Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the content. 2. Report Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3]. - Stainless steel prices show signs of stopping the decline and rebounding due to nine - week consecutive inventory drops and rising material costs. The demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 9, 2025, the Shanghai nickel main contract 2510 opened at 121,490 yuan/ton, closed at 120,700 yuan/ton, a - 0.67% change from the previous trading day. The trading volume was 100,281 (+7,501) lots, and the open interest was 80,837 (3,364) lots [1]. - In the futures market, the Shanghai nickel main contract was affected by the decline in LME nickel prices at night and the lower - than - expected domestic August CPI data during the day. Although there were some bargain - hunting purchases in the afternoon, the rebound was limited due to high inventory and capacity release expectations [1]. - In the nickel ore market, the market is mainly in a wait - and - see mode with stable prices. In the Philippines, mine quotes are firm but slightly delayed due to rainfall. A major steel mill in South China has a new tender price of 955 yuan/nickel (including tax at the hold). In Indonesia, the supply remains loose, and the September (first phase) premium is - 24, with a premium range of +23 - 24 [1]. - In the spot market, Jinchuan Group's Shanghai market sales price is 123,200 yuan/ton, a 500 - yuan/ton decrease from the previous trading day. The spot trading is generally average, and the premiums of refined nickel brands are slightly adjusted [2]. - **Strategy** - For nickel, the short - term trading strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety - **Market Analysis** - On September 9, 2025, the stainless steel main contract 2511 opened at 12,930 yuan/ton and closed at 12,950 yuan/ton. The trading volume was 109,512 (+16,944) lots, and the open interest was 123,179 (-4,171) lots [3]. - In the futures market, the stainless steel main contract was weak at night and showed a volatile trend. During the day, it was driven by the strong trend of the black series and slightly rose to 12,980 yuan/ton, with little fluctuation until the close [3]. - In the spot market, affected by the futures market and rising raw material costs, the spot quotes increased. The supply of hot - rolled products is tight, and the inquiry and transaction situation has slightly improved. The stainless steel prices in Wuxi and Foshan markets are 13,200 (+50) yuan/ton, and the 304/2B premium is 255 - 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron is 950.5 yuan/nickel point, a 5.00 - yuan/nickel point change from the previous day [3]. - **Strategy** - For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [5].

宽松预期持续巩固 贵金属价格高位震荡 贵金属日报 | 2025-09-10 2025-09-09，美国10年期国债利率收于4.088%，较前一交易日-0.19BP，10年期与2年期利差为0.525%，较前一交易 日变化-0.4BP。 上期所金银持仓与成交量变化情况： 2025-09-09，Au2508合约上，多头较前一日变化314手，空头则是变化257手。沪金合约上个交易日总成交量为470523 手，较前一交易日变化6.97%。在沪银方面，在Ag2508合约上，多头变动2手，空头变动-2手。白银合约上个交易 日总成交量1067357手，较前一交易日变化-24.09%。 贵金属ETF持仓跟踪： 市场分析 贵金属ETF方面，昨日黄金ETF持仓为979.68吨，较前一交易日下降-2.29吨。白银ETF持仓为15069.6吨，较前一交 易日-67.78吨。 关税方面，美国和韩国就一项3500亿美元投资基金的细节问题陷入僵局，该基金是两国更广泛贸易协议的一部分。 韩方一直向美方强调，不能接受与日本5500亿美元投资承诺相同的条款；日本经济再生担当相赤泽亮正表示，美 国特朗普政府对日下调汽车关税以及减轻"对等关税"负担的 ...

