国债期货震荡偏弱运行

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - Today, all treasury bond futures fluctuated and declined, with the 30 - year treasury bond futures showing a significant decline. The central bank's Q2 2025 monetary policy implementation report released on August 16 emphasizes "detailed implementation" and "structure", indicating future structural easing policies in areas like inclusive small - and micro - enterprise financial services, financial support for technological innovation, and financial support for consumption promotion, but the expectation of comprehensive interest rate cuts has weakened. Also, the recent continuous rise in the stock market's risk appetite has led to funds flowing from bonds to stocks, suppressing the demand for treasury bonds. In general, treasury bond futures will fluctuate weakly in the short term [2] Group 3: Summary by Related Catalogs 1. Industry News and Related Charts - On August 18, the People's Bank of China conducted 266.5 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with both the bid volume and winning volume being 266.5 billion yuan and the operating rate at 1.40%. There were 112 billion yuan of 7 - day reverse repurchases maturing today, resulting in a net investment of 154.5 billion yuan [4]