近期市场波动较大，当前临近长假，在较大不确定性情况下，市场关注如何应对跨 节。 从季节性来看，国庆前后长债并不存在明显的季节性，而资金在节后则往往会季 节性宽松。从过去 4 年经验来看，国庆节后利率上升压力不大，国庆后首周 10 年 国债平均下行在 0.9bp，而整个 10 月相对于 9 月底，利率平均下行 0.2bp，其中 2022 年和 2024 年长债利率在 10 月均有所回落。而从资金状况来看，节后资金首 周或有季节性回落，往年经验来看，10 月资金也未有明显收紧。结合当前融资需 求不足，且央行对流动性保持呵护的情况，整体资金预计将继续保持宽松，R007 有望继续保持 1.4%-1.5%附近运行。 虽然说往年季节性如此，但每一年都有自己的特殊情况，因而也不好完全照搬。 从目前情况来看，宽松的资金面和偏弱的基本面依然是债市中期的安全保障。近 几个月融资需求偏弱，信贷保持同比少增，并且社融增速放缓。结合后续相对有限 的资产统计，即使考虑到 4 季度可能提前发行再融资债，如果假定提前增发 1 万 亿，那么政府债券供给也较去年少 0.7 万亿左右，因而预计资金将保持持续宽松， 资产荒有望加剧。同时，近期基本面 ...

国债期货周报 | 2025-09-28 政策预期反复与资金面波动交织，期债震荡走跌 市场分析 宏观面：（1）宏观政策：2025年8月1日，财政部与税务总局发布公告称，自2025年8月8日起，对在该日及以后新 发行的国债、地方政府债券和金融债券的利息收入将恢复征收增值税。此前已发行的上述债券（包括8月8日后续 发行的部分）仍享受免征增值税政策，直至到期；关税方面，中美发布斯德哥尔摩经贸会谈联合声明，自2025年8 月12日起再次暂停实施24%的关税90天；国务院第九次全体会议强调，采取有力措施巩固房地产市场止跌回稳态势， 培育壮大服务消费，加力扩大有效投资；9月10日，财政部长明确表示，"持续发力、适时加力实施更加积极有为 的宏观政策"；发改委也表示"不断释放内需潜力" 和 "推进重点行业产能治理"。（2）通胀：8月CPI同比下降0.4%。 资金面：（3）财政：8月末，M2同比增长8.8%，M1同比回升至6%，剪刀差连续收窄，显示资金活性增强，企业经 营活力改善。前八个月人民币贷款增加13.46万亿元，社融增量累计26.56万亿元，政府债券融资占比高企，反映企 业中长期融资需求仍偏弱。存款同比增长8.6%，信贷 ...

Monetary Policy Insights - The central bank's OMO net injection was CNY 640.6 billion, and MLF net injection was CNY 300 billion during the week of September 22-26, 2025[7] - The average DR001 in September remained below 1.4%, indicating stable liquidity despite the central bank's net withdrawal actions[28] - The central bank's Q3 monetary policy meeting maintained a positive tone, emphasizing the need to implement existing policies effectively[29] Market Behavior and Trends - The interbank market's cross-quarter progress reached 50.4%, exceeding the 20-24 year average by 7.7 percentage points, reflecting heightened risk aversion among institutions[20] - The average daily transaction volume of pledged repos increased to CNY 7.27 trillion, despite a notable drop on Friday[15] - Non-bank institutions showed a mixed trend in rigid financing, with a decrease in insurance and other products, while money market funds saw a significant increase[15] Government Debt and Financing - The net financing scale of government bonds in September was CNY 1.21 trillion, a decrease of approximately CNY 120 billion compared to August[4] - Upcoming government bond payments are expected to rise from CNY 910 billion to CNY 1.927 trillion, primarily concentrated on Monday[4] - The issuance plan for local government bonds in Q4 is projected at CNY 7.1 trillion, with a focus on new special bonds[4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week (9/22 - 9/26), bond market yields first rose and then fell, mainly driven by central bank open - market operations, end - of - quarter and holiday - related liquidity fluctuations, and stock - bond seesaw effects. As of 9/26, the yields of 30Y, 10Y (active bond), and 1Y treasury bonds changed by 3BP, 1BP, and 0BP respectively, closing at 2.22%, 1.80%, and 1.38%. The 30Y - 10Y and 10Y - 1Y term spreads changed by 2BP and 0.5BP respectively compared to last week, closing at 34BP and 49.5BP [1][8]. - Looking ahead to next week, the liquidity situation will face month - end and quarter - end challenges, but it is likely to return to equilibrium after the holiday. The fundamentals show mixed production indicators, mixed real - estate transaction year - on - year performance, and a comprehensive decline in the price index. The supply of interest - rate bonds decreased from 9/22 - 9/28. The central bank conducted net reverse - repurchase operations of 6406 billion yuan through 7 - day and 14 - day reverse repos and 6000 billion yuan of MLF to maintain end - of - month liquidity this week [2][3]. - The bond market is facing headwinds in a volatile environment, and there are mainly allocation opportunities. Next week, attention should be paid to the release of the September PMI data, the central bank's support for the liquidity during the month - end and quarter - end period, and the impact of the implementation of the new public - fund fee regulations on market sentiment [4]. 