{"id":78334,"date":"2025-10-03T07:45:00","date_gmt":"2025-10-02T23:45:00","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=78334"},"modified":"2025-10-03T09:57:52","modified_gmt":"2025-10-03T01:57:52","slug":"kgi-daily-trading-ideas-03-oct-2025-zh","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-oct-2025-zh\/","title":{"rendered":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e7410\u67083\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<h3 class=\"wp-block-heading\"><figure><img decoding=\"async\" width=\"1917\" height=\"852\" class=\"wp-image-78444\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8.png 1917w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8-300x133.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8-1024x455.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8-768x341.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-8-1536x683.png 1536w\" sizes=\"(max-width: 1917px) 100vw, 1917px\" \/><\/figure><\/h3>\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\/10\/a-screen-shot-of-a-chart-ai-generated-content-may-5.png\" alt=\"A screen shot of a chart\n\nAI-generated content may be incorrect.\" class=\"wp-image-78445\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screen-shot-of-a-chart-ai-generated-content-may-5.png 1071w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screen-shot-of-a-chart-ai-generated-content-may-5-300x77.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screen-shot-of-a-chart-ai-generated-content-may-5-1024x262.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screen-shot-of-a-chart-ai-generated-content-may-5-768x196.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\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-9.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-78446\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-9.png 915w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-9-300x92.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-9-768x237.png 768w\" sizes=\"(max-width: 915px) 100vw, 915px\" \/><\/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<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\/10\/word-image-78334-4.png\" alt=\"\" class=\"wp-image-78380\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-4.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-4-300x64.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-78334-_qqv3rtx8nazp\"><\/a><a id=\"post-78334-_ylayyh7qqd99\"><\/a>\u9999\u6e2f<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1915\" height=\"806\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11.png\" alt=\"A screenshot of a computer\n\nAI-generated content may be incorrect.\" class=\"wp-image-78381\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11.png 1915w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11-300x126.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11-1024x431.png 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11-768x323.png 768w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-ai-generated-content-m-11-1536x646.png 1536w\" sizes=\"(max-width: 1915px) 100vw, 1915px\" \/><\/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\/10\/word-image-78334-6.png\" alt=\"\" class=\"wp-image-78382\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-6.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-6-300x64.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\/10\/word-image-78334-7.png\" class=\"wp-image-78383\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-7.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-7-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">\u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6<\/strong><br>  <\/li>\n\n\n\n<li>\u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002<br>  <\/li>\n\n\n\n<li><strong>\u4ea7\u91cf\u589e\u957f\u548c\u5229\u6da6\u6269\u5f20\u5c06\u63d0\u5347\u5e95\u7ebf\u3002<\/strong>\u76ca\u8d44\u6e90\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f43.6%\uff0c\u8fbe\u52301.492\u4ebf\u7f8e\u5143\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6fc0\u589e56.3%\uff0c\u8fbe2.623\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u9500\u91cf\u3002\u6210\u529f\u6536\u8d2d\u5965\u65af\u4e01\u591a\u7eb3\u65af\u5854\u5c14\u96c5\uff08ANJ\uff09\u4e8e5\u6708\u5b8c\u6210\uff0c\u6269\u5927\u4e86\u751f\u4ea7\u80fd\u529b\uff0c\u540c\u65f6\u65b0\u9c9c\u679c\u4e32\uff08FFB\uff09\u6536\u6210\u540c\u6bd4\u589e\u957f23.0%\uff0c\u8fbe\u5230200\u4e07\u5428\uff0c\u7c97\u68d5\u6988\u6cb9\uff08CPO\uff09\u4ea7\u91cf\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8fbe\u5230554,519\u5428\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b63\u8282\u6027\u66f4\u9ad8\u7684\u4ea7\u91cf\u548cANJ\u7684\u5168\u5e74\u6574\u5408\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u9500\u91cf\u3002\u518d\u52a0\u4e0a\u6539\u8fdb\u7684\u9500\u552e\u7ec4\u5408\u548c\u6210\u672c\u6548\u7387\u7684\u63d0\u5347\uff0c\u5373\u4f7f\u77ed\u671f\u5185\u4ef7\u683c\u56de\u843d\uff0c\u5229\u6da6\u7387\u4e5f\u6709\u671b\u6269\u5927\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u76ca\u8d44\u6e90\u7684\u76c8\u5229\u97e7\u6027\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u539f\u68d5\u6cb9\u4ef7\u683c<\/strong>\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1257\" height=\"552\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-lines-and-numbers-ai-generated-conte-1.jpeg\" alt=\"A graph with lines and numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-78384\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-lines-and-numbers-ai-generated-conte-1.jpeg 1257w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-lines-and-numbers-ai-generated-conte-1-300x132.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-lines-and-numbers-ai-generated-conte-1-1024x450.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-lines-and-numbers-ai-generated-conte-1-768x337.jpeg 768w\" sizes=\"(max-width: 1257px) 100vw, 1257px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002<\/strong>\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-78385\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-10.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\/10\/a-blue-and-white-rectangular-object-with-numbers-10.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-10-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1257\" height=\"532\" alt=\"A graph with a line graph\n\nAI-generated content may be incorrect.