{"id":77768,"date":"2025-09-26T07:31:00","date_gmt":"2025-09-25T23:31:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=77768"},"modified":"2025-09-26T10:10:06","modified_gmt":"2025-09-26T02:10:06","slug":"kgi-daily-trading-ideas-26-sep-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-26-sep-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u670826\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-77000-_tiry8p5xvcqk\"><\/a>\u7f8e\u56fd<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"2159\" height=\"1056\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-77892\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22.png 2159w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22-300x147.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22-1024x501.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22-768x376.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22-1536x751.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-screen-ai-generated-co-22-2048x1002.png 2048w\" sizes=\"(max-width: 2159px) 100vw, 2159px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"1071\" height=\"274\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-2.png\" alt=\"\" class=\"wp-image-77893\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-2.png 1071w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-2-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-2-1024x262.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-2-768x196.png 768w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/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=\"915\" height=\"282\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-3.png\" alt=\"\" class=\"wp-image-77894\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-3.png 915w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-3-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-3-768x237.png 768w\" sizes=\"(max-width: 915px) 100vw, 915px\" \/><\/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\/09\/word-image-77768-4.png\" alt=\"\" class=\"wp-image-77846\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-4-300x64.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-77768-_qqv3rtx8nazp\"><\/a><a id=\"post-77768-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"2158\" height=\"1055\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-77847\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32.png 2158w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32-300x147.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32-1024x501.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32-768x375.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32-1536x751.png 1536w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screenshot-of-a-computer-ai-generated-content-m-32-2048x1001.png 2048w\" sizes=\"(max-width: 2158px) 100vw, 2158px\" \/><\/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\/09\/word-image-77768-6.png\" alt=\"\" class=\"wp-image-77848\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-6-300x64.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\" class=\"wp-image-77849\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-7.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.40\uff0c\u76ee\u6807\u4ef7\uff1a2.70\uff0c\u6b62\u635f\u4ef7\uff1a2.25<\/strong><\/li>\n\n\n\n<li>\u6d77\u5ead\u4e3a\u79bb\u5cb8\u3001\u6d77\u6d0b\u548c\u80fd\u6e90\u884c\u4e1a\u63d0\u4f9b\u5de5\u7a0b\u89e3\u51b3\u65b9\u6848\u3002\u516c\u53f8\u63d0\u4f9b\u94bb\u4e95\u5e73\u53f0\u548c\u6d6e\u52a8\u8bbe\u5907\u3001\u7ef4\u4fee\u548c\u5347\u7ea7\u3001\u79bb\u5cb8\u5e73\u53f0\u4ee5\u53ca\u4e13\u4e1a\u9020\u8239\u670d\u52a1\u3002\u6d77\u5ead\u5728\u5168\u7403\u8303\u56f4\u5185\u4e3a\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002<\/li>\n\n\n\n<li><strong>\u5f3a\u52b2\u7684\u76c8\u5229\u52a8\u529b\u548c\u8ba2\u5355\u53ef\u89c1\u6027\u3002<\/strong>\u6d77\u5ead\u57282025\u5e74\u4e0a\u534a\u5e74\u5b9e\u73b0\u51c0\u5229\u6da61.444\u4ebf\u65b0\u5143\uff0c\u540c\u6bd4\u589e\u957f301%\uff0c\u5f97\u76ca\u4e8e\u6536\u5165\u589e\u957f34%\u81f354\u4ebf\u65b0\u5143\u4ee5\u53ca\u6bdb\u5229\u7387\u4ece3.7%\u63d0\u5347\u81f37.4%\u3002\u8fd9\u4e00\u4e1a\u7ee9\u53cd\u6620\u4e86\u66f4\u5f3a\u7684\u6267\u884c\u529b\u548c\u5411\u9ad8\u6bdb\u5229\u9879\u76ee\u7684\u8f6c\u578b\u3002\u5176\u51c0\u8ba2\u5355\u603b\u989d\u4e3a186\u4ebf\u65b0\u5143\uff0c\u5176\u4e2d34%\u4e0e\u53ef\u518d\u751f\u80fd\u6e90\u548c\u66f4\u6e05\u6d01\u7684\u89e3\u51b3\u65b9\u6848\u76f8\u5173\uff0c\u4e3a2031\u5e74\u63d0\u4f9b\u4e86\u53ef\u89c1\u6027\uff0c\u540c\u65f6\u7f13\u51b2\u77ed\u671f\u6ce2\u52a8\u3002\u7ba1\u7406\u5c42\u8fd8\u5728\u8ffd\u6c42300\u4ebf\u65b0\u5143\u7684\u6295\u6807\u9879\u76ee\uff0c\u4f7f\u96c6\u56e2\u80fd\u591f\u6355\u6349\u4f20\u7edf\u79bb\u5cb8\u6cb9\u6c14\u9879\u76ee\u548c\u80fd\u6e90\u8f6c\u578b\u76f8\u5173\u57fa\u7840\u8bbe\u65bd\u7684\u9700\u6c42\u3002<\/li>\n\n\n\n<li><strong>\u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 <\/strong>\u5c3d\u7ba1\u5168\u7403\u653f\u7b56\u4e0d\u786e\u5b9a\u6027\u4e0a\u5347\uff0c\u6d77\u5ead\u5728\u80fd\u6e90\u5b89\u5168\u65b9\u9762\u7684\u66dd\u5149\u8bc1\u660e\u4e86\u5176\u97e7\u6027\u3002\u6cb9\u6c14\u6536\u5165\u540c\u6bd4\u589e\u957f26.5%\uff0c\u8fbe\u523036\u4ebf\u65b0\u5143\uff0c\u6765\u6e90\u4e8e\u516d\u4e2aPetrobras