Economic Indicators - August CPI decreased by 0.4% year-on-year, while PPI fell by 2.9% year-on-year[15] - August manufacturing PMI stood at 49.4, indicating a slight contraction in the manufacturing sector[14] - Exports in August grew by 4.4% year-on-year, down from 7.2% in the previous month[15] Market Trends - Social financing growth rate has declined for the first time since October last year, indicating weak overall demand[1] - The 10-year government bond yield briefly exceeded 1.8%, suggesting a potential buying opportunity[1] - The bond market is expected to benefit from continued monetary easing as the economic fundamentals remain under pressure[1] Policy Developments - The government is expected to implement new policies to support the bond market, including early issuance of local government debt limits for 2026[21] - The State Council has approved the establishment of a national-level nature reserve, reflecting ongoing environmental policy initiatives[9] External Environment - The U.S. and Europe are discussing new sanctions against Russia, which may introduce uncertainties in external demand[1] - Global central banks' gold reserves have surpassed U.S. Treasury holdings, indicating a shift in reserve asset preferences[18]

国债期货日报 2025/9/16 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 研究员： 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | 项目类别 数据指标 | 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 T主力收盘价 | | 108.000 | 0.15% T主力成交量 | 138741 | 44141↑ | | TF主力收盘价 | | 105.795 | 0.13% TF主 ...

Group 1 - The report indicates that in August 2025, the cumulative year-on-year growth rate of social retail sales was 4.64%, a decrease of 0.16 percentage points compared to July 2025, with the restaurant sector showing a growth rate of 3.60%, down 0.20 percentage points [1][2][18] - The cumulative year-on-year growth rate of industrial added value in August 2025 was 6.2%, down 0.1 percentage points from July, with traditional industries related to real estate, such as glass, cement, and crude steel, experiencing accelerated contraction [2][3][6] - Fixed asset investment in August 2025 showed a cumulative year-on-year growth rate of 0.5%, a decline of 1.1 percentage points from July, with real estate investment down 12.9% year-on-year [2][6][12] Group 2 - Inflation remains weak, with the Consumer Price Index (CPI) in August 2025 showing a year-on-year decline of 0.4 percentage points to -0.4%, primarily due to the drag from food prices, while core CPI increased to 0.9% [2][3][31] - The report highlights that the bond market is under pressure, with the current environment suggesting a phase of risk acceleration, and that the market may not have a favorable opportunity for long positions at this time [2][14][27] - The report notes that the real estate sector requires incremental policy support to stabilize, as recent trends show a downward adjustment in housing prices in first-tier cities [2][6][12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market is in a weak recovery, with all Treasury bond futures closing higher. The bond market is oscillating between the expectations of stable growth and monetary easing. In the short - term, attention should be paid to the policy signals at the end of the month [1][3]. - The stock market's strong performance boosts risk appetite, which suppresses the bond market. Meanwhile, the increasing expectation of the Fed's interest - rate cut and rising global trade uncertainties add to the uncertainty of foreign capital inflows [3]. 3. Summary According to the Directory I. Interest Rate Pricing Tracking Indicators - **Price 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]. - **Monthly Economic Indicators**: The social financing scale is 433.66 trillion yuan, with a month - on - month increase of 2.40 trillion yuan (+0.56%); M2 year - on - year growth is 8.80% with no month - on - month change; the manufacturing PMI is 49.40%, with a month - on - month increase of 0.10% (+0.20%) [10]. - **Daily Economic Indicators**: The US dollar index is 97.32, with a month - on - month decrease of 0.29 (-0.30%); the offshore US dollar to RMB exchange rate is 7.1213, with a month - on - month increase of 0.005 (+0.07%); SHIBOR 7 - day is 1.47, with a month - on - month increase of 0.01 (+0.68%); DR007 is 1.48, with a month - on - month increase of 0.03 (+1.76%); R007 is 1.51, with