<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>2025 年对于那些必须解释中游能源股票短期表现的人来说是令人沮丧的——也就是说，这位博主以及许多投资于该领域的金融顾问。</p>
<p>这一年并没有特别值得关注的新闻。在 2024 年，天然气将受益于数据中心的增长，这一认识是股票表现的重要驱动因素。另一个需求来源，液化天然气（LNG）出口，继续受益于日益增长的液化能力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(点击图片放大)</em></p>
<p>2025 年并没有提供太多戏剧性的最新进展，只是不断确认 2024 年的看涨论点依然有效。美国的石油产量在 9 月份达到了 1380 万桶/日（MMB/D）的历史新高，同比增长 5%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(点击图片放大)</em></p>
<p>干气（天然气）产量在 9 月份超过了 1080 亿立方英尺/日（BCF/D），同比增长 6%。9 月份的 LNG 出口超过 15 BCF/D，增长 24%。丙烷产量在 9 月份达到了 240 万桶/日，增长 7%，用于后院烧烤、农民干燥作物和出口。</p>
<p>美国的电力生产在 9 月份达到了 368 太瓦时，增长 2.4%。天然气仍然是电力生产的主要来源。电网运营商 PJM Interconnection 上周举行的容量拍卖创下了新纪录。</p>
<p>换句话说，天然气和丙烷等天然气液体是一个增长故事。</p>
<p>一年前，许多分析师预计碳氢化合物生产将持续增长，尽管有担忧认为低迷的油价可能会抑制原油产量。电力消费可能略微超出预期。大型电网运营商一直在警告，过去十年年均增长 0.2% 的情况可能会出现跳升。数据中心的需求开始产生影响，这也是电价上涨约 7% 的部分原因。</p>
<p>对于处理天然气及相关碳氢化合物的企业来说，今年是个好年头。现金流正在增长。股息上涨已成常态。杠杆率在下降。数据中心与支持它们的发电厂的共址（也称为 “计量后” 或 BTM）为最大的天然气管道公司创造了增长机会。</p>
<p>中游行业缺乏令人兴奋的人工智能故事。确实，将天然气送往数据中心是现代版的向淘金者出售镐子的故事。但这并不是一个新故事。</p>
<p>即将到来的石油过剩加剧了对能源的负面情绪，预测原油明年可能跌破 50 美元/桶。美国的 E&amp;P 公司继续超出预期，持续创新并降低生产成本。过去一年价格下跌 7 美元并没有抑制产量。</p>
<p>尽管如此，对于许多投资者来说，油价可能是他们考虑能源行业前景时的首要想法。它继续说服许多普通投资者寻找其他机会。</p>
<p>缺乏令人兴奋的新故事使得今年中游股票承压，尽管运营表现总体良好。投资者担心 2026 年供应预计将超过需求 2-3 MMB/D，油价仍然疲软。他们担心随着更多液化能力上线，LNG 出口会出现过剩。他们担心美国的丙烷和其他天然气液体（NGLs）出口可能会被征收关税。</p>
<p>这些都是可控的，可能对处理、运输和储存碳氢化合物的中游公司来说并不重要的风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p><em>(点击图片放大)</em></p>
<p>Cheniere（LNG）继续增加液化能力。我们认为，LNG 过剩的担忧不太可能实现。再气化能力正在增长，以跟上 LNG 运输的增加。</p>
<p>同样，在过去一年中，NextDecade（NEXT）开始建设他们的 Rio Grande 设施，签署了多项长期运输协议，并在现有地点的扩展上保持了进度。</p>
<p>由于不利的仲裁裁决，Venture Global（VG）的股价远低于其首次公开募股价格。我们认为，目前的估值已经充分折价了剩余案件的最坏可能结果。</p>
<p>美国丙烷或乙烷的外国买家通常没有征收关税，部分原因是他们没有其他来源。这一担忧对 Energy Transfer（ET）、Oneok（OKE）和 Targa Resources（TRGP）等公司造成了影响。与中国的丙烷贸易受到干扰，但流向已转向亚洲其他地区和欧洲。中国迅速取消了对乙烷的关税，因为他们的石化行业严重依赖于此。</p>
<p>Energy Transfer 也在那些能够受益于数据中心天然气需求的公司中处于良好位置，该公司已暂停在路易斯安那州查尔斯湖的 LNG 出口终端。其 15.5% 的可分配现金流（DCF）收益率几乎令人难以置信。</p>
<p>即使考虑到 MLP 通常存在的折扣估值，Energy Transfer 看起来仍然是一只便宜的股票。它也可能受益于通常影响合伙企业而非 C 型公司的 1 月季节性效应，反映出它们更大的零售持有量。</p>
<p>一些大型中游公司股票表现不佳，但其业务基本面依然强劲，估值也有所改善。一些投资者已经开始利用这一机会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ"/></p>
<p>最近，我们有幸与长期投资者 Eric Schulze 及其可爱的妻子 Jessica 共进午餐，他们从科罗拉多州来到那不勒斯。不论美国的天气如何，佛罗里达南部通常阳光明媚、温暖，那天的聚会也是如此。</p>
<p>我们有两个基金旨在从当前的能源环境中获利：</p>
<ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>中游收益/估值悖论</p>
<p>考虑现在购买中游的十个理由</p>
<p>MLP 收益看起来比现金更具吸引力</p>

Cheniere能源

<p>2025 年对中游能源股票来说充满挑战，2024 年的看涨论点得到了持续的确认。美国的石油和天然气生产达到了创纪录的高位，液化天然气（LNG）出口显著增长。尽管运营表现良好，中游股票仍面临由于对油价疲软和液化天然气出口过剩的担忧而产生的负面情绪。像 Cheniere 和 NextDecade 这样的公司正在扩大产能，而 Energy Transfer 则受益于数据中心对天然气的需求。关于美国出口的关税问题仍然可控，外国买家依赖于美国的丙烷和乙烷</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2018/03/11/09/11/time-3216252_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>2025 has been frustrating for those who must explain short-term performance in midstream energy stocks – which is to say this blogger, along with many financial advisors whose clients are invested in the sector.</p>
<div class="lb-trans"><p>2025 年对于那些必须解释中游能源股票短期表现的人来说是令人沮丧的——也就是说，这位博主以及许多投资于该领域的金融顾问。</p>
