Core Viewpoint - The article highlights the active trading and significant net inflows into the Penghua Sci-Tech Bond ETF, indicating a favorable market environment for bond investments, particularly in the technology sector [1][2]. Group 1: Market Activity - As of December 31, 2025, the Penghua Sci-Tech Bond ETF (551030) recorded a trading volume of 5.311 billion yuan, reflecting active market participation [1]. - The ETF has seen continuous net inflows over the past seven days, with a peak single-day net inflow of 629 million yuan, totaling 2.795 billion yuan in net inflows for the month, averaging 399 million yuan per day [1]. Group 2: Market Conditions - The bond market has experienced fluctuations in yields due to factors such as the central bank's liquidity support, a generally loose funding environment, and varying expectations of interest rate cuts [1]. - In early December, the bond market strengthened slightly due to marginally loose funding and institutional demand, while mid-month saw fluctuations influenced by the central bank's actions and supply concerns [1]. - By the end of the month, expectations for interest rate cuts diminished, leading to a rapid increase of 2 basis points in the yield of 10-year bonds in a single day [1]. Group 3: Investment Strategy and Outlook - According to China Galaxy Securities, the funding environment is likely to stabilize in January under the central bank's support, with potential for further monetary easing measures, which could favor the bond market [1]. - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA-rated Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, indicating a focus on high-quality debt instruments [1]. Group 4: Advantages of Sci-Tech Bond ETF - Compared to single bond purchase strategies, the Sci-Tech Bond ETF offers advantages such as low fees, low trading costs, high transparency, and high liquidity, which help in diversifying investment risks and improving capital efficiency [2]. - Huaxi Securities believes that the policy benefits create a broad market space for sci-tech bonds, and the ETF's unique index-based nature will enhance its long-term value and market influence [2]. - Penghua Fund has been actively developing a range of fixed-income products since the second half of 2018, aiming to establish itself as a leading expert in fixed-income indices in China [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current weak and stable state of the domestic fundamentals continues, with the GDP growth rate declining quarter - by - quarter this year and inflation recovery being structural. The market's expectations for next year's economic growth and inflation readings have improved significantly. However, the central bank's policy rate cut threshold is high, and the marginal utility of "broad money" is reduced. The influence of institutional behavior has increased. Before the "Two Sessions" in March and Trump's visit to China in April next year, the bond market may be under pressure, and the 10Y Treasury yield may rise to the 1.9 - 2.0% range. After the first quarter, if the fundamentals fall short of expectations, the yield will likely return to the downward channel [2][3][135]. Summary by Directory 1. 2025 Bond Market Review - From the beginning of the year to mid - March: The central bank's liquidity management was in a tight balance, and the market's loose expectations were revised. The 10Y Treasury yield first fell and then rose, reaching around 1.9% by mid - March [7]. - From late March to the end of June: The market's capital became looser, and Sino - US trade frictions recurred. The 10Y yield fluctuated downward to around 1.8% [7]. - From early July to late September: The stock - bond seesaw effect emerged, and policy disturbances increased. The bond market oscillated and adjusted, and the Treasury yield continued to rise [7]. - From early October to the end of the year: Expectations dominated the macro - narrative, and concerns about the supply and demand of ultra - long bonds intensified. The bond market sentiment was cautious, and the curve slope steepened [8]. 