30??“?????2”??,??“1???????”??

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

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%?(? ?????????????????:?????????) ??????:????????