a month - on - month decrease of 0.05 (-3.26%); the 3 - month inter - bank certificate of deposit (AAA) is 1.57, with a month - on - month increase of 0.01 (+0.40%); the AA - AAA credit spread (1Y) is 0.08, with a month - on - month increase of 0.00 (+0.40%) [11]. II. Overview of the Treasury Bond and Treasury Bond Futures Market - Multiple figures are presented, 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 precipitation of funds in various Treasury bond futures varieties, the proportion of open interest in various Treasury bond futures varieties, the net open interest proportion of the top 20 in various Treasury bond futures varieties, the long - short open interest ratio of the top 20 in various Treasury bond futures varieties, the spread between China Development Bank bonds and Treasury bonds, and the issuance of Treasury bonds [14][15][18][24]. III. Overview of the Money Market Liquidity - Figures show the trading statistics of inter - bank pledged repurchase and the issuance of local government bonds [27]. IV. Spread Overview - Figures display the inter - delivery spread trend of various Treasury bond futures varieties and the term spread of cash bonds and cross - variety spreads of futures [31][36][37]. V. Two - Year Treasury Bond Futures - Figures show 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 [39][40][48]. VI. Five - Year Treasury Bond Futures - Figures show 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 [50][54]. VII. Ten - Year Treasury Bond Futures - Figures show 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 [57][59]. VIII. Thirty - Year Treasury Bond Futures - Figures show 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 [64][70]. 4. Strategies - **Unilateral Strategy**: As the repurchase rate rises, the price of Treasury bond futures oscillates [4]. - **Arbitrage Strategy**: Pay attention to the decline of the 2512 basis [4]. - **Hedging Strategy**: There is medium - term adjustment pressure, and short - position holders can use far - month contracts for appropriate hedging [4].

Core Viewpoint - The article emphasizes the importance of abandoning personal predictions and biases in favor of strictly adhering to technical rules and trading systems in investment transactions [1] Economic Data and Market Performance - August economic data fell below expectations, leading to a slight decline in the stock market [6] - The 10-year government bond yield fluctuated around 1.79% and later dropped to 1.786% before rising to 1.8% [6] - The U.S. Treasury Secretary indicated progress in technical details in discussions with China, which may influence market sentiment [6] Monetary Policy and Liquidity - The central bank conducted a 280 billion yuan 7-day reverse repurchase operation, with a net withdrawal of 31.5 billion yuan due to maturing reverse repos and treasury cash deposits [4] - The funding environment remains balanced and slightly loose, with the DR001 rate around 1.41% and DR007 at approximately 1.48% [5] Market Sentiment and Reactions - The bond market experienced volatility, with a notable sell-off towards the end of the trading day, attributed to concerns over "involution" and a loss of trust among investors [7] - The article draws a parallel between the bond market's current sentiment and a restaurant's brand image collapse, highlighting the fragility of investor confidence [7] Interest Rates and Bond Yields - The article provides detailed interest rates for various government bonds, indicating a range of yields from 1.3975% for 1-year bonds to 2.0940% for ultra-long bonds [10] - The yield on AAA-rated bonds shows a slight increase, with 1-year bonds at 1.6100% and 5-year bonds at 2.3300% [10]

Group 1: Summary of the Core View - The current economic readings are rather dull, with the overall production growth slowing down in August. The single - month economic data is prone to fluctuations, but the internal economic momentum continues to recover [4][5][7] - The contradiction in current asset pricing does not lie in the fundamentals. The "stock - strong, bond - weak" situation is the result of institutional re - allocation of stock and bond assets, and single - month data fluctuations will not change the current risk - preference environment or the expected direction of institutional asset re - allocation [6] - When dealing with the bond market, one should adopt a