Group 1: Report Industry Investment Rating - The investment rating for the macro and financial sector is "slightly bullish with a tendency to fluctuate" [1] Group 2: Core View of the Report - The national development and reform commission announced on June 26 that it will allocate the third batch of funds for consumer goods trade - in this July and implement a more aggressive equipment renewal loan interest subsidy policy, with continuous introduction of growth - stabilizing policies. After the news of the easing of the Middle East situation faded, the winder all - A index rose for three consecutive days from Monday to Wednesday and then slightly pulled back on Thursday. Treasury bond futures may continue to fluctuate in the short term [1] Group 3: Summary by Relevant Catalogs Market Review - On Thursday, most of the main contracts of treasury bond futures opened higher, fluctuated downward in the morning, and slightly declined and fluctuated horizontally in the afternoon. The 30 - year variety performed slightly stronger, bottomed out in the afternoon and then rebounded. As of the close, the main contract of the 30 - year treasury bond futures TL2509 rose 0.10%, the 10 - year T2509 fell 0.02%, the 5 - year TF2509 remained flat, and the 2 - year TS2509 remained flat [1] Important Information - In the open market, the central bank conducted 509.3 billion yuan of 7 - day reverse repurchase operations on Thursday, with 203.5 billion yuan of reverse repurchases maturing on the same day, achieving a net investment of 305.8 billion yuan. In the money market, the overnight interest rate in the inter - bank money market on Thursday was flat compared with the previous trading day, with the weighted average of DR001 at 1.37% and that of DR007 at 1.69%. In the spot bond market, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The 2 - year treasury bond yield fell 0.25 BP to 1.37%, the 5 - year fell 0.75 BP to 1.51%, the 10 - year fell 0.82 BP to 1.65%, and the 30 - year fell 1.30 BP to 1.85%. The national development and reform commission will allocate the third batch of funds for consumer goods trade - in this July and implement a more aggressive equipment renewal loan interest subsidy policy [1] Market Logic - The continuous introduction of growth - stabilizing policies and the fading impact of the easing of the Middle East situation on the financial market led to the short - term horizontal fluctuation of the main varieties of treasury bond futures, and they may continue to fluctuate in the short term [1] Trading Strategy - Trading - oriented investors should conduct band operations [1]
格林大华期货国债早盘提示-20250627
Ge Lin Qi Huo·2025-06-27 06:53