?? 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????????,?????????????? ???????:??????????????????