光大期货：2月25日金融日报

Market Overview - The A-share market saw most stocks rise, with Wind All A increasing by 1.06% and a trading volume of 2.22 billion [3] - The geopolitical risks remain in the background, particularly with the potential for conflict between the US and Iran, which could impact market sentiment [3] - The US Supreme Court ruled that Trump's tariff policy under the IEEPA was illegal, but this does not affect his ability to impose tariffs through other domestic laws [3] Bond Market - The bond futures closed with the 30-year main contract up by 0.35%, and the 10-year main contract up by 0.08% [10] - The People's Bank of China conducted a 7-day reverse repurchase operation of 526 billion yuan at a rate of 1.4%, maintaining liquidity in the banking system [10] - The bond market is driven by a loose funding environment and a weak economic recovery, with long-term bond yields declining more than short-term yields [10][5] Precious Metals - Gold and silver prices showed weak fluctuations, while platinum and palladium experienced stronger movements [11] - The uncertainty surrounding US tariffs has increased global economic uncertainty, impacting precious metal prices [11] - Gold is expected to trade in a wide range around $5,000 per ounce post-holiday, with a focus on geopolitical developments and potential interest rate cuts [11]