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巴西大选十天倒计时:卢拉与弗拉维奥民调胶着,在巴中资需锁定政策连续性风险

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Lula, Flávio remain statistically tied 10 days before election

Datafolha最新民调显示卢拉与弗拉维奥在首轮和次轮均统计平局,选情高度不确定。对在巴中资企业而言,Bolsa Família加码15%与政府更迭风险叠加,需提前评估税收、汇率与合规政策的连续性。

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巴西大选结果直接影响CBS税改过渡、雷亚尔汇率和BCB利率路径,在巴中资制造业、贸易商和平台企业需提前锁定政策连续性风险。

巴西总统选举前十天,Datafolha于周四发布的民调显示,总统卢拉(Lula)与参议员弗拉维奥·博索纳罗(Flávio Bolsonaro)在第一轮和第二轮情景中均保持统计上的平局。卢拉第一轮投票意向为40%,弗拉维奥为36%;潜在第二轮对决中,卢拉为47%,弗拉维奥为45%,误差幅度为正负两个百分点。调查在政府宣布将现金转移项目Bolsa Família福利提高15%之后、以及涉及最高法院大法官的危机余波中进行。对在巴中资企业而言,选情胶着意味着未来数月的税收、汇率和监管政策走向存在高度不确定性。

该调查由《Folha de S.Paulo》和Globo委托,于周二至周三访问了2002人,结果与一周前9月17日发布的上一轮Datafolha民调大致稳定。卢拉和弗拉维奥仍远领先于第一轮对手:Avante党的Augusto Cury为5%,社会民主党的Ronaldo Caiado为4%,Mission党的Renan Santos为3%,Novo党的Romeu Zema和Popular Unity党的Samara Martins各为1%。空白和无效票占5%,2%受访者未决定。第二轮情景中,卢拉从46%升至47%,弗拉维奥从44%升至45%,空白和无效票及两不选占7%,1%未决定。两人竞选活动已加紧在东北部和东南部州的日程以争取选票,并敦促低支持率候选人的支持者进行策略性投票,以期在第一轮解决竞选。在无提示问题中,卢拉为36%,弗拉维奥为27%,未决定选民占18%。拒绝率方面,卢拉和弗拉维奥均为45%。80%选民表示已完全决定总统人选,20%仍可能改变主意。卢拉选民中87%表示选择是最终的,弗拉维奥选民中为85%。卢拉在低收入选民中以46%对32%领先,在东北部以55%对25%领先;弗拉维奥在福音派选民中以47%对27%领先,在南部以47%对31%领先;在选民最集中的东南部,弗拉维奥为37%,卢拉为35%,统计平局。对卢拉政府的不赞成率为50%,赞成率为47%,40%受访者评价政府差或很差,34%评价好或很好。

底稿未涉及中资企业直接影响,但通过以下机制间接传导:第一,Bolsa Família福利提高15%意味着财政支出进一步扩张,可能加大巴西公共债务压力,进而影响雷亚尔汇率和巴西央行(BCB)的基准利率路径,直接波及在巴中资企业的汇兑成本和融资成本。第二,选情胶着使市场对2027年起的税收改革、CBS(商品和服务贡献税)过渡期安排以及进口关税政策产生观望情绪,在巴中资制造业、贸易商和跨境电商平台的定价与合规规划面临更高的政策不确定性。第三,若弗拉维奥阵营在东南部和南部扩大优势,其竞选纲领中关于国有企业私有化、关税保护和监管松绑的倾向,可能对在巴中资能源、基建和矿业投资产生结构性影响;而卢拉阵营在东北部的强势则意味着现有社会政策和转移支付体系大概率延续。第四,最高法院大法官危机余波可能延缓部分监管议程,包括Receita Federal(巴西联邦税务局)的税务合规新规和ANVISA(巴西国家卫生监督局)的审批节奏。

底稿显示,Datafolha结果与周一发布的Quaest民调大致相似,后者也显示卢拉和弗拉维奥在两个情景中统计平局,误差幅度同样为正负两个百分点。数据表明,两位候选人的拒绝率均高达45%,已完全决定投票选择的选民占80%,这意味着最后十天的竞选活动对中间选民的边际影响有限,选情出现大幅逆转的概率较低。CBI认为,市场对巴西大选的定价逻辑正从“谁赢”转向“赢多少”和“国会格局”——若卢拉以微弱优势连任,其推动税改和监管议程的能力将受制于国会;若弗拉维奥胜出,政策转向的幅度可能更大,但执行节奏同样受制于国会博弈。CBI观察,在巴中资企业当前最直接的风险敞口并非选举结果本身,而是选举前后雷亚尔汇率波动、巴西央行利率决策以及CBS过渡期细则的出台节奏。

