{"id":7779,"date":"2025-12-05T16:27:53","date_gmt":"2025-12-05T08:27:53","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7779"},"modified":"2025-12-05T16:27:58","modified_gmt":"2025-12-05T08:27:58","slug":"2025-%e7%be%8e%e5%80%ba%e5%b8%82%e5%9c%ba%e5%85%a8%e6%99%af%e8%a7%a3%e6%9e%90%ef%bc%9a%e5%ae%8f%e8%a7%82%e5%8e%8b%e5%8a%9b%e3%80%81%e6%b3%a2%e5%8a%a8%e5%8d%9a%e5%bc%88%e4%b8%8e%e9%85%8d%e7%bd%ae","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7779","title":{"rendered":"Ph\u00e2n t\u00edch to\u00e0n c\u1ea3nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 n\u0103m 2025: \u00e1p l\u1ef1c v\u0129 \u200b\u200bm\u00f4, tr\u00f2 ch\u01a1i bi\u1ebfn \u0111\u1ed9ng v\u00e0 s\u1ef1 thay \u0111\u1ed5i ph\u00e2n b\u1ed5"},"content":{"rendered":"

D\u1ef1a tr\u00ean vi\u1ec7c theo d\u00f5i d\u00e0i h\u1ea1n th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 to\u00e0n c\u1ea7u, x\u00e1c th\u1ef1c ch\u00e9o c\u00e1c ngu\u1ed3n d\u1eef li\u1ec7u \u0111\u00e1ng tin c\u1eady c\u0169ng nh\u01b0 nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 chuy\u00ean s\u00e2u v\u1ec1 c\u00e1c m\u00f4 h\u00ecnh nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p, Wmax \u0111\u00e3 h\u00ecnh th\u00e0nh quan \u0111i\u1ec3m sau \u0111\u00e2y v\u1ec1 m\u00f4 h\u00ecnh t\u1ed5ng th\u1ec3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 v\u00e0o n\u0103m 2025: Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 v\u00e0o n\u0103m 2025 s\u1ebd cho th\u1ea5y c\u00e1c \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1eb7c bi\u1ec7t c\u1ee7a \"\u00e1p l\u1ef1c n\u1ee3 v\u0129 m\u00f4 cao, bi\u1ebfn \u0111\u1ed9ng \u0111\u1ecbnh k\u1ef3 gia t\u0103ng v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u \u0111i ng\u01b0\u1ee3c l\u1ea1i xu h\u01b0\u1edbng\". C\u00e1c h\u1ea1n ch\u1ebf n\u1ee3 \u1edf c\u1ea5p \u0111\u1ed9 v\u0129 m\u00f4 \u0111an xen v\u1edbi c\u00e1c tr\u00f2 ch\u01a1i chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00e1c th\u1ef1c th\u1ec3 vi m\u00f4, c\u00f9ng nhau \u0111\u1ecbnh h\u00ecnh h\u1ec7 sinh th\u00e1i ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i n\u00e0y.<\/p>\n

<\/a>\u00c1p l\u1ef1c n\u1ee3 v\u0129 m\u00f4 tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u1ee3 M\u1ef9 \u0111\u00e3 ch\u1ea1m ng\u01b0\u1ee1ng t\u1edbi h\u1ea1n<\/strong><\/p>\n

