Group 1: Market Conditions - The price of the 30-year Treasury bond contract shows a market pattern of lower near-term prices and higher long-term prices, and the 10-year Treasury bond (T2603) contract has the largest open interest among all contracts, with 220,889 lots [5]. - The trading data of various Treasury bond futures contracts are presented in detail, including opening price, closing price, settlement price, trading volume, turnover, open interest, and changes in open interest [6]. Group 2: Spot Market - On December 12, 2025, the People's Bank of China conducted 120.5 billion yuan of 7-day reverse repurchase operations at an interest rate of 1.40% [7]. Group 3: Related Information - For the 10-year Treasury bond (T2603) contract, the daily K-line shows a negative K-line, with an intraday high of 108.210 yuan. The MACD indicator continues to converge below the zero - axis, and the trading volume is greater than the previous day [8]. Group 4: Market Outlook - On the day, the main Treasury bond futures contracts all declined, with obvious term differentiation characteristics. The 30-year ultra - long - end contracts led the decline, while the short - end 2 - year contracts had limited declines. The main driving factors include the unexpectedly dovish Fed policy, the transmission of overseas liquidity easing, the continuation of the loose domestic capital situation with short - term pressure relief, the decline in A - share risk appetite, the increase in long - end allocation due to hedging demand, and the strengthening of the medium - and long - term easing logic by policy expectations [10]