来源：上海证券报·中国证券网 上证报中国证券网讯 12月19日，国债期货早盘收盘涨跌不一，30年期主力合约跌0.26%，10年期主力合 约跌0.01%，5年期主力合约涨0.03%，2年期主力合约涨0.02%。 来源：上海证券报·中国证券网 上证报中国证券网讯 12月19日，国债期货早盘收盘涨跌不一，30年期主力合约跌0.26%，10年期主力合 约跌0.01%，5年期主力合约涨0.03%，2年期主力合约涨0.02%。 ...

每经AI快讯，12月15日，国债期货跌幅扩大。30年期主力合约盘中跌0.60%，现报111.940点。10年期跌 0.01%，现报107.985点。5年期涨0.02%，现报105.845点。2年期涨0.01%，现报102.474点。 ...

国债期货盘初跌幅扩大，30年期主力合约跌0.18%，10年期主力合约跌0.03%，5年期主力合约跌 0.04%。 ...

更多精彩内容请关注格林大华期货官方微信 更多精彩内容请关注格林大华期货官方微信 Morning session notice Morning session notice 早盘提示 早盘提示 重要事项: 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 2 日星期二 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | ...

人民财讯11月20日电，国债期货收盘多数上涨，30年期主力合约跌0.21%，10年期主力合约涨0.06%，5 年期主力合约涨0.06%，2年期主力合约持平。 （原标题：国债期货收盘多数上涨 10年期主力合约涨0.06%） ...

每经AI快讯，11月18日，国债期货午盘多数持平，30年期主力合约涨0.01%报116.470元，10年期主力合 约持平于108.470元，5年期主力合约持平于105.885元，2年期主力合约持平于102.480元。 （文章来源：每日经济新闻） ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The bond market is experiencing narrow - range fluctuations, with long - term bonds performing slightly better. After a wave of recovery in bond market sentiment following major events such as the central bank's restart of treasury bond trading, the market may enter a stalemate phase in the short term as the news becomes stable [2]. 3. Summary by Directory 3.1 Market Review - **Fundamentals**: The bond market shows narrow - range fluctuations, with most of the main contracts of treasury bond futures declining. The 30 - year main contract drops 0.11%. The inter - bank market has a loose capital supply, and the overnight repurchase rate of deposit - taking institutions slightly decreases and stabilizes around 1.31%. Most Vanke bonds fall, with "22 Vanke 04" and "21 Vanke 06" dropping over 2% [2]. - **Funding**: On November 3, the central bank conducts 783 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%. With 337.3 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds is 259 billion yuan [2]. - **Basis**: The main basis of TS is - 0.0397, TF is - 0.0523, and T is - 0.0002, indicating that the spot bonds are at a discount to the futures, which is bearish. The main basis of TL is 0.2246, indicating that the spot bonds are at a premium to the futures, which is bullish [2]. - **Inventory**: The balances of deliverable bonds for the main contracts of TS, TF, and T are 1.3594 trillion, 1.4935 trillion, and 2.3599 trillion respectively, which is neutral [3]. - **Market Trend**: The main contracts of TS, TF, and T are all above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [3]. - **Main Positions**: The main contract of TS has a net long position with an increase in long positions. The main contract of TF also has a net long position with an increase in long positions. The main contract of T has a net long position with a decrease in long positions [4]. - **Expectations**: The central bank has increased the volume of MLF renewals for 8 consecutive months. The October PMI data is below expectations and still below the boom - bust line. In September, the CPI increased 0.1% month - on - month and decreased 0.3% year - on - year, while the year - on - year increase in core CPI has expanded for 5 consecutive months. The new social financing in September is slightly lower than the seasonal level. Affected by the "migration of RMB deposits", the M2 growth rate has expanded. The LPR remains unchanged as expected. The Fed cut interest rates by 25 basis points at the October FOMC meeting [4]. 3.2 Quotes of Main Contracts | Futures Contract | Current Price | Change Rate | Trading Volume | Open Interest | Daily Change in Open Interest | CTD Bond | | --- | --- | --- | --- | --- | --- | --- | | T2512.CFE | 108.680 | 0.01% | 65,902 | 243,868 | 1,313 | 250018.IB | | TF2512.CFE | 106.050 | - 0.01% | 52,682 | 151,286 | 1,862 | 250003.IB | | TS2512.CFE | 102.516 | - 0.03% | 24,640 | 71,166 | - 1,209 | 250012.IB | | TL2512.CFE | 116.51 | - 0.11% | 98,827 | 137,774 | - 4,976 | 210005.IB | [7] 3.3 Spot Bond Analysis The report presents the DR interest rate, the maturity yield of inter - bank treasury bonds, and the term spread of treasury bonds, but specific numerical analysis is not provided in the text [8][11][12] 3.4 Basis Analysis The report shows the basis trend charts of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures, but specific numerical analysis is not provided in the text [14][19][20]

