Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - On August 27, the yields of treasury bond cash bonds strengthened collectively, with the yields of 1Y - 7Y maturities declining by about 0.15 - 0.75bp, and the yields of 10Y and 30Y maturities declining by about 0.20bp to 1.76% and 1.99% respectively. Treasury bond futures also strengthened collectively, with the TS, TF, T, and TL main contracts rising by 0.02%, 0.07%, 0.08%, and 0.24% respectively. The weighted average rate of DR007 rose to around 1.51% and fluctuated. - In terms of the domestic fundamentals, the profits of industrial enterprises above the designated size in July decreased by 1.5% year - on - year, and the profit decline has narrowed for two consecutive months. In July, industrial added value and social retail sales fell more than expected, the scale of fixed - asset investment continued to shrink, and the unemployment rate remained stable. In July, the financial data showed structural differentiation, with government bonds continuing to support the increase in social financing, while the medium - and long - term financing momentum of enterprises and residents was still insufficient, and new loans turned negative. - The Ministry of Commerce will introduce several policies to expand service consumption in September, which will promote the recovery of consumption growth. Overseas, the Fed Chairman's speech at the central bank annual meeting increased market bets on a Fed rate cut in September. As bond yields approach the high point in mid - March this year, the allocation value has significantly increased, and allocation demand is expected to effectively support the market. The bond market's sensitivity to external factors such as the rise of the stock market may weaken marginally. - If the fluctuations in the capital and fundamental aspects are limited, the subsequent strengthening of the equity market is expected to have a limited impact on the bond market. The bond market pricing is expected to gradually return to the rational range dominated by fundamentals. However, in the context of the monetary policy focusing on structural tools, the interest rate center lacks the impetus to decline further. Strategically, it is recommended to pay attention to the trading opportunities brought by the phased repair of treasury bond futures. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: The closing prices of the T, TF, TS, and TL main contracts increased by 0.08%, 0.07%, 0.02%, and 0.24% respectively. The trading volumes of the T and TL main contracts increased by 3956 and 22208 respectively, while the trading volumes of the TF and TS main contracts decreased by 8338 and 5141 respectively. - **Futures Spreads**: The spreads of TL2512 - 2509, T12 - TL12, TF2512 - 2509, TS12 - T12, TS12 - TF12 decreased, while the spreads of T2512 - 2509 and TF12 - T12 increased. - **Futures Positions**: The positions of the T, TF, and TS main contracts increased by 1656, 1959, and 612 respectively, while the position of the TL main contract decreased by 1148. The net short positions of the T, TF, and TL decreased by 764, 63, and 2459 respectively, while the net short position of the TS increased by 221. [2] 3.2 CTD Bonds - The net prices of most CTD bonds increased, such as 220019.IB, 220017.IB, 230006.IB, etc., while the net price of 220022.IB decreased. [2] 3.3 Active Treasury Bonds - The yields of active treasury bonds with maturities of 1y, 3y, 5y, 7y, and 10y decreased by 1.25bp, 0.50bp, 1.00bp, 0.25bp, and 0.25bp respectively. [2] 3.4 Short - term Interest Rates - The silver - pledged overnight rate increased by 14.05bp, the Shibor overnight rate decreased by 0.20bp, the silver - pledged 7 - day rate decreased by 4.28bp, the Shibor 7 - day rate increased by 2.40bp, the silver - pledged 14 - day rate increased by 1.00bp, and the Shibor 14 - day rate increased by 1.10bp. The 1y and 5y LPR rates remained unchanged. [2] 3.5 Open Market Operations - The issuance scale of open market operations was 3799 billion yuan, the maturity scale was 6160 billion yuan, and the interest rate was 1.4% for 7 - day operations, with a net withdrawal of 2361 billion yuan. [2] 3.6 Industry News - From January to July, the total profit of industrial enterprises