Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report 2. Core View of the Report - Today, all treasury bond futures fluctuated and closed slightly lower. Although the medium - and long - term monetary policy is supportive and the possibility of a policy rate increase is low, the macro - economy shows strong resilience, external risk factors have temporarily eased, and the central bank has introduced a loan interest subsidy policy for the consumption sector, so the possibility of a comprehensive interest rate cut in the short term is low. Recently, the risk appetite in the stock market has been rising, funds have shifted from bonds to stocks, and the demand for buying treasury bonds in the capital market has been suppressed. In general, treasury bond futures will mainly fluctuate and consolidate in the short term [3] 3. Summary According to Relevant Catalogs Industry News - On August 14, the central bank announced that on August 15, 2025, it would conduct a 500 - billion - yuan outright reverse repurchase operation with a 6 - month (182 - day) term through a fixed - quantity, interest - rate tender, and multiple - price winning bid method to maintain sufficient liquidity in the banking system [5] - On August 15, the central bank conducted a 238 - billion - yuan reverse repurchase operation at a fixed interest rate through a quantity tender, with an operating interest rate of 1.40%, the same as before. Since 122 billion yuan of 7 - day reverse repurchases matured today, the net investment on the day was 116 billion yuan [5]
短期内国债期货维持震荡整理
Bao Cheng Qi Huo·2025-08-15 11:32