Report Overview - Report Title: Treasury Bond Futures Daily Report - Report Date: October 23, 2025 - Analyst: Xu Chenxi (Investment Consulting License No.: Z0001908) - Investment Advisory Business Qualification: CSRC Permit [2011] 1290 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report suggests paying attention to capital market sentiment. The current capital market is waiting for the policy statements of the Fourth Plenary Session on the "15th Five-Year Plan" and the results of China-US trade negotiations. In the next two days, focus on the news from the Fourth Plenary Session. If the risk sentiment recovers, the bond market may reach further lows. The operation should still be based on a bullish mindset without chasing high prices [1][3] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, treasury bond futures opened lower, turned positive near noon, and weakened in the afternoon, with all varieties closing down. The short - end yields of spot bonds slightly decreased, while the long - end yields slightly increased. The funding situation was loose, with DR001 around 1.32%. There was a 212.5 billion yuan open - market reverse repurchase and a 120 billion yuan treasury cash fixed - deposit tender, resulting in a net injection of 96.5 billion yuan [1] 3.2 Market News - Trump said that he expects China and the US to reach a trade agreement at the APEC summit, but the leaders of the two countries may not meet. If the two sides fail to reach an agreement in the end, a 155% tariff will be imposed. - The Ministry of Commerce announced that Vice Premier He Lifeng will lead a delegation to Malaysia from October 24 to 27 to hold economic and trade consultations with the US [2] 3.3 Market Analysis - The market continued to fluctuate with the news. The A - share market weakened in the morning, recovered in the afternoon after the news of China - US economic and trade consultations in Malaysia, and continued to strengthen at the close, while the bond market declined accordingly [3] 3.4 Market Data | Contract | 2025 - 10 - 23 | 2025 - 10 - 22 | Today's Change | | --- | --- | --- | --- | | TS2512 | 102.342 | 102.352 | - 0.01 | | TF2512 | 105.665 | 105.715 | - 0.05 | | T2512 | 108.07 | 108.16 | - 0.09 | | TL2512 | 115.3 | 115.6 | - 0.3 | | TS Contract Position (lots) | 76,588 | 76,223 | + 365 | | TF Contract Position (lots) | 152,409 | 156,292 | - 3,883 | | T Contract Position (lots) | 262,198 | 269,637 | - 7,439 | | TL Contract Position (lots) | 175,682 | 178,780 | - 3,098 | | TS Basis (CTD) | - 0.0297 | - 0.0316 | + 0.0019 | | TF Basis (CTD) | - 0.0405 | - 0.0118 | - 0.0287 | | T Basis (CTD) | - 0.0074 | 0.1457 | - 0.1531 | | TL Basis (CTD) | 0.319 | 0.3552 | - 0.0362 | | TS Main Contract Trading Volume (lots) | 32,327 | 24,145 | + 8,182 | | TF Main Contract Trading Volume (lots) | 59,535 | 40,005 | + 19,530 | | T Main Contract Trading Volume (lots) | 76,898 | 66,248 | + 10,650 | | TL Main Contract Trading Volume (lots) | 136,162 | 113,354 | + 22,808 | [4]
国债期货日报-20251023
Nan Hua Qi Huo·2025-10-23 11:47