u6210\u672c\u7ea6\u4e3a5\u4ebf\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\/08\/a-blue-and-white-rectangular-object-with-numbers-18.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-74104\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-18.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-18-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1112\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-stock-market-ai-generated-conte-11.jpeg\" alt=\"A graph showing a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-74105\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-stock-market-ai-generated-conte-11.jpeg 1112w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-stock-market-ai-generated-conte-11-300x155.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-stock-market-ai-generated-conte-11-1024x529.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-showing-a-stock-market-ai-generated-conte-11-768x397.jpeg 768w\" sizes=\"(max-width: 1112px) 100vw, 1112px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><figure><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\/08\/a-long-line-of-a-flag-description-automatically-g-9.png\" class=\"wp-image-74106\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-flag-description-automatically-g-9.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-flag-description-automatically-g-9-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-long-line-of-a-flag-description-automatically-g-9-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><strong> <\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>\u6c83\u5c14\u739b (WMT US)\uff1a\u5728\u7f8e\u56fd\u7ecf\u6d4e\u653e\u7f13\u4e2d\u626e\u6f14\u9632\u5fa1\u6027\u706f\u5854<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a101 \u76ee\u6807\u4ef7\uff1a111 \u6b62\u635f\u4ef7\uff1a96<\/strong><br>  <\/li>\n\n\n\n<li>\u6c83\u5c14\u739b\u516c\u53f8\u7ecf\u8425\u6298\u6263\u5e97\u3001\u8d85\u7ea7\u4e2d\u5fc3\u548c\u793e\u533a\u5e02\u573a\u3002\u516c\u53f8\u63d0\u4f9b\u5546\u54c1\u5305\u62ec\u670d\u88c5\u3001\u5bb6\u5c45\u7528\u54c1\u3001\u5c0f\u578b\u7535\u5668\u3001\u7535\u5b50\u4ea7\u54c1\u3001\u4e50\u5668\u3001\u4e66\u7c4d\u3001\u5bb6\u5c45\u6539\u8fdb\u3001\u978b\u5b50\u3001\u73e0\u5b9d\u3001\u5e7c\u513f\u7528\u54c1\u3001\u6e38\u620f\u3001\u5bb6\u5ead\u5fc5\u9700\u54c1\u3001\u5ba0\u7269\u3001\u836f\u54c1\u3001\u6d3e\u5bf9\u7528\u54c1\u548c\u6c7d\u8f66\u5de5\u5177\u3002\u6c83\u5c14\u739b\u4e3a\u5168\u7403\u5ba2\u6237\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u901a\u8fc7\u5fc5\u9700\u54c1\u96f6\u552e\u548c\u7ecf\u5e38\u6027\u6536\u5165\u5b9e\u73b0\u7a33\u5b9a\u3002<\/strong>\u968f\u7740\u7f8e\u56fd\u7ecf\u6d4e\u663e\u793a\u51fa\u653e\u7f13\u7684\u8ff9\u8c61\uff0c\u52b3\u52a8\u5e02\u573a\u6570\u636e\u75b2\u5f31\u3001\u5931\u4e1a\u6551\u6d4e\u7533\u8bf7\u4e0a\u5347\u4ee5\u53ca\u5bf9\u7f8e\u8054\u50a8\u964d\u606f\u7684\u9884\u671f\u589e\u52a0\uff0c\u6c83\u5c14\u739b\u4f5c\u4e3a\u57fa\u7840\u6d88\u8d39\u96f6\u552e\u5546\u7684\u5730\u4f4d\u63d0\u4f9b\u4e86\u9632\u5fa1\u6027\u529b\u91cf\u3002\u51ed\u501f\u9ad8\u5bb6\u5ead\u6e17\u900f\u7387\u3001\u5f3a\u52b2\u7684\u5e97\u5185\u548c\u5728\u7ebf\u6d41\u91cf\uff0c\u4ee5\u53ca\u5bf9\u6c83\u5c14\u739b+\u4f1a\u5458\u7684\u65e5\u76ca\u4f9d\u8d56\uff0c7\u6708\u4f1a\u5458\u4eba\u6570\u521b\u4e0b2830\u4e07\u7684\u7eaa\u5f55\uff0c\u6c83\u5c14\u739b\u5728\u7ecf\u6d4e\u5468\u671f\u4e2d\u7ee7\u7eed\u63d0\u4f9b\u7ecf\u5e38\u6027\u3001\u7a33\u5b9a\u7684\u73b0\u91d1\u6d41\u3002\u516c\u53f8\u7b2c\u4e00\u5b63\u5ea6\u4f1a\u5458\u6536\u5165\u540c\u6bd4\u589e\u957f14.8%\uff0c\u8fdb\u4e00\u6b65\u652f\u6301\u4e86\u5176\u6536\u5165\u7a33\u5b9a\u6027\uff0c\u4f7f\u6c83\u5c14\u739b\u5728\u4e0d\u786e\u5b9a\u7684\u5e02\u573a\u6761\u4ef6\u4e0b\u6210\u4e3a\u6218\u7565\u652f\u67f1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u901a\u8fc7AI\u9a71\u52a8\u7684\u8f6c\u578b\u589e\u5f3a\u6280\u672f\u62a4\u57ce\u6cb3\u3002<\/strong>\u6c83\u5c14\u739b\u79ef\u6781\u63a8\u51fa\u667a\u80fdAI\u8d85\u7ea7\u4ee3\u7406\uff0c\u4f7f\u516c\u53f8\u5728\u96f6\u552e\u521b\u65b0\u7684\u524d\u6cbf\u3002\u65e8\u5728\u670d\u52a1\u5ba2\u6237\u3001\u5458\u5de5\u3001\u4f9b\u5e94\u5546\u548c\u5f00\u53d1\u8005\uff0c\u8fd9\u4e9bAI\u5de5\u5177\u7b80\u5316\u548c\u81ea\u52a8\u5316\u8d2d\u7269\u3001\u8ba2\u5355\u7ba1\u7406\u548c\u4eba\u529b\u8d44\u6e90\u6d41\u7a0b\u7b49\u4efb\u52a1\u3002\u901a\u8fc7\u5c06AI\u6df1\u5ea6\u5d4c\u5165\u5176\u8fd0\u8425\u4e2d\uff0c\u6c83\u5c14\u739b\u63d0\u5347\u4e86\u8d2d\u7269\u4f53\u9a8c\uff0c\u63d0\u5347\u4e86\u751f\u4ea7\u529b\uff0c\u5e76\u52a0\u5f3a\u4e86\u5176\u957f\u671f\u7535\u5b50\u5546\u52a1\u76ee\u6807\uff0c\u8ba1\u5212\u5728\u4e94\u5e74\u5185\u5c06\u5728\u7ebf\u9500\u552e\u5360\u603b\u6536\u5165\u768450%\u3002\u8fd9\u4e00\u6570\u5b57\u5316\u8f6c\u578b\u63d0\u5347\u4e86\u6548\u7387\uff0c\u4f7f\u6c83\u5c14\u739b\u80fd\u591f\u66f4\u597d\u5730\u4e0e\u4e9a\u9a6c\u900a\u7ade\u4e89\uff0c\u540c\u65f6\u5728\u7ecf\u6d4e\u53d8\u52a8\u4e2d\u4fdd\u6301\u8fd0\u8425\u7075\u6d3b\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5411\u9632\u5fa1\u6027\u884c\u4e1a\u8f6c\u53d8\u3002<\/strong>\u968f\u7740\u5b8f\u89c2\u98ce\u9669\u4e0a\u5347\uff0c\u4ece\u7f8e\u5143\u8d70\u5f31\u548c\u7f8e\u8054\u50a8\u653f\u6cbb\u4e0d\u786e\u5b9a\u6027\u5230\u5c31\u4e1a\u6570\u636e\u6076\u5316\uff0c\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u591a\u5730\u8f6c\u5411\u9ad8\u8d28\u91cf\u3001\u9632\u5fa1\u6027\u7684\u80a1\u7968\u3002\u6c83\u5c14\u739b\u7684\u89c4\u6a21\u3001\u7a33\u5b9a\u7684\u8868\u73b0\u548c\u80a1\u606f\u7279\u5f81\u4f7f\u5176\u6210\u4e3a\u5bf9\u6297\u5e02\u573a\u6ce2\u52a8\u7684\u5438\u5f15\u529b\u9009\u62e9\u3002\u5728\u6d88\u8d39\u8005\u66f4\u52a0\u5173\u6ce8\u4ef7\u503c\u3001\u5e02\u573a\u504f\u597d\u53ef\u9884\u6d4b\u6027\u7684\u73af\u5883\u4e0b\uff0c\u6295\u8d44\u8005\u4fe1\u5fc3\u4f9d\u7136\u9ad8\u6da8\uff0c\u6c83\u5c14\u739b\u4f5c\u4e3a\u7a33\u5b9a\u548c\u589e\u957f\u7684\u6838\u5fc3\u6301\u6709\u8005\u8131\u9896\u800c\u51fa\u3002<br>  <\/li>\n\n\n\n<li><strong>2026\u5e74\u7b2c\u4e00\u5b63\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u52301656\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f17\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a0.61\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f0.03\u7f8e\u5143\u3002\u5bf9\u4e8e\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u516c\u53f8\u9884\u8ba1\u51c0\u9500\u552e\u989d\u5c06\u6bd42025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u76841678\u4ebf\u7f8e\u5143\u589e\u957f3.5%\u81f34.5%\u3002\u5bf9\u4e8e2025\u8d22\u5e74\uff0c\u6c83\u5c14\u739b\u9884\u8ba1\u51c0\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f3%\u81f34%\uff0c\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u4e3a2.50\u81f32.60\u7f8e\u5143\uff0c\u5305\u62ec\u7ea60.05\u7f8e\u5143\u7684\u6c47\u7387\u9006\u98ce\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\/08\/a-blue-and-white-rectangular-object-with-numbers-19.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-74107\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-19.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-blue-and-white-rectangular-object-with-numbers-19-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1190\" height=\"575\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-15.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-74108\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-15.jpeg 1190w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-300x145.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-1024x495.