Wmax \u0111\u01b0\u1ee3c ph\u00e1t hi\u1ec7n th\u00f4ng qua gi\u00e1m s\u00e1t li\u00ean t\u1ee5c d\u1eef li\u1ec7u n\u1ee3 h\u00e0ng th\u00e1ng c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh Hoa K\u1ef3 v\u00e0 th\u00f4ng tin th\u1ed1ng k\u00ea t\u1eeb c\u00e1c c\u01a1 quan c\u00f3 th\u1ea9m quy\u1ec1n c\u1ee7a b\u00ean th\u1ee9 ba r\u1eb1ng d\u01b0 n\u1ee3 n\u1ee3 ch\u00ednh ph\u1ee7 c\u1ee7a Hoa K\u1ef3 (bao g\u1ed3m t\u00edn phi\u1ebfu kho b\u1ea1c, t\u00edn phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu) \u0111\u00e3 \u0111\u1ea1t 30,2 ngh\u00ecn t\u1ef7 USD v\u00e0o th\u00e1ng 11 n\u0103m 2025. T\u0103ng 0,7% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc. \u0110\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean ch\u1ec9 s\u1ed1 n\u00e0y v\u01b0\u1ee3t m\u1ed1c 30 ngh\u00ecn t\u1ef7 USD v\u00e0 \u0111\u00e3 t\u0103ng g\u1ea5p \u0111\u00f4i k\u1ec3 t\u1eeb n\u0103m 2018. Trong c\u00f9ng th\u1eddi gian \u0111\u00f3, t\u1ed5ng n\u1ee3 qu\u1ed1c gia c\u1ee7a Hoa K\u1ef3 \u0111\u00e3 t\u0103ng l\u00ean 38,4 ngh\u00ecn t\u1ef7 USD, ch\u1ec9 \u0111\u1ec3 l\u1ea1i m\u1ed9t kho\u1ea3ng \u0111\u1ec7m h\u1ea1n ch\u1ebf tr\u01b0\u1edbc tr\u1ea7n n\u1ee3 ph\u00e1p \u0111\u1ecbnh l\u00e0 41,1 ngh\u00ecn t\u1ef7 USD.<\/p>\n

\"\u56fe\u7247<\/p>\n

T\u1eeb g\u00f3c \u0111\u1ed9 logic c\u01a1 b\u1ea3n c\u1ee7a vi\u1ec7c m\u1edf r\u1ed9ng n\u1ee3, Wmax x\u00e1c nh\u1eadn th\u00f4ng qua ph\u00e2n t\u00edch ph\u00e2n b\u1ed5 \u0111a chi\u1ec1u r\u1eb1ng kho\u1ea3ng c\u00e1ch d\u00e0i h\u1ea1n trong thu chi c\u1ee7a ch\u00ednh ph\u1ee7 l\u00e0 nguy\u00ean nh\u00e2n c\u1ed1t l\u00f5i khi\u1ebfn n\u1ee3 ti\u1ebfp t\u1ee5c t\u00edch l\u0169y v\u00e0 kho\u1ea3n vay kh\u1ea9n c\u1ea5p quy m\u00f4 l\u1edbn trong th\u1eddi k\u1ef3 \u0111\u1ea1i d\u1ecbch n\u0103m 2020 \u0111\u00e3 khu\u1ebfch \u0111\u1ea1i \u0111\u00e1ng k\u1ec3 xu h\u01b0\u1edbng n\u00e0y - v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3, Hoa K\u1ef3 \u0111\u00e3 \u0111\u1ea1t \u0111\u01b0\u1ee3c 4,3 ngh\u00ecn t\u1ef7 USD t\u00e0i ch\u00ednh th\u00f4ng qua vi\u1ec7c ph\u00e1t h\u00e0nh n\u1ee3 qu\u1ed1c gia trong m\u1ed9t n\u0103m v\u00e0 th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh n\u0103m \u0111\u00f3 \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 3 ngh\u00ecn t\u1ef7 USD. M\u1eb7c d\u00f9 th\u00e2m h\u1ee5t c\u1ee7a M\u1ef9 \u0111\u00e3 gi\u1ea3m trong n\u0103m t\u00e0i ch\u00ednh 2025 (xu\u1ed1ng c\u00f2n 1,78 ngh\u00ecn t\u1ef7 USD) nh\u1edd thu\u1ebf quan \u0111\u1ed1i v\u1edbi h\u00e0ng h\u00f3a nh\u1eadp kh\u1ea9u, nh\u01b0ng m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao \u0111\u00e3 \u0111\u1ea9y chi ph\u00ed tr\u1ea3 l\u00e3i n\u1ee3 l\u00ean m\u1ee9c cao k\u1ef7 l\u1ee5c 1,2 ngh\u00ecn t\u1ef7 USD, v\u01b0\u1ee3t xa m\u1ee9c doanh thu gia t\u0103ng t\u1eeb 300 t\u1ef7 \u0111\u1ebfn 400 t\u1ef7 USD m\u00e0 thu\u1ebf quan c\u00f3 th\u1ec3 mang l\u1ea1i.<\/p>\n