trading - based approach, focus on the opportunities of structural term spreads and variety spreads, as the bond market remains a "weak asset" and single - month economic data is unlikely to change the trend [9] Group 2: Industry Data Analysis Industrial Industry - In the upstream of the industrial industry, the production of non - ferrous metal processing, non - metallic products, and chemical raw material products has accelerated year - on - year. In the mid - and downstream equipment and consumer goods manufacturing, the output growth of the pharmaceutical and special equipment production has accelerated. The growth rate of industrial added value in other industries has declined compared with last month [4] - In August, the industrial added value increased by 5.2% year - on - year, with a growth rate 0.5 percentage points lower than that of last month. Among the three major sectors, the production growth rate of the mining industry has rebounded, while the year - on - year growth rates of the manufacturing and the production and supply of electricity, heat, gas, and water have declined [7] Service Industry - The growth rate of service industry production has slowed down. In August, the service industry production index increased by 5.6% year - on - year, with a growth rate 0.2 percentage points lower than that of last month. The prosperity of producer services such as information technology, finance, and leasing is higher than the overall service industry [4] Investment - The growth rate of fixed - asset investment has slowed down. In August, the completed amount of fixed - asset investment decreased by 7.15% year - on - year, 1.81 percentage points lower than that of last month. Among them, real estate, infrastructure, and manufacturing investments decreased by 19.5%, 6.4%, and 1.3% year - on - year respectively [8] - Real estate sales and investment continue to bottom out, with the decline in sales prices narrowing. In August, the sales volume and sales area of commercial housing decreased by 14% and 10.6% year - on - year respectively. The real estate new construction area and completion area decreased by 20.3% and 21.4% year - on - year respectively [8] Consumption - In terms of consumption, catering consumption is recovering, while commodity consumption has slowed down, which may be affected by the "national subsidy" rhythm adjustment in some provinces. In August, the total retail sales of consumer goods increased by 3.4% year - on - year, with a growth rate 0.3 percentage points lower than that of last month [8] - Among commodity consumption, the year - on - year growth rates of gold and silver jewelry, household appliances, and communication equipment have changed significantly compared with last month. The sales volume of gold and silver jewelry may be related to the rapid rise in precious metal prices, while the slowdown of household appliances and communication equipment may be affected by the "national subsidy" rhythm adjustment after the "618" promotion [8] Group 3: Impact of Economic Data - After the release of economic data, bond yields first declined and then rose. The bond market has experienced an oversold rebound recently. After the release of economic data, the long - term bond yields rebounded, but then rose again [7] - Single - month economic data is affected by policy rhythm changes and structural transformation, and its fluctuations are unlikely to change the overall trend. Although the overall economic data in August is not outstanding, the internal economic momentum continues to recover [5][6]

1. Report Industry Investment Rating - The report does not explicitly state the industry investment rating. 2. Report's Core View - The bond market adjusted significantly this week. The narrowing year - on - year decline in August's CPI and the four - month consecutive rise in core CPI indicate marginal improvement in domestic demand, but food prices still drag. The narrowing year - on - year decline in PPI and the end of eight - month consecutive decline in the month - on - month data are mainly supported by policy - driven industrial product price repairs. The export growth rate in the first eight months dropped to 6.9%, and the import decline narrowed to - 1.2%, reflecting the resilience of external demand but uneven domestic demand repair. The main reasons for the bond market adjustment this week may include policy expectation disturbances and the continuous disturbance of the stock - bond seesaw effect. The short - term bond market may be suppressed by sentiment, but the report is bullish on the bond market in the long run, expecting the 10Y Treasury yield to be between 1.6% - 1.8% in the second half of the year [2][10][82]. 