国债期货：震荡延续，谨慎观望

Group 1: Report Industry Investment Rating - The report does not mention the industry investment rating. Group 2: Core View of the Report - The bond futures market continues to fluctuate, and it is recommended to observe cautiously [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - On June 6, the 30 - year, 10 - year, 5 - year, and 2 - year bond futures main contracts rose by 0.35%, 0.17%, 0.08%, and 0.02% respectively [1] - Overnight shibor was reported at 1.4080%, unchanged from the previous trading day; 7 - day shibor was reported at 1.5340%, down 0.9bp from the previous trading day; 14 - day shibor was reported at 1.5910%, up 1.5bp from the previous trading day; 1 - month shibor was reported at 1.6200%, unchanged from the previous trading day [1] 2. Previous Trading Day Bond Futures Market - The trading volume of the 2 - year, 5 - year, 10 - year, and 30 - year bond futures main contracts was 34,876, 49,178, 54,263, and 70,269 respectively, and the open interest was 117,087, 145,436, 177,112, and 96,837 respectively [2] - The IRR of the 2 - year, 5 - year, 10 - year, and 30 - year active CTD bonds was 1.94%, 1.67%, 1.68%, and 1.21% respectively, and the current R007 was about 1.5514% [2] 3. Money Market - On June 6, the inter - bank pledged repurchase market traded a total of 2.6 billion yuan, a decrease of 4.98%. Overnight, 7 - day, 14 - day, and 1 - month rates were 1.39% (down 1bp), 1.53% (down 7bp), 1.52% (down 8bp), and 1.75% (up 15bp) respectively [3] 4. Cash Bond - The bond yield curve shifted down by 1.25 - 1.80BP (2Y down 1.54BP to 1.42%; 5Y down 1.25BP to 1.55%; 10Y down 1.76BP to 1.66%; 30Y down 1.80BP to 1.88%) [3] - The credit bond yield curve showed mixed changes (the yield to maturity of medium - and short - term notes rated AAA: 6M down 7.00BP to 1.71%; 1Y down 4.00BP to 1.74%; 3Y up 48.00BP to 2.29%; 5Y down 1.25BP to 1.97%) [3] 5. Macro and Industry News - On June 5, the People's Bank of China announced a 100 billion yuan 3 - month (91 - day) outright reverse repurchase operation on June 6 to maintain liquidity in the banking system [8] - On the evening of June 5, Chinese President Xi Jinping had a phone call with US President Trump. The US is facing risks such as debt ceiling expiration, a weakening labor market, and intensified trade frictions. Sino - US trade consultations will be held in London on Monday [8]