南华国债周报：流动性行情兑现-20251229

1. Report's Investment Rating for the Industry - No relevant information provided 2. Core View of the Report - The macro - control intensity has increased this year, with a moderately loose monetary policy. The economy is generally stable with progress. However, it still faces challenges such as prominent supply - demand imbalance. The policy aims to continue the moderately loose monetary policy, strengthen regulation, and support key areas to promote economic growth and price stability [17] 3. Summary by Relevant Catalogs Futures Data - 10 - year Treasury bond futures (T2603.CFE) had a weekly settlement price of 108.280 with a 0.19% increase; T2606.CFE had a price of 108.300 with a 0.19% increase - 5 - year Treasury bond futures (TF2603.CFE) had a price of 106.030 with a 0.10% increase; TF2606.CFE had a price of 106.005 with a 0.08% increase - 2 - year Treasury bond futures (TS2603.CFE) had a price of 102.546 with a 0.06% increase; TS2606.CFE had a price of 102.590 with a 0.07% increase - 30 - year Treasury bond futures (TL2603.CFE) had a price of 112.850 with a 0.50% increase; TL2606.CFE had a price of 113.070 with a 0.52% increase [8] Spread Data - The inter - delivery spread of T2603 - T2606 was - 0.020 with a - 0.500 weekly change; TF2603 - TF2606 was 0.025 with a - 3.500 weekly change; TS2603 - TS2606 was - 0.044 with a 0.000 weekly change - The cross - variety spread of 2TS - T was 301.904 with a 0.064 weekly change; 2TF - T was 103.780 with a 0.010 weekly change [8] Bond Yields - 1Y Treasury bond yield was 1.29% with a - 7.00BP change; 2Y was 1.34% with a - 3.43BP change; 3Y was 1.36% with a - 3.04BP change; 5Y was 1.59% with a - 0.78BP change; 7Y was 1.70% with a - 2.25BP change; 10Y was 1.84% with a 0.80BP change; 30Y was 2.22% with a - 0.35BP change - 1Y China Development Bank bond yield was 1.52% with a - 6.03BP change; 3Y was 1.67% with a - 1.27BP change; 5Y was 1.79% with a - 0.57BP change; 7Y was 1.94% with a - 0.46BP change; 10Y was 1.98% with a 1.05BP change; 30Y was 2.39% with a - 0.35BP change [8] Funding Rates - The weighted average price of the inter - bank pledged repurchase rate DROO1 was 1.26% with a - 1.50BP weekly change; DR007 was 1.52% with an 8.24BP change; DR014 was 1.63% with a 2.42BP change - The SHIBOR1M rate was 1.58% with a 2.96BP change; SHIBOR3M was 1.60% with a - 0.22BP change [8] Monetary Policy and Economic Situation - The monetary policy is moderately loose, with enhanced transmission efficiency and low social financing costs. The external environment is complex, and the domestic economy has challenges like supply - demand imbalance - The policy will continue to be moderately loose, strengthen regulation, and support key areas such as expanding domestic demand, innovation, and small - and - medium - sized enterprises [17]