2. External Demand Supports Production, while Domestic Demand Needs to be Boosted - In terms of PMI, the domestic economic fundamentals continued to recover in 2025, but the upward slope was still gentle. Production and external demand were resilient, while domestic demand was weak. By November, the cumulative year - on - year growth rate of industrial added value was +6.0%, and the service production index increased by 5.6%. Exports from January to November increased by 5.4% year - on - year, and the trade surplus exceeded $1 trillion. However, domestic fixed - asset investment and total retail sales of consumer goods had relatively low absolute growth rates, and the real - estate industry dragged down investment [22][27][31]. 3. Price Indicators are Repairing at a Low Level, and Inflation Expectations have Improved - This year's inflation readings repaired at a low level. By November, CPI was +0.7% year - on - year, and core CPI was +1.2%. PPI was - 2.2% year - on - year, with a positive monthly - on - monthly growth in November. The market's inflation expectations have changed significantly. "Anti - involution" provided a policy bottom for some industrial product prices, and potential imported inflation may accelerate the repair of domestic PPI [51][54][61]. 4. Social Financing Depends on the Government Sector, and the Reasons for M1 Repair are Diverse - Government bond financing supported the overall social financing this year. The cumulative net financing scale of national and local bonds was about 13.76 trillion yuan, a year - on - year increase of about 2.59 trillion yuan. The credit expansion momentum of the private sector was still weak, with a differentiation between the household and enterprise sectors. M1 growth accelerated, mainly driven by the enterprise sector. Fiscal policy is expected to support social financing next year, and the probability of monetary policy intensification due to weak financial data is low [70][75][87]. 5. The Central Bank's Attitude of Caring for Liquidity Remains Unchanged, but the Threshold for Policy Rate Cuts is High - The central bank's short - term fund injection was effective, and the influence of government bond issuance on the capital market was controllable. However, the central bank's policy rate cut threshold was high due to internal net interest margin pressure and the low marginal utility of "broad money." The central bank further clarified the five - group interest rate comparison relationships, which will have an impact on the bond market [91][107][111]. 6. The "Asset Shortage" in the Bond Market has Eased, and Concerns about the Supply and Demand of Long - Term Bonds have Increased - Policy - driven stock - bond asset allocation rebalancing and the rise of other asset prices have alleviated the "asset shortage" in the bond market. Some regulatory policy adjustments have inhibited institutional bond trading. The market's concerns about the potential imbalance between the supply and demand of ultra - long bonds are expected to continue, but banks and insurance institutions may play a supporting role, and the central bank may also take action [113][122][125]. 7. Speculation on Next Year's Macroeconomic Policies - The central economic work conference in December emphasized the continuation of "more proactive fiscal policy" and "moderately loose monetary policy," but the policy intensity has converged. It is expected that there may be one interest rate cut next year, with a 10bp reduction in the policy rate, and 1 - 2 reserve requirement ratio cuts, each of 0.25 percentage points. The fiscal deficit rate is expected to remain at 4.0%, and the expenditure will be more focused on people's livelihoods [131][132][133]. 8. Viewpoint Summary and Market Outlook - Considering the optimistic expectations and concerns about the supply and demand of ultra - long bonds before March and April next year, the bond market may be under pressure. After the first quarter, if the fundamentals are disappointing, the yield may decline. In terms of operations, it is recommended to be cautious in the first quarter and look for long - buying opportunities later. Curve trading has a logical basis, and arbitrage depends on sentiment or events [135][136][137].