\u0110i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c ch\u1ee9ng th\u1ef1c b\u1eb1ng quan \u0111i\u1ec3m c\u1ee7a Wmax v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c gia c\u1ea5p cao trong ng\u00e0nh: Thu\u1ebf quan ch\u1ec9 c\u00f3 th\u1ec3 t\u1ea1m th\u1eddi l\u00e0m ch\u1eadm s\u1ef1 suy gi\u1ea3m c\u1ee7a \u00e1p l\u1ef1c n\u1ee3, nh\u01b0ng ch\u00fang kh\u00f4ng th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng c\u1ed1t l\u00f5i l\u00e0 chi ph\u00ed tr\u1ea3 l\u00e3i n\u1ee3 c\u1ee7a M\u1ef9 chi\u1ebfm kh\u00f4ng gian t\u00e0i ch\u00ednh v\u00e0 quy m\u00f4 n\u1ee3 ti\u1ebfn g\u1ea7n \u0111\u1ebfn gi\u1edbi h\u1ea1n tr\u00ean. D\u01b0\u1edbi \u00e1p l\u1ef1c n\u1ee3, Wmax \u0111\u00e3 theo d\u00f5i r\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t h\u00e0nh c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh Hoa K\u1ef3 \u0111\u00e3 c\u00f3 nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai: M\u1eb7c d\u00f9 quy m\u00f4 \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n v\u1eabn \u1ed5n \u0111\u1ecbnh trong hai n\u0103m qua, c\u00e1c quan ch\u1ee9c \u0111\u00e3 \u0111\u01b0a ra t\u00edn hi\u1ec7u \u201cxem x\u00e9t m\u1edf r\u1ed9ng quy m\u00f4 c\u00e1c cu\u1ed9c \u0111\u1ea5u gi\u00e1 trong t\u01b0\u01a1ng lai\u201d. Nh\u1eefng thay \u0111\u1ed5i ti\u1ec1m t\u00e0ng v\u1ec1 ph\u00eda cung n\u1ee3 \u0111ang l\u00e0m t\u0103ng th\u00eam s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn cho c\u00e1c trung t\u00e2m \u0111\u1ecbnh gi\u00e1 v\u00e0 thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng ti\u1ebfp theo.<\/p>\n

C\u00e1c y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i g\u00e2y ra bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

D\u1eef li\u1ec7u theo d\u00f5i \u0111\u1ea7y \u0111\u1ee7 c\u1ee7a Wmax \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 v\u00e0o n\u0103m 2025 cho th\u1ea5y hai \u0111\u1ee3t s\u1ed1c b\u00ean ngo\u00e0i t\u1eeb th\u00e1ng 4 \u0111\u1ebfn th\u00e1ng 5 \u0111\u00e3 g\u00e2y ra nh\u1eefng bi\u1ebfn \u0111\u1ed9ng d\u1eef d\u1ed9i tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 giai \u0111o\u1ea1n n\u00e0y c\u0169ng tr\u1edf th\u00e0nh ti\u00eau chu\u1ea9n quan tr\u1ecdng \u0111\u1ec3 ki\u1ec3m tra n\u0103ng l\u1ef1c nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c. Trong s\u1ed1 \u0111\u00f3, con \u0111\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng c\u1ee7a C\u00f4ng ty Qu\u1ea3n l\u00fd \u0110\u1ea7u t\u01b0 Th\u00e1i B\u00ecnh D\u01b0\u01a1ng (Pimco) c\u00f3 gi\u00e1 tr\u1ecb tham kh\u1ea3o \u0111i\u1ec3n h\u00ecnh trong ng\u00e0nh. \u201cThu\u1ebf quan Ng\u00e0y Gi\u1ea3i ph\u00f3ng\u201d do ch\u00ednh quy\u1ec1n Trump \u0111\u01b0a ra v\u00e0o ng\u00e0y 2 th\u00e1ng 4 n\u0103m 2025 l\u00e0 nguy\u00ean nh\u00e2n tr\u1ef1c ti\u1ebfp g\u00e2y ra \u0111\u1ee3t h\u1ed7n lo\u1ea1n \u0111\u1ea7u ti\u00ean tr\u00ean th\u1ecb tr\u01b0\u1eddng n\u1ee3 M\u1ef9; sau \u0111\u00f3, m\u1ed1i lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng r\u1eb1ng \"xung \u0111\u1ed9t th\u01b0\u01a1ng m\u1ea1i s\u1ebd l\u00e0m suy y\u1ebfu ng\u01b0\u1eddi mua n\u01b0\u1edbc ngo\u00e0i, ngu\u1ed3n c\u1ea7u c\u1ed1t l\u00f5i \u0111\u1ed1i v\u1edbi n\u1ee3 c\u1ee7a M\u1ef9\", t\u0103ng l\u00ean.<\/p>\n

