?? ???!????????“?????”????????A??
????:1???????:??????
2?????????
3??????????????
4??????????
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%????????? ??????:????????????????????????