Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints - No explicit core viewpoints are presented in the provided content. The report mainly offers data on global asset market performance, including bond yields, exchange - rates, stock indices, and futures trading data. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Yields of Major Economies**: On August 15, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.319%, 4.696%, 3.467% respectively. The latest changes, weekly changes, monthly changes, and annual changes varied among different countries. For example, the US had a latest change of 0.033, a weekly change of 0.035, a monthly change of - 0.099, and an annual change of 0.375 [3]. - **2 - year Treasury Yields of Major Economies**: The 2 - year Treasury yields of the US, UK, Germany, etc. on August 15, 2025, were 3.927%, 1.970%, 0.822% respectively. Similar to the 10 - year yields, the changes in different time - frames differed across countries [3]. - **Exchange Rates of the US Dollar Against Major Emerging Economies' Currencies**: On August 15, 2025, the exchange rates against South Africa's ZAR, Brazil, Russia, etc. were presented, along with their latest, weekly, monthly, and annual changes. For instance, against South Africa's ZAR, the latest change was - 0.29%, the weekly change was - 0.61%, the monthly change was - 4.12%, and the annual change was not provided in the context [3]. - **Stock Indices of Major Economies**: Stock indices such as the Dow Jones, S&P 500, France CAC, etc. had their closing prices on August 15, 2025, and their latest, weekly, monthly, and annual changes. For example, the Dow Jones closed at 6449.800, with a latest change of - 0.29%, a weekly change of 0.94%, a monthly change of 2.43%, and an annual change of 24.05% [3]. - **Credit Bond Indices**: The indices of emerging economies' investment - grade and high - yield credit bonds, US investment - grade and high - yield credit bonds, and euro - zone investment - grade and high - yield credit bonds had their latest, weekly, monthly, and annual changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.10%, a weekly change of 0.19%, a monthly change of 1.48%, and an annual change of 5.08% [3][4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were provided. For example, the A - share closed at 3696.77 with a 0.83% increase [5]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and Germany DAX were presented. For example, the PE (TTM) of CSI 300 was 13.46 with a 0.04环比 change [5]. - **Risk Premium**: The risk premiums (1/PE - 10 - year interest rate) and their环比 changes of S&P 500 and Germany DAX were given. For example, the risk premium of S&P 500 was - 0.66 with a - 0.02环比 change [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows in A - shares, the main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were provided. For example, the latest fund flow in A - shares was 931.56, and the 5 - day average was - 217.38 [5]. - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small and medium - sized board, and ChiNext were presented. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 22446.12 with a - 345.97环比 change [5]. - **Main Contract Basis and Spread**: The basis and spread of IF, IH, and IC were provided. For example, the basis of IF was 7.05 with a 0.17% spread [5]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T00, TF00, T01, and TF01 were presented. For example, T00 closed at 108.295 with a - 0.10% change [6]. - The money market interest rates (R001, R007, SHIBOR - 3M) and their daily changes (BP) were provided. For example, R001 was 1.4391% with a - 3.00 BP daily change [6].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report shows that on the previous trading day, the prices of treasury bond futures fluctuated. The bond market was affected by multiple factors, including macro - economic data, central bank policies, and overseas bond market trends. The yield of 10 - year treasury bonds in China increased slightly, while short - term market interest rates also fluctuated. The bond - equity and bond - commodity market seesaw effect will continue, and the price of treasury bond futures may continue to weaken. The price differentiation between new and old bonds and between long - and short - term bonds will intensify, and the inter - period and inter - variety spreads may also widen [2][3]. 3. Summary by Directory 3.1 Futures Market - **Price Changes**: On the previous trading day, the prices of treasury bond futures fluctuated. For example, the T2509 contract decreased by 0.03%, and the TL2509 and TL2512 contracts decreased by 0.34% and 0.38% respectively. However, the TS2512 contract increased by 0.01% [2]. - **Position and Volume**: The position and trading volume of each contract also changed. For instance, the position of the T2509 contract decreased by 5887, while the position of the T2512 contract increased by 8733 [2]. - **Arbitrage Opportunity**: The IRR of the CTD bonds corresponding to treasury bond futures contracts was relatively high, indicating certain arbitrage opportunities [2]. 