2026年6月8日，美国国防部更新了所谓“中国军工企业”名单（又称CMC清单或1260H清单）。更新后，清单内实体达到188个，相比于2025年1月版本的134家，实际净增加54家。在这轮新增主体中的药明康德，已于11月9日被美国国防部移出了1260H清单（详见美方将药明康德移出1260H清单！它是怎么做到的？），成了6月份新增主体中唯一一家被移出清单的企业。
药明康德的移除，再次为国内大型企业提供了一份实战样本。不过移出清单也不等于风险彻底消除，企业仍需要客观评估清单带来的实质影响、区分不同的应对路径、做好长期的风险对冲准备。
1260H清单，是美国国防部依据《2021财年国防授权法》第1260H条设立的，由美国国防部认定所谓“在美国开展业务的中国军工关联企业”（详情见一文读懂美国九大制裁清单/什么是1260H清单？）。按照法条要求，国防部原则上每年至少要完成一次清单更新。
1260H清单早期的列名对象，还集中在航空航天、船舶这类传统军工相关行业。但近几年，美方的认定口径不断地扩大，涉及的领域范围也不断扩张，所谓“军民融合贡献者”的概念被广泛解读。到现在，人工智能、生物医药、新能源汽车、半导体、云计算等战略产业中的国内头部企业，也逐步成为列名对象。
但是1260H清单和其他实体清单不一样，它没有直接限制常规的商业贸易，而是禁止美国国防部与被列名企业签署采购合同。
那是不是不与美国国防部开展合作就可以了？事实上，这份清单的影响远不止“禁止国防部采购”一句，它的标签自带影响力，并由此向外传导，引发一连串的商业次生风险。
按照禁令要求，美国国防部及其合作的供应商，都不得与被列名主体签约、续签或延展采购类合同。也就是说，一旦企业被纳入这份清单，基本就丧失了美国国防体系内的订单机会。此外，联邦层面相关项目、补贴以及科研合作的渠道也会受限。
即便企业本身业务和军工没有关联，这份“涉军企业”的标签也会让境外客户、上下游合作方产生合规顾虑。有一些海外药企、供应商为了规避制裁风险，会主动缩减规模，甚至终止业务合作。
药明康德在诉讼材料中就提交了相关证据，证明其被列名之后，已经出现客户流失、商业机会丧失的实际损失。法官认可了企业正在遭受不可逆商业伤害的这一事实，这也是法院裁定支持其申请、要求国防部暂停清单执行的核心依据之一。
在A股、港股或美股三地上市的大型企业，一旦被列入该清单，通常会出现股价短期大幅回调。股价走势本身就反映出市场对清单风险的态度，像药明康德，在被移出清单当日，其港股开盘涨幅就超过6%。境外机构的投资者受其内部合规筛查机制约束，会相应调整持仓，一些基金还会触发被动减持，进而带来流动性压力。
1260H清单的标签还有可能被美国其他监管机构引用，进而放大在《生物安全法案》、出口管制、投资审查等其他政策工具下的暴露风险。还需要注意，即便企业被移出1260H清单，也并不等于豁免其他清单和法案的约束。
如何进行制裁名单筛查？点击下图了解更多内容
美方清单规则本身设置了重新审议的申请通道。被列名的企业可以提交材料，举证自身业务、股权、治理结构，证明自身不满足“涉军企业”的认定标准，申请国防部自行撤销列名。
优点：成本相对低，不需要走上法庭。
风险：这种方式的决定权完全掌握在美国国防部手中，主观性强，单纯依靠复议成功移出的案例较少，更多是配合其他手段共同使用。
企业可以向哥伦比亚特区联邦地区法院起诉，挑战列名决定的合法性，目前主要有效的两类理由是其认定“武断、反复无常”，以及违反正当程序。一般企业会先申请初步禁令叫停限制，再争取最终撤销认定。
优点：如果法院支持禁令，可以快速冻结清单带来的商业杀伤力，已有多家中国企业胜诉先例。
风险：时间周期长（目前的案例在5-11个月，甚至更久），律师费、证据梳理成本高昂；即便移出，美方也会保留再次列名的权力。另外诉讼结果存在不确定性，并非稳赢，例如2024年列名的禾赛，就未能获得法院支持。适合体量较大、在美国有业务实体，有能力承担法务成本的大型名企。
企业应当梳理美国境内业务布局，核查股权穿透、合作项目、对外宣传材料，尽量规避美方清单规则中的认定触发要素。对于部分企业，如果在美国没有实质业务，法律层面本身就不在1260H适用范围，可以以此为理由申请移除。
注意：如果单纯做股权切割，不能保证一定能成功移除，只能降低未来被再次列名的概率，属于防御性手段，不是直接的移除方案。
出海企业无论是否提起申诉和诉讼，都需要同步做商业风险的对冲安排：
1）落实客户分层管理，面向境外合作方开展充分的合规沟通，准备完整的业务证明材料，证明企业的经营活动都属于民用范围；
2）推进供应链备份，做好战略布局，降低企业对单一区域市场的依赖；
3）做好资本市场上的投资者关系管理，定期披露风险信息，尽量稳定市场预期。
重要提醒：不存在一劳永逸的风险解决方案。即便成功被移出清单，企业仍要持续应对清单年度复核更新带来的不确定性，需要建立常态化的海外监管风险监测机制。
On 8 June 2026, the U.S. Department of Defense (DoD) updated its so-called "Chinese Military Companies" list, commonly called the CMC list or the Section 1260H list. The revised list contains 188 entities, a net increase of 54 over the 134 named in the January 2025 version. WuXi AppTec, one of the entities added in this round, was removed on 9 November (see our earlier note, "How WuXi AppTec Was Removed from the Section 1260H List"). It remains the only June addition to have been taken off the list.