Group 1: PMI Overview - Manufacturing PMI rebounded to 50.1% in December, up 0.9 percentage points from 49.2%, marking the first expansion in eight months and exceeding Bloomberg's expectation of 49.2%[1] - Non-manufacturing PMI also increased to 50.2%, up from 49.5%[1] - The composite PMI for December rose by 1 percentage point to 50.7%, the highest in the second half of the year[5] Group 2: Manufacturing Sector Insights - Key drivers for the manufacturing PMI were production and new orders, with production increasing by 1.7 percentage points to 51.7% and new orders rising by 1.6 percentage points to 50.8%[1] - New export orders improved by 1.4 percentage points to 49.0%, nearing the highest level of the year[2] - Manufacturing purchasing volume increased by 1.6 percentage points to 51.1%, while raw material purchase prices decreased by 0.5 percentage points to 53.1%[2] Group 3: Construction and Services Sector - The construction sector saw a significant rebound, with the business activity index rising by 3.2 percentage points to 52.8%, the highest in the second half of the year[3] - Service sector PMI increased slightly by 0.2 percentage points to 49.7%, remaining below the expansion threshold[3] - New orders in the service sector rose by 1.8 percentage points to 47.3%, indicating some improvement despite overall weakness in consumer-related services[3] Group 4: Price Trends and Economic Outlook - Price trends showed divergence, with manufacturing output prices rebounding by 0.7 percentage points to 48.9%, while service and construction prices fell[4] - The overall economic recovery in December is attributed to increased fiscal spending and positive expectations for the upcoming year, particularly with the 2026 Spring Festival being later in February[4] - The necessity for aggressive monetary policy easing appears to be decreasing, with potential delays in interest rate cuts anticipated[6]

Report Industry Investment Rating No relevant content provided. Core View of the Report The bond market is in a state of shock between the expectations of stabilizing growth and easing. In the short term, attention should be paid to the policy signals at the end of the month. The bond market has experienced an over - decline and is in a repair phase, with the prices of treasury bond futures showing a differentiated trend. Influenced by the stock market, the Politburo meeting released a signal of loose money, the LPR remained unchanged, and the Fed's interest - rate cut expectations continued. Meanwhile, the increasing uncertainty in global trade added to the uncertainty of foreign capital inflows [1][3]. Summary of Each Section According to the Table of Contents 1. Interest Rate Pricing Tracking Indicators - China's CPI (monthly) had a month - on - month decrease of 0.10% and a year - on - year increase of 0.70%; China's PPI (monthly) had a month - on - month increase of 0.10% and a year - on - year decrease of 2.20% [9]. - The social financing scale was 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan and a growth rate of 0.54%; M2 year - on - year growth rate was 8.00%, a decrease of 0.20% compared to the previous period, with a decline rate of 2.44%; the manufacturing PMI was 49.20%, with a month - on - month increase of 0.20% and a growth rate of 0.41% [10]. - The US dollar index was 98.22, with a month - on - month increase of 0.22 and a growth rate of 0.22%; the US dollar against the offshore RMB was 6.9911, with a month - on - month decrease of 0.017 and a decline rate of 0.24%; SHIBOR 7 days was 1.59, with a month - on - month increase of 0.03 and a growth rate of 1.99%; DR007 was 1.69, with a month - on - month increase of 0.09 and a growth rate of 5.83%; R007 was 1.51, with a month - on - month increase of 0.00 and a decline rate of 0.31%; the inter - bank certificate of deposit (AAA) 3M was 1.61, with a month - on - month increase of 0.01 and a growth rate of 0.47%; the AA - AAA credit spread (1Y) was 0.09, with a month - on - month increase of 0.00 and a growth rate of 0.47% [11]. 