加拿大国家铁路（CNI）今日盘中股价大跌6.66%，引起了市场的广泛关注。
消息面上，此次下跌主要源于投资者对公司发布的2026年第一季度财报的反应。财报显示，尽管调整后每股收益基本符合预期，但调整后运营比率恶化至64.2%，高于去年同期的63.4%，表明运营效率下降且成本压力增大。具体而言，与冬季环境及事故相关的费用增加、有效税率上升、以及普遍的劳动力和材料成本上涨共同挤压了利润率。同时，受加元走强及加拿大联邦碳税计划取消等因素影响，公司每收入吨英里的货运收入出现下降，第一季度营收同比下滑1%。此外，公司重申的全年业绩展望虽保持稳定，但也凸显了宏观经济与地缘政治不确定性带来的持续需求风险，叠加铁路行业整体面临的货运量停滞等挑战，共同导致了股价的负面走势。
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