1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the Politburo meeting and the Central Economic Work Conference were successively held. The policy orientation of the Politburo meeting returned to "strengthening counter - cyclical and cross - cyclical adjustment", and the Central Economic Work Conference emphasized quality improvement and efficiency enhancement. The bond market yield declined overall but with a limited range. The bond market's reaction to the meetings was generally positive but still full of concerns [1][10]. - Fiscal policy is expected to maintain a reasonable intensity, with a focus on optimizing policy project implementation and addressing local fiscal difficulties. In 2026, the deficit rate may remain at 4%, and the implementation of "two new" policies and "two important" projects will be optimized [1][11]. - Monetary policy support may increase, aiming to achieve stable economic growth and reasonable price recovery. Policy tools will be used more flexibly and efficiently, and measures like reserve requirement ratio cuts and interest rate cuts may cooperate with fiscal policy [2][11]. - The bond market's rise this year may be restricted by multiple factors, including concerns about ultra - long - term treasury bond supply, inflation expectations, and institutional behavior. It is recommended to adopt a coupon strategy at the end of the year [2]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook of the Bond Market - This week, important meetings led to an increase in expectations of loose monetary policy, and the bond market generally recovered. The yields of 10Y and 30Y treasury bonds both declined by 1bp. The yield first decreased and then increased during the week [9]. - Fiscal policy will maintain a reasonable intensity, with a focus on optimizing project implementation and addressing local fiscal difficulties. Monetary policy support will increase, aiming for economic growth and price recovery [11]. - The bond market's rise may be restricted by multiple factors. It is expected that reserve requirement ratio cuts and interest rate cuts will be used cautiously, and the curve may steepen. It is recommended to adopt a coupon strategy at the end of the year [2]. 3.2 Bond Market Review 3.2.1 Funding Situation - The central bank had a net injection, and the funding rate declined. From December 8th to 12th, the central bank's open - market net injection was 47 billion yuan. The R001 and DR001 decreased by 2bp and 3bp respectively compared to December 5th [19][21]. 3.2.2 Secondary Market Trends - Yields first decreased and then increased. The yields of key - term treasury bonds declined, and most of the term spreads widened. As of December 12th, the yields of 10Y and 30Y treasury bonds decreased by 1bp to 1.84% and 2.25% respectively [28][29]. 3.2.3 Bond Market Sentiment - The weekly turnover rate of 30Y treasury bonds rebounded to 43%, the inter - bank leverage ratio rose to 107.7%, and the median duration of medium - and long - term pure - bond funds remained basically unchanged. The implied tax rate of 10 - year CDB bonds narrowed [20][33]. 3.2.4 Bond Supply - This week, the net financing of interest - rate bonds increased. The net financing of treasury bonds, local government bonds, and policy - bank bonds all rose. The net financing of inter - bank certificates of deposit was negative, and the average issuance rate increased [47][53]. 3.3 Economic Data - In November, export growth rebounded, and the year - on - year increase in CPI expanded. The year - on - year growth rate of exports was 5.9%, and the year - on - year increase in CPI was 0.7% [57]. - The increase in social financing in November was higher than the same period last year, but household credit remained weak. Since December, new - home sales have weakened, while movie consumption has remained stronger than the seasonal average [58]. 3.4 Overseas Bond Markets - The Fed completed its interest - rate cuts this year, and internal differences intensified. The bond markets in France and Germany declined, and most emerging markets also fell [67][68]. 3.5 Performance of Major Asset Classes - The performance of major asset classes this week was: live pigs > Shanghai copper > Shanghai gold > CSI 1000 > China bonds > CSI 300 > Convertible bonds > Chinese - funded US dollar bonds > US dollar > Rebar > Crude oil [3][74]. 3.6 Policy Review - Multiple departments held meetings to convey the spirit of the Central Economic Work Conference, emphasizing policies such as risk prevention, financial support for key areas, and high - quality development [78][82]. - The Shanghai Stock Exchange revised the bond trading business guide, optimizing specific bond element display and adding non - trading transfer business [83].