3. Summary by Related Catalogs 3.1 Macro News - In August, CPI decreased by 0.4% year - on - year, with the same month - on - month figure as last month, and core CPI rose to 0.9%. PPI's year - on - year decline narrowed to - 2.9%, the first narrowing since February this year, and the month - on - month change turned flat, ending eight - month consecutive decline. - In the first eight months, the total value of China's goods trade imports and exports was 29.6 trillion yuan, a year - on - year increase of 3.5%. The export growth rate dropped by 0.4 pct to 6.9%, and the import decline narrowed by 0.4 pct to - 1.2%. - At the end of August, M2 balance was 332.0 trillion yuan, a year - on - year increase of 8.8%; M1 balance was 111.2 trillion yuan, a year - on - year increase of 6%. The cumulative increase in social financing scale in the first eight months was 26.6 trillion yuan, 4.7 trillion yuan more than the same period last year. - The US CPI in August increased by 2.9% year - on - year, a new high since January, and 0.4% month - on - month, higher than expected. Core CPI increased by 3.1% year - on - year and 0.3% month - on - month in August, both in line with market expectations [12][17][19][21]. 3.2 Medium - term High - frequency Data 3.2.1 Consumption - As of September 7, the daily average retail volume of passenger car manufacturers was 4.3 million vehicles, a year - on - year decrease of 10.3%, and the daily average wholesale volume was 4.4 million vehicles, a year - on - year decrease of 5.1%. - As of September 12, the total box office revenue of national movies in the past 7 days was 35782.6 million yuan, a year - on - year increase of 41.0%. - As of August 29, the total retail volume of three major household appliances was 1.337 million units, a year - on - year decrease of 9.9%, and the total retail sales were 2.13 billion yuan, a year - on - year decrease of 33.5% [24][28]. 3.2.2 Transportation - As of September 7, the weekly container throughput of ports was 6.646 million twenty - foot equivalent units, a year - on - year increase of 13.4%. - As of September 11, the average daily subway passenger volume in first - tier cities in the past 7 days was 37.473 million person - times, a year - on - year increase of 2.0%. - As of September 7, the weekly postal express pick - up volume was 3.86 billion pieces, a year - on - year increase of 9.2%. - As of September 7, the weekly railway freight volume was 79.043 million tons, a year - on - year increase of 4.1%, and the weekly highway truck traffic volume was 5.436 million vehicles, a year - on - year decrease of 0.6% [34][36][39]. 3.2.3 Industrial Operating Rates - As of September 10, the blast furnace operating rate of major steel enterprises nationwide was 77.3%, a year - on - year increase of 1.8 pct. - As of September 11, the average asphalt operating rate was 26.0%, a year - on - year increase of 5.0 pct. - As of September 11, the soda ash operating rate was 87.5%, a year - on - year increase of 12.9 pct, and the PVC operating rate was 79.8%, a year - on - year increase of 3.8 pct. - As of September 12, the average PX operating rate was 87.0%, and the average PTA operating rate was 74.7% [42][44]. 3.2.4 Real Estate - As of September 12, the total commercial housing transaction area in 30 large and medium - sized cities in the past 7 days was 1.488 million square meters, a year - on - year increase of 6.2%. - As of September 5, the second - hand housing transaction area in 9 sample cities was 1.234 million square meters, a year - on - year decrease of 5.5% [47]. 