{"id":6247,"date":"2022-12-21T17:56:19","date_gmt":"2022-12-21T17:56:19","guid":{"rendered":"\/\/smallcapscn.x5view.co\/?p=6247"},"modified":"2023-08-29T17:56:35","modified_gmt":"2023-08-29T17:56:35","slug":"resources-outperformed-2022-will-likely-do-it-again-next-year","status":"publish","type":"post","link":"https:\/\/smallcapscn.x5view.co\/?p=6247","title":{"rendered":"\u8d44\u6e90\u5728 2022 \u5e74\u8868\u73b0\u51fa\u8272\uff0c\u660e\u5e74\u53ef\u80fd\u4f1a\u518d\u6b21\u8868\u73b0\u51fa\u8272"},"content":{"rendered":"<p>\u4ee5\u80fd\u6e90\u4e3a\u9996\u7684\u8d44\u6e90\u80a1\u4eca\u5e74\u8dd1\u8d62\u5927\u76d8\uff0c\u660e\u5e74\u5c06\u518d\u6b21\u8dd1\u8d62\u5927\u76d8\u2014\u2014\u8d8a\u6765\u8d8a\u591a\u7684\u5e76\u8d2d (M&amp;A) 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\u7f8e\u5143\/\u76ce\u53f8\u3002<\/p>\n<p>\u6295\u8d44\u8005\u5c06\u610f\u8bc6\u5230\u8fc7\u53bb\u7684\u8868\u73b0\u5e76\u4e0d\u80fd\u6307\u5bfc\u672a\u6765\u7684\u8b66\u544a\uff0c\u4f46\u65e0\u8bba\u53d1\u751f\u4ec0\u4e48\uff0c\u5f53\u4eca\u4e16\u754c\u53d1\u751f\u7684\u91cd\u5927\u7ecf\u6d4e\u4e8b\u4ef6\u90fd\u5e94\u8be5\u4f7f\u6fb3\u5927\u5229\u4e9a\u8d44\u6e90\u884c\u4e1a\u6210\u4e3a\u4e00\u4e2a\u6210\u529f\u7684\u5730\u65b9\u3002<\/p>\n<h2>\u80fd\u6e90\u4e4b\u661f<\/h2>\n<p>\u4f5c\u4e3a\u4e00\u4e2a\u6307\u6807\uff0c\u5728\u8fc7\u53bb 12 \u4e2a\u6708\u4e2d\uff0c\u6fb3\u5927\u5229\u4e9a\u8d44\u6e90\u80a1\u7684\u8868\u73b0\u8f7b\u677e\u8dd1\u8d62\u5927\u76d8\uff0cASX \u91d1\u5c5e\u548c\u77ff\u4e1a\u6307\u6570\u4e0a\u6da8 10.5%\uff0c\u800c\u6240\u6709\u666e\u901a\u80a1\u6307\u6570\u4e0b\u8dcc 8%\u3002<\/p>\n<p>\u7136\u800c\uff0c\u80fd\u6e90\u662f\u660e\u661f\uff0cASX \u80fd\u6e90\u6307\u6570\u4e0a\u6da8\u4e86 45%\u3002<\/p>\n<p>\u63a5\u89e6\u8d44\u6e90\u7684\u6fb3\u5927\u5229\u4e9a\u6295\u8d44\u8005\u660e\u5e74\u5c06\u4ece\u4e94\u4e2a\u56e0\u7d20\u4e2d\u53d7\u76ca\uff1a<\/p>\n<ul>\n<li>\u4e2d\u56fd\u5728\u5c01\u9501\u8fd1\u4e09\u5e74\u540e\u91cd\u65b0\u5f00\u653e\uff1b<\/li>\n<li>\u8d44\u6e90\u6c11\u65cf\u4e3b\u4e49\u5728\u5357\u7f8e\u6d32\u548c\u975e\u6d32\u7684\u56de\u5f52\uff1b<\/li>\n<li>St Barbara (ASX: SBM) \u548c Genesis Minerals (ASX: GMD) \u5408\u5e76\u521b\u5efa Hoover House\uff0c\u4ee5\u53ca\u5bf9 Warrego Energy (ASX: WGO) \u7684\u591a\u9879\u7ade\u6807\uff0c\u9ec4\u91d1\u548c\u80fd\u6e90\u884c\u4e1a\u5df2\u7ecf\u51fa\u73b0\u4e86\u5e76\u8d2d\u6d3b\u52a8\u7684\u4e0a\u5347\u8d8b\u52bf ;<\/li>\n<li>\u5bfb\u627e\u5173\u952e\u548c\u65b0\u80fd\u6e90\u91d1\u5c5e\uff0c\u8fd9\u6b63\u5728\u63a8\u52a8\u5f53\u5730\u7684\u9502\u3001\u94dc\u3001\u954d\u548c\u7a00\u571f\u77ff\u5546\uff1b \u548c<\/li>\n<li>\u7f8e\u5143\u4ef7\u503c\u53ef\u80fd\u4e0b\u8dcc\uff0c\u8fd9\u5c06\u5bf9\u5546\u54c1\u4ef7\u683c\u4ea7\u751f\u79ef\u6781\u5f71\u54cd\uff0c\u56e0\u4e3a\u5b83\u4eec\u4e3b\u8981\u4ee5\u8be5\u8d27\u5e01\u8fdb\u884c\u4ea4\u6613\u3002<\/li>\n<\/ul>\n<h2>\u4ef7\u683c\u9a71\u52a8\u56e0\u7d20<\/h2>\n<p>\u5047\u8bbe\u4e2d\u56fd\u4e0d\u53d6\u6d88\u91cd\u65b0\u5f00\u653e\uff0c\u5b83\u662f\u94c1\u77ff\u77f3\u4ef7\u683c\u7684\u4e3b\u8981\u9a71\u52a8\u56e0\u7d20\uff0c\u800c\u8d44\u6e90\u6c11\u65cf\u4e3b\u4e49\u5f00\u59cb\u6291\u5236\u975e\u6d32\u548c\u5357\u7f8e\u6d32\u7684\u77ff\u4ea7\u548c\u80fd\u6e90\u51fa\u53e3\uff0c\u662f\u5c06\u4e70\u5bb6\u5f15\u5411\u6fb3\u5927\u5229\u4e9a\u53ef\u9760\u77ff\u4ea7\u8d44\u6e90\u7684\u4ef7\u683c\u9a71\u52a8\u56e0\u7d20 \u77ff\u5de5\u3002<\/p>\n<p>\u4f8b\u5982\uff0c\u94dc\u4ef7\u5728\u8fc7\u53bb\u56db\u4e2a\u661f\u671f\u5185\u4e0a\u6da8\u4e86 11% \u81f3\u6bcf\u78c5 3.80 \u7f8e\u5143\u2014\u2014\u8fd9\u5f97\u76ca\u4e8e\u4e16\u754c\u7b2c\u4e8c\u5927\u751f\u4ea7\u56fd\u79d8\u9c81\u7684\u9a9a\u4e71\u5a01\u80c1\u5230\u4f9b\u5e94\uff0c\u800c\u6700\u8fd1\u5728\u5df4\u62ff\u9a6c\u5f00\u91c7\u7684\u4e16\u754c\u7ea7\u94dc\u77ff\u4e5f\u5f88\u8106\u5f31 \u5728\u6240\u6709\u8005\u62d2\u7edd\u63a5\u53d7\u653f\u5e9c\u5bf9\u66f4\u5927\u5229\u6da6\u4efd\u989d\u7684\u8981\u6c42\u540e\u5173\u95ed\u2014\u2014\u5178\u578b\u7684\u7b2c\u4e09\u4e16\u754c\u4e3b\u6743\u98ce\u9669\u3002<\/p>\n<p>\u5730\u5e73\u7ebf\u4e0a\u7684\u9634\u4e91\u662f\u4e2d\u592e\u94f6\u884c\u5229\u7387\u653f\u7b56\u8fc7\u5ea6\u8c03\u6574\u7684\u98ce\u9669\uff0c\u8fd9\u53ef\u80fd\u5c06\u666e\u904d\u7684\u7ecf\u6d4e\u653e\u7f13\u8f6c\u53d8\u4e3a\u5168\u7403\u8870\u9000\uff0c\u4ece\u6b27\u6d32\u5f00\u59cb\u5e76\u8513\u5ef6\u3002<\/p>\n<h2>\u53ef\u80fd\u51fa\u73b0\u8870\u9000\uff1f<\/h2>\n<p>Deutsche Bank \u5728\u4e00\u4efd\u6807\u9898\u4e3a\u201c\u8feb\u5728\u7709\u776b\u7684\u7ecf\u6d4e\u8870\u9000\u201d\u7684\u62a5\u544a\u4e2d\u5bf9\u672a\u6765\u4e00\u5e74\u8fdb\u884c\u4e86\u65e9\u671f\u7684\u60b2\u89c2\u5c55\u671b\uff0c\u8fd9\u4e00\u89c2\u70b9\u56e0\u8be5\u94f6\u884c\u5bf9\u5fb7\u56fd\u7684\u6df1\u5ea6\u655e\u53e3\u800c\u53d7\u5230\u5f71\u54cd\u3002 \u4e4c\u514b\u5170\u3002<\/p>\n<p>\u4f46\u4fc4\u7f57\u65af\u80fd\u6e90\u5371\u673a\u7684\u53e6\u4e00\u9762\u662f\uff0c\u6fb3\u5927\u5229\u4e9a\u591a\u5e74\u6765\u9996\u6b21\u5411\u6b27\u6d32\u51fa\u552e\u6db2\u5316\u5929\u7136\u6c14 (LNG)\uff0c\u540c\u65f6\u4e5f\u53d7\u5230\u4e9a\u6d32\u4f20\u7edf\u5ba2\u6237\u5bf9\u6db2\u5316\u5929\u7136\u6c14\u548c\u7164\u70ad\u9700\u6c42\u589e\u52a0\u7684\u6253\u51fb\u3002<\/p>\n<p>\u968f\u7740\u7ecf\u6d4e\u538b\u529b\u968f\u7740\u5229\u7387\u7684\u4e0d\u65ad\u5347\u9ad8\u800c\u589e\u52a0\uff0cDeutsche Bank \u5e76\u4e0d\u662f\u552f\u4e00\u4e00\u5bb6\u5bf9\u524d\u666f\u6301\u8c28\u614e\u6001\u5ea6\u7684\u94f6\u884c\u3002<\/p>\n<h2>\u77ff\u5de5\u5c55\u671b<\/h2>\n<p>UBS \u662f\u53e6\u4e00\u5bb6\u5bf9 2023 \u5e74\u77ff\u4e1a\u80a1\u6301\u8c28\u614e\u6001\u5ea6\u7684\u5927\u578b\u94f6\u884c\uff0c\u5c3d\u7ba1\u8fd9\u4e3b\u8981\u662f\u56e0\u4e3a\u5b83\u4eec\u5728\u8fc7\u53bb\u4e09\u4e2a\u6708\u4e2d\u6da8\u5e45\u5982\u6b64\u4e4b\u5927\uff0c\u56e0\u4e3a\u6295\u8d44\u8005\u63d0\u524d\u4e70\u5165\u4e86\u660e\u5e74\u5e74\u5e95\u9884\u671f\u7684\u7ecf\u6d4e\u53cd\u5f39\u655e\u53e3\u3002<\/p>\n<p>\u201c2023 \u5e74\u7684\u524d\u666f\u6b63\u5728\u6539\u5584\uff0c\u201d UBS \u8868\u793a\uff0c\u201c\u4f46\u5728\u6211\u4eec\u770b\u6765\uff0c\u77ff\u5de5\u4eec\u8dd1\u5f97\u592a\u8fdc\u3001\u592a\u5feb\u4e86\uff0c\u201d UBS \u8868\u793a\u3002<\/p>\n<p>JP Morgan \u662f\u53e6\u4e00\u5bb6\u8ba4\u4e3a\u5927\u578b\u77ff\u5546\u5df2\u7ecf\u8fc7\u5934\u7684\u94f6\u884c\uff0c\u5c24\u5176\u662f\u90a3\u4e9b\u4e0e\u94c1\u77ff\u77f3\u6709\u5173\u8054\u7684\u77ff\u5546\uff0c\u800c\u9502\u751f\u4ea7\u5546\u53ef\u80fd\u4f1a\u611f\u53d7\u5230\u4eca\u5e74\u524d\u6240\u672a\u6709\u7684\u7e41\u8363\u540e\u4ef7\u683c\u8c03\u6574\u7684\u5f71\u54cd\u2014\u2014\u8fd9\u662f\u7531\u4e8e\u7535\u6c60\u5236\u9020\u5546\u4e89\u5148\u6050\u540e\u5730\u4ece\u53ef\u9760\u7684\u9502\u4f9b\u5e94\u6765\u6e90\u5f15\u53d1\u7684 \u6fb3\u5927\u5229\u4e9a\u3002<\/p>\n<h2>\u53ef\u80fd\u8dd1\u8d62\u5927\u5e02\u7684\u5546\u54c1<\/h2>\n<p>Morgan