国债期货日报 | 2025-12-12 美联储降息25bp, 国债期货全线收涨 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，释放宽货币信号。（2）通胀:11月CPI同比上升0.7%。 资金面：（3）财政：2025 年 1–10 月财政运行呈现"收入温和修复、支出节奏回落、基金收缩与专项债放缓并存" 的特征。一般公共预算收入同比增长 0.8%，税收连续八个月改善，增值税、个税和企业所得税均保持修复态势， 但非税收入拖累整体增速，收入完成进度略低于往年均值；一般公共预算支出同 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Fed's decision to cut interest rates by 25bp and its dovish stance have improved short - term global liquidity expectations, but the market has not formed an upward force. The Central Economic Working Conference in China has set the tone for a loose fiscal and monetary policy in 2026, which stabilizes confidence. Different futures varieties show various trends and investment opportunities based on their own fundamentals and market conditions [3] Summary by Relevant Catalog Daily Selected Views - For SN2601, the market is expected to be strong; for V2601, there is still an expectation of over - supply, and the price continues to seek the bottom; for rb2505, the market is expected to be weakly volatile; for O1605, the market is expected to be strongly volatile [3] Full - Variety Daily Reviews Financial - **Stock Index**: After the Fed's interest - rate cut and the Central Economic Working Conference in China, the A - share market showed a pattern of rising and then falling. The market trading sentiment is not high, and it is necessary to be cautious about the risk of chasing high in the volatile range. It is advisable to appropriately lay out a bull spread at low prices. The expectation of a loose monetary policy at the end of the year may rise again, and the 10 - year Treasury bond interest rate may decline towards 1.75%, with a downward space of about 6BP. In terms of strategies, one can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. Also, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Treasury Bonds**: After the Central Economic Working Conference, the expectation of a loose monetary policy has risen. In the short - term, the expectation of a loose monetary policy in the market may improve. One can participate in going long on the T contract on dips and try to go long on the TL contract with a light position. For the spot - futures strategy, pay attention to the positive arbitrage opportunity of the 2603 contract [3] - **Precious Metals**: The short - term gold price is approaching the previous high, and it is mainly recommended to buy on dips. The silver market may enter the over - bought range, and it is necessary to be cautious about chasing high and reduce long positions in a timely manner. The platinum - palladium market follows the fluctuations of gold and silver, and it is recommended to maintain a low - buying strategy [3] - **Container Shipping Index (European Line)**: The EC main contract fluctuates upward, and it is expected to fluctuate in the short - term [3] Metals - **Steel**: Negative feedback affects the steel price to be weak. Pay attention to the decline opportunity of the January rebar - iron ore ratio. For the hot - rolled coil, close the January hot - rolled coil - rebar spread position [3] - **Iron Ore**: With the decline of hot - metal production and the increase of port inventory, the iron ore market turns weakly volatile, and it is viewed as bearish in the range of 730 - 780 [3] - **Coking Coal**: The price - cut range of local coal prices expands, and the Mongolian coal price drops. The futures price shows a weak decline, and it is viewed as bearish in the range of 950 - 1100. One can go long on coke and short on coking coal [3] - **Coke**: The second round of price cuts for coke in December has started, and the port trading price has led the decline. It is viewed as bearish in the range of 1450 - 1600. One can go long on coke and short on coking coal [3] - **Copper**: The Fed cuts interest rates by 25bp. Pay attention to the structural risk of overseas inventory. Hold long positions in the long - term, and the main contract should pay attention to the support at 90000 - 91000 [3] - **Alumina**: Market pessimism spreads, and there is no obvious marginal change in the short - term fundamentals. The main contract operates in the range of 2400 - 2700. Short - term traders can lay out long positions on dips to bet on an emotional rebound [3] - **Aluminum**: The social inventory continues to decline weekly, and the macro - fundamentals resonate, making the market run strongly. The main contract operates in the range of 21700 - 22400. Buy on dips [3] - **Aluminum Alloy**: The futures price rebounds slightly following the aluminum price, and the aluminum - alloy - aluminum price spread expands to 1000. The main contract operates in the range of 20700 - 21400. Conduct an arbitrage of going long on AD03 and short on AL03 [3] - **Zinc**: The US dollar is weakly running. Inventory depletion and the decline of TC