Report Industry Investment Rating - Unilateral: Neutral; pay attention to the maintenance dynamics of upstream PDH units and the resumption of work in downstream industries [3] - Inter - period: None [3] - Inter - variety: None [3] Core View - On the supply side, with some PDH units restarting and some undergoing maintenance, the supply of propylene in Shandong is tightening again, and the expected shutdown of the PDH unit in East China supports the supply side, leading to a rebound in propylene spot prices. On the demand side, the high propylene price has narrowed the downstream profit margins, causing a decline in overall downstream开工率. Some downstream industries are less willing to purchase, which may restrict the upward space of propylene prices. On the cost side, there is an expectation of OPEC+ production increase, and the geopolitical situation is volatile, causing the crude oil price to fluctuate after a decline. The external propane price is firm recently, but its fundamentals are expected to weaken marginally [2] Summary by Directory 1. Propylene Basis Structure - Relevant figures include the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the market price of propylene in East China, and the market price of propylene in Shandong [7][10][12] 2. Propylene Production Profit and Capacity Utilization - Relevant figures include the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization, PDH production gross profit of propylene, PDH capacity utilization of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization, propylene naphtha cracking production gross profit, and the capacity utilization of the main crude oil refinery [15][23][30] 3. Propylene Import and Export Profit - Relevant figures include the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [33][37] 4. Profit and Capacity Utilization of Propylene Downstream Industries - Relevant figures include the production profit and capacity utilization of PP powder, epoxy propane, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [39][40][54] 5. Propylene Inventory - Relevant figures include the in - plant inventory of propylene and the in - plant inventory of PP powder [64][65]

1. Report Industry Investment Rating - For the soybean meal and rapeseed meal sector, the strategy is neutral [3][4] - For the corn sector, the strategy is cautiously bearish [6] 2. Core Views - The current growth of US soybeans is good, with a high excellent - good rate, and future USDA adjustments to new - season US soybeans need attention. In China, soybean arrivals are high, supply is sufficient, and soybean meal inventory is over one million tons. Policy news is frequent, and future attention should be paid to Sino - US trade negotiations and new - season US soybean yields [3] - In the domestic corn market, the supply of new - season grains is increasing, and the overall supply is loose. Deep - processing enterprises have low inventory and are ready to purchase new - season corn. Feed enterprises have sufficient inventory and various substitute grains. Attention should be paid to the listing of new - season corn [5] 3. Summary by Related Catalogs 3.1 Market News and Important Data (Soybean Meal and Rapeseed Meal) - Futures: The closing price of the soybean meal 2601 contract was 3075 yuan/ton, a change of - 6 yuan/ton (- 0.19%) from the previous day; the rapeseed meal 2601 contract was 2550 yuan/ton, a change of + 8 yuan/ton (+ 0.31%) [1] - Spot: In Tianjin, the soybean meal spot price was 3050 yuan/ton, unchanged from the previous day; in Jiangsu, it was 2970 yuan/ton, a decrease of 10 yuan/ton; in Guangdong, it was 2960 yuan/ton, unchanged. The rapeseed meal spot price in Fujian was 2660 yuan/ton, an increase of 10 yuan/ton [1] - US Market: As of September 7, the US soybean excellent - good rate was 64%, slightly higher than the expected 63% but lower than last week and the same period last year. The pod - setting rate was 97%, the defoliation rate was 21%. As of September 4, the US soybean export inspection volume was 45.22 tons. The 2025/26 cumulative export inspection volume was 24.86 tons, a year - on - year decrease of 9.10% [2] 3.2 Market News and Important Data (Corn) - Futures: The closing price of the corn 2511 contract was 2214 yuan/ton, a change of - 17 yuan/ton (- 0.76%); the corn starch 2511 contract was 2510 yuan/ton, a change of - 17 yuan/ton (- 0.67%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2600 yuan/ton, unchanged [4] - US Market: As of September 7, the US corn excellent - good rate was 68%, down 1 percentage point from the previous week, but the highest since 2018. The corn harvest rate was 4%, lower than the expected 5% [4] 3.3 Market Analysis (Soybean Meal and Rapeseed Meal) - US: The growth of US soybeans is good, and the excellent - good rate is at a historical high. Future attention should be paid to USDA's adjustments to new - season US soybeans [3] - China: The supply of soybeans is sufficient, and the soybean meal inventory is over one million tons. Policy news is frequent, and future attention should be paid to Sino - US trade negotiations and their impact on import costs [3] 3.4 Market Analysis (Corn) - Supply: Traders have little old - season grain left. New - season grains are starting to be supplied to the market, and the overall supply is loose [5] - Demand: Deep - processing enterprises have low inventory and are ready to purchase new - season corn. Feed enterprises have sufficient inventory and various substitute grains [5] 3.5 Strategy - Soybean Meal and Rapeseed Meal: Neutral [4] - Corn: Cautiously bearish [6]

Report Investment Rating - No information provided on the industry investment rating in the report Core Viewpoints - The industrial silicon fundamentals have little change, with overall supply and demand basically balanced. It is expected to fluctuate following the overall commodity sentiment. The polysilicon market has a large - scale correction, and in the medium - to - long - term, it is suitable to buy on dips [2][4][7] Market Analysis Industrial Silicon - **Futures Market**: On September 9, 2025, the industrial silicon futures price was weak. The main contract 2511 opened at 8555 yuan/ton and closed at 8410 yuan/ton, a change of - 135 yuan/ton (- 1.58%) from the previous settlement. The main contract 2511 held 286040 positions, and the number of warehouse receipts was 49955, a change of 33 from the previous day [2] - **Supply Side**: The spot price of industrial silicon remained stable. The price of East China oxygen - passing 553 silicon was 9000 - 9200 yuan/ton, 421 silicon was 9300 - 9500 yuan/ton, Xinjiang oxygen - passing 553 price was 8400 - 8600 yuan/ton, and 99 silicon was 8400 - 8600 yuan/ton. The price of 97 silicon also remained stable. Due to a 400 - yuan/ton increase in coal prices, the price of bonding silicon coal in Xinjiang rose by about 270 yuan/ton to 1600 - 1800 yuan/ton [2] - **Consumption Side**: The quotation of organic silicon DMC was 10500 - 10800 yuan/ton. Due to the non - appearance of the traditional "Golden September" peak season effect and the on - demand procurement strategy, the demand release was not concentrated, and the DMC price rebound faced resistance. In the short term, the domestic DMC price will mainly fluctuate slightly [3] Polysilicon - **Futures Market**: On September 9, 2025, the polysilicon futures main contract 2511 had a large - scale correction, opening at 55555 yuan/ton and closing at 53520 yuan/ton, a change of - 3.73% from the previous trading day. The main contract held 142980 positions (154011 in the previous trading day), and the trading volume was 584927 [5] - **Spot Market**: The spot price of polysilicon slightly declined. The price of N - type material was 49.20 - 54.00 yuan/kg (- 0.05 yuan/kg), and n - type granular silicon was 48.00 - 49.00 yuan/kg. The inventory of polysilicon manufacturers and silicon wafers decreased. The polysilicon inventory was 21.10, a change of - 0.90% month - on - month, and the silicon wafer inventory was 16.85GW, a change of - 6.65% month - on - month. The weekly polysilicon production was 30200.00 tons, a change of - 2.58% week - on - week, and the silicon wafer production was 13.78GW, a change of 3.53% week - on - week [5] - **Silicon Wafer**: The price of domestic N - type 18Xmm silicon wafers was 1.28 yuan/piece, N - type 210mm was 1.63 yuan/piece, and N - type 210R silicon wafers was 1.40 yuan/piece [5] - **Battery Cell**: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 battery cells was 0.28 yuan/W, TopconM10 battery cells was 0.31 yuan/W, Topcon G12 battery cells was 0.30 yuan/W, Topcon210RN battery cells was 0.29 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [6] - **Component**: The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.69 yuan/W, and N - type 210mm was 0.67 - 0.69 yuan/W [6] Strategy Industrial Silicon - **Unilateral**: Neutral - **Cross - period**: None - **Cross - variety**: None - **Spot - futures**: None - **Options**: None [4] Polysilicon - **Unilateral**: Short - term range operation - **Cross - period**: None - **Cross - variety**: None - **Spot - futures**: None - **Options**: None [7]

