1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the A - share market rebounded continuously. Vanke's debt extension dragged down the bond market sentiment. On Friday, rumors that the six major banks stopped selling five - year large - value certificates of deposit and cut the interest rates of three - year deposit products led to an increase in domestic interest - rate cut expectations, causing a slight rebound in the bond market. Overall, the bond market first declined and then rebounded, while ultra - long bonds continued to fall. The trading activity of ultra - long bonds remained stable and was very active. The term spread of ultra - long bonds remained flat, and the variety spread narrowed [1][3][11]. - For the 30 - year treasury bond, as of November 30, the spread between the 30 - year and 10 - year treasury bonds was 34BP, at a historically low level. Considering the economic data and other factors, the bond market is more likely to fluctuate at a low level, and the spread repair between the 30 - year and 10 - year bonds is expected to end [2][12]. - For the 20 - year CDB bond, as of November 30, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 12BP, at a historically extremely low level. Given the economic situation, the bond market is likely to fluctuate at a low level, and the variety spread of the 20 - year CDB bond is expected to have narrow - range fluctuations [3][13]. 3. Summary by Relevant Catalogs 3.1 Weekly Review 3.1.1 Ultra - long Bond Review - The A - share market rebounded continuously last week. Vanke's debt extension affected the bond market sentiment. The rumor of banks' deposit - product adjustments on Friday led to a slight rebound in the bond market. Ultra - long bonds continued to fall. Trading was active, with stable activity. The term spread remained flat, and the variety spread narrowed [1][11]. 3.1.2 Ultra - long Bond Investment Outlook - **30 - year Treasury Bond**: The 30 - 10 spread is at a low level. In October, economic downward pressure increased, with GDP growth slowing and deflation risks. The bond market is likely to have low - level fluctuations, and the spread repair is expected to end [2][12]. - **20 - year CDB Bond**: The 20 - year CDB - treasury spread is extremely low. Similar to the 30 - year situation, the bond market is likely to fluctuate at a low level, and the CDB bond variety spread is expected to have narrow - range fluctuations [3][13]. 3.1.3 Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 24.3 trillion. Local government bonds and treasury bonds are the main varieties. By remaining maturity, the 30 - year variety has the highest proportion [14]. 3.2 Primary Market 3.2.1 Weekly Issuance - Last week, the issuance of ultra - long bonds increased significantly, reaching 173.5 billion yuan. By variety, local government bonds dominated. By term, 30 - year bonds had the largest issuance [19]. 3.2.2 This Week's Planned Issuance - The announced issuance plan for this week is 55.8 billion yuan, including 27 billion yuan of ultra - long treasury bonds and 28.8 billion yuan of ultra - long local government bonds [25]. 3.3 Secondary Market 3.3.1 Trading Volume - Last week, ultra - long bonds were actively traded, with a turnover of 913.6 billion yuan, accounting for 11.3% of all bonds. Compared with the previous week, the overall turnover decreased slightly, but there were different trends among varieties [27]. 3.3.2 Yield - The bond market first declined and then rebounded last week, and ultra - long bonds continued to fall. Yields of different - term bonds changed, and yields of representative individual bonds also changed [37][41]. 3.3.3 Spread Analysis - **Term Spread**: It remained flat last week, with an absolute low level. The 30 - 10 treasury bond spread was 34BP, unchanged from the previous week [48]. - **Variety Spread**: It narrowed last week, with an absolute low level. The 20 - year CDB - treasury spread was 12BP, and the 20 - year railway bond - treasury spread was 18BP [49]. 3.4 30 - year Treasury Bond Futures - Last week, the 30 - year treasury bond futures main contract TL2603 closed at 114.46 yuan, a decrease of 0.81%. Trading volume and open interest increased significantly compared with the previous week [54].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Last week, the A-share market rebounded continuously. Vanke's debt extension once dragged down bond market sentiment. On Friday, it was reported that the six major banks stopped selling five-year large - denomination certificates of deposit and lowered the interest rates of three - year deposit products, which increased the expectation of domestic interest rate cuts and led to a slight rebound in the bond market. Overall, the bond market first declined and then rebounded, while ultra - long bonds continued to fall. The trading activity of ultra - long bonds remained stable and was very active. The term spread of ultra - long bonds remained flat, and the variety spread narrowed [1][11][37]. - The current bond market is more likely to fluctuate at a low level. The economic stabilization since last Q4 mainly comes from the central government's leverage increase. Considering the low probability of additional treasury bond issuance in Q4 this year, the growth rate of government bond financing is expected to continue to decline, and the domestic economy in Q4 remains under pressure. Also, the absolute level of interest rates is low, the market is desensitized to positive factors, and investor sentiment has recently weakened [2][3][12][13]. Summary by Relevant Catalog Weekly Review Ultra - long Bond Review - The A - share market rebounded continuously last week. Vanke's debt extension affected bond market sentiment. On Friday, news of interest rate adjustments increased the expectation of interest rate cuts, causing a slight rebound in the bond market. Overall, ultra - long bonds fell, trading activity was stable and active, the term spread remained flat, and the variety spread narrowed [1][11][37]. Ultra - long Bond Investment Outlook - **30 - year Treasury Bonds**: As of November 30, the spread between 30 - year and 10 - year treasury bonds was 34BP, at a historically low level. In October, the economic downward pressure increased, with GDP growth estimated at about 4.2% year - on - year, a 1.1% decline from September. CPI was 0.2%, and PPI was - 2.1%, indicating deflation risk. The bond market is likely to fluctuate at a low level, and the spread repair is expected to end [2][12]. - **20 - year CDB Bonds**: As of November 30, the spread between 20 - year CDB bonds and 20 - year treasury bonds was 12BP, at a historically extremely low level. The economic situation in October was similar to that for 30 - year bonds. The bond market is likely to fluctuate at a low level, and the variety spread of 20 - year CDB bonds is expected to have narrow - range fluctuations [3][13]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds is 24.3 trillion. As of November 30, the total amount of ultra - long bonds with a remaining maturity of over 14 years was 243,416 billion (excluding asset - backed securities and project revenue notes), accounting for 15.1% of all bonds. Local government bonds and treasury bonds are the main varieties [14]. - By variety, treasury bonds account for 26.8% (65,243 billion), local government bonds account for 67.8% (165,015 billion), and other varieties account for a small proportion [14]. - By remaining maturity, the 30 - year variety accounts for the highest proportion. The amount in the 14 - 18 - year range is 60,963 billion (25.0%), 18 - 25 - year is 70,852 billion (29.1%), 25 - 35 - year is 97,548 billion (40.1%), and over 35 - year is 14,055 billion (5.8%) [14]. Primary Market Weekly Issuance - Last week (November 24 - 28, 2025), the issuance of ultra - long bonds increased sharply, with a total issuance of 1,735 billion yuan. Compared with the previous week, the total issuance increased significantly [19]. - By variety, local government bonds issued 1,732 billion yuan, and corporate bonds issued 3 billion yuan, while other varieties issued 0 billion yuan [19]. - By term, 15 - year bonds issued 482 billion yuan, 20 - year bonds issued 367 billion yuan, 30 - year bonds issued 887 billion yuan, and 50 - year bonds issued 0 billion yuan [19]. This Week's Scheduled Issuance - The announced issuance plan for ultra - long bonds this week is 558 billion yuan. Among them, ultra - long treasury bonds are 270 billion yuan, and ultra - long local government bonds are 288 billion yuan [25]. Secondary Market Trading Volume - Last week, the trading of ultra - long bonds was very active, with a trading volume of 9,136 billion yuan, accounting for 11.3% of all bond trading volume. By variety, ultra - long treasury bonds accounted for 33.9% of all treasury bond trading volume, ultra - long local bonds accounted for 50.3% of all local bond trading volume, ultra - long policy - financial bonds accounted for 0.2% of all policy - financial bond trading volume, and ultra - long government agency bonds accounted for 24.4% of all government agency bond trading volume [27]. - Compared with the previous week, the trading volume of ultra - long bonds decreased by 125 billion yuan, with the proportion remaining unchanged. The trading volume of ultra - long treasury bonds increased by 385 billion yuan, the proportion decreased by 1.8%; the trading volume of ultra - long local bonds decreased by 470 billion yuan, the proportion decreased by 3.4%; the trading volume of ultra - long policy - financial bonds increased by 14 billion yuan, the proportion increased by 0.1%; the trading volume of ultra - long government agency bonds increased by 2 billion yuan, the proportion increased by 11.7% [27]. Yield - Last week, the bond market first declined and then rebounded, and ultra - long bonds continued to fall. For treasury bonds, the yields of 15 - year, 20 - year, 30 - year, and 50 - year bonds changed by 3BP, 4BP, 3BP, and 5BP to 2.09%, 2.20%, 2.19%, and 2.36% respectively. For CDB bonds, the corresponding yields changed by 3BP, 3BP, 2BP, and 5BP to 2.21%, 2.32%, 2.32%, and 2.49% respectively. For local bonds, the yields of 15 - year, 20 - year, and 30 - year bonds changed by 5BP, 7BP, and 7BP to 2.33%, 2.41%, and 2.41% respectively. For railway bonds, the yields of 15 - year, 20 - year, and 30 - year bonds changed by 3BP, 4BP, and 4BP to 2.29%, 2.37%, and 2.42% respectively [37]. Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds remained flat, with an absolute low level. The spread between 30 - year and 10 - year treasury bonds was 34BP, unchanged from the previous week, at the 15th percentile since 2010 [48]. - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed, with an absolute low level. The spread between 20 - year CDB bonds and treasury bonds was 12BP, and the spread between 20 - year railway bonds and treasury bonds was 18BP, changing by - 1BP and 0BP respectively from the previous week, at the 10th and 13th percentiles since 2010 [49]. 30 - year Treasury Bond Futures - Last week, the main contract of 30 - year treasury bond futures, TL2603, closed at 114.46 yuan, a decrease of 0.81%. The total trading volume was 92,500 lots (17,365 lots), and the open interest was 147,400 lots (38,082 lots). The trading volume and open interest increased significantly compared with the previous week [54].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, the bond market rose significantly due to factors such as the central bank governor's announcement to resume open - market treasury bond trading, the Sino - US summit consensus, and the Fed's interest rate cut. The decline of ultra - long bonds was slightly less, and the curve steepened. The trading activity of ultra - long bonds decreased slightly but remained very active. The term spread of ultra - long bonds narrowed, and the variety spread widened [1][10]. - Considering the domestic economic situation and the central bank's policy, the probability of a bond market rebound is high. The 30 - 10 spread of treasury bonds and the variety spread of 20 - year CDB bonds are expected to compress [2][3]. Summary by Directory Weekly Review Ultra - long Bond Review - Last week, the bond market soared. The decline of ultra - long bonds was slightly less, the curve steepened. Trading activity decreased slightly but was still very active. The term spread narrowed, and the variety spread widened [1][10]. Ultra - long Bond Investment Outlook - **30 - year Treasury Bonds**: As of October 31, the 30 - 10 spread was 35BP, at a historically low level. With economic downward pressure and deflation risks, the bond market is likely to rebound, and the 30 - 10 spread is expected to compress [2][11]. - **20 - year CDB Bonds**: As of October 31, the 20 - year CDB - treasury spread was 15BP, at a historically extremely low position. Given economic conditions, the bond market is likely to rebound, and the variety spread is expected to compress again [3][12]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds was 23.9 trillion. Local government bonds and treasury bonds were the main varieties. The 30 - year variety had the highest proportion [13]. Primary Market Weekly Issuance - Last week, the issuance volume of ultra - long bonds decreased. A total of 105.1 billion yuan of ultra - long bonds were issued, mainly local government bonds. By term, 15 - year bonds were 25.3 billion, 20 - year were 30.8 billion, and 30 - year were 49 billion [19]. This Week's Pending Issuance - The announced ultra - long bond issuance plan this week is 62.9 billion yuan, including 20 billion of ultra - long treasury bonds, 41.4 billion of ultra - long local government bonds, and 1.5 billion of ultra - long medium - term notes [25]. Secondary Market Trading Volume - Last week, ultra - long bonds were very actively traded, with a turnover of 1.0428 trillion yuan, accounting for 11.2% of all bond turnover. Trading activity decreased slightly. Compared with the previous week, the turnover increased by 11.2 billion yuan, and the proportion decreased by 0.3% [28]. Yield - Due to multiple factors, the bond market rose, and the decline of ultra - long bonds was slightly less. The yields of different - term and different - type bonds changed accordingly. For example, the 30 - year treasury bond active bond 25 ultra - long special treasury bond 02's yield changed by - 3.9BP to 2.07% [41][42]. Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds narrowed, and the absolute level was low. The 30 - 10 spread of benchmark treasury bonds was 35BP, 1BP lower than the previous week, at the 15% quantile since 2010 [48]. - **Variety Spread**: Last week, the variety spread of ultra - long bonds widened, and the absolute level was low. The 20 - year CDB - treasury spread and 20 - year railway bond - treasury spread changed by 3BP and 6BP respectively, at the 12% and 13% quantiles since 2010 [50]. 30 - year Treasury Bond Futures - Last week, the 3 - year treasury bond futures' main variety TL2512 closed at 116.68 yuan, an increase of 1.45%. The total trading volume was 678,600 lots (- 14,457 lots), and the open interest was 182,800 lots (+ 6,763 lots). The trading volume decreased significantly, and the open interest increased slightly [55].

Report Industry Investment Rating No information provided. Core Viewpoints - The GDP growth rate in Q3 was 4.8% year-on-year, in line with expectations, but the year-on-year growth rates of fixed asset investment and total retail sales of consumer goods in September continued to decline, indicating short-term economic pressure. With the initiation of China-US dialogue, Europe's support for a ceasefire in the Russia-Ukraine conflict, and the Shanghai Composite Index reaching new highs, the bond market slightly corrected, and ultra-long bonds declined slightly. The trading activity of ultra-long bonds decreased slightly last week, but remained very active. Both the term spread and variety spread of ultra-long bonds narrowed last week [1][3][10]. - Considering the economic data, the probability of a bond market rebound is high. With the low probability of additional treasury bond issuance in Q4, the government bond financing growth rate is expected to continue to decline, and the domestic economy will still face pressure. The 30-10 spread is expected to compress periodically, and the variety spread of 20-year CDB bonds is also expected to compress again in the short term [2][3][11]. Summary by Directory Weekly Review - **Ultra-long Bond Review**: The Q3 GDP growth rate was 4.8% year-on-year, meeting expectations, but the year-on-year growth rates of fixed asset investment and total retail sales of consumer goods in September continued to decline, indicating short-term economic pressure. The bond market slightly corrected, and ultra-long bonds declined slightly. The trading activity of ultra-long bonds decreased slightly but remained very active. Both the term spread and variety spread of ultra-long bonds narrowed [1][10]. - **Ultra-long Bond Investment Outlook**: As of October 26, the spread between 30-year treasury bonds and 10-year treasury bonds was 36BP, at a historically low level. The spread between 20-year CDB bonds and 20-year treasury bonds was 12BP, at a historically extremely low level. Considering the economic data, the probability of a bond market rebound is high. The 30-10 spread is expected to compress periodically, and the variety spread of 20-year CDB bonds is also expected to compress again in the short term [2][3][11]. - **Ultra-long Bond Basic Overview**: As of September 30, the balance of ultra-long bonds with a remaining term of over 14 years was 23.7802 trillion yuan, accounting for 15.0% of the total bond balance. Local government bonds and treasury bonds are the main varieties. By remaining term, the 30-year variety has the highest proportion [13]. Primary Market - **Weekly Issuance**: The issuance volume of ultra-long bonds surged last week. A total of 118.1 billion yuan of ultra-long bonds were issued, all of which were local government bonds. By term, 12.6 billion yuan had a 15-year term, 37.7 billion yuan had a 20-year term, and 67.8 billion yuan had a 30-year term [18]. - **This Week's Planned Issuance**: The planned issuance volume of ultra-long bonds announced this week is 105.1 billion yuan, all of which are ultra-long local government bonds [24]. Secondary Market - **Trading Volume**: The trading of ultra-long bonds was very active last week, with a trading volume of 1.0317 trillion yuan, accounting for 11.5% of the total bond trading volume. The trading activity of ultra-long bonds decreased slightly. Compared with the previous two weeks, the trading volume decreased by 47.5 billion yuan, and the proportion decreased by 0.3% [27]. - **Yield**: The Q3 GDP growth rate was 4.8% year-on-year, meeting expectations, but the year-on-year growth rates of fixed asset investment and total retail sales of consumer goods in September continued to decline, indicating short-term economic pressure. The bond market slightly corrected, and ultra-long bonds declined slightly. The yields of 15-year, 20-year, 30-year, and 50-year treasury bonds changed by 3BP, 3BP, 1BP, and 4BP respectively, reaching 2.09%, 2.20%, 2.21%, and 2.29%. The yields of 15-year, 20-year, 30-year, and 50-year CDB bonds changed by 2BP, 3BP, 1BP, and 4BP respectively, reaching 2.20%, 2.32%, 2.38%, and 2.45% [3][35]. - **Spread Analysis**: The term spread of ultra-long bonds narrowed last week, and the absolute level was low. The variety spread of ultra-long bonds also narrowed, and the absolute level was low. The 30-year - 10-year spread of treasury bonds was 36BP, 2BP lower than the previous two weeks, at the 17% quantile since 2010. The spreads between 20-year CDB bonds and treasury bonds and between 20-year railway bonds and treasury bonds were 12BP and 13BP respectively, with changes of 0BP and -6BP compared to the previous two weeks, at the 10% and 9% quantiles since 2010 [41][46]. 30-Year Treasury Bond Futures - The main contract of 30-year treasury bond futures, TL2512, closed at 115.01 yuan, a decrease of 0.74%. The total trading volume was 693,100 lots (-28,779 lots), and the open interest was 176,100 lots (-8,882 lots). Both the trading volume and open interest decreased slightly compared to the previous two weeks [48].

