Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-07-08 08:50Report Summary 1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report The current fundamentals continue the weak recovery trend. After the cross - quarter, the easing of capital pressure kicks off the seasonal easing window, and the overall environment is favorable for the bond market. However, with the central bank's reserve requirement ratio cut and interest rate cut expectations not dispelled, the downward space for yields is limited. The bond market is expected to fluctuate strongly, and it is recommended to buy on dips [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices decreased by 0.08%, 0.08%, 0.03%, and 0.22% respectively, while trading volumes increased by 845, 490, 434, and 2498 respectively [2]. 3.2 Futures Spreads - Different contract spreads show various changes, such as the TL2512 - 2509 spread decreased by 0.02, and the T2512 - 2509 spread increased by 0.00 [2]. 3.3 Futures Positions - The positions of T, TF, TS, and TL main contracts and the long - short positions of the top 20 show different changes, with the net short positions of most contracts decreasing [2]. 3.4 Top Two CTD (Clean Prices) - The clean prices of multiple CTD bonds decreased, such as the 220010.IB (6y) decreased by 0.1041 [2]. 3.5 Active Treasury Bonds - Yields of 1 - 7y active treasury bonds increased by 0.15 - 0.90bp, while the 10y yield decreased by 0.10bp [2]. 3.6 Short - term Interest Rates - The silver - pledged overnight interest rate decreased by 7.49bp, and the silver - pledged 7 - day interest rate increased by 2.00bp [2]. 3.7 LPR Interest Rates - The 1y and 5y LPR interest rates remained unchanged [2]. 3.8 Open Market Operations - The issuance scale was 690 billion, the maturity scale was 1310 billion, and the interest rate was 1.4% for 7 days [2]. 3.9 Industry News - The central bank is actively researching and promoting other measures for the opening - up of the bond market; the Chinese Ministry of Finance is willing to deepen BRICS financial cooperation; the US will impose tariffs on 14 countries and extend the tariff negotiation suspension period to August 1st [2]. 3.10 Key Data to Focus On - On July 9th at 22:00, the US May wholesale sales month - on - month rate; on July 10th at 02:00, the Fed will release the minutes of the monetary policy meeting, and at 20:30, the US initial jobless claims for the week ending July 5th [3].