Group 1: Report Industry Investment Rating - The investment rating for the single - side strategy is neutral, with a short - term focus on waiting and seeing. There are no specific ratings mentioned for cross - period, cross - variety, spot - futures, and options strategies [2] Group 2: Core View of the Report - The current LPG fundamentals remain weak. Supply is relatively abundant, with high overseas exports from the Middle East and North America and a slight domestic supply decline due to maintenance. Demand shows limited improvement in the combustion end and weak growth in deep - processing demand [1] Group 3: Market Analysis Summary - On November 4, regional prices were as follows: Shandong market, 4260 - 4370; Northeast market, 3630 - 4010; North China market, 4350 - 4450; East China market, 4150 - 4290; Yangtze River market, 4500 - 4730; Northwest market, 4080 - 4200; South China market, 4320 - 4430 [1] - In the first half of December 2025, the CIF prices of frozen propane and butane in East China decreased by 7 dollars/ton, equivalent to a 54 yuan/ton drop for propane and a 53 yuan/ton drop for butane in RMB terms. In South China, the CIF prices of frozen propane and butane also decreased by 7 dollars/ton, with corresponding RMB price drops of 54 yuan/ton for propane and 53 yuan/ton for butane [1] - In the spot market, prices in the Northeast, East China, and Yangtze River regions rose steadily, while other regions remained stable. Downstream buyers mostly purchased on demand, and the trading atmosphere was average [1]

Report Industry Investment Rating - Unilateral: Neutral; short - term weak and volatile [2] - Inter - period: None [2] - Cross - variety: None [2] Core View of the Report - The propylene market is under pressure with the spot price weakening. The supply - demand fundamentals remain loose, and the cost - side support is limited. The demand side is difficult to improve significantly due to postponed new production and the approaching off - season of terminal demand [2] Summary by Relevant Catalogs I. Propylene Basis Structure - The propylene basis structure involves data such as the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, and the market prices in East China and Shandong [5][8][10] II. Propylene Production Profit and Operating Rate - It includes data on the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization rate [15][17][18] III. Propylene Import and Export Profit - It covers data on the differences between FOB in South Korea and CFR in China, CFR in Japan and CFR in China, CFR in Southeast Asia and CFR in China, and propylene import profit [30][32] IV. Propylene Downstream Profit and Operating Rate - It contains data on the production profits and operating rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][40][47] V. Propylene Inventory - It involves data on propylene in - plant inventory and PP powder in - plant inventory [65]

1. Report Industry Investment Rating - Copper: Cautiously bullish [7] - Arbitrage: On hold [7] - Options: Short put [7] 2. Core Viewpoints of the Report - The current tight supply at the mine end and the continuously low TC prices remain unchanged. Overseas smelters are exploring new processing fee pricing logics, and China's Non - Ferrous Metals Supply Association has proposed setting an upper limit on some non - ferrous metal smelting capacities. The positive factors on the demand side are mostly at the expected level, and actual consumption may not be outstanding. The November strategy is to mainly conduct buy - hedging on dips, with the recommended buying range between 85,500 yuan/ton and 86,000 yuan/ton. When the price approaches 89,000 yuan/ton, sell - hedging can be carried out [7]. 3. Summary According to Relevant Catalogs 3.1 Market News and Key Data 3.1.1 Futures Quotes - On November 4, 2025, the opening price of the main Shanghai copper contract was 87,430 yuan/ton, and the closing price was 85,740 yuan/ton, a - 1.79% decline from the previous trading day's close. In the night session, it opened at 85,000 yuan/ton and closed at 85,690 yuan/ton, a 0.06% decline from the afternoon close [1]. 3.1.2 Spot Situation - The domestic spot 1 electrolytic copper was quoted between 86,290 and 86,890 yuan/ton. The spot market showed a discount of 70 to a premium of 70 yuan/ton to the current - month contract, and the average price increased slightly by 5 yuan/ton compared to the previous day. The Shanghai copper price dropped from 86,800 yuan/ton to around 86,400 yuan/ton during the day, and the import loss of the current - month contract narrowed to about 800 yuan/ton. Downstream buyers generally expected the copper price to fall further and were conservative in purchasing. If the copper price falls below 86,000 yuan/ton, it may stimulate some purchases, but the market is still bearish. As the spread between near - and far - month contracts narrows, holders may lower premiums to promote transactions [2]. 