Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core Viewpoints of the Report - The financial data in February 2026 showed stable total volume and improved structure. With the intensification of credit - easing policies, corporate credit may continue to perform strongly, challenging the bond market's allocation logic in January and February. It is recommended to reasonably reduce the duration and focus on the coupon certainty of medium - and short - duration credit bonds [1]. - The logic of going long in the bond market in January and February is challenged. Corporate credit may continue to be strong, and the demand for bank bond - allocation may weaken. In the future, the bond market may experience a rapid correction due to factors such as faster fundamental repair, continuous disturbances in asset price - to - value ratios, and unexpected inflation increases [1]. - It is advisable to be cautious about long - duration and ultra - long - duration assets, and continue to focus on medium - and short - duration credit bonds and coupon strategies with higher certainty [1]. Group 3: Summary by Related Catalog Financial Data Overview - In February 2026, the new RMB loans were 0.90 trillion yuan (compared to 4.71 trillion yuan in January 2026), the new social financing was 2.38 trillion yuan (compared to 7.22 trillion yuan in January 2026), the year - on - year growth rate of social financing was 8.2% (the same as in January 2026), and the year - on - year growth rate of M2 was 9% (the same as in January 2026) [1]. Credit Structure - **Corporate Credit**: In February, corporate loans increased by 1.49 trillion yuan, with a year - on - year increase of 4500 billion yuan. Medium - and long - term loans were the main support, with a year - on - year increase of 3500 billion yuan in medium - and long - term loans, a year - on - year increase of 2700 billion yuan in short - term loans, and a year - on - year decrease of 2043 billion yuan in bill financing. The strengthening of corporate credit may be mainly due to the pre - implementation of "two major" projects and equipment renewal subsidies [1]. - **Residential Credit**: In February, residential loans decreased by 2616 billion yuan year - on - year. Short - term loans decreased by 1952 billion yuan year - on - year, indicating weak consumption propensity; medium - and long - term loans decreased by 665 billion yuan year - on - year, consistent with the weak performance of the commercial housing market compared to the same period in previous years [1]. Deposit Situation - In February, residential new deposits reached 3.11 trillion yuan, with a year - on - year increase of 2.50 trillion yuan; new non - bank deposits were 1.39 trillion yuan, with a year - on - year decrease of 1.44 trillion yuan. This may be affected by the Spring Festival misalignment, with corporate year - end bonuses driving the year - on - year increase in residential deposits, and Spring Festival consumption demand and equity market fluctuations restricting non - bank deposits [1]. Other Indicators - The M1 growth rate increased by 1.0 pcts to 5.9% in February, while the M2 growth rate remained at 9.0%, and the M1 - M2 gap narrowed to - 3.1%. The increase in M1 growth may be due to the low base last year, the strong pull of M0 this month, improved corporate cash flow, and increased foreign exchange settlement demand. Although the loan growth rate declined this month, the M2 growth rate remained high, which may be related to the increased willingness of enterprises to settle foreign exchange under the expectation of RMB appreciation and the relatively fast pace of fiscal expenditure [1].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given content 2. Core Viewpoint of the Report - The February financial data shows stable total volume and improved structure. With the strengthening of credit - easing policies, corporate credit is likely to continue its strong performance. The logic of the bond market's allocation in January and February is challenged. It is recommended to reasonably reduce the duration and focus on medium - and short - duration credit bonds for coupon certainty. The bond market may experience a rapid correction due to factors such as fundamental repair, asset price comparison, and inflation, even without a tightening of policy interest rates. The strategy suggests being cautious about long - duration and ultra - long - duration assets and focusing on medium - and short - duration credit bonds and coupon strategies [3] 3. Summary by Related Catalog 3.1 Financial Data Overview - In February 2026, the new RMB loans were 0.90 trillion yuan (compared to 4.71 trillion yuan in January 2026), new social financing