在這個標(biāo)普500指數(shù)大漲10%的年份，《財(cái)富》500強(qiáng)公司的回報(bào)率要遠(yuǎn)遠(yuǎn)超過前者——本文中各只股票的價格在2016年都至少翻了一番，前兩名的漲幅更是超過300%。

不過，這些股票中沒有高成長型科技公司的身影。2016年，大多數(shù)領(lǐng)漲股都來自困難重重而且默默無聞的行業(yè)，這些公司也只是剛剛嶄露頭角。其中三只鋼鐵股在唐納德·特朗普贏得美國總統(tǒng)大選后開始走強(qiáng)，原因是人們期待著出現(xiàn)一陣基礎(chǔ)設(shè)施開支熱潮。

同時，雖然從定義上講《財(cái)富》500強(qiáng)公司是美國收入規(guī)模最大的企業(yè)，但今年的領(lǐng)漲股都不是這方面的執(zhí)牛耳者。實(shí)際上，在十大表現(xiàn)最好的個股中，有六只來自《財(cái)富》500強(qiáng)的后250名。

盡管它們也許不再是失敗者，但多只領(lǐng)漲股的價格仍遠(yuǎn)低于歷史最高點(diǎn)，甚至有一些看起來依然便宜。因此，如果在2016年錯過了獲得逾三倍回報(bào)的機(jī)會，這些股票中的某幾只也許會在2017年進(jìn)一步上揚(yáng)。

以下是2016年《財(cái)富》500強(qiáng)中漲幅最大的股票。

1. AK鋼鐵控股公司

《財(cái)富》500強(qiáng)排名：383位

2016年回報(bào)率：359%

In a year when the S&P 500 has gained a solid 10%, these Fortune 500 companies ran circles around that return: All of the stocks on this list at least doubled their share prices in 2016, and the top two winners each more than quadrupled.

Still, you won’t find any high-growth tech companies on this list. Most of this year's big winners come from unsexy industries beset by struggles from which these firms are just starting to emerge. Three are steel companies whose stocks took off after Donald Trump won the U.S. presidential election, prompting hopes of a wave of new spending on infrastructure.

Also, although Fortune 500 members are, by definition, the largest companies in the U.S. by revenue, none of this year's top gainers was among the very biggest of the big. Indeed, six of the top 10 performers come from the bottom half of the 500 list.

Even though they may no longer be underdogs, the stocks of many of 2016’s best performers remain well below their all-time highs, and several still look cheap. So even if you missed out on a four-bagger return this year, there may be more rallies to come for some of these stocks in 2017.

Here's the full list of 2016’s biggest Fortune 500 stock winners.

1. AK Steel Holding

Fortune 500 rank: No. 383

2016 return: 359%

受中國建材需求放緩影響，2015年鐵礦石和鋼材價格暴跌。但在2016年初觸底后，二者均強(qiáng)勁反彈。近幾年的虧損過后，AK鋼鐵控股預(yù)計(jì)將在2016年扭虧為盈，原因是它不斷削減成本，而且還受益于產(chǎn)品價格上漲。

不過，這只股票的最大一波行情出現(xiàn)在特朗普當(dāng)選之后——11月8日以來，AK鋼鐵控股的漲幅已經(jīng)超過74%。特朗普政府不僅有可能為更多依賴鋼材等重金屬的基礎(chǔ)設(shè)施項(xiàng)目開綠燈，這位當(dāng)選總統(tǒng)還表示，他將實(shí)施的貿(mào)易政策將讓天平向美國生產(chǎn)商傾斜，同時會削弱進(jìn)口鋼材的吸引力。對了，特朗普提名威爾伯格·羅斯出任商務(wù)部長同樣是件好事——羅斯是一家主要鋼鐵公司的創(chuàng)始人以及前首席執(zhí)行官。

