Nanhua Futures(SH:603093) Nan Hua Qi Huo·2025-09-05 10:20Report Overview - Report Title: Treasury Bond Futures Daily Report - Report Date: 2025/09/05 - Analyst: Xu Chenxi (Investment Consulting License Number: Z0001908) - Investment Consulting Business Qualification: CSRC License [2011] 1290 [1] Industry Investment Rating - Not provided in the report Core View - The report suggests a trading strategy of taking advantage of market fluctuations. It advises buying on dips and setting profit targets. The bond market may continue to fluctuate in a situation where stocks are strong and bonds are weak, as long as the A-share market does not show an obvious downward trend [2][4] Key Points Summarized by Section Market Performance - On Friday, Treasury bond futures opened lower and closed down across the board, with TL experiencing the largest decline. Spot bond yields rose across the board but fell back after the futures market closed. The open market had a net withdrawal of 59.46 billion yuan. The funding situation was loose, with DR001 remaining around 1.31% [2] - The A-share market's sharp adjustment the previous day did not bring more upward momentum to the bond market. Instead, the bond market declined as the stock market rebounded strongly. The 30-year Treasury bond issuance rate was slightly higher, and the situation was mediocre [4] Specific Contract Data | Contract | 2025-09-05 Price | 2025-09-04 Price | Change | 2025-09-05 Position | 2025-09-04 Position | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.388 | 102.44 | -0.052 | 73,830 | 76,004 | -2,174 | | TF2512 | 105.58 | 105.745 | -0.165 | 139,550 | 142,981 | -3,431 | | T2512 | 107.92 | 108.27 | -0.35 | 218,747 | 217,136 | 1,611 | | TL2512 | 116.3 | 117.4 | -1.1 | 142,701 | 140,684 | 2,017 | [5] Basis and Trading Volume Data | Contract | 2025-09-05 Basis | 2025-09-04 Basis | Basis Change | 2025-09-05 Trading Volume | 2025-09-04 Trading Volume | Volume Change | | --- | --- | --- | --- | --- | --- | --- | | TS (CTD) | -0.0605 | -0.0299 | -0.0306 | 32,921 | 31,545 | 1,376 | | TF (CTD) | -0.0455 | 0.0269 | -0.0724 | 75,029 | 62,934 | 12,095 | | T (CTD) | 0.3381 | 0.3866 | -0.0485 | 92,512 | 83,913 | 8,599 | | TL (CTD) | 0.6967 | 0.8792 | -0.1825 | 169,741 | 135,244 | 34,497 | [7] Market News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026" [3] - US ADP employment growth in August slowed significantly to 54,000, and the number of initial jobless claims last week reached the highest level since June [3] - The weighted winning bid yields for the 1-year and 30-year Treasury bonds issued by the Ministry of Finance were 1.3485% and 2.1139% respectively, with full - scale multiples of 2.33 and 3.02, and marginal multiples of 1.61 and 4.46 [3]