\"\u56fe\u7247<\/p>\n

C\u00f9ng v\u1edbi t\u00e1c nh\u00e2n khi\u1ebfn Moody's h\u1ea1 x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng ch\u00ednh ph\u1ee7 c\u1ee7a Hoa K\u1ef3 v\u00e0o th\u00e1ng 5, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 k\u1ef3 h\u1ea1n 10 n\u0103m \u0111\u00e3 v\u01b0\u1ee3t m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u th\u00e1ng l\u00e0 4,6% v\u00e0o ng\u00e0y 22 th\u00e1ng 5 v\u00e0 m\u1ed1i lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 kh\u1ea3 n\u0103ng thanh to\u00e1n n\u1ee3 c\u1ee7a Hoa K\u1ef3 \u0111\u00e3 l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m. Wmax D\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng trong c\u00f9ng k\u1ef3 cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu t\u1ed5ng th\u1ec3 c\u1ee7a Hoa K\u1ef3 \u0111\u00e3 gi\u1ea3m 0,7% trong th\u00e1ng 5, hi\u1ec7u su\u1ea5t h\u00e0ng th\u00e1ng t\u1ed3i t\u1ec7 nh\u1ea5t trong n\u0103m; Qu\u1ef9 thu nh\u1eadp Pimco c\u0169ng l\u1ea7n \u0111\u1ea7u ti\u00ean tr\u1ea3i qua \u0111\u1ee3t r\u00fat v\u1ed1n r\u00f2ng k\u1ec3 t\u1eeb th\u00e1ng 10 n\u0103m 2023 \u1edf giai \u0111o\u1ea1n n\u00e0y, v\u1edbi s\u1ed1 ti\u1ec1n r\u00fat l\u1ea1i l\u00ean t\u1edbi 2 t\u1ef7 USD ch\u1ec9 trong m\u1ed9t th\u00e1ng.<\/p>\n

<\/a>Logic c\u01a1 b\u1ea3n trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh tr\u00e1i ng\u01b0\u1ee3c c\u1ee7a Pimco<\/strong><\/p>\n

