Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Adopt a trading strategy of bottom - fishing on a trading range basis, take profits when favorable, and hold a small position of long positions at low levels to wait for a continued rebound [3] 3. Summary According to Related Catalogs 3.1 Market Situation - On Tuesday, bond futures fluctuated weakly, with all varieties closing down. Spot bond yields fluctuated within a narrow range. There was a net withdrawal of 150.1 billion yuan in the open market. The money market was loose, and DR001 fell to 1.31% [1] - A - shares adjusted at a high level today, with previously popular sectors falling sharply, but the bond market did not benefit from this, and the intraday correlation between stocks and bonds was low [3] 3.2 News - Wang Yi introduced the eight achievements of the SCO Tianjin Summit, including expressing support for the fair stance of the multilateral trading system, deciding to establish the SCO Development Bank, and formulating six high - quality development action plans such as artificial intelligence cooperation [2] - The Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans was officially implemented on September 1st, and pilot banks and other institutions officially accepted applications for the interest subsidy plan [2] 3.3 Market Outlook - Recently, the trading activity of spot bonds has significantly declined, indicating that institutional sentiment is relatively cautious. As September 3rd approaches, the market may first observe the situation before making further plans. In the short term, the bond market lacks its own catalytic factors and still mainly observes stock market fluctuations [3] 3.4 Data Comparison | Contract | 2025 - 09 - 02 Price | 2025 - 09 - 01 Price | Price Change | 2025 - 09 - 02 Position (hands) | 2025 - 09 - 01 Position (hands) | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.41 | 102.428 | - 0.018 | 74372 | 76122 | - 1750 | | TF2512 | 105.55 | 105.59 | - 0.04 | 138200 | 136916 | 1284 | | T2512 | 107.93 | 107.985 | - 0.055 | 205357 | 206714 | - 1357 | | TL2512 | 116.61 | 116.89 | - 0.28 | 140312 | 145522 | - 5210 | | TS Basis (CTD) | - 0.04 | - 0.0411 | 0.0011 | 21492 | 25178 | - 3686 | | TF Basis (CTD) | 0.0256 | 0.0528 | - 0.0272 | 52692 | 60563 | - 7871 | | T Basis (CTD) | 0.3548 | 0.4394 | - 0.0846 | 60757 | 84189 | - 23432 | | TL Basis (CTD) | 0.5696 | 0.7136 | - 0.144 | 116176 | 121725 | - 5549 | [4]
国债期货日报：市场情绪谨慎-20250902
Nan Hua Qi Huo·2025-09-02 10:27