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

???,????“??????????”?

12??5?????????????,10????????????????????????,10????“24????????????????11”????0.25BP(????)???????????????1.95%?

???12?????2?????????????,10???2%???????????????,??11????29?????????????,Ğ??????ğ???????,???????????????,?????????????????????,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?????,???????????? ??????????????????:????????????????? “????wx”_????

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

????:1?????wx:???????

2?????spa

3??????????

4???98?

5?????????

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

???,????“??????????”?

12??5?????????????,10????????????????????????,10????“24????????????????11”????0.25BP(????)???????????????1.95%?

???12?????2?????????????,10???2%???????????????,??11????29?????????????,Ğ??????ğ???????,???????????????,?????????????????????,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?????,???????????? ??????????????????:?????????????????