来源：上海证券报·中国证券网 上证报中国证券网讯 10月22日，国债期货早盘收盘，2年期主力合约跌0.01%，5年期主力合约涨 0.02%，10年期主力合约涨0.02%，30年期主力合约持平。 ...

Group 1: Investment Rating - The investment rating for the bond futures sector is "oscillation" [1] Group 2: Core View - The short - term bond futures may oscillate. The market risk preference is expected to increase in the short term due to factors such as GDP growth meeting expectations, central fiscal allocation to local governments, and the agreement on a new round of Sino - US economic and trade consultations. [1] Group 3: Summary by Related Content Market Performance - On Tuesday, most of the bond futures' main contracts opened lower, rose in the morning and then declined, and showed a unilateral upward trend in the afternoon. The 30 - year bond futures main contract TL2512 rose 0.16%, the 10 - year T2512 rose 0.05%, the 5 - year TF2512 rose 0.05%, and the 2 - year TS2512 rose 0.04%. [1] - On Tuesday, the Wande All - A Index opened higher, rose unilaterally in the morning, fluctuated narrowly horizontally in the afternoon, and closed with a bald阳线. The trading volume was 1.89 trillion yuan, slightly larger than the previous trading day's 1.75 trillion yuan. [1] Important Information - On Tuesday, the central bank conducted 1595 billion yuan of 7 - day reverse repurchase operations, with 910 billion yuan of reverse repurchases due on the same day, resulting in a net investment of 685 billion yuan. [1] - On Tuesday, the overnight interest rate in the inter - bank money market was basically flat compared with the previous trading day. The weighted average of DR001 was 1.31%, and that of DR007 was 1.44%. [1] - On Tuesday, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The 2 - year treasury bond yield fell 0.53 BP to 1.50%, the 5 - year fell 0.71 BP to 1.60%, the 10 - year fell 1.41 BP to 1.84%, and the 30 - year fell 2.91 BP to 2.192%. [1] - On October 21, Kao Makiko was elected as the Prime Minister of Japan, becoming the first female Prime Minister in Japanese history. [1] Market Logic - In the third quarter, China's GDP increased by 4.8% year - on - year, in line with market expectations. In September, China's fixed - asset investment growth and total retail sales of consumer goods growth were lower than expected, while exports exceeded expectations. The added value of industrial enterprises above designated size increased more than expected, and the service production index was flat compared with August. The real estate sales continued to decline year - on - year in September and early October. [1] - Recently, the central government has allocated 500 billion yuan from the local government debt balance limit to local governments. On October 18, the leaders of Sino - US economic and trade negotiations agreed to hold a new round of consultations soon, which are conducive to increasing short - term market risk preference. [1] Trading Strategy - Traders are advised to conduct band operations. [2]

Core Viewpoint - The article highlights the increase in government bond futures, indicating a positive market sentiment towards long-term bonds, with varying increases across different maturities [1] Group 1: Bond Futures Performance - The 30-year main contract rose by 0.22% [1] - The 10-year main contract increased by 0.27% [1] - The 5-year main contract saw a rise of 0.16% [1] - The 2-year main contract experienced a slight increase of 0.04% [1]