\u5168\u7403\u503a\u5238\u6536\u76ca\u7387\u8dcc\u52bf\u6c79\u6c79\uff0c\u4ee5\u81f3\u4e8e\u5168\u7403\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u6ce8\u610f\u529b\u8f6c\u5411\u4e2d\u56fd\u5783\u573e\u503a\u5238\u3002<\/p>\n
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\u57fa\u91d1\u7ecf\u7406\u4eec\u8868\u793a\uff0c\u4e2d\u56fd\u516c\u53f8\u53d1\u884c\u7684\u5783\u573e\u503a\u5238\u5438\u5f15\u4e86\u56fd\u9645\u6295\u8d44\u8005\u8d8a\u6765\u8d8a\u591a\u7684\u5174\u8da3\uff0c\u56e0\u4e3a\u8fd9\u4e9b\u503a\u5238\u7684\u56de\u62a5\u7387\u975e\u5e38\u9ad8\uff0c\u4e0d\u5bb9\u9519\u8fc7\uff0c\u6709\u4e9b\u503a\u5238\u7684\u6536\u76ca\u7387\u751a\u81f3\u9ad8\u8fbe15%\u5de6\u53f3\u3002<\/p>\n
Refinitiv\u6570\u636e\u663e\u793a\uff0c\u4eca\u5e74\u4e9a\u6d32\u4ee5\u7f8e\u5143\u8ba1\u4ef7\u7684\u9ad8\u6536\u76ca\u7387\u503a\u5238\u53d1\u884c\u89c4\u6a21\u6709\u671b\u521b\u4e0b\u5e74\u5ea6\u7eaa\u5f55\uff0c\u5176\u4e2d\u7ea6380\u4ebf\u7f8e\u5143\u503a\u5238\u7531\u4e2d\u56fd\u4f01\u4e1a\u53d1\u884c\uff0c\u5360\u4eca\u5e74\u8fc4\u4eca\u5df2\u53d1\u884c\u7684590\u4ebf\u7f8e\u5143\u4e9a\u6d32\u9ad8\u6536\u76ca\u7387\u7f8e\u5143\u503a\u5238\u7684\u4e09\u5206\u4e4b\u4e8c\u4ee5\u4e0a\u3002\u6d32\u9645\u4ea4\u6613\u6240(ICE) BofaML\u6307\u6570\u663e\u793a\uff0c\u5e73\u5747\u800c\u8a00\uff0c\u6700\u8fd1\u4e2d\u56fd\u516c\u53f8\u53d1\u884c\u7684\u7f8e\u5143\u8ba1\u4ef7\u5783\u573e\u503a\u5238\u6536\u76ca\u7387\u4e3a7.9%\uff0c\u800c\u7f8e\u56fd\u5783\u573e\u503a\u5238\u6536\u76ca\u7387\u4e3a6.0%\uff0c\u6b27\u5143\u8ba1\u4ef7\u9ad8\u6536\u76ca\u503a\u5238\u6536\u76ca\u7387\u4e3a3.1%\u3002<\/p>\n
\u4e2d\u56fd\u4f4f\u5b85\u5efa\u8bdb\u5546\u6cf0\u79be\u96c6\u56e2(Tahoe Group)\u4e0a\u4e2a\u6708\u53d1\u884c\u4e864\u4ebf\u7f8e\u5143\u7684\u4e09\u5e74\u671f\u503a\u5238\u3002Refinitiv\u7684\u6570\u636e\u663e\u793a\uff0c\u8fd9\u53ea\u503a\u5238\u7684\u5b9a\u4ef7\u4e3a\u6536\u76ca\u738716%\uff0c\u662f\u4e9a\u6d32\u4eca\u5e74\u53d1\u884c\u7684\u7f8e\u5143\u8ba1\u4ef7\u503a\u5238\u4e2d\u6536\u76ca\u7387\u6700\u9ad8\u7684\u3002\u7a46\u8fea\u6295\u8d44\u8005\u670d\u52a1\u516c\u53f8(Moody’s Investors Service)\u5bf9\u8be5\u503a\u5238\u7684\u8bc4\u7ea7\u4e3aCaa1\uff0c\u60e0\u8a89\u56fd\u9645\u8bc4\u7ea7(Fitch Ratings)\u4e5f\u7ed9\u51fa\u4e86\u7c7b\u4f3c\u7684CCC+\u8bc4\u7ea7\uff0c\u8fd9\u4e9b\u8bc4\u7ea7\u8fdc\u4f4e\u4e8e\u6295\u8d44\u7ea7\u3002<\/p>\n