3.2.5 Prices - As of September 12, the average weekly pork wholesale price was 19.9 yuan/kg, a year - on - year decrease of 26.3% and a 1.3% decrease compared to four weeks ago; the average vegetable wholesale price was 5.1 yuan/kg, a year - on - year decrease of 16.0% and an 8.7% increase compared to four weeks ago; the average wholesale price of 6 key fruits was 6.9 yuan/kg, a year - on - year decrease of 4.4% and a 1.0% decrease compared to four weeks ago. - As of September 12, the average weekly price of thermal coal at northern ports was 682.0 yuan/ton, a year - on - year decrease of 19.8% and a 1.0% decrease compared to four weeks ago; the average weekly WTI crude oil spot price was 62.6 US dollars/barrel, a year - on - year decrease of 7.6% and a 1.5% decrease compared to four weeks ago. - As of September 12, the average weekly spot price of rebar was 3138.0 yuan/ton, a year - on - year decrease of 1.7% and a 5.5% decrease compared to four weeks ago; the average weekly spot price of iron ore was 804.9 yuan/ton, a year - on - year increase of 14.2% and a 1.5% increase compared to four weeks ago [48][53][55]. 3.3 Bond and Foreign Exchange Markets - On September 12, overnight Shibor was 1.37%, up 1.40 BP from September 8. R001 was 1.40%, down 1.01 BP from September 8; R007 was 1.47%, down 0.53 BP from September 8. DR001 was 1.36%, up 0.76 BP from September 8; DR007 was 1.46%, up 0.52 BP from September 8. IBO001 was 1.40%, up 0.84 BP from September 8; IBO007 was 1.50%, up 0.37 BP from September 8. - Most Treasury yields rose. On September 12, the 1 - year/5 - year/10 - year/30 - year Treasury yields were 1.40%/1.61%/1.87%/2.18%, up 0.2 BP/0.3 BP/4.1 BP/7.3 BP respectively from September 5. The 1 - year/5 - year/10 - year/30 - year yields of China Development Bank bonds were 1.58%/1.82%/2.03%/2.26%, up 4.1 BP/6.3 BP/15.8 BP/6.8 BP respectively from September 5. - On September 12, the 1 - year/5 - year/10 - year yields of local government bonds were 1.54%/1.84%/2.03%, up 8.7 BP/0.5 BP/2.1 BP respectively from September 5. The yields of AAA 1 - month/1 - year and AA+ 1 - month/1 - year inter - bank certificates of deposit were 1.55%/1.68%/1.57%/1.71%, up 12.1 BP/1.1 BP/12.1 BP/0.1 BP respectively from September 5. - As of September 12, 2025, the 10 - year Treasury yields of the US, Japan, the UK, and Germany were 4.1%, 1.6%, 4.7%, and 2.8%, down 4 BP/up 3 BP/up 3 BP/down 2 BP respectively from September 5. - On September 12, the central parity rate and spot exchange rate of the US dollar against the Chinese yuan were 7.10/7.12, down 45/154 pips respectively from September 5 [58][63][65][71][74]. 3.4 Institutional Behavior - Since the beginning of 2025, the duration of medium - and long - term pure bond funds investing in interest - rate bonds has shown a trend of first decreasing, then increasing, and then decreasing. As of September 12, 2025, the estimated median duration was about 4.7 years, a decrease of about 0.1 years compared to last week (September 5). - Since the beginning of 2025, the duration of medium - and long - term pure bond funds investing in credit bonds has shown a volatile trend. In the past month, the duration has risen rapidly and then fluctuated. As of September 12, 2025, the estimated average duration was about 3.1 years, and the estimated median duration was about 3.0 years, an increase of about 0.2 years compared to last week (September 5) [77][79]. 3.5 Investment Advice - The short - term bond market may be suppressed by sentiment, but the report remains bullish on the bond market. The year - on - year growth rate of prices in August was generally lower than expected, and this may be a stage of economic growth momentum transformation and income distribution structure adjustment. The year - on - year growth rates of exports and imports in August both declined. Coupled with the strong performance of consumption policies in the first half of the year, there may be some pressure on consumption and exports in the second half of the year. It is necessary to continuously monitor the continuation of incremental policies and price improvements. The report believes that the economic downward pressure may increase in the second half of the year, the capital market will remain loose, the central bank may restart Treasury bond purchases, and the self - operating allocation demand of banks will support the decline of bond market interest rates. The recent unexpected rise of the stock market has led to a significant adjustment in the bond market, but the bond market will ultimately return to fundamental and capital - based pricing. When the stock market adjusts, bond yields may decline rapidly. The report continues to expect the 10Y Treasury yield to be between 1.6% - 1.8% in the second half of the year, and the current 10Y Treasury yield of about 1.8% is highly cost - effective [80][82].

