建信期货国债日报-20250528

Group 1: Report General Information - Industry: Treasury Bonds [1] - Date: May 28, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Market Data - Treasury Futures Trading Data on May 27: TL2506 settled at 118.700, down 0.300 (-0.25%); TL2509 at 119.450, down 0.310 (-0.26%); etc. [6] Group 3: Market Analysis 1. Market Conditions and Recommendations - Market Conditions: Funds not substantially loosened, market sentiment weak, treasury futures down slightly. Bank - interbank major term spot bond yields mostly up slightly, 10 - year bond 250004 yield at 1.6975%, up 0.75bp. Central bank net - injected funds, money market loose [8][9][10] - Conclusion: April economic data weakened marginally but showed resilience, tariff issues in buffer period, short - term fundamentals stable, policy in observation period. Bond market in narrow - range oscillation, short - term may perform better considering post - peak supply of government bonds and stable funds [11] 2. Industry News - 1 - 4 months, national industrial enterprises' profit 2117.02 billion yuan, up 1.4% year - on - year [12] - Foreign Ministry responded to "China debt responsibility theory" [12] - 2025 Lujiazui Forum to be held on June 18 - 19 [12] - Some provinces strengthen management of special bond funds [13] - Most banks' large - value certificate of deposit rates decline [13] - Many wealth management companies cut fees [13] - CFFEX to enrich treasury futures market participants [13] 3. Data Overview - Treasury Futures: Covers futures contracts' spreads and trends [14][15][18][20][24] - Money Market: Includes SHIBOR and bank - interbank repurchase rates [27][31] - Derivatives Market: Involves Shibor3M and FR007 interest rate swap curves [33]