WuXi AppTec's trajectory — designation, litigation, removal — gives large Chinese companies a workable precedent. Removal, however, does not close the file. Companies still need to assess the actual impact of a listing, distinguish between the available remedies, and keep long-term hedges in place.
The list is maintained by the DoD under Section 1260H of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. It identifies entities the DoD deems to be "Chinese military companies operating directly or indirectly in the United States" (see "A Guide to Nine Major U.S. Sanctions Lists/What Is the Section 1260H List?"). The statute requires the DoD to update the list at least once a year.
Early designations were concentrated in aerospace, shipbuilding and other traditional defence sectors. The criteria have since widened considerably, with "military-civil fusion contributor" read broadly. Leading Chinese companies in artificial intelligence, biopharma, new-energy vehicles, semiconductors and cloud computing are now within scope.
Unlike the Entity List, Section 1260H does not restrict ordinary commercial trade. It bars the DoD from entering into procurement contracts with designated entities.
Avoiding DoD business is therefore not a complete answer. A listing carries a label, and that label travels - producing commercial risks well beyond the procurement ban itself.
The DoD and its contractors may not award, renew or extend procurement contracts with listed entities. A designation effectively closes the U.S. defence order book, and can also restrict access to federal programmes, subsidies and research collaborations.
Even where a company has no defence-related business, the "military-linked" label raises compliance concerns for overseas customers and for counterparties upstream and downstream. Some pharmaceutical companies and suppliers have scaled back or terminated engagements to stay clear of sanctions exposure.
WuXi AppTec submitted evidence of actual customer attrition and lost opportunities after its designation; the court accepted that the company was suffering irreparable commercial harm, one of the key grounds for granting the preliminary injunction and suspending the listing's effect.
Large companies listed in China (on the A-share market or in Hong Kong, China) or in the United States typically see a sharp short-term share-price correction on designation. The price reaction is itself a measure of how the market prices listing risk: WuXi AppTec's shares listed in Hong Kong, China opened more than 6% higher on the day its removal was announced. Institutional investors bound by internal screening mandates may rebalance holdings, and some funds face forced or index-driven divestment, adding liquidity pressure.
Other U.S. regulators may cite the 1260H label, increasing exposure under the BIOSECURE Act, export controls and investment screening. Removal from Section 1260H does not exempt a company from other lists or statutes.
The listing rules provide a channel for requesting review. A designated company may submit evidence on its business, ownership and governance to show that it does not meet the designation criteria, and ask the DoD to withdraw the listing on its own motion.
Upside: relatively low cost; no court proceedings.
Risk: the decision rests entirely with the DoD and is highly discretionary. Reconsideration alone rarely produces removal; it works best alongside other measures.
A company may challenge the designation before the U.S. District Court for the District of Columbia. The two grounds that have worked are that the determination was "arbitrary and capricious" under the Administrative Procedure Act, and that it violated due process. The usual sequence is a preliminary injunction to suspend the restriction, followed by a request for final vacatur.
Upside: an injunction can quickly neutralise the commercial damage; several Chinese companies have prevailed.
Review U.S. business exposure, look through the ownership chain, and audit collaborations and public-facing materials against the criteria the DoD applies. Where a company has no substantive U.S. operations, it may fall outside the statutory scope altogether and can seek removal on that basis.
Note: restructuring shareholdings alone is a defensive measure, not a removal mechanism. It lowers the chance of redesignation but does not guarantee removal.
Whether or not a company pursues reconsideration or litigation, hedging should run in parallel:
Tier customers and maintain documented compliance engagement with overseas counterparties, with a complete evidential record showing that operations are civilian in nature.
Build supply-chain redundancy and reduce dependence on any single market.
Manage investor relations through periodic risk disclosure to stabilise market expectations.
A final caveat：There is no one-time fix. Even after removal, the annual list review remains a source of uncertainty. Companies need a standing mechanism for monitoring overseas regulatory developments.