FPSO\u5efa\u9020\u9879\u76ee\u4ee5\u53ca\u5728\u5df4\u897f\u3001\u4e2d\u4e1c\u548c\u58a8\u897f\u54e5\u6e7e\u7684190\u4ebf\u65b0\u5143\u673a\u4f1a\u7ba1\u9053\u3002\u540c\u65f6\uff0c\u6d77\u5ead\u6b63\u5728\u6218\u7565\u6027\u5730\u6269\u5c55\u5230\u53ef\u518d\u751f\u80fd\u6e90\u3001\u78b3\u6355\u96c6\u548c\u6d77\u4e8b\u5347\u7ea7\uff0c\u4ee5\u4e0e\u5168\u7403\u80fd\u6e90\u8f6c\u578b\u4fdd\u6301\u4e00\u81f4\u3002\u8fd9\u79cd\u5e73\u8861\u7684\u65b9\u6cd5\u786e\u4fdd\u6d77\u5ead\u80fd\u591f\u6355\u6349\u8fd1\u671f\u7684\u79bb\u5cb8\u9700\u6c42\u548c\u957f\u671f\u7684\u7ed3\u6784\u6027\u80fd\u6e90\u8f6c\u53d8\u3002\u540c\u65f6\uff0c\u4ee56500\u4e07\u65b0\u5143\u51fa\u552e\u5176\u4f4d\u4e8e\u5fb7\u514b\u8428\u65af\u5dde\u7684AmFELS\u9020\u8239\u5382\uff0c\u91ca\u653e\u4e86\u8d44\u672c\u548c\u8fd0\u8425\u6548\u7387\uff0c\u540c\u65f6\u5141\u8bb8\u516c\u53f8\u901a\u8fc7\u4f4d\u4e8e\u4f11\u65af\u987f\u548c\u7ef4\u514b\u65af\u5821\u7684\u6280\u672f\u548c\u670d\u52a1\u4e2d\u5fc3\u4fdd\u6301\u5728\u7f8e\u56fd\u7684\u5b58\u5728\u3002<\/li>\n\n\n\n<li><strong>\u62d3\u5c55\u5168\u7403\u5f71\u54cd\u529b\u3002<\/strong>\u4e0e\u79d1\u94a6\u9020\u8239\u5382\u6709\u9650\u516c\u53f8\uff08CSL\uff09\u7b7e\u7f72\u7684\u65b0\u8c05\u89e3\u5907\u5fd8\u5f55\uff08MOU\uff09\u662f\u6d77\u5ead\u5728\u5370\u5ea6\u5feb\u901f\u589e\u957f\u7684\u79bb\u5cb8\u80fd\u6e90\u9886\u57df\u8fc8\u51fa\u7684\u6218\u7565\u4e00\u6b65\uff0c\u9884\u8ba1\u52302030\u5e74\uff0c\u5370\u5ea6\u7684\u77f3\u6cb9\u9700\u6c42\u5c06\u6210\u4e3a\u5168\u7403\u6700\u5927\u7684\u9a71\u52a8\u529b\u3002\u6b64\u6b21\u5408\u4f5c\u589e\u5f3a\u4e86\u6d77\u5ead\u5728\u4e9a\u6d32\u7684\u533a\u57df\u5e03\u5c40\uff0c\u5c06CSL\u7684\u672c\u5730\u5e02\u573a\u4f18\u52bf\u4e0e\u6d77\u5ead\u7684\u5de5\u7a0b\u4e13\u4e1a\u77e5\u8bc6\u7ed3\u5408\u8d77\u6765\u3002\u8fd9\u4e00\u6269\u5c55\uff0c\u4ee5\u53ca\u53ef\u518d\u751f\u80fd\u6e90\u9879\u76ee\u548c\u56fd\u9645\u5408\u4f5c\uff0c\u652f\u6301\u516c\u53f8\u8f6c\u578b\u4e3a\u591a\u5143\u5316\u7684\u79bb\u5cb8\u548c\u80fd\u6e90\u89e3\u51b3\u65b9\u6848\u9886\u5bfc\u8005\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>\u6d77\u5ead\u57282025\u5e74\u4e0a\u534a\u5e74\u5b9e\u73b0\u51c0\u5229\u6da61.44\u4ebf\u65b0\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76843600\u4e07\u65b0\u5143\u589e\u957f\u3002\u6536\u5165\u589e\u957f34%\uff0c\u8fbe\u523054\u4ebf\u65b0\u5143\uff0c\u9ad8\u4e8e2024\u5e74\u4e0a\u534a\u5e74\u768440\u4ebf\u65b0\u5143\uff0c\u6bdb\u5229\u7387\u4e3a7.4%\uff0c\u76f8\u6bd4\u53bb\u5e74\u540c\u671f\u76843.7%\u6709\u6240\u63d0\u5347\u3002\u622a\u81f32025\u5e746\u670830\u65e5\uff0c\u6d77\u5ead\u7684\u51c0\u8ba2\u5355\u603b\u989d\u4e3a186\u4ebf\u65b0\u5143\uff0c\u5305\u62ec25\u4e2a\u9879\u76ee\uff0c\u4ea4\u4ed8\u65f6\u95f4\u5ef6\u7eed\u81f32031\u5e74\u3002\u4e0e\u53ef\u518d\u751f\u80fd\u6e90\u548c\u7eff\u8272\/\u66f4\u6e05\u6d01\u89e3\u51b3\u65b9\u6848\u76f8\u5173\u7684\u9879\u76ee\u5360\u51c0\u8ba2\u5355\u603b\u989d\u768463\u4ebf\u65b0\u5143\u3002\u5728\u6b64\u671f\u95f4\uff0c\u6d77\u5ead\u5b8c\u6210\u4e862\u4e2aFPSO\u96c6\u6210\u9879\u76ee\u548c101\u4e2a\u7ef4\u4fee\u4e0e\u5347\u7ea7\u9879\u76ee\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-77850\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-8.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-8.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-8-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"567\" class=\"wp-image-77851\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-9.jpeg\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-9.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-9-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-9-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-9-768x346.jpeg 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/> (Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" class=\"wp-image-77852\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-white-background-description-aut-24.jpeg\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-white-background-description-aut-24.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-white-background-description-aut-24-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AEM Holdings Ltd. (AEM SP): Nvidia \u5bf9\u82f1\u7279\u5c14\u7684\u6295\u8d44\u5e26\u6765\u7684\u95f4\u63a5\u6536\u76ca<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.80\uff0c\u76ee\u6807\u4ef7\uff1a2.00\uff0c\u6b62\u635f\u4ef7\uff1a1.70<\/strong><\/li>\n\n\n\n<li>AEM Holdings Ltd. \u662f\u4e00\u5bb6\u63a7\u80a1\u516c\u53f8\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5b50\u516c\u53f8\uff0c\u4e3a\u7535\u5b50\u884c\u4e1a\u63d0\u4f9b\u534a\u5bfc\u4f53\u3001\u4eea\u5668\u548c\u7535\u5b50\u6d4b\u8bd5\u5355\u5143\u89e3\u51b3\u65b9\u6848\u3002AEM Holdings \u7684\u5ba2\u6237\u904d\u5e03\u5168\u7403\u3002<\/li>\n\n\n\n<li><strong>\u53d7\u76ca\u4e8e\u82f1\u4f1f\u8fbe\u5bf9\u82f1\u7279\u5c14\u7684\u6295\u8d44\u3002<\/strong>\u82f1\u4f1f\u8fbe\u5ba3\u5e03\u5411\u82f1\u7279\u5c14\u6295\u8d4450\u4ebf\u7f8e\u5143\uff0c\u5e76\u5efa\u7acb\u65b0\u7684\u4ea7\u54c1\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u8fd9\u6807\u5fd7\u7740\u82f1\u7279\u5c14\u8f6c\u578b\u6218\u7565\u7684\u6700\u65b0\u8fdb\u5c55\u3002\u6839\u636e\u534f\u8bae\uff0c\u82f1\u7279\u5c14\u5c06\u8bbe\u8ba1\u5b9a\u5236CPU\uff08\u4ece\u667a\u80fd\u624b\u673a\u3001\u7b14\u8bb0\u672c\u7535\u8111\u5230\u6c7d\u8f66\u7b49\u5404\u79cd\u8bbe\u5907\u7684\u4e2d\u592e\u5904\u7406\u5668\uff09\uff0c\u8fd9\u4e9bCPU\u5c06\u4e0e\u82f1\u4f1f\u8fbe\u7684\u82af\u7247\u548c\u7cfb\u7edf\u5728\u6570\u636e\u4e2d\u5fc3\u548c\u4e2a\u4eba\u7535\u8111\u9886\u57df\u5b9e\u73b0\u65e0\u7f1d\u96c6\u6210\u3002\u7531\u4e8e\u82f1\u7279\u5c14\u662fAEM\u7684\u957f\u671f\u5ba2\u6237\uff0c\u6b64\u6b21\u5408\u4f5c\u9884\u8ba1\u5c06\u901a\u8fc7\u589e\u52a0\u9700\u6c42\u548c\u6269\u5927\u4ea7\u54c1\u673a\u4f1a\uff0c\u4e3aAEM\u5e26\u6765\u95f4\u63a5\u5229\u76ca\u3002<\/li>\n\n\n\n<li><strong>\u6df1\u5316\u4e0e\u82f1\u7279\u5c14\u7684\u5408\u4f5c\u5173\u7cfb\u3002<\/strong>\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\uff0cAEM Holdings Ltd. \u5ba3\u5e03\u4e0e\u82f1\u7279\u5c14\u4ee3\u5de5\u670d\u52a1\uff08Intel