\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-a-line-graph-ai-generated-content-ma-1.jpeg\" class=\"wp-image-78386\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-a-line-graph-ai-generated-content-ma-1.jpeg 1257w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-a-line-graph-ai-generated-content-ma-1-300x127.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-a-line-graph-ai-generated-content-ma-1-1024x433.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-with-a-line-graph-ai-generated-content-ma-1-768x325.jpeg 768w\" sizes=\"(max-width: 1257px) 100vw, 1257px\" \/>\n   (Source: Bloomberg)\n<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"160\" alt=\"A long line of a white background\n\nDescription automatically generated with medium confidence\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-white-background-description-aut-3.jpeg\" class=\"wp-image-78387\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-white-background-description-aut-3.jpeg 752w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-white-background-description-aut-3-300x64.jpeg 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/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>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a2.40\uff0c\u76ee\u6807\u4ef7\uff1a2.70\uff0c\u6b62\u635f\u4ef7\uff1a2.25<\/strong><br>  <\/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<br>  <\/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<br>  <\/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<br>  <\/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<br>  <\/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<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-78388\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-white-tex-3.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\/10\/a-blue-and-white-rectangular-object-with-white-tex-3.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-white-tex-3-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><\/strong><br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\n  <img loading=\"lazy\" decoding=\"async\" width=\"1260\" height=\"567\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-13.jpeg\" class=\"wp-image-78389\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-13.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-13-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-13-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-13-768x346.jpeg 768w\" sizes=\"(max-width: 1260px) 100vw, 1260px\" \/>\n   (Source: Bloomberg)\n<\/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\/10\/word-image-78334-14.png\" class=\"wp-image-78390\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-14.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-14-300x64.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\/10\/word-image-78334-15.png\" class=\"wp-image-78391\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-15.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-15-300x64.png 300w\" sizes=\"(max-width: 602px) 100vw, 602px\" \/><\/figure><a id=\"post-78334-_34eo5yf8y7pj\"><\/a><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5<\/strong><br>  <\/li>\n\n\n\n<li>JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8\u662f\u4e00\u5bb6\u4e2d\u56fd\u516c\u53f8\uff0c\u4e3b\u8981\u4ece\u4e8b\u9ad8\u6027\u80fd\u9495\u94c1\u787c\uff08NdFeB\uff09\u78c1\u4f53\u7684\u751f\u4ea7\u548c\u9500\u552e\u3002\u516c\u53f8\u4ece\u4e8b\u9ad8\u6027\u80fd NdFeB \u6c38\u78c1\u6750\u6599\u3001\u78c1\u6027\u5143\u4ef6\u7684\u7814\u53d1\u3001\u751f\u4ea7\u548c\u9500\u552e\uff0c\u4ee5\u53ca\u7a00\u571f\u6c38\u78c1\u6750\u6599\u7684\u56de\u6536\u548c\u7efc\u5408\u5229\u7528\u3002\u516c\u53f8\u7684\u4ea7\u54c1\u5e7f\u6cdb\u5e94\u7528\u4e8e\u65b0\u80fd\u6e90\u8f66\u8f86\u53ca\u6c7d\u8f66\u96f6\u90e8\u4ef6\u3001\u8282\u80fd\u53d8\u9891\u7a7a\u8c03\u3001\u98ce\u529b\u53d1\u7535\u30013C \u4ea7\u54c1\u3001\u673a\u5668\u4eba\u548c\u5de5\u4e1a\u4f3a\u670d\u7535\u673a\u3001\u8282\u80fd\u7535\u68af\u3001\u8f68\u9053\u4ea4\u901a\u7b49\u9886\u57df\u3002<br>  <\/li>\n\n\n\n<li><strong>\u51fa\u53e3\u7ba1\u5236\u589e\u5f3a\u4e2d\u56fd\u7684\u6760\u6746\u4f5c\u7528\u3002<\/strong>\u4e2d\u56fd\u7684\u5355\u6b21\u51fa\u53e3\u8bb8\u53ef\u8bc1\u53d1\u653e\u5c06\u7a00\u571f\u78c1\u4f53\u8f6c\u53d8\u4e3a\u53d7\u63a7\u4ea7\u54c1\uff0c\u622a\u81f39\u67089\u65e5\uff0c\u53ea\u6709\u7ea613.5%\u7684\u6b27\u6d32\u7533\u8bf7\u8005\u83b7\u5f97\u6279\u51c6\u3002\u4e25\u683c\u7684\u5ba1\u6279\u548c\u5ef6\u957f\u7684\u5904\u7406\u65f6\u95f4\u5df2\u7ecf\u8feb\u4f7f\u5916\u56fd\u4e70\u5bb6\u6682\u505c\u751f\u4ea7\uff0c\u5e76\u5bf9\u97e9\u56fd\u7684\u4e0b\u6e38\u4ea7\u4e1a\u9020\u6210\u538b\u529b\uff0c\u7279\u522b\u662f\u91cd\u7a00\u571f\u5143\u7d20\uff08REEs\uff09\u3002\u5728\u8fd9\u79cd\u53d7\u9650\u73af\u5883\u4e2d\uff0c\u89c4\u6a21\u3001\u5408\u89c4\u51c6\u5907\u548c\u5ba2\u6237\u5ba1\u67e5\u53d8\u5f97\u5c24\u4e3a\u91cd\u8981\u3002\u4f5c\u4e3a\u56fd\u5185\u9876\u7ea7\u7684 NdFeB \u751f\u4ea7\u5546\uff0cJL Mag \u5728\u83b7\u5f97\u8bb8\u53ef\u8bc1\u65b9\u9762\u5904\u4e8e\u66f4\u6709\u5229\u7684\u4f4d\u7f6e\uff0c\u5e76\u80fd\u591f\u5c06\u4ea7\u54c1\u91cd\u65b0\u5b9a\u4ef7\u5230\u5176\u4ed6\u5e02\u573a\u3002\u653f\u7b56\u7684\u7d27\u7f29\u6548\u5e94\u63d0\u9ad8\u4e86\u7a00\u7f3a\u4ef7\u503c\uff0c\u5e76\u5c06\u8bae\u4ef7\u6743\u8f6c\u5411\u50cf JL Mag \u8fd9\u6837\u7684\u56fd\u5185\u9886\u5148\u751f\u4ea7\u5546\uff0c\u4f7f\u5176\u5728\u6b27\u6d32\u3001\u65e5\u672c\u548c\u4e1c\u5357\u4e9a\u80fd\u591f\u547d\u4ee4\u66f4\u9ad8\u7684\u4ef7\u683c\u3002<br>  <\/li>\n\n\n\n<li><strong>\u56fd\u5185\u9700\u6c42\u62b5\u6d88\u51fa\u53e3\u6ce2\u52a8\u3002<\/strong>\u4e2d\u56fd\u6d88\u8017\u4e86\u5168\u7403\u7ea690%\u7684\u7a00\u571f\u78c1\u4f53\uff0c\u5e76\u7ee7\u7eed\u4f18\u5148\u8003\u8651\u7535\u6c14\u5316\u548c\u5de5\u4e1a\u5347\u7ea7\u3002\u968f\u7740\u5916\u56fd\u4e70\u5bb6\u9762\u4e34\u4e0d\u7a33\u5b9a\u7684\u91c7\u8d2d\u6e20\u9053\uff0c\u91c7\u8d2d\u8d8b\u52bf\u503e\u5411\u4e8e\u57fa\u4e8e\u4e2d\u56fd\u7684\u3001\u5df2\u51c6\u5907\u597d\u83b7\u5f97\u8bb8\u53ef\u8bc1\u7684\u4f9b\u5e94\u5546\uff0c\u4ee5\u4fdd\u6301\u4f9b\u5e94\u7684\u8fde\u7eed\u6027\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa JL Mag \u7684\u56fd\u5185\u8ba2\u5355\uff0c\u540c\u65f6\u9009\u62e9\u6027\u5730\u586b\u8865\u66f4\u9ad8\u6bdb\u5229\u7684\u51fa\u53e3\u8ba2\u5355\u3002\u653f\u7b56\u652f\u6301\u6df1\u5316\u56fd\u5185\u4ef7\u503c\u94fe\u7684\u5efa\u8bbe\uff0c\u4ee5\u53ca\u63a2\u7d22\u6269\u5927\u4e2d\u56fd\u5728\u6d77\u5916\u7684\u52a0\u5de5\u8db3\u8ff9\uff0c\u76ee\u524d\u4e0e\u9a6c\u6765\u897f\u4e9a\u7684\u521d\u6b65\u8ba8\u8bba\u6b63\u5728\u8fdb\u884c\u4e2d\uff0c\u8fd9\u4e3a\u7efc\u5408\u6027\u4e2d\u56fd\u78c1\u4f53\u5236\u9020\u5546\u63d0\u4f9b\u4e86\u957f\u671f\u9700\u6c42\u7684\u53ef\u89c1\u6027\u3002<br>  <\/li>\n\n\n\n<li><strong>\u7a00\u571f\u78c1\u6027\u6750\u6599\u5382\u7684\u6301\u7eed\u5efa\u8bbe\u3002<\/strong>JL Mag \u7a00\u571f\u516c\u53f8\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u5ba3\u5e03\u8ba1\u5212\u6295\u8d4410\u4ebf\u5143\u4eba\u6c11\u5e01\uff08\u7ea6\u54081.436\u4ebf\u7f8e\u5143\uff09\u5728\u5185\u8499\u53e4\u5305\u5934\u5efa\u8bbe\u4e00\u5ea7\u65b0\u7684\u9ad8\u6027\u80fd\u7a00\u571f\u6c38\u78c1\u6750\u6599\u751f\u4ea7\u8bbe\u65bd\u3002\u8be5\u5de5\u5382\u5c06\u652f\u6301\u4eba\u5f62\u673a\u5668\u4eba\u548c\u65b0\u80fd\u6e90\u8f66\u8f86\u7b49\u65b0\u5174\u884c\u4e1a\u7684\u9700\u6c42\u589e\u957f\u3002\u65b0\u5de5\u5382\u8bbe\u8ba1\u5e74\u4ea7\u80fd\u529b\u4e3a2\u4e07\u5428\uff0c\u5c06\u4f7f\u516c\u53f8\u7684\u603b\u751f\u4ea7\u80fd\u529b\u589e\u52a050%\uff0c\u8fbe\u5230\u6bcf\u5e746\u4e07\u5428\u3002\u9884\u8ba1\u5efa\u8bbe\u5c06\u9700\u8981\u7ea6\u4e24\u5e74\u65f6\u95f4\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u540c\u6bd4\u589e\u957f4.33%\uff0c\u8fbe\u523035.1\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u4e0e2024\u5e74\u4e0a\u534a\u5e74\u768433.6\u4ebf\u5143\u4eba\u6c11\u5e01\u76f8\u6bd4\u3002\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f154.81%\uff0c\u57282025\u5e74\u4e0a\u534a\u5e74\u8fbe\u52303.05\u4ebf\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1.197\u4ebf\u5143\u4eba\u6c11\u5e01\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.22\u5143\u4eba\u6c11\u5e01\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.09\u5143\u4eba\u6c11\u5e01\u3002\u622a\u81f32025\u5e746\u670830\u65e5\u7684\u516d\u4e2a\u6708\u5185\uff0c\u516c\u53f8\u63d0\u8bae\u5ba3\u6d3e\u4e2d\u671f\u80a1\u606f\uff0c\u8ba1\u5212\u5411\u6240\u6709\u80a1\u4e1c\u6bcf10\u80a1\u5206\u914d\u73b0\u91d1\u80a1\u606f1.8\u5143\u4eba\u6c11\u5e01\uff08\u542b\u7a0e\uff09\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-78392\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-11.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\/10\/a-blue-and-white-rectangular-object-with-numbers-11.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-11-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1257\" height=\"532\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/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-78393\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-14.jpeg 1257w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-300x127.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-1024x433.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-14-768x325.jpeg 768w\" sizes=\"(max-width: 1257px) 100vw, 1257px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"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\/10\/word-image-78334-18.png\" class=\"wp-image-78394\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-18.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-18-300x64.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/><\/figure><\/strong><\/h3>\n\n\n\n<h2 class=\"wp-block-heading\">CGN Mining Co Ltd. (1164 HK)\uff1a\u94c0\u4ef7\u53cd\u5f39<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a3.1\uff0c\u76ee\u6807\u4ef7\uff1a3.5\uff0c\u6b62\u635f\u4ef7\uff1a2.9<\/strong><br>  <\/li>\n\n\n\n<li>CGN Mining Co Ltd \u662f\u4e00\u5bb6\u4e3b\u8981\u4ece\u4e8b\u5929\u7136\u94c0\u4ea4\u6613\u7684\u516c\u53f8\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u4e09\u4e2a\u4e1a\u52a1\u90e8\u95e8\u8fd0\u8425\u3002\u5929\u7136\u94c0\u4ea4\u6613\u90e8\u95e8\u4ece\u4e8b\u5929\u7136\u94c0\u7684\u4ea4\u6613\uff1b\u7269\u4e1a\u6295\u8d44\u90e8\u95e8\u4ece\u4e8b\u79df\u8d41\u4e1a\u52a1\uff1b\u5176\u4ed6\u6295\u8d44\u90e8\u95e8\u4ece\u4e8b\u6295\u8d44\u6d3b\u52a8\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6536\u7d27\u7684\u94c0\u5e02\u573a\u652f\u6301\u4ef7\u683c\u4e0a\u6da8\u3002<\/strong>2025\u5e74\uff0c\u94c0\u671f\u8d27\u4ef7\u683c\u5df2\u98d9\u5347\u81f3\u6bcf\u78c583\u7f8e\u5143\u4ee5\u4e0a\uff0c\u4e3b\u8981\u53d7\u5230Sprott\u548cYellow Cake\u7b49\u5b9e\u4f53\u94c0\u57fa\u91d1\u7684\u79ef\u6781\u4e70\u5165\u63a8\u52a8\uff0c\u540c\u65f6\u7f8e\u56fd\u4e5f\u5728\u52aa\u529b\u6269\u5927\u5176\u6218\u7565\u94c0\u50a8\u5907\uff0c\u4ee5\u5e94\u5bf9\u5bf9\u4fc4\u7f57\u65af\u8fdb\u53e3\u7684\u9650\u5236\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u7531\u4e8eCameco\u4e0b\u8c03\u751f\u4ea7\u6307\u5f15\u548cKazatomprom\u5ba3\u5e032026\u5e74\u51cf\u5c1110%\u7684\u4ea7\u91cf\uff0c\u4f9b\u5e94\u4e2d\u65ad\u95ee\u9898\u4e5f\u9010\u6e10\u663e\u73b0\u3002\u4e16\u754c\u6838\u534f\u4f1a\u9884\u6d4b\u52302030\u5e74\u5168\u7403\u94c0\u9700\u6c42\u5c06\u4e0a\u534728%\uff0cCGN Mining\u6709\u671b\u4ece\u7ed3\u6784\u6027\u8f83\u9ad8\u7684\u94c0\u4ef7\u4e2d\u53d7\u76ca\uff0c\u56e0\u4e3a\u4e2d\u56fd\u7684\u53cd\u5e94\u5806\u5efa\u8bbe\u548c\u5168\u7403\u80fd\u6e90\u5b89\u5168\u95ee\u9898\u63a8\u52a8\u4e86\u5bf9\u6838\u80fd\u7684\u6295\u8d44\u3002<br>  <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\n  \u94c0\u671f\u8d27\u4ef7\u683c\n<\/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\/10\/a-graph-of-a-stock-market-ai-generated-content-ma-3.jpeg\" alt=\"A graph of a stock market\n\nAI-generated content may be incorrect.\" class=\"wp-image-78395\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-of-a-stock-market-ai-generated-content-ma-3.jpeg 1285w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-of-a-stock-market-ai-generated-content-ma-3-300x137.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-of-a-stock-market-ai-generated-content-ma-3-1024x468.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-of-a-stock-market-ai-generated-content-ma-3-768x351.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\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e2d\u56fd\u6838\u80fd\u5efa\u8bbe\u63a8\u52a8\u957f\u671f\u94c0\u9700\u6c42\u3002<\/strong>\u4e2d\u56fd\u9884\u8ba1\u52302040\u5e74\u5c06\u6838\u80fd\u5bb9\u91cf\u51e0\u4e4e\u7ffb\u500d\u81f3200 GW\uff0c\u5e76\u57282030\u5e74\u8d85\u8d8a\u7f8e\u56fd\uff0c\u6210\u4e3a\u4e16\u754c\u6700\u5927\u7684\u6838\u7535\u751f\u4ea7\u56fd\u3002\u5f53\u524d\u5168\u740361\u5ea7\u5728\u5efa\u6838\u53cd\u5e94\u5806\u4e2d\uff0c\u5927\u7ea6\u4e00\u534a\u4f4d\u4e8e\u4e2d\u56fd\uff0c\u968f\u7740\u6838\u80fd\u5728\u4e2d\u56fd\u7535\u529b\u7ed3\u6784\u4e2d\u6240\u5360\u6bd4\u4f8b\u4ece2024\u5e74\u76845%\u4e0a\u5347\u81f32040\u5e74\u768410%\uff0c\u5bf9\u94c0\u7684\u9700\u6c42\u5c06\u52a0\u901f\u3002\u8fd9\u4e00\u5feb\u901f\u5efa\u8bbe\u4e0d\u4ec5\u51f8\u663e\u4e86\u5317\u4eac\u5728\u5b9e\u73b0\u53bb\u78b3\u5316\u7684\u540c\u65f6\u7ef4\u62a4\u80fd\u6e90\u5b89\u5168\u7684\u51b3\u5fc3\uff0c\u4e5f\u4e3a\u50cfCGN Mining\u8fd9\u6837\u7684\u94c0\u4f9b\u5e94\u5546\u521b\u9020\u4e86\u9700\u6c42\u987a\u98ce\uff0c\u56e0\u4e3a\u5176\u4f5c\u4e3a\u4e2d\u56fd\u56fd\u5bb6\u652f\u6301\u7684\u94c0\u5e73\u53f0\u5728\u4fdd\u969c\u4f9b\u5e94\u65b9\u9762\u5177\u6709\u6218\u7565\u4f18\u52bf\u3002<br>  <\/li>\n\n\n\n<li><strong>CGN Mining\u4e0e\u5b50\u516c\u53f8\u5ef6\u957f\u6846\u67b6\u534f\u8bae\u3002<\/strong>CGN Mining Co.