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-768x371.jpeg 768w\" sizes=\"(max-width: 1190px) 100vw, 1190px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n   \n<a id=\"post-74051-_Hlt181111973\"><\/a><a id=\"post-74051-_Hlt181111974\"><\/a><\/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-74051-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-27.png\" class=\"wp-image-74109\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-27.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-27-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/h3>\n\n\n\n<figure class=\"wp-block-image\" id=\"td\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"128\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-28.png\" alt=\"\" class=\"wp-image-74110\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-28.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/word-image-74051-28-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Add Geo Energy Resources Ltd (GERL SP) at S$0.37, Hua Hong Semiconductor Ltd (1347 HK) at HK$43 and GE Aerospace (GE US) at US$274.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"545\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-screen-ai-generated-co-12.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-74111\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-screen-ai-generated-co-12.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-screen-ai-generated-co-12-300x173.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/08\/a-screenshot-of-a-computer-screen-ai-generated-co-12-768x444.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-71807-_tiry8p5xvcqk\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-ed4e1152\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-075e5b76\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-0ad8dd24\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-dc1bd65c\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-2f4e392f wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" rel=\"follow noopener\" target=\"_self\" role=\"button\"><div class=\"uagb-button__link\">\u8054\u7cfb\u6211\u4eec\u4e86\u89e3\u66f4\u591a\u4fe1\u606f<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-4467fd1f\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-fdd2c8c4\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><a id=\"post-56747-_fginbsn8cd1z\"><\/a><\/h3>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-27ad8851\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-62b24b08 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/www.whatsapp.com\/channel\/0029VayhkxMChq6JN6qO8x0B\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/1-1.png\" alt=\"\" class=\"uag-image-69995\" width=\"760\" height=\"208\" title=\"1\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-image uagb-block-82e9f322 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-none\"><figure class=\"wp-block-uagb-image__figure\"><a class=\"\" href=\"https:\/\/t.me\/kgisg\" target=\"\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png ,https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 780w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/06\/2.png\" alt=\"\" class=\"uag-image-69996\" width=\"760\" height=\"208\" title=\"2\" loading=\"lazy\" role=\"img\"\/><\/a><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><a id=\"post-56591-_tiry8p5xvcqk\"><\/a><\/p>\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f (Source: Bloomberg) \u901a\u7528\u822a\u7a7a (GE US)\uff1a\u5728\u7ecf\u6d4e\u524d\u666f\u75b2\u8f6f\u4e2d\u84c4\u52bf\u5f85\u53d1 (Source: Bloomberg) \u6c83\u5c14\u739b (WMT US)\uff1a\u5728\u7f8e\u56fd\u7ecf\u6d4e\u653e\u7f13\u4e2d\u626e\u6f14\u9632\u5fa1\u6027\u706f\u5854 (Source: Bloomberg) ^ Back To Top Trading Dashboard Update: Add Geo Energy [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":38071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-74051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kgi-daily-trading-ideas-chinese"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Jiong Han Lee\"\/>\n\t<meta name=\"keywords\" content=\"kgi daily trading ideas (chinese)\" \/>\n\t<link rel=\"canonical\" href=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/\" \/>\n\t<meta name=\"generator\" content=\"All in One SEO (AIOSEO) 4.9.8\" \/>\n\t\t<meta property=\"og:locale\" content=\"en_US\" \/>\n\t\t<meta property=\"og:site_name\" content=\"KGI Singapore Research \u2022 Singapore&#039;s leading broker offering Futures, FX, Equities and Wealth Management.\" \/>\n\t\t<meta property=\"og:type\" content=\"article\" \/>\n\t\t<meta property=\"og:title\" content=\"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research\" \/>\n\t\t<meta property=\"og:description\" content=\"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/\" \/>\n\t\t<meta property=\"og:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"og:image:secure_url\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<meta property=\"article:published_time\" content=\"2025-08-12T18:02:59+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-08-13T01:50:07+00:00\" \/>\n\t\t<meta name=\"twitter:card\" content=\"summary\" \/>\n\t\t<meta name=\"twitter:title\" content=\"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research\" \/>\n\t\t<meta name=\"twitter:description\" content=\"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f\" \/>\n\t\t<meta name=\"twitter:image\" content=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr\" \/>\n\t\t<script type=\"application\/ld+json\" class=\"aioseo-schema\">\n\t\t\t{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"BlogPosting\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#blogposting\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e748\\u670813\\u65e5: \\u2022 KGI Singapore Research\",\"headline\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e748\\u670813\\u65e5:\",\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/jionghan-leekgi-com\\\/#author\"},\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/2.png?wsr\",\"width\":652,\"height\":385},\"datePublished\":\"2025-08-13T02:02:59+08:00\",\"dateModified\":\"2025-08-13T09:50:07+08:00\",\"inLanguage\":\"en-US\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#webpage\"},\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#webpage\"},\"articleSection\":\"KGI Daily Trading Ideas (Chinese)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#breadcrumblist\",\"itemListElement\":[{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"name\":\"KGI Daily Trading Ideas (Chinese)\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"position\":2,\"name\":\"KGI Daily Trading Ideas (Chinese)\",\"item\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/\",\"nextItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#listItem\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e748\\u670813\\u65e5:\"},\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research#listItem\",\"name\":\"Home\"}},{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#listItem\",\"position\":3,\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e748\\u670813\\u65e5:\",\"previousItem\":{\"@type\":\"ListItem\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/category\\\/kgi-daily-trading-ideas-chinese\\\/#listItem\",\"name\":\"KGI Daily Trading Ideas (Chinese)\"}}]},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\",\"name\":\"KGI Research Singapore\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"telephone\":\"+6562021188\",\"logo\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2020\\\/11\\\/cropped-Square-logo-PNG.