Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-08-20 10:14Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The trading sentiment in the bond market remains weak, and the market needs to decouple from the stock market to confirm a bottom. In the short term, trading is difficult. It is recommended not to short. Cautious investors should wait and see, while aggressive investors looking to bottom - fish can enter with small positions and stagger their purchases [1][3]. 3) Summary by Related Catalogs a) Market Review - On Wednesday, Treasury bond futures opened higher and fluctuated in the morning, then weakened in the afternoon due to the strong performance of the stock market. Medium - and long - term varieties hit new lows. The yield of spot bonds reversed from a decline to an increase and rose significantly in the afternoon. The central bank had a net injection of 497.5 billion yuan through 7 - day reverse repurchase in the open market, and 10 billion yuan of treasury cash fixed - term deposits matured. The funding situation was okay, with DR001 around 1.47% [1]. b) Intraday News - The US Department of Commerce officially announced on Tuesday that it would include 407 types of steel and aluminum derivative products, such as wind turbines, in the 50% tariff list, suddenly expanding the scope of Trump's steel and aluminum tariffs and catching US importers off - guard [2]. c) Market Data - Contract Prices and Positions: - TS2509 price was 102.322, down 0.006 from the previous day, and its position decreased by 3,655 hands to 94,194 hands. - TF2509 price was 105.45, down 0.085, and its position decreased by 2,116 hands to 170,809 hands. - T2509 price was 107.935, down 0.115, and its position decreased by 5,181 hands to 227,058 hands. - TL2509 price was 116.24, down 0.22, and its position increased by 2,709 hands to 152,216 hands [4]. - Basis and Trading Volume: - TS basis (CTD) was 0.0266, down 0.0066, and its trading volume increased by 5,907 hands to 48,745 hands. - TF basis (CTD) was 0.0464, down 0.0168, and its trading volume decreased by 21,612 hands to 55,311 hands. - T basis (CTD) was 0.0542, down 0.0734, and its trading volume decreased by 14,976 hands to 80,139 hands. - TL basis (CTD) was 0.1715, up 0.3672, and its trading volume decreased by 17,379 hands to 99,916 hands [4].