</div><p>It hasn’t been an especially newsworthy year. In 2024, the realization that natural gas would benefit from the growth of data centers was an important driver of stock performance. The other source of demand, LNG exports, continued to benefit from growing liquefaction capacity.</p>
<div class="lb-trans"><p>这一年并没有特别值得关注的新闻。在 2024 年，天然气将受益于数据中心的增长，这一认识是股票表现的重要驱动因素。另一个需求来源，液化天然气（LNG）出口，继续受益于日益增长的液化能力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-1.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p>2025 hasn’t offered much in the way of dramatic new developments, simply a steady stream of confirmations that the bullish thesis from 2024 remains intact. US oil production reached a record 13.8 Million Barrels per Day (MMB/D) in September, up 5% year-on-year.</p>
<div class="lb-trans"><p>2025 年并没有提供太多戏剧性的最新进展，只是不断确认 2024 年的看涨论点依然有效。美国的石油产量在 9 月份达到了 1380 万桶/日（MMB/D）的历史新高，同比增长 5%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-2.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-3.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-4.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p>Dry gas production (natural gas) exceeded 108 Billion Cubic Feet per Day (BCF/D) in September, up 6% year-over-year. LNG exports were over 15 BCF/D in September, up +24%. Propane production, used in backyard barbecues, by farmers for drying crops, and for exports, reached 2.4 MMB/D in September, up +7%.</p>
<div class="lb-trans"><p>干气（天然气）产量在 9 月份超过了 1080 亿立方英尺/日（BCF/D），同比增长 6%。9 月份的 LNG 出口超过 15 BCF/D，增长 24%。丙烷产量在 9 月份达到了 240 万桶/日，增长 7%，用于后院烧烤、农民干燥作物和出口。</p>
</div><p>US power generation reached 368 Terrawatt hours in September, up +2.4%. Natural gas remains by far the dominant source of electricity generation. Grid operator, PJM Interconnection held a capacity auction last week that set a new record high.</p>
<div class="lb-trans"><p>美国的电力生产在 9 月份达到了 368 太瓦时，增长 2.4%。天然气仍然是电力生产的主要来源。电网运营商 PJM Interconnection 上周举行的容量拍卖创下了新纪录。</p>
</div><p>In other words, natural gas and natural gas liquids such as propane are a growth story.</p>
<div class="lb-trans"><p>换句话说，天然气和丙烷等天然气液体是一个增长故事。</p>
</div><p>A year ago, many analysts expected continued growth in hydrocarbon production, although there were concerns that soft oil prices might depress output of crude. Electricity consumption has probably run modestly ahead of expectations. The big grid operators have been warning of a jump from the 0.2% annual growth that prevailed for the past decade. Data center demand is starting to impact, which is partly why electricity prices are up around 7%.</p>
<div class="lb-trans"><p>一年前，许多分析师预计碳氢化合物生产将持续增长，尽管有担忧认为低迷的油价可能会抑制原油产量。电力消费可能略微超出预期。大型电网运营商一直在警告，过去十年年均增长 0.2% 的情况可能会出现跳升。数据中心的需求开始产生影响，这也是电价上涨约 7% 的部分原因。</p>
</div><p>This has been a good year for businesses that handle natural gas and related hydrocarbons. Cash flows are growing. Dividend hikes are the norm. Leverage has been falling. And the co-location of data centers with the power plants that support them (also known as Behind The Meter or BTM) has been creating growth opportunities for the biggest natural gas pipeline companies.</p>
