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

2?????????

3?????sn????

4?????

5?????Q

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

??MLF???,?LPR????????

6?17????????????????????,???????(MLF)??,??????????,??????,??????7??????10??????????????????30?????????4??“????????”?????????????????????????,???,30??(230023)????????????????????17???2.5085,??0.35BP?????,?????????????????2???28???????????????,30?????????2.5%,????MLF??????????,???,???????2.4%???????????,?????2.58%???????,???2.5%?

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

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

?,????,???????????????MLF??????????,??????????????????6????

???,????“???,????????????????????,???,?????????,??2024??????????(?????????9??????????)???,?????,???????????????????????,???????????,???????”

?,?????,??????20??????????????(LPR)??,?????????????5????????LPR,???????????????

????????????????,5????????????2.06???,????????????2024??1~5???????????,??????????9000????????????????,??1????;????????????? 3500?????????????????????????;??1?????,???????????“???”???????????????????????,???????????

???,?220BP,??????????????7.2??,????1000???????????????????????????,???????????????????????,?????????

????????????(Tommy Wu)???,????????????????,??????????????????7.11???????????4??7.0950??,????????,???????????????,??????????????????????,??,???????????,???????????????

????????????,??????5????CPI?3.4%??????????3.3%(??????????0),?CPI?????????3.6%???????????????3.4%,?????????????????,???CPI???????????????

???,6????13??????????,9????56%???1?????????,???????2????????,?25BP??????

???,??????????????????????????,???????,?MLF?,??,LPR??????10~20BP?

???????????

???????????6????17??????????,10???(240004)??????????????2.289,???????????????????0.6BP,4???2.35;30??2.5075,???????????0.35BP,4???2.58?

?,??????????,???,??,??????30??????????,???30????ETF???????????????????????3????????115????????,??????????,?111~112????,??????????

??????????,10?????????2.2%,30???????????2.5%??????????,??????????????,??“????2.5%~3%”?“10?????2.5%~3.0%”;??????“?????”“?????????”??“5%????????”;?????????“??,???????”????????????????????????“??????”?

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

????,??????????????5??????????????,????

??????, 5????,5?CPI???????????0.3%,?????????,????,??????????????????????,????5???????PPI??????????-1.4%,????????-2.5%,????????????,?????????????????? ?????????;?????????????

?????????,????????????????????,????,6?????30??42%,??;????,?????,6??????????????????,????????

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

?,????????????,???,???????????????????????????????50???????20?????????????,????????????????????????,????????????,???????????????????????????,??????,??

“??????????,????????????????????3??????????????,????????????????????,?????,10???????2.25%~2.35%?”??? ????????????????????:???????????????????