above the designated size was 40203.5 billion yuan, a year - on - year decrease of 1.7%. In July, the profit decreased by 1.5% year - on - year. At the end of July, the total assets of industrial enterprises above the designated size were 183.67 trillion yuan, a year - on - year increase of 4.9%; the total liabilities were 106.26 trillion yuan, an increase of 5.1%; the owner's equity was 77.41 trillion yuan, an increase of 4.6%; the asset - liability ratio was 57.9%, a year - on - year increase of 0.2 percentage points. - Six departments in Shanghai jointly issued a notice to optimize and adjust real estate policies, including unlimited housing purchases outside the outer ring for eligible families, adjusting housing purchase restrictions for single adults, increasing the provident fund loan limit for green buildings by 15%, implementing the "withdrawal and loan" policy for provident funds, unifying mortgage rates for first and second - home purchases, and fine - tuning property tax collection policies. - The Deputy Minister of Commerce stated that the consumption pattern in China has shifted to a stage where commodity consumption and service consumption are equally important. The Ministry of Commerce will introduce policies to expand service consumption in September. [2] 3.7 Key Events to Watch - On August 28 at 17:00, the Eurozone's industrial sentiment index for August will be released. - On August 29 at 20:30, the annual rate of the US core PCE price index for July will be released. [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The current bond market has not yet shown an independent trend. Under the unchanged dominance of risk preference, the market makes bond trading based on stock market performance, and the volatile pattern may continue. It is necessary to wait for new driving factors to break the balance. Operationally, it is recommended to wait and see for the moment [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices decreased by 0.11%, 0.08%, 0.01%, and 0.55% respectively. T, TF, TS, and TL main contract trading volumes increased to 76,606, 56,309, 34,103, and 111,356 respectively [2] 3.2 Futures Spreads - TL2512 - 2509 spread decreased by 0.06 to -0.43; T2512 - 2509 spread increased by 0.00 to -0.11; TF2512 - 2509 spread decreased by 0.01 to 0.05; TS2512 - 2509 spread decreased by 0.01 to 0.04; T09 - TL09 spread increased by 0.58 to -10.11; TF09 - T09 spread increased by 0.04 to -2.76; TS09 - T09 spread increased by 0.13 to -6.13; TS09 - TF09 spread increased by 0.09 to -3.37 [2] 3.3 Futures Positions - T, TF, TS, and TL main contract positions decreased to 157,180, 108,276, 78,794, and 92,576 respectively. T, TF, TS, and TL top 20 long positions changed to 194,913 (up 1,334), 142,387 (down 803), 81,413 (up 616), and 120,931 (up 831) respectively. T, TF, TS, and TL top 20 short positions changed to 193,534 (down 1,096), 154,177 (down 1,574), 88,984 (down 717), and 115,443 (down 1,235) respectively. T, TF, TS, and TL top 20 net short positions changed to -1,379 (up 2,430), 11,790 (down 771), 7,571 (down 1,333), and -5,488 (up 2,066) respectively [2] 3.4 Top Two CTD (Clean Prices) - The clean prices of several bonds such as 220010.IB, 250007.IB, 240020.IB, etc. all decreased [2] 3.5 Active Treasury Bonds - Yields of 1y, 3y, 5y, 7y decreased by 0.75bp, 0.75bp, 0.45bp, 0.25bp respectively, while the yield of 10y increased by 0.35bp [2] 3.6 Short - term Interest Rates - Silver - pledged overnight, Shibor overnight, and silver - pledged 14 - day interest rates increased by 1.17bp, 0.06bp, and 7.00bp respectively; Shibor 7 - day and Shibor 14 - day interest rates decreased by 0.36bp and 1.39bp respectively; silver - pledged 7 - day interest rate remained unchanged [2] 3.7 LPR Rates - The 1y and 5y LPR rates remained unchanged [2] 3.8 Open Market Operations - The issuance scale was 112 billion yuan, the maturity scale was 554.8 billion yuan, with a net回笼 of 442.8 billion yuan at an interest rate of 1.4% for 7 days [2] 3.9 Industry News - In July, the CPI环比 turned from a 0.1% decline last month to a 0.4% increase, and was flat year - on - year; the PPI环比 decreased by 0.2%, with the decline narrowing by 0.2 percentage points from last month, and decreased by 3.6% year - on - year, the same as last month. On August 11, the Ministry of Finance revised and issued the "Administrative Measures for Funds to Support Preschool Education Development". On August 8, Beijing optimized and adjusted real estate policies, allowing residents who meet the purchase conditions to buy an unlimited number of commercial housing units outside the Fifth Ring Road [2] 3.10 Key Data to Focus On - Pay attention to the US July unadjusted CPI annual rate at 20:30 on August 11 and the US initial jobless claims for the week ending August 9 (in ten thousand people) at 20:30 on August 14 [3]

