{"id":678,"date":"2026-04-29T13:39:40","date_gmt":"2026-04-29T13:39:40","guid":{"rendered":"https:\/\/equitiesorbis.com\/constellation-energy-%e7%9a%84%e6%a0%b8%e8%83%bd%e5%a4%8d%e5%85%b4%e6%98%af%e5%90%a6%e5%b7%b2%e5%8f%8d%e6%98%a0%e5%9c%a8%e8%82%a1%e4%bb%b7%e4%b8%ad%ef%bc%9f\/"},"modified":"2026-06-08T19:08:45","modified_gmt":"2026-06-08T19:08:45","slug":"constellation-energy-%e7%9a%84%e6%a0%b8%e8%83%bd%e5%a4%8d%e5%85%b4%e6%98%af%e5%90%a6%e5%b7%b2%e5%8f%8d%e6%98%a0%e5%9c%a8%e8%82%a1%e4%bb%b7%e4%b8%ad%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/constellation-energy-%e7%9a%84%e6%a0%b8%e8%83%bd%e5%a4%8d%e5%85%b4%e6%98%af%e5%90%a6%e5%b7%b2%e5%8f%8d%e6%98%a0%e5%9c%a8%e8%82%a1%e4%bb%b7%e4%b8%ad%ef%bc%9f\/","title":{"rendered":"Constellation Energy \u7684\u6838\u80fd\u590d\u5174\u662f\u5426\u5df2\u53cd\u6620\u5728\u80a1\u4ef7\u4e2d\uff1f"},"content":{"rendered":"\n<p>\u4eba\u5de5\u667a\u80fd\u9769\u547d\u4ece\u6839\u672c\u4e0a\u8bf4\u662f\u4e00\u573a\u80fd\u6e90\u9769\u547d\u3002\u968f\u7740\u6570\u636e\u4e2d\u5fc3\u5728\u7f8e\u56fd\u5404\u5730\u7684\u6210\u500d\u589e\u52a0\u548c\u6269\u5f20\uff0c\u5b83\u4eec\u5bf9\u57fa\u8377\u7535\u529b\u5de8\u5927\u7684\u9700\u6c42\u4fc3\u4f7f\u79d1\u6280\u5de8\u5934\u4eec\u4e89\u76f8\u5bfb\u627e\u53ef\u9760\u3001\u65e0\u78b3\u4e14\u80fd\u5168\u5929\u5019\u4e0d\u95f4\u65ad\u8fd0\u884c\u7684\u7535\u529b\u6765\u6e90\u3002\u8fd9\u5c31\u8f6e\u5230\u5168\u7f8e\u6700\u5927\u7684\u6e05\u6d01\u80fd\u6e90\u751f\u4ea7\u5546\u548c\u6700\u5927\u7684\u6838\u7535\u7ad9\u8fd0\u8425\u5546 Constellation Energy Corporation (CEG) \u767b\u573a\u4e86\u3002\u51ed\u501f\u8d85\u8fc7 1,140 \u4ebf\u7f8e\u5143\u7684\u5e02\u503c\u548c\u63a5\u8fd1 315 \u7f8e\u5143\u7684\u80a1\u4ef7\uff0cConstellation Energy \u5df2\u6210\u4e3a\u8fd9\u4e00\u8303\u5f0f\u8f6c\u53d8\u7684\u4e3b\u8981\u53d7\u76ca\u8005\u3002\u4f46\u7531\u4e8e\u8be5\u80a1\u7684\u6eda\u52a8\u5e02\u76c8\u7387\u8d85\u8fc7 42 \u500d\uff0c\u9884\u6d4b\u5e02\u76c8\u7387\u4e3a 27.55 \u500d\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u63d0\u51fa\u4e00\u4e2a\u5173\u952e\u95ee\u9898\uff1a\u9884\u671f\u7684\u6838\u80fd\u590d\u5174\u662f\u5426\u5df2\u7ecf\u5b8c\u5168\u53cd\u6620\u5728 Constellation Energy \u7684\u80a1\u4ef7\u4e2d\uff0c\u8fd8\u662f\u8be5\u516c\u53f8\u4ecd\u6709\u4e0a\u6da8\u7a7a\u95f4\uff1f    <\/p>\n\n<p><strong>\u8d22\u52a1\u8868\u73b0\uff1a\u53d9\u4e8b\u80cc\u540e\u7684\u6570\u636e<\/strong><\/p>\n\n<p>Constellation Energy \u6700\u8fd1\u7684\u8d22\u52a1\u8868\u73b0\u53cd\u6620\u4e86\u5176\u5728\u6e05\u6d01\u80fd\u6e90\u9886\u57df\u7684\u9886\u5148\u5730\u4f4d\u3002\u5728 