Report Industry Investment Rating No relevant content provided Core Viewpoints of the Report - The ultra-long bonds started a rebound after an over - decline. The 9 - month PMI announced last week seasonally rebounded, with a net injection of 300 billion yuan in 3 - month repurchase agreements, and the Sino - US trade friction escalated again. After reaching a new high, the long - term bond yields quickly declined, and the ultra - long bonds rebounded slightly. [1][3][6][31] - In the short term, the bond market is expected to rebound after an over - decline. For the 30 - year treasury bonds, considering the widening of the 30 - 10 term spread, it is expected that the yield of the 30 - year variety will have a larger downward space in the rebound. For the 20 - year CDB bonds, considering the widening of the variety spread between the 20 - year CDB bonds and treasury bonds, it is expected that the yield of the 20 - year CDB bonds will have a larger downward space in the rebound. [2][7][8] Summary by Relevant Catalogs Ultra - long Bond Review - The 9 - month PMI announced last week seasonally rebounded, with a net injection of 300 billion yuan in 3 - month repurchase agreements, and the Sino - US trade friction escalated again. After reaching a new high, the long - term bond yields quickly declined, and the ultra - long bonds rebounded slightly. [1][3][6] - Against the background of the National Day holiday, the trading activity of ultra - long bonds decreased slightly last week, but overall trading remained active. [1][6] - Last week, the term spread of ultra - long bonds widened, and the variety spread narrowed. [1][3][6] Ultra - long Bond Investment Outlook 30 - year Treasury Bonds - As of October 12, the spread between 30 - year and 10 - year treasury bonds was 41BP, at a historically low level. [2][7] - In August, the downward pressure on the domestic economy continued to increase. The estimated year - on - year GDP growth rate in August was about 3.8%, continuing to decline from July. In terms of inflation, the CPI in August was - 0.4%, and the PPI was - 2.9%, with deflation risks remaining. [2][7][8] - In the short term, the bond market is expected to rebound after an over - decline. The domestic economic operation pressure was high in July and August, and the monetary policy is expected to continue to be relaxed. The current 10 - 1 term spread of 40BP is above the historical median, reflecting a relatively neutral economic expectation, and the upward pressure on the long - end is not large under the stable monetary policy. The A - share market still shows a structural market feature, and the emotional suppression of the stock market on the bond market has weakened. Considering the widening of the 30 - 10 term spread of treasury bonds recently, it is expected that the yield of the 30 - year variety will have a larger downward space in the rebound. [2][7] 20 - year CDB Bonds - As of October 12, the spread between 20 - year CDB bonds and 20 - year treasury bonds was 8BP, at a historically extremely low level. [2][8] - Similar to the 30 - year treasury bonds, in the short term, the bond market is expected to rebound after an over - decline. Considering the widening of the variety spread between the 20 - year CDB bonds and treasury bonds recently, it is expected that the yield of the 20 - year CDB bonds will have a larger downward space in the rebound. [2][8] Ultra - long Bond Basic Overview - As of September 30, the balance of ultra - long bonds with a remaining maturity of more than 14 years was 23.7802 trillion yuan (excluding asset - backed securities and project revenue notes), accounting for 15.0% of the total bond balance. Local government bonds and treasury bonds are the main varieties of ultra - long bonds. [9] - By remaining maturity, the 25 - 35 - year (inclusive) variety accounts for the highest proportion, at 39.9%. [9] Primary Market Weekly Issuance - Last week (from September 29 to October 12, 2025), the issuance volume of ultra - long bonds dropped sharply. A total of 4.72 billion yuan of ultra - long bonds were issued, a significant decrease compared with the previous week. [3][14] - By variety, 3 billion yuan of treasury bonds and 1.72 billion yuan of local government bonds were issued, while the issuance of other varieties was 0. [14] - By term, 140 million yuan with a 15 - year term, 480 million yuan with a 20 - year term, 1.1 billion yuan with a 30 - year term, and 3 billion yuan with a 50 - year term were issued. [14] This Week's Planned Issuance - The announced issuance plan of ultra - long bonds this week totals 5.77 billion yuan, including 4 billion yuan of ultra - long treasury bonds and 1.77 billion yuan of ultra - long local government bonds. [19] Secondary Market Trading Volume - Last week, the trading of ultra - long bonds was very active, with a trading volume of 568.9 billion yuan, accounting for 12.0% of the total bond trading volume. [21] - The trading activity of ultra - long bonds decreased slightly last week. Compared with the previous week, the trading volume of ultra - long bonds decreased by 685.6 billion yuan, and the proportion decreased by 1.4%. [22] Yield - The 9 - month PMI announced last week seasonally rebounded, with a net injection of 300 billion yuan in 3 - month repurchase agreements, and the Sino - US trade friction escalated again. After reaching a new high, the long - term bond yields quickly declined, and the ultra - long bonds rebounded slightly. [31] - For treasury bonds, the yields of 15 - year, 20 - year, 30 - year, and 50 - year bonds changed by - 4BP, - 2BP, 2BP, and - 1BP respectively, reaching 2.07%, 2.19%, 2.23%, and 2.27%. [31] - For CDB bonds, the yields of 15 - year, 20 - year, 30 - year, and 50 - year bonds changed by - 1BP, - 1BP, 3BP, and - 1BP respectively, reaching 2.19%, 2.28%, 2.36%, and 2.43%. [31] Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds widened, and the absolute level was low. The spread between 30 - year and 10 - year treasury bonds was 41BP, a change of 7BP from the previous week, at the 25% quantile since 2010. [40] - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed, and the absolute level was low. The spread between 20 - year CDB bonds and treasury bonds was 9BP, and the spread between 20 - year railway bonds and treasury bonds was 15BP, changing by 1BP and - 3BP respectively from the previous week, at the 8% and 10% quantiles since 2010. [46] 30 - year Treasury Bond Futures - Last week (from October 5 to October 12), the main contract of 30 - year treasury bond futures, TL2512, closed at 113.97 yuan, a decrease of 0.03%. [49] - The total trading volume of 30 - year treasury bond futures was 524,800 lots (- 217,682 lots), and the open interest was 173,400 lots (1,695 lots). The trading volume decreased significantly compared with the previous week, while the open interest increased slightly. [49]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the bond market tumbled again. Despite weak July economic data, the stock market reached 3700 points, suppressing bonds and causing ultra - long bonds to plunge, with the 30 - year Treasury yield hitting a short - term high. The trading activity of ultra - long bonds increased