?? 10??????????,?????????
????: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???????,???????? ??:?????????