国债期货预计震荡整理

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - Today, Treasury bond futures fluctuated and pulled back. Currently, there is pressure above and support below Treasury bond futures, with weak driving forces, so they are expected to maintain a fluctuating consolidation. On the one hand, the problem of insufficient effective domestic demand still exists, and the monetary policy environment next year is expected to be loose, with interest rate cuts and reserve requirement ratio cuts still anticipated. Coupled with the weak implied interest rate cut expectations in the current market interest rates, Treasury bond futures have strong support. On the other hand, in the short term, macroeconomic data shows strong resilience, and the urgency for a comprehensive interest rate cut in the short term is not high. Coupled with fewer uncertainties and disturbances in the recent internal and external environment, Treasury bond futures lack upward drivers. In general, Treasury bond futures will mainly fluctuate and consolidate in the short term [4] Group 3: Summary by Relevant Catalogs Industry News and Related Charts - On December 22, the People's Bank of China authorized the National Interbank Funding Center to announce the latest LPR quotation. The 1-year LPR was reported at 3.0%, the same as last month; the 5-year and above LPR was reported at 3.5%, also the same as last month. Thus, the LPR quotations for both tenors have remained unchanged for 7 consecutive months. On December 22, the central bank conducted 6.73 billion yuan of 7-day reverse repurchase operations today, with an operating interest rate of 1.40%, the same as before [6]