3.2 Spot Market - **Domestic Treasury Bond Yields**: The yields of key - term domestic treasury bonds fluctuated. The 10 - year treasury bond yield increased by 0.73bp to 1.74%, and the long - short (10 - 2) treasury bond yield spread was 32.22bp [2]. - **Overseas Treasury Bond Yields**: The yields of key - term overseas treasury bonds also changed. The 10 - year US treasury bond yield increased by 4bp, the 10 - year German treasury bond yield increased by 8bp, and the 10 - year Japanese treasury bond yield increased by 1.1bp [2]. 3.3 Macro News - **Central Bank Operations**: On August 15, the central bank carried out 238 billion yuan of 7 - day reverse repurchase operations, with a net investment of 116 billion yuan on that day. This week, there will be 711.8 billion yuan of reverse repurchases and 220 billion yuan of treasury cash time deposits due [3]. - **Economic Policies**: The central bank's second - quarter monetary policy implementation report proposed to implement a moderately loose monetary policy, maintain ample liquidity, and promote a reasonable recovery of prices. It also emphasized the use of structural monetary policy tools to support key areas [3]. - **Economic Data**: In July, the national industrial added value above designated size increased by 5.7% year - on - year, and the total retail sales of consumer goods increased by 3.7% year - on - year. From January to July, national fixed - asset investment increased by 1.6% year - on - year, while real estate development investment decreased by 12% [3]. 3.4 Industry Information - **Interest Rate Changes**: On August 15, most money market interest rates increased. For example, the 1 - day and 7 - day weighted average interest rates of inter - bank pledged repurchase increased by 8.46bp and 3.74bp respectively [3]. - **US Treasury Bond Yields**: US treasury bond yields increased across the board. The 2 - year, 3 - year, 5 - year, 10 - year, and 30 - year yields increased by 1.60bp, 2.79bp, 1.90bp, 3.11bp, and 4.46bp respectively [3]. 3.5 Comments and Strategies The bond - equity and bond - commodity market seesaw effect will continue, and the price of treasury bond futures may continue to weaken. The price differentiation between new and old bonds and between long - and short - term bonds will intensify, and the inter - period and inter - variety spreads may also widen. The central bank's policy of maintaining ample liquidity will support the short - end treasury bond futures prices to some extent [3].

每经AI快讯，8月18日，国债期货跌幅持续扩大，30年期国债期货主力合约跌超1%，续创逾四个月新 低。 ...

Group 1 - The North Stock Exchange 50 Index rose over 2%, surpassing the 1500-point mark and reaching a historical high [1] - The 30-year main contract for Chinese government bonds fell by 0.98%, while the 10-year main contract decreased by 0.24% [1] - The yield on the 30-year government bond active period 2500002 increased by 2.6 basis points to 2.0200%, and the yield on the 10-year government bond active period 250011 rose by 2 basis points to 1.7650% [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term outlook for TL2509 is oscillation, the medium - term is oscillation, the intraday is weakly oscillating, and the overall view is oscillation due to the decreased possibility of a full - scale interest rate cut and the rising risk appetite in the stock market [1]. - For the main bond futures varieties (TL, T, TF, TS), the intraday view is weakly oscillating, the medium - term view is oscillating, and the reference view is oscillation. In the short term, bond futures will mainly oscillate due to the low possibility of a full - scale interest rate cut, the rising risk appetite in the stock market, and the resulting inhibition of bond - buying demand [5]. Group 3: Summary According to Related Catalogs 品种观点参考—金融期货股指板块 - For the TL2509 variety, short - term (within a week): oscillation; medium - term (two weeks to one month): oscillation; intraday: weakly oscillating; overall view: oscillation. The core logic is the decreased possibility of a full - scale interest rate cut and the rising risk appetite in the stock market [1]. 主要品种价格行情驱动逻辑—金融期货股指板块 - The varieties include TL, T, TF, TS. The intraday view is weakly oscillating, the medium - term view is oscillating, and the reference view is oscillation. The core logic is that although the medium - and long - term monetary policy is supportive and the possibility of a policy interest rate increase is low, the macro - economy shows strong resilience, external risk factors are temporarily alleviated, and the central bank's loan discount policy for the consumption field makes the short - term possibility of a full - scale interest rate cut low. The rising risk appetite in the stock market leads to a shift of funds from bonds to stocks, suppressing the demand for buying bonds [5].