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#organizationLogo\",\"width\":512,\"height\":512},\"image\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#organizationLogo\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/jionghan-leekgi-com\\\/#author\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/jionghan-leekgi-com\\\/\",\"name\":\"Jiong Han Lee\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#authorImage\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/b90c0aaa9693b6dc42d9cfd11e3f78d04889aa9412286139e67a8cf7465b0f2f?s=96&d=mm&r=g\",\"width\":96,\"height\":96,\"caption\":\"Jiong Han Lee\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#webpage\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e748\\u670813\\u65e5: \\u2022 KGI Singapore Research\",\"description\":\"\\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 \\u94f6\\u4e30\\u91d1\\u878d (MMFS SP)\\uff1a\\u53d7\\u76ca\\u4e8e\\u9ec4\\u91d1\\u4e0a\\u6da8 \\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a0.68\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a0.76\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a0.64 \\u94f6\\u4e30\\u91d1\\u878d\\u670d\\u52a1\\u6709\\u9650\\u516c\\u53f8\\u901a\\u8fc7\\u5178\\u5f53\\u3001\\u96f6\\u552e\\u548c\\u4ea4\\u6613\\u4e8c\\u624b\\u73e0\\u5b9d\\u53ca\\u624b\\u8868\\u63d0\\u4f9b\\u91d1\\u878d\\u670d\\u52a1\\u3002\\u516c\\u53f8\\u5728\\u65b0\\u52a0\\u5761\\u5404\\u5730\\u62e5\\u6709\\u548c\\u8fd0\\u8425\\u591a\\u5bb6\\u95e8\\u5e97\\u3002 \\u9ec4\\u91d1\\u548c\\u5962\\u4f88\\u54c1\\u96f6\\u552e\\u6fc0\\u589e\\u63a8\\u52a8\\u6536\\u5165\\u52a0\\u901f\\u3002\\u94f6\\u4e30\\u57282025\\u5e74\\u4e0a\\u534a\\u5e74\\u8868\\u73b0\\u51fa\\u8272\\uff0c\\u6536\\u5165\\u540c\\u6bd4\\u589e\\u957f31.2%\\uff0c\\u8fbe\\u52302.43\\u4ebf\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u4e3b\\u8981\\u53d7\\u76ca\\u4e8e\\u9ec4\\u91d1\\u548c\\u5962\\u4f88\\u54c1\\u96f6\\u552e\\u53ca\\u4ea4\\u6613\\u90e8\\u95e8\\u6536\\u5165\\u589e\\u957f43.2%\\uff0c\\u8fbe\\u52301.877\\u4ebf\\u65b0\\u52a0\\u5761\\u5143\\u3002\\u8fd9\\u4e00\\u589e\\u957f\\u5f97\\u76ca\\u4e8e\\u5168\\u7403\\u9ec4\\u91d1\\u4ef7\\u683c\\u7684\\u4e0a\\u5347\\u548c\\u5f3a\\u52b2\\u7684\\u4ea4\\u6613\\u91cf\\u3002\\u5178\\u5f53\\u4e1a\\u52a1\\u4e5f\\u5b9e\\u73b0\\u4e867.2%\\u7684\\u5065\\u5eb7\\u589e\\u957f\\uff0c\\u6536\\u5165\\u8fbe\\u52304320\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u5f97\\u76ca\\u4e8e\\u6269\\u5c55\\u7684\\u5e94\\u6536\\u8d26\\u6b3e\\u7ec4\\u5408\\u5e26\\u6765\\u7684\\u66f4\\u9ad8\\u5229\\u606f\\u6536\\u5165\\u3002\\u5c3d\\u7ba1\\u6700\\u8fd1\\u51fa\\u73b0\\u77ed\\u671f\\u6ce2\\u52a8\\uff0c\\u9ec4\\u91d1\\u5e02\\u573a\\u7684\\u57fa\\u672c\\u5f3a\\u52b2\\u4ecd\\u652f\\u6491\\u7740\\u6295\\u8d44\\u548c\\u751f\\u6d3b\\u65b9\\u5f0f\\u9a71\\u52a8\\u7684\\u9700\\u6c42\\uff0c\\u4f7f\\u94f6\\u4e30\\u80fd\\u591f\\u6355\\u6349\\u5230\\u5e7f\\u6cdb\\u5ba2\\u6237\\u57fa\\u7840\\u7684\\u6d88\\u8d39\\u3002 \\u8fd0\\u8425\\u6760\\u6746\\u548c\\u5229\\u7387\\u987a\\u98ce\\u63a8\\u52a8\\u76c8\\u5229\\u80fd\\u529b\\u3002\\u5f52\\u5c5e\\u4e8e\\u80a1\\u4e1c\\u7684\\u5229\\u6da6\\u540c\\u6bd4\\u6fc0\\u589e78.8%\\uff0c\\u8fbe\\u52302960\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u7a0e\\u524d\\u5229\\u6da6\\u589e\\u957f77.6%\\uff0c\\u8fbe\\u52304010\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u53cd\\u6620\\u4e86\\u5f3a\\u52b2\\u7684\\u8fd0\\u8425\\u6760\\u6746\\u3002\\u8f83\\u4f4e\\u7684\\u501f\\u8d37\\u6210\\u672c\\u63d0\\u4f9b\\u4e86\\u989d\\u5916\\u7684\\u987a\\u98ce\\uff0c\\u62b5\\u6d88\\u4e86\\u56e0\\u7f51\\u7edc\\u6269\\u5f20\\u800c\\u589e\\u52a0\\u7684\\u5458\\u5de5\\u5f00\\u652f\\u3002\\u5728\\u65b0\\u52a0\\u5761\\u548c\\u9a6c\\u6765\\u897f\\u4e9a\\u7684\\u589e\\u957f\\uff0c\\u52a0\\u4e0a\\u8f83\\u5927\\u7684\\u62b5\\u62bc\\u8d37\\u6b3e\\u7ec4\\u5408\\uff0c\\u6b63\\u5728\\u591a\\u6837\\u5316\\u6536\\u5165\\u6765\\u6e90\\uff0c\\u521b\\u9020\\u53ef\\u6269\\u5c55\\u7684\\u76c8\\u5229\\u5f15\\u64ce\\u3002\\u5982\\u679c\\u5982\\u5e7f\\u6cdb\\u9884\\u671f\\u7684\\u90a3\\u6837\\uff0c\\u5229\\u7387\\u8fdb\\u4e00\\u6b65\\u653e\\u677e\\uff0c\\u878d\\u8d44\\u6210\\u672c\\u53ef\\u80fd\\u8fdb\\u4e00\\u6b65\\u4e0b\\u964d\\uff0c\\u4e3a2025\\u5e74\\u4e0b\\u534a\\u5e74\\u63d0\\u4f9b\\u989d\\u5916\\u7684\\u5229\\u6da6\\u7a7a\\u95f4\\u3002 \\u5730\\u7f18\\u653f\\u6cbb\\u548c\\u7f8e\\u5143\\u75b2\\u8f6f\\u5f3a\\u5316\\u907f\\u9669\\u9ec4\\u91d1\\u9700\\u6c42\\u3002\\u9ec4\\u91d1\\u7684\\u907f\\u9669\\u5730\\u4f4d\\u57282025\\u5e74\\u5f97\\u5230\\u4e86\\u5f3a\\u5316\\uff0c\\u4ef7\\u683c\\u5728\\u5e74\\u521d\\u89e6\\u53ca\\u5386\\u53f2\\u9ad8\\u4f4d\\uff0c\\u4e3b\\u8981\\u53d7\\u5230\\u5730\\u7f18\\u653f\\u6cbb\\u7d27\\u5f20\\u5c40\\u52bf\\u548c\\u4e2d\\u592e\\u94f6\\u884c\\u50a8\\u5907\\u589e\\u52a0\\u7684\\u63a8\\u52a8\\u3002\\u4e4c\\u514b\\u5170\\u6218\\u4e89\\u3001\\u7f8e\\u4e2d\\u8d38\\u6613\\u4e0d\\u786e\\u5b9a\\u6027\\u4ee5\\u53ca\\u4e2d\\u592e\\u94f6\\u884c\\u6301\\u7eed\\u51cf\\u5c11\\u5bf9\\u7f8e\\u56fd\\u8d44\\u4ea7\\u7684\\u914d\\u7f6e\\u4f7f\\u98ce\\u9669\\u60c5\\u7eea\\u4fdd\\u6301\\u8c28\\u614e\\u3002\\u4e16\\u754c\\u9ec4\\u91d1\\u534f\\u4f1a\\uff08WGC\\uff09\\u62a5\\u544a\\u79f0\\uff0c5\\u6708\\u4efd\\u5168\\u7403\\u9ec4\\u91d1\\u50a8\\u5907\\u51c0\\u589e\\u52a020\\u5428\\uff0c\\u4e2d\\u56fd\\u57287\\u6708\\u4efd\\u8fde\\u7eed\\u7b2c\\u4e5d\\u4e2a\\u6708\\u589e\\u52a0\\u50a8\\u5907\\uff0c\\u4f7f\\u9ec4\\u91d1\\u50a8\\u5907\\u8fbe\\u52307396\\u4e07\\u76ce\\u53f8\\uff0c\\u4ef7\\u503c\\u7ea6\\u4e3a2439.9\\u4ebf\\u7f8e\\u5143\\u3002\\u540c\\u65f6\\uff0c\\u53d7\\u5230\\u7f8e\\u8054\\u50a8\\u964d\\u606f\\u9884\\u671f\\u538b\\u529b\\u7684\\u7f8e\\u5143\\u8d70\\u5f31\\uff0c\\u4f7f\\u9ec4\\u91d1\\u5bf9\\u975e\\u7f8e\\u5143\\u4e70\\u5bb6\\u66f4\\u5177\\u5438\\u5f15\\u529b\\u3002\\u5c3d\\u7ba1WGC\\u5df2\\u4e0b\\u8c03\\u8fd1\\u671f\\u8d2d\\u4e70\\u9884\\u6d4b\\uff0c\\u4f46\\u4e2d\\u592e\\u94f6\\u884c\\u5411\\u9ec4\\u91d1\\u91cd\\u65b0\\u914d\\u7f6e\\u7684\\u7ed3\\u6784\\u6027\\u8d8b\\u52bf\\u4f9d\\u7136\\u4fdd\\u6301\\u4e0d\\u53d8\\u3002\\u5bf9\\u4e8e\\u94f6\\u4e30\\u800c\\u8a00\\uff0c\\u5176\\u6700\\u5927\\u6536\\u5165\\u6765\\u6e90\\u662f\\u9ec4\\u91d1\\u548c\\u5962\\u4f88\\u54c1\\u96f6\\u552e\\uff0c\\u8fd9\\u4e9b\\u5b8f\\u89c2\\u987a\\u98ce\\u53ef\\u80fd\\u5728\\u5e02\\u573a\\u5468\\u671f\\u4e2d\\u6301\\u7eed\\u9700\\u6c42\\uff0c\\u5e76\\u589e\\u5f3a\\u516c\\u53f8\\u5728\\u6ce2\\u52a8\\u73af\\u5883\\u4e2d\\u7684\\u97e7\\u6027\\u3002 2025\\u5e74\\u4e0a\\u534a\\u5e74\\u4e1a\\u7ee9\\u56de\\u987e\\u3002\\u94f6\\u4e30\\u62a5\\u544a2025\\u5e74\\u4e0a\\u534a\\u5e74\\u6536\\u5165\\u4e3a2.429\\u4ebf\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u540c\\u6bd4\\u589e\\u957f31.2%\\uff0c\\u800c2024\\u5e74\\u4e0a\\u534a\\u5e74\\u7684\\u6536\\u5165\\u4e3a1.852\\u4ebf\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u4e3b\\u8981\\u53d7\\u9ec4\\u91d1\\u548c\\u5962\\u4f88\\u54c1\\u96f6\\u552e\\u53ca\\u4ea4\\u6613\\u90e8\\u95e8\\u6536\\u5165\\u540c\\u6bd4\\u589e\\u957f43.2%\\uff0c\\u8fbe\\u52301.877\\u4ebf\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u4ee5\\u53ca\\u5178\\u5f53\\u90e8\\u95e8\\u6536\\u5165\\u540c\\u6bd4\\u589e\\u957f7.2%\\uff0c\\u8fbe\\u52304320\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\u3002\\u57282025\\u5e74\\u4e0a\\u534a\\u5e74\\uff0c\\u5176\\u5229\\u6da6\\u4e3a3180\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\uff0c\\u6bd4\\u53bb\\u5e74\\u540c\\u671f\\u76841800\\u4e07\\u65b0\\u52a0\\u5761\\u5143\\u589e\\u957f\\u4e8676.4%\\u3002\\u6bcf\\u80a1\\u6536\\u76ca\\u4ece\\u53bb\\u5e74\\u540c\\u671f\\u76843.75\\u65b0\\u52a0\\u5761\\u5206\\u4e0a\\u5347\\u81f36.70\\u65b0\\u52a0\\u5761\\u5206\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2 (GERL SP)\\uff1a\\u5229\\u7528\\u5e02\\u573a\\u52a8\\u6001\\u5e94\\u5bf9\\u5168\\u7403\\u7164\\u70ad\\u9700\\u6c42\\u5e73\\u7a33\\u7684\\u524d\\u666f \\u91cd\\u7533\\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a0.370\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a0.400\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a0.355 \\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2\\u662f\\u4e00\\u5bb6\\u7efc\\u5408\\u7164\\u77ff\\u4e13\\u8425\\u516c\\u53f8\\u3002\\u516c\\u53f8\\u62e5\\u6709\\u5e76\\u8fd0\\u8425\\u7164\\u77ff\\uff0c\\u5411\\u7b2c\\u4e09\\u65b9\\u77ff\\u4e3b\\u63d0\\u4f9b\\u77ff\\u5c71\\u627f\\u5305\\u670d\\u52a1\\uff0c\\u5e76\\u5411\\u7164\\u70ad\\u4ea4\\u6613\\u5546\\u548c\\u7164\\u70ad\\u51fa\\u53e3\\u516c\\u53f8\\u9500\\u552e\\u7164\\u70ad\\u3002 \\u7a33\\u5b9a\\u7684\\u5168\\u7403\\u9700\\u6c42\\u652f\\u6491\\u57fa\\u7ebf\\u6536\\u5165\\u524d\\u666f\\u3002\\u56fd\\u9645\\u80fd\\u6e90\\u7f72\\u7684\\u5e74\\u4e2d\\u66f4\\u65b0\\u8868\\u660e\\uff0c\\u5168\\u7403\\u7164\\u70ad\\u9700\\u6c42\\u9884\\u8ba1\\u5c06\\u57282025\\u5e74\\u524d\\u4fdd\\u6301\\u572888\\u4ebf\\u5428\\u7684\\u5386\\u53f2\\u9ad8\\u4f4d\\uff0c\\u7ee7\\u53bb\\u5e74\\u7684\\u5cf0\\u503c\\u4e4b\\u540e\\u3002\\u5c3d\\u7ba1\\u9884\\u8ba1\\u4e2d\\u56fd\\u548c\\u5370\\u5ea6\\u4eca\\u5e74\\u7531\\u4e8e\\u53ef\\u518d\\u751f\\u80fd\\u6e90\\u7684\\u589e\\u957f\\u548c\\u5de5\\u4e1a\\u589e\\u957f\\u653e\\u7f13\\u800c\\u51fa\\u73b0\\u5c0f\\u5e45\\u9700\\u6c42\\u4e0b\\u964d\\uff0c\\u4f46\\u7f8e\\u56fd\\u7b49\\u5176\\u4ed6\\u5e02\\u573a\\u7684\\u5f3a\\u52b2\\u6d88\\u8d39\\u8d8b\\u52bf\\uff08\\u9884\\u8ba1\\u9700\\u6c42\\u589e\\u957f7%\\uff09\\u6b63\\u5728\\u7f13\\u51b2\\u6574\\u4f53\\u5e02\\u573a\\u3002\\u5bf9\\u4e8e\\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2\\u7b49\\u7164\\u70ad\\u751f\\u4ea7\\u5546\\u800c\\u8a00\\uff0c\\u8fd9\\u79cd\\u7a33\\u5b9a\\u6027\\u652f\\u6491\\u4e86\\u7a33\\u5b9a\\u7684\\u6536\\u5165\\u6f5c\\u529b\\u3002\\u5c3d\\u7ba1\\u9884\\u8ba12025\\u5e74\\u7164\\u70ad\\u8d38\\u6613\\u91cf\\u5c06\\u81ea2020\\u5e74\\u4ee5\\u6765\\u9996\\u6b21\\u6536\\u7f29\\uff0c\\u4f46\\u9ad8\\u6d88\\u8d39\\u6c34\\u5e73\\u7684\\u6301\\u7eed\\uff0c\\u4ee5\\u53ca\\u5173\\u952e\\u4e9a\\u6d32\\u5e02\\u573a\\u9884\\u8ba1\\u7684\\u751f\\u4ea7\\u589e\\u957f\\uff0c\\u786e\\u4fdd\\u4e86\\u70ed\\u7164\\u51fa\\u53e3\\u7684\\u6301\\u7eed\\u9700\\u6c42\\u53ef\\u89c1\\u6027\\u3002 \\u4e1c\\u5357\\u4e9a\\u7535\\u529b\\u9700\\u6c42\\u53ca\\u4f4e\\u4ef7\\u683c\\u521b\\u9020\\u533a\\u57df\\u987a\\u98ce\\u3002\\u9a6c\\u6765\\u897f\\u4e9a\\u8fc5\\u731b\\u589e\\u957f\\u7684\\u7164\\u7535\\u4ea7\\u51fa\\u4e3a\\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2\\u63d0\\u4f9b\\u4e86\\u663e\\u8457\\u7684\\u533a\\u57df\\u9700\\u6c42\\u9a71\\u52a8\\u56e0\\u7d20\\u3002\\u57282025\\u5e74\\u4e0a\\u534a\\u5e74\\uff0c\\u9a6c\\u6765\\u897f\\u4e9a\\u7684\\u7164\\u70ad\\u8fdb\\u53e3\\u8fbe\\u5230\\u4e862090\\u4e07\\u5428\\u7684\\u5386\\u53f2\\u65b0\\u9ad8\\uff0c\\u4e3b\\u8981\\u53d7\\u5230\\u6570\\u636e\\u4e2d\\u5fc3\\u7b49\\u80fd\\u6e90\\u5bc6\\u96c6\\u578b\\u884c\\u4e1a\\u7535\\u529b\\u9700\\u6c42\\u5feb\\u901f\\u589e\\u957f\\u7684\\u63a8\\u52a8\\u3002\\u968f\\u7740\\u7164\\u70ad\\u4ef7\\u683c\\u56de\\u843d\\u81f32021\\u5e74\\u521d\\u7684\\u6c34\\u5e73\\uff0c\\u4e14\\u6bd4\\u5929\\u7136\\u6c14\\u4fbf\\u5b9c\\u8fd140%\\uff0c\\u516c\\u7528\\u4e8b\\u4e1a\\u516c\\u53f8\\u66f4\\u503e\\u5411\\u4e8e\\u4f7f\\u7528\\u7164\\u70ad\\u800c\\u975e\\u6db2\\u5316\\u5929\\u7136\\u6c14\\uff08LNG\\uff09\\uff0c\\u8fdb\\u4e00\\u6b65\\u63d0\\u5347\\u4e86\\u8fdb\\u53e3\\u9700\\u6c42\\u3002\\u7164\\u70ad\\u5728\\u9a6c\\u6765\\u897f\\u4e9a\\u7535\\u529b\\u7ed3\\u6784\\u4e2d\\u7684\\u5360\\u6bd4\\u5df2\\u6500\\u5347\\u81f3\\u8fd160%\\uff0c\\u4e3a\\u77ed\\u671f\\u81f3\\u4e2d\\u671f\\u7684\\u6301\\u7eed\\u9700\\u6c42\\u5960\\u5b9a\\u4e86\\u57fa\\u7840\\u3002\\u5bf9\\u4e8e\\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2\\u800c\\u8a00\\uff0c\\u51ed\\u501f\\u4e0e\\u4e1c\\u5357\\u4e9a\\u4e70\\u5bb6\\u7684\\u63a5\\u8fd1\\uff0c\\u8fd9\\u4e9b\\u6761\\u4ef6\\u63d0\\u5347\\u4e86\\u5b9a\\u4ef7\\u7ade\\u4e89\\u529b\\u548c\\u9500\\u552e\\u91cf\\uff0c\\u5373\\u4f7f\\u5728\\u5168\\u7403\\u4f9b\\u5e94\\u8fc7\\u5269\\u7684\\u5e02\\u573a\\u4e2d\\u3002 \\u57fa\\u7840\\u8bbe\\u65bd\\u6269\\u5c55\\u5c06\\u63d0\\u5347\\u5229\\u6da6\\u7387\\u30021.5\\u4ebf\\u7f8e\\u5143\\u7684MBJ\\u7efc\\u5408\\u57fa\\u7840\\u8bbe\\u65bd\\u9879\\u76ee\\u9884\\u8ba1\\u57282026\\u5e74\\u4e0a\\u534a\\u5e74\\u5b8c\\u6210\\u3002\\u8be5\\u9879\\u76ee\\u5305\\u62ec\\u4e00\\u676192\\u516c\\u91cc\\u7684\\u8fd0\\u8f93\\u9053\\u8def\\u548c\\u7801\\u5934\\uff0c\\u9884\\u8ba1\\u5c06\\u964d\\u4f4e\\u8fd0\\u8f93\\u6210\\u672c\\u8d85\\u8fc710\\u7f8e\\u5143\\\/\\u5428\\uff0c\\u5e76\\u5c06\\u4ea7\\u80fd\\u7ffb\\u500d\\u81f3\\u6bcf\\u5e742500\\u4e07\\u5428\\u3002\\u6b64\\u5916\\uff0c\\u57fa\\u7840\\u8bbe\\u65bd\\u7684\\u7b2c\\u4e09\\u65b9\\u79df\\u8d41\\u5c06\\u521b\\u9020\\u65b0\\u7684\\u6536\\u5165\\u6765\\u6e90\\uff0c\\u589e\\u5f3a\\u957f\\u671f\\u73b0\\u91d1\\u6d41\\u548c\\u76c8\\u5229\\u80fd\\u529b\\u3002 2025\\u5e74\\u7b2c\\u4e00\\u5b63\\u5ea6\\u4e1a\\u7ee9\\u56de\\u987e\\u3002\\u5929\\u7136\\u7164\\u77ff\\u96c6\\u56e2\\u62a5\\u544a2025\\u5e74\\u7b2c\\u4e00\\u5b63\\u5ea6\\u6536\\u5165\\u4e3a1.664\\u4ebf\\u7f8e\\u5143\\uff0c\\u540c\\u6bd4\\u589e\\u957f68%\\uff0c\\u800c2024\\u5e74\\u7b2c\\u4e00\\u5b63\\u5ea6\\u6536\\u5165\\u4e3a9900\\u4e07\\u7f8e\\u5143\\uff0c\\u4e3b\\u8981\\u5f97\\u76ca\\u4e8e\\u4ea7\\u91cf\\u548c\\u9500\\u552e\\u91cf\\u7684\\u589e\\u52a0\\uff0c\\u62b5\\u6d88\\u4e86\\u5e73\\u5747\\u9500\\u552e\\u4ef7\\u683c\\u7684\\u4e0b\\u964d\\u3002\\u51c0\\u5229\\u6da6\\u540c\\u6bd4\\u589e\\u957f63%\\uff0c\\u8fbe\\u52301410\\u4e07\\u7f8e\\u5143\\u3002\\u6bcf\\u5428\\u73b0\\u91d1\\u5229\\u6da6\\u4ece13.18\\u7f8e\\u5143\\u964d\\u81f311.16\\u7f8e\\u5143\\u3002\\u6bcf\\u80a1\\u6d3e\\u53d10.25\\u65b0\\u52a0\\u5761\\u5206\\u7684\\u4e2d\\u671f\\u80a1\\u606f\\u540c\\u6bd4\\u589e\\u52a025%\\uff0c\\u610f\\u5473\\u774019%\\u7684\\u80a1\\u606f\\u652f\\u4ed8\\u6bd4\\u7387\\uff0c\\u516c\\u53f8\\u4ecd\\u81f4\\u529b\\u4e8e\\u5168\\u5e7430%\\u7684\\u80a1\\u606f\\u653f\\u7b56\\uff0c\\u589e\\u5f3a\\u4e86\\u7ba1\\u7406\\u5c42\\u5bf9\\u957f\\u671f\\u589e\\u957f\\u7684\\u4fe1\\u5fc3\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u91d1\\u6c99\\u4e2d\\u56fd (1928 HK)\\uff1a\\u6fb3\\u95e8\\u65c5\\u6e38\\u6c34\\u5e73\\u5f3a\\u52b2 \\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a19.9\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a22.7\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a18.5 \\u975e\\u535a\\u5f69\\u6d88\\u8d39\\u7684\\u589e\\u52a0\\u589e\\u5f3a\\u4e86\\u7efc\\u5408\\u5ea6\\u5047\\u6751\\u7684\\u5438\\u5f15\\u529b\\u3002\\u6fb3\\u95e8\\u7684\\u975e\\u535a\\u5f69\\u6e38\\u5ba2\\u652f\\u51fa\\u57282025\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u8fbe\\u523022.6\\u4ebf\\u7f8e\\u5143\\uff0c\\u540c\\u6bd4\\u589e\\u957f4.6%\\uff0c\\u5176\\u4e2d\\u8d2d\\u7269\\u3001\\u4f4f\\u5bbf\\u548c\\u9910\\u996e\\u662f\\u6700\\u5927\\u6d88\\u8d39\\u7c7b\\u522b\\u3002\\u8fd9\\u4e2a\\u8d8b\\u52bf\\u51f8\\u663e\\u4e86\\u91d1\\u6c99\\u4e2d\\u56fd\\u4f5c\\u4e3a\\u9886\\u5148\\u7684\\u7efc\\u5408\\u5ea6\\u5047\\u6751\\u8fd0\\u8425\\u5546\\u7684\\u6218\\u7565\\u4f18\\u52bf\\uff0c\\u63d0\\u4f9b\\u5e7f\\u6cdb\\u7684\\u975e\\u535a\\u5f69\\u670d\\u52a1\\uff0c\\u4ece\\u5962\\u4f88\\u96f6\\u552e\\u5230\\u7c73\\u5176\\u6797\\u9910\\u5385\\uff0c\\u518d\\u5230\\u5927\\u578b\\u6d3b\\u52a8\\u573a\\u5730\\u3002\\u5c3d\\u7ba1\\u4eba\\u5747\\u6d88\\u8d39\\u540c\\u6bd4\\u4e0b\\u964d12.3%\\uff0c\\u4f46\\u9ad8\\u4ef7\\u503c\\u6e38\\u5ba2\\u7fa4\\u4f53\\uff08\\u5982\\u97f3\\u4e50\\u4f1a\\u89c2\\u4f17\\u548c\\u4f1a\\u8bae\\u53c2\\u4f1a\\u8005\\uff09\\u4ecd\\u7136\\u5177\\u6709\\u76c8\\u5229\\u6027\\u3002\\u91d1\\u6c99\\u4e2d\\u56fd\\u901a\\u8fc7\\u5176\\u6d3b\\u52a8\\u89c4\\u5212\\u3001\\u4f1a\\u8bae\\u8bbe\\u65bd\\u548c\\u591a\\u6837\\u5316\\u7684\\u4fbf\\u5229\\u8bbe\\u65bd\\u6355\\u6349\\u8fd9\\u4e9b\\u9ad8\\u7aef\\u6d88\\u8d39\\u8005\\u7684\\u80fd\\u529b\\uff0c\\u4f7f\\u5176\\u80fd\\u591f\\u5728\\u535a\\u5f69\\u4e4b\\u5916\\u62d3\\u5c55\\u6536\\u5165\\u6765\\u6e90\\u3002 