国债期货：国债期货均震荡整理

Group 1: Core View - Today, all treasury bond futures fluctuated and consolidated. Since July, the market interest rate has rebounded significantly, and the anchoring effect of the policy rate has emerged. Coupled with the policy emphasis on implementing a moderately loose monetary policy in the second half of the year, the policy rate has fallen from a high level, and treasury bond futures have bottomed out and rebounded. However, the current trading volume of the stock market is at a high quantile, indicating a strong risk appetite in the stock market. Funds are flowing into the stock market, and the demand for treasury bonds has decreased, which restricts the upward space of treasury bond futures. In general, treasury bond futures will maintain a range-bound oscillation in the short term [2] Group 2: Industry News and Related Charts - On August 5th, the People's Bank of China announced that it conducted 160.7 billion yuan of 7-day reverse repurchase operations at a fixed interest rate through quantity tender. Both the bid volume and winning bid volume were 160.7 billion yuan, and the operating interest rate was 1.40%. Today, 449.2 billion yuan of 7-day reverse repurchases matured, resulting in a net withdrawal of 288.5 billion yuan on the day [4]