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

?????,???????????????????“????”?

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??????:????qt2023

2???????200?????

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