{"id":1070,"date":"2026-07-25T09:28:04","date_gmt":"2026-07-25T09:28:04","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e8%8f%b2%e5%88%a9%e6%99%ae%e8%8e%ab%e9%87%8c%e6%96%af%e6%ad%a3%e5%9c%a8%e6%8e%a8%e8%bf%9b%e8%bd%ac%e5%9e%8b%ef%bc%8c%e4%bd%86%e8%82%a1%e4%bb%b7%e5%b7%b2%e5%9f%ba%e6%9c%ac%e5%a4%84%e4%ba%8e%e5%90%88\/"},"modified":"2026-07-27T16:16:03","modified_gmt":"2026-07-27T16:16:03","slug":"%e8%8f%b2%e5%88%a9%e6%99%ae%e8%8e%ab%e9%87%8c%e6%96%af%e6%ad%a3%e5%9c%a8%e6%8e%a8%e8%bf%9b%e8%bd%ac%e5%9e%8b%ef%bc%8c%e4%bd%86%e8%82%a1%e4%bb%b7%e5%b7%b2%e5%9f%ba%e6%9c%ac%e5%a4%84%e4%ba%8e%e5%90%88","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e8%8f%b2%e5%88%a9%e6%99%ae%e8%8e%ab%e9%87%8c%e6%96%af%e6%ad%a3%e5%9c%a8%e6%8e%a8%e8%bf%9b%e8%bd%ac%e5%9e%8b%ef%bc%8c%e4%bd%86%e8%82%a1%e4%bb%b7%e5%b7%b2%e5%9f%ba%e6%9c%ac%e5%a4%84%e4%ba%8e%e5%90%88\/","title":{"rendered":"\u83f2\u5229\u666e\u83ab\u91cc\u65af\u6b63\u5728\u63a8\u8fdb\u8f6c\u578b\uff0c\u4f46\u80a1\u4ef7\u5df2\u57fa\u672c\u5904\u4e8e\u5408\u7406\u4f30\u503c"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.pmi.com\/investor-relations\/press-releases-and-events\/press-releases-overview\/press-release-details?newsId=30296\">\u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645<\/a>\uff08Philip Morris International\uff09\u53d1\u5e03\u7684\u5b63\u5ea6\u8d22\u62a5\u5f3a\u5316\u4e86\u5173\u4e8e\u8be5\u516c\u53f8\u7684\u6838\u5fc3\u6218\u7565\u4e8b\u5b9e\uff1a\u8fd9\u5df2\u4e0d\u518d\u4ec5\u4ec5\u662f\u4e00\u5bb6\u7ba1\u7406\u8870\u9000\u7684\u4f20\u7edf\u70df\u8349\u4f01\u4e1a\u3002\u8fd9\u662f\u4e00\u4e2a\u8f6c\u578b\u6545\u4e8b\uff0c\u5176\u65e0\u70df\u4e1a\u52a1\u5f15\u64ce\u5728\u6570\u636e\u4e2d\u53d8\u5f97\u8d8a\u6765\u8d8a\u6e05\u6670\u3002PMI \u62a5\u544a\u79f0<strong>\u51c0\u8425\u6536\u9996\u6b21\u8d85\u8fc7 110 \u4ebf\u7f8e\u5143<\/strong>\uff0c<strong>\u8c03\u6574\u540e\u644a\u8584\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u589e\u957f 15.2% \u81f3 2.20 \u7f8e\u5143<\/strong>\uff0c\u5e76\u6307\u51fa\u5728\u65e0\u70df\u4e1a\u52a1\u6301\u7eed\u52bf\u5934\u7684\u652f\u6491\u4e0b\uff0c\u8be5\u5b63\u5ea6<strong>\u51fa\u8d27\u91cf\u589e\u957f\u4e86 2.5%<\/strong>\u3002\u8fd9\u79cd\u7ec4\u5408\u81f3\u5173\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u8868\u660e\u8f6c\u578b\u8bba\u70b9\u5df2\u4e0d\u518d\u662f\u7a7a\u8c08\uff0c\u800c\u662f\u6b63\u5728\u8f6c\u5316\u4e3a\u89c4\u6a21\u3001\u589e\u957f\u548c\u76c8\u5229\u8868\u73b0\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\">\u6295\u8d44\u95ee\u9898\u5728\u4e8e\uff0c\u5728\u6295\u8d44\u8005\u5df2\u7ecf\u5bf9\u8fd9\u79cd\u6267\u884c\u529b\u7ed9\u4e88\u56de\u62a5\u540e\uff0c\u8be5\u80a1\u662f\u5426\u4ecd\u6709\u8db3\u591f\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002\u5728 <a href=\"https:\/\/finviz.com\/quote.ashx?t=PM&amp;p=d\">Finviz<\/a> \u4e0a\uff0cPM \u7684\u4ea4\u6613\u4ef7\u683c\u4e3a <strong>$193.00<\/strong>\uff0c\u800c\u5171\u8bc6<strong>\u76ee\u6807\u4ef7\u4e3a $202.08<\/strong>\uff0c\u610f\u5473\u7740\u4ec5\u6709\u7ea6 <strong>4.7% \u7684\u4e0a\u6da8\u7a7a\u95f4<\/strong>\u3002\u8be5\u80a1\u76ee\u524d\u7684<strong>\u6eda\u52a8\u5e02\u76c8\u7387\u4e3a 27.74 \u500d<\/strong>\uff0c<strong>\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a 21.11 \u500d<\/strong>\uff0c<strong>\u5e02\u9500\u7387\u4e3a 7.08 \u500d<\/strong>\uff0c<strong>\u8425\u4e1a\u5229\u6da6\u7387\u4e3a 37.51%<\/strong>\uff0c<strong>\u51c0\u5229\u7387\u4e3a 25.53%<\/strong>\u3002\u5f53\u6295\u8d44\u8005\u76f8\u4fe1\u4e00\u4e2a\u6d88\u8d39\u54c1\u724c\u540c\u65f6\u62e5\u6709\u5b9a\u4ef7\u6743\u548c\u53ef\u9760\u7684\u6218\u7565\u8f6c\u578b\u65f6\uff0c\u5c31\u4f1a\u652f\u4ed8\u8fd9\u7c7b\u4f30\u503c\u500d\u6570\u3002\u6211\u5bf9 PM \u7684\u8bc4\u7ea7\u662f <strong>\u6301\u6709<\/strong>\uff0c<strong>\u76ee\u6807\u4ef7\u4e3a $202<\/strong>\u3002\u6267\u884c\u529b\u5f88\u5f3a\uff0c\u4f46\u5927\u90e8\u5206\u5bb9\u6613\u5b9e\u73b0\u7684\u4f30\u503c\u91cd\u4f30\u4f3c\u4e4e\u5df2\u7ecf\u53d1\u751f\u3002     <\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u80a1\u7968<\/strong><\/td><td><strong>\u5f53\u524d\u4ef7\u683c<\/strong><\/td><td><strong>\u8bc4\u7ea7<\/strong><\/td><td><strong>\u76ee\u6807\u4ef7<\/strong><\/td><\/tr><tr><td>PM<\/td><td>$193.00<\/td><td><strong>\u6301\u6709<\/strong><\/td><td><strong>$202<\/strong><\/td><\/tr><tr><td>MO<\/td><td>$72.99<\/td><td><strong>\u5356\u51fa<\/strong><\/td><td><strong>$70<\/strong><\/td><\/tr><tr><td>BTI<\/td><td>$60.96<\/td><td><strong>\u4e70\u5165<\/strong><\/td><td><strong>$72<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u770b\u597d PMI \u7684\u7406\u7531\u5f88\u7b80\u5355\u3002\u4e0e\u8bb8\u591a\u6210\u719f\u7684\u70df\u8349\u516c\u53f8\u4e0d\u540c\uff0c\u5b83\u4e0d\u4ec5\u4ec5\u4f9d\u9760\u80a1\u606f\u6536\u76ca\u3001\u56de\u8d2d\u548c\u6e10\u8fdb\u5f0f\u63d0\u4ef7\u751f\u5b58\u3002\u5b83\u8d8a\u6765\u8d8a\u591a\u5730\u88ab\u89c6\u4e3a\u4e00\u5bb6\u627e\u5230\u4e86\u66f4\u6301\u4e45\u672a\u6765\u7bc7\u7ae0\u7684\u4f01\u4e1a\u3002\u8fd9\u5f88\u91cd\u8981\uff0c\u56e0\u4e3a\u5e02\u573a\u7ed9\u4e88\u201c\u8870\u9000