Report Summary 1. Market Performance - On January 8th, the four major A-share stock indexes showed slight corrections. The Shanghai Composite Index dropped 0.07% to close at 4082.98 points, the Shenzhen Component Index fell 0.51% to 13959.48 points, and the ChiNext Index declined 0.82% to 3302.31 points. The STAR 50 Index rose 0.82% to 1455.17 points. The market turnover was 28,263 billion yuan, a decrease of 553 billion yuan from the previous day [2]. - In terms of industry sectors, National Defense and Military Industry (+4.18%), Media (+2%), and Building Decoration (+1.76%) led the gains, while Non-bank Finance (-2.81%), Non-ferrous Metals (-1.56%), and Communication (-0.95%) led the losses. In terms of market strength, IM > IC > IH > IF, with the number of rising, flat, and falling stocks being 3,730, 144, and 1,588 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large, and retail investors had net capital inflows of -145, -229, 22, and 352 billion yuan respectively, with changes of +69, +29, -49, and -48 billion yuan respectively [2]. 2. Stock Index Futures - The basis of the next-month contracts of IM, IC, IF, and IH were 91.19, 45.34, 11.45, and 1.26 points respectively, with annualized basis yields of -10.21%, -5.13%, -2.16%, and -0.36%, and three-year historical quantiles of 41%, 51%, 43%, and 44% respectively [3]. - The trading strategy is to maintain a long - term view of being bullish on the economy. Currently, using stock index futures as a long - position alternative has certain excess returns. It is recommended to allocate long - term contracts of various varieties on dips [3]. 3. Treasury Bond Futures - On January 8th, interest rate bonds rebounded. Among the active contracts, TS rose 0.02%, TF rose 0.09%, T rose 0.15%, and TL rose 0.37% [3]. - For the current active 2603 contract: the CTD bond of the 2 - year Treasury bond futures is 250017.IB, with a yield change of -1bps, a corresponding net basis of 0.019, and an IRR of 1.37%; the CTD bond of the 5 - year Treasury bond futures is 2500801.IB, with a yield change of -3bps, a corresponding net basis of 0.015, and an IRR of 1.39%; the CTD bond of the 10 - year Treasury bond futures is 250018.IB, with a yield change of -1.65bps, a corresponding net basis of -0.002, and an IRR of 1.48%; the CTD bond of the 30 - year Treasury bond futures is 210005.IB, with a yield change of -2bps, a corresponding net basis of -0.04, and an IRR of 1.65% [4]. - In terms of the money supply, the central bank injected 99 billion yuan and had no money withdrawal, resulting in a net injection of 99 billion yuan [4]. - The medium - to long - term trading strategy suggests hedging T and TL contracts on rallies, considering the upward risk appetite and the expectation of economic recovery [4]. 4. Economic Data - High - frequency data shows that the prosperity levels of manufacturing, real estate, import - export, and social activities are currently lower than in previous periods, while the prosperity level of infrastructure is similar to that of previous periods [11].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For stock index futures, the report maintains a long - term bullish view on the economy and suggests buying long - term contracts of various varieties on dips [3]. - For bond futures, considering the upward risk appetite and economic recovery expectations in the medium and long term, it is recommended to hedge T and TL contracts on rallies [3]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures and Spot Market Performance - On January 7th, the four major A - share stock indexes all rose, with the Shanghai Composite Index up 0.05% (4085.77 points), the Shenzhen Component Index up 0.06% (14030.56 points), the ChiNext Index up 0.31% (3329.69 points), and the STAR 50 Index up 0.99% (1443.39 points). Market turnover was 28,816 billion yuan, an increase of 493 billion yuan from the previous day [2]. - In terms of industry sectors, non - ferrous metals (+0.3%), non - bank finance (- 1.13%), and basic chemicals (+0.28%) had significant changes. From a market strength perspective, IC>IM>IF>IH. The number of rising, flat, and falling stocks was 2,164, 107, and 3,188 respectively. Institutional, main, large - scale, and retail investors' net inflows