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On Thursday, treasury bond spot yields strengthened collectively, while treasury bond futures weakened. The central bank continued net withdrawals, and the weighted average rate of DR007 rebounded slightly. Domestically, July's financial data showed structural differentiation, with the year - on - year growth rate of social financing rising for three consecutive months and credit weakening marginally. The policy effect of expanding domestic demand emerged, and foreign trade remained resilient. The Ministry of Finance launched a double - discount policy. Overseas, the Sino - US tariff suspension period was extended by 90 days, and the market expected a high probability of a Fed rate cut in September. Currently, the bond market is still anchored to equity fluctuations, and the linkage between stock and bond fluctuations may further strengthen. It is recommended to wait and see [2]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL main contract closing prices decreased by 0.12%, 0.08%, 0.02%, and 0.36% respectively. T, TF, and TL main contract trading volumes increased by 5478, 4113, and 16673 respectively, while TS decreased by 1961 [2]. - **Futures Spreads**: Most spreads showed a downward trend, except for some spreads like T09 - TL09, TF09 - T09, TS09 - T09, and TS09 - TF09 which increased [2]. - **Futures Positions**: T, TF, TS, and TL main contract positions decreased by 13223, 6780, 2945, and 8709 respectively. The net short positions of T's top 20 increased by 1743, while those of TF, TS, and TL decreased by 1531, 2090, and 621 respectively [2]. 3.2 CTD Bonds - The net prices of the top two CTD bonds all decreased, such as 220010.IB decreased by 0.0853, 250007.IB decreased by 0.1408 [2]. 3.3 Active Treasury Bonds - The yields of active treasury bonds with maturities of 1y, 3y, 5y, 7y, and 10y decreased by 0.45bp, 1.50bp, 1.00bp, 0.86bp, and 0.75bp respectively [2]. 3.4 Short - term Interest Rates - The overnight silver - pledged repo rate increased by 1.97bp, Shibor overnight remained unchanged, the 7 - day silver - pledged repo rate decreased by 0.50bp, and Shibor 7 - day decreased by 0.80bp [2]. 3.5 LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged [2]. 3.6 Open Market Operations - The issuance scale of reverse repurchase was 1287 billion yuan, the maturity scale was 1607 billion yuan, with a net withdrawal of 320 billion yuan, and the interest rate was 1.4% for 7 days [2]. 3.7 Industry News - In July 2025, the incremental social financing was 1.16 trillion yuan, the new RMB loans were - 500 million yuan, M2 year - on - year growth rate was 8.8%, M1 was 5.6%, and M0 was 11.8%. - 188 billion yuan of investment subsidies for equipment renewal supported by ultra - long - term special treasury bonds in 2025 have been allocated, driving total investment of over 1 trillion yuan. - On August 18, 2025, the Ministry of Finance and the People's Bank of China will conduct the tender for the eighth - phase central treasury cash management commercial bank time deposits, with an operation volume of 120 billion yuan and a term of 1 month [2]. 3.8 Key Data to Watch - On August 14 at 20:30, the initial jobless claims in the US for the week ending August 9 (in ten thousand people). - On August 15 at 20:30, the US retail sales month - on - month rate for July [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Affected by the strong stock market, the recovery of risk appetite suppresses the bond market. Meanwhile, the probability of the Fed cutting interest rates in September exceeds 95%, and the increasing global trade uncertainty adds to the uncertainty of foreign capital inflows. Overall, the bond market fluctuates between the expectations of stable growth and monetary easing. Short - term attention should be paid to policy signals at the end of the month [3]. - The price of Treasury bond futures fluctuates. It is recommended to short the 2509 contract on rallies. For arbitrage, pay attention to the decline of the basis of TF2509. For hedging, as there is medium - term adjustment pressure, short - side investors can use far - month contracts for moderate hedging [4][5]. Summary by Directory 1. Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI has a 0.40% month - on - month increase and 0.00% year - on - year change; monthly PPI has a - 0.20% month - on - month and - 3.60% year - on - year change [9]. - Monthly economic indicators: Social financing scale is 431.26 trillion yuan, with a 1.04 - trillion - yuan month - on - month increase and 0.24% growth rate; M2 year - on - year is 8.80%, up 0.50% from the previous period with a 6.02% growth rate; manufacturing PMI is 49.30%, down 0.40% from the previous period with a - 0.80% growth rate [9]. - Daily economic indicators: The US dollar index is 97.78, down 0.28 with a - 0.29% change; the offshore US dollar - to - RMB exchange rate is 7.1817, down 0.009 with a - 0.13% change; SHIBOR 7 - day is 1.43, up 0.00 with a 0.07% change; DR007 is 1.45, up 0.01 with a 0.54% change; R007 is 1.56, down 0.12 with a - 7.38% change; the 3 - month inter - bank certificate of deposit (AAA) is 1.53, down 0.01 with a - 0.65% change; the AA - AAA credit spread (1Y) is 0.08, down 0.01 with a - 0.65% change [10]. 2. Overview of Treasury Bonds and Treasury Bond Futures Market - Multiple charts are provided to show the closing price trend, price change rate, precipitation of funds, position ratio, net position ratio (top 20), long - short position ratio (top 20), spread between government - issued bonds and Treasury bonds, and Treasury bond issuance of Treasury bond futures main contracts [13][16][18]. 3. Overview of the Money Market Funding Situation - Multiple charts are provided to show the Shibor interest rate trend, the maturity yield trend of inter - bank certificates of deposit (AAA), the trading statistics of inter - bank pledged repurchase, and the local government bond issuance [32][28]. 4. Spread Overview - Multiple charts are provided to show the inter - term spread trend of Treasury bond futures, the term spread of spot bonds and the cross - variety spread of futures [31][38]. 5. Two - Year Treasury Bond Futures - Multiple charts are provided to show the implied interest rate and Treasury bond yield of the TS main contract, the IRR and funding rate of the TS main contract, and the basis and net basis trends of the TS main contract in the past three years [41][43][52]. 6. Five - Year Treasury Bond Futures - Multiple charts are provided to show the implied interest rate and Treasury bond yield of the TF main contract, the IRR and funding rate of the TF main contract, and the basis and net basis trends of the TF main contract in the past three years [50][54][51]. 7. Ten - Year Treasury Bond Futures - Multiple charts are provided to show the implied interest rate and Treasury bond yield of the T main contract, the IRR and funding rate of the T main contract, and the basis and net basis trends of the T main contract in the past three years [58][60][61]. 8. Thirty - Year Treasury Bond Futures - Multiple charts are provided to show the implied interest rate and Treasury bond yield of the TL main contract, the IRR and funding rate of the TL main contract, and the basis and net basis trends of the TL main contract in the past three years [66][69][72].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term view of TL2509 is to oscillate, the medium - term view is to oscillate, and the intraday view is to oscillate with a slight upward bias, with an overall view of oscillation due to the monetary policy leaning towards structural easing [1]. - For the main bond futures varieties (TL, T, TF, TS), the intraday view is to oscillate with a slight upward bias, the medium - term view is to oscillate, and the overall reference view is to oscillate. In the short term, bond futures will mainly be in an oscillatory consolidation state [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2509, short - term: oscillate; medium - term: oscillate; intraday: oscillate with a slight upward bias; overall view: oscillate. The core logic is that the monetary policy leans towards structural easing [1]. 3.2 Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, TS, intraday view: oscillate with a slight upward bias; medium - term view: oscillate; reference view: oscillate. The core logic is that bond futures oscillated and closed slightly higher the previous day. As market interest rates are close to policy rates, the upward space for market interest rates is limited, providing strong support at the bottom of bond futures. In the long - term, the monetary policy is supportive, and the possibility of interest rate hikes is low, so the long - term upward logic of bonds is solid. In the short term, the macro - economy showed strong resilience in the first half of the year, and external risk factors have temporarily eased, so the possibility of a comprehensive interest rate cut is low. The central bank and the Ministry of Finance jointly introduced two loan interest subsidy policies, which means the possibility of a short - term comprehensive interest rate cut has greatly decreased [5].