3. Summary According to the Catalog 3.1 This Week's Bond Market: Interest Rates First Rose and Then Fell, and the Yield Curve Remained Essentially Flat - From 9/22 - 9/26, bond market yields first rose and then fell. As of 9/26, the yields of 30Y, 10Y (active bond), and 1Y treasury bonds changed by 3BP, 1BP, and 0BP respectively, closing at 2.22%, 1.80%, and 1.38%. The 30Y - 10Y and 10Y - 1Y term spreads changed by 2BP and 0.5BP respectively compared to last week, closing at 34BP and 49.5BP. The 10Y yield movement was influenced by central bank support for end - of - quarter liquidity, increased market risk - aversion before the holiday, and market expectations regarding the new public - fund fee regulations [1][8]. - Specifically, on 9/22, bond market interest rates declined slightly. The central bank's net injection of 2605 billion yuan through 14D and 7D OMOs loosened the liquidity and boosted market sentiment. On 9/23, yields rose due to the central bank's shift from net injection to net withdrawal of 109 billion yuan and market concerns about the new public - fund regulations and tax - exemption policies. On 9/24, yields continued to rise as the stock market was strong and the central bank's 7D OMOs led to a net withdrawal. On 9/25, yields declined as the central bank injected 2965 billion yuan through 7D OMOs to support end - of - quarter liquidity. On 9/26, yields continued to decline as the central bank's net injection of 4115 billion yuan through 7D and 14D OMOs and the stock market adjustment before the holiday supported the bond market [26][27]. 3.2 Next Week's Outlook and Strategy 3.2.1 Bond Market Outlook: Liquidity Faces Month - End and Quarter - End Challenges, Likely to Return to Equilibrium after the Holiday - Fundamentals: Production indicators were mixed. The开工 rates of refined PTA and automobile semi - steel tires decreased by 0.355 and 0.08 percentage points respectively, while the blast - furnace开工 rate increased by 0.47 percentage points. On the demand side, overall demand recovered, but real - estate transactions were still mixed. The year - on - year change in the transaction area of commercial housing in 30 large - and medium - sized cities decreased by 6.57%, while that of land in 100 large - and medium - sized cities increased by 39.15%. Passenger - car sales also recovered with an increased margin, rising 10.36% year - on - year. The price index declined comprehensively. The average wholesale price of pork and the price index of edible agricultural products decreased by 0.94% and 0.1% respectively, the production - material price index decreased by 0.2%, and the crude - oil price decreased by 5.22% year - on - year [31][43][49]. - Supply: From 9/22 - 9/28, the issuance scale of interest - rate bonds decreased. The issuance of treasury bonds, local bonds, and inter - bank certificates of deposit (CDs) was 2475.3 billion yuan, 1960.51 billion yuan, and 7918.7 billion yuan respectively, a decrease of 2600.98 billion yuan compared to last week. The issuance progress of local bonds reached 84.3% (including the planned issuance next week), and the issuance progress of new special bonds and new general bonds was 84.3% and 84% respectively [2][64]. - Liquidity: From 9/22 - 9/26, the central bank conducted net reverse - repurchase operations of 6406 billion yuan through 7 - day and 14 - day reverse repos and 6000 billion yuan of MLF to maintain end - of - month liquidity. This week, the liquidity tightened marginally. DR001 and DR007 changed by - 15BP and 4BP respectively compared to 9/19, reaching 1.36% and 1.49%. The yields of 3M and 1Y CDs changed by about 1BP each, reaching 1.59% and 1.69%. The 1Y - 3M CD term spread remained at 10BP, and the 6M - 3M CD term spread expanded by 1BP to about 7BP. Next week, due to month - end, quarter - end, and the National Day holiday, the liquidity may tighten seasonally, but it is likely to return to equilibrium after the holiday with central bank support [3][70]. 3.2.2 Bond Market Strategy: Bond Market Faces Headwinds in a Volatile Environment, with Allocation Opportunities - Attention should be paid to three aspects: the release of September PMI data and the market's pricing of the expected upward repair of fundamentals; the central bank's support for liquidity during the month - end and quarter - end period; and the impact of the implementation of the new public - fund fee regulations on marginal redemptions and market expectations [80]. - Considering these factors, the potential for further downward pricing of fundamentals is limited compared to the expected upward repair. Although the bond market has shown some desensitization to the strong stock market since late August, risky assets such as stocks still suppress the bond market. The implementation of the new public - fund fee regulations may cause short - term negative feedback in the market, but the probability of significant redemptions disrupting the market is currently low. If there is a significant daily pulse of 2 - 4BP or more, it is advisable to seize the opportunity. Overall, the bond market is unlikely to experience a significant bear market, but short - term fluctuations may increase. The 1.8% level of the 10Y active bond offers good allocation value. In a volatile market, it is advisable to maintain an appropriate duration and increase allocations when yields are high. The short - end yields are likely to return to equilibrium after the month - end, with the policy rate (1.4%) as the lower limit. Currently, the short - end has reached 1.39%, so the odds of short - term profit - taking are limited. For the long - end, although the main trend has not changed significantly, short - term negative factors may accumulate, and fluctuations may increase. It is still recommended to seize the allocation opportunity at the 1.8% key level [4][5][87]. 