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9.5%\uff0c\u8f03 2025 \u5e74\u5e95\u4f4e\u9ede\u660e\u986f\u4e0a\u5347\u3002\u9019\u4ee3\u8868\u5e02\u5834\u96d6\u9810\u671f\u5347\u606f\uff0c\u4f46\u5e02\u5834\u53cd\u61c9\u5e45\u5ea6\u4ecd\u662f\u4e0d\u78ba\u5b9a\u7684\u91cd\u9ede\u3002\n\n<h3>\u5229\u7387\u90e8\u4f4d\u8207\u98a8\u96aa\u8cc7\u7522<\/h3>\n\u5728\u5229\u7387\u5e02\u5834\uff0c\u6211\u5011\u900f\u904e\u8ce3\u51fa\u65e5\u672c\u570b\u50b5\u671f\u8ca8\uff08JGB futures\uff0c\u4ee5\u65e5\u672c\u653f\u5e9c\u516c\u50b5\u70ba\u6a19\u7684\u7684\u671f\u8ca8\uff09\u4e2d\u7684\u77ed\u5929\u671f\u5408\u7d04\uff0c\u5e03\u5c40\u6b96\u5229\u7387\u66f2\u7dda\u8b8a\u9661\uff08\u9577\u77ed\u5929\u671f\u6b96\u5229\u7387\u5dee\u64f4\u5927\uff1b\u901a\u5e38\u77ed\u5929\u671f\u5229\u7387\u4e0a\u5347\u66f4\u5feb\u6642\u6703\u51fa\u73fe\uff09\u3002\u9019\u662f\u76f4\u63a5\u62bc\u6ce8\u65e5\u672c\u592e\u884c\u4e0a\u8abf\u653f\u7b56\u5229\u7387\uff0c\u985e\u4f3c 2024 \u5e74 3 \u6708\u7d50\u675f\u8ca0\u5229\u7387\uff08\u5229\u7387\u4f4e\u65bc 0\uff09 \u7684\u6b77\u53f2\u6027\u6c7a\u5b9a\u3002\u82e5\u5373\u5c07\u516c\u5e03\u7684 Tankan \u8abf\u67e5\u504f\u9df9\u6d3e\uff08Hawkish\uff0c\u504f\u5411\u7dca\u7e2e\u3001\u8f03\u53ef\u80fd\u5347\u606f\uff09\uff0c\u5c07\u52a0\u901f\u5e02\u5834\u91cd\u65b0\u5b9a\u50f9\uff08Repricing\uff0c\u5e02\u5834\u91cd\u65b0\u8abf\u6574\u5c0d\u5229\u7387\u8207\u8cc7\u7522\u50f9\u683c\u7684\u4f30\u8a08\uff09\u3002\n\n\u80a1\u7968\u65b9\u9762\uff0c\u5347\u606f\u53ef\u80fd\u5c0d\u65e5\u7d93 225\uff08\u65e5\u672c\u80a1\u5e02\u6307\u6a19\uff09\u5e36\u4f86\u963b\u529b\uff1b\u8a72\u6307\u6578\u4e00\u76f4\u5728 40,000 \u9ede\u4ee5\u4e0a\u3001\u63a5\u8fd1\u6b77\u53f2\u9ad8\u4f4d\u3002\u6211\u5011\u900f\u904e\u8cb7\u5165\u50f9\u5916\u8ce3\u6b0a\uff08Out-of-the-money put\uff0c\u5c65\u7d04\u50f9\u4f4e\u65bc\u73fe\u50f9\u3001\u901a\u5e38\u8f03\u4fbf\u5b9c\u3001\u7528\u4f86\u5c0d\u6c96\u4e0b\u8dcc\u98a8\u96aa\uff09\u5728\u65e5\u7d93\u671f\u8ca8\u4e0a\u5c0d\u6c96\u591a\u982d\u80a1\u7968\u90e8\u4f4d\u3002\u56de\u770b 2024 \u5e74\u5347\u606f\u5f8c\u5e02\u5834\u77ed\u66ab\u8d70\u5f31\uff0c\u986f\u793a\u5373\u4f7f\u9577\u671f\u8da8\u52e2\u504f\u6b63\u9762\uff0c\u77ed\u671f\u4ecd\u53ef\u80fd\u627f\u58d3\u3002\n\n\u9019\u4e9b\u58d3\u529b\u4e5f\u8207\u5916\u90e8\u6210\u672c\u6709\u95dc\uff1aWTI \u539f\u6cb9\uff08\u7f8e\u570b\u897f\u5fb7\u5dde\u4e2d\u7d1a\u539f\u6cb9\uff0c\u5e38\u7528\u7684\u570b\u969b\u6cb9\u50f9\u6307\u6a19\uff09\u5df2\u7ad9\u7a69\u6bcf\u6876 85 \u7f8e\u5143\u4ee5\u4e0a\uff0c\u76f4\u63a5\u63a8\u5347\u901a\u81a8\u4e26\u64e0\u58d3\u6d88\u8cbb\u652f\u51fa\u30022 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