2025 \u5e74\u7b2c\u56db\u5b63\u5ea6\uff0c\u8be5\u516c\u53f8\u62a5\u544a\u6536\u5165\u4e3a 60.7 \u4ebf\u7f8e\u5143\uff0c\u540c\u6bd4\u589e\u957f 12.9%\u30022025 \u5e74\u5168\u5e74\u6536\u5165\u8fbe\u5230\u4ee4\u4eba\u77a9\u76ee\u7684 255.3 \u4ebf\u7f8e\u5143\uff0c\u51f8\u663e\u4e86\u516c\u53f8\u8fd0\u8425\u7684\u5e9e\u5927\u89c4\u6a21\u30022025 \u5e74\u7b2c\u56db\u5b63\u5ea6 GAAP \u6bcf\u80a1\u51c0\u5229\u6da6\u4e3a 1.38 \u7f8e\u5143\uff0c\u800c\u8c03\u6574\u540e\u6bcf\u80a1\u8fd0\u8425\u6536\u76ca\u8fbe\u5230 2.30 \u7f8e\u5143\u3002\u8fd9\u79cd\u8d22\u52a1\u5b9e\u529b\u5f97\u5230\u4e86\u7ea6 31,676 \u5146\u74e6\u53d1\u7535\u88c5\u673a\u5bb9\u91cf\u7684\u652f\u6301\uff0c\u6db5\u76d6\u6838\u80fd\u3001\u98ce\u80fd\u3001\u592a\u9633\u80fd\u3001\u5929\u7136\u6c14\u548c\u6c34\u529b\u53d1\u7535\u8d44\u4ea7\uff0c\u5206\u5e03\u5728\u5305\u62ec\u5927\u897f\u6d0b\u4e2d\u90e8\u3001\u4e2d\u897f\u90e8\u3001\u7ebd\u7ea6\u3001ERCOT \u548c\u5176\u4ed6\u7535\u529b\u533a\u57df\u5728\u5185\u7684\u591a\u4e2a\u8fd0\u8425\u677f\u5757\u3002\u7136\u800c\uff0cConstellation \u770b\u6da8\u903b\u8f91\u7684\u6838\u5fc3\u5e76\u4e0d\u5728\u4e8e\u5176\u591a\u5143\u5316\u7684\u6295\u8d44\u7ec4\u5408\uff0c\u800c\u5728\u4e8e\u5176\u6838\u7535\u8f66\u961f\uff0c\u4ee5\u53ca\u5b83\u80fd\u591f\u4e0e\u6e34\u671b\u6e05\u6d01\u57fa\u8377\u7535\u529b\u7684\u4e3b\u8981\u79d1\u6280\u516c\u53f8\u7b7e\u7f72\u957f\u671f\u3001\u5229\u6da6\u4e30\u539a\u7684\u5408\u540c\u7684\u80fd\u529b\u3002     <\/p>\n\n<p><strong>\u6570\u636e\u4e2d\u5fc3\u4ea4\u6613\uff1a\u6218\u7565\u4e0a\u7684\u82f1\u660e\u8fd8\u662f\u6781\u5ea6\u4e50\u89c2\uff1f<\/strong><\/p>\n\n<p>\u8fd9\u4e00\u6218\u7565\u6700\u7a81\u51fa\u7684\u4f8b\u5b50\u662f\u4e0e\u5fae\u8f6f\u8fbe\u6210\u7684\u91cd\u542f\u4e09\u54e9\u5c9b (Three Mile Island) \u6838\u8bbe\u65bd\u7684\u91cc\u7a0b\u7891\u5f0f\u534f\u8bae\uff0c\u660e\u786e\u65e8\u5728\u4e3a\u6570\u636e\u4e2d\u5fc3\u4f9b\u7535\u3002\u8fd9\u7b14\u4ea4\u6613\u4e0d\u4ec5\u51f8\u663e\u4e86\u79d1\u6280\u884c\u4e1a\u5bf9\u6e05\u6d01\u57fa\u8377\u7535\u529b\u7684\u8feb\u5207\u9700\u6c42\uff0c\u4e5f\u8bc1\u660e\u4e86 Constellation \u6709\u80fd\u529b\u4ee5\u51e0\u5e74\u524d\u8fd8\u65e0\u6cd5\u60f3\u8c61\u7684\u65b9\u5f0f\uff0c\u5c06\u5176\u73b0\u6709\u7684\u3001\u751a\u81f3\u662f\u95f2\u7f6e\u7684\u6838\u80fd\u8d44\u4ea7\u53d8\u73b0\u3002\u6b64\u5916\uff0c\u8be5\u516c\u53f8\u7684 Calpine \u4e1a\u52a1\u6700\u8fd1\u4e0e CyrusOne \u7b7e\u7f72\u4e86\u4e00\u4efd 380 \u5146\u74e6\u7684\u534f\u8bae\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u4e86\u5176\u4f5c\u4e3a\u6570\u5b57\u57fa\u7840\u8bbe\u65bd\u884c\u4e1a\u5173\u952e\u4f9b\u5e94\u5546\u7684\u89d2\u8272\u3002\u8fd9\u4e9b\u5e76\u975e\u5c0f\u89c4\u6a21\u7684\u6295\u673a\u6027\u5b89\u6392\uff0c\u800c\u662f\u4ee3\u8868\u4e86\u5b9e\u8d28\u6027\u7684\u3001\u957f\u671f\u7684\u6536\u5165\u627f\u8bfa\uff0c\u63d0\u4f9b\u4e86\u80fd\u6e90\u884c\u4e1a\u7f55\u89c1\u7684\u76c8\u5229\u9884\u89c1\u6027\u3002    <\/p>\n\n<p>\u8fd9\u4e9b\u6218\u7565\u4e3e\u63aa\u5e76\u672a\u88ab\u534e\u5c14\u8857\u5ffd\u89c6\u3002Constellation Energy \u7684\u4e00\u81f4\u8bc4\u7ea7\u575a\u5b9a\u4e3a\u201c\u4e70\u5165\u201d\u6216\u201c\u589e\u6301\u201d\uff0c\u5206\u6790\u5e08\u7684\u5e73\u5747\u76ee\u6807\u4ef7\u4e3a 370.58 \u7f8e\u5143\uff0c\u6700\u9ad8\u76ee\u6807\u4ef7\u751a\u81f3\u8fbe\u5230 481.00 \u7f8e\u5143\u3002\u6700\u4fdd\u5b88\u7684\u4f30\u8ba1\u4ecd\u4e3a 272.40 \u7f8e\u5143\uff0c\u4f4e\u4e8e\u76ee\u524d\u7684\u4ea4\u6613\u4ef7\u683c\uff0c\u8fd9\u8868\u660e\u5373\u4f7f\u662f\u770b\u7a7a\u8005\u4e5f\u8ba4\u4e3a\u76ee\u524d\u7684\u4e0b\u884c\u7a7a\u95f4\u6709\u9650\u3002\u5206\u6790\u5e08\u6307\u51fa\uff0c\u516c\u53f8\u5f3a\u52b2\u7684\u81ea\u7531\u73b0\u91d1\u6d41\u751f\u6210\u80fd\u529b\u300150 \u4ebf\u7f8e\u5143\u7684\u80a1\u7968\u56de\u8d2d\u8ba1\u5212\u4ee5\u53ca\u6bcf\u5e74 10% \u80a1\u606f\u589e\u957f\u7684\u627f\u8bfa\uff0c\u90fd\u662f\u8d22\u52a1\u5065\u5eb7\u548c\u521b\u9020\u80a1\u4e1c\u4ef7\u503c\u7684\u6709\u529b\u6307\u6807\u3002\u7ba1\u7406\u5c42\u5bf9 2026 \u5e74\u7684\u6307\u5f15\u76ee\u6807\u662f\u8c03\u6574\u540e\u6bcf\u80a1\u8fd0\u8425\u6536\u76ca\u8fbe\u5230 11.00 \u81f3 12.00 \u7f8e\u5143\uff0c\u8fd9\u8fdb\u4e00\u6b65\u52a9\u957f\u4e86\u8fd9\u79cd\u4e50\u89c2\u60c5\u7eea\uff0c\u5e76\u9884\u793a\u7740\u76c8\u5229\u52bf\u5934\u7684\u6301\u7eed\u3002    <\/p>\n\n<p><strong>\u6000\u7591\u8005\u7684\u89c2\u70b9\uff1a\u53ef\u80fd\u51fa\u73b0\u4ec0\u4e48\u95ee\u9898\uff1f<\/strong><\/p>\n\n<p>\u7136\u800c\uff0c\u4e25\u8c28\u7684\u5206\u6790\u9700\u8981\u4fdd\u6301\u6000\u7591\u6001\u5ea6\uff0c\u770b\u6da8\u8bba\u70b9\u4e2d\u6709\u51e0\u4e2a\u65b9\u9762\u503c\u5f97\u5ba1\u89c6\u3002\u8be5\u516c\u53f8\u6700\u8fd1\u5bf9 Calpine \u7684\u6536\u8d2d\u867d\u7136\u5728\u6269\u5927\u53d1\u7535\u7ec4\u5408\u65b9\u9762\u5177\u6709\u6218\u7565\u610f\u4e49\uff0c\u4f46\u4e5f\u5e26\u6765\u4e86\u4e0d\u5bb9\u4f4e\u4f30\u7684\u6574\u5408\u6311\u6218\u548c\u653f\u7b56\u98ce\u9669\u3002\u5408\u5e76\u4e24\u5bb6\u5927\u578b\u80fd\u6e90\u516c\u53f8\u662f\u4e00\u9879\u590d\u6742\u7684\u4efb\u52a1\uff0c\u5386\u53f2\u4e0a\u5145\u6ee1\u4e86\u7eb8\u9762\u4e0a\u770b\u8d77\u6765\u5f88\u5b8c\u7f8e\u4f46\u5728\u6267\u884c\u4e2d\u53d7\u632b\u7684\u6536\u8d2d\u6848\u4f8b\u3002\u66f4\u4ee4\u4eba\u62c5\u5fe7\u7684\u662f\u516c\u53f8\u672a\u6765\u76c8\u5229\u7684\u6784\u6210\u3002\u6765\u81ea Seeking Alpha \u7684\u5206\u6790\u8868\u660e\uff0c\u7ba1\u7406\u5c42 2026 \u5e74\u6307\u5f15\u76ee\u6807\u7684\u8fd1 40% \u6e90\u81ea\u6ce2\u52a8\u8f83\u5927\u3001\u9884\u6d4b\u6027\u8f83\u4f4e\u7684\u6765\u6e90\u3002\u8fd9\u79cd\u5bf9\u53ef\u53d8\u6536\u76ca\u6d41\u7684\u4f9d\u8d56\uff0c\u4e0e\u8bb8\u591a\u6295\u8d44\u8005\u5728\u80fd\u6e90\u884c\u4e1a\u5bfb\u6c42\u7684\u7a33\u5b9a\u7684\u3001\u7c7b\u4f3c\u516c\u7528\u4e8b\u4e1a\u7684\u6536\u76ca\u5f62\u6210\u9c9c\u660e\u5bf9\u6bd4\uff0c\u5e76\u5f15\u5165\u4e86\u4e00\u5b9a\u7a0b\u5ea6\u7684\u4e0d\u786e\u5b9a\u6027\uff0c\u800c\u76ee\u524d\u7684\u6ea2\u4ef7\u4f30\u503c\u53ef\u80fd\u672a\u80fd\u5145\u5206\u53cd\u6620\u8fd9\u4e00\u70b9\u3002     <\/p>\n\n<p>\u6b64\u5916\uff0c\u4f30\u503c\u672c\u8eab\u4e5f\u662f\u4e00\u4e2a\u5408\u7406\u7684\u4e89\u8bba\u70b9\u3002\u5bf9\u4e8e\u4e00\u5bb6\u672c\u8d28\u4e0a\u662f\u516c\u7528\u4e8b\u4e1a\u7684\u516c\u53f8\u6765\u8bf4\uff0c\u5373\u4f7f\u662f\u50cf Constellation \u8fd9\u6837\u5177\u6709\u5353\u8d8a\u589e\u957f\u524d\u666f\u7684\u516c\u53f8\uff0c27.55 \u500d\u7684\u9884\u6d4b\u5e02\u76c8\u7387\u4e5f\u65e0\u7591\u662f\u9ad8\u6602\u7684\u3002\u8fd9\u79cd\u6ea2\u4ef7\u4f30\u503c\u610f\u5473\u7740\u5e02\u573a\u5df2\u7ecf\u9884\u8bbe\u4e86\u516c\u53f8\u589e\u957f\u6218\u7565\u7684\u5b8c\u7f8e\u6267\u884c\uff0c\u5305\u62ec\u4e09\u54e9\u5c9b\u7684\u6210\u529f\u91cd\u542f\u3001\u9ad8\u5229\u6da6\u5408\u540c\u7684\u6301\u7eed\u7b7e\u7f72\u4ee5\u53ca Calpine \u7684\u987a\u5229\u6574\u5408\u3002\u5728\u8fd9\u4e9b\u9886\u57df\u7684\u4efb\u4f55\u5931\u8bef\u3001\u4efb\u4f55\u76d1\u7ba1\u5ef6\u8fdf\u6216\u4efb\u4f55\u66f4\u5e7f\u6cdb\u7684\u5b8f\u89c2\u7ecf\u6d4e\u8870\u9000\uff0c\u90fd\u53ef\u80fd\u5f15\u53d1\u663e\u8457\u7684\u4f30\u503c\u500d\u6570\u6536\u7f29\uff0c\u8fd9\u5bf9\u4e8e\u5728\u5f53\u524d\u6c34\u5e73\u4e70\u5165\u7684\u6295\u8d44\u8005\u6765\u8bf4\u5c06\u662f\u75db\u82e6\u7684\u3002   <\/p>\n\n<p><strong>\u884c\u4e1a\u52a8\u6001\u4e0e\u7ade\u4e89\u5a01\u80c1<\/strong><\/p>\n\n<p>\u884c\u4e1a\u683c\u5c40\u4e5f\u63d0\u51fa\u4e86\u503c\u5f97\u8003\u8651\u7684\u6311\u6218\u3002\u867d\u7136 Constellation 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