\u603b\u90e8\u4f4d\u4e8e\u9999\u6e2f\u7684\u5bf9\u51b2\u57fa\u91d1Triada Capital\u7684\u8d1f\u8d23\u4ebaMonica Hsiao\u79f0\uff0c\u4e9a\u6d32\u503a\u5238\u5e02\u573a\u5982\u4eca\u89c4\u6a21\u5e9e\u5927\uff0c\u8ba9\u4eba\u65e0\u6cd5\u5ffd\u89c6\uff0c\u5c24\u5176\u662f\u4e2d\u56fd\u6b63\u5728\u5bf9\u5168\u7403\u91d1\u878d\u5e02\u573a\u53d1\u6325\u5982\u6b64\u5927\u7684\u5f71\u54cd\u529b\u3002<\/p>\n
Hsiao\u8868\u793a\uff0c\u8fd1\u51e0\u4e2a\u6708\u6765\uff0c\u4e00\u4e9b\u5979\u4ece\u672a\u542c\u8bf4\u8fc7\u7684\u6f5c\u5728\u6295\u8d44\u8005\u8054\u7cfb\u4e86\u5979\u3002\u5979\u8bf4\uff0c\u5c31\u8fde\u7f8e\u56fd\u548c\u6b27\u6d32\u7684\u6350\u8d60\u57fa\u91d1\u548c\u57fa\u91d1\u4f1a\u4e5f\u60f3\u53c2\u4e0e\u8fdb\u6765\uff0c\u56e0\u4e3a\u5b83\u4eec\u610f\u8bc6\u5230\u8fd9\u53b6\u591a\u5e74\u90fd\u4e0e\u56de\u62a5\u5931\u4e4b\u4ea4\u81c2\u3002<\/p>\n
\u60e0\u8a89\u57fa\u4e8e\u5f6d\u535a(Bloomberg)\u6570\u636e\u7684\u5206\u6790\u663e\u793a\uff0c\u76ee\u524d\uff0c\u4e2d\u56fd\u5f00\u53d1\u5546\u53d1\u884c\u5728\u5916\u7684\u5883\u5916\u9ad8\u6536\u76ca\u503a\u5238\u89c4\u6a21\u4e3a1,140\u4ebf\u7f8e\u5143\uff0c\u800c2010\u5e74\u8fd9\u4e00\u6570\u5b57\u4ec5\u4e3a89\u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u503a\u5238\u81f3\u5c11\u6709\u4e00\u4e2a\u5783\u573e\u7ea7\u4fe1\u7528\u8bc4\u7ea7\uff0c\u800c\u4e14\u662f\u8de8\u5883\u53d1\u884c\uff0c\u610f\u5473\u8457\u53d1\u884c\u65b9\u6b63\u501f\u5165\u7f8e\u5143\u6216\u5176\u4ed6\u5916\u5e01\u3002\u5176\u603b\u989d\u5360\u5230\u4e9a\u592a\u5730\u533a\u6240\u6709\u5783\u573e\u7ea7\u8de8\u5883\u503a\u5238\u7684\u4e00\u534a\u4ee5\u4e0a\uff0c\u7ea6\u4e3a\u7f8e\u56fd1.18\u4e07\u4ebf\u7f8e\u5143\u9ad8\u6536\u76ca\u503a\u5238\u5e02\u573a\u89c4\u6a21\u768410%\u3002<\/p>\n
\u666f\u987a\u8d44\u4ea7\u7ba1\u7406(Invesco Asset Management)\u9a7b\u4e9a\u7279\u5170\u5927\u56fa\u5b9a\u6536\u76ca\u9996\u5e2d\u7b56\u7565\u5e08Robert Waldner\u79f0\uff0c\u5728\u8be5\u516c\u53f8\u7684\u65b0\u5174\u5e02\u573a\u548c\u9ad8\u6536\u76ca\u6295\u8d44\u7ec4\u5408\u4e2d\uff0c\u4e2d\u56fd\u516c\u53f8\u53d1\u884c\u7684\u7f8e\u5143\u503a\u5238\u6240\u5360\u6bd4\u91cd\u8d8a\u6765\u8d8a\u5927\u3002\u8be5\u516c\u53f8\u8868\u793a\uff0c\u4ece\u5386\u53f2\u4e0a\u770b\uff0c\u7f8e\u56fd\u6295\u8d44\u8005\u6301\u6709\u4e2d\u56fd\u8d44\u4ea7\u7684\u53ef\u80fd\u6027\u4e00\u76f4\u4f4e\u4e8e\u5176\u4ed6\u5168\u7403\u6295\u8d44\u8005\uff0c\u4f46\u8fd9\u79cd\u60c5\u51b5\u6b63\u5728\u53d1\u751f\u53d8\u5316\uff0c\u5c3d\u7ba1\u4e2d\u7f8e\u6b63\u7206\u53d1\u8d38\u6613\u51b2\u7a81\u3002\u4ea4\u6613\u5458\u79f0\uff0c\u76ee\u524d\uff0c\u5728\u7ebd\u7ea6\u4ea4\u6613\u65f6\u6bb5\u4e70\u5356\u4e2d\u56fd\u9ad8\u6536\u76ca\u503a\u5238\u7684\u673a\u4f1a\u4e5f\u66f4\u591a\u4e86\u3002<\/p>\n
