国债期货：联合声明发布关税扰动消除，市场情绪回暖收益率回升

Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - On May 12, the bond market weakened overall, with significant declines in Treasury bond futures. The equity market rose, and there were various changes in the money market, bond yields, and macro - industry news [2][9] 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - On May 12, Treasury bond futures tumbled, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts dropping 1.31%, 0.46%, 0.2%, and 0.08% respectively. The Treasury bond futures index was 0.35. The strategy's cumulative returns without leverage were 0.03% in the past 20 days, - 0.88% in 60 days, 0.21% in 120 days, and 1.13% in 240 days. The equity market soared, with the ChiNext Index leading the gains [2][4] - Overnight shibor was 1.4220%, down 7.5bp from the previous trading day; 7 - day shibor was 1.4960%, down 2.3bp; 14 - day shibor was 1.5630%, up 0.9bp; 1 - month shibor was 1.6610%, down 2.3bp [3] - In the money market, the inter - bank pledged repo market traded 2 billion yuan, up 3.79%. Overnight repo closed at 1.35%, down 10bp; 7 - day repo was at 1.55%, up 1bp; 14 - day repo was at 1.58%, down 7bp; 1 - month repo was at 1.65%, down 5bp. Treasury bond yields rose by 0.79 - 6.50BP, and credit bond yields showed mixed trends [5] - Net long positions of private funds, foreign investors, and wealth management subsidiaries decreased by 5.18%, 3.18%, and 3.32% respectively [7] 3.2 Macro and Industry News - On May 12, the central bank conducted 43 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. The China - US Geneva economic and trade talks joint statement stated that both sides would cancel 91% of the additional tariffs. The Ministry of Commerce vowed to crack down on strategic mineral smuggling exports, and the CPC Central Committee and the State Council issued the Regulations on Ecological and Environmental Protection Inspections [9] 3.3 Trend Intensity - The trend intensity of Treasury bond futures was 0, indicating a neutral stance [10]