30?????“??2”?,??“1???????”???

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

12??12?????,30???“24??????????????06”??2.055%,??????????2.0425%???10?????????2%??????(12????????1.815%),30???????“?????????2”??????????????

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

???,?????????????????,????,?????,??????????????,?????????????;????,??????90???????,??????????????,???????(?????90??),????????,????????????????????????????,?????????????????????,2013??????????4.1???????,???????????????????????????????2022????????23.9???????

30???????????????????????“??????????????2”?

12???12?,30??????????????????2.0425%,10??????“24????????????11”????1.8125%,??????0.5BP?1.25BP????????????11??20BP????40BP?

?ETF(159650)?????????????3??????????,????105.977???,??????,????6400??,?????????3.09%,?????52??;30??????????????????ETF(511090)?????????????????????121.017,?????0.4%,??14%?

????????????“?????????????????”?????????????????,??11????????????29??«????»,??,?????,????,????

???????????,“????”(??),“????”(14???????????????????????),????????

12?????????12???????????,????????????,???????????????,?,??????????????,??????????????,?????????,??,??????????????;?????????????,???,??,?????????????

???????????????,??????????,?????????????,2024????????????????50BP???????,2025??????????????????50BP?????????

??????,?,?????????????2%?????????????,??0.88%(2016????10???????),?????????????????????????CPI????????????????0.8%(???CPI?????????0.8%),????????1.7%??????????????????10?????????????????2.1%?????????????????,?????40BP??????

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

??????,??,???????????????????????????????,?;?????????????? 1.9%??1.75%??,??;?,??????????????,?????

??????????????

??????????????????,????,??A500?A50??ETF???????

?,?10?A500ETF??2????Wind????,????????11???14??,???????????A500ETF?????????1100???????????????????

?,??????????????????12?12??,?,????????????12????15????????,??????????????,????????????,???????85????,????????????30?????????????????????????????,?11?;?????????????????????9????????8?????????????;??????????????????????????????12???1??

???????????,???????????????????,???????90?,????,?????????,???,70???????????????????????,??15.3%?

????,??,??,????????????????1989?????????58.6????????,????36.0????????????????2012???,???????????????,????2023?5?,???????????????176???????????,2000???????14.6??????34.8????????????,????????????2022????????????142.7??????,??????????????14.5????????

??????????????????????(?????????????????)??,??A??????????,??,???????;?????,?,????????;?,?????????????????,????,??????????????????,??????(?),??????????????

????

??????????,??,???,??????,????????2013???????????????4.1??????,??????????2022?23.9?????

?????????????,?,??QDII(?????????????????????)???,??QD????????????????QDLP(??????????)????????,??????

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

???????,????????????,????????????????;???,???????1%????????,?????BBB??????????????,????????BB?????,????5%-6%???;?????????,????????????????????,?,??,????????,??500???????????????????

???????????,??????,??500????????2025??????????????6500?????????,?????????????11????,??????????12%???????,2025??2026?????????????11%??????????????7%??????????,??????????????21.5??,?????????????21.7???????????????1%?(???????? ???????????:????) ??????:??????????????????