3.3 Next Week's Open - Market Operations and Economic Calendar - Central bank open - market operations: In the past four weeks, the net injections (or withdrawals) were 4961 billion yuan, - 12047 billion yuan, 1961 billion yuan, 5623 billion yuan, and 9406 billion yuan respectively. Next week, there will be net withdrawals of 5166 billion yuan and 19508 billion yuan in one and two weeks respectively [88]. - Next week's fund calendar (9/29 - 10/5): The expected issuance of local government bonds is 526.97 billion yuan and 544.55 billion yuan on Thursday and Friday respectively. The maturity amounts of CDs are relatively high on Thursday and Friday. The maturity amounts of reverse repos are 2405 billion yuan and 2761 billion yuan on Thursday and Friday respectively. Thursday is a tax - payment week, and it is not a reserve - payment week [91]. - Next week's economic calendar: On September 30th at 9:30, the official non - manufacturing PMI, manufacturing PMI (market expectation: 50.10), and comprehensive PMI for September will be released [91].

Core Viewpoint - The article discusses the challenges of making investment decisions in the face of market fluctuations and the tendency to hope for a return to previous price levels, which can hinder timely actions [1]. Group 1: Market Conditions - The central bank conducted a significant operation with 1,658 billion yuan in 7-day reverse repos and 6,000 billion yuan in 14-day reverse repos, resulting in a net injection of 4,115 billion yuan into the market [3][5]. - The interbank funding rates showed a notable decline, with DR001 dropping over 15 basis points to around 1.32% and DR007 decreasing by 7 basis points to approximately 1.53% [3]. - The 10-year government bond yield fluctuated slightly, closing at 1.799% after reaching a low of 1.795% during the day [5][6]. Group 2: Financing Trends - The interbank certificates of deposit have seen a negative net financing for four consecutive months, which is expected to set a record for the longest continuous net repayment period [6]. - The reasons for this trend include a large amount of maturing debt, an increase in recent issuance rates from 1.6% to 1.7%, and weak loan demand [6]. Group 3: Bond Market Performance - The bond market exhibited mixed performance, with the sentiment being cautious in the morning session, leading to slight increases in yields [5]. - The trading volume for various repo rates showed significant changes, with R001 at 25,029.28 billion yuan, down by 36,410.45 billion yuan, and R007 at 31,317.05 billion yuan, up by 28,680.99 billion yuan [4][8].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Bonds remain a weak asset currently. At the end of September, first focus on changes in the funding situation and the equity market, and approach with a cautious mindset. Also, look ahead to the main - line switching process in the fourth quarter. In 2025, the bond market switched to a relatively clear main - line logic each quarter, and the main - line logic weakened at the end of each quarter. The trading main - line in the fourth quarter may switch to institutional behavior changes and interest - rate cut expectations successively, and the yield curve may show a pattern of steepening first and then flattening [17][18][19] 3. Summary by Relevant Catalog 3.1 Funds Price: Tightening of Quarter - End Funding - From September 19th to September 25th, the central bank made a net open - market injection of nearly 60 billion yuan. On September 22nd, it conducted 30 billion yuan of 14 - day reverse repurchase operations. During the statistical period, the overall funds price increased, with the DR007 rising to 1.6%, the R007 rising to 1.8%, and the 1 - year inter - bank certificate of deposit yield rising to 1.7%, the highest since early June [8] 3.2 Primary Market: Increase in Special Bond Issuance Scale - From September 19th to September 25th, 119 interest - rate bonds were issued in the primary market, with an actual