Stanley \u6700\u597d\u5730\u89e3\u91ca\u4e86\u4e2d\u56fd\u91cd\u65b0\u5f00\u653e\u548c\u6b27\u6d32\u9677\u5165\u8870\u9000\u6240\u53d1\u51fa\u7684\u76f8\u4e92\u77db\u76fe\u7684\u4fe1\u53f7\u3002<\/p>\n<p>Morgan Stanley 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\u9000\u51fa\u548c\u7f8e\u5143\u8d70\u8f6f\u90fd\u6709\u6f5c\u5728\u7684\u89c6\u7ebf\u201d \u5bf9\u5927\u5b97\u5546\u54c1\u9700\u6c42\u90fd\u6709\u5f3a\u5927\u7684\u79ef\u6781\u4f5c\u7528\u201d\u3002<\/p>\n<h2>\u770b\u6da8\u94dc\u548c\u7164\u70ad<\/h2>\n<p>\u5927\u578b\u77ff\u4e1a\u516c\u53f8\u548c\u5927\u5b97\u5546\u54c1\u4ea4\u6613\u5546 Glencore \u7684\u8463\u4e8b\u603b\u7ecf\u7406 Gary Nagle \u6700\u770b\u597d\u94dc\uff0c\u56e0\u4e3a\u5176\u7528\u9014\u5e7f\u6cdb\u4e14\u4f9b\u5e94\u4e25\u91cd\u77ed\u7f3a\u3002<\/p>\n<p>\u201c\u4e16\u754c\u5c31\u662f\u4e0d\u660e\u767d\uff0c\u201d\u5185\u683c\u5c14\u672c\u6708\u65e9\u4e9b\u65f6\u5019\u5728\u4e00\u6b21\u77ff\u4e1a\u4f1a\u8bae\u4e0a\u8bf4\u3002 \u4ed6\u8ba4\u4e3a\uff0c\u672a\u6765\u4e03\u5e74\u4e16\u754c\u5c06\u9700\u8981 3.55 \u4ebf\u5428\u94dc\u6765\u5b9e\u73b0\u96f6\u78b3\u76ee\u6807\uff0c\u4f46\u53ef\u80fd\u5b58\u5728 5000 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\u6fb3\u5143\/\u5428\uff09\u7684\u5f53\u5730\u4ef7\u683c\u4e0a\u9650\uff0c\u660e\u5e74\u56fd\u9645\u52a8\u529b\u7164\u4ef7\u683c\u4ecd\u5c06\u4fdd\u6301\u5728 300 \u7f8e\u5143\/\u5428\u5de6\u53f3\u3002<\/p>\n<p>\u66fe\u7ecf\u56e0\u4e3a\u7ecf\u6d4e\u8fc7\u4e8e\u4f9d\u8d56\u5927\u5b97\u5546\u54c1\u51fa\u53e3\u800c\u53d7\u5230\u6b27\u6d32\u548c\u7f8e\u56fd\u94f6\u884c\u5bb6\u7684\u6279\u8bc4\uff0c\u7531\u4e8e ESG \u5728\u8bb8\u591a\u56fd\u5bb6\u5f3a\u5236\u5b9e\u65bd\u4f9b\u5e94\u9650\u5236\uff0c\u5373\u4f7f\u5728\u9700\u6c42\u4e0a\u5347\u7684\u60c5\u51b5\u4e0b\uff0c\u5982\u4eca\u8fd9\u53ea\u978b\u5df2\u7ecf\u7ad9\u5728\u4e86\u53e6\u4e00\u53ea\u811a\u4e0a\u3002<\/p>\n<p>\u4f5c\u4e3a 2023 \u5e74\u7684\u6574\u4f53\u6295\u8d44\u4e3b\u9898\uff0c\u8d44\u6e90\u662f\u6fb3\u5927\u5229\u4e9a\u7684\u5929\u7136\u4f18\u52bf\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4ee5\u80fd\u6e90\u4e3a\u9996\u7684\u8d44\u6e90\u80a1\u4eca\u5e74\u8dd1\u8d62\u5927\u76d8\uff0c\u660e\u5e74\u5c06\u518d\u6b21\u8dd1\u8d62\u5927\u76d8\u2014\u2014\u8d8a\u6765\u8d8a\u591a\u7684\u5e76\u8d2d (M&amp;A) \u884c\u52a8\u5f15\u53d1\u4e86\u5927\u706b\u3002 \u65b0\u65e7\u80fd\u6e90\u4ecd\u5c06\u662f\u4e3b\u5bfc\u4e3b\u9898\uff0c\u56e0\u4e3a\u6025\u4e8e\u4f7f\u73af\u5883\u201c\u8131\u78b3\u201d\u5bfc\u81f4\u7164\u70ad\u3001\u5929\u7136\u6c14\u548c\u77f3\u6cb9\u4f9b\u5e94\u77ed\u7f3a\uff0c\u800c\u53ef\u518d\u751f\u80fd\u6e90\u548c\u7535\u6c60\u5b58\u50a8\u5c06\u96be\u4ee5\u6ee1\u8db3\u7535\u529b\u9700\u6c42\u3002 \u80fd\u6e90\u7cfb\u7edf\u4e00\u90e8\u5206\u77ed\u7f3a\u548c\u53e6\u4e00\u90e8\u5206\u9700\u6c42\u8fc7\u5269\u7684\u6700\u7ec8\u7ed3\u679c\u662f\u4ef7\u683c\u4e0a\u6da8\u7684\u5b8c\u7f8e\u79d8\u8bc0\uff0c\u56fd\u5185\u5bf9\u7164\u70ad\u548c\u5929\u7136\u6c14\u7684\u4ef7\u683c\u7ba1\u5236\u662f\u4e00\u4e2a\u590d\u6742\u7684\u8003\u8651\u56e0\u7d20\uff0c\u4e5f\u662f\u6fb3\u5927\u5229\u4e9a\u56e0\u4e3b\u6743\u98ce\u9669\u800c\u9677\u5165\u56f0\u5883\u7684\u4ee4\u4eba\u62c5\u5fe7\u7684\u8ff9\u8c61 \u5728\u7528\u8d85\u989d\u5229\u6da6\u7a0e\u6253\u51fb\u77ff\u5de5\u7684\u65e5\u5b50\u91cc\u505a\u8fc7\u3002 \u9ec4\u91d1\u81ea\u53bb\u5e74\u8fd9\u4e2a\u65f6\u5019\u4ee5\u6765\u57fa\u672c\u6ca1\u6709\u53d8\u5316\uff0812 \u4e2a\u6708\u524d\u4e3a\u6bcf\u76ce\u53f8 1,805 \u7f8e\u5143\uff0c\u672c\u5468\u4e3a\u6bcf\u76ce\u53f8 1,818 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\u91d1\u5c5e\u548c\u77ff\u4e1a\u6307\u6570\u4e0a\u6da8 10.5%\uff0c\u800c\u6240\u6709\u666e\u901a\u80a1\u6307\u6570\u4e0b\u8dcc 8%\u3002 \u7136\u800c\uff0c\u80fd\u6e90\u662f\u660e\u661f\uff0cASX \u80fd\u6e90\u6307\u6570\u4e0a\u6da8\u4e86 45%\u3002 \u63a5\u89e6\u8d44\u6e90\u7684\u6fb3\u5927\u5229\u4e9a\u6295\u8d44\u8005\u660e\u5e74\u5c06\u4ece\u4e94\u4e2a\u56e0\u7d20\u4e2d\u53d7\u76ca\uff1a \u4e2d\u56fd\u5728\u5c01\u9501\u8fd1\u4e09\u5e74\u540e\u91cd\u65b0\u5f00\u653e\uff1b \u8d44\u6e90\u6c11\u65cf\u4e3b\u4e49\u5728\u5357\u7f8e\u6d32\u548c\u975e\u6d32\u7684\u56de\u5f52\uff1b St Barbara (ASX: SBM) \u548c Genesis Minerals (ASX: GMD) \u5408\u5e76\u521b\u5efa Hoover House\uff0c\u4ee5\u53ca\u5bf9 Warrego Energy (ASX: WGO) \u7684\u591a\u9879\u7ade\u6807\uff0c\u9ec4\u91d1\u548c\u80fd\u6e90\u884c\u4e1a\u5df2\u7ecf\u51fa\u73b0\u4e86\u5e76\u8d2d\u6d3b\u52a8\u7684\u4e0a\u5347\u8d8b\u52bf ; 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