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

2?????ppt

3????????

4????spa

5????????????

??/??????

?????????????,????????????????????

??24??,?????????????????????????????????????????????????????????

????+??

?????????????,????????0.5?????????,?????????????1????;??,?????0.25???0.5??????????

????????,????????????????????,7?????0.2??????????,??1.7%??????1.5%,????????????????????????,????????????????????????????

?????????,????7%,????,??????????????????8.5%?????????????8%,??????????6.5%?????????6%;?????5%????????

??,???6.6%,????????,??,???????????

???????????,??????????????,???(MLF)?????????????????????0.3??????????????????,??????????(LPR)?????????????0.2??????????0.25??????

????“?????????????????????”

?????????,?????????????

?????,???????????????????????,??????,??0.5???????????(???????????????????????????????????,??)?

??????????,??????????????????,???????????????????,????,?????

??????????15%?????,???????????????????????,????15%?

?????????????,????“??????16??????????????”???????????,???????????????,??????????????????????,???????2026??????????????????????

????????????????????????????????,????3000?????????????????,??,???????????????????60%??????100%,????

???????????????????????????????,???????????????,???????,???????????????????????,?????

???????????????

??????????,???????

??????????,????????????????????????????????????,???????????????????????????????????????,???????????,?????

??5000????,????????????????????????????

????????,???????????????????,??,??????????????????????,?????????????????100%,??1.75%,?3000???????????????????????,???????????????????????

????????????????????,??????????????????????????,????????????????????ETF????????????????????????300?????????,??????????????????????????????

????????,???????????????,??,???????????

???,???????????????????????2008??????????,??????(TSLF),????,??????????,??????????????????,??????????????????????????,2020???????????

???????????2019??(CBS)??????????????,??,?????????,???????

“?????????”????,???«??»?????????????,??,????????????????????????????????????????“??????????????”???????????,?????????,???????????,?????????????????????

?????????,?,??,???????????????,???

???????????????????,????????????,??????????21????????????,??????????????,?????????????????????,????100%??? ?????:?????