<div class="lb-trans"><p>对于处理天然气及相关碳氢化合物的企业来说，今年是个好年头。现金流正在增长。股息上涨已成常态。杠杆率在下降。数据中心与支持它们的发电厂的共址（也称为 “计量后” 或 BTM）为最大的天然气管道公司创造了增长机会。</p>
</div><p>What midstream doesn’t have is an exciting AI story. It’s true that sending natural gas to data centers is a modern-day equivalent of selling pickaxes to gold miners. But it’s not a new story.</p>
<div class="lb-trans"><p>中游行业缺乏令人兴奋的人工智能故事。确实，将天然气送往数据中心是现代版的向淘金者出售镐子的故事。但这并不是一个新故事。</p>
</div><p>A looming oil glut has added to the negative sentiment towards energy, with forecasts that crude may drop below $50 per barrel next year. US E&amp;P companies continue to defy expectations by continuing to innovate and lower their production costs. The $7 drop in prices over the past year hasn’t curbed output.</p>
<div class="lb-trans"><p>即将到来的石油过剩加剧了对能源的负面情绪，预测原油明年可能跌破 50 美元/桶。美国的 E&amp;P 公司继续超出预期，持续创新并降低生产成本。过去一年价格下跌 7 美元并没有抑制产量。</p>
</div><p>Nonetheless, for many investors the oil price is probably their first thought when they consider the outlook for the energy sector. It continues to persuade many generalists to look elsewhere for opportunities.</p>
<div class="lb-trans"><p>尽管如此，对于许多投资者来说，油价可能是他们考虑能源行业前景时的首要想法。它继续说服许多普通投资者寻找其他机会。</p>
</div><p>The absence of an exciting new story has weighed on midstream stocks this year, even though operating performance has been generally good. Investors are afraid of still-weaker oil prices with 2026 supply forecast to be 2-3 MMB/D in excess of demand. They’re afraid of a surplus of LNG exports as more liquefaction capacity comes online. They’re afraid that tariffs will be imposed on US exports of propane and other Natural Gas Liquids (NGLs).</p>
<div class="lb-trans"><p>缺乏令人兴奋的新故事使得今年中游股票承压，尽管运营表现总体良好。投资者担心 2026 年供应预计将超过需求 2-3 MMB/D，油价仍然疲软。他们担心随着更多液化能力上线，LNG 出口会出现过剩。他们担心美国的丙烷和其他天然气液体（NGLs）出口可能会被征收关税。</p>
</div><p>These are all manageable and probably inconsequential risks for the midstream companies that handle, move, and store hydrocarbons.</p>
<div class="lb-trans"><p>这些都是可控的，可能对处理、运输和储存碳氢化合物的中游公司来说并不重要的风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-5.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p>Cheniere (LNG) has continued to add liquefaction capacity. Fears of an LNG glut are unlikely to be realized, in our view. Regassification capacity is growing to keep up with the increased availability of LNG shipments.</p>
<div class="lb-trans"><p>Cheniere（LNG）继续增加液化能力。我们认为，LNG 过剩的担忧不太可能实现。再气化能力正在增长，以跟上 LNG 运输的增加。</p>
</div><p>Similarly, over the past year NextDecade (NEXT) has begun construction of their Rio Grande facility, has signed numerous long-term shipping agreements, and has been on track to expand at its existing site.</p>
<div class="lb-trans"><p>同样，在过去一年中，NextDecade（NEXT）开始建设他们的 Rio Grande 设施，签署了多项长期运输协议，并在现有地点的扩展上保持了进度。</p>
</div><p>Venture Global (VG) has fallen far below its IPO price because of an adverse arbitration ruling. We think the current valuation more than discounts the worst plausible outcome on the remaining cases.</p>
<div class="lb-trans"><p>由于不利的仲裁裁决，Venture Global（VG）的股价远低于其首次公开募股价格。我们认为，目前的估值已经充分折价了剩余案件的最坏可能结果。</p>
