格林大华期货早盘提示：国债-20251029

Report Summary 1. Report Industry Investment Rating - The investment rating for the bond market is “Oscillation” [3] 2. Report's Core View - After the short - term digestion of news, Treasury bond futures may continue the seesaw effect with stocks and be volatile in the short - term. Traders are advised to conduct band trading [3][4] 3. Summary by Related Catalogs Market Review - On Tuesday, the main contracts of Treasury bond futures opened higher and moved sideways after the morning session. By the close, the 30 - year Treasury bond futures main contract TL2512 rose 0.55%, the 10 - year T2512 rose 0.25%, the 5 - year TF2512 rose 0.15%, and the 2 - year TS2512 rose 0.08% [3] Important Information - Open market: On Tuesday, the central bank conducted 457.3 billion yuan of 7 - day reverse repurchase operations, with 159.5 billion yuan of reverse repurchases maturing on the same day, resulting in a net investment of 315.8 billion yuan [3] - Money market: On Tuesday, the overnight interest rate in the inter - bank money market increased compared to the previous trading day. The weighted average of DR001 for the whole day was 1.47% (1.45% the previous day), and the weighted average of DR007 was 1.56% (1.58% the previous day) [3] - Cash bond market: On Tuesday, the closing yields of inter - bank Treasury bonds decreased compared to the previous trading day. The yield of 2 - year Treasury bonds decreased 4.06 BP to 1.44%, the 5 - year decreased 3.30 BP to 1.57%, the 10 - year decreased 2.44 BP to 1.82%, and the 30 - year decreased 3.31 BP to 2.17% [3] - On the 28th, the central bank website released the State Council's report on the financial work situation, stating that in the next step, it will implement a moderately loose monetary policy, maintain ample liquidity, and promote a decline in the comprehensive social financing cost [3] Market Logic - Over the weekend, China and the US reached a basic consensus on arrangements to address each other's concerns in economic and trade consultations in Malaysia. On Tuesday, the Wind All - A Index opened slightly lower, fluctuated sideways throughout the day, and closed with a doji. The trading volume was 2.17 trillion yuan, a slight decrease from 2.36 trillion yuan the previous day. Stimulated by the news of the central bank's restart of Treasury bond trading operations, Treasury bond futures opened sharply higher on Tuesday [3] Trading Strategy - After the short - term digestion of news, Treasury bond futures may continue the seesaw effect with stocks and be volatile in the short - term. Traders are advised to conduct band trading [3][4]