issuance total of 708.6 billion yuan and a net financing amount of 77.2 billion yuan. On September 19th, 82 billion yuan of 30 - year special treasury bonds were re - issued at a price of 99.67 yuan, with an annual yield of 2.17%, higher than the secondary - market transaction price. The issuance scale of local special bonds increased seasonally at the end of the month. As of September 25th, 1.23 trillion yuan of ultra - long - term special treasury bonds had been issued in 2025, with about 70 billion yuan remaining to be issued; 3.66 trillion yuan of new local special bonds had been issued, with about 240 billion yuan remaining to be issued [10][11] 3.3 Secondary Market: Uptick in Yield Curve - From September 19th to September 25th, the treasury bond yield curve rose again, with increased intraday volatility. The main constraint on the bond market during this statistical period came from the news front. The market expected that the redemption fee adjustment for public bond funds was imminent, which led institutions to actively redeem bond funds. Additionally, the stock - bond seesaw effect still existed, and the relatively strong and volatile equity market also dampened bond market sentiment [12] 3.4 Market Outlook - **Fundamentals**: The bond market currently has low sensitivity to fundamentals. From an asset - allocation perspective, weak fundamentals imply a low return rate in the real economy. However, in the stage of low bond coupons and capital losses, bond - type assets also struggle to provide higher comprehensive returns, so the bond market's sensitivity to fundamentals has declined [17] - **Policy**: Incremental policies will mainly cover three directions. First, after the release of August economic data, market expectations for pro - growth policies have increased, with promoting consumption and expanding infrastructure likely to be key areas. The real - estate sector may also see partial relaxation. Second, the fund redemption fee adjustment plan will be officially implemented. Third, there is still a high expectation that the central bank will restart open - market bond purchases to maintain liquidity and stabilize the bond market, which may occur alongside the redemption fee adjustment to smooth out bond market fluctuations. Based on 2024 experience, the central bank mainly buys short - term bonds, so the yield curve is likely to steepen, and caution is needed for long - term bonds [17] - **Funds**: There is still pressure on the cross - quarter funding situation [18]

Market Performance - The majority of government bond futures closed lower, with the 30-year main contract rising by 0.11% to 114.110 yuan, hitting a new low since November 28, 2024, at 113.35 yuan during intraday trading [1] - The 10-year main contract fell by 0.01%, reaching a new low of 107.345 yuan since March 19, with an intraday decline of 0.26% [1] - The 5-year and 2-year main contracts both decreased by 0.01% [1] - The yields on major interbank bonds mostly increased, with the 10-year government development bond "25国开15" yield rising by 0.3 basis points to 1.9570% [1] - The 10-year government bond "25附息国债11" yield decreased by 0.8 basis points to 1.8070%, with an intraday high of 1.8360% [1] - The 30-year government bond "25超长特别国债02" yield remained unchanged at 2.1140%, with an intraday high of 2.1425% [1] Funding Conditions - The central bank announced a 7-day reverse repurchase operation of 483.5 billion yuan at a fixed rate of 1.40% on September 25, with a total bid amount of 483.5 billion yuan [2] - On the same day, 487 billion yuan of reverse repos matured, resulting in a net withdrawal of 3.5 billion yuan [2] - The central bank also planned to conduct a 600 billion yuan medium-term lending facility (MLF) operation on September 25, with a one-year term [2] - With 300 billion yuan of MLF maturing in September, the net MLF injection for the month will reach 300 billion yuan, marking the seventh consecutive month of increased MLF operations [2] - Overall, the MLF and reverse repurchase operations in September released a total of 600 billion yuan in medium-term liquidity, maintaining the same net injection scale as August [2] - Despite the central bank's actions, interbank market liquidity remains limited, with overnight repurchase rates rising nearly 4 basis points to around 1.47% [2] Operational Recommendations - The central bank's excess MLF operations have not significantly eased funding conditions, leading to a cautious sentiment in the bond market [3] - The bond market outlook remains mixed, influenced by market risk appetite, policies