????:1??????:?????????

2???????

3???95?

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