????:?????????????

???????,????????????????“??????”?

12?5???????????????????????,10??????????????????????????,10?????????????????“24?11”?????0.25BP(????????????????)??1.95%?

?12???2????????????,10?????????2%????????????????????,??11??????????????????29??????????????,«????????????????»??,?????????????,??????????????,AAA?????9BP???????1.705%,?????10?????4BP??????????????1.98%,?????????????2002???????????????????4?????26??????

??????????????????????????:“‘????????’????????????????????????,??????????,???????????,??????20BP?”????????????,?????????,???????,????????????,?????????????????,?????????????????????

????????????,?????????????????2025?????10???????1.6%~1.8%??????????,2%??????????,???????????,??,??

“??????????”??????????

???????????????????,??9???????,???2%,??????????????1.77%,???????????1.345%,???50BP?????????????????????????40BP?

??????“????????????”???????,????,??????????12????????,??????????????,??????????????1??????????1.70%,11??????????????????1.83%~1.89%??,12?4??????,??????????(8.230, 0.04, 0.49%)????????????????381??????382?????,??1???????3????,?????????????????1.6%?1.63%?

??????????,????????????,???????????,????7??????,??????????????0~1.5%?????????

????????,??????????????????10???????????,?????????????31.2??,?,??????????15????????????,????????????????????5???,????????????7.31?,??????8.2?????

???????,??????????,???10%????,??,?10%,????????????????????????1.5%????,??????????????????????????????30BP,????????,????????????

?????????,???????30BP,??,?????????????

???????????????,?,?????????,?????????????????,??????????,????????????,????,?????????????????

10????????

???????????,11?????????????,?????????????,10???????????????2%,?????????????1.8%,2025?????????????1.6%~2%?

?????????,????????????????????,????????????,?????,??????????,??????????????????????????????????;???,???????,??,???????

????,?,?????????????,??????????????????,????????????????,????????????????

?????,?,????????????????;?????????????2025??10??1.8%???????????????????,??2%?????????????????????????????,??????,????????????????;????,????1~3????????????????60%?????????,??????????????????????“?????”??????????,?????

?,11???????????PMI?????????????????????50.3%,????,?????????????,??????????????????????????????,????,??????????????,???

???????????????,11??9.5%,???????30????????????????????18.5%,??????????,?????????????????????????????

?

???????????????????“?”,???,??,???????????????

??????????????,???????????????????(12??3??)????,?????????????????????

????????????,???????????????????,??A????????????????????,??????????????????12???????10????????????,?????????????????????

???:“????????????,?????????3??????????????????,????,?????????????????????”

?????????????,??????????,?????????????,??????,?????????,???????

??????????????,????????,???3.5%??????????4%????,?????????????????????????????4%?????????????????,???????????,????????????3%????????????????,????????

?????????????,???,“???????????”????????,???????????????,????????,???????,?????????12????????,?????????????? ???????:?????????????????? ??“????????????”????

?? 10?????????,??????????

????:1?????????????:????????

2??????????

3?????????????

4??????????????

5???????

????:?????????????

???????,????????????????“??????”?

12?5???????????????????????,10??????????????????????????,10?????????????????“24?11”?????0.25BP(????????????????)??1.95%?

?12???2????????????,10?????????2%????????????????????,??11??????????????????29??????????????,«????????????????»??,?????????????,??????????????,AAA?????9BP???????1.705%,?????10?????4BP??????????????1.98%,?????????????2002???????????????????4?????26??????

??????????????????????????:“‘????????’????????????????????????,??????????,???????????,??????20BP?”????????????,?????????,???????,????????????,?????????????????,?????????????????????

????????????,?????????????????2025?????10???????1.6%~1.8%??????????,2%??????????,???????????,??,??

“??????????”??????????

???????????????????,??9???????,???2%,??????????????1.77%,???????????1.345%,???50BP?????????????????????????40BP?

??????“????????????”???????,????,??????????12????????,??????????????,??????????????1??????????1.70%,11??????????????????1.83%~1.89%??,12?4??????,??????????(8.230, 0.04, 0.49%)????????????????381??????382?????,??1???????3????,?????????????????1.6%?1.63%?

??????????,????????????,???????????,????7??????,??????????????0~1.5%?????????

????????,??????????????????10???????????,?????????????31.2??,?,??????????15????????????,????????????????????5???,????????????7.31?,??????8.2?????

???????,??????????,???10%????,??,?10%,????????????????????????1.5%????,??????????????????????????????30BP,????????,????????????

?????????,???????30BP,??,?????????????

???????????????,?,?????????,?????????????????,??????????,????????????,????,?????????????????

10????????

???????????,11?????????????,?????????????,10???????????????2%,?????????????1.8%,2025?????????????1.6%~2%?

?????????,????????????????????,????????????,?????,??????????,??????????????????????????????????;???,???????,??,???????

????,?,?????????????,??????????????????,????????????????,????????????????

?????,?,????????????????;?????????????2025??10??1.8%???????????????????,??2%?????????????????????????????,??????,????????????????;????,????1~3????????????????60%?????????,??????????????????????“?????”??????????,?????

?,11???????????PMI?????????????????????50.3%,????,?????????????,??????????????????????????????,????,??????????????,???

???????????????,11??9.5%,???????30????????????????????18.5%,??????????,?????????????????????????????

?

???????????????????“?”,???,??,???????????????

??????????????,???????????????????(12??3??)????,?????????????????????

????????????,???????????????????,??A????????????????????,??????????????????12???????10????????????,?????????????????????

???:“????????????,?????????3??????????????????,????,?????????????????????”

?????????????,??????????,?????????????,??????,?????????,???????

??????????????,????????,???3.5%??????????4%????,?????????????????????????????4%?????????????????,???????????,????????????3%????????????????,????????

?????????????,???,“???????????”????????,???????????????,????????,???????,?????????12????????,?????????????? ???????:??????????????????