</div><p>Foreign buyers of US propane or ethane have generally not imposed tariffs, in part because they have few other sources. This concern has hurt the likes of Energy Transfer (ET), Oneok (OKE), and Targa Resources (TRGP). Propane trade with China has been disrupted, but flows have been redirected elsewhere in Asia and to Europe. China quickly dropped tariffs on ethane because their petrochemical industry relies heavily on it.</p>
<div class="lb-trans"><p>美国丙烷或乙烷的外国买家通常没有征收关税，部分原因是他们没有其他来源。这一担忧对 Energy Transfer（ET）、Oneok（OKE）和 Targa Resources（TRGP）等公司造成了影响。与中国的丙烷贸易受到干扰，但流向已转向亚洲其他地区和欧洲。中国迅速取消了对乙烷的关税，因为他们的石化行业严重依赖于此。</p>
</div><p>Energy Transfer is also among those well positioned to benefit from data center gas demand, and the company has paused their LNG export terminal in Lake Charles, LA. Its 15.5% Distributable Cash Flow (DCF) yield almost defies belief.</p>
<div class="lb-trans"><p>Energy Transfer 也在那些能够受益于数据中心天然气需求的公司中处于良好位置，该公司已暂停在路易斯安那州查尔斯湖的 LNG 出口终端。其 15.5% 的可分配现金流（DCF）收益率几乎令人难以置信。</p>
</div><p>Even allowing for the discounted valuation common for MLPs, Energy Transfer looks like a cheap stock. It could also benefit from the January seasonal effect that typically impacts partnerships more than c-corps, reflecting their bigger retail ownership.</p>
<div class="lb-trans"><p>即使考虑到 MLP 通常存在的折扣估值，Energy Transfer 看起来仍然是一只便宜的股票。它也可能受益于通常影响合伙企业而非 C 型公司的 1 月季节性效应，反映出它们更大的零售持有量。</p>
</div><p>Several big midstream companies have seen poor stock performance while the fundamentals of their business have remained strong and their valuations have improved. Some investors are already starting to take advantage of that.</p>
<div class="lb-trans"><p>一些大型中游公司股票表现不佳，但其业务基本面依然强劲，估值也有所改善。一些投资者已经开始利用这一机会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg/query-bG9zc3k9MiZzdHJpcD0xJndlYnA9MQ" alt="" original-src="https://b3547620.smushcdn.com/3547620/wp-content/uploads/2025/12/Blog-Image-December-21-2025-6.jpg?lossy=2&amp;strip=1&amp;webp=1"/></p>
<p>Recently, we had the good fortune to enjoy lunch with long-time investor Eric Schulze and his delightful wife Jessica, who were visiting Naples from Colorado. Whatever the weather in America, it’s usually sunny and warm in south Florida, as was the company that day.</p>
<div class="lb-trans"><p>最近，我们有幸与长期投资者 Eric Schulze 及其可爱的妻子 Jessica 共进午餐，他们从科罗拉多州来到那不勒斯。不论美国的天气如何，佛罗里达南部通常阳光明媚、温暖，那天的聚会也是如此。</p>
</div><p>We have two have funds that seek to profit from the current energy environment:</p>
<div class="lb-trans"><p>我们有两个基金旨在从当前的能源环境中获利：</p>
</div><ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
<div class="lb-trans"><ol>
<li>Pacer American Energy Independence ETF (USAI)</li>
<li>Catalyst Energy Infrastructure Fund (MLXAX)</li>
</ol>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>The Midstream Earnings/Valuation Paradox</p>
<div class="lb-trans"><p>中游收益/估值悖论</p>
</div><p>Ten Reasons To Consider Buying Midstream Now</p>
<div class="lb-trans"><p>考虑现在购买中游的十个理由</p>
</div><p>MLP Yields Look Better Than Cash</p>
<div class="lb-trans"><p>MLP 收益看起来比现金更具吸引力</p>
</div>

一年之间的变化有多大