Group 1: Report Overview - Report Title: Treasury Bond Futures Daily Report [1] - Date: November 10, 2025 [1] - Analyst: Xu Chenxi (Investment Consulting License No.: Z0001908) [1] - Investment Advisory Business Qualification: CSRC License [2011] No. 1290 [1] Group 2: Market Analysis Market Performance - On Monday, bond futures opened lower and then quickly rebounded. T and TL contracts rose during the mid - day session but then declined. Except for TS which slightly fell, other varieties closed higher [1]. - The funding market tightened, with DR001 rising to 1.48%. The open - market reverse repurchase was 11.99 billion yuan, with a net injection of 4.16 billion yuan [1]. Important Information - The US Senate has reached an agreement to end the federal government shutdown [2]. Market Outlook - The A - share market rose slightly today with increased trading volume, but the bond market was not significantly affected [3]. - The inflation data for October released over the weekend showed some improvement, which might be the reason for the lower opening of bond futures. However, the sustainability of inflation improvement is questionable, and it does not currently pose a major negative impact. The bond market is generally strong [3]. - This week, attention should be paid to the upcoming release of data such as October social financing, investment, and consumption. The market's overall expectations for these data are not high [3]. - Maintain a mid - term optimistic view on the bond market. Hold mid - term long positions and consider taking profits on short - term long positions as appropriate [3]. Group 3: Data Summary Contract Price and Position Changes | Contract | Price on 2025 - 11 - 10 | Price on 2025 - 11 - 07 | Price Change | Position on 2025 - 11 - 10 | Position on 2025 - 11 - 07 | Position Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | TS2512 | 102.466 | 102.472 | - 0.006 | 85,232 | 83,418 | 1,814 | | TF2512 | 105.93 | 105.92 | 0.01 | 172,702 | 175,280 | - 2,578 | | T2512 | 108.485 | 108.475 | 0.01 | 291,294 | 289,749 | 1,545 | | TL2512 | 116.3 | 116.03 | 0.27 | 184,847 | 180,551 | 4,296 | [6] Basis and Transaction Volume Changes | Contract | Basis (CTD) on 2025 - 11 - 10 | Basis (CTD) on 2025 - 11 - 07 | Basis Change | Transaction Volume on 2025 - 11 - 10 | Transaction Volume on 2025 - 11 - 07 | Volume Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | TS | - 0.0267 | - 0.0403 | 0.0136 | 24,929 | 26,289 | - 1,360 | | TF | - 0.025 | - 0.0264 | 0.0014 | 49,109 | 44,485 | 4,624 | | T | 0.0205 | 0.0795 | - 0.059 | 58,830 | 54,915 | 3,915 | | TL | 0.1987 | 0.0885 | 0.1102 | 96,097 | 99,783 | - 3,686 | [6]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The short - term bond market is in a consolidation phase, but the medium - term outlook remains optimistic. It is recommended to maintain a long - position strategy, continue to hold medium - term long positions, and those with empty positions should wait for a pullback to enter the market [3]. 3) Summary by Related Catalogs a. Market Review - On Wednesday, Treasury bond futures opened higher and closed lower, with most varieties ending in the red. The funding situation was loose, with DR001 around 1.32%. The open - market reverse repurchase was 6.55 billion, the repurchase was 70 billion, and the net injection was 20.78 billion [1]. b. Important Information - In October, 2.31 million new A - share accounts were opened, a 21% decrease from the previous month [2]. - The US Supreme Court will make a decision on Wednesday regarding Trump's tariffs, which depend on three justices appointed by Trump himself. US Treasury Secretary Bessent said he would go to the Supreme Court and emphasized the importance of tariffs [2]. c. Market Analysis - After the market closed yesterday, the central bank announced that it had net - bought 20 billion of Treasury bonds in October and would conduct a 70 - billion repurchase operation today. The bond market opened higher in the morning, showing an optimistic reaction to the news. However, the A - share market opened lower and closed higher, putting some pressure on the bond market. The decline in the number of new A - share accounts in October indicates that as the profit - making effect weakens, the inflow of funds has slowed down, and the stock market is no longer the main factor affecting the bond market [3]. d. Daily Data of Treasury Bond Futures | Contract | 2025 - 11 - 04 Price | 2025 - 11 - 03 Price | Price Change | 2025 - 11 - 04 Position | 2025 - 11 - 03 Position | Position Change | | --- | --- | --- | --- | --- | --- | --- | | TS2512 | 102.494 | 102.51 | - 0.016 | 83306 | 83653 | - 347 | | TF2512 | 106.015 | 106.045 | - 0.03 | 179279 | 179924 | - 645 | | T2512 | 108.635 | 108.655 | - 0.02 | 290431 | 288156 | 2275 | | TL2512 | 116.52 | 116.48 | 0.04 | 178880 | 179765 | - 885 | | TS Basis (CTD) | - 0.0397 | - 0.0487 | 0.009 | 19329 | 24640 | - 5311 | | TF Basis (CTD) | - 0.0523 | - 0.0616 | 0.0093 | 50509 | 52682 | - 2173 | | T Basis (CTD) | 0.0019 | - 0.0002 | 0.0021 | 66835 | 65902 | 933 | | TL Basis (CTD) | 0.2246 | - 0.0061 | 0.2307 | 86971 | 98827 | - 11856 | [4]