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

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

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???????????,?? ?????????:????????????? “??200????”_????

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