Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-10 11:25Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - The current market may have digested the short - term impact of tariffs, and the subsequent risk - aversion sentiment may ease. The focus of the bond market may shift back to domestic fundamental pressures. With the exchange rate holding the 7.34 level, fiscal policy may continue to stimulate domestic demand to offset the impact of tariffs. Medium - and long - term bond market interest rates are likely to decline further, but the trend may not be smooth. The 1.6% interest rate level of the ten - year bond may face significant selling pressure, and the market may consolidate to absorb the selling pressure before continuing to fluctuate upwards [2]. 3. Summary by Related Catalogs 3.1 Futures Market - Closing Prices and Volumes: T (10 - year) main contract closed at 109.035 (0% change), with a volume of 84,854 (-1,898); TF (5 - year) at 106.500 (0.07% change), volume 69,578 (+1,245); TS (2 - year) at 102.702 (0.03% change), volume 43,868 (-939); TL at 119.870 (-0.24% change), volume 131,204 (+284) [2]. - Price Spreads: For example, TL2509 - 2506 spread was 0.08 (+0.02), T2509 - 2506 spread was 0.03 (-0.00) [2]. - Open Positions: T main contract open interest was 188,699 (-3,999); TF was 180,190 (+3,630); TS was 112,006 (+3,618); TL was 102,587 (-2,212) [2]. 3.2 Bond Market - CTD Bonds: Net prices of some CTD bonds changed, such as 240025.IB (6y) at 99.303 (+0.0312), 220003.IB (6y) at 99.0955 (+0.2022) [2]. - Active Bonds: Yields of 1 - year, 3 - year, 5 - year, 7 - year, 10 - year active bonds decreased by 4.50bp, 3.75bp, 2.00bp, 2.00bp, 3.30bp respectively [2]. 3.3 Interest Rates - Short - term Rates: Silver - pledged overnight rate was 1.6071% (+25.71bp), Shibor overnight was 1.6070% (-13.40bp) [2]. - LPR Rates: 1 - year LPR was 3.10% (0.00bp change), 5 - year was 3.6% (0.00bp change) [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase was 65.9 billion yuan, the maturity scale was 223.4 billion yuan, and the interest rate was 1.5% for 7 - day operations, with a net回笼 of 157.5 billion yuan [2]. 3.5 Industry News - The State Council Tariff Commission adjusted the additional tariff rates on US - originated imported goods from 34% to 84% starting from 12:01 on April 10 [2]. - Twelve departments including the Ministry of Commerce issued the "Action Plan for Promoting Healthy Consumption" [2]. - The Ministry of Commerce stated that the current bonded policies in special supervision areas within free trade pilot zones remain unchanged [2]. - Wang Qing suggested that the implementation time of "selectively reducing reserve requirements and interest rates" may be advanced to April [2]. 3.6 Key Events to Watch - On April 10 at 20:30, the US March unadjusted CPI annual rate and the number of initial jobless claims for the week ending April 5 will be released [3]. - On April 11 at 02:00, the Fed will release the minutes of its March monetary policy meeting [3].