slightly, the term spread widened, and the variety spread narrowed [1][11][43]. - In the short term, the bond market will face a game between expectations and reality. The 10 - year Treasury will oscillate in the range of [1.65%, 1.75%]. The weak real fundamentals support the bond market, while policy changes and investor sentiment suppress it. Currently, the term spread of 30 - year Treasuries and the variety spread of 20 - year CDB bonds are both low, with limited spread protection [2][3][12]. Summary by Relevant Catalogs Weekly Review Ultra - long Bond Review - Last week, the bond market tumbled. Weak economic data in July, including rapid declines in consumption and investment and negative credit growth, were overshadowed by the stock market's rise to 3700 points, which comprehensively suppressed bonds. Ultra - long bonds plunged, and the 30 - year Treasury yield reached a short - term high. Trading activity increased slightly, the term spread widened, and the variety spread narrowed [1][11][43]. Ultra - long Bond Investment Outlook - **30 - year Treasury**: As of August 15, the spread between 30 - year and 10 - year Treasuries was 29BP, at a historically low level. In July, the economy faced downward pressure, with GDP growth at about 4.3% and deflation risks. The 10 - year Treasury will oscillate in the [1.65%, 1.75%] range. The current term spread is low, with limited protection [2][12]. - **20 - year CDB Bond**: As of August 15, the spread between 20 - year CDB bonds and 20 - year Treasuries was 2BP, at a historically extremely low level. Similar to the 30 - year Treasury situation, the short - term bond market faces a game between expectations and reality, and the current variety spread is low, with limited protection [3][13]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds exceeded 22.8 trillion. As of July 31, the total amount of ultra - long bonds with a remaining term of over 14 years was 228,873 billion, accounting for 14.7% of all bonds. Local government bonds and Treasuries were the main varieties. In terms of remaining term, the 30 - year variety had the highest proportion [14]. Primary Market Weekly Issuance - Last week (August 11 - 15, 2025), the issuance of ultra - long bonds decreased significantly, with a total of 565 billion yuan. By variety, Treasuries were 350 billion, local government bonds were 178 billion, etc. By term, 20 - year bonds had the largest issuance at 436 billion [19]. This Week's Pending Issuance - The announced issuance plan for ultra - long bonds this week totals 2,953 billion. By variety, ultra - long Treasuries are 830 billion, and ultra - long local government bonds are 2,123 billion [26]. Secondary Market Trading Volume - Last week, ultra - long bonds were actively traded, with a turnover of 13,309 billion, accounting for 14.6% of all bonds. Compared with the previous week, the trading activity increased slightly, with the turnover and proportion of most varieties increasing [29]. Yield - Last week, the bond market tumbled. The 30 - year Treasury yield hit a short - term high. Yields of various ultra - long bonds increased, with the 30 - year Treasury yield rising by 9BP to 2.05%, and the 20 - year CDB bond yield rising by 6BP to 2.09% [43]. Spread Analysis - **Term Spread**: Last week, the term spread of ultra - long bonds widened but remained at a low absolute level. The 30 - year - 10 - year Treasury spread was 29BP, up 3BP from the previous week, at the 12% quantile since 2010 [51]. - **Variety Spread**: Last week, the variety spread of ultra - long bonds narrowed and was at a low absolute level. The spreads between 20 - year CDB bonds and Treasuries, and 20 - year railway bonds and Treasuries were 2BP and 6BP respectively, down 3BP and 5BP from the previous week, at the 3% and 4% quantiles since 2010 [52]. 30 - year Treasury Futures - Last week, the main 30 - year Treasury futures contract TL2509 closed at 117.48 yuan, a decline of 1.54%. The total trading volume was 870,600 lots, and the open interest was 151,500 lots, with trading volume increasing significantly and open interest decreasing slightly compared to the previous week [56].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, the bond market rebounded slightly due to relatively loose liquidity, increased central bank repurchase operations, and successful issuance of new local bonds with higher yields than comparable old bonds [1][3][10][34]. - The trading activity of ultra - long bonds decreased slightly last week but remained quite active [1][3][10]. - The term spread of ultra - long bonds widened last week, while the variety spread showed mixed trends, and both were at relatively low absolute levels [1][3][4][10]. - For the 30 - year treasury bond, as of August 8, the spread between the 30 - year and 10 - year treasury bonds was 26BP, at a historically low level. The domestic economy showed resilience in June, but domestic demand was weak. The estimated GDP growth rate in June was about 5.2% year - on - year, up 0.1% from May, still higher than the annual target. However, the growth rates of social consumption and investment declined significantly in June. With deflation risks remaining, the bond market is expected to fluctuate narrowly [2][11]. - For the 20 - year CDB bond, as of August 8, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 5BP, at a historically extremely low level. Similar to the 30 - year treasury bond situation, the bond market is expected to fluctuate narrowly [3][12]. 3. Summary by Relevant Catalogs 3.1 Weekly Review - Ultra - long Bond Review - The bond market rebounded slightly last week. Factors included relatively loose liquidity, increased central bank repurchase operations, and successful issuance of new local bonds with yields 5BP - 7BP higher than comparable old bonds [1][10][34]. - The trading activity of ultra - long bonds decreased slightly but remained quite active [1][10]. - The term spread of ultra - long bonds widened, and the variety spread showed mixed trends [1][4][10]. 3.2 Ultra - long Bond Investment Outlook 3.2.1 30 - year Treasury Bond - As of August 8, the spread between the 30 - year and 10 - year treasury bonds was 26BP, at a historically low level [2][11]. - In June, the domestic economy showed resilience, but domestic demand was weak. The estimated GDP growth rate in June was about 5.2% year - on - year, up 0.1% from May, still higher than the annual target. However, the growth rates of social consumption and investment declined significantly in June. In July, CPI was 0.0% and PPI was - 3.6%, indicating deflation risks [2][11]. - The strong stock market suppresses the bond market sentiment, but the domestic economy still faces downward pressure, and the fundamental factors supporting the bond market have not shown a turning point. The bond market is expected to fluctuate narrowly, and the term spread protection is limited [2][11]. 