????:1???50????????:???????????

2?????

3?????2020

4?94?????

5?????400??

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%?(????????????? ????????:???????????) ?????:???????????????????