\u7ba1\u7406\u201d\u6545\u4e8b\u548c\u201c\u91cd\u5851\u201d\u6545\u4e8b\u7684\u4f30\u503c\u500d\u6570\u622a\u7136\u4e0d\u540c\u3002\u4e00\u65e6\u6295\u8d44\u8005\u76f8\u4fe1\u8f6c\u578b\u662f\u771f\u5b9e\u7684\uff0c\u4ed6\u4eec\u5c31\u4f1a\u5f00\u59cb\u4e3a\u8d28\u91cf\u3001\u671f\u6743\u4ef7\u503c\u548c\u6301\u4e45\u6027\u4e70\u5355\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4e3a\u4e86\u69a8\u53d6\u73b0\u91d1\u3002    <\/p>\n\n<p class=\"wp-block-paragraph\">PMI \u7684\u5b63\u5ea6\u8868\u73b0\u652f\u6301\u4e86\u8fd9\u79cd\u66f4\u4e50\u89c2\u7684\u89e3\u8bfb\u3002\u8d85\u8fc7 110 \u4ebf\u7f8e\u5143\u7684\u8425\u6536\u548c\u4e24\u4f4d\u6570\u7684\u8c03\u6574\u540e\u6bcf\u80a1\u6536\u76ca\u589e\u957f\u8868\u660e\uff0c\u516c\u53f8\u4e0d\u4ec5\u4ec5\u662f\u5728\u634d\u536b\u65e7\u4e1a\u52a1\uff0c\u800c\u662f\u5728\u5176\u57fa\u7840\u4e0a\u6784\u5efa\u65b0\u7684\u5229\u6da6\u67b6\u6784\u3002\u56e0\u6b64\uff0c\u65e0\u70df\u4e1a\u52a1\u7684\u53d9\u4e8b\u6b63\u5728\u6f14\u53d8\u6210\u4e00\u4e2a\u8d44\u672c\u914d\u7f6e\u548c\u4f30\u503c\u6545\u4e8b\uff0c\u800c\u4e0d\u4ec5\u4ec5\u662f\u4e00\u4e2a\u6218\u7565\u8c08\u8d44\u3002   <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/finviz.com\/quote.ashx?t=MO&amp;p=d\">\u5965\u9a70\u4e9a<\/a>\uff08Altria\uff09\u4ecd\u7136\u662f\u4e00\u4e2a\u6709\u7528\u7684\u5bf9\u6bd4\uff0c\u56e0\u4e3a\u5b83\u5c55\u793a\u4e86\u7f8e\u56fd\u4e0a\u5e02\u70df\u8349\u677f\u5757\u7684\u53e6\u4e00\u7aef\u3002MO \u7684\u4ea4\u6613\u4ef7\u683c\u4e3a <strong>$72.99<\/strong>\uff0c\u800c\u76ee\u6807\u4ef7\u4e3a <strong>$70.50<\/strong>\uff0c\u610f\u5473\u7740\u7ea6 <strong>3.4% \u7684\u4e0b\u8dcc\u7a7a\u95f4<\/strong>\u3002\u5176<strong>\u5e02\u76c8\u7387\u4e3a 15.26 \u500d<\/strong>\uff0c<strong>\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a 12.41 \u500d<\/strong>\uff0c<strong>\u5e02\u9500\u7387\u4e3a 5.98 \u500d<\/strong>\uff0c\u62e5\u6709\u9ad8\u8fbe <strong>67.63% \u7684\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\u548c <strong>39.38% \u7684\u51c0\u5229\u7387<\/strong>\u3002\u8fd9\u4e9b\u5229\u6da6\u7387\u770b\u8d77\u6765\u4ee4\u4eba\u5370\u8c61\u6df1\u523b\uff0c\u4f46\u7565\u663e\u8d1f\u9762\u7684\u76ee\u6807\u4ef7\u8bbe\u5b9a\u8868\u660e\u5e02\u573a\u8ba4\u4e3a\u77ed\u671f\u5185\u4f30\u503c\u91cd\u4f30\u7684\u7a7a\u95f4\u6709\u9650\u3002\u6211\u5bf9 MO \u7684\u8bc4\u7ea7\u662f <strong>\u5356\u51fa<\/strong>\uff0c<strong>\u76ee\u6807\u4ef7\u4e3a $70<\/strong>\u3002\u5176\u73b0\u91d1\u751f\u6210\u673a\u5668\u4f9d\u7136\u5f3a\u5927\uff0c\u4f46\u4ece\u76ee\u524d\u6765\u770b\uff0c\u4e0a\u6da8\u7a7a\u95f4\u663e\u5f97\u5f88\u6e3a\u832b\u3002     <\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/finviz.com\/quote.ashx?t=BTI&amp;p=d\">\u82f1\u7f8e\u70df\u8349<\/a>\uff08British American Tobacco\uff09\u662f\u6700\u6709\u8da3\u7684\u4f30\u503c\u5bf9\u6bd4\u70b9\u3002BTI \u7684\u4ea4\u6613\u4ef7\u683c\u4e3a <strong>$60.96<\/strong>\uff0c\u800c\u76ee\u6807\u4ef7\u4e3a <strong>$71.84<\/strong>\uff0c\u610f\u5473\u7740\u7ea6 <strong>17.9% \u7684\u4e0a\u6da8\u7a7a\u95f4<\/strong>\u3002\u5b83\u7684\u4f30\u503c\u8981\u4fbf\u5b9c\u5f97\u591a\uff0c<strong>\u5e02\u76c8\u7387\u4e3a 13.29 \u500d<\/strong>\uff0c<strong>\u8fdc\u671f\u5e02\u76c8\u7387\u4e3a 11.79 \u500d<\/strong>\uff0c<strong>\u5e02\u9500\u7387\u4e3a 3.90 \u500d<\/strong>\uff0c\u540c\u65f6\u4ecd\u80fd\u63d0\u4f9b <strong>40.16% \u7684\u8425\u4e1a\u5229\u6da6\u7387<\/strong>\u548c <strong>29.87% \u7684\u51c0\u5229\u7387<\/strong>\u3002\u6211\u5bf9 BTI \u7684\u8bc4\u7ea7\u662f <strong>\u4e70\u5165<\/strong>\uff0c<strong>\u76ee\u6807\u4ef7\u4e3a $72<\/strong>\u3002\u4e0e PM \u76f8\u6bd4\uff0c\u5e02\u573a\u5728\u8fd9\u91cc\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u66f4\u591a\u7684\u4f30\u503c\u7f13\u51b2\u3002    <\/p>\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u516c\u53f8<\/strong><\/td><td><strong>\u5e02\u76c8\u7387<\/strong><\/td><td><strong>\u9884\u6d4b\u5e02\u76c8\u7387<\/strong><\/td><td><strong>\u5e02\u9500\u7387<\/strong><\/td><td><strong>\u8425\u4e1a\u5229\u6da6\u7387 <\/strong><\/td><td><strong>\u5229\u6da6\u7387<\/strong><\/td><td><strong>\u76f8\u5bf9\u4e8e\u5171\u8bc6\u76ee\u6807\u7684\u9690\u542b\u4e0a\u6da8\/\u4e0b\u8dcc\u7a7a\u95f4<\/strong><\/td><td><strong>\u89e3\u8bfb<\/strong><\/td><\/tr><tr><td>\u83f2\u5229\u666e\u83ab\u91cc\u65af\u56fd\u9645<\/td><td>27.74x<\/td><td>21.11x<\/td><td>7.08x<\/td><td>37.51%<\/td><td>25.53%<\/td><td>4.7% \u4e0a\u6da8\u7a7a\u95f4<\/td><td>\u6700\u4f73\u8f6c\u578b\u6545\u4e8b\uff0c\u4f46\u51e0\u4e4e\u6ca1\u6709\u5b9a\u4ef7\u9519\u8bef\u7684\u7a7a\u95f4<\/td><\/tr><tr><td>\u5965\u9a70\u4e9a<\/td><td>15.26x<\/td><td>12.41x<\/td><td>5.98x<\/td><td>67.63%<\/td><td>39.38%<\/td><td>3.4% \u4e0b\u8dcc\u7a7a\u95f4<\/td><td>\u9ad8\u5229\u6da6\u54c1\u724c\uff0c\u4f46\u76ee\u524d\u4f30\u503c\u770b\u8d77\u6765\u5df2\u5145\u5206\u751a\u81f3\u7565\u663e\u5403\u7d27<\/td><\/tr><tr><td>\u82f1\u7f8e\u70df\u8349<\/td><td>13.29x<\/td><td>11.79x<\/td><td>3.90x<\/td><td>40.16%<\/td><td>29.87%<\/td><td>17.9% 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