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

??,?????????????????“??????????????????”?

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??????????,????????????????????????? ????????????????????:?? 三门峡新茶会所吃茶小巷子

?? 10?????????,??????????

????:1???????????:??????

2?????q?q

3?????????

4???????

5?????600??

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

??,?????????????????“??????????????????”?

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