boost the zinc price. The main contract should pay attention to the support at 23000 - 23200. Continue to hold the cross - market reverse arbitrage [3] - **Tin**: The fundamentals are strong, and the tin price fluctuates at a high level. Pay attention to the US interest - rate decision. Hold the previous long positions, and adopt a low - buying strategy on dips [3] - **Nickel**: After the macro - factors are settled, the upward space of the price is limited, and the market continues to decline. The main contract operates in the range of 116000 - 120000 [3] - **Stainless Steel**: The market fluctuates and declines slightly. The supply pressure eases slightly, but the inventory depletion is insufficient. The main contract operates in the range of 12400 - 12800 [3] - **Industrial Silicon**: The coking coal futures price continues to decline, and the industrial silicon price fluctuates. The main contract operates in the range of 8000 - 8800 [3] New Energy - **Polysilicon**: The inventory increases slightly, and the polysilicon futures price continues to rise. It fluctuates at a high level, and the main contract operates in the range of 50000 - 60000 [3] - **Lithium Carbonate**: Affected by news and strong capital, the market rise expands. It fluctuates strongly, and it is advisable to wait and see [3] Chemicals - **PX**: The medium - term supply - demand expectation is tight, and the PX price has support at a low level. Treat it as a short - term high - level fluctuation [3] - **PTA**: The supply - demand expectation is strong in the near - term and weak in the long - term, and the driving force is limited. The PTA price mainly fluctuates at a high level in the short - term. Pay attention to the low - level positive arbitrage opportunity of TA5 - 9 [3] - **Short - Fiber**: The supply - demand expectation is weak, and it follows the raw material price fluctuation. The unilateral strategy is the same as that of PTA, and try to reduce the processing margin on the futures price when it is high [3] - **Bottle - Chip**: In December, the supply - demand pattern of bottle - chips remains loose, and it follows the raw material price fluctuation. The processing margin is expected to be squeezed. The unilateral strategy is the same as that of PTA. The processing margin of the main contract is expected to fluctuate in the range of 300 - 450 yuan/ton, and it is recommended to reduce the processing margin in the short - term [3] - **Ethanol**: The cost side drops, dragging the EG price to decline in a fluctuating manner. Wait and see [3] - **Benzene**: The port inventory continues to accumulate, and the supply - demand is weak in the near - term and strong in the long - term. The short - term driving force of BZ2603 is weak, and it may follow the fluctuations of styrene and oil prices [3] - **Styrene**: The supply - demand is in a tight balance, and there is certain support at the bottom. The EB01 fluctuates and consolidates at a low level in the short - term [3] - **LLDPE**: The upstream reduces the price to sell goods, and the transaction improves. Wait and see [3] - **PP**: The spot price is stable, and the basis strengthens slightly. Pay attention to the expansion of PDH profit [3] - **Methanol**: The near - term basis is firm, and the transaction is okay. Try to reduce the MTO margin of the 05 contract [3] - **Caustic Soda**: The supply - demand still has pressure, and it continues to run weakly. Treat it bearishly [3] - **PVC**: The contradiction of oversupply has not improved, and the market further weakens. Treat it bearishly [3] - **Soda Ash**: The production is at a high level, and the oversupply is prominent. The market continues to weaken. Hold short positions [3] - **Glass**: The production - sales ratio declines, and the spot price in some regions weakens. The market continues to explore the bottom. Treat it bearishly [3] - **Natural Rubber**: Pay attention to the geopolitical conflict between Thailand and Cambodia. Wait and see [3] - **Synthetic Rubber**: After the interest - rate cut, the BR price rises, but the supply in the upper and middle reaches is abundant. It is expected that there is pressure above. Adopt a short - selling strategy on rallies for BR2602, and pay attention to the pressure around 10800 [3] Agricultural Products - **Soybean Meal and Rapeseed Meal**: The US soybean market has no bright spots. Pay attention to the domestic soybean customs - clearance policy. The market is strong in the near - term and weak in the long - term [3] - **Pig**: The demand for curing bacon provides support. Pay attention to the epidemic situation. It is in a bottom - grinding market [3] - **Corn**: The increase in supply is limited, and the market fluctuates. It adjusts in a fluctuating manner [3] - **Edible Oil**: The soybean oil price follows the rapeseed oil price to rise. The palm oil price has support at 8000. The P main contract tests the support at 8000 [3] - **Sugar**: The domestic sugar - pressing progress is good. It fluctuates at the bottom [3] - **Cotton**: The purchase of Xinjiang seed cotton is over. Pay attention to the pressure situation around 14000 [3] - **Egg**: The sales at high prices slow down, and the supply is still abundant. It fluctuates weakly. Pay attention to the support strength at the previous low [3] - **Apple**: Traders mainly make inquiries, and the sales of apples slow down. It may fluctuate around 9500 in the short - term [3] - **Jujube**: There is supply pressure, and the market fluctuates at a low level. It runs at a low level [3]

