今日，国债期货全线大涨！

Core Viewpoint - The article discusses the recent surge in the bond market driven by rising global risk aversion following the announcement of "reciprocal tariffs" by U.S. President Trump, which has led to increased demand for U.S. Treasury futures and domestic bond futures [1][3][7]. Group 1: U.S. Bond Market Performance - On April 3, U.S. Treasury futures experienced significant gains across all maturities, with 2-year futures up by 0.16%, 5-year futures up by 0.48%, 10-year futures up by 0.74%, and long-term futures up by 1.32% [3][4]. - Since March 28, the 10-year U.S. Treasury futures have cumulatively risen nearly 2%, while long-term Treasury futures have increased over 3% [4][5]. Group 2: Domestic Bond Market Performance - The domestic bond market has also shown strong performance, with the 30-year Treasury futures rising by 0.86% on April 2 and over 1% on April 3. The 10-year futures increased by 0.51%, 5-year futures by 0.38%, and 2-year futures by 0.15% [5][6]. Group 3: Market Reactions to Tariff Announcements - Trump's announcement of "reciprocal tariffs" has heightened market risk aversion, leading to a decline in U.S. stock futures and a drop in the dollar, while U.S. Treasury yields fell sharply and gold prices rose, indicating typical safe-haven trading behavior [7]. - The market sentiment is expected to remain under pressure, particularly for sectors with high exposure to external demand, although strong domestic demand could provide a counterbalance [7]. Group 4: Investment Strategy and Outlook - The current volatility in the bond market has increased the operational difficulty for bond investors, necessitating a higher level of research and analysis from investment managers [8]. - Despite recent improvements in economic indicators, the overall impact of tariff policies on exports remains uncertain, and the bond market may lack strong upward or downward momentum in the short term [8][9].