\u5df2\u5ba3\u5e03\u5c06\u4e0e\u5176\u5b50\u516c\u53f8\u4e4b\u95f4\u7684\u5929\u7136\u94c0\u9500\u552e\u548c\u91d1\u878d\u670d\u52a1\u63d0\u4f9b\u6846\u67b6\u534f\u8bae\u7eed\u7b7e\u3002\u8fd9\u4e9b\u534f\u8bae\u5c06\u4ece2026\u5e741\u6708\u8d77\u518d\u5ef6\u957f\u4e09\u5e74\u3002\u6839\u636e\u9999\u6e2f\u4e0a\u5e02\u89c4\u5219\uff0c\u8fd9\u4e9b\u534f\u8bae\u88ab\u5217\u4e3a\u91cd\u5927\u548c\u6301\u7eed\u7684\u5173\u8054\u4ea4\u6613\uff0c\u9700\u83b7\u5f97\u72ec\u7acb\u80a1\u4e1c\u7684\u6279\u51c6\u3002\u5b83\u4eec\u4e5f\u5c06\u7ee7\u7eed\u53d7\u5230\u5e74\u5ea6\u62ab\u9732\u548c\u5408\u89c4\u5ba1\u67e5\u8981\u6c42\u7684\u7ea6\u675f\u3002\u8fd9\u4e00\u5ef6\u957f\u652f\u6301\u4e86\u8fd0\u8425\u7684\u8fde\u7eed\u6027\uff0c\u5e76\u5f3a\u5316\u4e86CGN Mining\u5728CGN\u96c6\u56e2\u66f4\u5e7f\u6cdb\u7684\u6838\u71c3\u6599\u548c\u91d1\u878d\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u4e00\u4f53\u5316\u89d2\u8272\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u4e0a\u534a\u5e74\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u4e0a\u534a\u5e74\u6536\u5165\u540c\u6bd4\u4e0b\u964d58.0%\uff0c\u8fbe\u523017.1\u4ebf\u6e2f\u5143\uff0c\u76f8\u8f83\u4e8e2024\u5e74\u4e0a\u534a\u5e74\u768440.7\u4ebf\u6e2f\u5143\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u4e8f\u635f\u4e3a6760\u4e07\u6e2f\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.131\u4ebf\u6e2f\u5143\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u964d\u81f3\uff080.89\uff09\u6e2f\u5206\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a1.49\u6e2f\u5206\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>    <figure><img loading=\"lazy\" decoding=\"async\" width=\"497\" height=\"106\" class=\"wp-image-78396\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-12.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\/10\/a-blue-and-white-rectangular-object-with-numbers-12.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-12-300x64.png 300w\" sizes=\"(max-width: 497px) 100vw, 497px\" \/><\/figure><br>  <\/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\/10\/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-78397\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-15.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-15-768x346.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\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-22.png\" alt=\"\" class=\"wp-image-78398\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-22.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-22-300x64.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\/10\/word-image-78334-23.png\" alt=\"\" class=\"wp-image-78399\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-23.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-23-300x64.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\">\u7f8e\u56fd\u96c5\u5b9d (ALB US): \u653f\u7b56\u5229\u597d\u4e0e\u4f4e\u5229\u7387\u63a8\u52a8\u9502\u4ef7\u4e0a\u6da8<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a83 \u76ee\u6807\u4ef7\uff1a95 \u6b62\u635f\u4ef7\uff1a77<\/strong><br>  <\/li>\n\n\n\n<li>\u7f8e\u56fd\u96c5\u5b9d\u751f\u4ea7\u7528\u4e8e\u79fb\u52a8\u3001\u80fd\u6e90\u3001\u8fde\u63a5\u548c\u5065\u5eb7\u89e3\u51b3\u65b9\u6848\u7684\u7279\u6b8a\u5316\u5b66\u54c1\u3002\u516c\u53f8\u63d0\u4f9b\u7528\u4e8e\u7535\u7f51\u50a8\u80fd\u3001\u6c7d\u8f66\u3001\u822a\u7a7a\u822a\u5929\u3001\u4f20\u7edf\u80fd\u6e90\u3001\u7535\u5b50\u4ea7\u54c1\u3001\u5efa\u7b51\u3001\u519c\u4e1a\u548c\u98df\u54c1\u3001\u5236\u836f\u548c\u533b\u7597\u8bbe\u5907\u7684\u5173\u952e\u6210\u5206\u3002\u963f\u5c14\u8d1d\u9a6c\u5c14\u5728\u5168\u7403\u8303\u56f4\u5185\u4e3a\u5ba2\u6237\u63d0\u4f9b\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u653f\u7b56\u9a71\u52a8\u7684\u5173\u952e\u77ff\u7269\u4f18\u52bf\u3002<\/strong>\u963f\u5c14\u8d1d\u9a6c\u5c14\u72ec\u7279\u5730\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\uff0c\u53ef\u4ee5\u53d7\u76ca\u4e8e\u7f8e\u56fd\u653f\u5e9c\u91cd\u65b0\u5173\u6ce8\u786e\u4fdd\u9502\u548c\u7a00\u571f\u7b49\u5173\u952e\u77ff\u7269\u4f9b\u5e94\u94fe\u7684\u6218\u7565\uff0c\u8fd9\u4e9b\u77ff\u7269\u88ab\u8ba4\u4e3a\u5bf9\u56fd\u9632\u3001\u534a\u5bfc\u4f53\u548c\u7535\u52a8\u8f66\u81f3\u5173\u91cd\u8981\u3002\u968f\u7740\u534e\u76db\u987f\u6295\u5165\u8d44\u91d1\u5e76\u63a2\u7d22\u7c7b\u4f3c\u80a1\u6743\u7684\u6295\u8d44\u4ee5\u589e\u5f3a\u56fd\u5185\u91c7\u77ff\u80fd\u529b\uff0c\u963f\u5c14\u8d1d\u9a6c\u5c14\u5728\u7f8e\u56fd\u7684\u4e1a\u52a1\u5c06\u76f4\u63a5\u83b7\u5f97\u653f\u7b56\u652f\u6301\u548c\u957f\u671f\u9700\u6c42\u53ef\u89c1\u6027\u3002\u50cf45X\u5148\u8fdb\u5236\u9020\u7a0e\u6536\u62b5\u514d\u548c\u5173\u952e\u77ff\u7269\u7684\u8c41\u514d\u7b49\u7a0e\u6536\u6fc0\u52b1\u63aa\u65bd\u964d\u4f4e\u4e86\u76d1\u7ba1\u963b\u529b\uff0c\u540c\u65f6\u5de9\u56fa\u4e86\u963f\u5c14\u8d1d\u9a6c\u5c14\u5728\u4fdd\u969c\u7f8e\u56fd\u9502\u72ec\u7acb\u4e2d\u7684\u6218\u7565\u89d2\u8272\u3002\u7ed3\u5408\u7f8e\u56fd\u7684\u964d\u606f\uff0c\u8fd9\u4e9b\u56e0\u7d20\u7f13\u89e3\u4e86\u878d\u8d44\u6761\u4ef6\u5e76\u523a\u6fc0\u4e86\u5546\u54c1\u6d41\u5165\uff0c\u963f\u5c14\u8d1d\u9a6c\u5c14\u5c06\u7ee7\u7eed\u53d7\u76ca\u4e8e\u5f3a\u5316\u5176\u957f\u671f\u589e\u957f\u8f68\u8ff9\u7684\u7ed3\u6784\u6027\u80cc\u666f\u3002<br>  <\/li>\n\n\n\n<li><strong>\u6210\u672c\u63a7\u5236\u4e0e\u591a\u5143\u5316\u3002<\/strong>\u5c3d\u7ba1\u9502\u4ef7\u8f83\u5cf0\u503c\u5df2\u66b4\u8dcc90%\u4ee5\u4e0a\uff0c\u963f\u5c14\u8d1d\u9a6c\u5c14\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u7684\u8868\u73b0\u51f8\u663e\u51fa\u5f3a\u6709\u529b\u7684\u6267\u884c\u529b\uff0c\u8c03\u6574\u540e\u7684\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u4e3a3.36\u4ebf\u7f8e\u5143\uff0c\u4e14\u5728\u80fd\u6e90\u50a8\u5b58\u548c\u7279\u6b8a\u4ea7\u54c1\u9500\u91cf\u589e\u957f\u7684\u652f\u6301\u4e0b\u5b9e\u73b0\u4e86\u610f\u5916\u76c8\u5229\u3002\u516c\u53f8\u9884\u8ba1\u5c06\u628a\u8d44\u672c\u652f\u51fa\u964d\u4f4e\u81f36.5\u4ebf\u81f37\u4ebf\u7f8e\u5143\uff0c\u5e76\u9884\u8ba1\u57282025\u8d22\u5e74\u5b9e\u73b0\u6b63\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u5176\u591a\u5143\u5316\u7684\u76c8\u5229\u57fa\u7840\u548c\u7a33\u5065\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4f7f\u963f\u5c14\u8d1d\u9a6c\u5c14\u80fd\u591f\u62b5\u5fa1\u77ed\u671f\u5e02\u573a\u538b\u529b\u3002\u5168\u7403\u7535\u52a8\u8f66\u9700\u6c42\u540c\u6bd4\u589e\u957f35%\uff0c\u80fd\u6e90\u50a8\u5b58\u540c\u6bd4\u589e\u957f126%\uff0c\u5728\u8f83\u4f4e\u5229\u7387\u73af\u5883\u4e0b\u6d41\u52a8\u6027\u6539\u5584\uff0c\u963f\u5c14\u8d1d\u9a6c\u5c14\u5728\u7535\u6c14\u5316\u5468\u671f\u4e2d\u5177\u5907\u826f\u597d\u7684\u53d7\u76ca\u4f4d\u7f6e\uff0c\u5e76\u8fdb\u4e00\u6b65\u53d7\u76ca\u4e8e\u7f8e\u56fd\u653f\u7b56\u7684\u5229\u597d\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u51c0\u9500\u552e\u989d\u540c\u6bd4\u4e0b\u964d7.0%\uff0c\u4e3a13.3\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a14.3\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u8f6c\u6b63\uff0c\u540c\u6bd4\u589e\u957f112.2%\uff0c\u8fbe\u52302290\u4e07\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a-1.882\u4ebf\u7f8e\u5143\u3002\u8c03\u6574\u540e\u7684\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e0a\u5347\u81f30.11\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a0.04\u7f8e\u5143\u3002\u5bf9\u4e8e2025\u8d22\u5e74\uff0c\u516c\u53f8\u7ef4\u6301\u9502\u5e02\u573a\u5e73\u5747\u4ef7\u683c9\u7f8e\u5143\/\u516c\u65a4\u7684\u9884\u671f\uff0c\u5047\u8bbe\u5f53\u524d\u9502\u5e02\u573a\u4ef7\u683c\u5728\u672c\u5e74\u5ea6\u5176\u4f59\u65f6\u95f4\u5185\u4fdd\u6301\u4e0d\u53d8\uff0c\u5e76\u9884\u8ba1\u5b9e\u73b0\u6b63\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u3002\u8fd8\u9884\u8ba1\u80fd\u6e90\u50a8\u5b58\u9500\u552e\u91cf\u540c\u6bd4\u589e\u957f0%\u81f310%\uff0c2025\u5168\u5e74\u8d44\u672c\u652f\u51fa\u9884\u671f\u964d\u4f4e\u81f36.5\u4ebf\u81f37\u4ebf\u7f8e\u5143\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>  <\/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\/10\/a-blue-and-white-rectangular-box-with-white-text-3.png\" alt=\"A blue and white rectangular box with white text\n\nAI-generated content may be incorrect.\" class=\"wp-image-78400\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-box-with-white-text-3.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-box-with-white-text-3-300x64.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=\"1257\" height=\"532\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-16.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-78402\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-16.jpeg 1257w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-16-300x127.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-16-1024x433.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-16-768x325.jpeg 768w\" sizes=\"(max-width: 1257px) 100vw, 1257px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\n  (Source: Bloomberg)\n<\/p>\n\n\n\n<h2 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\/10\/a-long-line-of-a-flag-description-automatically-g-3.png\" class=\"wp-image-78403\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-flag-description-automatically-g-3.png 940w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-flag-description-automatically-g-3-300x64.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-long-line-of-a-flag-description-automatically-g-3-768x163.png 768w\" sizes=\"(max-width: 940px) 100vw, 940px\" \/><\/figure> <\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Centrus Energy Corp. (LEU US)\uff1a\u6838\u80fd\u9700\u6c42\u589e\u52a0<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u91cd\u7533\u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a300 \u76ee\u6807\u4ef7\uff1a340 \u6b62\u635f\u4ef7\uff1a280<\/strong><br>  <\/li>\n\n\n\n<li> Centrus Energy Corp. \u662f\u4e00\u5bb6\u5168\u7403\u80fd\u6e90\u516c\u53f8\uff0c\u4f9b\u5e94\u4f4e\u6d53\u7f29\u94c0\uff08\u201cLEU\u201d\uff09\u7528\u4e8e\u5546\u4e1a\u6838\u7535\u5382\u3002\u8be5\u516c\u53f8\u901a\u8fc7\u5176\u5b50\u516c\u53f8\u5728\u7f8e\u56fd\u80af\u5854\u57fa\u5dde\u8fd0\u8425\u4e00\u4e2a\u94c0\u6d53\u7f29\u8bbe\u65bd\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\u63a2\u7d22\u6f5c\u5728\u6295\u8d44\u3002<\/strong>Centrus Energy \u4e0e\u97e9\u56fd\u6c34\u7535\u6838\u80fd\u516c\u53f8\uff08KHNP\uff09\u548cPOSCO\u56fd\u9645\u5efa\u7acb\u4e86\u5408\u4f5c\u4f19\u4f34\u5173\u7cfb\uff0c\u4ee5\u8bc4\u4f30\u5bf9\u5176\u4f4d\u4e8e\u4fc4\u4ea5\u4fc4\u5dde\u76ae\u514b\u987f\u94c0\u6d53\u7f29\u8bbe\u65bd\u6269\u5c55\u7684\u6f5c\u5728\u6295\u8d44\u3002\u6b64\u6b21\u5408\u4f5c\u65e8\u5728\u52a0\u5f3a\u7f8e\u56fd\u4e0e\u97e9\u56fd\u5728\u6c11\u7528\u6838\u80fd\u65b9\u9762\u7684\u5408\u4f5c\uff0c\u5305\u62ec\u63a2\u7d22\u4f4e\u6d53\u7f29\u94c0\uff08LEU\uff09\u548c\u9ad8\u6d53\u5ea6\u4f4e\u6d53\u7f29\u94c0\uff08HALEU\uff09\u7b49\u989d\u5916\u4f9b\u5e94\u534f\u8bae\u7684\u673a\u4f1a\uff0c\u4ee5\u652f\u6301\u4e0b\u4e00\u4ee3\u53cd\u5e94\u5806\u3002\u8be5\u5021\u8bae\u5f3a\u8c03\u4e86\u5bf9\u7f8e\u56fd\u62e5\u6709\u7684\u6d53\u7f29\u80fd\u529b\u65e5\u76ca\u589e\u957f\u7684\u9700\u6c42\uff0c\u5e76\u7a81\u51fa\u4e86\u79c1\u4eba\u8d44\u672c\u6295\u8d44\u7684\u53e6\u4e00\u4e2a\u6f5c\u5728\u6e20\u9053\uff0c\u65e8\u5728\u589e\u5f3a\u6838\u71c3\u6599\u5e02\u573a\u7684\u4f9b\u5e94\u591a\u6837\u6027\u548c\u7ade\u4e89\u3002<br>  <\/li>\n\n\n\n<li><strong>\u9ad8\u6d53\u5ea6\u4f4e\u6d53\u7f29\u94c0\u662f\u6838\u80fd\u7684\u74f6\u9888\u3002<\/strong>\u9ad8\u6d53\u5ea6\u4f4e\u6d53\u7f29\u94c0\uff08HALEU\uff09\u662f\u4e00\u79cd\u94c0\u71c3\u6599\uff0cU-235\u7684\u6d53\u5ea6\u4e3a5%\u81f320%\uff0c\u76f8\u6bd4\u4f20\u7edf\u4f4e\u6d53\u7f29\u94c0\u63d0\u4f9b\u66f4\u9ad8\u7684\u80fd\u91cf\u8f93\u51fa\uff0c\u540c\u65f6\u51cf\u5c11\u6838\u5e9f\u6599\u3002HALEU \u9002\u7528\u4e8e\u4e0b\u4e00\u4ee3\u5148\u8fdb\u53cd\u5e94\u5806\u8bbe\u8ba1\uff0c\u7279\u522b\u662f\u5c0f\u578b\u6a21\u5757\u5316\u53cd\u5e94\u5806\u3002\u6838\u5de5\u4e1a\u7684\u521b\u65b0\u548c\u6548\u7387\u63d0\u5347\u4f9d\u8d56\u4e8eHALEU\u7684\u5e94\u7528\uff0c\u591a\u4e2a\u56fd\u5bb6\u6b63\u5728\u63a8\u52a8\u5176\u7814\u53d1\u3002HALEU\u751f\u4ea7\u8bb8\u53ef\u8bc1\u7684\u7533\u8bf7\u975e\u5e38\u4e25\u683c\uff0c\u6d89\u53ca\u6280\u672f\u3001\u751f\u4ea7\u8bbe\u5907\u548c\u8bbe\u65bd\u7b49\u56e0\u7d20\u3002\u8be5\u516c\u53f8\u662f\u552f\u4e00\u83b7\u5f97\u7f8e\u56fd\u6838\u80fd\u76d1\u7ba1\u59d4\u5458\u4f1a\u8bb8\u53ef\u751f\u4ea7HALEU\u7684\u516c\u53f8\uff0c\u8fd9\u4e5f\u662f\u5176\u7ade\u4e89\u4f18\u52bf\u3002<br>  <\/li>\n\n\n\n<li><strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/strong>2025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u6536\u5165\u4e0b\u964d18.3%\uff0c\u4e3a1.545\u4ebf\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a1.89\u4ebf\u7f8e\u5143\u3002\u51c0\u6536\u5165\u7565\u5fae\u4e0b\u964d5.56%\uff0c\u4e3a2890\u4e07\u7f8e\u5143\uff0c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a3060\u4e07\u7f8e\u5143\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u964d\u81f31.63\u7f8e\u5143\uff0c\u800c2024\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u4e3a1.89\u7f8e\u5143\u3002\u622a\u81f32025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0c\u516c\u53f8\u603b\u8ba2\u5355\u79ef\u538b\u4e3a36\u4ebf\u7f8e\u5143\uff0c\u4ea4\u4ed8\u622a\u6b62\u65e5\u671f\u5ef6\u957f\u81f32040\u5e74\u3002\u5176\u4e2d\u5305\u62ec\u4ef7\u503c21\u4ebf\u7f8e\u5143\u7684\u4f4e\u6d53\u7f29\u94c0\u9500\u552e\u534f\u8bae\u548c9\u4ebf\u7f8e\u5143\u7684\u6280\u672f\u652f\u6301\u670d\u52a1\u3002<br>  <\/li>\n\n\n\n<li><strong>\u5e02\u573a\u5171\u8bc6<\/strong><br>  <\/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\/10\/a-blue-and-white-rectangular-object-with-numbers-13.png\" alt=\"A blue and white rectangular object with numbers\n\nAI-generated content may be incorrect.\" class=\"wp-image-78404\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-13.png 497w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-blue-and-white-rectangular-object-with-numbers-13-300x64.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\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-17.jpeg\" alt=\"A graph on a screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-78405\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-17.jpeg 1260w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-17-300x135.jpeg 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-17-1024x461.jpeg 1024w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-graph-on-a-screen-ai-generated-content-may-be-i-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<h5 class=\"wp-block-heading\">(Source: Bloomberg)<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\"><a id=\"post-78334-_Hlt181111973\"><\/a><a id=\"post-78334-_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-78334-_va9jaog5jnw3\"><\/a><figure><img loading=\"lazy\" decoding=\"async\" width=\"637\" height=\"135\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-29.png\" class=\"wp-image-78406\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-29.png 637w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-29-300x64.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\/10\/word-image-78334-30.png\" alt=\"\" class=\"wp-image-78407\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-30.png 602w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/word-image-78334-30-300x64.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>No changes to the trading dashboard.\n<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"943\" height=\"528\" src=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-5.png\" alt=\"A screenshot of a computer screen\n\nAI-generated content may be incorrect.\" class=\"wp-image-78408\" srcset=\"https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-5.png 943w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-5-300x168.png 300w, https:\/\/www.kgieworld.sg\/research\/wp-content\/uploads\/2025\/10\/a-screenshot-of-a-computer-screen-ai-generated-co-5-768x430.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0<a id=\"post-71807-_tiry8p5xvcqk\"><\/a><\/p>\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 \u9999\u6e2f ^ Back To Top \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 (Source: Bloomberg) CGN Mining Co Ltd. (1164 HK)\uff1a\u94c0\u4ef7\u53cd\u5f39 \u94c0\u671f\u8d27\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) \u7f8e\u56fd\u96c5\u5b9d (ALB US): \u653f\u7b56\u5229\u597d\u4e0e\u4f4e\u5229\u7387\u63a8\u52a8\u9502\u4ef7\u4e0a\u6da8 (Source: [&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-78334","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 \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6 \u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002 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\u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) \u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u91cd\u7533\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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\u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 \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 \u62d3\u5c55\u5168\u7403\u5f71\u54cd\u529b\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL Mag\" \/>\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-03-oct-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\u5e7410\u67083\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 \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6 \u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002 \u4ea7\u91cf\u589e\u957f\u548c\u5229\u6da6\u6269\u5f20\u5c06\u63d0\u5347\u5e95\u7ebf\u3002\u76ca\u8d44\u6e90\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f43.6%\uff0c\u8fbe\u52301.492\u4ebf\u7f8e\u5143\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6fc0\u589e56.3%\uff0c\u8fbe2.623\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u9500\u91cf\u3002\u6210\u529f\u6536\u8d2d\u5965\u65af\u4e01\u591a\u7eb3\u65af\u5854\u5c14\u96c5\uff08ANJ\uff09\u4e8e5\u6708\u5b8c\u6210\uff0c\u6269\u5927\u4e86\u751f\u4ea7\u80fd\u529b\uff0c\u540c\u65f6\u65b0\u9c9c\u679c\u4e32\uff08FFB\uff09\u6536\u6210\u540c\u6bd4\u589e\u957f23.0%\uff0c\u8fbe\u5230200\u4e07\u5428\uff0c\u7c97\u68d5\u6988\u6cb9\uff08CPO\uff09\u4ea7\u91cf\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8fbe\u5230554,519\u5428\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b63\u8282\u6027\u66f4\u9ad8\u7684\u4ea7\u91cf\u548cANJ\u7684\u5168\u5e74\u6574\u5408\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u9500\u91cf\u3002\u518d\u52a0\u4e0a\u6539\u8fdb\u7684\u9500\u552e\u7ec4\u5408\u548c\u6210\u672c\u6548\u7387\u7684\u63d0\u5347\uff0c\u5373\u4f7f\u77ed\u671f\u5185\u4ef7\u683c\u56de\u843d\uff0c\u5229\u6da6\u7387\u4e5f\u6709\u671b\u6269\u5927\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u76ca\u8d44\u6e90\u7684\u76c8\u5229\u97e7\u6027\u3002 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) \u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u91cd\u7533\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 \u5f3a\u52b2\u7684\u76c8\u5229\u52a8\u529b\u548c\u8ba2\u5355\u53ef\u89c1\u6027\u3002\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 \u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 \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 \u62d3\u5c55\u5168\u7403\u5f71\u54cd\u529b\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL Mag\" \/>\n\t\t<meta property=\"og:url\" content=\"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-oct-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=\"2025-10-02T23:45:00+00:00\" \/>\n\t\t<meta property=\"article:modified_time\" content=\"2025-10-03T01:57:52+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\u5e7410\u67083\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 \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6 \u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002 \u4ea7\u91cf\u589e\u957f\u548c\u5229\u6da6\u6269\u5f20\u5c06\u63d0\u5347\u5e95\u7ebf\u3002\u76ca\u8d44\u6e90\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f43.6%\uff0c\u8fbe\u52301.492\u4ebf\u7f8e\u5143\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6fc0\u589e56.3%\uff0c\u8fbe2.623\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u9500\u91cf\u3002\u6210\u529f\u6536\u8d2d\u5965\u65af\u4e01\u591a\u7eb3\u65af\u5854\u5c14\u96c5\uff08ANJ\uff09\u4e8e5\u6708\u5b8c\u6210\uff0c\u6269\u5927\u4e86\u751f\u4ea7\u80fd\u529b\uff0c\u540c\u65f6\u65b0\u9c9c\u679c\u4e32\uff08FFB\uff09\u6536\u6210\u540c\u6bd4\u589e\u957f23.0%\uff0c\u8fbe\u5230200\u4e07\u5428\uff0c\u7c97\u68d5\u6988\u6cb9\uff08CPO\uff09\u4ea7\u91cf\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8fbe\u5230554,519\u5428\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b63\u8282\u6027\u66f4\u9ad8\u7684\u4ea7\u91cf\u548cANJ\u7684\u5168\u5e74\u6574\u5408\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u9500\u91cf\u3002\u518d\u52a0\u4e0a\u6539\u8fdb\u7684\u9500\u552e\u7ec4\u5408\u548c\u6210\u672c\u6548\u7387\u7684\u63d0\u5347\uff0c\u5373\u4f7f\u77ed\u671f\u5185\u4ef7\u683c\u56de\u843d\uff0c\u5229\u6da6\u7387\u4e5f\u6709\u671b\u6269\u5927\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u76ca\u8d44\u6e90\u7684\u76c8\u5229\u97e7\u6027\u3002 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) \u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u91cd\u7533\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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\u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 \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 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2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL Mag\" \/>\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-03-oct-2025-zh\\\/#blogposting\",\"name\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 2025\\u5e7410\\u67083\\u65e5 \\u2022 KGI Singapore Research\",\"headline\":\"\\u4eca\\u65e5\\u7cbe\\u9009\\uff1a\\u80a1\\u7968 | 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(FR SP): \\u5b63\\u8282\\u6027\\u56e0\\u7d20\\u5c06\\u63a8\\u52a8\\u68d5\\u6988\\u6cb9\\u4ef7\\u683c\\u4e0a\\u6da8 \\u4e70\\u5165\\uff1a\\u4e70\\u5165\\u4ef7\\uff1a1.7\\uff0c\\u76ee\\u6807\\u4ef7\\uff1a1.9\\uff0c\\u6b62\\u635f\\u4ef7\\uff1a1.6 \\u76ca\\u8d44\\u6e90\\u6709\\u9650\\u516c\\u53f8\\u751f\\u4ea7\\u7c97\\u68d5\\u6988\\u6cb9\\u3002\\u516c\\u53f8\\u662f\\u4e00\\u5bb6\\u4e0a\\u6e38\\u8fd0\\u8425\\u5546\\uff0c\\u4e3b\\u8981\\u4e1a\\u52a1\\u6d3b\\u52a8\\u5305\\u62ec\\u6cb9\\u68d5\\u7684\\u79cd\\u690d\\u548c\\u6536\\u5272\\uff0c\\u4ee5\\u53ca\\u5c06\\u65b0\\u9c9c\\u679c\\u4e32\\u52a0\\u5de5\\u6210\\u7c97\\u68d5\\u6988\\u6cb9\\u4ee5\\u4f9b\\u672c\\u5730\\u548c\\u51fa\\u53e3\\u9500\\u552e\\u3002 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\\u539f\\u68d5\\u6cb9\\u4ef7\\u683c (Source: Bloomberg) 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2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f 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\u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) 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2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u91cd\u7533\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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\u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 \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 \u62d3\u5c55\u5168\u7403\u5f71\u54cd\u529b\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL Mag","inLanguage":"en-US","isPartOf":{"@id":"https:\/\/www.kgieworld.sg\/research\/#website"},"breadcrumb":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-oct-2025-zh\/#breadcrumblist"},"author":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#author"},"creator":{"@id":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/#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-03-oct-2025-zh\/#mainImage","width":652,"height":385},"primaryImageOfPage":{"@id":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-oct-2025-zh\/#mainImage"},"datePublished":"2025-10-03T07:45:00+08:00","dateModified":"2025-10-03T09:57:52+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\u5e7410\u67083\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 \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6 \u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002 \u4ea7\u91cf\u589e\u957f\u548c\u5229\u6da6\u6269\u5f20\u5c06\u63d0\u5347\u5e95\u7ebf\u3002\u76ca\u8d44\u6e90\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f43.6%\uff0c\u8fbe\u52301.492\u4ebf\u7f8e\u5143\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6fc0\u589e56.3%\uff0c\u8fbe2.623\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u9500\u91cf\u3002\u6210\u529f\u6536\u8d2d\u5965\u65af\u4e01\u591a\u7eb3\u65af\u5854\u5c14\u96c5\uff08ANJ\uff09\u4e8e5\u6708\u5b8c\u6210\uff0c\u6269\u5927\u4e86\u751f\u4ea7\u80fd\u529b\uff0c\u540c\u65f6\u65b0\u9c9c\u679c\u4e32\uff08FFB\uff09\u6536\u6210\u540c\u6bd4\u589e\u957f23.0%\uff0c\u8fbe\u5230200\u4e07\u5428\uff0c\u7c97\u68d5\u6988\u6cb9\uff08CPO\uff09\u4ea7\u91cf\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8fbe\u5230554,519\u5428\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b63\u8282\u6027\u66f4\u9ad8\u7684\u4ea7\u91cf\u548cANJ\u7684\u5168\u5e74\u6574\u5408\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u9500\u91cf\u3002\u518d\u52a0\u4e0a\u6539\u8fdb\u7684\u9500\u552e\u7ec4\u5408\u548c\u6210\u672c\u6548\u7387\u7684\u63d0\u5347\uff0c\u5373\u4f7f\u77ed\u671f\u5185\u4ef7\u683c\u56de\u843d\uff0c\u5229\u6da6\u7387\u4e5f\u6709\u671b\u6269\u5927\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u76ca\u8d44\u6e90\u7684\u76c8\u5229\u97e7\u6027\u3002 