Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The TL2509 variety is expected to be in a state of oscillation in the short - term, medium - term, and overall, with an intraday tendency to be slightly stronger. The core logic is that the manufacturing PMI weakened in July, but the possibility of an interest rate cut in the short term is low [1]. - For the TL, T, TF, and TS varieties, the intraday view is slightly stronger, the medium - term view is oscillatory, and the overall reference view is oscillatory. After continuous adjustments since July, the 1 - year treasury bond yield has returned to near the policy rate, triggering the anchoring effect of the policy rate. Coupled with the emphasis on implementing a moderately loose monetary policy in the second half of the year, treasury bond futures have bottomed out and rebounded. However, the central bank has shifted to net liquidity withdrawal in recent open - market operations, and the high trading volume in the stock market indicates a strong risk preference among investors, resulting in insufficient upward momentum for treasury bonds. Overall, treasury bond futures are expected to trade in a range in the short term [5]. 3. Summary by Relevant Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector | Variety | Short - term | Medium - term | Intraday | Viewpoint Reference | Core Logic Summary | | --- | --- | --- | --- | --- | --- | | TL2509 | Oscillation | Oscillation | Slightly stronger oscillation | Oscillation | The manufacturing PMI weakened in July, but the possibility of an interest rate cut in the short term is low [1] | Main Variety Price and Market Driving Logic - Financial Futures Stock Index Sector - **Varieties**: TL, T, TF, TS - **Intraday View**: Slightly stronger oscillation - **Medium - term View**: Oscillation - **Reference View**: Oscillation - **Core Logic**: Treasury bond futures oscillated and consolidated last Friday. After continuous adjustments since July, the 1 - year treasury bond yield has returned to near the policy rate, triggering the anchoring effect of the policy rate. The policy emphasizes implementing a moderately loose monetary policy in the second half of the year, leading to a rebound in treasury bond futures. But the central bank's net liquidity withdrawal and high stock market trading volume limit the upward momentum of treasury bonds. Short - term trading in a range is expected [5]

每经AI快讯，8月4日，日本10年期国债收益率下跌8.5个基点至1.465%。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Some key commodity futures prices with large gains the previous week significantly declined, such as coking coal and rebar, alleviating the expectation of a rapid rebound in PPI, and government bond yields started to fall from the middle of the week [2]. - The State Council deployed interest subsidies for personal consumer loans and loans to service - sector business entities. If interest - subsidy measures are more used to reduce financing costs, the theoretical necessity of interest rate cuts decreases [2]. - Starting from August 8th, newly issued government bonds and financial bonds will resume VAT collection. After the policy was announced on Friday, government bond yields declined overall, and it may guide the yields of existing government bonds and financial bonds downward [2]. Summary by Directory High - Frequency Data Panoramic Scan - **Food**: The average wholesale price of pork decreased by 0.84% week - on - week, the edible agricultural product price index remained flat week - on - week, and the Shandong vegetable wholesale price index increased by 0.02% week - on - week [11]. - **Other Consumer Goods**: The movie box office revenue increased by 43.31% week - on - week [11]. - **Commodities**: The RJ/CRB commodity price index decreased by 0.61% week - on - week, the LME copper spot price decreased by 1.52% week - on - week, and the LME aluminum spot price decreased by 1.95% week - on - week [11]. - **Energy**: The futures settlement prices of Brent and WTI crude oil increased by 4.09% and 4.12% week - on - week respectively, and the coal inventory at Qinhuangdao Port decreased by 8.23% week - on - week [11]. - **Non - Ferrous Metals**: The LME copper and aluminum spot prices decreased week - on - week, and the copper - gold ratio increased by 0.55% week - on - week [11]. - **Ferrous Metals**: The rebar inventory increased by 2.99% week - on - week, and the rebar price index increased by 4.47% week - on - week [11]. - **Real Estate**: The transaction area of commercial housing in 30 large - and medium - sized cities increased by 6.99% week - on - week, and the total transaction price of land in 100 large - and medium - sized cities increased by 102.13% week - on - week [11]. - **Shipping**: The CCFI composite index decreased by 2.30% week - on - week, and the Baltic Dry Index decreased by 3.13% week - on - week [11] High - Frequency Data and Important Macroeconomic Indicators Trend Comparison - Not elaborated in detail in the given content, only mentions multiple charts showing the relationship between high - frequency data and important macro - indicators [18][21][33] Important High - Frequency Indicators in the US and Europe - Not elaborated in detail in the given content, only mentions charts related to US weekly economic indicators, initial jobless claims, same - store sales growth, etc. [74][76][79] Seasonal Trends of High - Frequency Data - Not elaborated in detail in the given content, only mentions multiple charts showing the seasonal trends of high - frequency data such as the daily average output of crude steel and the production material price index [86][90][95] High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - Not elaborated in detail in the given content, only mentions charts showing the year - on - year changes in subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen [146][148]