of funds in the Shanghai and Shenzhen stock markets were - 214, - 258, 71, and 401 billion yuan respectively, with changes of - 247, - 48, +121, and +174 billion yuan [2]. - The basis of the next - month contracts of IM, IC, IF, and IH were 91.22, 43.68, 15.67, and 2.92 points respectively, and the annualized basis yields were - 9.95%, - 4.78%, - 2.83%, and - 0.8% respectively, with three - year historical quantiles of 42%, 53%, 38%, and 40% respectively [3]. - The report provides detailed data on the performance of various stock index futures contracts such as IC2601, IF2601, etc., including price, trading volume, open interest, basis, and annualized basis yield [5]. 3.2 Treasury Bond Futures and Spot Market Performance - On January 7th, interest - rate bonds weakened. Among the active contracts, TS fell 0.03%, TF fell 0.06%, T fell 0.08%, and TL fell 0.44% [3]. - For the current active 2603 contract, the CTD bond information of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures is provided, including yield changes, net basis, and IRR [3]. - In terms of the money supply, the central bank's currency injection was 286 billion yuan, currency withdrawal was 5,288 billion yuan, and the net withdrawal was 5,002 billion yuan [3]. - The report also presents detailed data on the performance of various treasury bond futures contracts such as TS2603, TF2603, etc., including price, trading volume, open interest, net basis, and CTD bond implicit interest rate [6]. 3.3 Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is currently lower than in the past, while the prosperity of infrastructure is similar to that in the past [9].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For stock index futures, maintain the judgment of going long on the economy in the medium - to - long term, and recommend bargain - hunting allocation of forward contracts of various varieties [2] - For treasury bond futures, with the upward risk appetite and the expectation of economic recovery in the medium - to - long term, it is recommended to hedge T and TL contracts on rallies [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures - **Market Performance**: On December 29th, the four major A - share stock indexes showed mixed performance. The Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.49%, the ChiNext Index fell 0.66%, and the Science and Technology Innovation 50 Index rose 0.04%. Market turnover was 21,577 billion yuan, a decrease of 234 billion yuan from the previous day. In terms of industry sectors, petroleum and petrochemicals (+1.48%), national defense and military industry (+1.43%), and banks (+1.03%) led the gains; non - ferrous metals (-1.95%), public utilities (-1.24%), and power equipment (-1.13%) led the losses. From the perspective of market strength, IM > IH > IC > IF. The number of rising/flat/falling stocks was 1,993/139/3,325 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net capital inflows of - 21.1 billion, - 27.2 billion, 8.6 billion, and 39.6 billion yuan respectively, with changes of - 19.4 billion, - 4.7 billion, +14.4 billion, and +9.7 billion yuan respectively [2] - **Basis and Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH was 93.96, 51.61, 18.57, and - 2.17 points respectively, and the annualized basis yields were - 9.1%, - 5.11%, - 2.94%, and 0.52% respectively, with three - year historical quantiles of 48%, 51%, 36%, and 54% respectively [2] - **Trading Strategy**: In the medium - to - long term, maintain the judgment of going long on the economy, and it is recommended to allocate forward contracts of various varieties on dips [2] 3.2 Treasury Bond Futures - **Market Performance**: On December 29th, the trend of interest - rate bonds was weak. Among the active contracts, TS fell 0.07%, TF fell 0.18%, T fell 0.28%, and TL fell 0.91% [2] - **Cash Bonds**: The current active contract is the 2603 contract. For the 2 - year treasury bond futures, the CTD bond is 250017.IB, with a yield change of +0.6 bps, a corresponding net basis of 0.024, and an IRR of 1.48%; for the 5 - year treasury bond futures, the CTD bond is 2500801.IB, with a yield change of +4.25 bps, a corresponding net basis of - 0.022, and an IRR of 1.7%; for the 10 - year treasury bond futures, the CTD