国债期货周报-20250914

Report Overview - Report Date: September 14, 2025 [1] - Report Type: Treasury Bond Futures Weekly Report Investment Rating - No investment rating information provided Core Viewpoints - Treasury bond futures continued to pull back last week and recovered on Friday, maintaining a view of a mid - term general direction of oscillating with a bearish bias [5] Summary by Section 1. Weekly Focus and Market Tracking - Treasury bond futures contracts showed some recovery on a weekly basis [6] - The treasury bond futures market presented a differentiated pattern with short - term pressure and long - term recovery, and significant differentiation among varieties. The yield curve shape was affected by domestic and foreign policy expectations and capital - market fluctuations, showing a complex pattern of alternating steepening and flattening. Medium - and long - duration bonds performed weaker than short - term ones, related to the "stock - bond desensitization" logic after the stock market pullback. The long - term varieties showed recovery elasticity in risk - aversion sentiment and policy games, while the short - term ones were restricted by capital - market fluctuations and position adjustments, and the market differentiation pattern may continue in the short term [8] 2. Liquidity Monitoring and Curve Tracking - No specific content summary provided as only the section title and source are given [10][11] 3. Seat Analysis - Daily changes in net long positions by institutional type: Private funds decreased by 3.93%, foreign capital increased by 1.53%, and wealth management subsidiaries increased by 0.39%. Weekly changes: Private funds decreased by 14.35%, foreign capital decreased by 6.38%, and wealth management subsidiaries decreased by 7.76% [12]