国债期货日报：政策呵护期内，国债期货涨跌分化-20250620

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the policy support period, treasury bond futures showed divergent trends. The central bank's operations and policy adjustments aimed to boost credit, stabilize market expectations, and promote high - quality economic development. The progress of Sino - US trade negotiations affected market risk appetite, and the suspension of tariffs and export rush provided short - term support for domestic demand, which might delay the subsequent policy rhythm. In the context of capital disturbances, policy wait - and - see, and supply pressure in June, the bond market will maintain a short - term volatile and slightly strong pattern, and a clear policy signal is needed to break the situation [1][2][3] 3. Summaries Based on Relevant Catalogs 3.1 Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI had a month - on - month change of - 0.20% and a year - on - year change of - 0.10%; monthly PPI had a month - on - month change of - 0.40% and a year - on - year change of - 3.30%. Economic indicators (monthly updated): Social financing scale was 426.16 trillion yuan, with a month - on - month increase of 2.16 trillion yuan and a growth rate of 0.51%; M2 year - on - year was 7.90%, with a decrease of 0.10% and a decline rate of 1.25%; manufacturing PMI was 49.50%, with an increase of 0.50% and a growth rate of 1.02%. Economic indicators (daily updated): The US dollar index was 98.79, with a decrease of 0.06 and a decline rate of 0.06%; the offshore US dollar - to - RMB exchange rate was 7.1932, with an increase of 0.005 and a growth rate of 0.07%; SHIBOR 7 - day was 1.52, with an increase of 0.02 and a growth rate of 1.26%; DR007 was 1.54, with an increase of 0.02 and a growth rate of 1.14%; R007 was 1.64, with a decrease of 0.12 and a decline rate of 6.66%; the 3 - month inter - bank certificate of deposit (AAA) was 1.60, with a decrease of 0.01 and a decline rate of 0.37%; the AA - AAA credit spread (1Y) was 0.09, with a decrease of 0.01 and a decline rate of 0.37% [7][8] 3.2 Overview of Treasury Bonds and Treasury Bond Futures Market - The report presents multiple charts including the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each treasury bond futures variety, the maturity yield trend of treasury bonds with various terms, the valuation change of treasury bonds with various terms in the past day, the precipitation fund trend of each treasury bond futures variety, the position ratio of each treasury bond futures variety, etc [9][13][15] 3.3 Overview of the Money Market Fundamentals - The report shows multiple charts such as the bond lending turnover and the total position of treasury bond futures, the trading - to - position ratio of each treasury bond futures variety, the spread between China Development Bank bonds and treasury bonds, the issuance of treasury bonds, the Shibor interest rate trend, the maturity yield trend of inter - bank certificates of deposit (AAA), the transaction statistics of inter - bank repurchase with collateral, and the issuance of local government bonds [24][26][27] 3.4 Spread Overview - The report provides multiple charts including the inter - period spread trend of each treasury bond futures variety, the spread between the spot - bond term spread and the futures cross - variety spread (4TS - T), the spread between the spot - bond term spread and the futures cross - variety spread (2TS - TF), etc [32][35] 3.5 Two - Year Treasury Bond Futures - The report includes charts of the implied interest rate of the TS main contract and the maturity yield of treasury bonds, the IRR of the TS main contract and the fund interest rate, the nearly three - year basis trend of the TS main contract, and the nearly three - year net basis trend of the TS main contract [38][40][51] 3.6 Five - Year Treasury Bond Futures - The report presents charts of the implied interest rate of the TF main contract and the maturity yield of treasury bonds, the IRR of the TF main contract and the fund interest rate, the nearly three - year basis trend of the TF main contract, and the nearly three - year net basis trend of the TF main contract [47][50][53] 3.7 Ten - Year Treasury Bond Futures - The report shows charts of the implied interest rate of the T main contract and the maturity yield of treasury bonds, the IRR of the T main contract and the fund interest rate, the nearly three - year basis trend of the T main contract, and the nearly three - year net basis trend of the T main contract [58][60] 3.8 Thirty - Year Treasury Bond Futures - The report includes charts of the implied interest rate of the TL main contract and the maturity yield of treasury bonds, the IRR of the TL main contract and the fund interest rate, the nearly three - year basis trend of the TL main contract, and the nearly three - year net basis trend of the TL main contract [66][70][72]