bond is 250018.IB, with a yield change of +3.15 bps, a corresponding net basis of 0.05, and an IRR of 1.36%; for the 30 - year treasury bond futures, the CTD bond is 210005.IB, with a yield change of +6 bps, a corresponding net basis of - 0.082, and an IRR of 1.9% [2] - **Funding Situation**: In terms of open - market operations, the central bank injected 482.3 billion yuan of currency and withdrew 67.3 billion yuan, with a net injection of 415 billion yuan [2] - **Trading Strategy**: In the medium - to - long term, with the upward risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [2] 3.3 Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is temporarily lower than in previous periods, while the prosperity of infrastructure is similar to that in previous periods [8]

Report Overview - The report is a financial futures morning report released by China Merchants Futures Co., Ltd. on December 29, 2025, covering the performance and trading strategies of stock index futures and treasury bond futures [1] 1. Stock Index Futures Market Performance - On December 26, most of the four major A-share stock indexes rose, with the Shanghai Composite Index up 0.1% to 3,963.68 points, the Shenzhen Component Index up 0.54% to 13,603.89 points, and the ChiNext Index up 0.14% to 3,243.88 points. The STAR 50 Index fell 0.24% to 1,345.83 points [2] - Market turnover was 2.1811 trillion yuan, an increase of 237.2 billion yuan from the previous day [2] - In terms of industry sectors, non-ferrous metals (+3.69%), power equipment (+1.4%), and steel (+1.34%) led the gains, while electronics (-0.71%), light manufacturing (-0.61%), and communications (-0.6%) led the losses [2] - In terms of market strength, IC > IH > IM > IF, and the number of rising/flat/falling stocks was 1,865/186/3,406 respectively [2] - In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net capital inflows of -1.7 billion, -22.5 billion, -5.7 billion, and 30 billion yuan respectively, with changes of +4 billion, -7.8 billion, -1.1 billion, and +4.9 billion yuan respectively [2] Basis and Basis Annualized Yield - The basis of the next - month contracts of IM, IC, IF, and IH was 75.53, 43.44, 15.24, and -1.8 points respectively, and the basis annualized yields were -7.09%, -4.16%, -2.34%, and 0.42% respectively. The three - year historical quantiles were 55%, 57%, 42%, and 53% respectively [2] Trading Strategy - In the medium to long term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - position substitute has certain excess returns. It is recommended to allocate long - term contracts of each variety on dips [3] 2. Treasury Bond Futures Market Performance - On December 25, the trend of interest - rate bonds was weak. Among the active contracts, TS fell 0.02%, TF fell 0.03%, T fell 0.02%, and TL fell 0.24% [3] Cash Bond - The current active contract is the 2603 contract. For the 2 - year treasury bond futures, the CTD bond is 250017.IB, with a yield change of -0.8 bps, a corresponding net basis of -0.018, and an IRR of 1.56%. For the 5 - year treasury bond futures, the CTD bond is 2500801.IB, with a yield change of +1.25 bps, a corresponding net basis of -0.062, and an IRR of 1.76%. For the 10 - year treasury bond futures, the CTD bond is 250018.IB, with a yield change of +0.55 bps, a corresponding net basis of -0.038, and an IRR of 1.65%. For the 30 - year treasury bond futures, the CTD bond is 210005.IB, with a yield change of +0.5 bps, a corresponding net basis of 0.267, and an IRR of 0.56% [3] Fundamentals - In terms of open - market operations, the central bank injected 177.1 billion yuan and withdrew 88.3 billion yuan, with a net injection of 88.8 billion yuan [3] Trading Strategy - In the medium to long term, with the upward shift of risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [3] 3. Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, import and export, and social activities is temporarily lower than in previous periods, while the prosperity of infrastructure is similar to previous periods [11]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For stock index futures, maintain the judgment of going long on the economy in the medium - to - long term, and recommend allocating long - term contracts of each variety on dips [2] - For treasury bond futures, in the medium - to - long term, with the upward risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [2] 3. Summary by Relevant Catalogs (1) Stock Index Futures - **Market Performance**: On December 25th, most of the four major A - share stock indexes rose. The Shanghai Composite Index rose 0.47% to 3959.62 points; the Shenzhen Component Index rose 0.33% to 13531.41 points; the ChiNext Index rose 0.3% to 3239.34 points; the Science and Technology Innovation 50 Index fell 0.23% to 1349.06 points. Market turnover was 19,439 billion yuan, an increase of 467 billion yuan from the previous day. Defense industry (+2.91%), light industry manufacturing (+1.59%), and machinery equipment (+1.51%) led the gains; comprehensive (-1.12%), non - ferrous metals (-0.77%), and commercial retail (-0.47%) led the losses. In terms of market strength, IM>IC>IH>IF. The numbers of rising/flat/falling stocks were 3,768/220/1,469 respectively. The net inflows of institutional, main, large - scale, and retail investors in the Shanghai and Shenzhen stock markets were - 57, - 147, - 47, and 251 billion yuan respectively, with changes of - 171, - 38, +104, and +104 billion yuan respectively [2] - **Basis and Annualized Yield**: The basis of the next - month contracts of IM, IC, IF, and IH were 105.78, 54.11, 23.94, and 0.04 points respectively, and the annualized basis yields were - 9.69%, - 5.07%, - 3.58%, and - 0.01% respectively. Their three - year historical quantiles were 44%, 51%, 30%, and 48% respectively [2] - **Trading Strategy**: In the medium - to - long term, maintain the judgment of going long on the economy. Currently, using stock index futures as a long - term substitute has certain excess returns, and it is recommended to allocate long - term contracts of each variety on dips [2] (2) Treasury Bond Futures - **Market Performance**: On December 25th, the trend of interest - rate bonds was weak. Among the active contracts, TS fell 0.02%, TF fell 0.03%, T fell 0.02%, and TL fell 0.24% [2] - **Cash Bonds**: The current active contract is the 2603 contract. The CTD bond of the 2 - year treasury bond futures is 250017.IB, with a yield change of - 0.8bps, a corresponding net basis of - 0.018, and an IRR of 1.56%; the CTD bond of the 5 - year treasury bond futures is 2500801.IB, with a yield change of +1.25bps, a corresponding net basis of - 0.062, and an IRR of 1.76%; the CTD bond of the 10 - year treasury bond futures is 250018.IB, with a yield change of +0.55bps, a corresponding net basis of - 0.038, and an IRR of 1.65%; the CTD bond of the 30 - year treasury bond futures is 210005.IB, with a yield change of +0.5bps, a corresponding net basis of 0.267, and an IRR of 0.56% [2] - **Funding**: In open - market operations, the central bank injected 177.1 billion yuan and withdrew 88.3 billion yuan, with a net injection of 88.8 billion yuan [2] - **Trading Strategy**: In the medium - to - long term, with the upward risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [2] (3) Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, and social activities is temporarily lower than in previous periods, and further observation is needed [8]

金融研究 2025年12月25日 星期四 金融期货早班车 招商期货有限公司 市场表现：12 月 24 日，A 股四大股指继续反弹，其中上证指数上涨 0.53%，报收 3940.95 点；深 成指上涨 0.88%，报收 13486.42 点；创业板指上涨 0.77%，报收 3229.58 点；科创 50 指数上涨 0.9%， 报收 1352.13 点。市场成交 18,972 亿元，较前日减少 241 亿元。行业板块方面，国防军工(+2.88%)， 电子(+2.12%)，建筑材料(+1.72%)涨幅居前；农林牧渔(-0.85%)，煤炭(-0.7%)，食品饮料(-0.36%) 跌幅居前。从市场强弱看，IM>IC>IF>IH，个股涨/平/跌数分别为 4,125/200/1,132。沪深两市，机构、 主力、大户、散户全天资金分别净流入 114、-110、-151、147 亿元，分别变动+273、+53、-204、 -122 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 115.78、74.64、29.66 与 0.58 点，基差年化收益率分 别为-10.42%、-6.86%、-4.32%与-0.1 ...

金融研究 2025年12月22日 星期一 金融期货早班车 招商期货有限公司 市场表现：12 月 19 日，A 股四大股指反弹，其中上证指数上涨 0.36%，报收 3890.45 点；深成指 上涨 0.66%，报收 13140.21 点；创业板指上涨 0.49%，报收 3122.24 点；科创 50 指数上涨 0.2%， 报收 1308.59 点。市场成交 17,487 亿元，较前日增加 719 亿元。行业板块方面，商贸零售(+3.66%)， 综合(+2.22%)，轻工制造(+2.17%)涨幅居前；银行(-0.44%)，电子(-0.29%)，煤炭(-0.29%)跌幅居前。 从市场强弱看，IC>IM>IF>IH，个股涨/平/跌数分别为 4,476/79/901。沪深两市，机构、主力、大户、 散户全天资金分别净流入 55、-100、-123、167 亿元，分别变动+168、+79、-124、-123 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 44.21、26.95、16.18 与-2.46 点，基差年化收益率分别 为-7.94%、-4.95%、-4.66%与 1.08%，三年期历史分位数分 ...

