建信期货国债日报-20250822

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 22, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided in the report Core Viewpoints - Long - term, the Politburo meeting in July indicated that the "moderately loose" monetary policy orientation remains unchanged, and the high uncertainty of tariffs means there's a risk of a post - export - rush decline, so the bull - market foundation for bonds remains intact [10] - Short - term, the stock - bond seesaw effect has strengthened since late June. The bullish equity market has pressured the bond market, and the marginal weakening but still resilient July fundamental data can't significantly boost the loose sentiment, so the short - term bond market rebound can't form a trend [10] - Amid the tax - period disturbance this week, the central bank actively provided funds. Short - term bond varieties are more resilient due to the stable funding environment, so the strategy of going long on short - term and short on long - term bonds to steepen the yield curve is maintained [11] Summary by Directory 1. Market Review and Operation Suggestions - Market Performance: The stock - bond seesaw continued. The decline of the stock market in the afternoon boosted the overall recovery of treasury bond futures. The yields of major term interest - rate bonds in the inter - bank market declined across the board, with the long - end yields falling by 1 - 2bp. By 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.7655%, down 1.45bp [8] - Funding Market: The central bank actively supported the funding market, and the inter - bank funding market became looser. There were 1287 billion yuan of reverse repurchases due today, and the central bank conducted 2530 billion yuan of reverse repurchase operations, achieving a net injection of 1243 billion yuan. The short - term funding rates declined across the board, while the medium - and long - term funds were stable [9] 2. Industry News - The deputy governor of the People's Bank of China stated that policies will be strengthened to stimulate the vitality of the movable - property financing market, which helps small and medium - sized enterprises solve financing problems and promotes the diversified development of the financial market [12] - The central bank's Q2 monetary policy report proposed to implement a moderately loose monetary policy, keep liquidity abundant, and use monetary policy tools to support various economic sectors [13] 3. Data Overview - Treasury Bond Futures Market: The report presents data on treasury bond futures trading on August 22, including contract prices, trading volumes, open interests, and changes. It also mentions the inter - delivery spreads and inter - variety spreads of treasury bond futures [6][14] - Money Market: The central bank's reverse repurchase operations and the changes in short - term and medium - long - term funding rates are provided, such as the decline in overnight and 7 - day weighted rates in the inter - bank market [9] - Derivatives Market: Information on the Shibor3M and FR007 interest - rate swap fixing curves is provided [37]