短期内国债期货震荡盘整

Report Industry Investment Rating - Not provided 2. Core View - Today, treasury bond futures fluctuated within a narrow range throughout the day. The impact of the recent tariff war has marginally subsided, the Fed has a low willingness to cut interest rates in the short term, and the domestic economic indicators in the first quarter performed well, reducing the necessity of interest rate cuts in the short term. Thus, the upside space for treasury bond futures is limited. In the medium to long term, external uncertainty risks are increasing, the external situation is severe, and domestic policies are needed to boost internal demand. Whether from the perspective of reducing the financing costs of the real economy or coordinating the implementation of fiscal policies, there are still expectations of interest rate cuts in the future, and treasury bond futures have strong bottom support. Overall, it is expected that treasury bond futures will remain in a high - level volatile consolidation in the short term [3] 3. Summary by Relevant Catalog Industry News - On April 18, the People's Bank of China conducted 250.5 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tendered manner, with a winning bid rate of 1.5%. There were 28.5 billion yuan of reverse repurchases maturing in the open market today, resulting in a net investment of 222 billion yuan [5] - The Ministry of Finance plans to issue the 2025 Special Treasury Bonds (Phase I) for Capital Injection into Central Financial Institutions (5 - year term). The face value of this issuance of treasury bonds through competitive bidding is 165 billion yuan, and there will be no additional bids from Class A members. The coupon rate will be determined through competitive bidding. The bonds will start accruing interest on April 25, 2025, with annual interest payments on April 25 of each year (postponed in case of holidays), and the principal and the last interest payment will be repaid on April 25, 2030. The bidding time is from 10:35 to 11:35 on the morning of April 24, 2025 [5] Related Charts - The report includes charts such as the TL2506, T2506, TF2506, TS2506 trends, the treasury bond yield - to - maturity curve, and the central bank's open - market operations [6][8][9]