?? 10??????????,?????????
????:1???????2023??:???????
2??????????
3??????
4???????????
5???90???????
????????????????:????????????
??,?????“???????”?
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????????????????,??????? ????:??