国债期货日报：情绪有所回落-20250723

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The trading sentiment in the bond market has declined. Trading desks are advised to temporarily wait and see. Although the market sentiment has recovered in the afternoon, it's hard to say that the market has bottomed out. Trading desks are recommended to be cautious, and if they participate, they need to set stop - losses and conduct quick trades. Allocation desks should seize the opportunities brought by the decline [2][4] 3. Summary by Related Catalogs 3.1. Market Performance - Futures Prices: On July 23, 2025, TS2509 was at 102.38 (down 0.034 from the previous day), TF2509 at 105.805 (down 0.08), T2509 at 108.53 (down 0.105), and TL2509 at 119.35 (down 0.17) [5] - Contract Positions: TS contract positions decreased by 2168 to 117,449 hands, TF decreased by 786 to 206,013 hands, T decreased by 1759 to 237,147 hands, and TL increased by 1741 to 156,443 hands [5] - Base Spreads: TS base spread (CTD) increased by 0.0014 to - 0.0039, TF decreased by 0.0348 to - 0.0126, T decreased by 0.0416 to - 0.0118, and TL decreased by 0.2093 to 0.1316 [5] - Trading Volumes: TS main contract trading volume increased by 11,189 to 46,570 hands, TF increased by 28,276 to 87,176 hands, T increased by 41,699 to 115,034 hands, and TL increased by 38,773 to 154,682 hands [5] - Interest Rates: DR001 was at 1.3144% (down 0.0465), DR007 at 1.4741% (down 0.016), and DR014 at 1.5422% (down 0.002) [5] - Interest Rate Trading Volumes: DR001 trading volume was 28,815.399 billion yuan (up 1427.9833 billion), DR007 was 735.7825 billion yuan (up 24.3853 billion), and DR014 was 142.8005 billion yuan (up 12.521 billion) [5] 3.2. Intraday News - The Supreme People's Court issued the "Interpretation on the Application of Laws in the Trial of Cases Concerning Disputes over Execution Objections," which refines and specifies the protection of the rights and interests of commercial housing consumers and will take effect on July 24, 2025 [3] 3.3. Market Analysis - The bond market was still suppressed by risk assets during the day. In the commodity market, prices fell in the afternoon due to rumors. The anti - involution logic has been the main line of the recent market, but as prices have continued to rise and the market has become extreme, the sentiment needs to be released. In the A - share market, the sentiment also cooled in the afternoon, with sectors such as building materials, construction, and electricity leading the decline [4]