\u8fd9\u79cd\u5174\u8da3\u7684\u5347\u6e29\u5bf9\u4e2d\u56fd\u516c\u53f8\u800c\u8a00\u662f\u4e00\u4ef6\u597d\u4e8b\u3002\u672c\u6708\u65e9\u4e9b\u65f6\u5019\uff0c\u4e00\u5ea6\u6df1\u9677\u56f0\u5883\u7684\u4e2d\u56fd\u5f00\u53d1\u5546\u4f73\u5146\u4e1a\u96c6\u56e2\u63a7\u80a1\u6709\u9650\u516c\u53f8(Kaisa Group Holdings Ltd., 1638.HK, \u7b80\u79f0\uff1a\u4f73\u5146\u4e1a\u96c6\u56e2)\u4ee511%\u7684\u6536\u76ca\u7387\u53d1\u884c\u4e863\u4ebf\u7f8e\u5143\u7684\u56db\u5e74\u671f\u503a\u5238\u3002\u8be5\u516c\u53f8\u66fe\u57282015\u5e74\u53d1\u751f\u7f8e\u5143\u503a\u5238\u8fdd\u7ea6\uff0c\u4e8e\u4eca\u5e74\u65e9\u4e9b\u65f6\u5019\u91cd\u8fd4\u5883\u5916\u503a\u5238\u5e02\u573a\u3002<\/p>\n
\u4f73\u5146\u4e1a\u96c6\u56e2\u9996\u5e2d\u8d22\u52a1\u957f\u5218\u5bcc\u5f3a(Edward Lau)\u8868\u793a\uff0c\u81ea3\u6708\u4ee5\u6765\uff0c\u8be5\u516c\u53f8\u65b0\u53d1\u884c\u4e86\u4e09\u6279\u5883\u5916\u503a\u5238\uff0c\u5176\u4e2d\u7ea6\u4e94\u5206\u4e4b\u4e00\u9762\u5411\u975e\u4e9a\u6d32\u6295\u8d44\u8005\u3002\u4f73\u5146\u4e1a\u96c6\u56e2\u4e5f\u662f\u901a\u8fc7\u91cd\u542f\u65b0\u503a\u53d1\u884c\u7b79\u96c6\u8d44\u91d1\u6765\u507f\u8fd8\u4e24\u6279\u65e7\u503a\u3002<\/p>\n
\u5218\u5bcc\u5f3a\u8fd8\u79f0\uff0c\u5305\u62ec\u7f8e\u56fd\u548c\u6b27\u6d32\u57fa\u91d1\u5728\u5185\uff0c\u4e70\u5bb6\u4eec\u5bf9\u4f73\u5146\u4e1a\u96c6\u56e2\u7684\u503a\u5238\u9887\u611f\u5174\u8da3\uff0c\u4ed6\u4eec\u8bf4\uff0c\u4f73\u5146\u4e1a\u503a\u5238\u7684\u6536\u76ca\u7387\u9ad8\u4e8e\u5176\u672c\u571f\u5e02\u573a\u4e0a\u7684\u53ef\u6bd4\u503a\u5238\u3002<\/p>\n
\u6295\u8d44\u8005\u9762\u4e34\u7684\u6311\u6218\u662f\uff0c\u6240\u6709\u8fd9\u4e00\u5207\u90fd\u53d1\u751f\u5728\u4e2d\u7f8e\u8d38\u6613\u4e89\u7aef\u4ecd\u672a\u5f97\u5230\u89e3\u51b3\u3001\u4e2d\u56fd\u7ecf\u6d4e\u589e\u957f\u6b63\u5728\u51cf\u901f\u4e4b\u9645\u3002<\/p>\n
\u503a\u5238\u6295\u8d44\u5de8\u5934Pacific Investment Management Co. (\u7b80\u79f0PIMCO)\u5bf9\u4e2d\u56fd\u623f\u5730\u4ea7\u503a\u5238\u7684\u914d\u7f6e\u4e3a\u4f4e\u914d\uff08\u8fd9\u610f\u5473\u8457\u8be5\u516c\u53f8\u6301\u6709\u6b64\u7c7b\u503a\u5238\u7684\u89c4\u6a21\u4f4e\u4e8e\u5176\u8ffd\u8e2a\u7684\u57fa\u51c6\u6307\u6807\uff09\uff0c\u56e0\u5176\u9884\u8ba1\u6301\u7eed\u7684\u5927\u91cf\u53d1\u884c\u5c06\u4ee4\u4ef7\u683c\u627f\u538b\u3002<\/p>\n