待观察:第一,10月5日或6日(选举前最后一个周末)Datafolha或Quaest是否发布最终民调,以及两人在东南部的差距是否收窄。第二,巴西央行下一次Copom会议(通常在选举后数周内)对Selic基准利率的调整幅度,以及雷亚尔对美元汇率在选举前后的波动区间。第三,Receita Federal关于CBS过渡期企业合规指引的下一轮公开咨询或规范性指令的发布时间表。

CBI 观察编辑判断

底稿显示卢拉与弗拉维奥在首轮和次轮均统计平局,拒绝率同为45%,80%选民已锁定选择。CBI认为,选情胶着本身即是风险——市场对税收、汇率和监管政策的观望情绪将延续至10月选举结果明朗之后,在巴中资企业不宜押注单一情景,应做好两种政策路径的预案。

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信息概要

类型
市场数据
方向
巴西
分类
宏观市场
层级
编辑整理
地点
在巴中资制造业、贸易商、跨境电商、能源、基建、矿业企业
核验
待核验
对象
在巴中资企业贸易商税务合规负责人
话题
政治

来源信息

来源
Valor International
原文标题
Lula, Flávio remain statistically tied 10 days before election
原始语言
英语
原文链接
查看原文 →
编辑
Clara Lin
查看原文(英语)

Lula, Flávio remain statistically tied 10 days before election

President Lula and senator Flávio Bolsonaro Ricardo Stuckert/Divulgação Ten days before Brazil’s presidential election, President Lula and Senator Flávio Bolsonaro remain statistically tied in both first- and second-round scenarios, according to a Datafolha poll released Thursday. Lula has 40% of first-round voting intentions, compared with 36% for Flávio. In a potential runoff, the president has 47% and the senator 45%. The poll has a margin of error of two percentage points in either direction. Lula bets on nationwide mobilization and women voters amid final stretch Lula targets loyal voters while chasing the undecided Analysis: Lula shows signs of recovery, but government ratings lag The survey was conducted after the government announced a 15% increase in cash-transfer program Bolsa Família benefits and amid the fallout from the crisis involving Supreme Court justices. The results were broadly stable from the previous Datafolha poll, released a week earlier on Sept. 17, when Lula and Flávio were also statistically tied in both scenarios. The president had 39% in the first round, compared with 36% for the Liberal Party senator. In a runoff scenario, Lula had 46% and Flávio 44%. Lula and Flávio remain well ahead of their first-round rivals. Augusto Cury of Avante has 5%, Ronaldo Caiado of the Social Democratic Party has 4%, and Renan Santos of Mission party has 3%. Romeu Zema of Novo and Samara Martins of Popular Unity each have 1%. Blank and invalid votes account for 5%, while 2% of respondents are undecided. In the second-round scenario, Lula edged up to 47% from 46%, while Flávio rose to 45% from 44%. Blank and invalid votes, as well as respondents choosing neither candidate, account for 7%, while 1% are undecided. The Lula and Flávio campaigns have stepped up their schedules in northeastern and southeastern states to win votes. Both have urged supporters of lower-polling candidates to vote strategically in an effort to settle the race in the first round. In the unprompted question, in which respondents are not shown a list of candidates, Lula has 36% and Flávio 27%. Both gained one percentage point from the previous week’s poll. Undecided voters account for 18%, down from 21%. The poll was commissioned by newspaper Folha de S.Paulo and Globo and surveyed 2,002 people between Tuesday and Wednesday. Rejection rates also tied Lula and Flávio have identical rejection rates of 45%. Both stood at 47% in the previous poll. The survey shows that 80% of voters say they are fully decided on their choice for president, while 20% could still change their minds. Among Lula voters, 87% say their choice is final, compared with 85% of Flávio voters. Among voter groups, Lula continues to perform better among lower-income voters, leading Flávio 46% to 32%, and in the Northeast, where he has 55% to the senator’s 25%. In the Southeast, home to the country’s largest voter concentrations, Flávio has 37% and Lula 35%, a statistical tie. Flávio performs better among evangelical voters, with 47% to Lula’s 27%, and in the South, where he has 47% to the president’s 31%. Disapproval of Lula’s administration remains higher than approval. Half of respondents disapprove of the government, while 47% approve and 3% did not answer. The government is rated bad or very bad by 40% of respondents, down from 42% in the previous poll, while 34% rate it good or very good, unchanged from the previous survey. Another 24% consider the government average, up from 23%, while 2% did not answer. The Datafolha results are broadly similar to a Quaest poll released Monday, which also showed Lula and Flávio statistically tied in both scenarios. Quaest had Lula at 37% and Flávio at 33% in the first round. In a potential runoff, Flávio had 42% and Lula 41%. That poll also had a margin of error of two percentage points in either direction.

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