那就，。 本期比价类指标分位值继续上升，股债、商品、不动产比价分位值分别上升 12、8、8 个百分点；此外仅 TL/T 多空比、 基金久期及分歧度、配置盘力度分位值不同程度小幅上升。基金-中小行买入量、机构杠杆、1/10Y 国债换手率、全市 场换手率、基金超长债买入量指标分位值分别下降 69、26、25、19、18 个百分点，其余指标分位值也多不同程度回 落。当前拥挤度较高的指标仅有债基止盈压力。 本期位于偏热区间的指标数量占比升至 35% 20 个微观指标中，位于过热区间的指标数量升至 7 个（占比 35%）、位于中性区间的指标数量降至 5 个（占比 25%）、 位于偏冷区间的指标数量升至 8 个（占比 40%）。其中指标所处区间发生变化的是，全市场换手率、机构杠杆、上市公 司理财买入量由中性区间降至偏冷区间，股债、商品比价均由中性升至过热区间。 比价分位值继续上升 本期微观交易温度计读数回落 7 个百分点至 53% ①交易热度中，仅 TL/T 多空比分位值上升 5 个百分点，其余指标分位值均回落，其中机构杠杆、1/10Y 国债换手率分 位值分别回落 26、25 个百分点，交易热度分位均值下降 13 个百分 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The reading of the micro - trading thermometer for the current period has increased by 3 percentage points to 52%. The number of indicators in the over - heated range has risen to 35%. The 30/10Y Treasury bond turnover ratio has increased significantly, while some indicators such as the listed company's financial management purchase volume and commodity price - ratio percentile have declined to varying degrees [11][14][18]. 3. Summary by Related Catalogs 3.1 Micro - trading Thermometer - The reading of the micro - trading thermometer for the current period has increased by 3 percentage points to 52% [11]. 3.2 Distribution of Indicator Ranges - Among the 20 micro - indicators, the number of indicators in the over - heated range has increased to 7 (35%), the number in the neutral range remains 6 (30%), and the number in the cold range has decreased to 7 (35%). The 30/10Y Treasury bond turnover ratio has risen from the cold range to the over - heated range, the overall market turnover ratio and the money tightening expectation have risen from the neutral range to the over - heated range, the market spread has risen from the cold range to the over - heated range, and the 1/10Y Treasury bond turnover ratio has dropped from the over - heated range to the neutral range [3][18]. 3.3 Classification of Indicators 3.3.1 Trading Heat Indicators - The proportion of indicators in the over - heated range has risen to 50%, and the proportion in the neutral range remains 50%. The 30/10Y Treasury bond turnover ratio percentile has increased by 87 percentage points to 96% and risen from the cold range to the over - heated range; the overall market turnover ratio percentile has increased by 6 percentage points to 75% and risen from the neutral range to the over - heated range; the 1/10Y Treasury bond turnover ratio percentile has decreased by 17 percentage points to 60% and dropped from the over - heated range to the neutral range; the TL/T long - short ratio percentile has increased by 10 percentage points [5][19]. 3.3.2 Institutional Behavior Indicators - The proportion of indicators in the over - heated range has risen to 50%, the proportion in the neutral range has decreased to 13%, and the proportion in the cold range remains 38%. The money tightening expectation percentile has slightly increased by 1 percentage point to 70% and risen from the neutral range to the over - heated range. The listed company's financial management purchase volume has decreased by 17 percentage points to 4% [6][23]. 3.3.3 Spread Indicators - The policy spread has further narrowed by 1bp to - 1bp, and the 3 - year Treasury bond yield has fallen below the policy rate again, with its percentile continuing to rise by 5 percentage points to 59%, still in the neutral range. The credit spread, IRS - SHIBOR 3M spread, and Agricultural Development - CDB spread have changed, and the average spread has narrowed by 1bp to 18bp, with its percentile slightly rising by 1 percentage point to 41%, in the neutral range [7][30]. 3.3.4 Price - ratio Indicators - The proportion of indicators in the cold range remains 100%. The commodity price - ratio and real - estate price - ratio percentiles have decreased by 6 and 2 percentage points to 7% and 27% respectively, while the stock - bond price - ratio and consumer goods price - ratio percentiles remain the same as the previous period [8][30].