Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-12 09:01Report Investment Rating - Not provided Core View - On June 11th, the first meeting of the China-US economic and trade consultation mechanism achieved progress, which is beneficial for China-US economic and trade relations and the global economy. Domestically, the 5 - month economic data was weak, supporting the bond market, while the new round of China-US tariff negotiations reached an agreement framework, potentially raising market risk appetite. Overseas, the US labor market is resilient, and the market expects the Fed's first rate cut in September. Recently, the central bank conducted a 1 - trillion - yuan repurchase operation, releasing a loose signal. It is expected that the bond futures main contract will show a strong - side oscillation trend this week, and investors are advised to maintain a certain position [2] Summary by Relevant Catalog 1. Futures Market Data - Futures Prices and Volumes: On June 12th, T, TF, and TS main contract closing prices decreased by 0.04%, 0.04%, and 0.01% respectively, while the TL main contract rose 0.07%. T, TF, and TS trading volumes increased by 2312, 7861, and 4870 respectively, and the TL trading volume decreased by 1459 [2] - Futures Spreads: Some spreads showed upward trends, while others declined. For example, the TL2509 - 2506 spread increased by 0.07, and the T2509 - 2506 spread decreased by 0.07 [2] - Futures Positions: The T main contract's open interest decreased by 1321, the TF main contract remained unchanged, the TS main contract decreased by 1, and the TL main contract decreased by 181. The net short positions of T and TL decreased, while the net short position of TF decreased and that of TS decreased [2] 2. Bond Market Data - CTD Bonds: The net prices of several CTD bonds decreased, such as 220010.IB decreasing by 0.0028 and 2500802.IB decreasing by 0.0421 [2] - Active Bonds: Yields of 1 - 10 - year active bonds decreased, with the 1 - year yield dropping 0.5bp, the 3 - year yield dropping 1.25bp, etc. [2] 3. Interest Rate Data - Short - term Interest Rates: The silver - pledged overnight rate increased by 5.45bp, the Shibor overnight rate increased by 0.60bp, etc. Some rates decreased, like the silver - pledged 14 - day rate decreasing by 1.00bp [2] - LPR Rates: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2] 4. Open Market Operations - On June 12th, the central bank's open - market reverse repurchase operation had an issuance scale of 1193 billion yuan, a maturity scale of 1265 billion yuan, and an interest rate of 1.4% for 7 days, with a net withdrawal of 72 billion yuan [2] 5. Industry News - On June 11th, the first meeting of the China - US economic and trade consultation mechanism had in - depth communication, and a framework was reached for implementing the consensus of the two heads of state's phone call on June 5th and the Geneva talks [2] - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued an opinion on promoting the Shenzhen comprehensive reform pilot, including measures to improve the financial service system for the real economy [2] 6. Key Data to Watch - On June 12th at 20:30, focus on the US initial jobless claims for the week ending June 7th, May PPI, and core PPI. On June 13th at 22:00, focus on the US 1 - year inflation rate expectation and the Michigan consumer confidence index [3]