Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report suggests paying attention to the central bank's policy operations. It maintains a bullish view on the medium - term, advising to hold long - term positions and wait for buying opportunities on market pullbacks [1][3] Group 3: Market Conditions 1. Futures Market - On November 4, 2025, TS and TF continued to adjust, T and TL remained volatile. TL slightly rose, while the others slightly declined. TS2512 was at 102.494 (-0.016), TF2512 at 106.015 (-0.03), T2512 at 108.635 (-0.02), and TL2512 at 116.52 (+0.04) [1][4] 2. Position and Trading Volume - TS contract positions decreased by 347 to 83,306, TF decreased by 645 to 179,279, T increased by 2,275 to 290,431, and TL decreased by 885 to 178,880. TS main contract trading volume decreased by 5,311 to 19,329, TF decreased by 2,173 to 50,509, T increased by 933 to 66,835, and TL decreased by 11,856 to 86,971 [4] 3. Basis - TS basis (CTD) was -0.0397 (+0.009), TF basis (CTD) was -0.0523 (+0.0093), T basis (CTD) was -0.0002 (-0.124), and TL basis (CTD) was 0.2246 (+0.2307) [4] Group 4: Important Information - Lan Fo'an stated that not adding implicit debt should be regarded as an "iron - clad discipline". US Treasury Secretary Janet Yellen will attend the Supreme Court's oral argument on the legality of Trump's tariffs, emphasizing it as a "national security matter" [2] Group 5: Market Outlook - The stock market had a volume - shrinking adjustment, but the bond market's gains were limited. Long - term bonds basically maintained a volatile pattern. In the short term, there is a lack of trading hotspots. Attention should be paid to the central bank's monthly liquidity release announcement. If there is no bond purchase for the time being, buying opportunities can be grasped during market pullbacks [3] Group 6: Other Data - The funds were loose, with DR001 around 1.31%. The open - market reverse repurchase was 11.75 billion yuan, with a net withdrawal of 35.78 billion yuan [1]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report suggests paying attention to central bank policy operations. Given that the economic data in October continued to weaken, which may boost the expectation of monetary easing and be beneficial to the bond market, investors are advised to hold medium - term long positions and avoid chasing high in short - term trading [1][3] 3. Summary by Relevant Contents 3.1. Market Conditions - On Friday, Treasury bond futures with maturities within 10 years fluctuated. T slightly rose, TF and TS slightly fell, while TL opened higher and closed significantly higher. The funding situation was loose, with DR001 at around 1.32%. The open - market reverse repurchase was 35.51 billion yuan, with a net injection of 18.71 billion yuan [1] - A - share sentiment declined and continued to close lower, but it had little positive impact on the bond market. The official manufacturing PMI in October dropped significantly and was lower than expected, with new orders falling notably, indicating a contraction in demand and increased economic downward pressure, which pushed down long - term yields more significantly, while short - term interest rates declined to a limited extent [3] 3.2. Important Information - The official manufacturing PMI in October was 49, down from the previous value of 49.8. The PMIs of high - tech manufacturing, equipment manufacturing, and consumer goods industries were 50.5%, 50.2%, and 50.1% respectively, remaining in the expansion range and significantly higher than the overall manufacturing level [2] - Pan Gongsheng stated that policies and tools to address macro - economic and financial market fluctuations are being studied and reserved, and the "involution - style" competition and fund idling in the financial industry are being continuously rectified [2] 3.3. Futures Contracts Data | Contract | Price on 2025 - 10 - 31 | Price on 2025 - 10 - 30 | Price Change | Position on 2025 - 10 - 31 (lots) | Position on 2025 - 10 - 30 (lots) | Position Change (lots) | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.544 | 102.56 | - 0.016 | 84,178 | 84,235 | - 57 | | TF2512 | 106.065 | 106.075 | - 0.01 | 178,068 | 176,888 | 1,180 | | T2512 | 108.665 | 108.635 | 0.03 | 284,696 | 282,218 | 2,478 | | TL2512 | 116.64 | 116.19 | 0.45 | 182,844 | 183,707 | - 863 | [4] | Contract | Basis (CTD) on 2025 - 10 - 31 | Basis (CTD) on 2025 - 10 - 30 | Basis Change | Main Contract Trading Volume on 2025 - 10 - 31 (lots) | Main Contract Trading Volume on 2025 - 10 - 30 (lots) | Trading Volume Change (lots) | | --- | --- | --- | --- | --- | --- | --- | | TS | - 0.0721 | - 0.0759 | 0.0038 | 30,841 | 33,991 | - 3,150 | | TF | - 0.0427 | - 0.0675 | 0.0248 | 51,145 | 54,366 | - 3,221 | | T | 0.1084 | - 0.0425 | 0.1509 | 66,178 | 68,993 | - 2,815 | | TL | 0.0476 | 0.0738 | - 0.0262 | 103,750 | 128,226 | - 24,476 | [6] 3.4. Other Market Data - The report also includes charts and data on the basis and implied repo rate (IRR) of main Treasury bond futures contracts, long - term and ultra - long - term bond interest rate trends, deposit - taking institution financing rates and policy rates, exchange financing rates, inter - bank certificate of deposit yields, fund stratification, US Treasury yield trends, and the US - China yield spread and RMB exchange rate [7][10][11][13][16][18]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (A joint stock company incorporated in the People's Republic of China with limi ...