3.2 Important Information Summary 3.2.1 Macro - news - The U.S. Senate failed to pass the federal government's temporary appropriation bill again, and the federal government's "shutdown" entered the 35th day, tying the longest "shutdown" record in U.S. history. The U.S. Supreme Court will hear whether Trump's tariff policy is legal this Wednesday [3]. 3.2.2 Mine End - The general election in Tanzania caused unrest, leading to the temporary closure of the Dar es Salaam Port, an important hub for African copper exports to China. About two - thirds of copper shipments to China are transshipped through this port, resulting in shipping delays, increased logistics and insurance costs, and some cargo being stranded in the port. Afenhao Mining announced that its Phase I concentrator at Pratt Reef started feeding on October 29, and the first batch of concentrates is expected to be produced in the next few weeks. Indonesia's Energy Ministry approved Amman Mineral to export 480,000 dry tons of copper concentrates for six months [3]. 3.2.3 Smelting and Import - Glencore plans to close its Horne copper smelter in Quebec, Canada, due to environmental issues and the need for millions of dollars in facility upgrades. The annual copper production of this smelter is expected to exceed 300,000 tons, which will intensify the global copper shortage expectation [4]. 3.2.4 Consumption - Yingtan City has transformed its investment - promotion concept, driving the high - quality development of the copper - based new materials industrial cluster. The revenue of local copper enterprises accounts for 15% of the national industry, and the copper product output ranks first in the country. AI data centers have extremely high power demand, and China plans to build 1,000 large - scale AI data centers in the next five years [4]. 3.2.5 Inventory and Warehouse Receipts - LME warehouse receipts decreased by 1,025 tons to 133,900 tons compared to the previous day. SHFE warehouse receipts increased by 1,081 tons to 41,147 tons. On November 3, the domestic electrolytic copper spot inventory was 200,100 tons, a change of 17,500 tons from the previous week [5][6]. 3.3 Copper Price and Basis Data | Project | 2025 - 11 - 05 | 2025 - 11 - 04 | 2025 - 10 - 29 | 2025 - 10 - 06 | | --- | --- | --- | --- | --- | | SMM: 1 copper (spot, premium/discount) | 0 | - 5 | - 55 | 15 | | Premium copper | 60 | 60 | - 5 | 70 | | Flat - water copper | - 45 | - 30 | - 85 | - 30 | | Wet - process copper | - 90 | - 100 | - 145 | - 80 | | Yangshan premium | 51 | 51 | 53 | 54 | | LME (0 - 3) | - 26 | - 14 | - 24 | - 25 | | LME inventory | 133,900 | 133,600 | 134,575 | 139,550 | | SHFE inventory | 116,140 | - | 104,792 | - | | COMEX inventory | 325,213 | 322,649 | 315,465 | 296,716 | | SHFE warehouse receipts | 41,147 | 40,066 | 35,846 | 26,823 | | LME cancelled warehouse receipt ratio | 8.33% | 9.95% | 7.34% | 5.68% | | CU2602 - CU2511 (continuous three - month - near - month) | 50 | 70 | - 30 | - 300 | | CU2512 - CU2511 (main - near - month) | 40 | 40 | - 10 | - 240 | | CU2512/AL25 | 3.99 | 4.04 | 4.11 | 4.02 | | CU251/ZN25 | 3.78 | 3.87 | 3.90 | 3.81 | | Import profit | - 685 | - 872 | - 765 | - 528 | | SHFE - LME ratio (main contract) | 8.05 | 8.07 | 7.89 | 8.07 | [24][25][28]

Report Industry Investment Rating No relevant content provided. Core View of the Report Affected by the central bank's restart of treasury bond trading and the continuation of the Fed's interest rate cut expectations, treasury bond futures showed a mixed performance yesterday. Overall, the increasing global trade uncertainty adds to the uncertainty of foreign capital inflows. The bond market fluctuates between the expectations of stable growth and monetary easing. Short - term attention should be paid to the policy signals at the end of the month [3]. Summary by Directory I. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) had a 0.10% month - on - month change and a - 0.30% year - on - year change; China's PPI (monthly) had a 0.00% month - on - month change and a - 2.30% year - on - year change [9]. - Social financing scale was 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan and a growth rate of 0.79%; M2 year - on - year was 8.40%, with a decrease of 0.40% and a decline rate of 4.55%; Manufacturing PMI was 49.00%, with a decrease of 0.80% and a decline rate of 1.61% [10]. - The US dollar index was 100.21, with a month - on - month increase of 0.33 and a growth rate of 0.33%; The US dollar against the offshore RMB was 7.1308, with an increase of 0.014 and a growth rate of 0.19%; SHIBOR 7 - day was 1.42, with an increase of 0.00 and a growth rate of 0.21%; DR007 was 1.43, with an increase of 0.01 and a growth rate of 0.53%; R007 was 1.53, with an increase of 0.02 and a growth rate of 1.49%; The 3 - month inter - bank certificate of deposit (AAA) was 1.57, with an increase of 0.01 and a growth rate of 0.45%; The AA - AAA credit spread (1Y) was 0.09, with an increase of 0.00 and a growth rate of 0.45% [11]. II. Overview of Treasury Bonds and Treasury Bond Futures Market No specific content provided other than referring to multiple figures related to the market, such as the closing price trend, price change rate, capital flow, and position ratio of treasury bond futures [12][14][16]. III. Overview of the Money Market Funding Situation The central bank conducted 117.5 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.4% on November 4, 2025. The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.315%, 1.415%, 1.478%, and 1.546% respectively, and the repurchase rates have declined recently [2]. IV. Spread Overview No specific content provided other than referring to figures related to various spreads, such as the inter - period spread of treasury bond futures and the spread between spot bond term spreads and futures cross - variety spreads [37]. V. Two - Year Treasury Bond Futures No specific content provided other than referring to figures related to the implied interest rate, IRR, and basis of the two - year treasury bond futures main contract [39]. VI. Five - Year Treasury Bond Futures No specific content provided other than referring to figures related to the implied interest rate, IRR, and basis of the five - year treasury bond futures main contract [52]. VII. Ten - Year Treasury Bond Futures No specific content provided other than referring to figures related to the implied yield, IRR, and basis of the ten - year treasury bond futures main contract [59]. VIII. Thirty - Year Treasury Bond Futures No specific content provided other than referring to figures related to the implied yield, IRR, and basis of the thirty - year treasury bond futures main contract [66]. Strategy - Unilateral: With the decline of repurchase rates and the fluctuating prices of treasury bond futures, the 2512 contract is neutral [4]. - Arbitrage: Pay attention to the decline of the 2512 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - side investors can use far - month contracts for appropriate hedging [4].

Industry Investment Rating - No investment rating information was provided in the report. Core Viewpoints - In the production industry, the 8th China International Import Expo was held in Shanghai from November 5th to 10th [1]. - In the service industry, the State Council issued the holiday arrangements for 2026 on November 4th, with the Spring Festival having a 9 - day holiday, and ticket search volumes on the platform soared. The central bank conducted a 700 billion - yuan 3 - month买断式逆回购 on November 5th [1]. - In the upstream market, liquefied natural gas and palm oil prices declined. In the mid - stream, PX and road asphalt开工 rates increased, and power plant coal inventories piled up. In the downstream, real - estate sales in first, second, and third - tier cities dropped, while domestic flight frequencies increased slightly [2]. Summaries by Related Catalogs Industry Total Overview Upstream - Energy: Liquefied natural gas prices fell [2]. - Agriculture: Palm oil prices decreased [2]. Mid - stream - Chemical: PX开工 rate went up [2]. - Energy: Power plant coal inventories accumulated [2]. - Infrastructure: Road asphalt开工 rate rose slightly [2]. Downstream - Real estate: Commodity housing sales in first, second, and third - tier cities declined [2]. - Service: Domestic flight frequencies increased slightly [2]. Key Industry Price Indicators - Agricultural products: The prices of corn, eggs, palm oil, and pork decreased, while the price of cotton increased slightly [34]. - Non - ferrous metals: The prices of copper, zinc, aluminum, nickel, and aluminum showed different trends, with copper prices falling and zinc and aluminum prices rising [34]. - Ferrous metals: The prices of iron ore, wire rod, and glass had different trends, with iron ore prices rising [34]. - Non - metals: The prices of natural rubber and the China Plastic City Price Index decreased [34]. - Energy: The prices of WTI crude oil, Brent crude oil, and liquefied natural gas decreased, while coal prices increased [34]. - Chemicals: The prices of polyethylene, urea, and soda ash decreased, while the price of PTA increased slightly [34]. - Real estate: The building materials comprehensive index and the national concrete price index decreased [34].

