国债期货日报：关注央行政策操作-20251112

Report Investment Rating - No investment rating information provided Core View - The report suggests paying attention to central bank policy operations. Although the policy has room for further easing, the market is likely to remain volatile until the central bank sends new signals. It is recommended to hold medium - term long positions [1][3] Summary by Relevant Catalogs 1. Market Review - On Wednesday, Treasury bond futures continued to fluctuate. Long - term bonds rose in the morning but fell in the afternoon, with all varieties slightly up. The funding situation eased, with DR001 dropping to 1.42%. There were 195.5 billion yuan in open - market reverse repurchases, resulting in a net injection of 130 billion yuan [1] 2. Important Information - The third - quarter monetary policy implementation report states that a moderately loose monetary policy will be implemented to maintain reasonable growth of financial aggregates and conduct counter - cyclical and cross - cyclical adjustments [2] 3. Market Analysis - Today, the funding situation eased, but the bond market remained volatile. The morning rise was partly driven by the decline in the A - share market, but the momentum did not last. The central bank's report indicates a suitable monetary and financial environment, so liquidity is not a concern. However, the importance of maintaining a reasonable interest - rate ratio is emphasized, meaning that the market interest rate outpacing the policy rate and excessive compression of the long - short spread are not desired by regulators [3] 4. Data Table - Contract Price Changes: TS2512 rose 0.014 to 102.474, TF2512 rose 0.03 to 105.965, T2512 rose 0.025 to 108.52, and TL2512 rose 0.09 to 116.43 [4] - Contract Position Changes: TS contract positions decreased by 157 to 85,109, TF contract positions increased by 1,139 to 167,869, T contract positions increased by 2,700 to 291,371, and TL contract positions decreased by 568 to 183,158 [4] - Base Spread Changes: TS base spread (CTD) increased by 0.0058 to - 0.0153, TF base spread (CTD) increased by 0.0057 to - 0.0178, T base spread (CTD) increased by 0.0464 to 0.0666, and TL base spread (CTD) increased by 0.0684 to 0.187 [4] - Trading Volume Changes: TS main contract trading volume decreased by 8,335 to 20,087, TF main contract trading volume decreased by 8,173 to 40,159, T main contract trading volume increased by 3,414 to 55,607, and TL main contract trading volume increased by 14,105 to 87,575 [4]