图说金融：如何交易30Y国债活跃券切券行情？

Report Title - How to Trade the Coupon-Switching Market of Active 30Y Treasury Bonds? (20251022) [1] Core View - The spread evolution between new and old 30Y Treasury bonds generally shows an "M" shape, mainly influenced by liquidity premium [2] - Currently, the spread between 2400006 and 2500002 may be near the second peak of the "M" shape. If 2500002 becomes a non-active bond, there may be some convergence space for the spread. Attention can be paid to the spread convergence opportunity between 240006 and 2500002 and trading opportunities combined with Treasury bond futures [2] - The spread between 2400006 and 2500002 is currently at a relatively high level, and attention should be paid to the spread convergence opportunity [4]