1. Report's Investment Rating for the Industry No information about the industry investment rating is provided in the report. 2. Core Views of the Report - This week, the Treasury bond futures market strengthened significantly, with the 30 - year and 10 - year main contracts rising 1.67% and 0.29% respectively. Market sentiment improved, as shown by the stronger performance of 30 - year contracts and the narrowing of various spreads. The trigger for this repair was the escalation of Sino - US conflict, and the subsequent pricing may need correction. A - share weakness might be an important factor for bond strength. Macro data indicates that domestic demand is moderately recovering, and inflation and financial data suggest the economy is showing signs of stabilization, but the recovery foundation needs to be consolidated [5]. - In the short term, due to increased market risk - aversion, loose domestic liquidity, and expectations of further monetary policy easing, Treasury bond futures are expected to remain strong. However, attention should be paid to the progress of Sino - US trade friction and the release of important domestic economic data. In the long - term, due to insufficient effective demand and potential trade frictions, deflation is likely to continue, and the bullish logic of bonds may persist under the support of monetary and fiscal policies [9]. 3. Summary by Relevant Catalogs 3.1 Main Views - Market performance: The 30 - year main contract (TL2512) and 10 - year main contract (T2512) of Treasury bond futures rose 1.67% and 0.29% respectively this week. The 30 - year contract was stronger than others, and spreads were narrowing [5]. - Reasons for market changes: The escalation of Sino - US conflict was the trigger, and A - share weakness might be an important factor. Macro data showed that domestic demand was recovering, with core CPI rising and PPI's decline narrowing. Financial data indicated that the economy was showing signs of stabilization [5]. - Short - term and long - term outlooks: In the short term, supported by risk - aversion, loose liquidity, and policy expectations, Treasury bond futures are expected to be strong. In the long - term, due to insufficient demand and potential trade frictions, deflation may continue, and the bullish logic of bonds may last [9]. 3.2 Liquidity Tracking - The report presents data on open - market operations (both quantity and price), medium - term lending facilities (quantity, price, and maturity), various interest rates (such as reverse - repurchase rates, MLF rates, and deposit - class pledge - style repurchase rates), and other liquidity - related indicators through multiple charts, including trends over different time periods [10][11][15] 3.3 Treasury Bond Futures Arbitrage Indicator Tracking - The report provides data on Treasury bond futures basis, net basis, implied repo rate (IRR), and implied interest rate for different maturities (2 - year, 5 - year, 10 - year, and 30 - year) through multiple charts, showing their trends over time [42][45][60]