Core Viewpoint - The central theme of the articles revolves around the current monetary policy stance of the central bank, characterized by "loose monetary policy and tight credit," which is expected to influence the bond market dynamics in the near future [1][3][4]. Group 1: Monetary Policy Analysis - The central bank has repeatedly emphasized the need to "nurture liquidity" and maintain "appropriate looseness" in monetary policy this year [1]. - Historical trends indicate that periods of "loose monetary policy and tight credit" often yield the highest bond value, as increased liquidity from the central bank typically flows into the bond market [1]. - Current indicators suggest that while credit remains tight, the monetary policy is still considered loose, with the SHIBOR rate reflecting stable funding costs within the banking system [3]. Group 2: Economic Context and Future Expectations - The economic momentum appears weak, leading to speculation about potential interest rate cuts; however, there are no strong signals for aggressive stimulus from the central bank at this time [4]. - The GDP growth target of 5% for this year is deemed achievable, which may reduce the urgency for significant economic stimulus measures [4]. - A constructed index measuring monetary policy strength indicates that the current policy is weaker than last year, suggesting a cautious approach moving forward [4]. Group 3: Market Implications - The bond market is currently experiencing a lack of clear direction, characterized by weak fluctuations, as the macroeconomic environment is favorable but monetary policy remains ambiguous [4]. - The ten-year government bond ETF (511260) is highlighted as a potential investment opportunity, being the only ETF tracking the ten-year government bond index, thus offering good allocation value [5].

Core Viewpoint - The recent Central Economic Work Conference highlighted five "musts" focusing on economic potential, policy support, and the integration of investment in goods and people, emphasizing the importance of internal demand and risk prevention in real estate [2][3][6]. Group 1: Five "Musts" - The five "musts" include fully tapping economic potential, balancing policy support with reform innovation, ensuring effective management alongside flexibility, integrating investment in goods and people, and strengthening internal capabilities to face external challenges [3][11]. - The first "must" emphasizes expanding internal demand and finding technological breakthroughs for new growth [3][11]. Group 2: Cross-Cycle Adjustment - The conference stressed the importance of cross-cycle adjustments, advocating for a combination of existing and new policies to enhance macroeconomic governance [4][12]. - It was noted that the integration of existing and new policies is crucial for effective economic management [4][12]. Group 3: Fiscal and Monetary Policy - A more proactive fiscal policy is to be continued, with a fiscal deficit target potentially remaining above 4.0% for 2024, indicating a shift towards expansionary fiscal measures [5][14]. - Monetary policy is expected to remain moderately loose, with the possibility of further interest rate cuts and reserve requirement ratio reductions to support liquidity [5][14]. Group 4: Key Tasks for the New Year - The primary tasks for the upcoming year include expanding internal demand, advancing high technology, and implementing reforms, with internal demand being crucial for countering external risks [6][15]. - The focus on real estate is primarily on risk prevention rather than aggressive stimulus measures, indicating a cautious approach to avoid systemic risks [6][15]. Group 5: Economic Goals and Inflation - The economic growth target for 2026 is projected to be around 5.0%, with a focus on supporting consumption, stabilizing investment, and expanding openness [7][16]. - The notion of "reasonable price recovery" does not necessarily imply significant price increases for domestic goods, as inflation metrics like CPI and core CPI have shown upward trends without a corresponding rise in commodity prices [8][17].