摩根大通分析師寫道：“特朗普對貿(mào)易乃至國內(nèi)鋼鐵供應(yīng)和價格的影響要比他的基礎(chǔ)設(shè)施規(guī)劃快得多，也重大得多。”他們對AK鋼鐵控股的評級為“超配”（也就是“買入”）。

2. 美國鋼鐵公司

《財(cái)富》500強(qiáng)排名：244位

2016年回報(bào)率：332%

Iron ore and steel prices fell precipitously in 2015 on slowing demand for construction material in China. But they bounced back forcefully after hitting bottom in early 2016, as steel producers cut production dramatically. After several years of losses, AK Steel (aks) is expected to turn a profit in 2016, as the company continued to cut costs while also benefiting from higher prices.

Still, the steepest jump in AK Steel’s stock price came after Trump won the election: AK’s shares are up more than 74% since Nov. 8. Not only is the Trump administration likely to green-light more infrastructure projects that will rely on heavy materials such as steel, the President-elect has signaled that he will enact trade policies that make imported steel less attractive while tipping the scales toward U.S. producers. Oh, and it doesn’t hurt that Trump’s nominee for secretary of commerce is Wilbur Ross, the founder and former CEO of a major steel company.

“Trump’s impact on trade and therefore domestic steel supply and prices could be much quicker and more meaningful than Trump’s infrastructure plans,” write J.P. Morgan analysts, who rate AK Steel "overweight" (that is, a buy).

2.United States Steel

Fortune 500 rank: No. 244

2016 return: 332%

和AK鋼鐵控股一樣，2016年美國鋼鐵的股價隨著鋼材價格上漲而飆升，特朗普當(dāng)選后進(jìn)一步加速上揚(yáng)（大選以來的漲幅超過70%）。和AK鋼鐵控股等規(guī)模較小的同類企業(yè)相比，美國鋼鐵削減成本的空間可沒那么大。摩根大通認(rèn)為，這讓它對鋼材價格極度敏感，也讓它有望成為鋼材市場復(fù)蘇的最大受益者。由于中國鋼材進(jìn)口量不斷下降以及美國國內(nèi)產(chǎn)量受到控制，鋼材價格有可能繼續(xù)上漲，從而進(jìn)一步推動美國鋼鐵走強(qiáng)。

3.航星

《財(cái)富》500強(qiáng)排名：281位

2016年回報(bào)率：236%

Like AK Steel's shares, United States Steel (x) stock surged this year as steel prices rose, then accelerated further after Trump’s victory (gaining more than 70% since the election). U.S. Steel doesn’t have quite as much leeway to cut costs as smaller peers like AK. That makes it extremely sensitive to steel prices—and also makes it the American steel stock that could benefit the most from a recovery in that market, according to J.P. Morgan. As the amount of steel imported from China continues to decline and domestic production stays in check, the price of the metal will likely keep going up—sending U.S. Steel even higher.

3. Navistar International

Fortune 500 rank: No. 281

2016 return: 236%

2016年航星上漲了兩倍多，幾乎（但沒有完全）彌補(bǔ)了2015年下跌74%的糟糕表現(xiàn)。作為柴油發(fā)動機(jī)和卡車制造商，航星在幾年前錯誤地選擇了發(fā)展方向并付出了沉重代價——為達(dá)到美國環(huán)保署的新標(biāo)準(zhǔn)，該公司試圖自行開發(fā)減排系統(tǒng)，但以失敗告終。2016年3月，為了和美國證監(jiān)會和解，航星被迫支付750萬美元。前者指控航星在減排技術(shù)能力方面誤導(dǎo)股東。

雖然證監(jiān)會結(jié)束調(diào)查為航星的股價打開了上升空間，但這只股票在美國勞動節(jié)過后才迎來轉(zhuǎn)折點(diǎn)——“排放門”（比航星的問題嚴(yán)重得多）丑聞纏身的大眾宣布將收購航星近17%的股份。這條消息讓航星在一天內(nèi)躥升了41%。該公司其他投資者還包括行事高調(diào)的維權(quán)股東卡爾·伊坎。

