二 | 海外长端上行并非单一国别事件,而是AI融资挤出国债需求、主权财政扩张和债务担忧、央行与机构需求收缩、通胀尾部风险升温的共同结果。华泰证券认为,美国财政部扩大回购杯水车薪,AI投资增速下滑、高利率反噬投资可能推动利率下行。 (ECNS)-- In the mountains of southwest China's Guizhou Province, industries once unlikely to be associated with a remote inland region are finding their way into global markets. In Jiangkou County, Tongren, stands what local authorities describe as the world's largest single-site matcha refining facility. Fully automated production lines process the finely ground green tea for consumers at home and abroad. According to local figures, one in every five cups of matcha consumed worldwide is produced in Tongren. The city's matcha products are exported to more than 50 countries and regions, with the industry generating an output value of 750 million yuan ($105 million). For Mauro, a young visitor from Brazil, the industry raised a broader question: how can globally competitive production create opportunities for rural communities? Tongren's matcha industry works with 73 upstream partner companies and around 13,300 hectares of tea plantations. Financial and technical support for growers, alongside links between market demand and production, helps connect local farmers with a wider supply chain. Matcha is not the only Guizhou product reaching international markets. In Jinping County, Qiandongnan Miao and Dong Autonomous Prefecture, local industry figures suggest that one in every 10 shuttlecocks in circulation worldwide is made there. Production is supported by a supply chain extending from goose farming and feather sorting to intelligent manufacturing. "I hadn't realised that some of the key materials used in these vehicles come from Guizhou," said Thai visitor Nim Jiratchaya, whose family owns a Chinese electric vehicle. Guizhou developed an advanced functional materials industry serving sectors including electric vehicles and renewable energy. Digitalization is also changing traditional manufacturing. Guizhou Tyre's intelligent plant was the first in China's tyre industry to join the World Economic Forum's Global Lighthouse Network, which recognizes factories deploying advanced technologies at scale. The facility also uses photovoltaic power, purchased renewable electricity, and waste-heat recovery to reduce emissions. Infrastructure played another role in connecting the mountainous province with wider markets. Nearly half of the world's 100 highest bridges are located in Guizhou, helping overcome terrain that has long complicated transport and economic connectivity. For the visiting Gen Z group, the journey offered a view of China beyond its major cities and coastal manufacturing centres. Tea, badminton equipment, advanced materials, and tyres illustrate how specialised manufacturing, infrastructure investment, and local resources are connecting communities in China's mountainous southwest with national and global markets. 。国内利率定价仍由内需偏弱、资金面偏松和资产荒主导,海外利率更多约束利率下行空间。策略上,10年国债1.7%之下不建议追涨,但短期方向仍偏有利,维持存单与超长债组合,二永债等提防“固收+”赎回扰动,继续关注摊余成本债基重启带来的结构机会。
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