1. Report Industry Investment Rating - The report suggests a short - term range - bound oscillation for oil prices and a medium - term short - position allocation [5] 2. Core Viewpoints - Although the conflict in the Middle East has resurfaced, after the roller - coaster market in June, the market has realized that the conflict will not affect energy infrastructure. The conflict has a short - term impact on sentiment but has limited impact on the crude oil fundamentals [4] 3. Summary by Relevant Catalogs Market News and Important Data - The price of light crude oil futures for October delivery on the New York Mercantile Exchange rose 37 cents, closing at $62.63 per barrel, with a gain of 0.59%. The price of Brent crude oil futures for November delivery rose 37 cents, closing at $66.39 per barrel, with a gain of 0.56%. The SC crude oil main contract closed up 0.08%, at 484 yuan per barrel [2] - Trump asked the EU to impose tariffs on countries importing Russian crude oil [3] - The EIA Short - Term Energy Outlook Report predicts that the WTI crude oil price in 2025 will be $64.16 per barrel (previously expected to be $63.58 per barrel), and in 2026 will be $47.77 per barrel (unchanged from the previous expectation). It predicts that the Brent crude oil price in 2025 will be $67.80 per barrel (previously expected to be $67.22 per barrel), and in 2026 will be $51.43 per barrel (unchanged from the previous expectation) [3] - Israel launched an attack on senior political leaders of Hamas in Doha, Qatar. Israel's crackdown on the organization has further escalated. Trump has approved the attack. Qatar condemned the attack, saying it blatantly violated international law [3] - The US Department of the Interior stated that the US has the ability to replace Russia in supplying natural gas to Europe [3] Investment Logic - Israel's attack on Hamas senior leaders in Qatar triggered a short - term rise in oil prices, but the impact on the crude oil fundamentals is limited [4] Strategy - Oil prices will oscillate in a short - term range and be short - positioned in the medium term [5] Risks - Downside risks include the US relaxing sanctions on Russian oil and macro black - swan events - Upside risks include the US tightening sanctions on Russian oil and large - scale supply disruptions caused by Middle East conflicts [5]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [1][3][5] Core Viewpoints - The soybean futures market showed a slight decline, affected by rainfall in Hubei which may have a negative impact on soybean quality. New soybeans are expected to be on the market soon, and the market has low expectations for the opening price due to strong expectations of a bumper harvest and average demand. The peanut futures market oscillated downward. Although the effective supply of new peanuts is currently low, the demand side remains weak, with most oil mills not yet starting the purchase of new peanuts, and the overall opening rate of oil mills is low [1][2][3] Market Analysis of Soybeans Futures and Spot Market - The closing price of the soybean 2511 contract was 3968.00 yuan/ton, a change of -9.00 yuan/ton from the previous day, a decrease of -0.23%. The basis of edible soybean spot was A11 + 252, a change of +9 from the previous day, an increase of 32.14% [1] Market Information - The price of the Northeast soybean market remained stable. Grain trading enterprises mainly sold the old grain in the state reserve, and the old grain from 2024 was almost exhausted. New soybeans are approaching the market, and it is expected that new grain may be on the market after the 20th in some areas. The market has low expectations for the opening price due to strong expectations of a bumper harvest and average demand. The prices of national standard first - class soybeans in various regions of Heilongjiang remained unchanged from the previous day [1] - Recent rainfall in Hubei has a negative impact on soybean quality, and some soybeans may have reduced quality due to waterlogging. The prices of some soybeans in Hubei are under downward pressure, and the market is waiting and watching. Hubei Cuishan beans have stable prices and good quality. About twenty days later, medium - yellow soybeans in Hunan will gradually be on the market. If the price is too low, farmers may hold back their sales, affecting the market supply rhythm [2] Market Analysis of Peanuts Futures and Spot Market - The closing price of the peanut 2510 contract was 7780.00 yuan/ton, a change of -96.00 yuan/ton from the previous day, a decrease of -1.22%. The average spot price of peanuts was 8460.00 yuan/ton, a change of +10.00 yuan/ton from the previous day, an increase of +0.12%. The spot basis was PK10 + 620.00, a change of +196.00 from the previous day, an increase of +46.23% [3] Market Information - The average price of general - quality peanuts in the national peanut market was basically stable at 4.23 yuan/jin. Due to the impact of rainy weather on the listing progress, peanuts with low moisture content were favored, and their prices were relatively firm. The contract purchase price of general - quality peanuts in Shandong oil mills was 8300 - 8400 yuan/ton. The current