4. 房利美和房地美

《財(cái)富》500強(qiáng)排名：16位（房利美）和43位（房地美）

2016年回報(bào)率：140%（房利美）和136%（房地美）

This year’s rally in Navistar’s stock—which more than tripled in 2016—has almost (but not quite) made up for its terrible 2015, when the shares fell 74%. Navistar (nav), which makes diesel engines and trucks, took a costly wrong turn a few years ago when it tried and failed to develop its own emissions-reducing system to meet new Environmental Protection Agency standards. In March, it had to pay $7.5 million to settle Securities and Exchange Commission charges that it misled shareholders about its technology’s capability to cut emissions.

While the end of that investigation popped the lid off Navistar’s stock price, the tipping point came just after Labor Day, when Volkswagen—a company that faced its own (much larger) emissions scandal—announced it was taking a nearly 17% stake in the company. Navistar’s shares surged 41% in a single day on the news. Other investors in the company include high-profile activist Carl Icahn.

4. Fannie Mae and Freddie Mac

Fortune 500 rank: No. 16 (Fannie Mae) and No. 43 (Freddie Mac)

2016 return: 140% (Fannie Mae) and 136% (Freddie Mac)

我們把這兩只股票放在一起是因?yàn)樗鼈兊臉I(yè)務(wù)、近期走勢以及短期前景幾乎一模一樣。

美國總統(tǒng)大選前，兩房的股價在2016年可謂波瀾不驚。但特朗普獲勝后局勢驟然改變——11月8日投票以來兩只股票都上漲了一倍以上。

原因相當(dāng)簡單——特朗普提名曾在高盛任職的史蒂芬·姆欽擔(dān)任財(cái)政部長意味著兩房的私有化。金融危機(jī)期間，這兩家抵押貸款公司接受了巨額政府援助，隨后一直在政府控制之下。這樣的結(jié)果和幾年前的預(yù)期有著天壤之別，當(dāng)時兩房的股價只有幾美分，原因是美國政府表示最終會徹底關(guān)閉這兩家公司。對數(shù)量不斷上升的對沖基金投機(jī)者來說，這兩家半官方機(jī)構(gòu)的私有化也將是極大的利好。這些投機(jī)者在兩房都有投資，而且一直宣稱政府允許它們保留了過多的利潤。

大衰退以來兩房急劇波動有什么依據(jù)嗎？它們是2013年《財(cái)富》500強(qiáng)中表現(xiàn)最好的股票，回報(bào)率均超過1000%，但2014年就成了表現(xiàn)最差的個股。

5. Oneok燃?xì)夤?

《財(cái)富》500強(qiáng)排名：348位

2016年回報(bào)率：135.6%

We've lumped these two stocks together here because their businesses, their recent stock performance and their near-term outlooks are close to identical.

Prior to the presidential election, Fannie's and Freddie’s share prices were pretty much flat for 2016. But that all changed when Trump won the White House: Both Fannie Mae (fnma) and Freddie Mac (fmcc) stock have more than doubled since the Nov. 8 vote.

The reason is fairly straightforward: Trump’s treasury secretary pick, former Goldman Sachs banker Steven Mnuchin, suggested privatizing Fannie and Freddie, which have been under government control since the mortgage lenders received a giant bailout during the financial crisis. That outcome would be a far cry from what was expected just a few years ago, when Fannie and Freddie’s shares were worth just pennies as the government indicated that it would eventually phase them out entirely. Privatizing the quasi-governmental companies would also a huge boon to a growing contingent of hedge fund speculators, who have invested in the pair and advocated that the government allow the companies to keep more of their own profits.

One indication of Fannie and Freddie’s wild ride since the Great Recession? They were the top two best-performing Fortune 500 stocks in 2013, returning more than 1000% each, only to land on the list of worst performers the following year.