2025\\u5e74\\u91d1\\u6c99\\u8d2d\\u7269\\u5609\\u5e74\\u534e\\u671f\\u95f4\\u8bbf\\u5ba2\\u6570\\u91cf\\u5f3a\\u52b2\\u3002\\u6839\\u636e\\u91d1\\u6c99\\u4e2d\\u56fd\\u7684\\u6d88\\u606f\\uff0c2025\\u5e74\\u91d1\\u6c99\\u8d2d\\u7269\\u5609\\u5e74\\u534e\\u4e8e7\\u670817\\u65e5\\u81f319\\u65e5\\u5728\\u5a01\\u5c3c\\u65af\\u4eba\\u6fb3\\u95e8\\u4e3e\\u884c\\uff0c\\u5438\\u5f15\\u4e86\\u8fd111\\u4e07\\u540d\\u6e38\\u5ba2\\u3002\\u6b64\\u6b21\\u6d3b\\u52a8\\u8bbe\\u6709\\u8d85\\u8fc7580\\u4e2a\\u644a\\u4f4d\\uff0c\\u5e76\\u5728\\u6c39\\u4ed4\\u5c55\\u89c8\\u4e2d\\u5fc3\\u4e3e\\u529e\\u3002\\u5c3d\\u7ba1\\u4e0e\\u53bb\\u5e74\\u4e3a\\u671f\\u56db\\u5929\\u7684\\u6d3b\\u52a8\\u76f8\\u6bd4\\uff0c\\u4eca\\u5e74\\u7684\\u6d3b\\u52a8\\u53ea\\u6709\\u4e09\\u5929\\uff0c\\u4f46\\u53c2\\u4e0e\\u4eba\\u6570\\u5927\\u81f4\\u76f8\\u5f53\\uff0c\\u53cd\\u6620\\u51fa\\u5f53\\u5730\\u5c45\\u6c11\\u548c\\u6e38\\u5ba2\\u5bf9\\u6b64\\u6b21\\u6d3b\\u52a8\\u7684\\u5f3a\\u70c8\\u5174\\u8da3\\u3002\\u8fd9\\u4e00\\u5f3a\\u52b2\\u7684\\u53c2\\u4e0e\\u4eba\\u6570\\u9884\\u8ba1\\u5c06\\u5bf9\\u516c\\u53f8\\u7684\\u6536\\u5165\\u8868\\u73b0\\u4ea7\\u751f\\u79ef\\u6781\\u5f71\\u54cd\\u3002 \\u6fb3\\u95e8\\u65c5\\u6e38\\u4e1a\\u9884\\u671f\\u6fc0\\u589e\\u3002\\u4e2d\\u56fd\\u76ee\\u524d\\u6b63\\u7ecf\\u5386\\u521b\\u7eaa\\u5f55\\u7684\\u590f\\u5b63\\u65c5\\u884c\\u5b63\\u8282\\uff0c\\u9884\\u8ba1\\u57287\\u6708\\u81f38\\u6708\\u4e4b\\u95f4\\u5c06\\u6709\\u8d85\\u8fc79\\u4ebf\\u6b21\\u94c1\\u8def\\u65c5\\u884c\\u3002\\u6fb3\\u95e8\\u5728\\u8fd9\\u4e00\\u6fc0\\u589e\\u4e2d\\u5904\\u4e8e\\u6709\\u5229\\u4f4d\\u7f6e\\uff0c\\u56e0\\u4e3a6\\u6708\\u7684\\u8d4c\\u573a\\u6536\\u5165\\u5728\\u5f3a\\u52b2\\u7684\\u6e38\\u5ba2\\u6d41\\u91cf\\u4e2d\\u540c\\u6bd4\\u589e\\u957f\\u4e8619%\\u3002\\u8fd9\\u79cd\\u52bf\\u5934\\u9884\\u8ba1\\u5c06\\u5728\\u6574\\u4e2a\\u590f\\u5b63\\u4fdd\\u6301\\u5f3a\\u52b2\\uff0c\\u5f97\\u76ca\\u4e8e\\u4e00\\u7cfb\\u5217\\u9ad8\\u7aef\\u5a31\\u4e50\\u6d3b\\u52a8\\uff0c\\u5305\\u62ec\\u5f20\\u5b66\\u53cb\\u7684\\u97f3\\u4e50\\u4f1a\\u548cG-Dragon\\u7684\\u6f14\\u51fa\\u3002\\u6e38\\u5ba2\\u6d41\\u91cf\\u7684\\u589e\\u52a0\\uff0c\\u7279\\u522b\\u662f\\u5728\\u9ad8\\u7aef\\u5e02\\u573a\\uff0c\\u9884\\u8ba1\\u5c06\\u5bf9\\u91d1\\u6c99\\u4e2d\\u56fd\\u4ea7\\u751f\\u79ef\\u6781\\u5f71\\u54cd\\u3002 \\u901a\\u8fc7\\u6218\\u7565\\u8425\\u9500\\u589e\\u5f3a\\u54c1\\u724c\\u66dd\\u5149\\u5ea6\\u3002\\u91d1\\u6c99\\u4e2d\\u56fd\\u5229\\u7528\\u4e0eNBA\\u7684\\u591a\\u5e74\\u5408\\u4f5c\\u4f19\\u4f34\\u5173\\u7cfb\\u6765\\u63d0\\u5347\\u54c1\\u724c\\u5f62\\u8c61\\u3002\\u6839\\u636e\\u534f\\u8bae\\uff0c\\u672a\\u6765\\u4e94\\u5e74\\u5c06\\u5728\\u5a01\\u5c3c\\u65af\\u4eba\\u6fb3\\u95e8\\u6bcf\\u5e74\\u4e3e\\u529e\\u4e24\\u573a\\u5b63\\u524d\\u8d5bNBA\\u6bd4\\u8d5b\\u3002\\u516c\\u53f8\\u5c06\\u572810\\u6708\\u4e3b\\u529e2025\\u5e74\\u7684\\u6bd4\\u8d5b\\uff0c\\u5e76\\u63a8\\u51fa\\u201c2025 NBA\\u4e2d\\u56fd\\u8d5b\\u4f53\\u9a8c\\u5957\\u9910\\u201d\\uff0c\\u63d0\\u4f9b\\u4f26\\u6566\\u4eba\\u6fb3\\u95e8\\u7684\\u4e94\\u79cd\\u4f4f\\u5bbf\\u7b49\\u7ea7\\u3002\\u6700\\u9ad8\\u7ea7\\u5957\\u9910\\u5305\\u62ec\\u4e13\\u5c5e\\u540e\\u53f0\\u901a\\u884c\\u8bc1\\u548c\\u4e0eNBA\\u4f20\\u5947\\u4eba\\u7269\\u7684\\u7528\\u9910\\u4f53\\u9a8c\\u3002\\u8fd9\\u4e9b\\u4e3e\\u63aa\\u65e8\\u5728\\u901a\\u8fc7NBA\\u54c1\\u724c\\u7684\\u5168\\u7403\\u5438\\u5f15\\u529b\\uff0c\\u63a8\\u52a8\\u6d41\\u91cf\\u5e76\\u63d0\\u5347\\u91d1\\u6c99\\u4e2d\\u56fd\\u7684\\u9152\\u5e97\\u548c\\u96f6\\u552e\\u4ea7\\u54c1\\u3002 2025\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u4e1a\\u7ee9\\u56de\\u987e\\u30022025\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u6536\\u5165\\u540c\\u6bd4\\u589e\\u957f2.5%\\uff0c\\u8fbe\\u523017.9\\u4ebf\\u7f8e\\u5143\\uff0c\\u800c2023\\u8d22\\u5e74\\u4e3a65.3\\u4ebf\\u7f8e\\u5143\\u3002\\u51c0\\u6536\\u5165\\u57282025\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u964d\\u81f32.14\\u4ebf\\u7f8e\\u5143\\uff0c\\u800c2024\\u5e74\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u4e3a2.46\\u4ebf\\u7f8e\\u5143\\u3002\\u7b2c\\u4e8c\\u5b63\\u5ea6\\u7684\\u8d44\\u672c\\u652f\\u51fa\\u603b\\u8ba1\\u4e3a2.86\\u4ebf\\u7f8e\\u5143\\uff0c\\u5176\\u4e2d\\u5305\\u62ec\\u5728\\u6fb3\\u95e8\\u7684\\u5efa\\u8bbe\\u3001\\u5f00\\u53d1\\u548c\\u7ef4\\u62a4\\u6d3b\\u52a8\\u76841.38\\u4ebf\\u7f8e\\u5143\\u3002 \\u5e02\\u573a\\u5171\\u8bc6 (Source: Bloomberg) \\u534e\\u8679\\u534a\\u5bfc\\u4f53\\u6709\\u9650\\u516c\\u53f8 (1347 HK)\\uff1a\\u5728\\u5168\\u7403\\u8d38\\u6613\\u9006\\u98ce\\u4e2d\\u5b9e\\u73b0\\u97e7\\u6027\\u589e\\u957f\",\"inLanguage\":\"en-US\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#breadcrumblist\"},\"author\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/jionghan-leekgi-com\\\/#author\"},\"creator\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/author\\\/jionghan-leekgi-com\\\/#author\"},\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/2.png?wsr\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#mainImage\",\"width\":652,\"height\":385},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/kgi-daily-trading-ideas-13-aug-2025-zh\\\/#mainImage\"},\"datePublished\":\"2025-08-13T02:02:59+08:00\",\"dateModified\":\"2025-08-13T09:50:07+08:00\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#website\",\"url\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/\",\"name\":\"KGI Singapore Research\",\"description\":\"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.\",\"inLanguage\":\"en-US\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.kgieworld.sg\\\/research\\\/#organization\"}}]}\n\t\t<\/script>\n\t\t<!-- All in One SEO -->\n\n","aioseo_head_json":{"title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research","description":"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f","canonical_url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/","robots":"max-image-preview:large","keywords":"kgi daily trading ideas (chinese)","webmasterTools":{"miscellaneous":""},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BlogPosting","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#blogposting","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research","headline":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5:","author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/#author"},"publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr","width":652,"height":385},"datePublished":"2025-08-13T02:02:59+08:00","dateModified":"2025-08-13T09:50:07+08:00","inLanguage":"en-US","mainEntityOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#webpage"},"isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#webpage"},"articleSection":"KGI Daily Trading Ideas (Chinese)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#breadcrumblist","itemListElement":[{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","position":1,"name":"Home","item":"https:\/\/www.kgieworld.sg\/research","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","name":"KGI Daily Trading Ideas (Chinese)"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","position":2,"name":"KGI Daily Trading Ideas (Chinese)","item":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/","nextItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#listItem","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5:"},"previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research#listItem","name":"Home"}},{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#listItem","position":3,"name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5:","previousItem":{"@type":"ListItem","@id":"https:\/\/www.kgieworld.sg\/research\/category\/kgi-daily-trading-ideas-chinese\/#listItem","name":"KGI Daily Trading Ideas (Chinese)"}}]},{"@type":"Organization","@id":"https:\/\/www.kgieworld.sg\/research\/#organization","name":"KGI Research Singapore","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","url":"https:\/\/www.kgieworld.sg\/research\/","telephone":"+6562021188","logo":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2020\/11\/cropped-Square-logo-PNG.