Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-16 09:48Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current market may have digested the short - term impact of tariffs, and the risk - aversion sentiment has eased. The focus of the bond market may shift back to domestic fundamental pressures. With the recent sharp decline in the US dollar index and the offshore RMB first falling and then rising, the combination of fiscal and monetary policies may continue to stimulate domestic demand to offset the impact of tariffs. In the medium - to - long - term, bond market interest rates are likely to decline further, but the trend may not be smooth. Considering the recent strong recovery in the bond market may have overdrawn the easing and risk - aversion sentiment, market divergence is expected to intensify. The 1.6% interest rate threshold for the ten - year bond may face significant selling pressure, and the market may oscillate and decline to digest the pressure before continuing to rise [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Prices and Volumes: On April 16, 2025, the T, TF, TS, and TL main contract closing prices increased by 0.15%, 0.1%, 0.02%, and 0.13% respectively, and their trading volumes also increased by 6821, 1031, 1254, and 3828 respectively [2]. - Futures Spreads: Some spreads such as TL2509 - 2506 and TF2509 - 2506 increased, while others like T2509 - 2506 and TS2509 - 2506 decreased [2]. - Futures Positions: The T and TL main contract positions increased, while the TF and TS main contract positions decreased. The net short positions of TF and TS decreased, while that of TL increased [2]. 3.2 Bond Market - CTD Bonds: The net prices of several CTD bonds increased, such as 240025.IB (6y) increasing by 0.1258 and 220003.IB (6y) increasing by 0.1485 [2]. - Active Treasury Bonds: Yields of 1 - year and 3 - year active treasury bonds increased by 1.00bp and 0.50bp respectively, while yields of 7 - year and 10 - year bonds decreased by 0.10bp and 0.50bp respectively [2]. 3.3 Interest Rates - Short - term Interest Rates: The overnight silver - pledged repo rate decreased by 11.20bp, while Shibor overnight increased by 0.70bp. Other short - term rates also showed different changes [2]. - LPR Rates: The 1 - year and 5 - year LPR rates remained unchanged [2]. 3.4 Open Market Operations On April 16, the issuance scale of reverse repurchase was 104.5 billion yuan, the maturity scale was 118.9 billion yuan, with a net回笼 of 14.4 billion yuan, and the interest rate was 1.5% for 7 days [2]. 3.5 Industry News - On April 16, the General Administration of Customs held a symposium with import - export enterprises and industry associations, where enterprises and associations introduced their operations and proposed policy suggestions [2]. - Four departments including the central bank jointly issued the "Overall Statistical System for the Five Major Articles of Finance (Trial)" [2]. - China and Vietnam issued a joint statement on deepening their comprehensive strategic partnership and accelerating the construction of a China - Vietnam community with a shared future [2]. 3.6 Key Events to Watch - April 16, 20:30, US March retail sales month - on - month rate - April 17, 20:15, Eurozone to April 17 European Central Bank deposit facility rate - April 18, 20:30, US initial jobless claims for the week ending April 12 (in ten thousand people) [3]