Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View - The report suggests paying attention to central bank policy operations, and recommends holding medium - term long positions [1][2]. 3) Summary by Relevant Content Market Performance - On Tuesday, bond futures opened higher, rose in the morning, then declined, and maintained a narrow - range oscillation in the afternoon. Only TS slightly declined, while the rest slightly rose [1]. - The money market remained tight, with DR001 rising to 1.51%. The open - market reverse repurchase was 403.8 billion yuan, with a net injection of 286.3 billion yuan [1]. Important News - The State Council General Office issued "Several Measures to Further Promote Private Investment". - The National Development and Reform Commission held a symposium for private enterprises, stating that it would create better development conditions for business entities [2]. Market Judgment - Today's news was light. The A - share market closed lower, and the bond market did not benefit significantly. - The money market remained tight. Despite increased open - market injections, money market rates continued to rise. The short - end yields of cash bonds rose slightly, while the medium - and long - end were less affected. - The market is not worried about liquidity but lacks trading hotspots. It is difficult to change the oscillation pattern in the short term. Pay attention to monetary and credit data tomorrow [2]. Data Comparison | Contract | 2025 - 11 - 11 Price | 2025 - 11 - 10 Price | Today's Change | 2025 - 11 - 11 Position (Hand) | 2025 - 11 - 10 Position (Hand) | Today's Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.46 | 102.466 | - 0.006 | 85266 | 85232 | 34 | | TF2512 | 105.935 | 105.93 | 0.005 | 166730 | 172702 | - 5972 | | T2512 | 108.495 | 108.485 | 0.01 | 288671 | 291294 | - 2623 | | TL2512 | 116.34 | 116.3 | 0.04 | 183726 | 184847 | - 1121 | | TS Basis (CTD) | - 0.0211 | - 0.0267 | 0.0056 | TS Main Transaction (Hand) | 28422 | 24929 | 3493 | | TF Basis (CTD) | - 0.0235 | - 0.025 | 0.0015 | TF Main Transaction (Hand) | 48332 | 49109 | - 777 | | T Basis (CTD) | 0.0202 | 0.0205 | - 0.0003 | T Main Transaction (Hand) | 52193 | 58830 | - 6637 | | TL Basis (CTD) | 0.1186 | 0.1987 | - 0.0801 | TL Main Transaction (Hand) | 73470 | 96097 | - 22627 | [5]
国债期货日报-20251111
Nan Hua Qi Huo·2025-11-11 10:21