Core Insights - Japan's 5-year government bond yield decreased by 8 basis points to 1% [1] - Japan's 10-year government bond yield fell by 8.5 basis points to 1.465% [1] Summary by Category - **Government Bond Yields** - The 5-year government bond yield in Japan is now at 1%, reflecting a decrease of 8 basis points [1] - The 10-year government bond yield has dropped to 1.465%, down by 8.5 basis points [1]

日本10年期国债收益率下跌8.5个基点，至1.465%。 日本10年国债收益率 ...

Core Viewpoint - The yield on Japan's 5-year government bonds has decreased by 8 basis points to 1% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards safer assets amid economic uncertainties [1] - The current yield level reflects ongoing monetary policy adjustments by the Bank of Japan [1] - This movement in bond yields may influence broader market trends and investment strategies in the region [1]

Core Points - The yield on Japan's 5-year government bonds has decreased by 8 basis points to 1% [1] Group 1 - The decline in the yield indicates a potential shift in investor sentiment towards safer assets [1] - The current yield level may reflect market expectations regarding future monetary policy adjustments by the Bank of Japan [1]

智通财经8月4日电，日本5年期国债收益率下跌8个基点至1%。 ...

Group 1: Futures Data - The Friday settlement price of the 10 - year Treasury bond futures T2509.CFE is 108.450 with a weekly increase of 0.24%, and T2512.CFE is 108.425 with a 0.20% increase [7]. - The Friday settlement price of the 5 - year Treasury bond futures TF2509.CFE is 105.730 with a 0.14% increase, and TF2512.CFE is 105.785 with a 0.13% increase [7]. - The Friday settlement price of the 2 - year Treasury bond futures TS2509.CFE is 102.352 with a 0.03% increase, and TS2512.CFE is 102.394 with a - 0.01% change [7]. - The Friday settlement price of the 30 - year Treasury bond futures TL2509.CFE is 119.090 with a 0.82% increase, and TL2512.CFE is 118.820 with a 0.78% increase [7]. Group 2: Spread Data - The spread of T2509 - T2512 is 0.025 with a weekly increase of 4.000; TF2509 - TF2512 is - 0.055 with no weekly change; TS2509 - TS2512 is - 0.042 with a - 0.432 weekly change [7]. - The spread of 2TS - T is 300.958 with a - 0.151 weekly change; 2TF - T is 103.010 with a 0.035 weekly change; TS - TF is 98.974 with a - 0.093 weekly change [7]. Group 3: Bond Yield Data - The Friday closing yield of the 1 - year Treasury bond is 1.37% with a - 1.49 BP weekly change; 2 - year is 1.42% with - 1.11 BP; 3 - year is 1.45% with - 2.39 BP; 5 - year is 1.57% with - 2.15 BP; 7 - year is 1.67% with - 2.21 BP; 10 - year is 1.71% with - 2.75 BP; 30 - year is 1.95% with - 2.70 BP [7]. - The Friday closing yield of the 1 - year CDB bond is 1.50% with a - 2.70 BP weekly change; 3 - year is 1.64% with - 2.25 BP; 5 - year is 1.67% with - 3.40 BP; 7 - year is 1.79% with - 3.20 BP; 10 - year is 1.76% with - 4.54 BP; 30 - year is 2.05% with - 2.70 BP [7]. Group 4: Funding Rate Data - The latest price of the inter - bank pledged repo rate DR001 is 1.31% with a - 20.35 BP weekly change; DR007 is 1.42% with - 22.81 BP; DR014 is 1.53% with - 13.51 BP [7]. - The latest price of the SHIBOR1M is 1.55% with a 0.40 BP weekly change; SHIBOR3M is 1.56% with a 0.40 BP weekly change [7].

美国五年期国债收益率当日下跌20个基点至3.77%。 ...