Wmax \u0111\u00e3 ph\u00e1t hi\u1ec7n ra th\u00f4ng qua vi\u1ec7c th\u00e1o d\u1ee1 s\u00e2u chu\u1ed7i ra quy\u1ebft \u0111\u1ecbnh nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 c\u1ee7a Pimco r\u1eb1ng trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng ho\u1ea3ng lo\u1ea1n, \u1ee7y ban \u0111\u1ea7u t\u01b0 c\u1ee7a t\u1ed5 ch\u1ee9c \u0111\u00e3 t\u0103ng t\u1ea7n su\u1ea5t tham v\u1ea5n t\u1eeb ba l\u1ea7n m\u1ed9t tu\u1ea7n l\u00ean m\u1ed9t l\u1ea7n m\u1ed9t ng\u00e0y. \u0110\u1ed3ng th\u1eddi, th\u00f4ng qua nghi\u00ean c\u1ee9u kh\u00e1ch h\u00e0ng \u0111a k\u00eanh v\u00e0 theo d\u00f5i d\u00f2ng v\u1ed1n, n\u00f3 \u0111\u00e3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c s\u1ef1 hi\u1ec3u l\u1ea7m c\u1ed1t l\u00f5i v\u1ec1 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng - c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i kh\u00f4ng b\u00e1n to\u00e0n b\u1ed9 n\u1ee3 c\u1ee7a M\u1ef9 m\u00e0 thay v\u00e0o \u0111\u00f3 s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro \u0111\u1ec3 qu\u1ea3n l\u00fd r\u1ee7i ro c\u1ee7a h\u1ecd \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n b\u1eb1ng \u0111\u00f4 la M\u1ef9. Tr\u00ean th\u1ef1c t\u1ebf, Wmax \u0111\u00e3 \u0111\u1ec1 xu\u1ea5t trong b\u00e1o c\u00e1o h\u01b0\u1edbng t\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u1ee7a m\u00ecnh v\u00e0o th\u00e1ng 1 n\u0103m 2025 r\u1eb1ng c\u00e1c ch\u00ednh s\u00e1ch thu\u1ebf quan c\u00f3 th\u1ec3 c\u00f3 t\u00e1c \u0111\u1ed9ng \u1ee9c ch\u1ebf \u0111\u1ebfn n\u1ec1n kinh t\u1ebf Hoa K\u1ef3 v\u00e0 Pimco \u0111\u00e3 thi\u1ebft l\u1eadp v\u1ecb th\u1ebf t\u0103ng gi\u00e1 \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu k\u1ef3 h\u1ea1n 5-10 n\u0103m c\u1ee7a Hoa K\u1ef3 d\u1ef1a tr\u00ean logic t\u01b0\u01a1ng t\u1ef1 v\u00e0o th\u1eddi \u0111i\u1ec3m \u0111\u00f3; trong nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o th\u00e1ng 4 v\u00e0 th\u00e1ng 5, t\u1ed5 ch\u1ee9c n\u00e0y kh\u00f4ng ch\u1ec9 gi\u1eef v\u1eefng c\u00e1c v\u1ecb th\u1ebf hi\u1ec7n t\u1ea1i m\u00e0 c\u00f2n t\u1eadn d\u1ee5ng s\u1ef1 s\u1ee5t gi\u1ea3m trong \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n \u0111\u1ec3 t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu Hoa K\u1ef3 v\u00e0 c\u00e1c t\u00e0i s\u1ea3n li\u00ean quan \u0111\u1ebfn th\u1ebf ch\u1ea5p trong c\u00f9ng th\u1eddi k\u1ef3, \u0111\u1ed3ng th\u1eddi duy tr\u00ec quan \u0111i\u1ec3m gi\u1ea3m gi\u00e1 \u0111\u1ed1i v\u1edbi tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n.<\/p>\n