Foundry\uff09\u5408\u4f5c\uff0c\u4ee5\u6269\u5927\u5176\u6210\u719f\u7684SLT\uff08\u7cfb\u7edf\u7ea7\u6d4b\u8bd5\uff09\u548c\u70e7\u673a\uff08Burn-In\uff09\u6d4b\u8bd5\u751f\u6001\u7cfb\u7edf\u5728\u5148\u8fdb\u8ba1\u7b97\u8bbe\u5907\u9886\u57df\u7684\u5e94\u7528\u3002\u8be5\u8ba1\u5212\u65e8\u5728\u901a\u8fc7\u63d0\u4f9b\u5168\u9762\u7684\u96c6\u6210\u6d4b\u8bd5\u89e3\u51b3\u65b9\u6848\uff08\u5305\u62ec\u9488\u5bf9\u7279\u5b9a\u8bbe\u5907\u7684\u53ef\u914d\u7f6e\u6d4b\u8bd5\u5355\u5143\u548c\u5148\u8fdb\u7684\u70ed\u63a7\u5236\uff09\uff0c\u6765\u5e2e\u52a9\u65e0\u6676\u5706\u5382\u5ba2\u6237\u52a0\u5feb\u4ea7\u54c1\u4e0a\u5e02\u65f6\u95f4\u3002\u4e3b\u8981\u4f18\u52bf\u5305\u62ec\u66f4\u5feb\u7684\u5546\u4e1a\u5316\u8fdb\u7a0b\u3001\u66f4\u4f4e\u7684\u8d44\u672c\u652f\u51fa\uff0c\u4ee5\u53ca\u8fdb\u5165\u7f8e\u56fd\u672c\u571f\u5de5\u7a0b\u548c\u751f\u4ea7\u751f\u6001\u7cfb\u7edf\u7684\u673a\u4f1a\u3002\u6b64\u6b21\u5408\u4f5c\u4e0d\u4ec5\u5de9\u56fa\u4e86AEM\u7684\u884c\u4e1a\u5730\u4f4d\uff0c\u8fd8\u63d0\u5347\u4e86\u5176\u5bf9\u5229\u76ca\u76f8\u5173\u8005\u7684\u6218\u7565\u4ef7\u503c\u3002<\/li>\n\n\n\n<li><strong>\u8fdb\u51652025\u5e74\u4e0b\u534a\u5e74\u7684\u589e\u957f\u52bf\u5934\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\uff0cAEM\u7684\u9500\u552e\u989d\u56e0\u5176\u6700\u5927\u5ba2\u6237\u7684\u8ba2\u5355\u589e\u52a0\u4ee5\u53ca\u5176\u4ed6\u5ba2\u6237\u7684\u8ba2\u5355\u63d0\u524d\u800c\u589e\u957f\u3002\u5176\u4e2d\u4e00\u4e2a\u4e3b\u8981\u8d21\u732e\u56e0\u7d20\u662f\u5176\u65b0\u578b\u534a\u5bfc\u4f53\u6d4b\u8bd5\u4eeaAMPS-BI\u7684\u6210\u529f\u91cf\u4ea7\u3002\u65b0\u4e0a\u4efb\u7684\u9996\u5e2d\u6267\u884c\u5b98\u5f3a\u8c03\u4e86\u79ef\u6781\u7684\u524d\u666f\uff0c\u6307\u51fa\u516c\u53f8\u7684\u4e0b\u4e00\u4ee3\u6d4b\u8bd5\u6280\u672f\u73b0\u5df2\u51c6\u5907\u597d\u8fdb\u884c\u5927\u89c4\u6a21\u91cf\u4ea7\u3002\u8fd9\u4f7f\u5f97AEM\u5728\u4e0e\u5ba2\u6237\u5408\u4f5c\u5e94\u5bf9\u5176\u6700\u5173\u952e\u6311\u6218\u65f6\uff0c\u4e3a\u4e0b\u4e00\u9636\u6bb5\u7684\u6267\u884c\u548c\u6269\u5f20\u505a\u597d\u4e86\u51c6\u5907\u3002\u5c3d\u7ba1\u7531\u4e8e\u5168\u7403\u8d38\u6613\u4e0d\u786e\u5b9a\u6027\uff0c\u5408\u540c\u5236\u9020\u4e1a\u52a1\u9700\u6c42\u6709\u6240\u653e\u7f13\uff0c\u4f46AEM\u7684\u6838\u5fc3\u6d4b\u8bd5\u5355\u5143\u89e3\u51b3\u65b9\u6848\u4ecd\u7136\u662f\u672a\u6765\u589e\u957f\u7684\u5f3a\u5927\u9a71\u52a8\u529b\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u589e\u957f9.6%\u81f31.9\u4ebf\u65b0\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1.736\u4ebf\u65b0\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u589e\u957f284%\u81f3316\u4e07\u65b0\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a82\u4e07\u65b0\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.98\u65b0\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.29\u65b0\u5206\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-77853\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-27.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\/09\/a-blue-and-white-rectangular-object-with-white-tex-27.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-27-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"574\" class=\"wp-image-77854\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screen-shot-of-a-graph-ai-generated-content-may-1.png\" alt=\"A screen shot of a graph\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screen-shot-of-a-graph-ai-generated-content-may-1.png 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screen-shot-of-a-graph-ai-generated-content-may-1-300x137.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screen-shot-of-a-graph-ai-generated-content-may-1-1024x466.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-screen-shot-of-a-graph-ai-generated-content-may-1-768x350.png 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/> (Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-77855\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-13.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-13.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-13-300x64.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\" class=\"wp-image-77856\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-14.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-14.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-14-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-77768-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u6d1b\u9633\u683e\u5ddd\u94bc\u4e1a (3993 HK)\uff1a\u94dc\u4ef7\u548c\u91d1\u4ef7\u5448\u4e0a\u6da8\u8d8b\u52bf<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a13.5\uff0c\u76ee\u6807\u4ef7\uff1a15.5\uff0c\u6b62\u635f\u4ef7\uff1a12.5<\/strong><\/li>\n\n\n\n<li>\u6d1b\u9633\u683e\u5ddd\u94bc\u4e1a\u96c6\u56e2\u80a1\u4efd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u57fa\u672c\u91d1\u5c5e\u3001\u7a00\u6709\u91d1\u5c5e\u7684\u91c7\u3001\u9009\u3001\u51b6\u7b49\u77ff\u5c71\u91c7\u6398\u53ca\u52a0\u5de5\u4e1a\u52a1\u548c\u77ff\u4ea7\u8d38\u6613\u4e1a\u52a1\u7684\u4e2d\u56fd\u516c\u53f8\u3002\u77ff\u5c71\u91c7\u6398\u53ca\u52a0\u5de5\u4e1a\u52a1\u4e3b\u8981\u4ece\u4e8b\u94bc\u3001\u94a8\u3001\u94dc\u94b4\u3001\u78f7\u77ff\u3001\u94cc\u77ff\u7684\u91c7\u9009\u3001\u51b6\u70bc\u3001\u6df1\u52a0\u5de5\u3001\u79d1\u7814\u7b49\uff0c\u4e3b\u8981\u4ea7\u54c1\u5305\u62ec\u94bc\u94c1\u3001\u4ef2\u94a8\u9178\u94f5\u3001\u94a8\u7cbe\u77ff\u53ca\u5176\u4ed6\u94bc\u94a8\u76f8\u5173\u4ea7\u54c1\u3001\u94cc\u94c1\u3001\u94dc\u7cbe\u77ff\u3001\u9634\u6781\u94dc\u3001\u6c22\u6c27\u5316\u94b4\u3001\u78f7\u80a5\u7b49\u3002\u77ff\u4ea7\u8d38\u6613\u4e1a\u52a1\u8986\u76d6\u5168\u7403\u591a\u4e2a\u56fd\u5bb6\uff0c\u4e3b\u8981\u4e1a\u52a1\u5730\u533a\u5305\u62ec\u4e2d\u56fd\u3001\u62c9\u7f8e\u3001\u5317\u7f8e\u548c\u6b27\u6d32\uff0c\u4ea7\u54c1\u4e3b\u8981\u9500\u5f80\u4e9a\u6d32\u548c\u6b27\u6d32\u3002<\/li>\n\n\n\n<li><strong>\u94dc\u4ef7\u53cd\u5f39\u3002<\/strong>\u7531\u4e8e\u5168\u7403\u7b2c\u4e8c\u5927\u94dc\u77ff\u4ea7\u5730\u3001\u5370\u5c3cGrasberg\u77ff\u7684\u81ea\u7531\u6e2f-\u9ea6\u514b\u83ab\u5170\u516c\u53f8\uff08Freeport-McMoRan\uff09\u5ba3\u5e03\u906d\u9047\u4e0d\u53ef\u6297\u529b\uff0c\u94dc\u671f\u8d27\u4ef7\u683c\u6500\u5347\u81f3\u6bcf\u78c54.82\u7f8e\u5143\u4ee5\u4e0a\uff0c\u521b\u4e0b\u8fd1\u4e24\u4e2a\u6708\u65b0\u9ad8\u3002\u6b64\u524d\uff0c9\u67088\u65e5Grasberg\u77ff\u53d1\u751f\u6ce5\u77f3\u6d41\u4e8b\u6545\uff0c\u9020\u6210\u4e24\