政策预期升温，国债期货震荡上涨

1. Report Industry Investment Rating - No information provided 2. Core View - Today, Treasury bond futures fluctuated and rose. The latest credit data for May shows that the financing demand of the real sector remains weak, and the policy side needs to play a role in supporting demand in the future. The market's expectation of loose monetary policy has increased, providing a solid bottom - support for Treasury bond futures with low downside risk. Considering the recent issuance of outright reverse repurchases by the central bank to inject liquidity into the market, the expectation of a decline in market interest rates has risen. The Lujiazui Forum on the 18th will issue financial policy guidelines, and the expectation of policy benefits has pushed up the price of Treasury bond futures. In general, Treasury bond futures will mainly fluctuate and consolidate in the short term, with strong bottom - support [1] 3. Summary by Related Catalogs Industry News - On June 17, the People's Bank of China conducted 197.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with both the bid volume and winning bid volume being 197.3 billion yuan and an operating rate of 1.40%. Data shows that there were 380.6 billion yuan of reverse repurchases and MLF maturing today, resulting in a net withdrawal of 183.3 billion yuan from the open market. On June 16, the People's Bank of China announced the issuance of central bank bills, to be tendered and issued in Hong Kong on June 18, 2025, the fourth - phase central bank bills with a term of 6 months, a fixed - rate coupon - bearing bond, with principal and interest repaid at maturity, and an issuance volume of 3 billion yuan. On June 16, the People's Bank of China conducted 400 billion yuan of outright reverse repurchase operations with a term of 6 months (182 days) [4] Related Charts - The report includes charts such as the trends of TL2509, T2509, TF2509, TS2509, the Treasury bond yield - to - maturity curve, and central bank open - market operations [5][7][10][16]