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ronnie0002

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- ronnie0002ronnie0002
  ·03-19
  $瓦莱罗能源(VLO)$ Valero 比较像“纯炼油收费站”的经典版本。公司披露其 15 座炼厂合计处理能力约 320 万桶/日，2025 年调整后每股收益 10.61 美元。它最吸引巴菲特的地方不是故事，而是简单、可验证、规模化：大炼厂、低单位成本、全国分销能力、以及在燃料紧平衡时对 crack spread 的高弹性。若这次事件只是 60 天新闻，那 VLO 只是交易机会；但若你把它放进更长的框架——东海岸对 Gulf Coast 成品持续依赖、美国新增大型炼油能力有限、复杂炼厂再造难度极高——它就更像一笔“资产稀缺性”投资。安全边际来自资产替代成本和行业进入壁垒，而非政策宠
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- ronnie0002ronnie0002
  ·03-19
  $马拉松原油(MPC)$ 这是我认为最符合“伯克希尔式”口味的直接标的。原因不是它会因为 60 天豁免突然暴赚，而是它本来就占据美国炼油—物流—终端体系的核心位置。公司 2025 年四季度原油加工利用率 95%，总加工量约 300 万桶/日，R&M 利润率从上年同期的 12.93 美元/桶升到 18.65 美元/桶，说明在供需偏紧和 crack spread 走阔时，它的现金流弹性很强。这个生意的本质不是赌油价，而是控制“把原油变成紧缺成品并卖出去”的能力。Jones Act 豁免的真正好处，是让 Gulf Coast 到东海岸的物流摩擦短期下降，从而加速高价值成品的流通；受益的是像 MPC 这样已经拥有大规模炼化能力和商业分销体系的玩家。它的问题在于周期性，不是护城河不存在，而是护城河的货币化节奏随行业波动
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成品持续依赖、美国新增大型炼油能力有限、复杂炼厂再造难度极高——它就更像一笔“资产稀缺性”投资。安全边际来自资产替代成本和行业进入壁垒，而非政策宠","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/544076709934624","isVote":1,"tweetType":1,"viewCount":587,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":544076542351064,"gmtCreate":1773856690305,"gmtModify":1773864568083,"author":{"id":"4095618602580890","authorId":"4095618602580890","name":"ronnie0002","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4095618602580890","authorIdStr":"4095618602580890"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/MPC\">$马拉松原油(MPC)$</a> 这是我认为最符合“伯克希尔式”口味的直接标的。原因不是它会因为 60 天豁免突然暴赚，而是它本来就占据美国炼油—物流—终端体系的核心位置。公司 2025 年四季度原油加工利用率 95%，总加工量约 300 万桶/日，R&amp;M 利润率从上年同期的 12.93 美元/桶升到 18.65 美元/桶，说明在供需偏紧和 crack spread 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