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

??,?????“???????”?

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????????????????,??????? ????:?? ??“??????2023??”

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