国债期货延续震荡盘整

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - Today, Treasury bond futures continued their volatile consolidation trend, with most closing higher. The 30 - year main contract rose 0.30%, the 10 - year main contract rose 0.03%, the 5 - year main contract fell 0.06%, and the 2 - year main contract rose 0.01%. [1] - After the Politburo meeting last Friday, which emphasized more proactive macro - policies and timely interest rate and reserve requirement ratio cuts, the market has priced in the expectation of an interest rate cut in Q2. However, considering good domestic macro data and the Fed's non - start of the reserve requirement ratio cut cycle, the central bank will remain cautious in the short term. Thus, Treasury bond futures are in a high - level consolidation trend. [1] - Overall, economic indicators show resilience, and macro - policies have not fully exerted their effects. It is expected that Treasury bond futures will mainly fluctuate and consolidate in the short term. [1] 3) Summary by Relevant Catalog Industry News and Related Charts - On April 28, 2025, the People's Bank of China conducted 279 billion yuan of reverse repurchase operations at a fixed - rate and quantity - tendered method, with a winning bid rate of 1.5%. There were 176 billion yuan of reverse repurchases maturing in the open market today, resulting in a net injection of 103 billion yuan. [3]