was 2.38 trillion yuan (compared to 7.22 trillion yuan in January 2026), the year - on - year growth rate of social financing was 8.2% (the same as in January 2026), and the year - on - year growth rate of M2 was 9% (the same as in January 2026) [3] 3.2 Social Financing Structure - Corporate credit supported the year - on - year increase in new social financing, while the household sector continued to be weak. Government bonds were still an important support for February's social financing, with a net financing scale of 1.4 trillion yuan, but due to the high base, the net financing of government bonds in February decreased by 29.03 billion yuan year - on - year. In the corporate sector, corporate loans increased by 1.49 trillion yuan in February, with a year - on - year increase of 45 billion yuan, mainly supported by medium - and long - term loans. In the household sector, household loans decreased by 26.16 billion yuan year - on - year [3] 3.3 Deposit Situation - In February, household deposits increased year - on - year, while corporate and non - bank deposits decreased year - on - year. The new household deposit scale reached 3.11 trillion yuan, with a year - on - year increase of 2.50 trillion yuan; new non - bank deposits were 1.39 trillion yuan, with a year - on - year decrease of 1.44 trillion yuan [3] 3.4 Credit and Deposit Growth Gap - While corporate credit improved, the growth gap between loans and deposits significantly increased, and this trend may continue as policy effectiveness is released. Corporate loan improvement may continue in the second quarter, challenging the previous bond market allocation logic [3] 3.5 M1 and M2 Situation - In February, the M1 growth rate increased by 1.0 percentage points to 5.9%, and the M2 growth rate remained at 9.0%, narrowing the M1 - M2 gap to - 3.1%. The increase in M1 growth rate was affected by the low base last year, the strong pull of M0, improved corporate cash flow, and increased foreign exchange settlement demand. Although the loan growth rate declined this month, the M2 growth rate remained high, supported by the increase in corporate foreign exchange settlement willingness and the fast pace of fiscal expenditure [3] 3.6 Bond Market Strategy - It is recommended to be cautious about long - duration and ultra - long - duration assets and focus on medium - and short - duration credit bonds and coupon strategies with higher certainty [3]

Group 1 - The supply and demand for certificates of deposit (CDs) are relatively friendly, supporting stable CD interest rates. Despite some disturbances in the funding environment since 2026, the overall trend of CD interest rates has remained stable, supported by both supply and demand factors [7][16]. - On the supply side, the central bank has injected a significant amount of medium to long-term liquidity, resulting in a noticeable decline in net financing of bank CDs compared to previous years. Since Q4 2025, the central bank has increased liquidity injections through tools like MLF and reverse repos, while also resuming normalized bond purchases [7][16]. - On the demand side, non-bank institutions have shown strong interest in allocating CDs, particularly insurance and wealth management products. The relative advantage of CDs over repos in a liquidity-rich environment has supported this demand [7][16]. Group 2 - Looking ahead, the downward space for CD interest rates may be limited. The central bank's use of quantity-based monetary policy tools is relatively restrained, making further declines in CD interest rates challenging. The main liquidity tools currently in use have shorter maturities, and the central bank has not employed rate cuts since May 2025 [16][30]. - There is a structural differentiation in CDs, with smaller banks facing greater challenges in reducing CD interest rates. Smaller banks typically have higher funding costs and may face demand constraints due to rating limitations. Regulatory changes may also lead to a contraction in CD demand from smaller banks [16][30]. Group 3 - The difficulty in lowering CD interest rates may significantly restrict the motivation for institutions to purchase bonds, especially as expectations for credit easing policies rise after the March Two Sessions. This could narrow the downward space for long-term bond rates, suggesting a cautious approach towards long-duration assets [30]. - In the medium term, the anticipated introduction of credit easing policies may elevate the central tendency of long-term bond rates, while government debt supply remains under pressure. This indicates potential risks for long-duration assets, while mid to short-term credit bonds may still offer attractive value [30].

