国债期货维持低位震荡整理

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Last week, all treasury bond futures maintained low-level volatile consolidation. In the short term, the strong risk appetite in the stock market suppressed bond purchase demand, the necessity of a comprehensive interest rate cut was not high, and the recent rebound of treasury bond futures limited the short-term upward momentum. However, since the demand side of the macroeconomy still requires a relatively loose monetary environment, in the medium to long term, future monetary policies tend to be loose, providing strong support for treasury bond futures. News-wise, Trump suddenly threatened tariffs on Friday night, increasing the uncertainty risk in the foreign trade environment, raising market risk aversion, and providing short-term positive support for treasury bond futures. Overall, in the short term, both the upward momentum and downward space of treasury bond futures are limited, and they will mainly undergo bottom volatile consolidation [1][25] Group 3: Summary by Relevant Catalog 1 Market Review - 1.1 Treasury Bond Trends: The report presents the price trends of TL2512, T2512, TF2512, and TS2512, but no specific analysis of these trends is provided [5][7][9][11] 2 Treasury Bond Indicators - 2.1 Interest Rate Term Structure: The report shows the interest rate term structures of the Ministry of Finance - local bonds and ChinaBond treasury bonds, but no in - depth analysis [14][15] - 2.2 Central Bank Open - Market Operations: The report shows a chart of central bank open - market operations, but no detailed analysis [18] - 2.3 Treasury Bond Yield Curve: The report shows a chart of the treasury bond yield curve, but no specific analysis [19] - 2.4 Market Interest Rates and Policy Interest Rates: The report shows a chart of market interest rates and policy interest rates, but no in - depth analysis [23] 3 Conclusion - Treasury bond futures maintained low - level volatile consolidation. In the short term, the upward momentum and downward space are limited, and they will mainly undergo bottom volatile consolidation [25]