Report Summary 1. Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View - The view is to hold long positions. In the short term, it is advisable to be optimistic [1]. 3. Summary by Relevant Content 3.1 Market Performance - Treasury bond futures opened higher and then declined in the morning, turned negative during the session, fluctuated weakly in the afternoon, and rebounded to close in positive territory at the end of the session, with all contracts except TL closing up. Liquidity improved further, with 126 billion yuan in open - market operations maturing and a net withdrawal of 400 million yuan after central bank hedging. After the announcement of the outright repurchase, market sentiment was boosted, and the funding rate dropped further, with the overnight anonymous rate falling below 1.3% to 1.25% for the first time recently [1]. 3.2 News and Market Analysis - The Supreme People's Court issued a guiding opinion on implementing the Private Economy Promotion Law to provide legal protection for the development of the private economy [2]. - There were two key points in the bond market throughout the day. First, liquidity improved further, including the large - scale net injection of outright repurchase and the rumor of a 5 - basis - point cut in the outright repurchase rate, and the overnight anonymous rate in the inter - bank market dropped below 1.3%. Second, in the afternoon's primary market, the newly issued local bonds reflected the impact of the VAT adjustment. The issuance rates of two 10 - year general bonds in Hebei were 1.87%, with an over - subscription ratio of about 20 times. The spread with a similar bond was about 5bp, lower than the previously estimated 10bp, indicating that investors and the Ministry of Finance shared the tax impact and market demand was good, which was conducive to short - term sentiment repair [2]. 3.3 Data Overview | Contract | Opening Price | Closing Price | Change | Lowest Price | Contract Position (Lots) | Opening Position | Closing Position | Change in Position | Trading Volume | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TS2509 | 102.37 | 102.37 | 0 | 102.352 | | 106938 | 107982 | - 1044 | 35510 | | TF2509 | 105.82 | 105.815 | 0.005 | 105.73 | | 179748 | 183677 | - 3929 | 189483 | | T2509 | 108.61 | 108.61 | 0 | 108.45 | | 237318 | 235701 | 1617 | 230356 | | TL2509 | 119.25 | 119.34 | - 0.09 | 119.09 | | 152566 | 152143 | 423 | 160646 | | TS Basis (CTD) | 0.0187 | 0.0113 | 0.0074 | 0.0139 | TS Main Contract Trading Volume (Lots) | 26388 | 31989 | - 5601 | 30691 | | TF Basis (CTD) | 0.0463 | 0.0194 | 0.0269 | 0.044 | TF Main Contract Trading Volume (Lots) | 48873 | 50196 | - 1323 | 52177 | | T Basis (CTD) | 0.0524 | 0.0444 | 0.008 | 0.1371 | T Main Contract Trading Volume (Lots) | 59254 | 57041 | 2213 | 64489 | | TL Basis (CTD) | 0.265 | 0.2678 | - 0.0028 | 0.1371 | TL Main Contract Trading Volume (Lots) | 88744 | 99214 | - 10470 | 118932 | | DR001 | 1.3151 | 1.3153 | - 0.0002 | - 0.0806 | DR001 Trading Volume (Billion Yuan) | 28839.0677 | 28816.6772 | 22.3905 | 16228.0355 | | DR007 | 1.4515 | 1.4557 | - 0.0042 | - 0.1027 | DR007 Trading Volume (Billion Yuan) | 730.6164 | 825.6957 | - 95.0793 | 472.1132 | | DR014 | 1.4939 | 1.4866 | 0.0073 | - 0.0662 | DR014 Trading Volume (Billion Yuan) | 119.5696 | 155.5992 | - 36.0296 | 82.66 | [3]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The report suggests appropriate layout of long positions as the market sentiment shows signs of warming up [1][3] Group 3: Summary by Related Catalogs 1. Market Review - Treasury bond futures opened slightly lower and then rose continuously, turning down and fluctuating