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#organizationLogo","width":512,"height":512},"image":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#organizationLogo"}},{"@type":"Person","@id":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/#author","url":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/","name":"Jiong Han Lee","image":{"@type":"ImageObject","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#authorImage","url":"https:\/\/secure.gravatar.com\/avatar\/b90c0aaa9693b6dc42d9cfd11e3f78d04889aa9412286139e67a8cf7465b0f2f?s=96&d=mm&r=g","width":96,"height":96,"caption":"Jiong Han Lee"}},{"@type":"WebPage","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#webpage","url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/","name":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research","description":"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/#website"},"breadcrumb":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#breadcrumblist"},"author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/#author"},"creator":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/#author"},"image":{"@type":"ImageObject","url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr","@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#mainImage","width":652,"height":385},"primaryImageOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/#mainImage"},"datePublished":"2025-08-13T02:02:59+08:00","dateModified":"2025-08-13T09:50:07+08:00"},{"@type":"WebSite","@id":"https:\/\/www.kgieworld.sg\/research\/#website","url":"https:\/\/www.kgieworld.sg\/research\/","name":"KGI Singapore Research","description":"Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","inLanguage":"en-US","publisher":{"@id":"https:\/\/www.kgieworld.sg\/research\/#organization"}}]},"og:locale":"en_US","og:site_name":"KGI Singapore Research \u2022 Singapore's leading broker offering Futures, FX, Equities and Wealth Management.","og:type":"article","og:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research","og:description":"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-13-aug-2025-zh\/","og:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","og:image:secure_url":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr","article:published_time":"2025-08-12T18:02:59+00:00","article:modified_time":"2025-08-13T01:50:07+00:00","twitter:card":"summary","twitter:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e748\u670813\u65e5: \u2022 KGI Singapore Research","twitter:description":"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.68\uff0c\u76ee\u6807\u4ef7\uff1a0.76\uff0c\u6b62\u635f\u4ef7\uff1a0.64 \u94f6\u4e30\u91d1\u878d\u670d\u52a1\u6709\u9650\u516c\u53f8\u901a\u8fc7\u5178\u5f53\u3001\u96f6\u552e\u548c\u4ea4\u6613\u4e8c\u624b\u73e0\u5b9d\u53ca\u624b\u8868\u63d0\u4f9b\u91d1\u878d\u670d\u52a1\u3002\u516c\u53f8\u5728\u65b0\u52a0\u5761\u5404\u5730\u62e5\u6709\u548c\u8fd0\u8425\u591a\u5bb6\u95e8\u5e97\u3002 \u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u6fc0\u589e\u63a8\u52a8\u6536\u5165\u52a0\u901f\u3002\u94f6\u4e30\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u51fa\u8272\uff0c\u6536\u5165\u540c\u6bd4\u589e\u957f31.2%\uff0c\u8fbe\u52302.43\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\u3002\u8fd9\u4e00\u589e\u957f\u5f97\u76ca\u4e8e\u5168\u7403\u9ec4\u91d1\u4ef7\u683c\u7684\u4e0a\u5347\u548c\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u3002\u5178\u5f53\u4e1a\u52a1\u4e5f\u5b9e\u73b0\u4e867.2%\u7684\u5065\u5eb7\u589e\u957f\uff0c\u6536\u5165\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u5f97\u76ca\u4e8e\u6269\u5c55\u7684\u5e94\u6536\u8d26\u6b3e\u7ec4\u5408\u5e26\u6765\u7684\u66f4\u9ad8\u5229\u606f\u6536\u5165\u3002\u5c3d\u7ba1\u6700\u8fd1\u51fa\u73b0\u77ed\u671f\u6ce2\u52a8\uff0c\u9ec4\u91d1\u5e02\u573a\u7684\u57fa\u672c\u5f3a\u52b2\u4ecd\u652f\u6491\u7740\u6295\u8d44\u548c\u751f\u6d3b\u65b9\u5f0f\u9a71\u52a8\u7684\u9700\u6c42\uff0c\u4f7f\u94f6\u4e30\u80fd\u591f\u6355\u6349\u5230\u5e7f\u6cdb\u5ba2\u6237\u57fa\u7840\u7684\u6d88\u8d39\u3002 \u8fd0\u8425\u6760\u6746\u548c\u5229\u7387\u987a\u98ce\u63a8\u52a8\u76c8\u5229\u80fd\u529b\u3002\u5f52\u5c5e\u4e8e\u80a1\u4e1c\u7684\u5229\u6da6\u540c\u6bd4\u6fc0\u589e78.8%\uff0c\u8fbe\u52302960\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u7a0e\u524d\u5229\u6da6\u589e\u957f77.6%\uff0c\u8fbe\u52304010\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u53cd\u6620\u4e86\u5f3a\u52b2\u7684\u8fd0\u8425\u6760\u6746\u3002\u8f83\u4f4e\u7684\u501f\u8d37\u6210\u672c\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u987a\u98ce\uff0c\u62b5\u6d88\u4e86\u56e0\u7f51\u7edc\u6269\u5f20\u800c\u589e\u52a0\u7684\u5458\u5de5\u5f00\u652f\u3002\u5728\u65b0\u52a0\u5761\u548c\u9a6c\u6765\u897f\u4e9a\u7684\u589e\u957f\uff0c\u52a0\u4e0a\u8f83\u5927\u7684\u62b5\u62bc\u8d37\u6b3e\u7ec4\u5408\uff0c\u6b63\u5728\u591a\u6837\u5316\u6536\u5165\u6765\u6e90\uff0c\u521b\u9020\u53ef\u6269\u5c55\u7684\u76c8\u5229\u5f15\u64ce\u3002\u5982\u679c\u5982\u5e7f\u6cdb\u9884\u671f\u7684\u90a3\u6837\uff0c\u5229\u7387\u8fdb\u4e00\u6b65\u653e\u677e\uff0c\u878d\u8d44\u6210\u672c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u4e3a2025\u5e74\u4e0b\u534a\u5e74\u63d0\u4f9b\u989d\u5916\u7684\u5229\u6da6\u7a7a\u95f4\u3002 \u5730\u7f18\u653f\u6cbb\u548c\u7f8e\u5143\u75b2\u8f6f\u5f3a\u5316\u907f\u9669\u9ec4\u91d1\u9700\u6c42\u3002\u9ec4\u91d1\u7684\u907f\u9669\u5730\u4f4d\u57282025\u5e74\u5f97\u5230\u4e86\u5f3a\u5316\uff0c\u4ef7\u683c\u5728\u5e74\u521d\u89e6\u53ca\u5386\u53f2\u9ad8\u4f4d\uff0c\u4e3b\u8981\u53d7\u5230\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u548c\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u589e\u52a0\u7684\u63a8\u52a8\u3002\u4e4c\u514b\u5170\u6218\u4e89\u3001\u7f8e\u4e2d\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u4e2d\u592e\u94f6\u884c\u6301\u7eed\u51cf\u5c11\u5bf9\u7f8e\u56fd\u8d44\u4ea7\u7684\u914d\u7f6e\u4f7f\u98ce\u9669\u60c5\u7eea\u4fdd\u6301\u8c28\u614e\u3002\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\uff08WGC\uff09\u62a5\u544a\u79f0\uff0c5\u6708\u4efd\u5168\u7403\u9ec4\u91d1\u50a8\u5907\u51c0\u589e\u52a020\u5428\uff0c\u4e2d\u56fd\u57287\u6708\u4efd\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u6708\u589e\u52a0\u50a8\u5907\uff0c\u4f7f\u9ec4\u91d1\u50a8\u5907\u8fbe\u52307396\u4e07\u76ce\u53f8\uff0c\u4ef7\u503c\u7ea6\u4e3a2439.9\u4ebf\u7f8e\u5143\u3002\u540c\u65f6\uff0c\u53d7\u5230\u7f8e\u8054\u50a8\u964d\u606f\u9884\u671f\u538b\u529b\u7684\u7f8e\u5143\u8d70\u5f31\uff0c\u4f7f\u9ec4\u91d1\u5bf9\u975e\u7f8e\u5143\u4e70\u5bb6\u66f4\u5177\u5438\u5f15\u529b\u3002\u5c3d\u7ba1WGC\u5df2\u4e0b\u8c03\u8fd1\u671f\u8d2d\u4e70\u9884\u6d4b\uff0c\u4f46\u4e2d\u592e\u94f6\u884c\u5411\u9ec4\u91d1\u91cd\u65b0\u914d\u7f6e\u7684\u7ed3\u6784\u6027\u8d8b\u52bf\u4f9d\u7136\u4fdd\u6301\u4e0d\u53d8\u3002\u5bf9\u4e8e\u94f6\u4e30\u800c\u8a00\uff0c\u5176\u6700\u5927\u6536\u5165\u6765\u6e90\u662f\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\uff0c\u8fd9\u4e9b\u5b8f\u89c2\u987a\u98ce\u53ef\u80fd\u5728\u5e02\u573a\u5468\u671f\u4e2d\u6301\u7eed\u9700\u6c42\uff0c\u5e76\u589e\u5f3a\u516c\u53f8\u5728\u6ce2\u52a8\u73af\u5883\u4e2d\u7684\u97e7\u6027\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002\u94f6\u4e30\u62a5\u544a2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u4e3a2.429\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u540c\u6bd4\u589e\u957f31.2%\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u7684\u6536\u5165\u4e3a1.852\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4e3b\u8981\u53d7\u9ec4\u91d1\u548c\u5962\u4f88\u54c1\u96f6\u552e\u53ca\u4ea4\u6613\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f43.2%\uff0c\u8fbe\u52301.877\u4ebf\u65b0\u52a0\u5761\u5143\uff0c\u4ee5\u53ca\u5178\u5f53\u90e8\u95e8\u6536\u5165\u540c\u6bd4\u589e\u957f7.2%\uff0c\u8fbe\u52304320\u4e07\u65b0\u52a0\u5761\u5143\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u5176\u5229\u6da6\u4e3a3180\u4e07\u65b0\u52a0\u5761\u5143\uff0c\u6bd4\u53bb\u5e74\u540c\u671f\u76841800\u4e07\u65b0\u52a0\u5761\u5143\u589e\u957f\u4e8676.4%\u3002\u6bcf\u80a1\u6536\u76ca\u4ece\u53bb\u5e74\u540c\u671f\u76843.75\u65b0\u52a0\u5761\u5206\u4e0a\u5347\u81f36.70\u65b0\u52a0\u5761\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a0.370\uff0c\u76ee\u6807\u4ef7\uff1a0.400\uff0c\u6b62\u635f\u4ef7\uff1a0.355 \u5929\u7136\u7164\u77ff\u96c6\u56e2\u662f\u4e00\u5bb6\u7efc\u5408\u7164\u77ff\u4e13\u8425\u516c\u53f8\u3002\u516c\u53f8\u62e5\u6709\u5e76\u8fd0\u8425\u7164\u77ff\uff0c\u5411\u7b2c\u4e09\u65b9\u77ff\u4e3b\u63d0\u4f9b\u77ff\u5c71\u627f\u5305\u670d\u52a1\uff0c\u5e76\u5411\u7164\u70ad\u4ea4\u6613\u5546\u548c\u7164\u70ad\u51fa\u53e3\u516c\u53f8\u9500\u552e\u7164\u70ad\u3002 \u7a33\u5b9a\u7684\u5168\u7403\u9700\u6c42\u652f\u6491\u57fa\u7ebf\u6536\u5165\u524d\u666f\u3002\u56fd\u9645\u80fd\u6e90\u7f72\u7684\u5e74\u4e2d\u66f4\u65b0\u8868\u660e\uff0c\u5168\u7403\u7164\u70ad\u9700\u6c42\u9884\u8ba1\u5c06\u57282025\u5e74\u524d\u4fdd\u6301\u572888\u4ebf\u5428\u7684\u5386\u53f2\u9ad8\u4f4d\uff0c\u7ee7\u53bb\u5e74\u7684\u5cf0\u503c\u4e4b\u540e\u3002\u5c3d\u7ba1\u9884\u8ba1\u4e2d\u56fd\u548c\u5370\u5ea6\u4eca\u5e74\u7531\u4e8e\u53ef\u518d\u751f\u80fd\u6e90\u7684\u589e\u957f\u548c\u5de5\u4e1a\u589e\u957f\u653e\u7f13\u800c\u51fa\u73b0\u5c0f\u5e45\u9700\u6c42\u4e0b\u964d\uff0c\u4f46\u7f8e\u56fd\u7b49\u5176\u4ed6\u5e02\u573a\u7684\u5f3a\u52b2\u6d88\u8d39\u8d8b\u52bf\uff08\u9884\u8ba1\u9700\u6c42\u589e\u957f7%\uff09\u6b63\u5728\u7f13\u51b2\u6574\u4f53\u5e02\u573a\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u7b49\u7164\u70ad\u751f\u4ea7\u5546\u800c\u8a00\uff0c\u8fd9\u79cd\u7a33\u5b9a\u6027\u652f\u6491\u4e86\u7a33\u5b9a\u7684\u6536\u5165\u6f5c\u529b\u3002\u5c3d\u7ba1\u9884\u8ba12025\u5e74\u7164\u70ad\u8d38\u6613\u91cf\u5c06\u81ea2020\u5e74\u4ee5\u6765\u9996\u6b21\u6536\u7f29\uff0c\u4f46\u9ad8\u6d88\u8d39\u6c34\u5e73\u7684\u6301\u7eed\uff0c\u4ee5\u53ca\u5173\u952e\u4e9a\u6d32\u5e02\u573a\u9884\u8ba1\u7684\u751f\u4ea7\u589e\u957f\uff0c\u786e\u4fdd\u4e86\u70ed\u7164\u51fa\u53e3\u7684\u6301\u7eed\u9700\u6c42\u53ef\u89c1\u6027\u3002 \u4e1c\u5357\u4e9a\u7535\u529b\u9700\u6c42\u53ca\u4f4e\u4ef7\u683c\u521b\u9020\u533a\u57df\u987a\u98ce\u3002\u9a6c\u6765\u897f\u4e9a\u8fc5\u731b\u589e\u957f\u7684\u7164\u7535\u4ea7\u51fa\u4e3a\u5929\u7136\u7164\u77ff\u96c6\u56e2\u63d0\u4f9b\u4e86\u663e\u8457\u7684\u533a\u57df\u9700\u6c42\u9a71\u52a8\u56e0\u7d20\u3002\u57282025\u5e74\u4e0a\u534a\u5e74\uff0c\u9a6c\u6765\u897f\u4e9a\u7684\u7164\u70ad\u8fdb\u53e3\u8fbe\u5230\u4e862090\u4e07\u5428\u7684\u5386\u53f2\u65b0\u9ad8\uff0c\u4e3b\u8981\u53d7\u5230\u6570\u636e\u4e2d\u5fc3\u7b49\u80fd\u6e90\u5bc6\u96c6\u578b\u884c\u4e1a\u7535\u529b\u9700\u6c42\u5feb\u901f\u589e\u957f\u7684\u63a8\u52a8\u3002\u968f\u7740\u7164\u70ad\u4ef7\u683c\u56de\u843d\u81f32021\u5e74\u521d\u7684\u6c34\u5e73\uff0c\u4e14\u6bd4\u5929\u7136\u6c14\u4fbf\u5b9c\u8fd140%\uff0c\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u66f4\u503e\u5411\u4e8e\u4f7f\u7528\u7164\u70ad\u800c\u975e\u6db2\u5316\u5929\u7136\u6c14\uff08LNG\uff09\uff0c\u8fdb\u4e00\u6b65\u63d0\u5347\u4e86\u8fdb\u53e3\u9700\u6c42\u3002\u7164\u70ad\u5728\u9a6c\u6765\u897f\u4e9a\u7535\u529b\u7ed3\u6784\u4e2d\u7684\u5360\u6bd4\u5df2\u6500\u5347\u81f3\u8fd160%\uff0c\u4e3a\u77ed\u671f\u81f3\u4e2d\u671f\u7684\u6301\u7eed\u9700\u6c42\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u5bf9\u4e8e\u5929\u7136\u7164\u77ff\u96c6\u56e2\u800c\u8a00\uff0c\u51ed\u501f\u4e0e\u4e1c\u5357\u4e9a\u4e70\u5bb6\u7684\u63a5\u8fd1\uff0c\u8fd9\u4e9b\u6761\u4ef6\u63d0\u5347\u4e86\u5b9a\u4ef7\u7ade\u4e89\u529b\u548c\u9500\u552e\u91cf\uff0c\u5373\u4f7f\u5728\u5168\u7403\u4f9b\u5e94\u8fc7\u5269\u7684\u5e02\u573a\u4e2d\u3002 \u57fa\u7840\u8bbe\u65bd\u6269\u5c55\u5c06\u63d0\u5347\u5229\u6da6\u7387\u30021.5\u4ebf\u7f8e\u5143\u7684MBJ\u7efc\u5408\u57fa\u7840\u8bbe\u65bd\u9879\u76ee\u9884\u8ba1\u57282026\u5e74\u4e0a\u534a\u5e74\u5b8c\u6210\u3002\u8be5\u9879\u76ee\u5305\u62ec\u4e00\u676192\u516c\u91cc\u7684\u8fd0\u8f93\u9053\u8def\u548c\u7801\u5934\uff0c\u9884\u8ba1\u5c06\u964d\u4f4e\u8fd0\u8f93\u6210\u672c\u8d85\u8fc710\u7f8e\u5143\/\u5428\uff0c\u5e76\u5c06\u4ea7\u80fd\u7ffb\u500d\u81f3\u6bcf\u5e742500\u4e07\u5428\u3002\u6b64\u5916\uff0c\u57fa\u7840\u8bbe\u65bd\u7684\u7b2c\u4e09\u65b9\u79df\u8d41\u5c06\u521b\u9020\u65b0\u7684\u6536\u5165\u6765\u6e90\uff0c\u589e\u5f3a\u957f\u671f\u73b0\u91d1\u6d41\u548c\u76c8\u5229\u80fd\u529b\u3002 2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u3002\u5929\u7136\u7164\u77ff\u96c6\u56e2\u62a5\u544a2025\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a1.664\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f68%\uff0c\u800c2024\u5e74\u7b2c\u4e00\u5b63\u5ea6\u6536\u5165\u4e3a9900\u4e07\u7f8e\u5143\uff0c\u4e3b\u8981\u5f97\u76ca\u4e8e\u4ea7\u91cf\u548c\u9500\u552e\u91cf\u7684\u589e\u52a0\uff0c\u62b5\u6d88\u4e86\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u4e0b\u964d\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f63%\uff0c\u8fbe\u52301410\u4e07\u7f8e\u5143\u3002\u6bcf\u5428\u73b0\u91d1\u5229\u6da6\u4ece13.18\u7f8e\u5143\u964d\u81f311.16\u7f8e\u5143\u3002\u6bcf\u80a1\u6d3e\u53d10.25\u65b0\u52a0\u5761\u5206\u7684\u4e2d\u671f\u80a1\u606f\u540c\u6bd4\u589e\u52a025%\uff0c\u610f\u5473\u774019%\u7684\u80a1\u606f\u652f\u4ed8\u6bd4\u7387\uff0c\u516c\u53f8\u4ecd\u81f4\u529b\u4e8e\u5168\u5e7430%\u7684\u80a1\u606f\u653f\u7b56\uff0c\u589e\u5f3a\u4e86\u7ba1\u7406\u5c42\u5bf9\u957f\u671f\u589e\u957f\u7684\u4fe1\u5fc3\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a19.9\uff0c\u76ee\u6807\u4ef7\uff1a22.7\uff0c\u6b62\u635f\u4ef7\uff1a18.5 \u975e\u535a\u5f69\u6d88\u8d39\u7684\u589e\u52a0\u589e\u5f3a\u4e86\u7efc\u5408\u5ea6\u5047\u6751\u7684\u5438\u5f15\u529b\u3002\u6fb3\u95e8\u7684\u975e\u535a\u5f69\u6e38\u5ba2\u652f\u51fa\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u662f\u6700\u5927\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e2a\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u6218\u7565\u4f18\u52bf\uff0c\u63d0\u4f9b\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u670d\u52a1\uff0c\u4ece\u5962\u4f88\u96f6\u552e\u5230\u7c73\u5176\u6797\u9910\u5385\uff0c\u518d\u5230\u5927\u578b\u6d3b\u52a8\u573a\u5730\u3002\u5c3d\u7ba1\u4eba\u5747\u6d88\u8d39\u540c\u6bd4\u4e0b\u964d12.3%\uff0c\u4f46\u9ad8\u4ef7\u503c\u6e38\u5ba2\u7fa4\u4f53\uff08\u5982\u97f3\u4e50\u4f1a\u89c2\u4f17\u548c\u4f1a\u8bae\u53c2\u4f1a\u8005\uff09\u4ecd\u7136\u5177\u6709\u76c8\u5229\u6027\u3002\u91d1\u6c99\u4e2d\u56fd\u901a\u8fc7\u5176\u6d3b\u52a8\u89c4\u5212\u3001\u4f1a\u8bae\u8bbe\u65bd\u548c\u591a\u6837\u5316\u7684\u4fbf\u5229\u8bbe\u65bd\u6355\u6349\u8fd9\u4e9b\u9ad8\u7aef\u6d88\u8d39\u8005\u7684\u80fd\u529b\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u535a\u5f69\u4e4b\u5916\u62d3\u5c55\u6536\u5165\u6765\u6e90\u3002 