2. Overview of the Treasury Bond and Treasury Bond Futures Market - On December 30, 2025, the closing prices of TS, TF, T, and TL were 102.49 yuan, 105.82 yuan, 107.94 yuan, and 111.83 yuan respectively, with price changes of 0.01%, - 0.01%, - 0.02%, and 0.17% respectively [3]. - The average net basis of TS, TF, T, and TL was 0.102 yuan, 0.048 yuan, 0.088 yuan, and 0.510 yuan respectively [3]. 3. Overview of the Money Market Liquidity - In November, the general public budget revenue slowed down year - on - year under the influence of a high base, but the annual revenue progress was still relatively fast, and the pressure to complete the first - account budget was not great. The fiscal support ability remained. The expenditure side showed a significant narrowing of the decline, with the pre - budgeted funds gradually turning into actual expenditures, and the structure was more inclined towards people's livelihood and investment in human resources. Infrastructure - related expenditures improved marginally but were still weak overall. Government - funded revenues continued to be dragged down by the real estate market, but the acceleration of special bond issuance drove the year - on - year growth of expenditures to turn positive, providing support for the broad fiscal situation [2]. - The financial data in November was generally weak. Credit was still supported by bills and short - term loans, and the long - term financing needs of residents and enterprises continued to decline, with loans significantly less than the same period last year. Although the social financing growth rate remained at 8.5%, it was mainly due to corporate bonds and off - balance - sheet financing offsetting the weakness of government bonds and loans, reflecting that the willingness of the private sector to increase leverage remained insufficient. The growth rates of M1 and M2 declined simultaneously, and the decline of current deposits was faster, indicating weak capital turnover and economic vitality in the real sector [2]. - On December 30, 2025, the central bank conducted a 7 - day reverse repurchase operation of 312.5 billion yuan at a fixed interest rate of 1.4% through quantity tender [2]. - The main - term repurchase rates of 1D, 7D, 14D, and 1M were 1.247%, 1.589%, 1.869%, and 1.585% respectively, and the repurchase rates had rebounded recently [2]. 4. Spread Overview The report provides various charts showing the term spreads of spot bonds and cross - variety spreads of futures, such as (2*TS - TF), (2*TF - T), (3*T - TL), (2*TS - 3*TF + T) [32][33][37]. 5. Two - Year Treasury Bond Futures The report presents charts of the implied interest rate and the maturity yield of the two - year treasury bond futures' main contract, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [35][38][43]. 6. Five - Year Treasury Bond Futures The report shows the implied interest rate and the maturity yield of the five - year treasury bond futures' main contract, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [47][51]. 7. Ten - Year Treasury Bond Futures The report provides the implied yield and the maturity yield of the ten - year treasury bond futures' main contract, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [54][55]. 8. Thirty - Year Treasury Bond Futures The report presents the implied yield and the maturity yield of the thirty - year treasury bond futures' main contract, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [61][63]. Strategies - Unilateral: As the repurchase rate rebounds, the prices of treasury bond futures fluctuate [4]. - Arbitrage: Pay attention to the decline of the 2603 basis [4]. - Hedging: There is an adjustment pressure in the medium term. Short - position holders can use far - month contracts for moderate hedging [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints -受股市行情带动，LPR保持不变，宽财政强于宽货币预期、配置盘犹豫与交易盘主导，同时美联储降息预期延续、全球贸易不确定性上升增加了外资流入的不确定性，期债震荡走跌 [3] -当前财政体现为稳总量、调结构、托底为主，短期对经济形成一定支撑，但更强拉动仍有赖于准财政资金和明年政策加码的进一步落地 [2] -在需求走弱与政策宽松预期并存背景下，后续稳增长仍更依赖货币侧发力 [2] Summary by Directory 1. Interest Rate Pricing Tracking Indicators -物价指标方面，中国CPI（月度）环比 -0.10%，同比 0.70%；中国PPI（月度）环比 0.10%，同比 -2.20% [9] -经济指标（月度更新）中，社会融资规模 440.07 万亿元，环比 +2.35 万亿元，环比变化率 +0.54%；M2同比 8.00%，环比 -0.20%，环比变化率 -2.44%；制造业PMI 49.20%，环比 +0.20%，环比变化率 +0.41% [10] -经济指标（日度更新）中，美元指数 98.00，环比 -0.06，环比变化率 -0.06%；美元兑人民币（离岸）7.0081，环比 +0.006，环比变化率 +0.08%；SHIBOR 7天 1.56，环比 +0.11，环比变化率 +7.60%等 [10] 2. Overview of Treasury Bonds and Treasury Bond Futures Market -展示了国债期货主力连续合约收盘价走势、各品种涨跌幅情况、各品种沉淀资金走势、持仓量占比、净持仓占比（前20名）、多空持仓比（前20名）、国开债 - 国债利差、国债发行情况等图表 [12][15][17][21] 3. Overview of Money Market Liquidity -展示了Shibor利率走势、同业存单（AAA）到期收益率走势、银行间质押式回购成交统计、地方债发行情况等图表 [26][28] 4. Spread Overview -展示了国债期货各品种跨期价差走势、现券期限利差与期货跨品种价差（4*TS - T、2*TS - TF、2*TF - T、3*T - TL、2*TS - 3*TF + T）等图表 [33][37][40][41] 5. Two - Year Treasury Bond Futures -展示了两年期国债期货主力合约隐含利率与国债到期收益率、TS主力合约IRR与资金利率、TS主力合约近三年基差走势、近三年净基差走势等图表 [39][42][49] 6. Five - Year Treasury Bond Futures -展示了五年期国债期货主力合约隐含利率与国债到期收益率、TF主力合约IRR与资金利率、TF主力合约近三年基差走势、近三年净基差走势等图表 [53][57] 7. Ten - Year Treasury Bond Futures -展示了十年期国债期货主力合约隐含收益率与国债到期收益率、T主力合约IRR与资金利率、T主力合约近三年基差走势、近三年净基差走势等图表 [60][63] 8. Thirty - Year Treasury Bond Futures -展示了三十年期国债期货主力合约隐含收益率与国债到期收益率、TL主力合约IRR与资金利率、TL主力合约近三年基差走势、近三年净基差走势等图表 [67][70][73] Strategies -单边策略：回购利率回落，国债期货价格震荡 [4] -套利策略：关注2603基差回落 [4] -套保策略：中期存在调整压力，空头可采用远月合约适度套保 [4]

国债期货日报 | 2025-12-26 综合来看：受股市行情带动，政治局会议释放宽货币信号，LPR保持不变，同时美联储降息预期延续、全球贸易不 确定性上升增加了外资流入的不确定性。整体看，债市在稳增长与宽松预期间震荡运行，短期关注月底政策信号。 策略 单边：回购利率回落，国债期货价格震荡。 套利：关注2603基差回落。 套保：中期存在调整压力，空头可采用远月合约适度套保。 风险 流动性快速紧缩风险 股债翘翘板下，国债期货全线收跌 市场分析 宏观面：（1）宏观政策：10月27日，央行时隔近十个月宣布重启公开市场国债买卖操作，向市场释放了明确的稳 预期信号;10月30日，中美经贸团队达成三方面成果共识，一是中方将与美方妥善解决TikTok相关问题;二是美方将 暂停实施其对华海事、物流和造船业301调查措施一年，同时将暂停实施其9月29日公布的出口管制50%穿透性规则 一年;三是美方取消10%"芬太尼关税"，对中国商品24%对等关税将继续暂停一年。国务院关税税则委员会宣布在一 年内继续暂停实施24%的对美加征关税税率，保留10%的对美加征关税税率；12月8日政治局会议明确实施更加积 极的财政政策和适度宽松的货币政策 ...

Core Viewpoint - The bond market is experiencing fluctuations influenced by various factors, including monetary policy signals and external uncertainties, while the 30-year government bond ETF shows potential for investment due to its liquidity and low-risk profile [1][2]. Group 1: Market Performance - As of December 26, 2025, the 30-year government bond ETF (511090) increased by 0.27%, with an intraday turnover of 5.21% and a transaction volume of 1.391 billion yuan [1]. - The average daily transaction volume for the 30-year government bond ETF over the past year reached 8.377 billion yuan [1]. - The latest scale of the 30-year government bond ETF is 26.693 billion yuan [1]. Group 2: Bond Market Trends - On December 25, the Chinese interbank bond market continued to experience narrow fluctuations, with all main government bond futures contracts closing lower [1]. - The 30-year main contract fell by 0.24% to 112.510 yuan, while the 10-year, 5-year, and 2-year contracts also saw slight declines [1]. - Factors such as signals from the Central Political Bureau meeting, unchanged LPR, and rising uncertainties in global trade are contributing to the overall bond market's performance [1]. Group 3: Long-term Investment Perspective - The Central Economic Work Conference has indicated a continuation of moderately loose monetary policy, suggesting a high probability of rate cuts and reserve requirement ratio reductions in the coming year [2]. - The government is expected to maintain a coordinated approach of "loose monetary" and "loose fiscal" policies, which is necessary to support government debt expansion in a low-interest environment [2]. - Bond ETFs are highlighted for their low-risk and liquidity advantages, making them essential for conservative investors' asset allocation [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The bond market fluctuates between stable growth and easing expectations. Affected by the stock market, the Political Bureau meeting signaled loose monetary policy, the LPR remained unchanged, and the Fed's interest - rate cut expectations continued while global trade uncertainties increased the uncertainty of foreign capital inflows. In the short term, attention should be paid to the policy signals at the end of the month [1][3]. 