lower in the afternoon, with the gains significantly narrowing at the end. The long - end was relatively weaker, the short - end contracts saw a catch - up rise, and the forward contracts continued to over - rise, narrowing the inter - period spread. The open market had 30.9 billion yuan in maturities and 13.85 billion yuan in new operations, resulting in a net withdrawal of 17.05 billion yuan. Liquidity remained abundant, with the overnight price in the inter - bank market stable at around 1.3% and GC001 at around 1.5%. The capital sentiment index showed that small and medium - sized institutions and non - banks were relatively tighter, but the pressure was not significant [1] 2. Intraday News - Starting from September 29, South Korea will implement a temporary visa - free policy for Chinese group tourists [2] - On August 5 local time, the US Defense Security Cooperation Agency announced that the US State Department approved the sale of a batch of M777 howitzers and related equipment to Ukraine, along with maintenance services and support for this weapon, with an estimated value of $104 million [2] 3. Market Sentiment Analysis - There was a rumor of large banks buying bonds in the morning, which led to a strong market. Even without the rumor and despite the significant narrowing of gains in the afternoon, the market sentiment showed signs of warming up. The bond market was relatively desensitized to the strong performance of the stock market and commodities, maintaining gains under strong risk. Funds had continuous net subscriptions, and the net subscription scale expanded today [3] 4. Data Overview - **Contract Prices and Changes**: On August 6, 2025, TS2509 was at 102.37 (up 0.018 from the previous day), TF2509 at 105.78 (up 0.025), T2509 at 108.565 (up 0.015), and TL2509 at 119.34 (down 0.04) [4] - **Contract Positions and Changes**: TS contract positions decreased by 1087 to 108,202 hands, TF contract positions decreased by 959 to 186,234 hands, T contract positions decreased by 1346 to 236,282 hands, and TL contract positions decreased by 704 to 153,142 hands [4] - **Base Spreads and Changes**: TS base spread (CTD) was 0.0136 (up 0.0213), TF base spread (CTD) was 0.0031 (up 0.002), T base spread (CTD) was 0.0147 (down 0.1037), and TL base spread (CTD) was 0.1287 (down 0.21) [4] - **Transaction Volumes and Changes**: TS main contract transactions decreased by 3357 to 27,216 hands, TF main contract transactions decreased by 5520 to 47,098 hands, T main contract transactions decreased by 5077 to 64,393 hands, and TL main contract transactions decreased by 21334 to 78,797 hands [4] - **Fund Rates and Changes**: DR001 was 1.3143% (down 0.0003), DR007 was 1.4445% (down 0.0073), and DR014 was 1.4753% (down 0.0179) [4] - **Fund Transaction Amounts**: DR001 transaction amount was 2692.65767 billion yuan, DR007 was 9.570987 billion yuan, and DR014 was 1.444292 billion yuan, with no change from the previous day [4]

Market Performance - Government bond futures closed higher across the board, with the 30-year main contract rising by 0.40% to 118.360 yuan, the 10-year main contract up by 0.15% to 108.300 yuan, the 5-year main contract increasing by 0.08% to 105.630 yuan, and the 2-year main contract gaining 0.03% to 102.336 yuan [1] - The yields on major interbank bonds generally fell by around 3 basis points, with the 30-year government bond "25 Super Long Special Government Bond 02" yield down by 3.85 basis points, the 10-year government bond "25 National Development 10" yield down by 3.5 basis points, and the 7-year government bond "25 Attached Government Bond 07" yield down by 3.25 basis points [1] Funding Conditions - The central bank announced a 3.09 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with the full bid amount being accepted [2] - On the same day, 1.505 billion yuan of reverse repos matured, resulting in a net injection of 1.585 billion yuan [2] - The interbank market saw the DR001 rate decline by nearly 5 basis points to around 1.31%, while the 7-day term rates also fell by nearly 5 basis points [2] Policy Insights - The Politburo meeting highlighted a positive economic outlook, emphasizing the need to leverage development opportunities and consolidate economic recovery [3] - Fiscal