国债期货低位整理

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - Today, Treasury bond futures fluctuated and sorted out, with a slight increase. The manufacturing PMI in September continued to improve, but the price index was still weak, indicating hidden concerns on the macro - demand side. Future monetary policy remains biased towards easing, providing strong support for Treasury bond futures. However, in the short term, the possibility of a comprehensive interest rate cut has greatly diminished, and the rising risk appetite in the stock market has inhibited the demand for Treasury bonds, resulting in insufficient upward momentum for Treasury bond futures. Overall, both the upward momentum and downward space are limited in the short term, and Treasury bond futures are expected to fluctuate and sort out at a low level [2]. 3. Summary by Related Catalogs Industry News - In September, the manufacturing purchasing managers' index (PMI) was 49.8%, up 0.4 percentage points from the previous month, and the manufacturing prosperity level continued to improve [4]. - On September 30, 2025, the People's Bank of China conducted 242.2 billion yuan of 7 - day reverse repurchase operations through a fixed - rate, quantity - tendering method [4].