（於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司， 中 文 公 司 名 稱 為 南 華 期 貨 股 份 有 限 公 司，在 香 港 以 橫 華 國 際 的 名 義 開 展 業 務） 香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 公 告 的 內 容 概 不 負 責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （「本公司」） 警 告 本 公 告 乃 根 據 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 證 券 及 期 貨 事 務 監 察 委 員 會（「證監會」）的 要 求 而 刊 發，僅 用 作 向 香 港 公 眾 人 士 提 供 資 料。 閣 下 閱 覽 本 公 告，即 表 示 閣 下 知 悉、接 納 並 向 本 公 司、其 獨 家 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責， 對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Nanhua Futures Co., Ltd. 南華期貨股份有限公司 （於中華人民共和國註冊成立的股份有限公司，中文公司名稱為「南華期貨股份有限公司」， 在香港以橫華國際名義開展業務） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資訊予香港公眾人士。本申請版本為草擬本，其內所載資訊並不完整，亦可能會 作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接納並向南華期貨股份有限公司（「本公司」）、其獨家保薦人、整 體協調人、顧問、或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的 本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件 中的 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Nanhua Futures Co., Ltd. 南華期貨股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic of China with limited liability u ...

Report Industry Investment Rating - Not provided Core View - Focus on the central bank's bond - buying operations. Maintain a long - position idea for treasury bond futures, hold existing long positions at low levels, and avoid chasing high prices [1][3] Summary by Relevant Catalogs 1. Market Review - On Wednesday, treasury bond futures opened higher. Except for TL, all contracts maintained gains. TL weakened significantly in the afternoon and was the only one to close down. The marginal relaxation of the capital market led to the DR001 falling to around 1.41%. There were 557.7 billion yuan in open - market reverse repurchases, with a net withdrawal of 80.5 billion yuan [1] 2. Important News - The Wall Street Journal reported that leaders of China and the United States will discuss a trade framework to reduce US tariffs on Chinese goods, and the US may halve the current 20% fentanyl tariff on Chinese goods. Chinese Foreign Ministry announced that President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 local time [2] 3. Market Analysis - The stock market performed strongly today, with the broader market standing above 4,000 points again, but the bond market was unaffected. The yields of 1 - 3 - year spot bonds declined by 3 - 4bp. There were rumors that large banks were buying all new bonds issued this year with a maturity of less than 3 years. The game around the central bank's bond - buying operations mainly focused on the short - to - medium - term in recent days. Yesterday, the 3 - year yield declined the most, and today, it spread to bonds with a maturity of less than 3 years. Attention should be paid to whether the long - term yields can follow the decline after the short - term interest rates reach a certain level [3] 4. Treasury Bond Futures Daily Data | Contract | 2025 - 10 - 29 | 2025 - 10 - 28 | Today's Change | Contract Position (Lots) on 2025 - 10 - 29 | Contract Position (Lots) on 2025 - 10 - 28 | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.564 | 102.47 | 0.094 | 80,824 | 78,077 | 2,747 | | TF2512 | 106.06 | 105.905 | 0.155 | 175,746 | 162,038 | 13,708 | | T2512 | 108.58 | 108.425 | 0.155 | 282,522 | 274,231 | 8,291 | | TL2512 | 115.93 | 116.14 | - 0.21 | 185,819 | 185,933 | - 114 | | TS Basis (CTD) | - 0.0241 | - 0.0023 | - 0.0218 | TS Main Contract Trading Volume (Lots) | 56,118 | 39,423 | 16,695 | | TF Basis (CTD) | - 0.0746 | 0.085 | - 0.1596 | TF Main Contract Trading Volume (Lots) | 99,318 | 67,869 | 31,449 | | T Basis (CTD) | - 0.0279 | 0.1987 | - 0.2266 | T Main Contract Trading Volume (Lots) | 91,358 | 75,068 | 16,290 | | TL Basis (CTD) | - 0.0156 | 0.3712 | - 0.3868 | TL Main Contract Trading Volume (Lots) | 125,436 | 123,331 | 2,105 | [4]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report suggests paying attention to capital market sentiment. After today's rise, the prices of long - term varieties are approaching the upper limit of the oscillation range again, and there may not be enough momentum to break through in the short term. It is recommended to take partial profits tomorrow and keep some long positions for observation [1][3]. 