Group 1: Report Investment Rating - Not provided Group 2: Core View of the Report - The report predicts that Treasury bond futures will mainly fluctuate and consolidate in the short term. The macro - economic indicators are marginally weakening, and the market's expectation of monetary easing in the future is rising, providing strong support at the bottom of Treasury bond futures. Before the policy guidance of the Lujiazui Forum on June 18, the market sentiment is waiting and watching [1][5]. Group 3: Summary According to Related Catalogs 1. Variety View Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation on the strong side", and the reference view is "oscillation and consolidation". The core logic is that the macro - economic indicators are marginally weakening [1]. 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is "oscillation on the strong side", the medium - term view is "oscillation", and the reference view is "oscillation and consolidation". The core logic is that yesterday, all Treasury bond futures fluctuated and consolidated in a narrow range. The short - term impact of the Sino - US economic and trade consultations not reaching further substantial progress is gradually dissipating. The recently announced macro - economic data has weakened, and the market's expectation of future monetary easing has increased. In the short term, financial policies need to wait for the policy guidance of the Lujiazui Forum on June 18 [5].

Group 1: Report Industry Investment Rating - There is no report industry investment rating provided in the content [1][4] Group 2: Core Viewpoints of the Report - The short - term view of TL2509 is to oscillate, the medium - term view is to oscillate, the intraday view is to oscillate strongly, and the overall view is to oscillate due to the weakening of macro - economic indicators [1] - For the TL, T, TF, TS varieties, the intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is to oscillate. The macro - economic indicators are weakening, increasing the expectation of monetary policy easing, but short - term interest rate cuts are difficult to implement, so the Treasury bond futures will mainly oscillate in the short term [4] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term (within one week) view is to oscillate, the medium - term (two weeks to one month) view is to oscillate, the intraday view is to oscillate strongly, and the overall view is to oscillate. The core logic is the weakening of macro - economic indicators [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For the TL, T, TF, TS varieties, the intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is to oscillate. Yesterday, Treasury bond futures oscillated. The inflation data in May continued to weaken, and the weakening of macro - economic indicators increased the expectation of monetary policy easing, pushing down the Treasury bond yield. Although the uncertainty of the tariff outlook deepens and the domestic macro - economic indicators are weakening marginally, the main tone of moderately loose monetary policy remains unchanged. With the market's interest - rate cut expectation basically zero, the expectation of future easing policies will increase, providing strong support for the bottom of Treasury bond futures. However, short - term interest rate cuts are difficult to implement, and the downward space for market interest rates is limited, so Treasury bond futures will mainly oscillate in the short term [4]