Report Investment Rating - No investment rating information provided Core View - The report suggests paying attention to the central bank's policy attitude. New long positions can be established on dips, and mid - term bottom positions should continue to be held [1][3] Summary by Related Catalogs 1. Disk Review - On Wednesday, all varieties of treasury bond futures weakened across the board, with the decline intensifying in the afternoon, and TL having the largest decline. The funding situation was loose, with DR001 around 1.31%. Open - market reverse repurchase was 21.33 billion yuan, with a net withdrawal of 9.72 billion yuan [1] 2. Important Information - Six departments issued an implementation plan to enhance the adaptability of consumer goods supply and demand and further promote consumption. The US PPI in September increased by 2.6% year - on - year, with an expected increase of 2.7% [2] 3. Market Judgment - The early - morning rebound of A - shares on this day had a certain suppressing effect on the bond market, but the afternoon decline of A - shares did not benefit the bond market. Rumors of the upcoming implementation of the new public - fund fee regulations, with redemption fees still applicable for institutional redemptions within 6 months and even rumors of large - scale redemptions of some funds, led to the intensified decline of the bond market in the afternoon. If the new regulations are implemented, the negative impact will be exhausted. After the futures market closed, the yield of spot bonds dropped significantly, indicating that there were buyers when the yield rose to a certain level. The T contract has filled the lower gap [3] 4. Treasury Bond Futures Daily Data - For TS2603, the price on November 26, 2025, was 102.382, down 0.04 from the previous day, and the contract position decreased by 1156 hands. For TF2603, the price was 105.785, down 0.185, and the contract position decreased by 1621 hands. For T2603, the price was 107.955, down 0.285, and the contract position decreased by 16292 hands. For TL2603, the price was 114.43, down 0.85, and the contract position increased by 4449 hands. Regarding the basis, the TS basis (CTD) decreased by 0.0033, the TF basis (CTD) decreased by 0.1056, the T basis (CTD) decreased by 0.1013, and the TL basis (CTD) increased by 0.1255. In terms of trading volume, the TS main - contract trading volume increased by 2913 hands, the TF main - contract trading volume decreased by 4983 hands, the T main - contract trading volume decreased by 5363 hands, and the TL main - contract trading volume increased by 15730 hands [4]
国债期货日报-20251126
Nan Hua Qi Huo·2025-11-26 11:38