1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term view of TL2512 is oscillatory, the medium - term view is oscillatory, and the intraday view is weakly oscillatory, with an overall oscillatory outlook. The short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. - For the TL, T, TF, and TS varieties, the intraday view is weakly oscillatory, the medium - term view is oscillatory, and the overall reference view is oscillatory. In the short term, treasury bond futures will mainly oscillate and consolidate [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weakly oscillatory, and the overall view is oscillatory. The core logic is that the short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weakly oscillatory, the medium - term view is oscillatory, and the reference view is oscillatory. The core logic is that last Friday, treasury bond futures oscillated and consolidated within a narrow range. After the news of China - US economic and trade consultations was released, although no substantial agreement was reached, external uncertainty risks decreased. With the release of the communiqué of the Fourth Plenary Session of the 20th Central Committee, the expectation of policy benefits increased, the risk appetite of the stock market rebounded significantly, and the demand for treasury bonds was suppressed. From a macro perspective, the problem of insufficient effective domestic demand still exists, and a relatively loose monetary environment is needed in the medium and long term to stabilize the demand side, which strongly supports treasury bond futures. However, due to the strong resilience of the macro - economy, the necessity of a comprehensive interest rate cut in the short term is insufficient, and the upward momentum of treasury bond futures is lacking [5].