国债期货震荡收涨

Group 1: Investment Rating - Not provided Group 2: Core View - On October 27, 2025, treasury bond futures fluctuated and closed up. Due to the persistent lack of effective domestic demand, a moderately loose monetary environment is needed in the medium to long term to stabilize the demand side, providing strong support for treasury bond futures. However, there is no strong need for a comprehensive interest rate cut in the short term. With the easing of external uncertainties, the warming of domestic policy benefits, and the rising risk appetite in the stock market, the demand for treasury bonds is suppressed. Overall, the upside and downside of treasury bond futures are limited in the short term, mainly fluctuating and consolidating [4]. Group 3: Summary by Directory 1. Industry News and Related Charts - On October 27, the People's Bank of China conducted 337.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered method, with an operating interest rate of 1.40%, a bid volume of 337.3 billion yuan, and a winning volume of 337.3 billion yuan. On the same day, 189 billion yuan of reverse repurchases matured, resulting in a net investment of 148.3 billion yuan [6].