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