国债期货日报：国债期货窄幅震荡整理-20251230

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Today, treasury bond futures fluctuated within a narrow range. Currently, treasury bond futures are in a stage where both upward and downward driving forces are limited. On one hand, the medium - to long - term monetary policy tends to be loose, and there is still an expectation of a policy interest rate cut, providing strong support for treasury bond futures. On the other hand, the central bank's pace of interest rate cuts will likely maintain strong determination, the short - term rebound momentum driven by interest rate cut expectations is limited, and the supply pressure from the intensive issuance of treasury bonds in the first quarter of next year restricts the upward height of treasury bonds. Overall, treasury bond futures face pressure above and support below, and are expected to fluctuate and consolidate in the short term [4] 3. Summary by Relevant Catalog 3.1 Industry News and Related Charts - On December 30, the People's Bank of China conducted 31.25 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered method, with a winning bid rate of 1.4%. There were 5.93 billion yuan of reverse repurchases maturing in the open market today, resulting in a net investment of 25.32 billion yuan [6]