2025年12月17日 星期三 金融期货早班车 招商期货有限公司 市场表现：12 月 16 日，A 股四大股指有所回调，其中上证指数下跌 1.11%，报收 3824.81 点；深成 指下跌 1.51%，报收 12914.67 点；创业板指下跌 2.1%，报收 3071.76 点；科创 50 指数下跌 1.94%， 报收 1293.38 点。市场成交 17,481 亿元，较前日减少 463 亿元。行业板块方面，商贸零售(+1.32%)， 美容护理(+0.66%)，社会服务(+0.13%)涨幅居前；通信(-2.95%)，综合(-2.81%)，有色金属(-2.81%) 跌幅居前。从市场强弱看，IH>IF>IC>IM，个股涨/平/跌数分别为 1,090/66/4,299。沪深两市，机构、 主力、大户、散户全天资金分别净流入-269、-252、81、439 亿元，分别变动-101、-60、+43、+117 亿元。 股指期货 基差：IM、IC、IF、IH 次月合约基差分别为 64.22、41.92、17.55 与 9.19 点，基差年化收益率分别 为-10.16%、-6.8%、-4.44%与-3.53%，三年期历史分位数 ...

Group 1: Report Overview - Report date: December 16, 2025 [1] - Report issuer: China Merchants Futures Co., Ltd. [1] Group 2: Market Performance A-share Market - On December 15, the four major A-share indexes pulled back. The Shanghai Composite Index fell 0.55% to 3867.92 points, the Shenzhen Component Index dropped 1.1% to 13112.09 points, the ChiNext Index declined 1.77% to 3137.8 points, and the STAR 50 Index decreased 2.22% to 1318.91 points. Market turnover was 1.7944 trillion yuan, a decrease of 324.6 billion yuan from the previous day [2]. - In terms of industry sectors, non-bank finance (+1.59%), commerce and trade retail (+1.49%), and agriculture, forestry, animal husbandry and fishery (+1.24%) led the gains, while electronics (-2.42%), communication (-1.89%), and media (-1.63%) led the losses [2]. - In terms of market strength, IH > IF > IC > IM. The number of rising/flat/falling stocks was 2313/176/2965 respectively. In the Shanghai and Shenzhen stock markets, institutional, main, large - scale, and retail investors had net inflows of -16.8 billion, -19.2 billion, 3.8 billion, and 32.2 billion yuan respectively, with changes of -14 billion, -13.1 billion, +16.2 billion, and +10.9 billion yuan respectively [2]. Stock Index Futures - The basis of the next - month contracts of IM, IC, IF, and IH were 73.88, 53.16, 24.26, and 8.47 points respectively. The annualized basis yields were -10.99%, -8.12%, -5.79%, and -3.08% respectively, and the three - year historical quantiles were 36%, 30%, 20%, and 26% respectively [3]. Bond Futures - On December 15, interest - rate bonds performed weakly. Among the active contracts, TS fell 0.01%, TF dropped 0.03%, T declined 0.12%, and TL decreased 0.99% [3]. Short - term Capital Market - In open - market operations, the central bank injected 130.9 billion yuan and withdrew 122.3 billion yuan, resulting in a net injection of 8.6 billion yuan [3]. Group 3: Trading Strategies Stock Index Futures - In the medium - to - long term, maintain the judgment of going long on the economy. Currently, using stock indexes as a long - position substitute has certain excess returns. It is recommended to allocate long - term contracts of various varieties on dips [3]. Bond Futures - In the medium - to - long term, with the upward shift of risk appetite and the expectation of economic recovery, it is recommended to hedge T and TL contracts on rallies [3]. Group 4: Market Data Tables Stock Index Futures and Spot Market Performance - The table shows detailed data such as the code, name, change percentage, current price, trading volume, and basis of various stock index futures and spot products [6]. Bond Futures and Spot Market Performance - The table presents data including the code, name, change percentage, current price, trading volume, and net basis of various bond futures and spot products [8]. Short - term Capital Interest Rate Market Changes - The table shows the current price, previous price, price one week ago, and price one month ago of SHIBOR overnight [11]. Group 5: Economic Data - High - frequency data shows that the prosperity of manufacturing, real estate, and social activities is currently lower than in previous periods, and further observation is needed [11].