5.Oneok

Fortune 500 rank: No. 348

2016 return: 135.6%

幾年前天然氣價格開始隨油價下跌時這家總部設(shè)在俄克拉荷馬州的天然氣生產(chǎn)和管道公司陷入了困境——2015年Oneok的股價下跌了46%。但隨著2016年天然氣價格飆升，該公司股價上漲了一倍多，但還沒有回到2014年夏天的最高點(diǎn)。

6. Freeport-McMoRan公司

《財(cái)富》500強(qiáng)排名：175位

2016年回報(bào)率：106%

An Oklahoma-based natural gas production and pipeline company, Oneok (oke) struggled when that commodity’s price fell along with oil prices starting a couple of years ago: Oneok stock was down 46% in 2015. But as natural gas prices surged this year, Oneok’s shares more than doubled. Still, they have yet to recover to where they were trading at their peak in the summer of 2014.

6. Freeport-McMoRan

Fortune 500 rank: No. 175

2016 return: 106%

經(jīng)歷了五年的熊市后，金、銀、銅等貴金屬的價格在2016年上揚(yáng)，原因是供給更為接近需求。特朗普當(dāng)選后，投資者認(rèn)為作為建材的銅將成為特朗普政府預(yù)期基礎(chǔ)設(shè)施項(xiàng)目的基礎(chǔ)，從而進(jìn)一步支撐了銅價。

Freeport-McMoRan這幾年一直受不利因素影響，特別是將業(yè)務(wù)延伸至石油領(lǐng)域的決定——由于油價暴跌，實(shí)際情況證明它實(shí)在是選錯了時間。2016年該公司轉(zhuǎn)讓了部分能源業(yè)務(wù)，并借此償還了一些債務(wù)。不過，它的石油業(yè)務(wù)仍有相當(dāng)?shù)囊?guī)模，如果油價繼續(xù)上漲，該公司將從中受益。

7. Steel Dynamics公司

《財(cái)富》500強(qiáng)排名：356位

2016年回報(bào)率：100%

After a five-year bear market in precious metals including gold, silver and copper—all of which Freeport-McMoRan (fcx) produces at its mines—the prices of those commodities rallied in 2016 as supply came down closer in line with demand. Trump’s election win gave copper an additional kick, with investors believing that his administration’s expected infrastructure projects will need to rely on that building material.

Freeport had suffered particularly in recent years from its decision to diversify into the oil business—at what turned out to be exactly the wrong time, as prices plummeted. It sold off some of its energy business this year, relieving it of some of the debt it had taken on in the process. Still, Freeport maintains substantial operations in that area that will benefit if oil prices continue to rise.

7.Steel Dynamics

Fortune 500 rank: No. 356

2016 return: 100%

和本文提到的AK鋼鐵控股和美國鋼鐵不同，2015年鋼材價格下跌基本沒有給Steel Dynamics帶來不利影響——當(dāng)年該公司股價僅下跌7%左右，而且還處于盈利狀態(tài)，并創(chuàng)造了大量自由現(xiàn)金流。不過，2016年鋼材價格上漲同樣大幅提升了該公司股價。同時，Steel Dynamics的位置特別有利，將從鋼材需求的增長中獲利，原因是2008年金融危機(jī)以來該公司極大地提高了產(chǎn)能。(財(cái)富中文網(wǎng))

作者：Jen wieczner

譯者：Charlie

審校：詹妮

Unlike its fellow steelmakers on this list—AK Steel and United States Steel—Steel Dynamics (stld) managed to ride out steel's 2015 price downturn relatively unscathed: Its stock price only shed about 7% last year. The company also stayed profitable, generating hefty free cash flow.

Still, Steel Dynamics still got a major boost from rising prices this year. And it's particularly well positioned to profit from increasing demand for steel, as the company has greatly expanded the amount it can produce since the 2008 financial crisis.