Report Industry Investment Rating - No clear industry investment rating is provided in the report. Core View of the Report - The view is to hold positions firmly. Although the reasons for the bond market's rise today seem unconvincing and further observation is needed, the current interest rate level and capital center are still favorable for allocation funds, and long - position holders should hold their chips [1][3] Summary by Related Catalogs 1. Disk Review - Treasury bond futures opened higher and then declined in the morning, fluctuated narrowly in the afternoon, and rallied across the board at the close. The capital interest rate remained low, with the overnight DR closing below 1.4%. The open market had a net withdrawal of 600 million yuan, and liquidity remained abundant [1] 2. Intraday News - The Ministry of Finance and the Ministry of Housing and Urban - Rural Development organized the 2025 evaluation of central - fiscal support for urban renewal actions. 20 cities are proposed to be supported, including Beijing, Tianjin, Tangshan, etc. [2] 3. Market Judgment - The bond market trading has been relatively dull recently. After the adjustment of deposit interest rates, the bulls lack sufficient upward momentum. Neither data releases nor capital levels can truly constitute negative factors. In this uncertain environment, short - term factors such as CD price increases and the seesaw effect of risk assets have an amplified impact on the market. The reasons for the bond market's rise today seem unconvincing, and further observation is needed [3] 4. Data Overview - **Contract Prices and Changes**: TS2509 rose 0.04 to 102.392, TF2509 rose 0.05 to 106.01, T2509 rose 0.06 to 108.73, and TL2509 rose 0.05 to 119.5 [4] - **Contract Positions and Changes**: TS contract positions decreased by 1185 to 119,964 hands, TF contract positions increased by 1800 to 164,943 hands, T contract positions increased by 4148 to 194,988 hands, and TL contract positions increased by 1114 to 114,724 hands [4] - **Basis and Changes**: TS basis (CTD) rose 0.0086 to - 0.0741, TF basis (CTD) rose 0.0091 to - 0.0175, T basis (CTD) rose 0.0683 to 0.023, and TL basis (CTD) fell 0.0567 to 0.4113 [4] - **Transaction Volume and Changes**: TS main contract trading volume decreased by 6072 to 31,202 hands, TF main contract trading volume decreased by 1213 to 46,001 hands, T main contract trading volume increased by 12841 to 55,709 hands, and TL main contract trading volume increased by 9425 to 70,260 hands [4] - **DR Interest Rates and Changes**: DR001 fell 0.0686 to 1.4136%, DR007 fell 0.1149 to 1.5496%, and DR014 fell 0.1392 to 1.5844% [4] - **DR Transaction Amounts and Changes**: DR001 transaction amount increased by 7904.9392 billion yuan to 24,426.9455 billion yuan, DR007 transaction amount increased by 254.423 billion yuan to 1075.1885 billion yuan, and DR014 transaction amount increased by 36.574 billion yuan to 122.9315 billion yuan [4]