3.2.2 20 - year CDB Bond - As of August 8, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 5BP, at a historically extremely low level [3][12]. - Similar to the 30 - year treasury bond situation, the domestic economy showed resilience in June but with weak domestic demand, deflation risks remained, and the bond market is expected to fluctuate narrowly. The variety spread protection is limited [3][12]. 3.3 Ultra - long Bond Basic Overview - As of July 31, the balance of ultra - long bonds with a remaining maturity of over 14 years was 22.8873 trillion yuan (excluding asset - backed securities and project revenue notes), accounting for 14.7% of the total bond balance [13]. - Local government bonds and treasury bonds are the main varieties of ultra - long bonds. Treasury bonds accounted for 26.5%, local government bonds 67.5%, policy - based financial bonds 2.0%, government agency bonds 1.9%, commercial bank sub - debt 0.3%, corporate bonds 0.5%, enterprise bonds 0.1%, medium - term notes 1.2%, private bonds 0.0%, and directional instruments 0.0% [13]. - The 30 - year variety has the highest proportion. Bonds with a remaining maturity of 14 - 18 years accounted for 26.5%, 18 - 25 years 26.9%, 25 - 35 years 40.9%, and over 35 years 5.7% [13]. 3.4 Primary Market 3.4.1 Weekly Issuance - Last week (August 4 - 8, 2025), the issuance of ultra - long bonds decreased slightly. A total of 140 billion yuan of ultra - long bonds were issued [18]. - By variety, treasury bonds accounted for 82 billion yuan, local government bonds 56 billion yuan, policy - based bank bonds 0 billion yuan, government - supported agency bonds 0 billion yuan, medium - term notes 0 billion yuan, corporate bonds 2 billion yuan, directional instruments 0 billion yuan, enterprise bonds 0 billion yuan, and bank sub - debt 0 billion yuan [18]. - By term, bonds with a 15 - year term accounted for 8 billion yuan, 20 - year 2 billion yuan, 30 - year 130.1 billion yuan, and 50 - year 0 billion yuan [18]. 3.4.2 This Week's Planned Issuance - The announced issuance plan for ultra - long bonds this week is 55.3 billion yuan in total. Ultra - long treasury bonds account for 35 billion yuan, ultra - long local government bonds 17.8 billion yuan, ultra - long corporate bonds 0 billion yuan, ultra - long medium - term notes 2.5 billion yuan, and ultra - long government - supported agency bonds 0 billion yuan [24]. 3.5 Secondary Market 3.5.1 Trading Volume - Last week, the trading of ultra - long bonds was quite active, with a trading volume of 1.119 trillion yuan, accounting for 13.5% of the total bond trading volume. By variety, the trading volume of ultra - long treasury bonds was 917 billion yuan, accounting for 43.3% of the total treasury bond trading volume; ultra - long local bonds 179.8 billion yuan, accounting for 56.7% of the total local bond trading volume; ultra - long policy - based financial bonds 6.4 billion yuan, accounting for 0.2% of the total policy - based financial bond trading volume; and ultra - long government agency bonds 4.2 billion yuan, accounting for 27.0% of the total government agency bond trading volume [26]. - The trading activity of ultra - long bonds decreased slightly last week. Compared with the previous week, the trading volume decreased by 362.7 billion yuan, and the proportion decreased by 2.5%. Among them, the trading volume of ultra - long treasury bonds decreased by 287.1 billion yuan, and the proportion decreased by 3.2%; ultra - long local bonds decreased by 42.6 billion yuan, and the proportion decreased by 1.7%; ultra - long policy - based financial bonds decreased by 5.7 billion yuan, and the proportion decreased by 0.2%; ultra - long government agency bonds decreased by 3.1 billion yuan, and the proportion decreased by 60.7% [26][27]. 3.5.2 Yield - Last week, the bond market rebounded slightly. In terms of treasury bonds, the yields of 15 - year, 20 - year, 30 - year, and 50 - year bonds changed by - 1BP, 0BP, 1BP, and - 1BP respectively, reaching 1.84%, 1.97%, 1.96%, and 2.00%. For CDB bonds, the yields of 15 - year, 20 - year, 30 - year, and 50 - year bonds changed by 2BP, 2BP, 1BP, and - 1BP respectively, reaching 1.96%, 2.02%, 2.06%, and 2.24%. For local bonds, the yields of 15 - year, 20 - year, and 30 - year bonds changed by 0BP, - 1BP, and 1BP respectively, reaching 2.01%, 2.08%, and 2.10%. For railway bonds, the yields of 15 - year, 20 - year, and 30 - year bonds changed by - 2BP, - 1BP, and 2BP respectively, reaching 2.04%, 2.08%, and 2.14% [34]. - For representative individual bonds, the yield of the 30 - year treasury bond active bond 24 Special Treasury Bond 06 changed by 3BP to 1.97%, and the yield of the 20 - year CDB bond active bond 21 CDB 20 changed by 4BP to 2.00% [35]. 3.6 Spread Analysis 3.6.1 Term Spread - Last week, the term spread of ultra - long bonds widened, and the absolute level was low. The spread between the 30 - year and 10 - year treasury bonds was 26BP, a change of 2BP from the previous week, and it was at the 10% quantile since 2010 [43]. 3.6.2 Variety Spread - Last week, the variety spread of ultra - long bonds showed mixed trends, and the absolute level was low. The spread between the 20 - year CDB bond and the treasury bond was 5BP, and the spread between the 20 - year railway bond and the treasury bond was 11BP, changing by 1BP and - 1BP respectively from the previous week, and both were at the 7% quantile since 2010 [48]. 3.7 30 - year Treasury Bond Futures - Last week, the main contract of the 30 - year treasury bond futures, TL2509, closed at 119.32 yuan, an increase of 0.92%. The total trading volume was 602,000 lots (a decrease of 181,003 lots), and the open interest was 152,600 lots (a decrease of 8,080 lots). The trading volume decreased significantly compared with the previous week, and the open interest decreased slightly [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, the bond market rebounded slightly due to relatively loose funding, increased central bank repurchase operations, and successful issuance of new local bonds with higher yields than comparable old bonds [1][3][10][34]. - The trading activity of ultra - long bonds decreased slightly last week but remained quite active [1][3][10]. - The term spread of ultra - long bonds widened last week, while the variety spread showed mixed changes [1][3][10]. - For the 30 - year treasury bond, as of August 8, its spread with the 10 - year treasury bond was 26BP, at a historically low level. The domestic economy showed resilience in June but with weak domestic demand. The estimated GDP growth rate in June was about 5.2% year - on - year, up 0.1% from May. However, the growth rates of social consumption and investment declined significantly. With deflation risks still present, the bond market is expected to fluctuate narrowly [2][11]. - For the 20 - year CDB bond, as of August 8, its spread with the 