Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-13 09:30Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core View - The central bank will maintain a moderately loose monetary policy, with limited room for further monetary easing this year. The market is in a policy vacuum, and interest rates are expected to fluctuate within a narrow range. It is recommended to wait and see for now. Also, be vigilant about the potential suppression of long - term interest rates due to the recovery of risk appetite [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Prices and Volumes: T, TF, TS, and TL main contract closing prices decreased by 0.1%, 0.08%, 0.01%, and 0.26% respectively. T and TF main contract volumes increased by 15,298 and 18,123 respectively, while TS and TL main contract volumes decreased by 969 and 6,059 respectively [2]. - Futures Spreads: Most spreads showed a downward trend, but some spreads such as T12 - TL12, TF12 - T12, TS12 - T12, and TS12 - TF12 increased [2]. - Futures Positions: The main contract positions of T, TF, TS, and TL all decreased, and the net short positions of the top 20 in each contract also decreased to varying degrees [2]. 3.2 Bond Market - CTD Bonds: The net prices of several CTD bonds decreased, such as 220017.IB, 220019.IB, etc. [2]. - Active Treasury Bonds: The yields of 1 - year active treasury bonds increased by 0.50bp, while the yields of 3 - year, 5 - year, 7 - year, and 10 - year active treasury bonds decreased by 0.05bp, 0.70bp, 0.75bp, and 0.30bp respectively [2]. 3.3 Interest Rates - Short - term Interest Rates: Most short - term interest rates decreased, such as silver - pledged overnight, 7 - day, and 14 - day rates, while Shibor 7 - day and 14 - day rates remained unchanged [2]. - LPR Rates: Both 1 - year and 5 - year LPR rates remained unchanged [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase was 190 billion yuan, the maturity scale was 92.8 billion yuan, and the interest rate was 1.4% for 7 days. The net investment was 97.2 billion yuan [2]. 3.5 Industry News - The central bank will implement a moderately loose monetary policy and continue to improve the monetary policy framework [2]. - Chinese and US officials expressed the need to promote the stable development of Sino - US economic and trade relations [2]. - The US federal government's shutdown ended after 43 days, but there may be a lack of employment and inflation data in October [2]. 3.6 Market Situation - On Thursday, most yields of treasury bonds increased, and treasury bond futures weakened. Domestically, economic data in October was mixed, with inflation improving but export and PMI indicators declining. Overseas, the US government shutdown ended, but there are concerns about employment and inflation, and the prospect of a Fed rate cut in December is unclear [2].