格林大华期货早盘提示：国债-20260311

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The short - term trend of treasury bond futures may be volatile, and trading - type investors are advised to conduct band operations [2] 3. Summary by Directory 3.1 Market Review - On Tuesday, the main contracts of treasury bond futures opened higher across the board, fell in the morning session, and rebounded slightly in the afternoon. As of the close, the 30 - year treasury bond futures main contract TL2606 rose 0.04%, the 10 - year T2606 remained flat, the 5 - year TF2606 remained flat, and the 2 - year TS2606 rose 0.01% [1] 3.2 Important Information - Open market: On Tuesday, the central bank conducted 39.5 billion yuan of 7 - day reverse repurchase operations, with 34.3 billion yuan of reverse repurchases maturing on the same day, resulting in a net investment of 5.2 billion yuan [1] - Money market: On Tuesday, the overnight interest rate in the inter - bank money market remained flat compared with the previous trading day. The weighted average of DR001 was 1.32% throughout the day, the same as the previous trading day; the weighted average of DR007 was 1.44%, compared with 1.45% on the previous trading day [1] - Cash bond market: On Tuesday, the closing yields of inter - bank treasury bonds fluctuated narrowly compared with the previous trading day. The yield to maturity of 2 - year treasury bonds rose 0.17 BP to 1.36%, the 5 - year yield declined 0.44 BP to 1.56%, the 10 - year yield rose 0.01 BP to 1.81%, and the 30 - year yield rose 0.36 BP to 2.33% [1] - Trade data: In US dollars, China's exports from January to February increased 21.8% year - on - year, with an estimated increase of 7.3%, and an increase of 6.6% in December last year; imports from January to February increased 19.8% year - on - year, with an estimated increase of 6.9%, and an increase of 5.7% in December last year; the trade surplus from January to February was 213.62 billion US dollars [1] - Warning: ExxonMobil's chief economist Tyler Goodspeed warned that the Strait of Hormuz may remain closed for a longer period than the market expected [1] 3.3 Market Logic - In US dollars, China's exports from January to February increased 21.8% year - on - year, with an estimated increase of 7.3%, and an increase of 6.6% in December last year. China's CPI in February rose 1.3% year - on - year, higher than the market expectation of 0.9%; PPI in February decreased 0.9% year - on - year, better than the market expectation of a 1.2% decline. The overall inflation level in China in February rebounded more than expected. The core CPI in February rose 0.7% month - on - month, and PPI rose 0.4% month - on - month [1] - The US President said on Monday that the war was basically over and was considering controlling the Strait of Hormuz. Market panic dissipated, risk assets counterattacked strongly, and crude oil prices dropped significantly. On Tuesday, the Wind All - A Index opened higher, fluctuated at a high level throughout the day, and rose slowly, closing with a long - bare - headed and bare - footed small阳线, up 1.58%, with a trading volume of 2.42 trillion yuan, a slight contraction compared with 2.67 trillion yuan on the previous trading day. Treasury bond futures stabilized in the late trading on Tuesday [1][2] 3.4 Trading Strategy - Trading - type investors should conduct band operations [2]