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - Last week (September 8 - 12, 2025), the bond market experienced significant volatility and adjustment, showing a pattern of "falling first and then stabilizing." The 10 - year Treasury bond yield broke through the 1.8% key point, reaching a new high since April. The adjustment was mainly driven by the public - fund fee - rate new rules and the strong performance of the stock market [1]. - The current bond market is in a headwind period. Although the first pressure point of 1.8% has been broken through, in the long - term, the bond market has a certain basis for recovery as this breakthrough is mainly due to the stock market's strong sentiment and bond - fund redemption shocks rather than a fundamental shift in the fundamentals [2]. - There are four catalysts for the bond market in the fourth quarter: the possible restart of the central bank's Treasury bond trading operations, the potential Fed rate cut in September, the continued pressure on the fundamentals, and the ongoing Sino - US tariff negotiations [3]. Summary by Relevant Catalogs 1. Interest - rate Bond Last - week Data Review - **Funds Rate**: From September 8 - 12, the funds rate first rose and then fell, with an overall slight increase compared to the previous week. DR001 closed at 1.36% on September 12, R001 closed at 1.40%, DR007 closed at 1.46%, and FR007 closed at 1.46% [8]. - **Open - market Operations**: The central bank's reverse - repurchase net investment was 196.1 billion yuan last week, and it announced a 600 - billion - yuan outright reverse - repurchase operation on September 15 [1]. - **Sino - US Market Interest Rate Comparison**: The inversion of the Sino - US bond yield spread narrowed. The Sino - US 6 - month interest - rate spread was - 222BP, and the 2 - year/10 - year spreads were - 209BP and - 214BP respectively, with the inversion narrowing [15]. - **Term Spread**: The Chinese bond term spread remained basically unchanged, while the US bond term spread slightly decreased. The 10 - 2 - year spread of Chinese bonds was 44BP, and that of US bonds was 50BP [15]. - **Interest - rate Term Structure**: The Chinese bond yield curve remained basically unchanged, while the US bond yield curve had its middle section slightly move up [16]. 2. Real - estate High - frequency Data Tracking - **First - tier Cities**: The transaction volume of commercial housing in first - tier cities remained in a low - level volatile state. The average daily transaction area was 64,400 square meters, and the average daily number of transactions was 610 units. September 12 was the weekly high, and September 14 was the weekly low [23]. - **Top Ten Cities**: The transaction data of commercial housing in the top ten cities rebounded compared to the previous week, with an average daily transaction area of about 94,000 square meters, an increase of about 9,500 square meters per day compared to the previous week [23]. - **30 Large and Medium - sized Cities**: The commercial - housing transactions in 30 large and medium - sized cities remained at a historical low. The average daily transaction area was about 190,000 square meters, and the average daily number of transactions was about 1,728 units. September 11 was the weekly peak [23].

证券研究报告 固收定期报告 hyzqdatemark 2025 年 09 月 15 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com ——理财规模跟踪月报（2025 年 8 月） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 8 月理财规模平稳增长。我们测算，截至 2025 年 8 月末，理财规模合计 32.92 万亿 元，较上年末增加 2.97 万亿元，较上月末增加 0.25 万亿元。2025 年 8 月理财规模 增量 0.25 万亿，2021-2024 年的 8 月份理财规模平均增量为 0.26 万亿，与季节性 规律一致。尽管 7 月及 8 月股市大幅上涨，但 2025 年 7 月和 8 月理财规模合计增 量达 2.25 万亿，高于 2022-2024 年的同期增量。 8 月理财公司纯固收理财平均当月年化收益率相对平稳。2022 年初以来，理财公司 当月新发人民币固收类理财的平均业绩比较基准震荡下行，2025 年 8 月理财公司新 发人民币固收类理财的平均业绩比较基准上限为 2.81%，平均业绩比较基准下限为 2.23 ...

【市场表现】 国债期货收盘多数上涨，30年期主力合约跌0.11%报114.740元，10年期主力合约涨0.07%报107.580元， 5年期主力合约涨0.14%报105.590元，2年期主力合约涨0.06%报102.410元。银行间主要利率债走势分 化，中短券强势，超长端走弱。2-5年国债活跃券收益率下行1-2bp；30年国债活跃券上行超1bp。30年 期"25超长特别国债02"报2.105%，10年期"25附息国债11"报1.805%，同期限"25国开15"报1.962%。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 央行公告称，9月11日以固定利率、数量招标方式开展了2920亿元7天期逆回购操作，操作利率1.40%， 投标量2920亿元，中标量2920亿元。数据显示，当日2126亿元逆回购到期 ...