to expand domestic demand, and quarter-end institutional behaviors [3] - The central bank's potential resumption of government bond trading remains uncertain, and quarter-end funding fluctuations are expected to increase [3] - Without additional negative factors, the 10-year government bond yield is expected to operate within a high range of 1.8-1.83%, but short-term rate declines may be limited around 1.75% [3] - The T2512 contract is anticipated to fluctuate between 107.4 and 108.35, with 107.4 providing some support [3] - Investors are advised to focus on range trading strategies and maintain a quick entry and exit approach, while also considering participation in TL contract basis narrowing strategies [3]

国债期货日报 2025/09/25 徐晨曦（投资咨询证号：Z0001908） 投资咨询业务资格：证监许可【2011】1290 号 观点：关注央行态度 盘面点评： 周四期债早盘低开低走，午后大幅反弹，尾盘TL翻红，其余品种微跌。现券收益率日内波动较大，日终与昨 日相差不大。公开市场逆回购4835亿，超额续作MLF 3000亿，净投放2965亿。资金面仍然趋紧，DR001回 升至1.48%。 日内消息： 1. 贝森特：不理解鲍威尔为何"退缩"，敦促年底前降息100-150个基点，正在面试11位美联储主席候选人。 | | 2025-09-25 | 2025-09-24 | 今日涨跌 | | 2025-09-25 | 2025-09-24 | 今日变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.3 | 102.324 | -0.024 | TS合约持仓(手） | 76969 | 75884 | 1085 | | TF2512 | 105.475 | 105.54 | -0.065 | TF合约持仓(手） | 151433 | ...

Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. Core Viewpoint The bond market sentiment is fragile, and the recovery of risk appetite suppresses the bond market. Meanwhile, the continued expectation of the Fed's interest rate cuts and the increasing global trade uncertainty add to the uncertainty of foreign capital inflows. Overall, the bond market fluctuates between the expectations of stable growth and monetary easing. Short - term attention should be paid to the policy signals at the end of the month [3]. Summary by Relevant Catalogs I. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) has a 0.00% month - on - month change and a - 0.40% year - on - year change; China's PPI (monthly) has a 0.00% month - on - month change and a - 2.90% year - on - year change [9]. - The social financing scale is 433.66 trillion yuan, with a month - on - month increase of 2.40 trillion yuan and a growth rate of 0.56%. M2 year - on - year is 8.80%, with no month - on - month change. The manufacturing PMI is 49.40%, with a month - on - month increase of 0.10% and a growth rate of 0.20% [10]. - The dollar index is 97.85, with a day - on - day increase of 0.62 and a growth rate of 0.64%. The offshore dollar - to - RMB exchange rate is 7.1193, with a day - on - day increase of 0.005 and a growth rate of 0.07%. SHIBOR 7 - day is 1.59, with a day - on - day increase of 0.13 and a growth rate of 8.76%. DR007 is 1.59, with a day - on - day increase of 0.11 and a growth rate of 7.52%. R007 is 1.51, with a day - on - day decrease of 0.05 and a decline rate of 3.26%. The 3 - month inter - bank certificate of deposit (AAA) is 1.60, with a day - on - day increase of 0.01 and a growth rate of 0.82%. The AA - AAA credit spread (1Y) is 0.09, with a day - on - day increase of 0.00 and a growth rate of 0.82% [11]. II. Overview of the Treasury Bond and Treasury Bond Futures Market The report provides multiple charts related to the treasury bond and treasury bond futures market, including the closing price trend of the main continuous contracts of treasury bond futures, the price change rates of various treasury bond futures varieties, the trend of the settled funds of various treasury bond futures varieties, the proportion of open interest of various treasury bond futures varieties, etc. [15][17][19] III. Overview of the Money Market Liquidity The report presents charts on the trading statistics of inter - bank pledged repurchase and the issuance of local government bonds, as well as the Shibor interest rate trend and the yield - to - maturity trend of inter - bank certificates of deposit (AAA) [28][34]. IV. Spread Overview The report includes charts on the inter - delivery spread trend of various treasury bond futures varieties and the term spread of spot bonds and the cross - variety spread of futures [32][36][37]. V. Two - Year Treasury Bond Futures The report provides charts on the implied interest rate of the main contract of two - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TS main contract and the funding rate, and the three - year basis trend and net basis trend of the TS main contract [39][42][50]. VI. Five - Year Treasury Bond Futures The report offers charts on the implied interest rate of the main contract of five - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TF main contract and the funding rate, and the three - year basis