格林大华期货早盘提示：国债-20260326

Group 1: Report Industry Investment Rating - The report gives a "shock" rating for treasury bonds. [1] Group 2: Core Viewpoints of the Report - The treasury bond futures market showed a sideways fluctuation on Wednesday, and the short - term treasury bond futures may fluctuate. Traders are advised to conduct band operations. [1][2] Group 3: Summary by Relevant Catalogs 1. Market Review - On Wednesday, most of the main contracts of treasury bond futures opened higher, slightly rushed up and then fluctuated and declined. By the close, the 30 - year treasury bond futures main contract TL2606 rose 0.01%, the 10 - year T2606 remained flat, the 5 - year TF2606 remained flat, and the 2 - year TS2606 rose 0.02%. [1] 2. Important Information - Open Market Operations: On Wednesday, the central bank carried out 78.5 billion yuan of 7 - day reverse repurchase operations, with 20.5 billion yuan of reverse repurchases maturing on the same day. It also carried out 500 billion yuan of 1 - year MLF operations, with 450 billion yuan of MLF maturing. The central bank's net investment on that day was 108 billion yuan. [1] - Funds Market: On Wednesday, the overnight interest rate in the inter - bank funds market remained low. The weighted average of DR001 throughout the day was 1.32%, the same as the previous trading day; the weighted average of DR007 throughout the day was 1.44%, compared with 1.41% in the previous trading day. [1] - Cash Bond Market: On Wednesday, 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 0.11 BP to 1.31%, that of 5 - year treasury bonds fell 0.47 BP to 1.57%, that of 10 - year treasury bonds fell 0.39 BP to 1.82%, and that of 30 - year treasury bonds remained flat at 2.35%. [1] - International News: According to the Iranian Students' News Agency on the 25th, Iran rejected the US - proposed cease - fire agreement. Iran put forward five conditions for a cease - fire, including a complete stop to aggression and assassinations, ensuring that war will not be imposed on Iran again, war reparations, ending the war on all fronts and by all resistance organizations, and recognizing Iran's sovereignty over the Strait of Hormuz. [1] 3. Market Logic - In the first two months of this year, the growth rates of fixed - asset investment, export, and social retail sales all exceeded market expectations, and the growth of added value of industrial enterprises above the designated size also exceeded expectations. The year - on - year decline in the sales area of new homes continued to be large, and the overall price of second - hand homes continued to decline month - on - month. The real estate market is still in the process of bottom - hunting. On March 18th, the central bank pointed out that it would guide and regulate the interest rate level according to the economic and financial situation and macro - economic operation. [1] 4. Market Performance of Other Indexes - On Wednesday, the Wind All A Index gapped higher, rose in the early session and then traded sideways until the close, closing a small positive line, up 1.79%. The trading volume was 2.19 trillion yuan, a slight increase from 2.10 trillion yuan in the previous trading day. [2] 5. Trading Strategy - Traders are advised to conduct band operations. [2]