Group 1: Report's Core Viewpoints - Today, Treasury bond futures slightly declined. Due to the recent recovery of risk appetite in the stock market and the easing of tariff risks between China and the United States, the safe - haven demand for Treasury bonds has significantly decreased, and Treasury bond futures have entered a phase of adjustment. However, in the medium - to - long - term, domestic inflation is weak, and the endogenous growth momentum of domestic demand is insufficient. A relatively loose monetary environment is still needed in the second half of the year to support demand and stabilize expectations, so the downside space for Treasury bond futures is limited. In general, Treasury bond futures will continue to fluctuate and consolidate in the short term [4] Group 2: Industry News and Related Data - According to customs statistics, in the first half of this year, China's total goods trade imports and exports reached 21.79 trillion yuan, a year - on - year increase of 2.9%. Exports were 13 trillion yuan, up 7.2%, and imports were 8.79 trillion yuan, down 2.7%. In June, imports, exports, and exports all achieved positive year - on - year growth, and the growth rates were rising [6] - On the 14th, the central bank's website announced that the cumulative increase in the social financing scale in the first half of 2025 was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year. At the end of June 2025, the stock of the social financing scale was 430.22 trillion yuan, a year - on - year increase of 8.9% [6] - On July 14, the People's Bank of China released the financial statistics report for the first half of 2025. At the end of June, the balance of domestic and foreign currency loans was 272.57 trillion yuan, a year - on - year increase of 6.8%. The balance of RMB loans at the end of the month was 268.56 trillion yuan, a year - on - year increase of 7.1%. In the first half of the year, RMB loans increased by 12.92 trillion yuan. By sector, household loans increased by 1.17 trillion yuan, including a decrease of 300 million yuan in short - term loans and an increase of 1.17 trillion yuan in medium - and long - term loans; enterprise (institutional) unit loans increased by 11.57 trillion yuan, including an increase of 4.3 trillion yuan in short - term loans, an increase of 7.17 trillion yuan in medium - and long - term loans, and a decrease of 46.4 billion yuan in bill financing; loans to non - banking financial institutions increased by 3.31 billion yuan [6]