国债期货周报：国库降息落地短债加速下行

Group 1: Market Overview - The two-year treasury bond (TS2503) closed at 102.48 with a decline of 0.27% and an average daily transaction volume of 33,433[2] - The five-year treasury bond (TF2503) closed at 106.00, down 0.49%, with a daily trading volume of 55,871[2] - The ten-year treasury bond (T2503) closed at 108.86, decreasing by 0.50%, with a trading volume of 57,519[2] - The thirty-year treasury bond (TL2503) closed at 121.26, down 0.51%, with a daily transaction volume of 59,514[2] Group 2: Market Dynamics - The two-year bond has seen a significant decline since reaching a peak yield of 1.0%, with current funding rates at 1.8%-2.0%, indicating a serious inversion[27] - The short-term bonds are leading the decline due to speculative retreat as the market anticipates a significant rate cut by the central bank[27] - Despite the downward trend, the long-term bonds maintain a basic expectation of price support due to fundamental factors[27] - The report suggests that the current environment makes it more challenging to take long positions in bonds compared to the previous year[27]