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In the medium to long term, the report maintains a bullish view on the economy and suggests that using stock index futures as a long - term alternative can yield certain excess returns. It recommends buying long - term contracts of various varieties on dips. For bond futures, considering the upward trend of risk appetite and the expectation of economic recovery, it suggests hedging on rallies for T and TL contracts [3]. 3. Summary by Directory 3.1 Market Performance - On December 10th, the four major A - share stock indices showed mixed performance. The Shanghai Composite Index fell 0.23% to close at 3900.5 points, the Shenzhen Component Index rose 0.29% to 13316.42 points, the ChiNext Index fell 0.02% to 3209 points, and the STAR 50 Index fell 0.03% to 1346.7 points. Market turnover was 17,916 billion yuan, a decrease of 1,261 billion yuan from the previous day. In terms of industry sectors, real estate (+2.53%), commerce and retail (+1.97%), and social services (+1.22%) led the gains, while banks (-1.58%), power equipment (-0.87%), and computers (-0.63%) led the losses. In terms of market strength, IC > IM > IF > IH, and the number of rising, flat, and falling stocks were 2,433, 178, and 2,841 respectively. Net inflows of institutional, main force, large - investor, and retail funds in the Shanghai and Shenzhen stock markets were - 59 billion yuan, - 141 billion yuan, 26 billion yuan, and 174 billion yuan respectively, with changes of +98 billion yuan, +62 billion yuan, - 22 billion yuan, and - 138 billion yuan respectively [2]. - On December 10th, interest - rate bonds stabilized and rose. Among the active contracts, TS rose 0.04%, TF rose 0.06%, T rose 0.06%, and TL rose 0.3% [3]. 3.2 Stock Index Futures - **Basis and Annualized Yield**: The basis of IM, IC, IF, and IH next - month contracts were 118.24, 90.19, 34.23, and 14.04 points respectively, with annualized basis yields of - 15.35%, - 12.12%, - 7.17%, and - 4.52% respectively, and three - year historical quantiles of 14%, 14%, 15%, and 21% respectively [3]. - **Trading Strategy**: In the medium to long term, maintain a bullish view on the economy. Using stock index futures as a long - term alternative can yield certain excess returns. Recommend buying long - term contracts of various varieties on dips [3]. 3.3 Bond Futures - **Spot Bonds**: The current active contract is the 2603 contract. The CTD bond of the 2 - year bond futures is 250017.IB, with a yield change of - 1.05bps, a corresponding net basis of - 0.046, and an IRR of 1.62%; the CTD bond of the 5 - year bond futures is 2500801.IB, with a yield change of - 0.45bps, a corresponding net basis of - 0.09, and an IRR of 1.79%; the CTD bond of the 10 - year bond futures is 250018.IB, with a yield change of - 0.3bps, a corresponding net basis of - 0.023, and an IRR of 1.54%; the CTD bond of the 30 - year bond futures is 220008.IB, with a yield change of - 1.15bps, a corresponding net basis of 0.011, and an IRR of 1.43% [3]. - **Funding Situation**: In open - market operations, the central bank injected 189.8 billion yuan and withdrew 79.3 billion yuan, resulting in a net injection of 110.5 billion yuan [3]. - **Trading Strategy**: In the medium to long term, considering the upward trend of risk appetite and the expectation of economic recovery, suggest hedging on rallies for T and TL contracts [3]. 3.4 Economic Data - High - frequency data shows that at the beginning of December, the manufacturing and real - estate sectors were less prosperous than in previous periods, while import and export data were relatively strong. Further observation is needed [10].