3. Summary by Directory I. Interest Rate Pricing Tracking Indicators - Price indicators show that China's CPI (monthly) has a month - on - month change of - 0.10% and a year - on - year change of 0.70%, while China's PPI (monthly) has a month - on - month change of 0.10% and a year - on - year change of - 2.20% [9]. - Economic indicators (monthly updated): Social financing scale is 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan (+0.54%); M2 year - on - year is 8.00%, down 0.20% (-2.44%); Manufacturing PMI is 49.20%, up 0.20% (+0.41%) [10]. - Economic indicators (daily updated): The US dollar index is 97.96, up 0.06 (+0.06%); The US dollar against the offshore RMB is 7.0101, down 0.010 (-0.14%); SHIBOR 7 - day is 1.39, down 0.01 (-1.00%); DR007 is 1.38, down 0.03 (-2.16%); R007 is 1.51, up 0.00 (-0.31%); The inter - bank certificate of deposit (AAA) 3M is 1.60, up 0.00 (+0.16%); The AA - AAA credit spread (1Y) is 0.09, up 0.00 (+0.16%) [10]. II. Overview of the Treasury Bond and Treasury Bond Futures Market No specific text - based summary content provided, but there are figures including the closing price trend of the main continuous contract of treasury bond futures, the price change rate of each treasury bond futures variety, the precipitation fund trend of each treasury bond futures variety, the position ratio of each treasury bond futures variety, the net position ratio (top 20) of each treasury bond futures variety, the long - short position ratio (top 20) of each treasury bond futures variety, the spread between national development bonds and treasury bonds, and the treasury bond issuance situation [12][15][22]. III. Overview of the Money Market Funding Situation - The main term repurchase rates 1D, 7D, 14D, and 1M are 1.267%, 1.385%, 1.599%, and 1.579% respectively, and the repurchase rates have recently declined [2]. - On December 24, 2025, the central bank conducted a 26 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% through quantity tendering [2]. IV. Spread Overview There are figures showing the inter - term spread trend of each treasury bond futures variety and the term spread of spot bonds and cross - variety spreads of futures such as (4*TS - T), (2*TS - TF), (2*TF - T), (3*T - TL), (2*TS - 3*TF + T) [30][37][38]. V. Two - Year Treasury Bond Futures There are figures including the implied interest rate of the main contract of two - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TS main contract and the funding rate, the three - year basis trend of the TS main contract, and the three - year net basis trend of the TS main contract [40][43][48]. VI. Five - Year Treasury Bond Futures There are figures including the implied interest rate of the main contract of five - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TF main contract and the funding rate, the three - year basis trend of the TF main contract, and the three - year net basis trend of the TF main contract [52][56]. VII. Ten - Year Treasury Bond Futures There are figures including the implied yield of the main contract of ten - year treasury bond futures and the treasury bond yield to maturity, the IRR of the T main contract and the funding rate, the three - year basis trend of the T main contract, and the three - year net basis trend of the T main contract [59][62][64]. VIII. Thirty - Year Treasury Bond Futures There are figures including the implied yield of the main contract of thirty - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TL main contract and the funding rate, the three - year basis trend of the TL main contract, and the three - year net basis trend of the TL main contract [67][71][73]. 4. Strategies - Unilateral: As the repurchase rate declines, the price of treasury bond futures fluctuates [4]. - Arbitrage: Pay attention to the decline of the 2603 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for appropriate hedging [4].

| 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.230 | 0.02% T主力成交量 | 69143 | -29383↓ | | | TF主力收盘价 | 106.025 | -0.01% TF主力成交量 | 54708 | -24224↓ | | | TS主力收盘价 | 102.526 | 0% TS主力成交量 | 26501 | -8831↓ | | | TL主力收盘价 | 112.840 | 0.02% TL主力成交量 | 110763 | -29971↓ | | 期货价差 | TL2603-2606价差 | -0.22 | -0.05↓ T03-TL03价差 | -4.61 | 0.00↑ | | | T2603-2606价差 | 0.00 | +0.00↑ TF03-T03价差 | -2.21 | -0.01↓ | | | TF2603-2606价差 | 0.01 | +0.01↑ TS03-T03价差 | -5.70 | -0.01↓ | | | TS ...

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