Chu\u1ed7i chi\u1ebfn l\u01b0\u1ee3c n\u00e0y cu\u1ed1i c\u00f9ng \u0111\u00e3 mang l\u1ea1i hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i: d\u1eef li\u1ec7u hi\u1ec7u su\u1ea5t qu\u1ef9 t\u01b0\u01a1ng t\u1ef1 do Wmax thu th\u1eadp cho th\u1ea5y Qu\u1ef9 thu nh\u1eadp Pimco (213 t\u1ef7 USD, qu\u1ef9 tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd t\u00edch c\u1ef1c l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi) c\u00f3 t\u1ef7 l\u1ec7 ho\u00e0n v\u1ed1n l\u00e0 10,4% v\u00e0o n\u0103m 2025, n\u1eb1m trong top 3% trong s\u1ed1 h\u01a1n 300 s\u1ea3n ph\u1ea9m t\u01b0\u01a1ng t\u1ef1, l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m t\u1ed1t nh\u1ea5t trong 10 n\u0103m; t\u1ed5ng qu\u1ef9 ho\u00e0n v\u1ed1n c\u1ee7a n\u00f3 c\u0169ng \u0111\u1ea1t m\u1ee9c t\u0103ng 9,1%, v\u01b0\u1ee3t tr\u1ed9i \u0111\u00e1ng k\u1ec3 so v\u1edbi Ch\u1ec9 s\u1ed1 Tr\u00e1i phi\u1ebfu T\u1ed5ng h\u1ee3p Hoa K\u1ef3 c\u1ee7a Bloomberg l\u00e0 7,2%. T\u1eeb g\u00f3c \u0111\u1ed9 d\u00e0i h\u1ea1n, d\u1eef li\u1ec7u x\u00e1c minh hi\u1ec7u su\u1ea5t xuy\u00ean chu k\u1ef3 c\u1ee7a Wmax cho th\u1ea5y l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m trong 3 n\u0103m, 5 n\u0103m v\u00e0 10 n\u0103m c\u1ee7a Qu\u1ef9 thu nh\u1eadp Pimco l\u1ea7n l\u01b0\u1ee3t \u0111\u1ea1t 8,4%, 4,1% v\u00e0 5,0%, v\u01b0\u1ee3t xa \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh h\u00e0ng \u0111\u1ea7u nh\u01b0 Dodge Cox. T\u00ednh b\u1ec1n v\u1eefng c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a n\u00f3 \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1eed nghi\u1ec7m theo th\u1eddi gian.<\/p>\n

\"IMG_257\"<\/a>Xu h\u01b0\u1edbng ti\u1ebfp theo c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 v\u00e0 xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch ph\u00e2n b\u1ed5 c\u1ee7a t\u1ed5 ch\u1ee9c<\/strong><\/p>\n

Wmax k\u1ebft h\u1ee3p chu k\u1ef3 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m v\u00e0 c\u00e1c m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1eb1ng th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Hoa K\u1ef3 v\u00e0o n\u0103m 2025 s\u1ebd \u0111\u1ea1t \u0111\u01b0\u1ee3c hi\u1ec7u su\u1ea5t h\u00e0ng n\u0103m t\u1ed1t nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2020. M\u1ed9t trong nh\u1eefng \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i l\u00e0 s\u1ef1 thay \u0111\u1ed5i n\u1edbi l\u1ecfng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang - d\u1eef li\u1ec7u vi\u1ec7c l\u00e0m y\u1ebfu v\u00e0 nh\u1eefng lo ng\u1ea1i v\u1ec1 suy tho\u00e1i kinh t\u1ebf \u0111\u00e3 th\u00fac \u0111\u1ea9y hai \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong n\u0103m, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 th\u00e2n thi\u1ec7n cho c\u00e1c t\u00e0i s\u1ea3n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 h\u00ecnh th\u00e0nh s\u1ef1 \u0111\u1ed3ng thu\u1eadn v\u1ec1 k\u1ef3 v\u1ecdng v\u1ec1 m\u1ed9t \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t kh\u00e1c c\u1ee7a Li\u00ean bang D\u1ef1 tr\u1eef v\u00e0o th\u00e1ng 12.<\/p>\n