Core Viewpoint - The bond market is expected to continue a weak oscillating pattern in 2026, influenced by concerns over rising inflation and ongoing strict regulations, which aligns with current market expectations [1] Group 1: Economic Policy Outlook - A potential shift from expansive fiscal policy to stable fiscal policy may occur if economic growth targets are lowered, which could reduce the fiscal deficit ratio and alleviate supply pressure on government bonds [1] - The transition from stable monetary policy to expansive monetary policy could enhance bond market performance beyond expectations, but this may require the emergence of bottom-up risk events [1] Group 2: Market Dynamics - The key to the bond market's performance in 2026 will be the anticipation of substantial changes in monetary policy, with a possible pattern of "slow at first, fast later," where the first quarter may remain subdued while waiting for policy changes and addressing inflation concerns [1] - The second and third quarters may present opportunities for market engagement, potentially leading to the formation of an annual low point [1]

国债期货日报 | 2025-12-11 债市触底修复，国债期货全线收涨 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，释放宽货币信号。（2）通胀:11月CPI同比上升0.7%。 资金面：（3）财政：2025 年 1–10 月财政运行呈现"收入温和修复、支出节奏回落、基金收缩与专项债放缓并存" 的特征。一般公共预算收入同比增长 0.8%，税收连续八个月改善，增值税、个税和企业所得税均保持修复态势， 但非税收入拖累整体增速，收入完成进度略低于往年均值；一般公共预算支出同比仅增 ...

Group 1 - The core viewpoint of the articles indicates that the bond market in 2025 is expected to face significant challenges, transitioning from a "bullish long, bearish short" to a "bullish short, bearish long" market, making it increasingly difficult to generate returns [1][38] - Key variables affecting the bond market include "expansive fiscal policy," "stable monetary policy," "strong risk appetite," "strict regulation," and "weak reality," which are expected to shape the market dynamics in 2026 [1][38] - The fiscal deficit for 2025 is projected to increase by 2.9 trillion yuan compared to 2024, reaching a historical high since 2021, with a total deficit of 5.66 trillion yuan [1][39] Group 2 - The "expansive fiscal policy" is likely to continue into 2026, with a projected broad fiscal deficit of 15.1 to 15.9 trillion yuan, although the contribution to economic growth may be more stable than in 2025 [2][50] - The monetary policy in 2025 acted more as a supporting role, with expectations for 2026 to potentially see a shift towards a more expansive monetary policy, which could exceed market expectations [3][55] - Regulatory measures in 2025 have led to stricter behaviors among institutions, impacting the bond market, with asset management institutions likely to maintain lower bond allocation ratios [4][56] Group 3 - The macroeconomic indicators have shown marginal weakening since early 2025, but have not significantly influenced asset pricing, as the bond market has been more closely tied to equity market performance [5][38] - The bond market is expected to experience a "slow start, fast finish" rhythm in 2026, with potential for significant movements in the second and third quarters as monetary policy evolves [6][38] - The overall sentiment in the bond market is anticipated to remain cautious, with the need to monitor macroeconomic events that could trigger changes in monetary policy [6][55]

Group 1: Market Overview - The bond market in 2025 faced significant challenges, contrasting with the smooth trends of 2023-2024, with long-term interest rates experiencing volatility, starting at 1.61% and ending at 1.80%[1] - The shift from a "bull market for long bonds and bear market for short bonds" to a "bull market for short bonds and bear market for long bonds" increased the difficulty of obtaining returns exponentially[1] - Key variables influencing the market included expansive fiscal policy, stable monetary policy, strong risk appetite, strict regulation, and weak economic realities[1] Group 2: Fiscal Policy Insights - The broad fiscal deficit for 2025 increased by CNY 2.9 trillion compared to 2024, reaching a record high since 2021[2] - The fiscal deficit rate was set at 4.0% for 2025, up from 3.8% in 2024, marking a historical high[2] - Special government bonds were increased to CNY 1.3 trillion in 2025, with an additional CNY 500 billion allocated for major banks' capital