Report Information - Report Name: Treasury Bond Futures Daily Report 2025/8/12 [1] - Researcher: Liao Hongbin [3] - Futures从业资格号: F30825507 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0020723 [3] Investment Rating - Not provided Core Views - On August 12, the yields of treasury bond cash bonds weakened collectively, with the yields of 1Y - 7Y maturities rising by about 0.10 - 0.60bp, and the yields of 10Y and 30Y rising by about 1bp to 1.72% and 1.97% respectively. Treasury bond futures also weakened collectively, with the main contracts of TS, TF, T, and TL falling by 0.02%, 0.01%, 0.04%, and 0.31% respectively. The central bank continued to conduct net withdrawals, and the weighted average rate of DR007 rebounded slightly to around 1.47% [2]. - Domestically, the effect of policies to expand domestic demand has emerged. In July, the year - on - year growth rate of core CPI continued to rise, and the month - on - month decline of PPI narrowed. The PMIs of the manufacturing and non - manufacturing sectors declined comprehensively in July, with the marginal decline of supply and demand. The composite PMI declined slightly but remained above the boom - bust line, indicating that overall production and business activities remained stable. In terms of trade, the export growth rate continued to rise in July, showing the resilience of foreign trade [2]. - Overseas, the suspension period of Sino - US tariffs was extended by another 90 days. The US labor market showed signs of weakness. The non - farm payrolls in July were lower than expected, and the previous value was significantly revised down. The non - farm employment numbers from May to June were revised down by 258,000, and the unemployment rate rose slightly, increasing the market's expectation of a Fed rate cut in September [2]. - In terms of strategy, the equity market has been strong recently, with the stock index approaching the high since last October, triggering concentrated selling of bonds by trading accounts. The selling pressure on the ultra - long end of interest - rate bonds is significant, and the spread between the 10 - year and 30 - year bonds has continued to widen, highlighting a bear - steepening curve. Currently, the bond market is still anchored to equity fluctuations. Under the unchanged dominance of risk preference, the linkage between stock and bond fluctuations may further strengthen. It is recommended to wait and see for now [2]. Summary by Category Futures Market - **Futures Prices and Volumes**: On August 12, the closing prices of T, TF, TS, and TL main contracts were 108.420 (-0.04%), 105.715 (0%), 102.338 (-0.02%), and 118.140 (-0.31%) respectively. The trading volumes of T, TF, TS, and TL main contracts were 76,952 (+4,763), 48,505 (+1,665), 34,415 (+25), and 123,182 (+7,595) respectively [2]. - **Futures Spreads**: The spreads of TL2512 - 2509, T2512 - 2509, TF2512 - 2509, and TS2512 - 2509 were -0.40 (+0.03), -0.11 (-0.01), 0.01 (-0.04), and 0.04 (+0.00) respectively. Other spreads such as T09 - TL09, TF09 - T09, etc. also changed [2]. - **Futures Positions**: The positions of T, TF, TS, and TL main contracts decreased by 10,169, 3,491, 1,557, and 5,060 respectively. The net short positions of the top 20 in T, TF, TS, and TL changed by +2,430, -771, -1,333, and +2,066 respectively [2]. Bond Market - **CTD Bonds**: The net prices of several CTD bonds such as 220010.IB, 250007.IB, etc. declined on August 12 [2]. - **Active Bonds**: The yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year active bonds increased by 0.50bp, 1.50bp, 3.50bp, 2.95bp, and 2.65bp respectively [2]. Interest Rates - **Short - term Interest Rates**: The rates of silver - pledged overnight, 7 - day, and 14 - day were 1.4423% (+14.23bp), 1.4800% (+3.00bp), and 1.4860% (-1.40bp) respectively. The Shibor overnight, 7 - day, and 14 - day rates were 1.3150% (0.00bp), 1.4330% (+0.10bp), and 1.4560% (+0.10bp) respectively [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. Open Market Operations - On August 12, the issuance scale of open - market reverse repurchase was 114.6 billion yuan, the maturity scale was 160.7 billion yuan, and the interest rate was 1.4% for 7 days, with a net withdrawal of 46.1 billion yuan [2]. Policy News - The nine departments including the Ministry of Finance issued the "Implementation Plan for the Loan Interest Subsidy Policy for Service Industry Business Entities". Loans that meet certain conditions can enjoy the interest - subsidy policy. The interest - subsidy period does not exceed 1 year, with an annual subsidy ratio of 1 percentage point. The central and provincial finances will bear 90% and 10% of the subsidy funds respectively [2]. Key Data to Watch - August 12, 20:30, US July unadjusted CPI annual rate; August 14, 20:30, US initial jobless claims for the week ended August 9 (in ten thousand people) [3]

1. Global Asset Market Performance 1.1 10 - Year Treasury Yields of Major Economies - On August 8, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.284%, 4.600%, 3.348% respectively. The latest changes were 0.033, 0.054, 0.053; weekly changes were 0.066, 0.074, 0.002; monthly changes were - 0.127, - 0.021, - 0.064; and annual changes were 0.252, 0.631, 0.337 [3]. 1.2 2 - Year Treasury Yields of Major Economies - As of August 8, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.690, 3.896, 1.952 respectively. The latest changes were - 0.030, 0.023, 0.036; weekly changes were - 0.250, 0.107, 0.027; monthly changes were - 0.190, 0.045, 0.056; and annual changes were - 0.670, 0.090, - 0.573 [3]. 1.3 Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 8, 2025, the dollar - Brazilian real exchange rate was 5.435, with a latest change of 0.18%, a weekly change of - 1.94%, a monthly change of - 2.25%, and an annual change of - 3.82%. Similar data were provided for other currencies like the Russian ruble, South African rand, etc. [3]. 1.4 Stock Indices of Major Economies - On August 8, 2025, the S&P 500, Dow Jones Industrial Average, and Nasdaq were 6389.450, 44175.610, 21450.020 respectively. The latest changes were 0.78%, 0.47%, 0.98%; weekly changes were 2.43%, 1.35%, 3.87%; monthly changes were 2.07%, - 0.44%, 4.20%; and annual changes were 15.70%, 8.16%, 21.88% [3]. 1.5 Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - area investment - grade credit bond index, etc. were - 0.24%, - 0.15%, etc.; weekly changes were - 0.12%, 0.08%, etc.; monthly changes were 1.45%, 0.45%, etc.; and annual changes were 5.06%, 4.83%, etc. [3][4] 2. Stock Index Futures Trading Data 2.1 Index Performance - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3635.13, 4104.97, 2789.17 respectively. The corresponding percentage changes were - 0.12%, - 0.24%, - 0.33% [5]. 2.2 Valuation - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.31, 11.47, 30.52 respectively, with环比 changes of - 0.02, - 0.02, - 0.06 [5]. 2.3 Risk Premium - The risk premium (1/PE - 10 - year interest rate) of the S&P 500 and German DAX were - 0.59 and 2.68 respectively, with环比 changes of - 0.06 and - 0.03 [5]. 2.4 Fund Flows - The latest values of fund flows for A - shares, the main board, and SMEs were - 731.15, - 338.22, etc., and the 5 - day average values were - 266.18, - 179.38, etc. [5]. 2.5 Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 17102.27, 3085.08, 828.05 respectively, with环比 changes of - 1152.63, - 496.00, - 114.17 [5]. 2.6 Main Contract Basis and Spread - The basis of IF, IH, and IC were - 21.77, - 3.77, - 96.50 respectively, with spreads of - 0.53%, - 0.14%, - 1.53% [5] 3. Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.640, 105.840, 108.535, 105.895 respectively, with percentage changes of 0.06%, 0.05%, 0.06%, 0.06% [6]. - The funding rates of R001, R007, and SHIBOR - 3M were 1.3413%, 1.4538%, 1.5544% respectively, with daily changes of - 14.00, - 3.00, - 1.00 [6]