Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View - The bond market has stabilized and entered a recovery phase due to the lack of strong stimulus signals from the July Politburo meeting, the cooling sentiment in the equity and commodity markets, and the stable and loose capital situation. It is recommended to seize the opportunity of the market sentiment recovery for a short - term upward trend and lightly allocate long positions [2] 3. Summary by Related Catalogs 3.1 Futures Disk - T主力收盘价108.540, up 0.05%; volume 69470, down 5041 - TF主力收盘价105.755, up 0.04%; volume 52618, down 9215 - TS主力收盘价102.348, down 0.01%; volume 30573, down 3580 - TL主力收盘价119.320, up 0.06%; volume 100131, down 10262 [2] 3.2 Futures Spread - TL2512 - 2509价差 - 0.37, down 0.02; T09 - TL09价差 - 10.78, down 0.06 - T2512 - 2509价差 - 0.19, up 0.04; TF09 - T09价差 - 2.79, down 0.03 - TF2512 - 2509价差0.01, up 0.02; TS09 - T09价差 - 6.19, down 0.07 - TS2512 - 2509价差0.04, up 0.03; TS09 - TF09价差 - 3.41, down 0.04 [2] 3.3 Futures Holding Positions - T主力持仓量175137, down 566; T前20名多头197252, up 6537; T前20名空头195682, up 6756; T前20名净空仓 - 1570, down 219 - TF主力持仓量124770, down 4019; TF前20名多头149549, down 1601; TF前20名空头161386, down 125; TF前20名净空仓11837, up 1476 - TS主力持仓量88731, down 1798; TS前20名多头84419, up 348; TS前20名空头90928, up 356; TS前20名净空仓6509, up 8 - TL主力持仓量102918, down 2852; TL前20名多头121685, down 3352; TL前20名空头119921, down 1720; TL前20名净空仓 - 1764, down 1632 [2] 3.4 Top Two CTD (Net Price) - 220010.IB(6y): 107.1381, up 0.0969; 250007.IB(6y): 99.0955, up 0.0185 - 240020.IB(4y): 100.703, up 0.0401; 240020.IB(4y): 100.8844, up 0.0165 - 250006.IB(1.7y): 100.2737, down 0.0044; 250012.IB(2y): 99.9259, unchanged - 210005.IB(17y): 134.8379, up 0.0576; 210014.IB(18y): 131.5652, unchanged [2] 3.5 Active Treasury Bond Yields - 1y: 1.3450%, down 1.50bp; 3y: 1.4350%, down 0.50bp - 5y: 1.5675%, up 1.75bp; 7y: 1.6470%, up 1.70bp - 10y: 1.7080%, up 1.30bp [2] 3.6 Short - term Interest Rates - 银质押隔夜: 1.3376%, down 0.24bp; Shibor隔夜: 1.3150%, up 0.10bp - 银质押7天: 1.4548%, down 4.52bp; Shibor7天: 1.4320%, down 0.40bp - 银质押14天: 1.4800%, down 4.00bp; Shibor14天: 1.4820%, down 3.40bp [2] 3.7 Industry News - Starting from August 8, 2025, VAT will be levied on the interest income of newly issued national bonds, local government bonds, and financial bonds. The interest income of previously issued bonds will continue to be VAT - exempt until maturity - Seven departments including the People's Bank of China jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization" to strengthen financial services and risk prevention in the manufacturing industry [2] 3.8 Key Data to Focus On - August 5, 21:45, US July S&P Global Services PMI Final Value - August 7, 19:00, Bank of England to announce interest rate decision, meeting minutes, and monetary policy report [3]
国债期货日报-20250805
Rui Da Qi Huo·2025-08-05 09:07