瑞达期货国债期货日报-20260324

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - The inflation trading in the bond market is nearing its end, and the market logic may shift to changes in the capital market and risk appetite in the short term [4]. - Current liquidity remains abundant, with capital prices at a low level. Short - term interest rates are relatively stable, and there are opportunities for phased repair of long - term interest rates [4]. - Geopolitical uncertainties are high, oil price fluctuations have intensified, and there is still a possibility of continuous adjustment. Attention should be paid to the development of the Iranian situation [4]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures Closing Prices and Volumes: T, TF, TS, and TL are 10 - year, 5 - year, 2 - year, and 30 - year treasury bond futures respectively. T, TF, TS, and TL closing prices are 108.165 (up 0.02%), 105.915 (unchanged), 102.478 (down 0.02%), and 111.240 (up 0.52%) respectively. Their trading volumes are 78058 (down 37006), 66738 (down 43384), 45045 (down 8661), and 84841 (down 13232) respectively [2]. - Futures Spreads: For example, the TL2606 - 2609 spread is 0.29 (up 0.02), and the T06 - TL06 spread is - 3.05 (down 0.48) [2]. - Futures Positions: T, TF, TS, and TL main contract positions are 280755 (down 1725), 173725 (down 808), 74893 (up 657), and 130829 (down 1820) respectively [2]. 3.2 Bond Market - CTD Bond Net Prices: The net prices of some CTD bonds have changed, such as 230012.IB (6y) at 106.8007 (up 0.0067), and 250025.IB (6y) at 99.0955 (down 0.0122) [2]. - Active Bond Yields: The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year active bonds are 1.2400% (unchanged), 1.3425% (unchanged), 1.5600% (up 1.25bp), 1.6925% (up 1.25bp), and 1.8285% (down 0.80bp) respectively [2]. 3.3 Interest Rates - Short - term Interest Rates: The overnight silver - pledged repo rate is 1.3224% (up 1.07bp), and the 7 - day silver - pledged repo rate is 1.4000% (down 2.71bp) [2]. - LPR Rates: The 1 - year and 5 - year LPR rates are 3.00% and 3.5% respectively, both unchanged [2]. 3.4 Open Market Operations - The issuance scale of reverse repurchase is 175 billion, the maturity scale is 510 billion, and the interest rate is 1.4% for 7 - day reverse repurchase [2]. 3.5 Industry News - The state has taken temporary regulatory measures on refined oil prices for the first time in 13 years. The domestic refined oil price adjustment window opened at 24:00 on March 23. After regulation, gasoline and diesel prices increased by 1160 yuan and 1115 yuan per ton respectively [2]. - The second meeting of the "upgraded" China - EU export control dialogue mechanism was held, aiming to promote the stability and smoothness of the China - EU industrial chain and supply chain [3]. - The US - Iran negotiation is in a stalemate. Trump said that the US and Iran had a "strong" dialogue and would suspend attacks on its energy facilities for 5 days, but Iran denied it [3].