流动性日报 因缘日报 | 2025-11-05 市场流动性概况 2025-11-04，股指板块成交7524.05亿元，较上一交易日变动+1.52%；持仓金额13306.19亿元，较上一交易日变动 -2.21%；成交持仓比为55.81%。 国债板块成交3141.75亿元，较上一交易日变动-6.70%；持仓金额8845.16亿元，较上一交易日变动+0.00%；成交持 仓比为36.00%。 基本金属板块成交4662.88亿元，较上一交易日变动+18.77%；持仓金额5736.65亿元，较上一交易日变动-3.74%； 成交持仓比为91.66%。 贵金属板块成交6485.79亿元，较上一交易日变动+0.98%；持仓金额4286.61亿元，较上一交易日变动-1.30%；成交 持仓比为175.67%。 能源化工板块成交3492.27亿元，较上一交易日变动-21.66%；持仓金额4462.65亿元，较上一交易日变动+0.65%； 成交持仓比为66.35%。 农产品板块成交3179.79亿元，较上一交易日变动-5.91%；持仓金额5662.09亿元，较上一交易日变动+0.57%；成交 持仓比为50.15%。 黑色建材板块成交2 ...

1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views of the Report - The EG market remains weak under high supply pressure. The main EG contract closed at 3,901 yuan/ton, down 69 yuan/ton (-1.74%) from the previous trading day, and the spot price in the East China market was 3,995 yuan/ton, down 70 yuan/ton (-1.72%) [1]. - The production profit of ethylene - based EG was -$48/ton (down $5/ton), and that of coal - based syngas EG was -724 yuan/ton (down 67 yuan/ton) [1]. - MEG inventory in the main ports of East China increased. According to CCF data, it was 56.2 tons (up 3.9 tons), and according to Longzhong data, it was 49.9 tons (up 1.6 tons). The arrival plan this week is large, and inventory accumulation is expected [1]. - On the supply side, domestic ethylene glycol production is at a high level, and overseas supply losses are still significant with limited change in import expectations. On the demand side, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. - In the fourth quarter, there is a large pressure for inventory accumulation under high supply, with many production plans, and port inventory is expected to gradually rise [2]. 3. Summary According to the Directory Price and Basis - The main EG contract closed at 3,901 yuan/ton, down 69 yuan/ton (-1.74%) from the previous trading day, and the spot price in the East China market was 3,995 yuan/ton, down 70 yuan/ton (-1.72%). The spot basis in the East China market was 73 yuan/ton, down 3 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$48/ton (down $5/ton), and that of coal - based syngas EG was -724 yuan/ton (down 67 yuan/ton) [1]. International Spread No specific content related to international spread is provided in the given text. Downstream Production and Sales and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. Inventory Data - According to CCF data, MEG inventory in the main ports of East China was 56.2 tons (up 3.9 tons), and according to Longzhong data, it was 49.9 tons (up 1.6 tons). The arrival plan this week is large, and inventory accumulation is expected [1]. 4. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. Under high supply, there is significant pressure for inventory accumulation in the fourth quarter, and port inventory is expected to gradually rise [2]. - Inter - period: Reverse spread of EG2601 - EG2605 [2]. - Inter - variety: No strategy is provided [2].