policy will focus on accelerating government bond issuance and improving fund utilization efficiency, while monetary policy remains accommodative with potential for rate cuts [3] - The meeting also addressed support for consumption, government investment, and real estate, with a focus on optimizing market competition and addressing capacity issues in key industries [3] Operational Recommendations - The market sentiment for government bonds has improved following the Politburo meeting, with expectations for a potential recovery in bond prices [4] - Short-term strategies suggest increasing positions in government bonds to capitalize on potential price recovery, while monitoring economic data such as the July PMI [4]

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core View - The mid - term view is not bearish, and short - term trading should follow the stock market rhythm. The bond market currently lacks obvious catalysts and cannot break away from the influence of the stock market in the short term. Mid - line long positions should be held, while short - line long positions need to pay attention to timely profit - taking/stop - loss [1][3] Group 3: Summary by Related Content 1. Market Review - Treasury bond futures opened lower in the morning, tried to rebound during the noon as the stock market declined, but the rebound failed in the afternoon due to the strengthening of the stock market, and all closed down. In the open market, 84.7 billion yuan matured today, and the central bank conducted 187.5 billion yuan of 7 - day pledged repurchase, with a net investment of 102.8 billion yuan [1] 2. Intraday News - The EU is reported to be drafting a tariff list on US service industries in preparation for an escalation of the trade war. The US will impose a 93.5% anti - dumping duty on graphite, a key battery material imported from China, and the actual tariff will reach 160% after adding the existing tax rate. The Sci - tech Innovation Bond ETF had a hot trading volume on its first day of listing, with the subscription scale increasing by 47.5 billion yuan [2] 3. Market Judgment - The bond market currently lacks obvious catalysts and cannot break away from the influence of the stock market in the short term. The Wind All - A Index will continue to冲击 the high point of last October next week. Since it deviates slightly from the 5 - day moving average, it may adjust slightly early next week, and treasury bonds may have some upward space. However, if the index successfully breaks through, the bond market will continue to be under pressure [3] 4. Data Overview - **Contract Prices and Changes**: TS2509 was at 102.434 (down 0.002 from the previous day), TF2509 at 106.005 (down 0.035), T2509 at 108.81 (down 0.065), and TL2509 at 120.53 (down 0.2) [4] - **Contract Positions and Changes**: TS contract positions were 123,247 hands (down 272), TF contract positions were 206,287 hands (up 1,728), T contract positions were 234,383 hands (up 303), and TL contract positions were 150,008 hands (down 1,073) [4] - **Base Spreads and Changes**: TS base spread (CTD) was - 0.0146 (down 0.0106), TF base spread (CTD) was - 0.014 (down 0.0074), T base spread (CTD) was 0.0204 (up 0.0008), and TL base spread (CTD) was 0.3078 (up 0.081) [4] - **Trading Volumes and Changes**: TS main trading volume was 22,678 hands (down 4,064), TF main trading volume was 44,183 hands (down 4,278), T main trading volume was 51,738 hands (up 6,186), and TL main trading volume was 72,268 hands (up 1,823) [4] - **Repo Rates and Changes**: DR001 was 1.4635% (down 0.0054), DR007 was 1.5223% (down 0.0068), and DR014 was 1.5355% (down 0.0211) [4] - **Repo Trading Volumes**: DR001 trading volume was 2,713.53413 billion yuan (unchanged), DR007 trading volume was 66.49888 billion yuan (unchanged), and DR014 trading volume was 5.13925 billion yuan (unchanged) [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The overall view of the report is that Treasury bond futures will continue to fluctuate in the short term. Although the short - term demand for safe - haven has decreased, the medium - to - long - term downward space is limited due to the need for a loose monetary environment [1][5]. 