2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u671f\u95f4\u8bbf\u5ba2\u6570\u91cf\u5f3a\u52b2\u3002\u6839\u636e\u91d1\u6c99\u4e2d\u56fd\u7684\u6d88\u606f\uff0c2025\u5e74\u91d1\u6c99\u8d2d\u7269\u5609\u5e74\u534e\u4e8e7\u670817\u65e5\u81f319\u65e5\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u4e3e\u884c\uff0c\u5438\u5f15\u4e86\u8fd111\u4e07\u540d\u6e38\u5ba2\u3002\u6b64\u6b21\u6d3b\u52a8\u8bbe\u6709\u8d85\u8fc7580\u4e2a\u644a\u4f4d\uff0c\u5e76\u5728\u6c39\u4ed4\u5c55\u89c8\u4e2d\u5fc3\u4e3e\u529e\u3002\u5c3d\u7ba1\u4e0e\u53bb\u5e74\u4e3a\u671f\u56db\u5929\u7684\u6d3b\u52a8\u76f8\u6bd4\uff0c\u4eca\u5e74\u7684\u6d3b\u52a8\u53ea\u6709\u4e09\u5929\uff0c\u4f46\u53c2\u4e0e\u4eba\u6570\u5927\u81f4\u76f8\u5f53\uff0c\u53cd\u6620\u51fa\u5f53\u5730\u5c45\u6c11\u548c\u6e38\u5ba2\u5bf9\u6b64\u6b21\u6d3b\u52a8\u7684\u5f3a\u70c8\u5174\u8da3\u3002\u8fd9\u4e00\u5f3a\u52b2\u7684\u53c2\u4e0e\u4eba\u6570\u9884\u8ba1\u5c06\u5bf9\u516c\u53f8\u7684\u6536\u5165\u8868\u73b0\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u6fb3\u95e8\u65c5\u6e38\u4e1a\u9884\u671f\u6fc0\u589e\u3002\u4e2d\u56fd\u76ee\u524d\u6b63\u7ecf\u5386\u521b\u7eaa\u5f55\u7684\u590f\u5b63\u65c5\u884c\u5b63\u8282\uff0c\u9884\u8ba1\u57287\u6708\u81f38\u6708\u4e4b\u95f4\u5c06\u6709\u8d85\u8fc79\u4ebf\u6b21\u94c1\u8def\u65c5\u884c\u3002\u6fb3\u95e8\u5728\u8fd9\u4e00\u6fc0\u589e\u4e2d\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u56e0\u4e3a6\u6708\u7684\u8d4c\u573a\u6536\u5165\u5728\u5f3a\u52b2\u7684\u6e38\u5ba2\u6d41\u91cf\u4e2d\u540c\u6bd4\u589e\u957f\u4e8619%\u3002\u8fd9\u79cd\u52bf\u5934\u9884\u8ba1\u5c06\u5728\u6574\u4e2a\u590f\u5b63\u4fdd\u6301\u5f3a\u52b2\uff0c\u5f97\u76ca\u4e8e\u4e00\u7cfb\u5217\u9ad8\u7aef\u5a31\u4e50\u6d3b\u52a8\uff0c\u5305\u62ec\u5f20\u5b66\u53cb\u7684\u97f3\u4e50\u4f1a\u548cG-Dragon\u7684\u6f14\u51fa\u3002\u6e38\u5ba2\u6d41\u91cf\u7684\u589e\u52a0\uff0c\u7279\u522b\u662f\u5728\u9ad8\u7aef\u5e02\u573a\uff0c\u9884\u8ba1\u5c06\u5bf9\u91d1\u6c99\u4e2d\u56fd\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\u3002 \u901a\u8fc7\u6218\u7565\u8425\u9500\u589e\u5f3a\u54c1\u724c\u66dd\u5149\u5ea6\u3002\u91d1\u6c99\u4e2d\u56fd\u5229\u7528\u4e0eNBA\u7684\u591a\u5e74\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u6765\u63d0\u5347\u54c1\u724c\u5f62\u8c61\u3002\u6839\u636e\u534f\u8bae\uff0c\u672a\u6765\u4e94\u5e74\u5c06\u5728\u5a01\u5c3c\u65af\u4eba\u6fb3\u95e8\u6bcf\u5e74\u4e3e\u529e\u4e24\u573a\u5b63\u524d\u8d5bNBA\u6bd4\u8d5b\u3002\u516c\u53f8\u5c06\u572810\u6708\u4e3b\u529e2025\u5e74\u7684\u6bd4\u8d5b\uff0c\u5e76\u63a8\u51fa\u201c2025 NBA\u4e2d\u56fd\u8d5b\u4f53\u9a8c\u5957\u9910\u201d\uff0c\u63d0\u4f9b\u4f26\u6566\u4eba\u6fb3\u95e8\u7684\u4e94\u79cd\u4f4f\u5bbf\u7b49\u7ea7\u3002\u6700\u9ad8\u7ea7\u5957\u9910\u5305\u62ec\u4e13\u5c5e\u540e\u53f0\u901a\u884c\u8bc1\u548c\u4e0eNBA\u4f20\u5947\u4eba\u7269\u7684\u7528\u9910\u4f53\u9a8c\u3002\u8fd9\u4e9b\u4e3e\u63aa\u65e8\u5728\u901a\u8fc7NBA\u54c1\u724c\u7684\u5168\u7403\u5438\u5f15\u529b\uff0c\u63a8\u52a8\u6d41\u91cf\u5e76\u63d0\u5347\u91d1\u6c99\u4e2d\u56fd\u7684\u9152\u5e97\u548c\u96f6\u552e\u4ea7\u54c1\u3002 2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f2.5%\uff0c\u8fbe\u523017.9\u4ebf\u7f8e\u5143\uff0c\u800c2023\u8d22\u5e74\u4e3a65.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f32.14\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a2.46\u4ebf\u7f8e\u5143\u3002\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8d44\u672c\u652f\u51fa\u603b\u8ba1\u4e3a2.86\u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d\u5305\u62ec\u5728\u6fb3\u95e8\u7684\u5efa\u8bbe\u3001\u5f00\u53d1\u548c\u7ef4\u62a4\u6d3b\u52a8\u76841.38\u4ebf\u7f8e\u5143\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f","twitter:image":"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2026\/04\/KGI-Logo_\u255b\u03b5ai\u252c\u253carRGB_PNG.png?wsr"},"aioseo_meta_data":{"post_id":"74051","title":null,"description":null,"keywords":null,"keyphrases":{"focus":{"keyphrase":"","score":0,"analysis":{"keyphraseInTitle":{"score":0,"maxScore":9,"error":1}}},"additional":[]},"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":"","og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":{"id":"#aioseo-article-67073429edeea","slug":"article","graphName":"Article","label":"Article","properties":{"type":"BlogPosting","name":"#post_title","headline":"#post_title","description":"#post_excerpt","image":"","keywords":"","author":{"name":"#author_name","url":"#author_url"},"dates":{"include":true,"datePublished":"","dateModified":""}}},"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"BlogPosting","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":"{\"article\":{\"articleType\":\"BlogPosting\"},\"course\":{\"name\":\"\",\"description\":\"\",\"provider\":\"\"},\"faq\":{\"pages\":[]},\"product\":{\"reviews\":[]},\"recipe\":{\"ingredients\":[],\"instructions\":[],\"keywords\":[]},\"software\":{\"reviews\":[],\"operatingSystems\":[]},\"webPage\":{\"webPageType\":\"WebPage\"}}","pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":"-1","robots_max_videopreview":"-1","robots_max_imagepreview":"large","priority":null,"frequency":"default","local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":{"faqs":[],"keyPoints":[],"titles":[],"descriptions":[],"socialPosts":{"email":[],"linkedin":[],"twitter":[],"facebook":[],"instagram":[]}},"created":"2025-08-12 17:55:06","updated":"2025-08-17 13:16:15","seo_analyzer_scan_date":null},"uagb_featured_image_src":{"full":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"thumbnail":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2-150x150.png?wsr",150,150,true],"medium":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2-300x177.png?wsr",300,177,true],"medium_large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"large":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"1536x1536":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false],"2048x2048":["https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2024\/01\/2.png?wsr",652,385,false]},"uagb_author_info":{"display_name":"Jiong Han Lee","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/jionghan-leekgi-com\/"},"uagb_comment_info":0,"uagb_excerpt":"\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 \u94f6\u4e30\u91d1\u878d (MMFS SP)\uff1a\u53d7\u76ca\u4e8e\u9ec4\u91d1\u4e0a\u6da8 (Source: Bloomberg) \u5929\u7136\u7164\u77ff\u96c6\u56e2 (GERL SP)\uff1a\u5229\u7528\u5e02\u573a\u52a8\u6001\u5e94\u5bf9\u5168\u7403\u7164\u70ad\u9700\u6c42\u5e73\u7a33\u7684\u524d\u666f (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u6fb3\u95e8\u65c5\u6e38\u6c34\u5e73\u5f3a\u52b2 (Source: Bloomberg) \u534e\u8679\u534a\u5bfc\u4f53\u6709\u9650\u516c\u53f8 (1347 HK)\uff1a\u5728\u5168\u7403\u8d38\u6613\u9006\u98ce\u4e2d\u5b9e\u73b0\u97e7\u6027\u589e\u957f (Source: Bloomberg) \u901a\u7528\u822a\u7a7a (GE US)\uff1a\u5728\u7ecf\u6d4e\u524d\u666f\u75b2\u8f6f\u4e2d\u84c4\u52bf\u5f85\u53d1 (Source: Bloomberg) \u6c83\u5c14\u739b (WMT US)\uff1a\u5728\u7f8e\u56fd\u7ecf\u6d4e\u653e\u7f13\u4e2d\u626e\u6f14\u9632\u5fa1\u6027\u706f\u5854 (Source: Bloomberg) ^ Back To Top Trading Dashboard Update: Add Geo Energy&hellip;","_links":{"self":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/74051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/comments?post=74051"}],"version-history":[{"count":2,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/74051\/revisions"}],"predecessor-version":[{"id":74152,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/posts\/74051\/revisions\/74152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media\/38071"}],"wp:attachment":[{"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/media?parent=74051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/categories?post=74051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kgieworld.sg\/research\/wp-json\/wp\/v2\/tags?post=74051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}