避险情绪有所缓和，国债期货震荡整理

1. Report Industry Investment Rating - No information provided 2. Core Viewpoint of the Report - Today, treasury bond futures fluctuated and closed slightly lower. The unexpected escalation of the tariff war led to concerns about the slowdown of global economic demand growth, increasing risk aversion and driving up treasury bond futures. However, today before the market, domestic policy signals to stabilize the stock market emerged, and the central bank will support Central Huijin to stabilize the stock market, easing market sentiment and weakening risk - aversion demand. In the short term, the central bank has little need to implement easing policies as the first - quarter economic indicators are good. Overseas, the tariff war poses inflation and growth risks to the US economy, leaving the Fed in a dilemma. Overall, policy is actively stabilizing the equity market, risk aversion has cooled, and the short - term need for the central bank to cut interest rates is low. There is still a possibility of future interest rate cuts and reserve requirement ratio cuts, and treasury bond futures are expected to remain range - bound [3] 3. Summary by Relevant Catalogs Industry News - On April 8 before the market, the People's Bank of China and Central Huijin Company spoke out. Central Huijin will continue to play the role of a "stabilizer" in the capital market, and will increase its holdings of ETFs of various market styles. The central bank will support Central Huijin to increase its holdings of stock market index funds and provide re - loans if necessary. The central bank conducted 167.4 billion yuan of 7 - day reverse repurchase operations on April 8 at an operating rate of 1.50% [5]