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) \u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f \u91cd\u7533\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 \u5f3a\u52b2\u7684\u76c8\u5229\u52a8\u529b\u548c\u8ba2\u5355\u53ef\u89c1\u6027\u3002\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 \u79bb\u5cb8\u548c\u6d77\u6d0b\u589e\u957f\u3002 \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 \u62d3\u5c55\u5168\u7403\u5f71\u54cd\u529b\u3002\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 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL Mag","og:url":"https:\/\/www.kgieworld.sg\/research\/kgi-daily-trading-ideas-03-oct-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":"2025-10-02T23:45:00+00:00","article:modified_time":"2025-10-03T01:57:52+00:00","twitter:card":"summary","twitter:title":"\u4eca\u65e5\u7cbe\u9009\uff1a\u80a1\u7968 | 2025\u5e7410\u67083\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 \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a1.7\uff0c\u76ee\u6807\u4ef7\uff1a1.9\uff0c\u6b62\u635f\u4ef7\uff1a1.6 \u76ca\u8d44\u6e90\u6709\u9650\u516c\u53f8\u751f\u4ea7\u7c97\u68d5\u6988\u6cb9\u3002\u516c\u53f8\u662f\u4e00\u5bb6\u4e0a\u6e38\u8fd0\u8425\u5546\uff0c\u4e3b\u8981\u4e1a\u52a1\u6d3b\u52a8\u5305\u62ec\u6cb9\u68d5\u7684\u79cd\u690d\u548c\u6536\u5272\uff0c\u4ee5\u53ca\u5c06\u65b0\u9c9c\u679c\u4e32\u52a0\u5de5\u6210\u7c97\u68d5\u6988\u6cb9\u4ee5\u4f9b\u672c\u5730\u548c\u51fa\u53e3\u9500\u552e\u3002 \u4ea7\u91cf\u589e\u957f\u548c\u5229\u6da6\u6269\u5f20\u5c06\u63d0\u5347\u5e95\u7ebf\u3002\u76ca\u8d44\u6e90\u57282025\u5e74\u4e0a\u534a\u5e74\u8868\u73b0\u5f3a\u52b2\uff0c\u51c0\u5229\u6da6\u540c\u6bd4\u589e\u957f43.6%\uff0c\u8fbe\u52301.492\u4ebf\u7f8e\u5143\uff0c\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff08EBITDA\uff09\u6fc0\u589e56.3%\uff0c\u8fbe2.623\u4ebf\u7f8e\u5143\uff0c\u4e3b\u8981\u53d7\u76ca\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u9500\u91cf\u3002\u6210\u529f\u6536\u8d2d\u5965\u65af\u4e01\u591a\u7eb3\u65af\u5854\u5c14\u96c5\uff08ANJ\uff09\u4e8e5\u6708\u5b8c\u6210\uff0c\u6269\u5927\u4e86\u751f\u4ea7\u80fd\u529b\uff0c\u540c\u65f6\u65b0\u9c9c\u679c\u4e32\uff08FFB\uff09\u6536\u6210\u540c\u6bd4\u589e\u957f23.0%\uff0c\u8fbe\u5230200\u4e07\u5428\uff0c\u7c97\u68d5\u6988\u6cb9\uff08CPO\uff09\u4ea7\u91cf\u540c\u6bd4\u589e\u957f28.9%\uff0c\u8fbe\u5230554,519\u5428\u3002\u5c55\u671b\u672a\u6765\uff0c\u5b63\u8282\u6027\u66f4\u9ad8\u7684\u4ea7\u91cf\u548cANJ\u7684\u5168\u5e74\u6574\u5408\u9884\u8ba1\u5c06\u8fdb\u4e00\u6b65\u63d0\u5347\u9500\u91cf\u3002\u518d\u52a0\u4e0a\u6539\u8fdb\u7684\u9500\u552e\u7ec4\u5408\u548c\u6210\u672c\u6548\u7387\u7684\u63d0\u5347\uff0c\u5373\u4f7f\u77ed\u671f\u5185\u4ef7\u683c\u56de\u843d\uff0c\u5229\u6da6\u7387\u4e5f\u6709\u671b\u6269\u5927\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u76ca\u8d44\u6e90\u7684\u76c8\u5229\u97e7\u6027\u3002 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) \u653f\u7b56\u5229\u597d\u548c\u5f3a\u52b2\u9700\u6c42\u652f\u6301\u4ef7\u683c\u3002\u76ca\u8d44\u6e90\u5c06\u53d7\u76ca\u4e8e\u5370\u5c3cB40\u751f\u7269\u67f4\u6cb9\u5f3a\u5236\u653f\u7b56\u5e26\u6765\u7684\u652f\u6301\u6027\u9700\u6c42\uff0c\u9884\u8ba12026\u5e74\u5c06\u63a8\u884cB50\u5f3a\u5236\u653f\u7b56\uff0c\u8fd9\u5c06\u63d0\u9ad8\u56fd\u5185\u68d5\u6988\u6cb9\u6d88\u8d39\u3002\u5728\u51fa\u53e3\u65b9\u9762\uff0c\u4e2d\u56fd\u5df2\u8bf7\u6c42\u957f\u671fCPO\u4f9b\u5e94\u627f\u8bfa\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u68d5\u6988\u6cb9\u5728\u5168\u7403\u8d38\u6613\u4e2d\u7684\u6218\u7565\u5546\u54c1\u5730\u4f4d\u3002\u5370\u5ea6\u8fd1\u671f\u7684\u8fdb\u53e3\u5173\u7a0e\u524a\u51cf\u548c\u8282\u65e5\u5907\u8d27\u5c06\u63d0\u5347\u8fd1\u671f\u9700\u6c42\uff0c\u800c\u9884\u8ba1\u52302025\u5e74\u5e95\u9a6c\u6765\u897f\u4e9a\u5e93\u5b58\u4e0b\u964d\u81f3170\u4e07\u5428\uff0c\u4e5f\u53ef\u80fd\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u4ef7\u683c\u652f\u6301\u3002\u5c3d\u7ba1\u9762\u4e34\u5927\u8c46\u6cb9\u66ff\u4ee3\u548c\u5370\u5c3c\u51fa\u53e3\u7a0e\u63d0\u9ad8\u7684\u963b\u529b\uff0c\u68d5\u6988\u6cb9\u4ecd\u7136\u5728\u6210\u672c\u4e0a\u5177\u5907\u7ade\u4e89\u529b\uff0c\u7ef4\u6301\u5f3a\u52b2\u7684\u5168\u7403\u9700\u6c42\u3002\u8fd9\u4e9b\u653f\u7b56\u548c\u6d88\u8d39\u7684\u5229\u597d\u56e0\u7d20\u4e3a\u76ca\u8d44\u6e90\u7684\u6536\u5165\u53ef\u89c1\u6027\u63d0\u4f9b\u4e86\u826f\u597d\u7684\u80cc\u666f\u3002 2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u30022025\u5e74\u4e0a\u534a\u5e74\u603b\u9500\u552e\u989d\u540c\u6bd4\u589e\u957f47.4%\uff0c\u8fbe\u52306.739\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u4e0a\u534a\u5e74\u76844.572\u4ebf\u7f8e\u5143\u589e\u957f\uff0c\u4e3b\u8981\u7531\u4e8e\u66f4\u9ad8\u7684\u5e73\u5747\u9500\u552e\u4ef7\u683c\u548c\u66f4\u5f3a\u7684\u9500\u552e\u91cf\u30022025\u5e74\u4e0a\u534a\u5e74\u51c0\u5229\u6da6\u4e3a1.492\u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f43.6%\u3002\u57fa\u672c\u6bcf\u80a1\u6536\u76ca\u57282025\u5e74\u4e0a\u534a\u5e74\u589e\u81f30.0963\u7f8e\u5143\uff0c\u800c2024\u5e74\u4e0a\u534a\u5e74\u4e3a0.0667\u7f8e\u5143\u3002\u516c\u53f8\u8fd8\u5ba3\u5e03\u6bcf\u80a1\u6d3e\u53d10.045\u65b0\u5143\u7684\u4e2d\u671f\u80a1\u606f\uff0c\u5c06\u4e8e9\u670810\u65e5\u652f\u4ed8\u3002 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f 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2025\u5e74\u4e0a\u534a\u5e74\u8d22\u52a1\u4e1a\u7ee9\u3002\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 \u5e02\u573a\u5171\u8bc6 (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 \u4e70\u5165\uff1a\u4e70\u5165\u4ef7\uff1a23.0\uff0c\u76ee\u6807\u4ef7\uff1a26.0\uff0c\u6b62\u635f\u4ef7\uff1a21.5 JL 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Tan","author_link":"https:\/\/www.kgieworld.sg\/research\/author\/keithtan\/"},"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 \u00a0 \u9999\u6e2f ^ Back To Top \u76ca\u8d44\u6e90 (FR SP): \u5b63\u8282\u6027\u56e0\u7d20\u5c06\u63a8\u52a8\u68d5\u6988\u6cb9\u4ef7\u683c\u4e0a\u6da8 \u539f\u68d5\u6cb9\u4ef7\u683c (Source: Bloomberg) (Source: Bloomberg) \u6d77\u5ead (STM SP): \u52a0\u5f3a\u5229\u6da6\u7387\u4e0e\u591a\u5143\u5316\u589e\u957f (Source: Bloomberg) JL Mag \u7a00\u571f\u6709\u9650\u516c\u53f8 (6680 HK): \u53d8\u73b0\u653f\u7b56\u9a71\u52a8\u7684\u7a00\u7f3a\u6027 (Source: Bloomberg) CGN Mining Co Ltd. 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