政策利差转正，本期微观交易温度计读数继续回落至44%

Market Indicators - The micro trading temperature index has decreased to 44%, down 5 percentage points from the previous period[12] - The proportion of indicators in the overheated range has dropped to 15%, with only 3 out of 20 indicators classified as overheated[16] - The TL/T long-short ratio has significantly decreased by 55 percentage points to 24%, moving from the overheated to the cold range[20] Institutional Behavior - The fund duration has fallen to 2.87 years, with a 23 percentage point decline in its percentile value, indicating a shift to the cold range[24] - The configuration plate strength has increased by 27 percentage points, moving into the overheated range[23] - The pressure for profit-taking in bond funds has decreased by 18 percentage points to 0%, indicating a cold market[26] Interest Rate Dynamics - The policy interest rate has turned positive for the first time in four months, with the 3-year government bond yield rising from -2 basis points to 2 basis points[26] - The credit spread and the agricultural development bond spread have widened by 8 basis points and 4 basis points, respectively[27] - The average spread among various interest rates has slightly widened from 21 basis points to 22 basis points, with a 2 percentage point increase in its percentile value[27] Price Comparisons - The commodity price ratio has decreased by 9 percentage points to 32%, moving from the neutral to the cold range[28] - The consumer goods price ratio remains in the overheated range at 100%, reflecting persistent inflationary pressures[29]