Report Summary 1. Report Industry Investment Rating - Short - term: Oil prices will fluctuate within a range; Medium - term: Bearish allocation [3] 2. Core View - Since September, global crude oil shipments have increased significantly, leading to a substantial rise in global in - transit crude oil inventory at sea. If a large amount of compliant oil in floating storage cannot be digested, the near - term forward curve of crude oil needs to weaken and turn into a contango structure [2] 3. Summary by Related Content Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange fell 49 cents to $60.56 per barrel, a decline of 0.8%. The price of Brent crude oil futures for January delivery fell 45 cents to $64.44 per barrel, a decline of 0.69%. The main contract of SC crude oil closed down 0.19% at 464 yuan per barrel [1] - Saudi Aramco's quarterly profit exceeded analysts' expectations. Its Q3 net profit adjusted for one - off items rose 0.8% year - on - year to 104.9 billion riyals (about $28 billion). The company increased production according to OPEC+ policy, stabilizing performance in a low - oil - price environment [1] - BP CEO said that oil demand remains strong, with aviation and petrochemical products driving a 1% increase in oil demand [1] - The US Deputy Energy Secretary said that energy demand is rising rapidly, and the US strategic petroleum reserve is depleted, so the current priority is to replenish the reserve as soon as possible [1] Investment Logic - Since September, global crude oil shipments have increased significantly. Recent Saudi crude oil shipments are close to 7 million barrels per day, Latin American shipments exceed 6 million barrels per day, Russian shipments are close to 4 million barrels per day, and US shipments exceed 4 million barrels per day. In addition, the export of northern Iraqi crude oil through Ceyhan has recovered, and Kuwait's crude oil exports have also increased significantly due to a refinery device failure [2] Strategy - Short - term: Oil prices will fluctuate within a range; Medium - term: Bearish allocation [3] Risks - Downside risks: The US relaxes sanctions on Russian oil, and macro black - swan events occur [3] - Upside risks: Supply of sanctioned oil (from Russia, Iran, and Venezuela) tightens, and large - scale supply disruptions occur due to Middle - East conflicts [3]

1. Report Industry Investment Rating - Unilateral: Neutral [3] - Arbitrage: Suspended [3] 2. Core View of the Report - The raw material supply remains tight, pressuring the production of primary lead, while the secondary lead production is slowly resuming. The demand for lead-acid batteries from downstream is constrained by high lead prices, and the production cuts by enterprises have led to weaker consumption. Although the social inventory is at a historical low, it is expected to accumulate in November as supply recovers and imports arrive at the port. Overall, the lead price is suppressed by weak consumption on the upside and supported by costs on the downside, and is expected to maintain a volatile pattern. The report suggests paying attention to inventory changes and the pace of consumption recovery, with the expected lead price volatility range approximately between 16,900 yuan/ton and 17,600 yuan/ton [3]. 3. Summary by Related Catalogs Market News and Important Data Spot Market - On November 4, 2025, the LME lead spot premium was -$28.32/ton. The SMM1 lead ingot spot price increased by 25 yuan/ton to 17,250 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at 10.00 yuan/ton, the SMM Guangdong lead price increased by 25 yuan/ton to 17,300 yuan/ton, the SMM Henan lead price increased by 25 yuan/ton to 17,275 yuan/ton, and the SMM Tianjin lead spot premium increased by 50 yuan/ton to 17,350 yuan/ton. The lead concentrate scrap price difference remained unchanged at -75 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged [1]. Futures Market - On November 4, 2025, the main SHFE lead contract opened at 17,415 yuan/ton and closed at the same price, down 5 yuan/ton from the previous trading day. The trading volume for the whole trading day was 32,675 lots, a decrease of 2,303 lots from the previous trading day, and the open interest was 66,092 lots, a decrease of 1,997 lots. The intraday price fluctuated, reaching a high of 17,490 yuan/ton and a low of 17,400 yuan/ton. In the night session, the main SHFE lead contract opened at 17,425 yuan/ton and closed at 17,435 yuan/ton, a 0.06% decrease from the afternoon close. According to SMM, the SMM1 lead price rose by 25 yuan/ton from the previous trading day. In Henan, the quotes of holders were at a discount of 120 - 150 yuan/ton to the SHFE lead 2512 contract for ex-factory sales, and later the discount widened to 170 yuan/ton for transactions. In Hunan, smelters with low inventories