Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-23 12:05Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The bond market has been oscillating strongly recently due to loose expectations, with interest rates remaining at a low level. Profit - taking selling may drive short - term interest rates to rise slightly. As the main trading line in the market is unclear due to policy uncertainties in the second half of the year, it is recommended to wait for the market to stabilize before making band allocations [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, TL main contract closing prices decreased by 0.01%, 0%, 0.01%, 0.04% respectively; T, TS trading volumes decreased by 425 and 1470 respectively, while TF and TL trading volumes increased by 179 and 647 respectively [2]. 3.2 Futures Spreads - TL2512 - 2509, T2512 - 2509, TF2512 - 2509, TS2512 - 2509 spreads changed by - 0.03, + 0.02, + 0.00, - 0.00 respectively; T09 - TL09, TF09 - T09, TS09 - T09, TS09 - TF09 spreads changed by + 0.03, - 0.00, - 0.02, - 0.01 respectively [2]. 3.3 Futures Positions - T, TF, TS, TL main contract positions changed by - 131, - 3090, + 509, + 110 respectively; T, TF, TS, TL top 20 long positions changed by + 6074, + 3199, - 4278, + 4521 respectively; T, TF, TS, TL top 20 short positions changed by + 7100, + 4843, + 174, + 6212 respectively; T, TF, TS, TL top 20 net short positions changed by + 1026, + 1644, + 4452, + 1691 respectively [2]. 3.4 Top Two CTD - Net prices of some CTD bonds such as 250007.IB, 220010.IB, 240020.IB decreased, while 210014.IB increased [2]. 3.5 Active Treasury Bonds - Yields of 1y, 7y, 10y active treasury bonds decreased by 0.90bp, 0.30bp, 0.25bp respectively, while 3y, 5y yields increased by 0.40bp, 0.20bp respectively [2]. 3.6 Short - term Interest Rates - Silver - pledged overnight, 7 - day, 14 - day interest rates increased by 3.12bp, 5.00bp, 5.00bp respectively; Shibor overnight, 7 - day, 14 - day interest rates decreased by 0.10bp, 3.20bp, 0.60bp respectively [2]. 3.7 LPR Rates - 1y and 5y LPR rates remained unchanged [2]. 3.8 Open Market Operations - The issuance scale was 220.5 billion yuan, the maturity scale was 242 billion yuan, and the interest rate was 1.4% for 7 - day reverse repurchase, with a net回笼 of 21.5 billion yuan [2]. 3.9 Industry News - The 12th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference opened on June 23; June LPR quotes remained unchanged; from January to May, national general public budget expenditures increased by 4.2% year - on - year, while revenues decreased by 0.3% year - on - year [2]. 3.10 Market Situation - Domestic: 5 - month economic data was weak, financial data was divided, and exports declined slightly. Overseas: US economic activity slowed down significantly in May, the labor market cooled, and the Fed may cut interest rates twice in the second half of the year [2].