国债期货延续震荡回调

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Today, all treasury bond futures fluctuated and pulled back. This week, the central bank's open - market operations led to a net withdrawal of liquidity, tightening the loose state of market liquidity and causing market interest rates to rise. Since July, due to the easing of Sino - US economic and trade relations and positive macro - economic expectations, market interest rates have gradually increased. However, considering the anchoring effect of policy rates, the room for further upward movement of market interest rates is limited. On the other hand, the problem of insufficient domestic effective demand still exists, and a relatively loose monetary environment is still needed to support the economy in the second half of the year, so there is still an expectation of interest rate cuts. But the LPR remained unchanged in July, and the possibility of an interest rate cut in the short term is low. In general, treasury bond futures will mainly fluctuate and consolidate in the short term [4] Group 3: Summary of Related Catalogs 1. Industry News and Related Charts - On July 24, 2025, the central bank announced that on July 25, it will conduct 400 billion yuan of 1 - year MLF operations in a fixed - quantity, interest - rate tender, and multiple - price winning bid manner. - On July 24, 2025, the central bank conducted 331 billion yuan of 7 - day reverse repurchase operations at an operating interest rate of 1.40% [6]