held firm on prices, with quotes at a premium of 50 yuan/ton to the SMM1 lead for ex-factory sales. Some manufacturers mainly fulfilled long-term contracts and suspended spot sales. In Yunnan, holders sold at a discount of 200 - 250 yuan/ton to the SMM1 lead for a small amount of transactions. With the lead price oscillating strongly, the purchasing enthusiasm of downstream battery enterprises improved slightly, and market transactions were fair [2]. Inventory - On November 4, 2025, the total SMM lead ingot inventory was 30,000 tons, an increase of 400 tons from the same period last week. As of November 5, the LME lead inventory was 212,525 tons, a decrease of 3,500 tons from the previous trading day [2]. Strategy - Unilateral: Neutral. The report suggests that due to the current situation of raw material supply and demand and inventory trends, the lead price is expected to remain volatile, and investors should pay attention to inventory changes and consumption recovery [3]. - Arbitrage: Suspended [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Affected by the central bank's restart of treasury bond trading and the continuation of the Fed's interest - rate cut expectation, treasury bond futures showed a mixed performance yesterday. Overall, the increasing global trade uncertainty adds to the uncertainty of foreign capital inflows. The bond market oscillates between the expectations of stable growth and monetary easing. Short - term attention should be paid to policy signals at the end of the month [3] 3. Summary According to Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) had a 0.10% month - on - month change and a - 0.30% year - on - year change; China's PPI (monthly) had a 0.00% month - on - month change and a - 2.30% year - on - year change [9] - Monthly economic indicators: The social financing scale was 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan (+0.79%); M2 year - on - year was 8.40%, with a - 0.40% change (-4.55%); the manufacturing PMI was 49.00%, with a - 0.80% change (-1.61%) [10] - Daily economic indicators: The US dollar index was 99.88, with a +0.15 change (+0.15%); the offshore US dollar to RMB exchange rate was 7.1169, with a +0.006 change (+0.09%); SHIBOR 7 - day was 1.41, with a - 0.03 change (-1.88%); DR007 was 1.42, with a - 0.04 change (-2.50%); R007 was 1.53, with a +0.02 change (+1.49%); the 3 - month interbank certificate of deposit (AAA) was 1.56, with a +0.00 change (+0.11%); the AA - AAA credit spread (1Y) was 0.09, with a +0.00 change (+0.11%) [11] II. Overview of the Treasury Bond and Treasury Bond Futures Market - The report presents multiple charts related to the treasury bond and treasury bond futures market, including the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each variety of treasury bond futures, the precipitation of funds in each variety of treasury bond futures, the position ratio of each variety of treasury bond futures, etc. [15][16][19] III. Overview of the Money Market Liquidity - The report includes charts on the Shibor interest rate trend, the yield - to - maturity trend of interbank certificates of deposit (AAA), the trading statistics of inter - bank pledged repurchase, and the local government bond issuance situation [25][26] IV. Spread Overview - The report shows charts on the inter - period spread trend of each variety of treasury bond futures and the term spread of spot bonds and cross - variety spreads of futures [31][34][35] V. Two - Year Treasury Bond Futures - The report provides charts on the implied interest rate and treasury bond yield - to - maturity of the main contract of two - year treasury bond futures, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [37][39][48] VI. Five - Year Treasury Bond Futures - The report offers charts on the implied interest rate and treasury bond yield - to - maturity of the main contract of five - year treasury bond futures, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [50][55] VII. Ten - Year Treasury Bond Futures - The report includes charts on the implied yield and treasury bond yield - to - maturity of the main contract of ten - year treasury bond futures, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [57][58] VIII. Thirty - Year Treasury Bond Futures - The report presents charts on the implied yield and treasury bond yield - to - maturity of the main contract of thirty - year treasury bond futures, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [64][66][70] 4. Strategies - Unilateral: With the decline of repurchase rates and the oscillation of treasury bond futures prices, the 2512 contract is neutral [4] - Arbitrage: Pay attention to the decline of the 2512 basis [4] - Hedging: There is medium - term adjustment pressure, and short - side traders can use far - month contracts for appropriate hedging [4]