3. Summary by Relevant Content 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term, medium - term, and overall views are "fluctuation", and the intraday view is "fluctuation with a weak bias". The core logic is that the monetary policy environment is loose, but the possibility of short - term interest rate cuts is low [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 "fluctuation with a weak bias", the medium - term view is "fluctuation", and the reference view is "fluctuation". The core logic is that Treasury bond futures slightly pulled back yesterday. The demand for safe - haven of Treasury bonds has decreased due to the recovery of stock market risk appetite and the easing of Sino - US tariff risks. However, in the medium - to - long - term, due to weak inflation and insufficient endogenous growth momentum of domestic demand, a loose monetary environment is needed, so the downward space of Treasury bond futures is limited [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term view of government bond futures is mainly for shock consolidation. The short - term is lack of momentum to push the market interest rate down continuously, and the subsequent trend depends on policy guidance. The government bond futures have strong bottom support due to various factors such as the expected future easing policy [4]. - For the TL2509 variety, the short - term, medium - term, and intraday views are shock, shock, and shock - biased - strong respectively, with an overall view of shock, mainly because of rising tariff risks and weakening macro data [1]. 3. Summary according to Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term view is shock, the medium - term view is shock, the intraday view is shock - biased - strong, and the overall view is shock. The core logic is rising tariff risks and weakening macro data [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, TS. The intraday view is shock - biased - strong, the medium - term view is shock, and the reference view is shock. - The core logic is that last Friday, government bond futures rose across the board. The central bank announced a 1 - trillion - yuan outright reverse repurchase operation, increasing medium - term liquidity and sending a signal of increased quantitative monetary easing, which boosted the investment demand for government bonds. However, there is insufficient short - term momentum to push market interest rates down. The subsequent trend of government bonds depends on policy guidance, and attention can be paid to the financial policies at the Lujiazui Forum on June 18. Currently, the uncertainty of the tariff outlook is deepening, domestic macro - economic indicators are weakening marginally, the main tone of moderate monetary policy easing remains unchanged, and the market's expectation of future easing policies will rise, providing strong bottom support for government bond futures [4].

Report Summary - Investment Rating: Firmly Hold [1] - Core View: Despite ongoing external disturbances such as tariffs and geopolitical disputes, the domestic market has become largely desensitized. The short - end of the market performed the worst today, possibly due to concerns about banks' liability side. It is recommended to extend the duration appropriately and take long positions with light positions [1][3] Market Conditions - Treasury Futures: The treasury futures fluctuated within a narrow range throughout the day, with most contracts ending in the red. Only the ultra - long - end contracts closed up. After the cross - month period, the capital interest rates dropped significantly, with DR001 weighted average close to 1.4%. In the open market, 830 billion yuan of 7 - day reverse repurchase expired, and the central bank conducted 454.5 billion yuan in new operations, resulting in a net withdrawal of 375.5 billion yuan [1] - Economic Forecast: The OECD released an economic outlook report on the 3rd, predicting that the US economic growth rate will be 1.6% this year, a 0.6 - percentage - point downgrade from the March forecast, making it one of the major economies with a significant slowdown in growth [2] Data Overview Futures Contracts - TS2509: Closing price 102.352, down 0.046 from the previous trading day; Open interest 121,149, up 1,653 [4] - TF2509: Closing price 105.96, down 