交易员正在建立英国水务股的做空头寸，因为国有化威胁和利率上升被认为将拖累该板块。
Traders are building up short positions in UK water stocks as the threat of nationalization and higher interest rates are seen to weigh on the sector.
根据S3的数据，对South West Water所有者Pennon Group Plc的空头兴趣已从5月份的约6%飙升至约占自由流通股的15%，近几周看跌押注急剧加速。对United Utilities Group Plc和Severn Trent Plc的看跌押注也分别增至约3.5%和4.1%。
Short interest in South West Water owner Pennon Group Plc has surged to roughly 15% of free float from roughly 6% in May, according to S3 data, with bearish positioning accelerating sharply in recent weeks. Bets against United Utilities Group Plc and Severn Trent Plc have also increased to around 3.5% and 4.1%, respectively.
英国水务公司正面临自三十多年前私有化以来该行业最大规模的改革，大范围的污水溢流和长期泄漏加剧了政治和监管审查。AJ Bell投资总监拉斯·莫尔德表示，这些因素“印证了做空者的近期看跌理由”。
British water companies are grappling with the industry’s biggest overhaul since privatization more than three decades ago, as widespread sewage spills and chronic leaks fuel political and regulatory scrutiny. Such factors play “to the near-term bear case of short sellers,” said AJ Bell Investment Director Russ Mould.
他列举了以下影响：公司为修复运营而支出对现金流的冲击；首相安迪·伯纳姆的政府推动加大对关键行业的公共控制所带来的政治压力；以及英国央行加息前景削弱公用事业股股息收益率的吸引力。
He cited the impact on cash flows as companies spend to fix operations, political pressure as Prime Minister Andy Burnham’s government pushes for greater public control of key industries, and the prospect of Bank of England rate hikes eroding the utility stocks’ dividend yield appeal.
Pennon、Severn Trent和United Utilities的发言人均拒绝置评。
Spokespeople for Pennon, Severn Trent and United Utilities declined to comment.
现金和金边债券收益率上升使公用事业股息吸引力下降，因为投资者可以在其他地方获得更好的回报，而无需承担持有股票的风险。
Higher cash and gilt yields are making utility dividends less attractive, as investors can get better returns elsewhere without taking the risk of owning the shares.
除了更广泛的监管担忧之外，Pennon还有自身的挑战，投资者正在权衡一项5.5亿英镑（7.39亿美元）的配股发行，同时对该公司能否改善回报和运营表现存有疑问。
Pennon has its own challenges beyond the wider regulatory concerns, with investors weighing a £550 million ($739 million) rights issue alongside questions over whether it can improve returns and operational performance.
伯纳姆曾表示，他的政府将取消对英格兰和威尔士主要水务公司国家所有权的限制，为加大公共所有权打开大门，因为政府希望干预陷入困境的公用事业公司。
Burnham has said his government will scrap limits on state ownership of England and Wales’s major water companies, opening the door to greater public ownership as it looks to intervene in failing utilities.
其政府一直在考虑以各种方式将泰晤士水务有限公司（Thames Water Ltd.）置于特别管理之下，这是一种由政府监督的破产形式。这家公用事业公司正寻求从其债权人处获得24亿英镑（32亿美元）的额外资金，以维持运营，同时就其债务负担的长期解决方案进行谈判。
His administration has been considering ways to put Thames Water Ltd. into special administration, a form of government-overseen insolvency. The utility is seeking £2.4 billion ($3.2 billion) of additional funding from its creditors to stay afloat while it negotiates a long-term solution for its debt burden.
“我们尚不清楚安迪·伯纳姆所说的‘服务公共利益’愿景是什么样子，”《全球水资源报告》财经编辑维里蒂·米切尔表示。
“We do not yet know what Andy Burnham’s vision of ‘serving the public interest’ looks like,” said Verity Mitchell, finance editor of the Global Water Report.