replenishment[2] Group 3: Monetary Policy Expectations - The monetary policy in 2025 acted as a supporting role, with slower-than-expected implementation, characterized by a "slow start" in monetary easing[3] - There is a possibility that monetary policy could exceed expectations in 2026, transitioning from a stable to a more expansive stance if macroeconomic events trigger such changes[3] - The central bank's structural monetary policy may shift towards more targeted measures rather than broad-based cuts, impacting the bond market dynamics[4] Group 4: Regulatory Environment - 2025 was marked by strict regulations affecting financial institutions, with significant changes in wealth management and fund redemption policies[5] - The impact of regulatory changes on asset allocation could lead to a lower proportion of bond investments by asset management institutions, affecting the credit market[5] Group 5: Economic Indicators and Inflation - Economic indicators showed marginal weakening in 2025, but did not significantly influence asset pricing, as equity markets drove risk appetite higher[6] - Inflation expectations are anticipated to rise from low levels, potentially impacting asset pricing in 2026[6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The bond market sentiment has warmed up, and treasury bond futures have closed higher across the board. The bond market is oscillating between stable growth and easing expectations, and short - term attention should be paid to the policy signals at the end of the month [1][3] - Affected by the stock market, the Political Bureau meeting released a signal of loose money. At the same time, the Fed's interest - rate cut expectation continues, and the increase in global trade uncertainty adds uncertainty to foreign capital inflows [3] Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) has a 0.20% month - on - month and year - on - year increase; China's PPI (monthly) has a 0.10% month - on - month increase and a - 2.10% year - on - year decrease [9] - Economic indicators (monthly update): Social financing scale is 437.72 trillion yuan, with a 0.15% month - on - month increase; M2 year - on - year is 8.20%, with a 2.38% month - on - month decrease; Manufacturing PMI is 49.20%, with a 0.41% month - on - month increase [10] - Economic indicators (daily update): The US dollar index is 99.24, with a 0.13% increase; The US dollar against the offshore RMB is 7.0671, with a 0.02% increase; SHIBOR 7 - day is 1.43, with a 0.35% increase; DR007 is 1.45, with a 0.37% increase; R007 is 1.51, with a - 0.31% increase; The 3 - month inter - bank certificate of deposit (AAA) is 1.62, with a 0.00% increase; The AA - AAA credit spread (1Y) is 0.09, with a 0.00% increase [10] 2. Overview of Treasury Bond and Treasury Bond Futures Market No specific content other than figure descriptions provided. 3. Overview of the Money Market Funding Situation - Fiscal: From January to October 2025, the general public budget revenue increased by 0.8% year - on - year, and the general public budget expenditure increased by only 2% year - on - year [2] - Financial: At the end of October, social financing and credit maintained low - level expansion, government bond issuance was still strong, and the financing demand of enterprises and residents was weak. M1 declined, and the M2 - M1 gap widened [2] - Central Bank: On December 9, 2025, the central bank conducted a 7 - day reverse repurchase operation of 117.3 billion yuan at a fixed interest rate of 1.4% [2] - Money Market: The main term repurchase rates 1D, 7D, 14D, and 1M are 1.303%, 1.431%, 1.510%, and 1.523% respectively, and the repurchase rates have recently declined [2] 4. Spread Overview No specific content other than figure descriptions provided. 5. Two - Year Treasury Bond Futures No specific content other than figure descriptions provided. 6. Five - Year Treasury Bond Futures No specific content other than figure descriptions provided. 7. Ten - Year Treasury Bond Futures No specific content other than figure descriptions provided. 8. Thirty - Year Treasury Bond Futures No specific content other than figure descriptions provided. Strategies - Unilateral: The repurchase rate has declined, and the price of treasury bond futures oscillates [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]