opening rate of oil mills is low, and the demand for pressing is small. The contract purchase price of oil - grade peanuts in a Henan oil mill was about 7300 yuan/ton, and the purchase price of some Shandong oil mills was 7800 - 7900 yuan/ton, with a small amount of arrivals [3] - The peanut futures market oscillated downward. The effective supply of new peanuts is currently small, and the available supply of new peanuts is significantly reduced compared with the same period in previous years. However, the demand side remains weak, with most oil mills not yet starting the purchase of new peanuts, and the overall opening rate of oil mills is low. The motivation for festival stocking is lower than expected, and the domestic trade sales volume is average. As the Mid - Autumn Festival and National Day holidays approach, the market is paying attention to the purchasing trends and motivation of large food factories and oil mills [3][4]

钢材：成材库存增加，钢价震荡偏弱 市场分析 黑色建材日报 | 2025-09-10 市场预期扰动，铁矿震荡上行 昨日螺纹钢期货合约收于3123元/吨，热卷主力合约收于3349元/吨。现货方面，昨日钢材现货成交整体一般，终端 按需采购为主。 供需与逻辑：当前电炉利润亏损加大，维持减产节奏，需求无明显好转，尚未进入旺季去库阶段，建材延续累库 趋势。目前板材需求保持一定韧性，由于产量相对处于高位，库存累至中位水平。短期来看，钢厂利润走缩，焦 钢价格博弈加剧。 策略 单边：震荡偏空 跨期：无 跨品种：无 期现：无 期权：无 风险 宏观政策、成材需求情况、钢材出口、钢厂利润、钢材产量等。 铁矿：市场预期扰动，铁矿震荡运行 市场分析 期现货方面：昨日受市场预期影响，铁矿石期货价格震荡上行。现货方面，进口铁矿主流品种价格偏强运行。贸 易商报价积极性一般，报价多随行就市，钢厂采购以刚需为主。全国主港铁矿累计成交93.3万吨，环比下跌18.16%； 远期现货累计成交104万吨，环比下跌26.50%。 单边：震荡 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观政策、铁水产量、钢厂利润、海外发运情况等。 双焦：市场投机需求下 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Global inflation showed initial signs of rising in August. China's economic data in July still had resilience, but domestic monthly economic data faced pressure. The government emphasized measures to stabilize the real - estate market, expand consumption, and increase investment. China's August exports and imports had different trends, and September exports might improve due to a low base. The A - share market on September 9 was in an adjustment state. In the US, the manufacturing index contracted, and employment data was worse than expected. The Fed is expected to restart the easing cycle, and there are concerns about its credibility crisis. In Japan, policy uncertainty increased, leading to a sell - off of long - term government bonds. For commodities, different sectors have different outlooks, and it is recommended to go long on industrial products and precious metals at low prices [2][3][4][5]. Summary by Related Catalogs Market Analysis - In August, global inflation began to rise. China's July exports increased year - on - year, supported by a low base and the "rush - to - export" effect. Financial data showed excessive money supply but weak financing and loan data. Investment data faced pressure. In August, China's exports grew by 4.4% year - on - year, a 2.8 - percentage - point decrease from July, mainly affected by a high base and tariffs. Exports to the US weakened, while those to emerging economies remained strong. Imports grew by 1.3% year - on - year, a 2.8 - percentage - point slowdown, dragged down by commodity imports. On September 9, the A - share market adjusted, with the ChiNext Index falling more than 3% in the afternoon. In the US, the August ISM manufacturing index contracted for the sixth consecutive month, and employment data was worse than expected [2]. Fed Policy - Powell's speech at the global central bank meeting on August 22 turned dovish, indicating a possible policy adjustment. The Fed is expected to restart the easing cycle as August's employment data was disappointing. There is a growing credibility crisis at the Fed, with criticism from Trump and the US Treasury Secretary. Trump has announced potential candidates for the next Fed chair, and the nomination of Milan is to be voted on [3]. Commodity Analysis - Domestically, the black and new - energy metal sectors are most sensitive to the supply side. Overseas inflation expectations can focus on precious metals and agricultural products. The black sector is still affected by downstream demand expectations, and the supply constraint in the non - ferrous sector persists. The energy supply is expected to be relatively loose in the medium term. In the chemical sector, there is "anti - involution" space for some products. Agricultural products are driven by tariffs and inflation expectations but need fundamental support. Precious metals are a good long - term investment opportunity as the Fed is about to restart the interest - rate cut cycle [4]. Strategy - For commodities and stock index futures, it is recommended to go long on industrial products and precious metals at low prices [5]. Key News - On September 9, the A - share market adjusted, with the ChiNext Index falling. Gold, real - estate, and bank stocks performed well, while