国债期货底部震荡为主

Group 1: Report's Core View - Today, Treasury bond futures closed slightly higher. The resurgence of the tariff war has increased market risk aversion, which is favorable for Treasury bond futures. However, in the short term, China's economic data shows strong resilience, reducing the need for an across - the - board interest rate cut. The market's implied expectation of an interest rate cut between market interest rates and policy rates is weak, limiting the upward momentum of Treasury bond futures. From a macro - fundamental perspective, the problem of insufficient effective domestic demand persists, and there is a need for a relatively loose monetary environment in the future. The expectation of policy easing still exists, providing strong support for Treasury bond futures. In general, Treasury bond futures will mainly oscillate at the bottom in the short term [4] Group 2: Industry News - On October 14, the People's Bank of China conducted 91 billion yuan of 7 - day reverse repurchase operations, with a bid volume, winning bid volume of 91 billion yuan, and an operating interest rate of 1.40%. There were no 7 - day reverse repurchase maturities on this day, resulting in a net investment of 91 billion yuan. Additionally, 800 billion yuan of outright reverse repurchases matured [6]