流动性边际宽松，国债期货小幅反弹

Industry Investment Rating - No relevant content provided Core Viewpoints - On June 27, 2025, treasury bond futures rebounded slightly with oscillations. Recently, the central bank has been net injecting liquidity in the open - market, leading to a marginal easing of market liquidity. The credit and inflation data in May were weak, and policy support requires a relatively loose monetary environment, increasing the expectation of interest rate cuts in the medium - to - long - term. However, subsequent policies await guidance from the important meeting in July, and the short - term driving force is expected to be limited. In general, treasury bond futures will mainly oscillate and consolidate in the short term [1] Summary by Directory Industry News and Related Charts - On June 27, 2025, the People's Bank of China conducted 525.9 billion yuan of 7 - day reverse repurchase operations with the interest rate remaining unchanged at 1.40% to regulate market liquidity and maintain a stable capital position [3]