semiconductor and innovation - drug stocks declined. An explosion in Doha, Qatar, led to a short - term rise in international oil prices. The US 2025 non - farm employment benchmark change was worse than expected. The Senate will vote on Milan's nomination as a Fed governor, and the FOMC is expected to cut interest rates in September [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Recent risk preference recovery has suppressed the bond market, and the Fed's interest rate cut expectations and rising global trade uncertainty have increased the uncertainty of foreign capital inflows [3]. - Overall, the bond market fluctuates between stable growth and easing expectations, and short - term attention should be paid to policy signals at the end of the month [3]. Summary by Directory I. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) has a 0.40% month - on - month increase and 0.00% year - on - year change; China's PPI (monthly) has a - 0.20% month - on - month decrease and - 3.60% year - on - year change [9]. - Monthly economic indicators: Social financing scale is 431.26 trillion yuan, with a month - on - month increase of 1.04 trillion yuan (+0.24%); M2 year - on - year is 8.80%, with a month - on - month increase of 0.50% (+6.02%); Manufacturing PMI is 49.40%, with a month - on - month increase of 0.10% (+0.20%) [9]. - Daily economic indicators: The US dollar index is 97.76, with a day - on - day increase of 0.31 (+0.32%); The US dollar against the offshore RMB is 7.1187, with a day - on - day decrease of 0.012 (-0.17%); SHIBOR 7 - day is 1.47, with a day - on - day increase of 0.03 (+2.02%); DR007 is 1.48, with a day - on - day increase of 0.03 (+1.83%); R007 is 1.51, with a day - on - day decrease of 0.05 (-3.26%); The 3 - month inter - bank certificate of deposit (AAA) is 1.57, with a day - on - day increase of 0.01 (+0.51%); The AA - AAA credit spread (1Y) is 0.09, with a day - on - day increase of 0.00 (+0.51%) [10]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - On September 9, 2025, the closing prices of TS, TF, T, and TL were 102.38 yuan, 105.57 yuan, 107.78 yuan, and 115.72 yuan respectively, with price changes of - 0.02%, - 0.01%, - 0.06%, and - 0.22% [3]. - The average net basis spreads of TS, TF, T, and TL were - 0.014 yuan, 0.003 yuan, 0.212 yuan, and - 0.172 yuan respectively [3]. III. Overview of the Money Market Fundamentals - In July 2025, the year - on - year growth rates of M1 and M2 rebounded to 5.6% and 8.8% respectively, and the gap narrowed to 3.2%, indicating abundant liquidity and increased activity of corporate current funds, but weak credit derivative efficiency, continuous contraction of long - term loans of residents and enterprises, and insufficient investment and consumption demand [2]. - On September 9, 2025, the central bank conducted a 247 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% [2]. - The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.419%, 1.467%, 1.500%, and 1.522% respectively, and the repurchase rates have recently rebounded [2]. IV. Spread Overview - The report provides multiple spread - related figures, including the inter - period spread trends of various treasury bond futures varieties and the term spread between spot bonds and cross - variety spreads of futures [31][35][36]. V. Two - Year Treasury Bond Futures - The report presents figures related to the implied interest rate of the two - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TS main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TS main contract [38][41][48]. VI. Five - Year Treasury Bond Futures - The report provides figures on the implied interest rate of the five - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TF main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TF main contract [50][54]. VII. Ten - Year Treasury Bond Futures - The report includes figures on the implied yield of the ten - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the T main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the T main contract [57][60][58]. VIII. Thirty - Year Treasury Bond Futures - The report shows figures related to the implied yield of the thirty - year treasury bond futures main contract and the treasury bond maturity yield, the IRR of the TL main contract and the capital interest rate, and the three - year basis spread and net basis spread trends of the TL main contract [64][70]. Strategies - Unilateral: As the repurchase rate rebounds and the treasury bond futures price fluctuates, it is recommended to short at high levels for the 2512 contract [4]. - Arbitrage: Pay attention to the decline of the 2512 basis spread [4]. - Hedging: There is medium - term adjustment pressure, and short - side investors can moderately hedge with far - month contracts [4].