trend and net basis trend of the TF main contract [52][56]. VII. Ten - Year Treasury Bond Futures The report contains charts on the implied yield of the main contract of ten - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the T main contract and the funding rate, and the three - year basis trend and net basis trend of the T main contract [59][61]. VIII. Thirty - Year Treasury Bond Futures The report provides charts on the implied yield of the main contract of thirty - year treasury bond futures and the yield to maturity of treasury bonds, the IRR of the TL main contract and the funding rate, and the three - year basis trend and net basis trend of the TL main contract [66][72]. Strategy - Unilateral: As the repurchase rate rebounds, the price of treasury bond futures fluctuates [4]. - Arbitrage: Pay attention to the decline of the 2512 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - position holders can moderately hedge with far - month contracts [4].

Group 1: Report Information - Report title: Treasury Bond Daily Report [1] - Date: September 25, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Market Data - **Treasury futures trading data on September 24**: All contracts showed price declines with varying degrees of fall and changes in trading volume, open interest, and positions. For example, TL2512 had a closing price of 114.070, a decline of 0.470 and a decrease of 0.41%. [6] Group 3: Market Review and Recommendations - **Market conditions**: Due to the central bank's net withdrawal of funds and insufficient support, the bond market sentiment was weak, and treasury futures fell across the board. The yields of major interest - rate bonds in the inter - bank market rose, with larger increases in the medium - and long - term. The 10 - year treasury bond active bond 250011 yield rose 2.2bp to 1.82%. [8][9] - **Funding market**: The pressure on the money market increased slightly, with a net withdrawal of funds in the open market. There were 4185 billion yuan of reverse repurchase maturities, and the central bank conducted 4015 billion yuan of reverse repurchase operations, resulting in a net withdrawal of 170 billion yuan. Short - term interest rates mostly rose, while medium - and long - term funds remained stable. [10] - **Conclusion**: In August, the national economic activities weakened, with consumption slowing down and the decline in the real estate market expanding again. The necessity for China's monetary policy to follow the Fed's easing in September is low. The policy may focus on expanding fiscal and credit policies and real estate support, which will bring disturbances to the bond market. However, the suppression of the stock market on the bond market may ease. The bond market may still lack a breakthrough, and investors should be patient and wait for better allocation opportunities. Attention should be paid to the central bank's MLF renewal and cross - quarter funds, and the approaching long holiday may trigger risk - aversion sentiment and stabilize the bond market. [11][12] Group 4: Industry News - The central bank announced that the 1 - year and 5 - year LPR remained unchanged at 3.0% and 3.5% respectively, in line with market expectations. Some believe that policy rates and LPR may be cut by the end of the year. [13] - Deputy Premier He Lifeng met with a US congressional delegation, expressing the hope to promote the stable, healthy, and sustainable development of Sino - US economic and trade relations. [13] - As of the end of June this year, China's banking industry's total assets were nearly 470 trillion yuan, ranking first in the world. The stock and bond markets ranked second, and foreign exchange reserves ranked first for 20 consecutive years. During the 14th Five - Year Plan period, financial risks were generally controllable, and policies were optimized to support the real estate market and resolve financing platform debt risks. [14] - On September 22, the National Financial Regulatory Administration established a coordination mechanism for urban real estate financing, with over 7 trillion yuan in loans for "whitelist" projects, supporting the construction and delivery of nearly 20 million housing units. [15] Group 5: Data Overview - **Treasury futures**: Including information on the main contract's inter - period spread, inter - variety spread, and price trends [16][17][18] - **Money market**: Information on SHIBOR term structure changes, trends, and inter - bank repurchase rates [31][35] - **Derivatives market**: Information on Shibor3M and FR007 interest rate swap fixed - rate curves [37]