\u6cd5\u56fd\u5df4\u9ece\u8d44\u4ea7\u7ba1\u7406(BNP Paribas Asset Management)\u65b0\u5174\u5e02\u573a\u56fa\u5b9a\u6536\u76ca\u90e8\u95e8\u526f\u4e3b\u7ba1Jean-Charles Sambor\u8868\u793a\uff0c\u53bb\u5e7411\u6708\uff0c\u8be5\u516c\u53f8\u5728\u4e9a\u6d32\u503a\u5238\u5e02\u573a\u5904\u5883\u4e0d\u4f73\u4e4b\u9645\u589e\u6301\u4e86\u4e2d\u56fd\u623f\u5730\u4ea7\u503a\u5238\u3002\u5728\u8fd9\u4e9b\u503a\u5238\u4ef7\u503c\u4e0a\u5347\u4e4b\u540e\uff0c\u8be5\u516c\u53f8\u5728\u7b2c\u4e00\u5b63\u5ea6\u7ed3\u675f\u524d\u5c06\u5176\u5356\u51fa\uff0c\u63a5\u8457\u53c8\u57285\u6708\u4efd\u518d\u5ea6\u4e70\u8fdb\uff0c\u5c3d\u7ba1\u5f53\u65f6\u8d38\u6613\u6469\u64e6\u91cd\u65b0\u52a0\u5267\u3001\u6b64\u7c7b\u503a\u5238\u906d\u9047\u629b\u552e\u3002<\/p>\n
\u4ed6\u76ee\u524d\u9884\u8ba1\uff0c\u4e2d\u56fd\u653f\u5e9c\u5c06\u5411\u7ecf\u6d4e\u6ce8\u5165\u66f4\u591a\u8d22\u653f\u548c\u5176\u4ed6\u523a\u6fc0\u63aa\u65bd\uff0c\u8fd9\u5c06\u6709\u5229\u4e8e\u623f\u5730\u4ea7\u884c\u4e1a\u3002\u4ed6\u8bf4\u2236\u201c\u5728\u6211\u4eec\u770b\u6765\uff0c\u98ce\u9669\u56de\u62a5\u975e\u5e38\u597d\u3002\u201d<\/p>\n
\u4e2d\u56fd\u516c\u53f8\u53d1\u884c\u7684\u5783\u573e\u503a\u5238\u671f\u9650\u591a\u4e3a\u4e09\u5e74\u5de6\u53f3\uff0c\u4e0e\u7f8e\u56fd\u548c\u6b27\u6d32\u516c\u53f8\u503a\u5238\u76f8\u6bd4\u671f\u9650\u8f83\u77ed\u3002\u5c3d\u7ba1\u6295\u8d44\u8005\u559c\u6b22\u503a\u5238\u66f4\u5feb\u5f97\u5230\u507f\u4ed8\uff0c\u4f46\u8fd9\u4e5f\u610f\u5473\u8457\u53d1\u503a\u516c\u53f8\u5fc5\u987b\u66f4\u9891\u7e41\u5730\u5bf9\u503a\u52a1\u8fdb\u884c\u518d\u878d\u8d44\u3002<\/p>\n
\u60e0\u8a89\u79f0\uff0c\u4e2d\u56fd\u5f00\u53d1\u5546\u6709\u7ea6210\u4ebf\u7f8e\u5143\u7684\u5783\u573e\u7ea7\u5883\u5916\u503a\u5238\u5c06\u4e8e2020\u5e74\u5230\u671f\uff0c2021\u5e74\u5c06\u6709290\u4ebf\u7f8e\u5143\u6b64\u7c7b\u503a\u5238\u5230\u671f\u3002<\/p>\n
\u672c\u6708\u65e9\u4e9b\u65f6\u5019\uff0c\u4e2d\u56fd\u6c11\u751f\u6295\u8d44\u96c6\u56e2(China Minsheng Investment Group)\u7684\u7f8e\u5143\u503a\u5238\u66b4\u8dcc\uff0c\u6b64\u524d\u8be5\u96c6\u56e2\u8868\u793a\u65e0\u6cd5\u6309\u8ba1\u5212\u507f\u4ed8\u503a\u5238\u6301\u6709\u4eba\u6216\u652f\u4ed8\u5229\u606f\u3002\u8fd9\u5bb6\u672a\u4e0a\u5e02\u516c\u53f8\u6ca1\u6709\u63d0\u4f9b\u539f\u56e0\u3002<\/p>\n
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