国债期货日报：债市有望筑底-20250822

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The bond market is expected to bottom out, and investors are advised to pay attention to the bottom - building process. Trading strategies suggest not short - selling, with cautious investors waiting on the sidelines and aggressive investors making small - scale purchases at intervals [1][3]. 3) Summary by Related Content Market Performance - On August 22, 2025, Treasury bond futures opened lower, turned positive in the morning, and declined in the afternoon, closing down across the board. The yields of medium - and long - term bonds increased significantly but did not reach new highs. The 7 - day reverse repurchase in the open market had a net injection of 12.32 billion yuan, and the funding situation eased, with DR001 falling to around 1.41% [1]. - The prices of TS2509, TF2509, T2509, and TL2509 contracts decreased by 0.006, 0.07, 0.345, and 0.22 respectively compared to the previous day. The positions of TS and TF contracts decreased by 2784 and 166 respectively, while the positions of T and TL contracts increased by 1411 and 1043 respectively [4]. News and Analysis - The "New Fed Wire" reported that Powell will re - evaluate the existing policy framework on Friday. The policy - making framework introduced by the Fed in 2020, which emphasized labor market recovery, is considered no longer applicable in the face of higher and more volatile inflation [2]. - The weighted winning bid rates of the 10 - year and 30 - year Treasury bonds issued by the Ministry of Finance were 1.83% and 2.15% respectively, with overall multiples of 2.58 and 2.89, and marginal multiples of 1.67 and 2.59 [2]. - The decline in the bond market in the afternoon may be affected by the primary - market tender. The winning bid rate of the 30 - year Treasury bond exceeded the secondary - market rate by 12bp, indicating a poor tender situation. However, the bond market showed signs of desensitization as the A - share market rose strongly in the afternoon, and the bond yields did not reach new highs [3].