u540d\u5de5\u4eba\u6b7b\u4ea1\u3001\u4e94\u4eba\u5931\u8e2a\uff0c\u8feb\u4f7f\u81ea\u7531\u6e2f\u5c06\u5b63\u5ea6\u94dc\u548c\u9ec4\u91d1\u9500\u552e\u9884\u671f\u5206\u522b\u4e0b\u8c034%\u548c6%\u3002Grasberg\u77ff\u7684\u94dc\u4ea7\u91cf\u5360\u5168\u7403\u5f00\u91c7\u94dc\u4ea7\u91cf\u76843.2%\uff0c\u5360\u81ea\u7531\u6e2f\u94dc\u4ea7\u91cf\u7684\u8fd130%\u548c\u9ec4\u91d1\u4ea7\u91cf\u768470%\u3002\u6b64\u5916\uff0c\u7531\u4e8e\u79d8\u9c81\u54c8\u5fb7\u8d1d\u77ff\u4e1a\uff08Hudbay\uff09\u6682\u505c\u4e86\u5176Constancia\u77ff\u7684\u5f00\u91c7\u7b49\u5176\u4ed6\u4f9b\u5e94\u4e2d\u65ad\uff0c\u4f9b\u5e94\u98ce\u9669\u4f9d\u7136\u5c45\u9ad8\u4e0d\u4e0b\uff0c\u63a8\u9ad8\u4e86\u94dc\u4ef7\u5e76\u7ed9\u5168\u7403\u51b6\u70bc\u5382\u5e26\u6765\u4e86\u538b\u529b\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e2d\u56fd\u4e0a\u6d77\u94dc\u73b0\u8d27\u4ef7\u683c\uff08\u5143\/\u5428\uff09<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1285\" height=\"587\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-15.jpeg\" alt=\"\" class=\"wp-image-77857\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-15.jpeg 1285w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-15-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-15-1024x468.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-15-768x351.jpeg 768w\" sizes=\"(max-width: 1285px) 100vw, 1285px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002<\/strong>\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002<\/li>\n\n\n\n<li><strong>\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002<\/strong>\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002<\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-77858\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-16.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-16.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-16-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"567\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-17.jpeg\" alt=\"\" class=\"wp-image-77859\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-17.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-17-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-17-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-17-768x346.jpeg 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-77860\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-18.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-18.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-18-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">\u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5<\/strong><\/li>\n\n\n\n<li>\u91d1\u6c99\u5c9b\u4e2d\u56fd\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e3b\u8981\u5728\u6fb3\u95e8\u4ece\u4e8b\u5f00\u53d1\u53ca\u7ecf\u8425\u7efc\u5408\u5ea6\u5047\u6751\u4e1a\u52a1\u7684\u6295\u8d44\u63a7\u80a1\u516c\u53f8\u3002\u8be5\u516c\u53f8\u7ecf\u8425\u591a\u5730\u4e1a\u52a1\uff0c\u5305\u62ec\u535a\u5f69\u533a\u3001\u4f1a\u8bae\u573a\u5730\u3001\u8fdb\u884c\u5927\u578b\u4f1a\u8bae\u53ca\u5c55\u89c8\u7684\u4f1a\u5802\u3001\u96f6\u552e\u53ca\u9910\u996e\u5730\u70b9\u548c\u6587\u5a31\u573a\u6240\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u516d\u4e2a\u4e1a\u52a1\u90e8\u95e8\u8fd0\u8425\uff1a\u6fb3\u95e8\u5a01\u5c3c\u65af\u4eba\u90e8\u95e8\u3001\u91d1\u6c99\u57ce\u4e2d\u5fc3\u90e8\u95e8\u3001\u6fb3\u95e8\u767e\u5229\u5bab\u90e8\u95e8\u3001\u6fb3\u95e8\u91d1\u6c99\u90e8\u95e8\u3001\u6e21\u8f6e\u53ca\u5176\u4ed6\u4e1a\u52a1\u90e8\u95e8\u548c\u6fb3\u95e8\u5df4\u9ece\u4eba\u90e8\u95e8\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u8fd8\u4ece\u4e8b\u63d0\u4f9b\u9ad8\u901f\u6e21\u8f6e\u8fd0\u8f93\u670d\u52a1\u4e1a\u52a1\u3002\u8be5\u516c\u53f8\u7684\u5b50\u516c\u53f8\u5305\u62ec\u91d1\u5149\u6e21\u8f6e\u6709\u9650\u516c\u53f8\u3001\u516c\u5bd3\u9152\u5e97\uff08\u6fb3\u95e8\uff09\u80a1\u4efd\u6709\u9650\u516c\u53f8\u548c\u5730\u6bb5\u53d1\u5c55\u6709\u9650\u516c\u53f8\u3002<\/li>\n\n\n\n<li><strong>\u4e34\u8fd1\u7684\u9ec4\u91d1\u5468\u5c06\u63d0\u632f\u6fb3\u95e8\u65c5\u6e38\u4e1a\u3002<\/strong>\u4e2d\u56fd\u5373\u5c06\u8fce\u6765\u9ec4\u91d1\u5468\u5047\u671f\uff0c\u8fd9\u662f\u4e2d\u56fd\u6700\u91cd\u8981\u7684\u65c5\u6e38\u65f6\u671f\u4e4b\u4e00\uff0c\u5c06\u4e3a\u6d88\u8d39\u652f\u51fa\u63d0\u4f9b\u53ca\u65f6\u7684\u63d0\u632f\u3002\u4e2d\u56fd\u65c5\u6e38\u8fd0\u8425\u5546\u7684\u65e9\u671f\u9884\u8ba2\u6570\u636e\u663e\u793a\uff0c\u4ece10\u67081\u65e5\u5f00\u59cb\u7684\u4e3a\u671f\u516b\u5929\u7684\u5047\u671f\uff08\u7ed3\u5408\u4e86\u4e2d\u79cb\u8282\u548c\u56fd\u5e86\u8282\uff09\u671f\u95f4\uff0c\u56fd\u5185\u548c\u56fd\u9645\u65c5\u884c\u9700\u6c42\u5f3a\u52b2\u3002\u4e2d\u56fd\u7684\u94c1\u8def\u90e8\u95e8\u4e5f\u5728\u4e3a\u521b\u7eaa\u5f55\u7684\u5ba2\u6d41\u91cf\u505a\u51c6\u5907\uff0c\u8ba1\u5212\u6bcf\u5929\u5f00\u884c\u7ea613,000\u5217\u706b\u8f66\u3002\u5047\u671f\u671f\u95f4\u6070\u9022NBA\u4e2d\u56fd\u8d5b\uff0810\u670810\u65e5\u81f312\u65e5\uff0c\u5728\u5a01\u5c3c\u65af\u4eba\u91d1\u5149\u7efc\u827a\u9986\u4e3e\u884c\uff09\u548c\u738b\u5609\u5c14\u6f14\u5531\u4f1a\uff0810\u670811\u65e5\u81f312\u65e5\uff0c\u5728\u94f6\u6cb3\u7efc\u827a\u9986\u4e3e\u884c\uff09\uff0c\u8fd9\u4e24\u9879\u6d3b\u52a8\u9884\u8ba1\u5c06\u5438\u5f15\u66f4\u591a\u6e38\u5ba2\u524d\u5f80\u6fb3\u95e8\u3002\u65c5\u6e38\u4e1a\u7684\u589e\u957f\u6709\u671b\u8fdb\u4e00\u6b65\u652f\u6301\u91d1\u6c99\u4e2d\u56fd\u7684\u9500\u552e\u589e\u957f\u3002<\/li>\n\n\n\n<li><strong>\u516c\u53f8\u53d7\u6b22\u8fce\u7a0b\u5ea6\u7684\u8bc1\u660e\u3002<\/strong>\u91d1\u6c99\u4e2d\u56fd\u6709\u9650\u516c\u53f8\u8fce\u6765\u4e86\u5176\u5728\u6fb3\u95e8\u7269\u4e1a\u7684\u7b2c11\u4ebf\u540d\u7d2f\u8ba1\u8bbf\u5ba2\uff0c\u6807\u5fd7\u7740\u4e00\u4e2a\u91cd\u8981\u7684\u91cc\u7a0b\u7891\u3002\u8be5\u516c\u53f8\u5728\u6fb3\u95e8\u7684\u7d2f\u8ba1\u6295\u8d44\u5df2\u8d85\u8fc71345\u4ebf\u6fb3\u95e8\u5143\u3002\u5176\u7efc\u5408\u5ea6\u5047\u6751\u73b0\u5728\u63d0\u4f9b\u8d85\u8fc710,000\