3. Content Summaries by Related Catalogs 3.1. Disk Review On Monday, bond futures opened lower and rose in the morning, fluctuated in the afternoon, and closed up across the board. Spot bond yields declined across the board. Due to the end of the month, the capital market was tight, and DR001 rose to around 1.45%. The open - market reverse repurchase was 33.73 billion yuan, and MLF was renewed for 90 billion yuan, with a net injection of 34.83 billion yuan [1]. 3.2. Intraday News - China and the US have reached preliminary consensus on properly resolving multiple important economic and trade issues and will proceed with their respective domestic approval procedures [2]. - China and the US have reached a "very substantial framework", laying the foundation for the upcoming China - US leaders' meeting [2]. 3.3. Market Judgment Optimistic news from the weekend's China - US trade negotiations led to a sharp rise in the A - share market today, with the market index approaching 4000 points. Affected by the improved risk sentiment, bond futures opened lower. However, the news of a marginal interest rate cut in the morning's MLF renewal excited bond market bulls, so the bond market was not affected by the strong stock market. Considering the previous decline in the marginal interest rate of the repurchase, the central bank currently tends to use such tools to reduce institutional financing costs, and interest rate cuts and reserve requirement ratio cuts will be postponed [3]. 3.4. Bond Futures Data | Contract | 2025 - 10 - 27 Price | 2025 - 10 - 24 Price | Today's Change | 2025 - 10 - 27 Position | 2025 - 10 - 24 Position | Today's Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.382 | 102.334 | 0.048 | 76,175 | 76,425 | - 250 | | TF2512 | 105.735 | 105.615 | 0.12 | 156,966 | 151,744 | 5,222 | | T2512 | 108.145 | 108.015 | 0.13 | 263,730 | 261,298 | 2,432 | | TL2512 | 115.33 | 115.03 | 0.3 | 179,404 | 176,081 | 3,323 | | TS Basis (CTD) | 0.0123 | - 0.0118 | 0.0241 | - | - | - | | TF Basis (CTD) | - 0.0168 | - 0.0337 | 0.0169 | - | - | - | | T Basis (CTD) | 0.0235 | 0.0436 | - 0.0201 | - | - | - | | TL Basis (CTD) | 0.2081 | 0.136 | 0.0721 | - | - | - | | TS Main Contract Trading Volume | - | - | - | 29,975 | 26,194 | 3,781 | | TF Main Contract Trading Volume | - | - | - | 58,124 | 46,576 | 11,548 | | T Main Contract Trading Volume | - | - | - | 75,942 | 67,873 | 8,069 | | TL Main Contract Trading Volume | - | - | - | 113,706 | 127,270 | - 13,564 | [4]

Report Overview - Report Title: Treasury Bond Futures Daily Report - Report Date: October 23, 2025 - Analyst: Xu Chenxi (Investment Consulting License No.: Z0001908) - Investment Advisory Business Qualification: CSRC Permit [2011] 1290 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report suggests paying attention to capital market sentiment. The current capital market is waiting for the policy statements of the Fourth Plenary Session on the "15th Five-Year Plan" and the results of China-US trade negotiations. In the next two days, focus on the news from the Fourth Plenary Session. If the risk sentiment recovers, the bond market may reach further lows. The operation should still be based on a bullish mindset without chasing high prices [1][3] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, treasury bond futures opened lower, turned positive near noon, and weakened in the afternoon, with all varieties closing down. The short - end yields of spot bonds slightly decreased, while the long - end yields slightly increased. The funding situation was loose, with DR001 around 1.32%. There was a 212.5 billion yuan open - market reverse repurchase and a 120 billion yuan treasury cash fixed - deposit tender, resulting in a net injection of 96.5 billion yuan [1] 3.2 Market News - Trump said that he expects China and the US to reach a trade agreement at the APEC summit, but the leaders of the two countries may not meet. If the two sides fail to reach an agreement in the end, a 155% tariff will be imposed. - The Ministry of Commerce announced that Vice Premier He Lifeng will lead a delegation to Malaysia from October 24 to 27 to hold economic and trade consultations with the US [2] 3.3 