????:1?????????????:?????98?

2???????2022

3????????????

4?????????

5?????????

12??12???????????????????????,30???????“24???????????????06”?2.055%,???2.0425%???????????????????10??????????????2%????(12???1.815%),30???“???2”?????????????

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

????????????,???????????????????????,????,????,????????,????;????????????????,??????????90??????????????????????,?????????,???????????????????????(??90?????????????),?,???????,??,2013??????????????????????4.1?????????,??????????????2022??????????????23.9?????

30????????“?2”?????????????

12??????12????????????,30???????2.0425%,10??????????“24?????11”????????1.8125%,????0.5BP?1.25BP???11??20BP????????????40BP?

????ETF(159650)???????3?????????????,??????105.977???????,???????????,?????????????????6400???????????,??3.09%,????52????;30??ETF(511090)????????????????????121.017,??0.4%,??????????????14%?

??“?”???,??????11?????29???????«????»,???????????,?????,?????????????????,????????????

??????,“?????????????????”(???????),“?”(14?????????),????????

12???????????12????,????,??????,?????????????,???????????,???????,??,??,?;???,?,???????,??

??,?????????????????,???????????,2024?????????50BP??????,2025?????50BP?????????????

?,???,????????2%?????????????????,??????????0.88%(2016?10???),?CPI????????????????????0.8%(?????????????CPI??0.8%),??????1.7%?????10?????????????2.1%?????,?40BP???

??????????,???????,????????,???2025??????10??????????????1.6%~1.8%???????????

?????????,???????,???????,????????;??????????????????? 1.9%?????????????????1.75%?????,??????????????????;????,??????,?????

??????

?,??????????????????,???????????????A500?A50??ETF?????????????????????????

??,???????10??????????????A500ETF?2?????????Wind??,??????????????11??????????14???????????????????????,??????????????A500ETF????????1100???????

???????,?????????12????????12??????????,?????????????????,?12?????????????????15?????????????,??,???,?85??????????,???????????????????30???????????????????????????????,??11??;?????????????????9?????8??;?????????????????????????????????????12???????????????1?????????????

?????????,??????????????,??????90????????????,?????,?????????,????????,70?,????????????15.3%?

????????????,??????????????????,??????,??????????????????????1989?58.6????,??36.0????????????2012????,??????????????,????2023????????????????5????????????,??176????????????????????????????,2000????14.6??????????????????????34.8??????????????,??????????????2022?????????????142.7???,?????????????????????14.5??

?(?)?,?????????A????????????????,?????,???;?????,??,???????;????????,??,?????,?????????????????????????,???(???????),??

???

????,??,????????????????????,???????????,??????????????????2013??????4.1?,?????2022????????23.9??????????????

??????????????????,?????,????QDII(???????????)???,???????????????QD????QDLP(?????????????????????)??????????????????,???

???????,??????????????????????????,??,???,??????????????????

??,?????????????????????????????,???????????;????????????????,???????????1%?????,????????BBB??,??????????BB??????????,?????????5%-6%??????;?????????,???????,???????????,??????????,??????????????????????????,??????500???????????????

??????,??????????????????,?500???????2025????6500??????????,??11?????,??12%??????????????,2025???????????????2026???11%???7%?????,????????????21.5??,??21.7??1%?(??????????????????????? ???????????????:???) ???:??