?? 10?????????,??????????
????:1???200????:???????
2???????sn
3????????????
4????????
5????????
?????????:????????????
????????????,???????????????“???????”?
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???????????,?? ?????????:?????????????