Tuy nhi\u00ean, trong b\u1ed1i c\u1ea3nh l\u1ee3i nhu\u1eadn t\u1eeb n\u1ee3 c\u1ee7a M\u1ef9 \u0111\u00e3 \u0111\u01b0\u1ee3c hi\u1ec7n th\u1ef1c h\u00f3a \u0111\u1ea7y \u0111\u1ee7 trong n\u0103m, Wmax \u0111\u00e3 ph\u00e1t hi\u1ec7n ra r\u1eb1ng c\u00e1c t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u \u0111\u00e3 b\u1eaft \u0111\u1ea7u thay \u0111\u1ed5i ph\u00e2n b\u1ed5: Trong 1-2 th\u00e1ng qua, Pimco \u0111\u00e3 t\u00edch c\u1ef1c gi\u1ea3m m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng c\u1ee7a m\u00ecnh v\u1edbi l\u00e3i su\u1ea5t c\u1ee7a M\u1ef9 v\u00e0 thay v\u00e0o \u0111\u00f3 t\u0103ng ph\u00e2n b\u1ed5 v\u00e0o th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u1ee7a Nh\u1eadt B\u1ea3n, \u00dac, V\u01b0\u01a1ng qu\u1ed1c Anh v\u00e0 c\u00e1c khu v\u1ef1c kh\u00e1c. V\u1ec1 v\u1ea5n \u0111\u1ec1 n\u00e0y, h\u1ec7 th\u1ed1ng \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u c\u1ee7a Wmax cho th\u1ea5y c\u00e1c khu v\u1ef1c n\u00eau tr\u00ean c\u00f3 d\u1ea5u hi\u1ec7u t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u1ee7a ch\u00fang c\u00f3 ti\u1ec1m n\u0103ng sinh l\u1eddi cao h\u01a1n v\u00e0o n\u0103m 2026. S\u1ef1 di chuy\u1ec3n n\u00e0y c\u0169ng ph\u1ea3n \u00e1nh t\u01b0 duy b\u1ed1 tr\u00ed to\u00e0n c\u1ea7u c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u d\u01b0\u1edbi \u00e1p l\u1ef1c v\u0129 \u200b\u200bm\u00f4 t\u1eeb n\u1ee3 M\u1ef9. \u0110\u1ed3ng th\u1eddi, Wmax c\u0169ng nh\u1eadn th\u1ea5y r\u1eb1ng c\u00f3 nh\u1eefng thay \u0111\u1ed5i v\u1ec1 nh\u00e2n s\u1ef1 trong nh\u00f3m nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i c\u1ee7a Pimco (gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u t\u01b0 t\u00edn d\u1ee5ng to\u00e0n c\u1ea7u \u0111\u00e3 t\u1eeb ch\u1ee9c), \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 \u0111\u1eb7t ra m\u1ed9t th\u1eed nghi\u1ec7m ti\u1ec1m n\u0103ng \u0111\u1ed1i v\u1edbi t\u00ednh li\u00ean t\u1ee5c c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c v\u00e0 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00f4ng ty.<\/p>","protected":false},"excerpt":{"rendered":"

V\u00e0o n\u0103m 2025, quy m\u00f4 n\u1ee3 c\u1ee7a M\u1ef9 s\u1ebd l\u1ea7n \u0111\u1ea7u ti\u00ean v\u01b0\u1ee3t qu\u00e1 30 ngh\u00ecn t\u1ef7 USD v\u00e0 chi ph\u00ed tr\u1ea3 l\u00e3i s\u1ebd \u0111\u1ea1t k\u1ef7 l\u1ee5c 1,2 ngh\u00ecn t\u1ef7 USD. D\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf quan v\u00e0 h\u1ea1 x\u1ebfp h\u1ea1ng t\u1eeb th\u00e1ng 4 \u0111\u1ebfn th\u00e1ng 5, Pimco \u0111\u00e3 \u0111i ng\u01b0\u1ee3c l\u1ea1i xu h\u01b0\u1edbng v\u00e0 t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef, \u0111\u1ed3ng th\u1eddi qu\u1ef9 thu nh\u1eadp mang l\u1ea1i l\u1ee3i nhu\u1eadn 10,4%, m\u1ee9c t\u1ed1t nh\u1ea5t trong 10 n\u0103m. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t hai l\u1ea7n trong n\u0103m v\u00e0 c\u00e1c t\u1ed5 ch\u1ee9c h\u00e0ng \u0111\u1ea7u \u0111\u00e3 chuy\u1ec3n sang ph\u00e2n b\u1ed5 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Nh\u1eadt B\u1ea3n, \u00dac v\u00e0 Anh.<\/p>","protected":false},"author":1,"featured_media":7780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[275,274,217],"class_list":["post-7779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-275","tag-274","tag-217"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=7779"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7779\/revisions"}],"predecessor-version":[{"id":7784,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7779\/revisions\/7784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7780"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}