国债期货周报-20250921

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Treasury bond futures continued to pull back last week, with the ultra-long end performing weakly. The report maintains the view that the medium-term general direction is oscillating with a bearish bias [5]. 3. Summary by Relevant Catalog 3.1. Weekly Focus and Market Tracking - Treasury bond futures contracts pulled back continuously on a weekly basis, with the ultra-long end performing weakly [6]. - The Treasury bond futures market shows a differentiated characteristic of short - end stability and intensified long - end volatility, and the shape of the yield curve has changed significantly. The short - end Treasury bond futures main contracts have small fluctuations in open interest and trading volume, indicating light trading but strong price resilience. The trading volume of 30 - year Treasury bond futures has increased significantly, indicating intensified long - end selling pressure and heated long - short games. The differentiation between short - end stability and long - end volatility reflects the market's consensus on short - term liquidity easing but differences in the economic recovery slope and policy easing rhythm. The steepening trend of the yield curve continues [8]. 3.2. Liquidity Monitoring and Curve Tracking No specific content summary provided in the text other than the section title and source information [10]. 3.3. Seat Analysis - Daily changes in net long positions by institutional type: private funds decreased by 6.67%, foreign capital decreased by 0.51%, and wealth management subsidiaries decreased by 1.51%. Weekly changes: private funds decreased by 5.46%, foreign capital increased by 14.04%, and wealth management subsidiaries increased by 13.74% [11].