国债期货延续区间震荡

1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Today, Treasury bond futures continued to fluctuate and consolidate. The central bank announced that the LPR quotes in March remained unchanged, which is the tenth consecutive month of stability since the interest rate cut in May last year. This indicates that the possibility of a comprehensive interest rate cut in the short - term is low as macro - economic indicators are resilient and the policy is more inclined to structural easing. With the continuous escalation of the Middle East geopolitical crisis, the risk of global energy supply shortage and the risk of supply chain disruption of key raw materials are rising, increasing the risk of global macro - economic weakness. Considering the existing problem of insufficient effective domestic demand, the future monetary and credit environment will be loose and the possibility of interest rate hikes is low. Overall, Treasury bond futures face both upward pressure and downward support, and will mainly fluctuate within a range in the short term [4] 3. Summary by Relevant Catalog 3.1 Industry News - On March 20, the central bank conducted 20.5 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tender method, with an operating interest rate of 1.40%, a bid volume of 20.5 billion yuan, and a winning bid volume of 20.5 billion yuan. Wind data shows that 37.5 billion yuan of reverse repurchases matured on the same day, resulting in a net withdrawal of 17 billion yuan. The loan prime rate (LPR) announced on March 20, 2026, is 3.0% for the 1 - year LPR and 3.5% for the over - 5 - year LPR, which has remained stable for ten consecutive months since the 10bp cut in May 2025 [6] 3.2 Relevant Charts - The report includes charts such as the trends of TL2606, T2606, TF2606, TS2606, the Treasury bond yield - to - maturity curve, and the central bank's open - market operations, with data sources from Wind and the Baocheng Futures Research Institute [7][9][12]