Report Information - Report Title: Treasury Bond Futures Daily Report - Date: 2025/09/19 - Analyst: Xu Chenxi (Investment Consulting License No.: Z0001908) - Investment Consulting Business Qualification: CSRC License [2011]1290 [1] Investment Rating - Not provided Core View - The market should focus on the central bank's attitude. Currently, there is no clear right - hand side opportunity with high certainty in the market, and no definite negative news. The market fluctuates with sentiment and requires policy to set the tone. The operation idea is to buy on dips and take partial profits. The decline provides an opportunity for long - side left - hand side intervention, and attention should be paid to controlling positions and widening the buying intervals [2][4] Key Points from Different Sections 1.盘面点评 - On Friday, treasury bond futures fluctuated narrowly in the morning, fell sharply in the afternoon, and rebounded slightly at the end of the session, with all varieties closing down. The yields of medium - and long - term bonds rose significantly in the afternoon. The open - market reverse repurchase was 35.43 billion yuan, with a net injection of 12.43 billion yuan. The money market eased, and DR001 fell to 1.46% [2] 2.日内消息 - The weighted winning bid yields of the 10 - year and 30 - year treasury bonds issued by the Ministry of Finance were 1.8321% and 2.1725% respectively, with the full - field multiples of 3.23 and 3.34, and the marginal multiples of 13.73 and 93.35 respectively [3] 3.行情研判 - Although the money market eased and the stock market fluctuated with shrinking volume today, the bond market did not benefit. After the primary issuance results were announced at noon, the yield of the 30 - year treasury bond reopening was higher than the secondary market, which quickly deteriorated market sentiment and led to a sharp decline in the bond market in the afternoon [4] 4.国债期货日度数据 | Contract | 2025 - 09 - 19 | 2025 - 09 - 18 | Today's Change | | --- | --- | --- | --- | | TS2512 | 102.358 | 102.414 | - 0.056 | | TF2512 | 105.63 | 105.815 | - 0.185 | | T2512 | 107.755 | 108.065 | - 0.31 | | TL2512 | 114.88 | 115.68 | - 0.8 | | TS基差（CTD) | - 0.0347 | - 0.0528 | 0.0181 | | TF基差（CTD) | - 0.0542 | - 0.002 | - 0.0522 | | T基差（CTD) | 0.019 | 0.3044 | - 0.2854 | | TL基差（CTD） | 0.4458 | 0.5636 | - 0.1178 | | TS合约持仓(手） | 75499 | 76633 | - 1134 | | TF合约持仓(手） | 148476 | 150650 | - 2174 | | T合约持仓(手） | 249865 | 249992 | - 127 | | TL合约持仓(手） | 169501 | 169140 | 361 | | TS主力成交（手） | 35797 | 34264 | 1533 | | TF主力成交（手） | 92239 | 64176 | 28063 | | T主力成交（手） | 140197 | 93558 | 46639 | | TL主力成交（手） | 179539 | 129045 | 50494 | [5]