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