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

2???????????

3???????

4???????

5??????????

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

????????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%??????????”;????????“??,???????????”???“????????”?

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

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

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

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

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

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