Market Analysis - The market continued to fluctuate with the news. The A - share market weakened in the morning, recovered in the afternoon after the news of China - US economic and trade consultations in Malaysia, and continued to strengthen at the close, while the bond market declined accordingly [3] 3.4 Market Data | Contract | 2025 - 10 - 23 | 2025 - 10 - 22 | Today's Change | | --- | --- | --- | --- | | TS2512 | 102.342 | 102.352 | - 0.01 | | TF2512 | 105.665 | 105.715 | - 0.05 | | T2512 | 108.07 | 108.16 | - 0.09 | | TL2512 | 115.3 | 115.6 | - 0.3 | | TS Contract Position (lots) | 76,588 | 76,223 | + 365 | | TF Contract Position (lots) | 152,409 | 156,292 | - 3,883 | | T Contract Position (lots) | 262,198 | 269,637 | - 7,439 | | TL Contract Position (lots) | 175,682 | 178,780 | - 3,098 | | TS Basis (CTD) | - 0.0297 | - 0.0316 | + 0.0019 | | TF Basis (CTD) | - 0.0405 | - 0.0118 | - 0.0287 | | T Basis (CTD) | - 0.0074 | 0.1457 | - 0.1531 | | TL Basis (CTD) | 0.319 | 0.3552 | - 0.0362 | | TS Main Contract Trading Volume (lots) | 32,327 | 24,145 | + 8,182 | | TF Main Contract Trading Volume (lots) | 59,535 | 40,005 | + 19,530 | | T Main Contract Trading Volume (lots) | 76,898 | 66,248 | + 10,650 | | TL Main Contract Trading Volume (lots) | 136,162 | 113,354 | + 22,808 | [4]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report - The report suggests paying attention to capital market sentiment. It indicates a cautious sentiment in the current capital market, waiting for policy statements from the Fourth Plenary Session on the "15th Five-Year Plan" and the results of Sino-US trade negotiations. If the news significantly boosts A-share sentiment, there may be opportunities to go long on bond futures at low levels. The operation should be based on a bullish mindset without chasing high prices [1][3]. 3. Summary According to Relevant Catalogs 3.1. Disk Review - On Wednesday, bond futures fluctuated. Except for a slight decline in TS, other varieties closed higher. Spot bond yields fluctuated. The capital market was loose, with DR001 around 1.32%. The open market conducted 13.82 billion yuan in reverse repurchases, with a net injection of 9.47 billion yuan [1]. 3.2. Intraday News - The Ministry of Commerce held a roundtable meeting with foreign-funded enterprises, stating that it will legally approve compliant trade and maintain the stability of the global industrial chain and supply chain. - Minister Li Lecheng of the Ministry of Industry and Information Technology proposed to build a new narrative logic and discourse system for new industrialization [2]. 3.3. Market Judgment - Today, the previously popular sectors in the A-share market showed signs of restarting, but the trading volume was insufficient, and the breakthrough was unsuccessful. The bond market was slightly affected by the stock market during the day. Currently, the long-term bond price is near the upper edge of the range, waiting for guidance from the news. Tomorrow, pay attention to the news from the Fourth Plenary Session. If the news significantly boosts A-share sentiment, there may be opportunities to go long on bond futures at low levels. The operation should be based on a bullish mindset without chasing high prices [3]. 3.4. Daily Data of Treasury Bond Futures | Contract | 2025 - 10 - 22 | 2025 - 10 - 21 | Today's Change | Contract Position (Lots) on 2025 - 10 - 22 | Contract Position (Lots) on 2025 - 10 - 21 | Today's Change in Position | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.352 | 102.362 | -0.01 | 76,223 | 77,402 | -1,179 | | TF2512 | 105.715 | 105.695 | 0.02 | 156,292 | 156,544 | -252 | | T2512 | 108.16 | 108.12 | 0.04 | 269,637 | 265,904 | 3,733 | | TL2512 | 115.6 | 115.49 | 0.11 | 178,780 | 183,244 | -4,464 | | TS Basis (CTD) | -0.0316 | -0.0144 | -0.0172 | TS Main Contract Trading Volume (Lots) | 24,145 | 25,832 | -1,687 | | TF Basis (CTD) | -0.0118 | -0.0262 | 0.0144 | TF Main Contract Trading Volume (Lots) | 40,005 | 45,116 | -5,111 | | T Basis (CTD) | 0.1457 | 0.0253 | 0.1204 | T Main Contract Trading Volume (Lots) | 66,248 | 76,221 | -9,973 | | TL Basis (CTD) | 0.3552 | 0.2497 | 0.1055 | TL Main Contract Trading Volume (Lots) | 113,354 | 124,727 | -11,373 | [4]