u95f4\u9152\u5e97\u5ba2\u623f\u3001150\u4e2a\u9910\u996e\u573a\u6240\u548c760\u5bb6\u96f6\u552e\u5546\u5e97\u3002\u8fd9\u4e00\u5386\u7ecf20\u591a\u5e74\u53d1\u5c55\u6240\u53d6\u5f97\u7684\u6210\u5c31\uff0c\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u65c5\u6e38\u4ea7\u54c1\u7684\u53d7\u6b22\u8fce\u7a0b\u5ea6\uff0c\u4ee5\u53ca\u6fb3\u95e8\u7ecf\u6d4e\u589e\u957f\u7684\u6d3b\u529b\u548c\u53ef\u6301\u7eed\u6027\u3002\u5c55\u671b\u672a\u6765\uff0c\u516c\u53f8\u8ba1\u5212\u7ee7\u7eed\u4e0e\u6fb3\u95e8\u5408\u4f5c\uff0c\u5e76\u6295\u8d44\u4e8e\u975e\u535a\u5f69\u9879\u76ee\uff0c\u4ee5\u8fdb\u4e00\u6b65\u63d0\u5347\u5176\u4f5c\u4e3a\u6fb3\u95e8\u5728\u56fd\u9645\u821e\u53f0\u4e0a\u201c\u91d1\u8272\u540d\u7247\u201d\u7684\u58f0\u8a89\u3002<\/li>\n\n\n\n<li><strong>\u975e\u535a\u5f69\u6d88\u8d39\u589e\u957f\u589e\u5f3a\u7efc\u5408\u5ea6\u5047\u6751\u5438\u5f15\u529b\u3002<\/strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u6fb3\u95e8\u975e\u535a\u5f69\u6e38\u5ba2\u6d88\u8d39\u8fbe\u523022.6\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f4.6%\uff0c\u5176\u4e2d\u8d2d\u7269\u3001\u4f4f\u5bbf\u548c\u9910\u996e\u4ecd\u7136\u662f\u6700\u5927\u7684\u6d88\u8d39\u7c7b\u522b\u3002\u8fd9\u4e00\u8d8b\u52bf\u51f8\u663e\u4e86\u91d1\u6c99\u4e2d\u56fd\u4f5c\u4e3a\u9886\u5148\u7684\u7efc\u5408\u5ea6\u5047\u6751\u8fd0\u8425\u5546\u7684\u7ade\u4e89\u4f18\u52bf\uff0c\u5176\u62e5\u6709\u5e7f\u6cdb\u7684\u975e\u535a\u5f69\u4ea7\u54c1\uff0c\u4ece\u5962\u4f88\u54c1\u96f6\u552e\u548c\u7c73\u5176\u6797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loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-77861\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-28.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\/09\/a-blue-and-white-rectangular-object-with-white-tex-28.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-28-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"574\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-lines-and-numbers-ai-generated-conte-7.png\" alt=\"A graph with lines and numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-77862\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-lines-and-numbers-ai-generated-conte-7.png 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-lines-and-numbers-ai-generated-conte-7-300x137.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-lines-and-numbers-ai-generated-conte-7-1024x466.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-lines-and-numbers-ai-generated-conte-7-768x350.png 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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\/09\/word-image-77768-21.png\" alt=\"\" class=\"wp-image-77863\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-21.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-21-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<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\/09\/word-image-77768-22.png\" alt=\"\" class=\"wp-image-77864\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-22.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-22-300x64.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\">\u5361\u6885\u79d1 (CCJ US):\u6838\u80fd\u7684\u9ec4\u91d1\u65f6\u4ee3<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a80 \u76ee\u6807\u4ef7\uff1a90 \u6b62\u635f\u4ef7\uff1a75<\/strong><\/li>\n\n\n\n<li>\u5361\u6885\u79d1\u516c\u53f8\u4ece\u4e8b\u94c0\u7684\u52d8\u63a2\u3001\u5f00\u53d1\u3001\u5f00\u91c7\u3001\u7cbe\u70bc\u3001\u8f6c\u5316\u548c\u5236\u9020\u3002\u8be5\u516c\u53f8\u63d0\u4f9b\u94c0\u4f5c\u4e3a\u6838\u7535\u53cd\u5e94\u5806\u53d1\u7535\u7684\u71c3\u6599\u3002\u5361\u6885\u79d1\u5728\u5168\u7403\u8303\u56f4\u5185\u8fd0\u8425\u3002<\/li>\n\n\n\n<li><strong>\u94c0\u5e02\u573a\u6536\u7d27\u3002<\/strong>\u5168\u7403\u94c0\u9700\u6c42\u9884\u8ba1\u52302030\u5e74\u5c06\u589e\u957f28%\uff0c\u52302040\u5e74\u5c06\u7ffb\u500d\uff0c\u53d7\u53bb\u78b3\u5316\u76ee\u6807\u3001\u6570\u636e\u4e2d\u5fc3\u7535\u529b\u9700\u6c42\u4ee5\u53ca\u5404\u56fd\u653f\u5e9c\u91cd\u65b0\u5ba1\u89c6\u6838\u80fd\u653f\u7b56\u7684\u63a8\u52a8\u3002\u540c\u65f6\uff0c\u9884\u8ba12030\u5e74\u540e\u5341\u5e74\u7684\u77ff\u5c71\u4f9b\u5e94\u5c06\u51cf\u534a\uff0c\u8fd9\u7a81\u663e\u4e86\u7531\u4e8e\u8d44\u6e90\u53d1\u73b0\u4e0e\u751f\u4ea7\u4e4b\u95f4\u768410\u81f320\u5e74\u6ede\u540e\u800c\u5bfc\u81f4\u7684\u4f9b\u5e94\u5371\u673a\u3002\u968f\u7740\u94c0\u4ef7\u683c\u7a81\u7834\u6bcf\u78c580\u7f8e\u5143\uff0c\u4ee5\u53ca\u50cfKazatomprom\u8fd9\u6837\u7684\u751f\u4ea7\u5546\u964d\u4f4e\u4ea7\u91cf\uff0c\u94c0\u4ef7\u683c\u5c06\u5728\u4f9b\u5e94\u4e0d\u8db3\u7684\u60c5\u51b5\u4e0b\u7ee7\u7eed\u53d7\u5230\u652f\u6491\uff0c\u8fd9\u5c06\u4f7f\u5361\u6885\u79d1\u53d7\u76ca\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u94c0\u73b0\u8d27\u4ef7\u683c<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1285\" height=\"587\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-black-background-ai-generated-conten-1.jpeg\" alt=\"A graph on a black background\n\nAI-generated content may be incorrect.\" class=\"wp-image-77865\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-black-background-ai-generated-conten-1.jpeg 1285w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-black-background-ai-generated-conten-1-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-black-background-ai-generated-conten-1-1024x468.