20 - year treasury bond was 5BP, at a historically extremely low level. Given the economic situation and deflation risks, the bond market is expected to fluctuate narrowly [3][12]. Summary by Directory Weekly Review Ultra - long Bond Review - The bond market rebounded slightly last week. Factors included loose funding, increased central bank repurchase, and successful local bond issuance with higher yields on new bonds [1][10][34]. - Trading activity of ultra - long bonds decreased slightly but remained active [1][3][10]. - The term spread of ultra - long bonds widened, and the variety spread showed mixed changes [1][3][10]. Ultra - long Bond Investment Outlook - **30 - year Treasury Bond**: The spread with the 10 - year treasury bond was 26BP as of August 8, at a low historical level. The domestic economy had resilience in June but weak domestic demand. The estimated June GDP growth was 5.2% year - on - year, up 0.1% from May. Social consumption and investment growth declined. With 7 - month CPI at 0.0% and PPI at - 3.6%, deflation risks persisted. The bond market is expected to fluctuate narrowly, and the term spread protection is limited [2][11]. - **20 - year CDB Bond**: The spread with the 20 - year treasury bond was 5BP as of August 8, at an extremely low historical level. Similar to the 30 - year treasury bond situation, the bond market is expected to fluctuate narrowly, and the variety spread protection is limited [3][12]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds exceeded 22.8 trillion. As of July 31, 2025, the total amount of ultra - long bonds with a remaining maturity of over 14 years was 228,873 billion, accounting for 14.7% of all bonds. Local government bonds and treasury bonds were the main varieties [13]. - By variety, treasury bonds accounted for 26.5% (60,623 billion), local government bonds 67.5% (154,423 billion), etc. By remaining maturity, the 25 - 35 - year variety accounted for the highest proportion at 40.9% (93,594 billion) [13]. Primary Market Weekly Issuance - Last week (August 4 - 8, 2025), the issuance of ultra - long bonds decreased slightly, with a total of 1,400 billion issued. Compared with the previous week, the total issuance decreased [18]. - By variety, treasury bonds were 820 billion, local government bonds 560 billion, etc. By term, 30 - year bonds accounted for the largest share with 1,301 billion [18]. This Week's Planned Issuance - The announced ultra - long bond issuance plan for this week totals 553 billion. Ultra - long treasury bonds are 350 billion, ultra - long local government bonds 178 billion, etc. [24]. Secondary Market Trading Volume - Last week, ultra - long bonds were actively traded, with a turnover of 11,190 billion, accounting for 13.5% of all bond turnovers. The trading activity decreased slightly compared with the previous week [26]. - By variety, ultra - long treasury bonds had a turnover of 9,170 billion, accounting for 43.3% of all treasury bond turnovers; ultra - long local bonds 1,798 billion, accounting for 56.7% of all local bond turnovers, etc. [26]. Yield - The bond market rebounded slightly last week. Yields of different types of ultra - long bonds changed. For example, in treasury bonds, 15 - year yields changed by - 1BP to 1.84%, etc. [34]. - For representative individual bonds, the yield of the 30 - year treasury bond active bond 24 Special Treasury Bond 06 changed by 3BP to 1.97%, and the yield of the 20 - year CDB bond active bond 21 CDB 20 changed by 4BP to 2.00% [35]. Spread Analysis - **Term Spread**: The term spread of ultra - long bonds widened last week but remained at a low absolute level. The 30 - year - 10 - year treasury bond spread was 26BP, up 2BP from the previous week, at the 10% quantile since 2010 [43]. - **Variety Spread**: The variety spread of ultra - long bonds showed mixed changes last week and remained at a low absolute level. The 20 - year CDB bond - treasury bond spread was 5BP, and the 20 - year railway bond - treasury bond spread was 11BP, with changes of 1BP and - 1BP respectively from the previous week, at the 7% quantile since 2010 [48]. 30 - year Treasury Bond Futures - Last week, the main contract of the 30 - year treasury bond futures, TL2509, closed at 119.32 yuan, an increase of 0.92%. The total trading volume was 602,000 lots (- 181,003 lots), and the open interest was 152,600 lots (- 8,080 lots). The trading volume decreased significantly, and the open interest decreased slightly compared with the previous week [50].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, the bond market fluctuated significantly and rebounded slightly. The Politburo meeting mentioned "promoting capacity governance in key industries", the July PMI was only 49.3, and the announcement of a 6% VAT on the interest of newly issued government bonds starting from August 8th triggered a wave of bond buying [1][4][12][39]. - As of August 1, the spread between the 30 - year government bond and the 10 - year government bond was 24BP, at a historically low level. The 6 - month domestic GDP growth rate was about 5.2%, but the growth rates of social consumption and investment sub - items declined significantly, and there was still a risk of deflation. The short - term market panic has passed, but the term spread protection is limited [2][13]. - As of August 1, the spread between the 20 - year CDB bond and the 20 - year government bond was 4BP, at a historically extremely low level. Similar to the 30 - year government bond situation, the short - term market panic has passed, but the spread protection is limited [3][14]. Summary by Directory Weekly Review Ultra - long Bond Review - The bond market fluctuated significantly and rebounded slightly last week. The Politburo meeting's statement was more restrained, the July PMI was low, and the VAT announcement on bond interest triggered a bond - buying wave. The trading activity of ultra - long bonds increased slightly, the term spread remained flat, and the variety spread widened [1][4][12]. Ultra - long Bond Investment Outlook - **30 - year Government Bond**: The spread between the 30 - year government bond and the 10 - year government bond was at a low level. The domestic economy still faced downward pressure, and the short - term market panic has passed, but the term spread protection was limited [2][13]. - **20 - year CDB Bond**: The spread between the 20 - year CDB bond and the 20 - year government bond was at an extremely low level. Similar to the 30 - year government bond, the short - term market panic has passed, but the variety spread protection was limited [3][14]. Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds exceeded 22.8 trillion. As of July 31, the total amount of ultra - long bonds with a remaining term of more than 14 years was 228,873 billion, accounting for 14.7% of the total bond balance. Local government bonds and government bonds were the main varieties, and the 30 - year variety had the highest proportion [15]. Primary Market Weekly Issuance - Last week, the issuance volume of ultra - long bonds decreased significantly. A total of 1,722 billion yuan of ultra - long bonds were issued. By variety, government bonds were 350 billion, local government bonds were 1,262 billion, etc. By term, 15 - year bonds were 263 billion, 20 - year bonds were 264 billion, etc. [20]. This Week's Pending Issuance - The announced issuance plan for ultra - long bonds this week is 1,380 billion, including 820 billion for ultra - long government bonds and 560 billion for ultra - long local government bonds [26]. Secondary Market Trading Volume - Last week, the trading of ultra - long bonds was quite active. The trading volume was 14,817 billion, accounting for 16.0% of the total bond trading volume. The trading activity increased slightly compared with the previous week [28]. Yield - The bond market fluctuated significantly and rebounded slightly last week. Yields of government bonds, CDB bonds, local bonds, and railway bonds of different terms changed to varying degrees. For example, the 30 - year government bond yield changed by - 2BP to 1.95% [39]. Spread Analysis - **Term Spread**: The term spread of ultra - long bonds remained flat last week, and the absolute level was low. The spread between the 30 - year and 10 - year government bonds was 24BP, unchanged from the previous week [48]. - **Variety Spread**: The variety spread of ultra - long bonds widened last week, and the absolute level was low. The spreads between the 20 - year CDB bond and the government bond, and between the 20 - year railway bond and the government bond changed by 2BP and 6BP respectively [53]. 30 - year Government Bond Futures - Last week, the main 30 - year government bond futures contract TL2509 closed at 119.04 yuan, an increase of 0.92%. The trading volume was 78.30 million lots, and the open interest was 16.06 million lots, both increasing slightly compared with the previous week [55].

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - The bond market fluctuated at a high level this week, with a lot of incremental information on the news front. The domestic economy still faces downward pressure, and the fundamental factors that the bond market relies on have not yet shown an inflection point. As the 10 - year treasury bond yield approaches 1.7%, the opportunities in the bond market outweigh the risks [1][2][3]. - Although the strong stock market suppresses the sentiment of the bond market, the term spread of the 30 - year treasury bond and the variety spread of the 20 - year CDB bond are still low, with limited spread protection [2][3]. 3. Summary According to Relevant Catalogs Weekly Review Super - long Bond Review - The bond market fluctuated at a high level this week. The economic data in June and the second quarter showed strong production but weak domestic demand. The financial data in June showed positive changes, the capital market tightened, the central bank conducted a 1.4 - trillion buy - out repurchase operation with a net injection of 200 billion yuan, and the strong equity market suppressed the bond market sentiment [1][4][12]. - Last week, the trading activity of super - long bonds increased slightly, and both the term spread and variety spread widened [1][4][12]. Super - long Bond Investment Outlook - **30 - year Treasury Bond**: As of July 18, the spread between the 30 - year and 10 - year treasury bonds was 22BP, at a relatively low historical level. The domestic economy in June showed resilience but weak domestic demand. The estimated GDP growth rate in June was about 5.2%, up 0.1% from May, still higher than the annual target. However, the growth rates of social consumption and investment declined significantly. There is still a deflation risk. The bond market opportunities outweigh the risks, but the term spread protection is limited [2][13]. - **20 - year CDB Bond**: As of July 18, the spread between the 20 - year CDB bond and the 20 - year treasury bond was 4BP, at an extremely low historical level. Similar to the 30 - year treasury bond situation, the bond market opportunities outweigh the risks, but the variety spread protection is limited [3][14]. Super - long Bond Basic Overview - The balance of outstanding super - long bonds exceeded 22.2 trillion. As of June 30, the total amount of super - long bonds with a remaining maturity of over 14 years was 22.2528 trillion, accounting for 14.5% of the total bond balance. Local government bonds and treasury bonds are the main varieties [15]. - By variety, treasury bonds accounted for 26.3%, local government bonds 67.5%, etc. By remaining maturity, the 30 - year variety accounted for the highest proportion [15]. Primary Market Weekly Issuance - Last week (July 7 - 11, 2025), the issuance volume of super - long bonds increased significantly, reaching 231.4 billion yuan. By variety, treasury bonds were 123 billion yuan, local government bonds 80.7 billion yuan, etc. By term, the 30 - year issuance was 125.8 billion yuan [20]. This Week's Scheduled Issuance - The announced issuance plan for this week is 279.7 billion yuan in total. By variety, super - long treasury bonds are 83 billion yuan, super - long local government bonds 181 billion yuan, etc [25]. Secondary Market Trading Volume - Last week, the trading of super - long bonds was quite active. The trading volume was 1.2068 trillion yuan, accounting for 13.7% of the total bond trading volume. The trading activity increased slightly compared with the previous week [28]. Yield - The bond market fluctuated at a high level this week. The yields of different - term super - long bonds of various varieties changed to different degrees. For example, the yields of 15 - year, 20 - year, 30 - year, and 50 - year treasury bonds changed by 0BP, - 1BP, 1BP, and - 1BP respectively to 1.80%, 1.90%, 1.89%, and 1.95% [39]. Spread Analysis - **Term Spread**: Last week, the term spread of super - long bonds widened, but the absolute level was low. The spread between the 30 - year and 10 - year treasury bonds was 22BP, up 1BP from the previous week, at the 6% quantile since 2010 [50]. - **Variety Spread**: Last week, the variety spread of super - long bonds widened, with a low absolute level. The spreads between the 20 - year CDB bond and treasury bond, and between the 20 - year railway bond and treasury bond were 4BP and 7BP respectively, both up 1BP from the previous week, at the 6% and 4% quantiles since 2010 [51]. 30 - year Treasury Bond Futures - Last week, the main contract TL2509 of the 30 - year treasury bond futures closed at 120.46 yuan, a decrease of 0.12%. The total trading volume was 438,300 lots (a decrease of 52,833 lots), and the open interest was 150,000 lots (a decrease of 1,106 lots), with both trading volume and open interest decreasing slightly [58].