通胀数据表现偏弱

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - Today, most treasury bond futures closed higher, with the 30 - year main contract up 0.19%, the 10 - year main contract up 0.05%, the 5 - year main contract up 0.03%, and the 2 - year main contract flat. The inflation data in June showed that CPI rose 0.1% year - on - year and PPI fell 3.6% year - on - year, which is weak and not conducive to the endogenous growth of domestic demand. Considering the current macroeconomic indicators and monetary policy, domestic inflation is weak, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to tariff factors. A moderately loose monetary environment is still needed in the second half of the year to support demand and stabilize expectations, so the medium - to - long - term upward trend of treasury bond futures remains. However, due to the recent increase in risk appetite in the stock market leading to capital diversion and the weak expectation of interest rate cuts in the short term, the upward and downward space of treasury bond futures is limited in the short term. Overall, treasury bond futures will continue to fluctuate and consolidate in the short term [2]. 3. Summary According to Relevant Catalogs Industry News and Related Charts - On July 9, the People's Bank of China conducted 75.5 billion yuan of reverse repurchase operations at a fixed interest rate of 1.4%. There were 98.5 billion yuan of reverse repurchase maturities in the open market today, resulting in a net withdrawal of 23 billion yuan. - In June 2025, the year - on - year increase in the consumer price index was 0.1%, and the year - on - year decrease in the producer price index for industrial products was 3.6% [4].