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-on-a-black-background-ai-generated-conten-1-768x351.jpeg 768w\" sizes=\"(max-width: 1285px) 100vw, 1285px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5728\u65b0\u5e02\u573a\u6269\u5c55\u3002<\/strong>\u5361\u6885\u79d1\u901a\u8fc7\u5bf9\u897f\u5c4b\u7535\u6c14\u548c\u5168\u7403\u6fc0\u5149\u6d53\u7f29\u7684\u6295\u8d44\u6765\u591a\u5143\u5316\u5176\u4e1a\u52a1\uff0c\u6269\u5c55\u4ece\u5f00\u91c7\u5230\u8f6c\u5316\u548c\u5148\u8fdb\u6838\u6280\u672f\u7684\u9886\u57df\u3002\u4e0e\u65af\u6d1b\u4f10\u514b\u7535\u529b\u516c\u53f8\u65b0\u7b7e\u8ba2\u76842028-2036\u5408\u540c\u7a81\u663e\u4e86\u5361\u6885\u79d1\u5728\u6b27\u6d32\u516c\u7528\u4e8b\u4e1a\u516c\u53f8\u6446\u8131\u4fc4\u7f57\u65af\u71c3\u6599\u65f6\u6355\u83b7\u5e02\u573a\u4efd\u989d\u7684\u80fd\u529b\u3002\u8be5\u4ea4\u6613\u786e\u4fdd\u4e86\u957f\u671f\u6536\u5165\uff0c\u540c\u65f6\u5de9\u56fa\u4e86\u5361\u6885\u79d1\u4f5c\u4e3a\u4f4e\u78b3\u7535\u7f51\u53ef\u4fe1\u8d56\u4f9b\u5e94\u5546\u7684\u89d2\u8272\uff0c\u7279\u522b\u662f\u5728\u4e2d\u6b27\u5730\u533a\u3002\u968f\u7740\u7f8e\u56fd\u548c\u82f1\u56fd\u627f\u8bfa\u57282028\u5e74\u524d\u5b9e\u73b0\u6838\u80fd\u72ec\u7acb\uff0c\u5361\u6885\u79d1\u6709\u671b\u4ece\u4f9b\u5e94\u94fe\u7684\u56de\u6d41\u4e2d\u83b7\u76ca\u3002<\/li>\n\n\n\n<li><strong>\u653f\u7b56\u5229\u597d\u4e0e\u8d44\u672c\u6d41\u5165\u3002<\/strong>\u652f\u6301\u6027\u653f\u7b56\u7684\u52bf\u5934\u6b63\u5728\u52a0\u901f\u3002\u7f8e\u56fd\u7684\u884c\u653f\u547d\u4ee4\u65e8\u5728\u5c06\u6838\u80fd\u4ea7\u80fd\u589e\u52a0\u56db\u500d\uff0c\u627f\u8bfa\u5efa\u7acb\u6218\u7565\u94c0\u50a8\u5907\uff0c\u4ee5\u53ca\u5728\u53d1\u8fbe\u548c\u65b0\u5174\u5e02\u573a\u7684\u4eb2\u6838\u6846\u67b6\u4e3a\u5361\u6885\u79d1\u7684\u9700\u6c42\u524d\u666f\u63d0\u4f9b\u652f\u6301\u3002\u540c\u65f6\uff0c\u4eba\u5de5\u667a\u80fd\u9a71\u52a8\u7684\u80fd\u6e90\u9700\u6c42\u6b63\u5728\u91cd\u5851\u7535\u529b\u5e02\u573a\uff0c\u6838\u80fd\u6210\u4e3a\u552f\u4e00\u53ef\u6269\u5c55\u7684\u65e0\u78b3\u57fa\u7840\u8d1f\u8377\u9009\u9879\u3002\u5b9e\u7269\u94c0\u57fa\u91d1\u5982Sprott\u548cYellow Cake\u7ee7\u7eed\u5438\u7eb3\u4f9b\u5e94\uff0c\u589e\u5f3a\u77ff\u5546\u7684\u5b9a\u4ef7\u80fd\u529b\u3002\u5728\u8fd9\u79cd\u73af\u5883\u4e0b\uff0c\u5361\u6885\u79d1\u7684\u8d44\u672c\u5206\u914d\u7eaa\u5f8b\uff0c\u5e73\u8861\u4f9b\u5e94\u5408\u540c\u3001\u71c3\u6599\u5faa\u73af\u6574\u5408\u548c\u9009\u62e9\u6027\u751f\u4ea7\u63d0\u5347\uff0c\u4f7f\u5176\u80fd\u591f\u5728\u4fdd\u6301\u4f9b\u5e94\u5b89\u5168\u7684\u540c\u65f6\uff0c\u6293\u4f4f\u94c0\u4ef7\u683c\u4e0a\u6da8\u7684\u9700\u6c42\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u540c\u6bd4\u589e\u957f46.7%\uff0c\u8fbe\u52308.77\u4ebf\u7f8e\u5143\uff0c\u8d85\u51fa\u9884\u671f2.8871\u4ebf\u7f8e\u5143\u3002\u975eGAAP\u6bcf\u80a1\u6536\u76ca\u4e3a0.71\u7f8e\u5143\uff0c\u8d85\u51fa\u5e02\u573a\u5171\u8bc60.34\u7f8e\u5143\u3002\u5168\u5e74\u516c\u53f8\u9884\u8ba1\u94c0\u5e74\u4ea7\u91cf\u4e3a2240\u4e07\u78c5\uff0c\u5408\u8d44\u4f01\u4e1aInkai\u7684\u5e74\u91c7\u8d2d\u914d\u989d\u4e3a370\u4e07\u78c5\uff0c\u71c3\u6599\u670d\u52a1\u90e8\u95e8\u7684\u7efc\u5408\u4ea7\u54c1\u4e3a1300\u81f31400\u4e07\u5343\u514b\u94c0\u3002<\/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\/09\/word-image-77768-24.png\" alt=\"\" class=\"wp-image-77866\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-24.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-24-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/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=\"1260\" height=\"567\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-25.jpeg\" alt=\"\" class=\"wp-image-77867\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-25.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-25-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-25-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-25-768x346.jpeg 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"940\" height=\"200\" class=\"wp-image-77868\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-24.png\" alt=\"A long line of a flag\n\nDescription automatically generated with medium confidence\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-24.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-24-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-long-line-of-a-flag-description-automatically-g-24-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Lyft, Inc. (LYFT US): \u901a\u8fc7\u5408\u4f5c\u6269\u5927\u5f71\u54cd\u529b<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.5 \u76ee\u6807\u4ef7\uff1a24.5\u6b62\u635f\u4ef7\uff1a20.0<\/strong><\/li>\n\n\n\n<li>Lyft, Inc. \u63d0\u4f9b\u7dda\u4e0a\u53eb\u8eca\u670d\u52d9\u3002\u8a72\u516c\u53f8\u63d0\u4f9b\u53eb\u8eca\u9810\u8a02\u3001\u4ed8\u6b3e\u8655\u7406\u548c\u6c7d\u8eca\u904b\u8f38\u670d\u52d9\u3002Lyft\u7684\u670d\u52d9\u5c0d\u8c61\u70ba\u7f8e\u570b\u5ba2\u6236\u3002<\/li>\n\n\n\n<li><strong>Lyft\u5c06\u4e0eWaymo\u5408\u4f5c\uff0c\u5728\u7eb3\u4ec0\u7ef4\u5c14\u63a8\u51fa\u81ea\u52a8\u9a7e\u9a76\u53eb\u8f66\u670d\u52a1\u3002<\/strong>\u53cc\u65b9\u5c06\u4ece\u660e\u5e74\u5f00\u59cb\u5728\u7eb3\u4ec0\u7ef4\u5c14\u63a8\u51fa\u81ea\u52a8\u53eb\u8f66\u670d\u52a1\u3002 Lyft\u5c06\u8d1f\u8d23\u8f66\u961f\u8425\u8fd0\u7ba1\u7406\uff0c\u5305\u62ec\u7ef4\u62a4\u3001\u57fa\u7840\u8bbe\u65bd\u548c\u505c\u8f66\u573a\uff0c\u800cWaymo\u7684\u8f66\u8f86\u5c06\u9996\u5148\u5728\u5176\u5e94\u7528\u7a0b\u5f0f\u4e0a\u8fd0\u884c\uff0c\u7136\u540e\u5728 2026 \u5e74\u6574\u5408\u5230Lyft\u7684\u5e73\u53f0\u4e2d\u3002 Lyft\u5c06\u4e3a\u6b64\u5efa\u9020\u4e00\u4e2a\u65b0\u7684\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u4e13\u5c5e\u8bbe\u65bd\uff0c\u4ee5\u63d0\u4f9b\u7ef4\u4fee\u548c\u5145\u7535\u670d\u52a1\uff0c\u6709\u52a9\u4e8eLyft\u5728\u81ea\u52a8\u9a7e\u9a76\u53eb\u8f66\u5e02\u573a\u4e2d\u5360\u636e\u4e00\u5e2d\u4e4b\u5730\u3002<\/li>\n\n\n\n<li><strong>Lyft\u5c06\u4e0e\u767e\u5ea6\u7684Apollo Go\u5408\u4f5c\u6269\u5c55\u6b27\u6d32\u5e02\u573a\u3002<\/strong>Lyft\u5df2\u4e0e\u767e\u5ea6\u5408\u4f5c\uff0c\u8ba1\u5212\u5728\u83b7\u5f97\u76d1\u7ba1\u90e8\u95e8\u6279\u51c6\u540e\uff0c\u9996\u5148\u5728\u5fb7\u56fd\u548c\u82f1\u56fd\u90e8\u7f72\u6570\u5343\u8f86 Apollo Go\u8f66\u8f86\u3002\u767e\u5ea6\u7684\u7b2c\u516d\u4ee3\u81ea\u52a8\u9a7e\u9a76\u6c7d\u8f66\u5c06\u5728Lyft\u7684\u5e73\u53f0\u4e0a\u8fd0\u884c\uff0c\u5e76\u8ba1\u5212\u5728\u672a\u6765\u51e0\u5e74\u5185\u5c06\u4e1a\u52a1\u6269\u5c55\u5230\u591a\u4e2a\u6b27\u6d32\u5e02\u573a\u3002\u6b64\u4e3e\u4e0e\u6b27\u6d32\u7684\u76d1\u7ba1\u84dd\u56fe\u76f8\u7b26\uff0c\u5305\u62ec\u5fb7\u56fd\u52302027 \u5e74\u5b9e\u73b0\u81ea\u52a8\u5316\u4ea4\u901a\uff0c\u4ee5\u53ca\u52302030\u5e74\u5b8c\u5168\u6574\u5408\u81ea\u52a8\u9a7e\u9a76\u7cfb\u7edf\u7684\u76ee\u6807\uff0c\u8fd9\u5c06\u5de9\u56faLyft\u5728\u8be5\u5730\u533a\u7684\u5730\u4f4d\u3002<\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>\u7b2c\u4e8c\u5b63\u5ea6\u8425\u6536\u540c\u6bd4\u589e\u957f11.1%\uff0c\u81f316\u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e\u9884\u671f1000\u4e07\u7f8e\u5143\u3002GAAP\u6bcf\u80a1\u6536\u76ca\u4e3a0.10\u7f8e\u5143\uff0c\u9ad8\u4e8e\u5e02\u573a\u9884\u671f0.06\u7f8e\u5143\u3002\u4e58\u8f66\u91cf\u540c\u6bd4\u589e\u957f14%\uff0c\u81f32.348\u4ebf\u6b21\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4e5f\u662f\u8fde\u7eed\u7b2c\u4e5d\u4e2a\u5b63\u5ea6\u5b9e\u73b0\u4e24\u4f4d\u6570\u540c\u6bd4\u589e\u957f\u3002\u6d3b\u8dc3\u4e58\u5ba2\u91cf\u540c\u6bd4\u589e\u957f10%\uff0c\u81f32610\u4e07\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u516c\u53f8\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u4e58\u8f66\u91cf\u540c\u6bd4\u589e\u957f\u5c06\u8fbe\u523015%\u5de6\u53f3\uff0c\u603b\u9884\u8ba2\u91cf\u5c06\u572846.5\u4ebf\u7f8e\u5143\u81f348\u4ebf\u7f8e\u5143\u4e4b\u95f4\uff0c\u8c03\u6574\u540e\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u5c06\u57281.25\u4ebf\u7f8e\u5143\u81f31.45\u4ebf\u7f8e\u5143\u4e4b\u95f4\u3002<\/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\/09\/a-blue-and-white-rectangular-object-with-white-tex-29.png\" alt=\"A blue and white rectangular object with white text\n\nAI-generated content may be incorrect.\" class=\"wp-image-77869\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-29.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-blue-and-white-rectangular-object-with-white-tex-29-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/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=\"1260\" height=\"574\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-red-green-and-blue-lines-ai-generate-5.png\" alt=\"A graph with red green and blue lines\n\nAI-generated content may be incorrect.\" class=\"wp-image-77870\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-red-green-and-blue-lines-ai-generate-5.png 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-red-green-and-blue-lines-ai-generate-5-300x137.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-red-green-and-blue-lines-ai-generate-5-1024x466.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/a-graph-with-red-green-and-blue-lines-ai-generate-5-768x350.png 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Source: Bloomberg)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<\/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-77768-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" class=\"wp-image-77871\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-29.png\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-29.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-29-300x64.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\/09\/word-image-77768-30.png\" alt=\"\" class=\"wp-image-77872\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-30.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-30-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trading Dashboard Update: <\/strong>Cut loss on HongKong Land (HKL SP) at S$6.30.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"477\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-31.png\" alt=\"\" class=\"wp-image-77873\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-31.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-31-300x152.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/09\/word-image-77768-31-768x388.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\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 \u00a0 \u00a0 \u9999\u6e2f \u00a0 ^ Back To Top \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f (Source: Bloomberg) \u00a0 AEM Holdings Ltd. (AEM SP): Nvidia \u5bf9\u82f1\u7279\u5c14\u7684\u6295\u8d44\u5e26\u6765\u7684\u95f4\u63a5\u6536\u76ca (Source: Bloomberg) \u6d1b\u9633\u683e\u5ddd\u94bc\u4e1a (3993 HK)\uff1a\u94dc\u4ef7\u548c\u91d1\u4ef7\u5448\u4e0a\u6da8\u8d8b\u52bf \u4e2d\u56fd\u4e0a\u6d77\u94dc\u73b0\u8d27\u4ef7\u683c\uff08\u5143\/\u5428\uff09 (Source: Bloomberg) (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f (Source: Bloomberg) \u5361\u6885\u79d1 (CCJ US):\u6838\u80fd\u7684\u9ec4\u91d1\u65f6\u4ee3 \u94c0\u73b0\u8d27\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) [&hellip;]<\/p>\n","protected":false},"author":10,"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-77768","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 \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.40\uff0c\u76ee\u6807\u4ef7\uff1a2.70\uff0c\u6b62\u635f\u4ef7\uff1a2.25 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u7565\u5fae\u4e0b\u964d1.7%\u81f334.9\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a35.5\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e0b\u964d23.7%\u81f34.13\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a5.41\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca\u964d\u81f35.10\u7f8e\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a6.69\u7f8e\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5361\u6885\u79d1 (CCJ\" \/>\n\t<meta name=\"robots\" content=\"max-image-preview:large\" \/>\n\t<meta name=\"author\" content=\"Keith Tan\"\/>\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-26-sep-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\u5e749\u670826\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 \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.40\uff0c\u76ee\u6807\u4ef7\uff1a2.70\uff0c\u6b62\u635f\u4ef7\uff1a2.25 \u6d77\u5ead\u4e3a\u79bb\u5cb8\u3001\u6d77\u6d0b\u548c\u80fd\u6e90\u884c\u4e1a\u63d0\u4f9b\u5de5\u7a0b\u89e3\u51b3\u65b9\u6848\u3002\u516c\u53f8\u63d0\u4f9b\u94bb\u4e95\u5e73\u53f0\u548c\u6d6e\u52a8\u8bbe\u5907\u3001\u7ef4\u4fee\u548c\u5347\u7ea7\u3001\u79bb\u5cb8\u5e73\u53f0\u4ee5\u53ca\u4e13\u4e1a\u9020\u8239\u670d\u52a1\u3002\u6d77\u5ead\u5728\u5168\u7403\u8303\u56f4\u5185\u4e3a\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u7565\u5fae\u4e0b\u964d1.7%\u81f334.9\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a35.5\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e0b\u964d23.7%\u81f34.13\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a5.41\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca\u964d\u81f35.10\u7f8e\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a6.69\u7f8e\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5361\u6885\u79d1 (CCJ\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-26-sep-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=\"2025-09-25T23:31:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-09-26T02:10:06+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\u5e749\u670826\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 \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.40\uff0c\u76ee\u6807\u4ef7\uff1a2.70\uff0c\u6b62\u635f\u4ef7\uff1a2.25 \u6d77\u5ead\u4e3a\u79bb\u5cb8\u3001\u6d77\u6d0b\u548c\u80fd\u6e90\u884c\u4e1a\u63d0\u4f9b\u5de5\u7a0b\u89e3\u51b3\u65b9\u6848\u3002\u516c\u53f8\u63d0\u4f9b\u94bb\u4e95\u5e73\u53f0\u548c\u6d6e\u52a8\u8bbe\u5907\u3001\u7ef4\u4fee\u548c\u5347\u7ea7\u3001\u79bb\u5cb8\u5e73\u53f0\u4ee5\u53ca\u4e13\u4e1a\u9020\u8239\u670d\u52a1\u3002\u6d77\u5ead\u5728\u5168\u7403\u8303\u56f4\u5185\u4e3a\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) 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\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u7565\u5fae\u4e0b\u964d1.7%\u81f334.9\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a35.5\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e0b\u964d23.7%\u81f34.13\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a5.41\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca\u964d\u81f35.10\u7f8e\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a6.69\u7f8e\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5361\u6885\u79d1 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u7565\u5fae\u4e0b\u964d1.7%\u81f334.9\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a35.5\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e0b\u964d23.7%\u81f34.13\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a5.41\u4ebf\u7f8e\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u7a00\u91ca\u540e\u6bcf\u80a1\u6536\u76ca\u964d\u81f35.10\u7f8e\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a6.69\u7f8e\u5206\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u5361\u6885\u79d1 (CCJ","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-26-sep-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":"2025-09-25T23:31:00+00:00","article:modified_time":"2025-09-26T02:10:06+00:00","twitter:card":"summary","twitter:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e749\u670826\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 \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f 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\u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u4e2d\u56fd\u589e\u52a0\u9ec4\u91d1\u50a8\u5907\u3002\u6839\u636e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u7684\u6570\u636e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u57288\u6708\u8fde\u7eed\u7b2c10\u4e2a\u6708\u589e\u6301\u9ec4\u91d1\uff0c\u5c06\u9ec4\u91d1\u50a8\u5907\u63d0\u5347\u81f32,302\u5428\u3002\u968f\u7740\u4e2d\u56fd\u4e3a\u5e94\u5bf9\u5730\u7f18\u653f\u6cbb\u98ce\u9669\u800c\u7ee7\u7eed\u5b9e\u73b0\u5916\u6c47\u50a8\u5907\u591a\u5143\u5316\u3001\u964d\u4f4e\u5bf9\u7f8e\u5143\u8d44\u4ea7\u7684\u4f9d\u8d56\uff0c\u9ec4\u91d1\u5360\u4e2d\u56fd\u5916\u6c47\u50a8\u5907\u7684\u6bd4\u4f8b\u8fbe\u52307.0%\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\u3002\u592e\u884c\u7684\u6301\u7eed\u8d2d\u4e70\u3001\u5168\u7403\u7ecf\u6d4e\u4e0d\u786e\u5b9a\u6027\u4ee5\u53ca\u91d1\u4ef7\u4e0a\u6da8\uff0c\u90fd\u63d0\u632f\u4e86\u6295\u8d44\u8005\u5bf9\u9ec4\u91d1\u7684\u9700\u6c42\u3002\u5c3d\u7ba1\u91d1\u4ef7\u9ad8\u4f01\uff0c\u6d1b\u9633\u94bc\u4e1a\uff08CMOC\uff09\u4ecd\u5c06\u53d7\u76ca\u4e8e\u592e\u884c\u7684\u6301\u7eed\u589e\u6301\u3002 \u4e13\u6ce8\u4e8e\u5e76\u8d2d\u3002\u6d1b\u9633\u94bc\u4e1a\u96c6\u56e2\u91cd\u7533\u4e86\u5176\u4e13\u6ce8\u4e8e\u5e76\u8d2d\u7684\u7b56\u7565\uff0c\u76ee\u6807\u9501\u5b9a\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7b49\u8d44\u6e90\u4e30\u5bcc\u5730\u533a\uff0c\u540c\u65f6\u4e5f\u5728\u8003\u8651\u62d3\u5c55\u94bc\u548c\u94a8\u4e1a\u52a1\u3002\u516c\u53f8\u8fd1\u671f\u4ee54.19\u4ebf\u7f8e\u5143\u6536\u8d2d\u4e86Lumina Gold\uff0c\u83b7\u5f97\u4e86\u5384\u74dc\u591a\u5c14\u6700\u5927\u7684\u539f\u751f\u91d1\u77ff\u3002\u8be5\u4ea4\u6613\u7a81\u663e\u4e86\u6d1b\u9633\u94bc\u4e1a\u901a\u8fc7\u975e\u5185\u751f\u5f0f\u6269\u5f20\u6765\u6269\u5927\u5176\u6295\u8d44\u7ec4\u5408\u548c\u5168\u7403\u4e1a\u52a1\u7248\u56fe\u7684\u6218\u7565\u3002 2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u56de\u987e\u30022025\u5e74\u4e0a\u534a\u5e74\u8425\u4e1a\u6536\u5165\u540c\u6bd4\u4e0b\u964d7.83%\u81f3948\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1,028\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f60.1%\u81f386.7\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a54.2\u4ebf\u5143\u4eba\u6c11\u5e01\u30022025\u5e74\u4e0a\u534a\u5e74\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u589e\u81f30.41\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.25\u5143\u4eba\u6c11\u5e01\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u91d1\u6c99\u4e2d\u56fd (1928 HK)\uff1a\u5373\u5c06\u5230\u6765\u7684\u9ec4\u91d1\u5468\u5e26\u6765\u7684\u63d0\u632f \u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a21.0\uff0c\u76ee\u6807\u4ef7\uff1a24.0\uff0c\u6b62\u635f\u4ef7\uff1a19.5 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