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美债长端来了“不计回报的买家” 业绩出众的投资者削减曲线陡峭化押注_我的网站

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    A photo shows WuXi AppTec in the Waigaoqiao Bonded Area of the Shanghai Free Trade Zone. Photo: VCG
A US federal judge on Friday temporarily "barred the Pentagon from including Chinese biotechnology group WuXi AppTec on a list of companies believed to support Beijing's military," according to Reuters. Chinese experts said the ruling sends a positive signal for Chinese companies operating in the US, showing that Washington's arbitrary, fact-deficient national security blacklists are not beyond challenge and that firms should make greater use of legal means to defend their legitimate rights.
US District Judge James Boasberg issued an order blocking enforcement of the designation of WuXi in June after the company filed suit. WuXi in a statement welcomed the court's ruling, saying it "relieves us from the immediate adverse consequences" of the Defense Department's designation during the litigation. "We believe that the facts, as demonstrated in our court filings, will prevail after an objective and fair judicial review," a WuXi spokesperson said, according to the report. 
A South China Morning Post report noted that the ruling represents an early legal victory for one of China's largest pharmaceutical research and manufacturing service providers and a setback for Washington's expanding use of national-security restrictions against major Chinese commercial companies.
Gao Lingyun, a research fellow at the Chinese Academy of Social Sciences, told the Global Times that the Pentagon's controversial "list-first, evidence-later" approach has bred massive operational uncertainty for Chinese enterprises conducting legitimate business in the US. By arbitrarily imposing restrictive labels before presenting credible proof, Washington creates an opaque and unpredictable regulatory environment that disrupts normal commercial expectations. 
The US Department of Defense released its updated Section 1260H list on June 8, marking the first time WuXi AppTec was formally included, alongside Alibaba, Baidu, BYD and Unitree Robotics, among others. 
On June 12, WuXi AppTec announced it had filed suit against the Department of Defense in the US District Court for the District of Columbia. The company said the department's decision was erroneous and lacked factual basis or support under applicable statutes and case law.
He Weiwen, a senior fellow at the Center for China and Globalization, noted that when Chinese companies face unfair and unjustified suppression in the US, they cannot rely solely on corporate statements or diplomatic representations; they must also protect themselves through legal means. Filing suit in federal court is entirely necessary and correct, he said.
"In the past, quite a few Chinese companies had nothing to do with so-called military matters but were hit with US countervailing and anti-dumping measures. Many won their cases after appealing to the Court of International Trade. Legal recourse is an indispensable tool and one we need to take more seriously," he said.
In January 2021, Xiaomi was placed on a similar Pentagon list. The Chinese company later announced on May 26, 2021 that a US court has removed the company's designation as a military-related company and lifted all restrictions on US persons buying or holding its stock, Reuters reported. 
The designation has so far had little impact on WuXi AppTec's business. The company reported on August 3 that first-half revenue rose 38.9 percent year-on-year to 28.9 billion yuan, while net profit attributable to shareholders climbed 29.4 percent to 11.08 billion yuan — its first half-year profit above the 10-billion-yuan mark, said media reports.
When asked about US placing several Chinese technology companies including Alibaba, Tencent, BYD, on a list of firms that it says aid China's military, Chinese Foreign Ministry spokesperson Lin Jian said that China firmly opposes the US overstretching the concept of national security and formulating various types of discriminatory lists to go after Chinese businesses. "We urge the US to correct its wrongdoings, and stop the unwarranted suppression of Chinese businesses. China will do what is necessary to firmly protect their legitimate and lawful rights and interests," said Lin. 
。    　　摩根士丹利投资管理的Vishal Khanduja是一位业绩领先的固定收益投资者。他正在削减做空美国长期国债的押注，称美国财政部长贝森特已准备“不惜一切代价”，阻止美债收益率继续上升。　　Khanduja是该投资管理公司广义市场固定收益团队主管。他表示，自己已经减少了对收益率曲线陡峭化交易的敞口。这类交易押注30年期与5年期美国国债收益率之差扩大，而他认为这项交易进一步获利的空间已经缩小。　　“现在很难在投资组合中持有大量曲线陡峭化头寸，因为如今长端出现了一个不以经济回报为目的的买家，”他在接受采访时表示。　　这个买家就是美国财政部。财政部上周宣布，计划将对市场上现有10年至30年期国债的购买规模至少提高一倍，以防止借贷成本进一步飙升。自该计划公布以来，5年期与30年期美债收益率之差已收窄约10个基点。　　“贝森特实际上已经亮明了底牌，”Khanduja说。他认为，贝森特的行动相当于迎来了一个“不惜一切代价”的时刻。这一说法借用了欧洲央行前行长德拉吉2012年为捍卫欧元作出的承诺。

二 | 德拉吉当时的干预最终帮助平息了欧洲债务危机。　　Khanduja与Brian Ellis共同管理规模44亿美元的Eaton Vance总回报债券基金。过去10年，该基金年化回报率为3.2%，约为美国综合债券指数同期涨幅的两倍。晨星数据显示，该基金过去10年的表现超过约97%的同类基金。截至周一，该基金今年以来回报约0.3%，相比之下，基准指数同期下跌0.2%。　　贝森特出人意料的计划在美国财政部公布旧债回购安排仅两周后宣布，通过减少长期国债的市场供应量，为长债提供了支撑。巴克莱策略师估计，扩大回购规模可能相当于每年增加640亿美元的购买量，约相当于目前20年期和30年期美国国债年度供应量的15%。　　Khanduja将这一举措称为“准量化宽松”。他表示，由于财政部正在从市场中吸收一部分久期风险，这种干预也可能提振风险资产。因此，他已经增持投资级公司债，同时减持风险相对较低的抵押贷款支持证券，并押注美元兑收益率较高的新兴市场货币走弱。责任编辑：李安桐。

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Published on:22:04:30