0.045; Open interest 163,143, up 899 [4] - T2509: Closing price 108.67, down 0.045; Open interest 190,840, up 77 [4] - TL2509: Closing price 119.45, up 0.04; Open interest 113,610, up 84 [4] Basis and Trading Volume - TS Basis (CTD): - 0.0827, down 0.0033; Trading volume 37,274, up 2,847 [4] - TF Basis (CTD): - 0.0266, up 0.0131; Trading volume 47,214, down 7,839 [4] - T Basis (CTD): - 0.0453, down 0.3965; Trading volume 42,868, down 19,601 [4] - TL Basis (CTD): 0.468, down 0.2; Trading volume 60,835, down 10,208 [4] Capital Interest Rates - DR001: Weighted average 1.4822, up 0.0698; Trading volume 16,522.0063 billion yuan, unchanged [4] - DR007: Weighted average 1.6645, up 0.0315; Trading volume 820.7655 billion yuan, unchanged [4] - DR014: Weighted average 1.7236, up 0.0051; Trading volume 86.3575 billion yuan, unchanged [4]

Report Summary 1) Report Industry Investment Rating - The investment rating for the macro and financial bond sector is "oscillating slightly bullish" [1]. 2) Core View of the Report - Chinese economic data in April showed that fixed - asset investment and consumption were slightly below expectations, while industrial production and exports were better than expected. In May, the official manufacturing PMI was below the boom - bust line for the second consecutive month. After the Sino - US Geneva economic and trade talks in May, it was conducive to the recovery of export orders to the US. Industrial product prices continued to be under pressure, and manufacturers were cautious about future demand. After the US federal appellate court's decision on May 29, treasury bond futures recovered most of the losses on Thursday, and short - term treasury bond futures may oscillate slightly bullish [3]. 3) Summary by Relevant Catalogs Market Review - Affected by the news of the reversal of the US tariff ruling, last Friday, the main contracts of treasury bond futures opened higher across the board, fluctuated horizontally at a high level after rising. As of the close, the 30 - year treasury bond futures main contract TL2509 rose 0.56%, the 10 - year T2509 rose 0.21%, the 5 - year TF2509 rose 0.14%, and the 2 - year TS2509 rose 0.04% [1]. Important Information - **Open Market**: Last Friday, the central bank conducted 291.1 billion yuan of 7 - day reverse repurchase operations, with 142.5 billion yuan of reverse repurchases maturing on the same day, achieving a net investment of 148.6 billion yuan [1]. - **Funds Market**: Last Friday, the short - term interest rates in the inter - bank funds market increased compared with the previous trading day. DR001's weighted average for the whole day was 1.48% (1.41% the previous day), and DR007's weighted average for the whole day was 1.66% (1.63% the previous day) [1]. - **Cash Bond Market**: Last Friday, the closing yields of inter - bank treasury bonds decreased compared with the previous trading day. The 2 - year treasury bond yield decreased 2.58 BP to 1.46%, the 5 - year decreased 2.63 BP to 1.56%, the 10 - year decreased 1.65 BP to 1.67%, and the 30 - year decreased 2.00 BP to 1.90% [1]. - **Other Information**: In May, the central bank carried out 700 billion yuan of outright reverse repurchase operations. In April, the US core PCE price index increased 2.5% year - on - year, the lowest since March 2021. In May, China's manufacturing PMI was 49.5%, below the boom - bust line for the second consecutive month. The US president announced to raise the import steel tariff from 25% to 50%. On June 2, it was announced that the US May ISM manufacturing PMI was 48.5, the lowest since November last year [1][3]. Market Logic - Chinese economic growth in April remained resilient. In May, the manufacturing PMI was below the boom - bust line, but the production index returned to the expansion range, and new export orders rebounded. Industrial product prices continued to be under pressure, and manufacturers were cautious about future demand. After the Sino - US Geneva economic and trade talks, there was a "rush to ship" in US - bound shipping. After the US federal appellate court's decision on May 29, treasury bond futures may oscillate slightly bullish in the short term [3]. Trading Strategy - Traders are advised to conduct band operations [3].