Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-08-21 10:25Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The sentiment in the bond market has calmed down, and attention should be paid to the bottom - building process. If the A - share market's consolidation lasts for several days, it will be beneficial for the bond market to bottom out. Investors are advised not to short. Cautious investors can wait and see, while aggressive investors aiming to buy at the bottom can enter the market with small positions and widen the buying intervals. Focus on the support level of the 10 - year Treasury bond at around 1.8% [1][3]. 3) Summary by Related Content a. Market Performance - On Thursday, medium - and long - term Treasury bond futures opened lower and then fluctuated upwards, with all varieties closing higher. The yields of spot bonds declined significantly in the afternoon. The net investment in the 7 - day reverse repurchase in the open market was 124.3 billion yuan. The capital situation was okay, with DR001 around 1.46% [1]. - The trading data of Treasury bond futures on August 21, 2025, showed that TS2509 rose by 0.002, TF2509 fell by - 0.01, T2509 rose by 0.065, and TL2509 fell by - 0.12. The positions of TS, TF, and T contracts decreased, while the position of the TL contract increased. There were also changes in the basis and trading volume of each contract [4]. b. Intraday News - The minutes of the Federal Reserve meeting showed internal differences. Members were worried about tariffs, inflation, and the labor market, and most people believed that inflation was a higher risk than employment. - The central bank added 100 billion yuan in re - loans for supporting agriculture and small businesses to support flood prevention and disaster relief and post - disaster reconstruction [2].