Economic Overview - Domestic demand continues to weaken, with fixed asset investment declining by 3.8% year-on-year, a decrease of 1.2 percentage points from the previous value[7] - Real estate investment dropped by 17.2%, down 1.3 percentage points, indicating ongoing weakness in the sector[9] - Consumer spending growth fell to 0.9% in December, a decline of 0.4 percentage points from the previous month, with annual growth at 3.7%[12] - The unemployment rate remained stable at 5.1%, with a decrease in hiring demand across various sectors[15] Inflation and Production - CPI rose by 0.8% year-on-year in December, up 0.1 percentage points, indicating a mild inflationary trend[41] - PPI increased by 0.2% month-on-month, with a year-on-year decline of 1.9%, narrowing by 0.3 percentage points from the previous month[49] - Industrial production growth for the year was 5.9%, with high-tech industries showing a 9.4% increase, reflecting strong competitiveness[37] Monetary Policy and Liquidity - The central bank implemented an unexpected structural interest rate cut, maintaining a stable liquidity environment[56] - Short-term funding rates remained stable, with DR001 averaging 1.31% and DR007 at 1.48%[58] - Social financing growth slowed, with a notable decrease in government bond issuance impacting overall financing[74]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, the Treasury bond futures market showed divergent trends across different tenors. The 30 - year bond continued to be weak, while other tenors rebounded and repaired, with market sentiment warming up. At the beginning of the week, geopolitical risks overseas increased, global equity markets fluctuated more, and the domestic inflation data in December was lower than expected, leading to concerns about the economic recovery slope. Funds flowed into fixed - income assets for hedging, pushing up bond futures. In the second half of the week, the market focused on the expectation of potential policy intensification in China. On one hand, there were rumors that the central bank might guide broad credit through structural tools; on the other hand, some investors were worried about the supply pressure brought by the possible fiscal policy. The central bank and relevant departments announced a basket of monetary policy measures, including creating a special re - loan tool, extending the term of the inclusive small and micro - enterprise loan support tool, optimizing real - estate financial policies, and increasing open - market operations to maintain market liquidity [4]. - In the short term, the policy package helps to further reduce the real - economy financing cost and stabilize market expectations. For the bond market, the intensification of broad - credit policies may gradually increase the supply of long - term bonds and risk appetite, putting upward pressure on long - term interest rates. In the medium term, the loose policy dominated by structural tools is more like "targeted irrigation". With weak inflation and growth data, the overall loose tone remains unchanged, and the yield curve may steepen. The central bank said there is still "some room" for reserve requirement ratio cuts and interest rate cuts in 2026. In the long term, the bond market trend depends on the sustainability of economic recovery, the actual strength of fiscal policy, and the future direction of monetary policy. If economic data such as inflation continues to pick up and more regions can expand their balance sheets after debt resolution, the possibility of interest rates bottoming out and rising will increase [7]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints - The Treasury bond futures market had a mixed performance last week, with the 30 - year bond weak and others rebounding. Geopolitical risks and inflation data affected the market at the beginning of the week, and policy expectations dominated in the second half. The central bank launched a series of policies including a 2000 - billion - yuan special re - loan for science and technology innovation and technological transformation, extending the inclusive small and micro - enterprise loan support tool, optimizing real - estate policies, and increasing open - market operations [4]. - Looking forward, the policy package will lower financing costs and stabilize expectations. In the short - term, it may pressure long - term bond yields; in the medium - term, the yield curve may steepen. The central bank has room for further policy actions, and in the long - term, the bond market depends on economic recovery, fiscal policy, and monetary policy [7]. 3.2 Liquidity Tracking - The report presents various liquidity - related data, including open - market operations (money投放, money回笼, and net money投放), medium - term lending facility (MLF) in terms of volume and price, reverse repurchase rates, deposit - type pledged repurchase rates, SHIBOR, and other interest - rate data, as well as data on LPR, deposit reserve ratios, and bond yields (domestic and US) [11][12][14] 3.3 Treasury Bond Futures Arbitrage Indicator Tracking - The report shows data on the basis, net basis, implied repo rate (IRR), and implied interest rate of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures [43][49][57]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - China's exports in September continued to exceed expectations, with a year-on-year growth of 8.3%. The resilience of exports was mainly supported by the demand from non-US economies and emerging markets, low base effect, and the "anti-involution" effect on export prices. In the fourth quarter, although the rising base may suppress export readings, exports may still perform better than expected. [3][7] - China's imports in September had a year-on-year growth of 7.4%, reaching a new high for the year. The increase was mainly driven by price rises, and the import volume of some consumer goods remained weak. Attention should be paid to the improvement of import momentum after the accelerated implementation of wide - credit policies in the fourth quarter. [3][4] 3. Summary by Relevant Catalogues 3.1 Export: Strong Demand from Emerging Markets Supports Export Resilience - **Overall Export Situation**: In September, the export growth rate was +8.3%, 3.9 percentage points higher than that in August. The narrowing decline in exports to the US and the rising growth rate to non - US economies, along with the booming emerging markets, supported export resilience. [3][13] - **By Product Category** - **Consumer Goods**: The drag on consumer goods exports narrowed slightly but remained at a low level. In September, the year - on - year decline of four categories of consumer goods (clothing, shoes, bags, and toys) was - 12.7%, a 0.6 - percentage - point improvement from August. Price was still the main drag, with shoes and bags having year - on - year declines of - 13.0% and - 14.1% respectively. [15] - **Intermediate Goods**: The export of intermediate goods accelerated, significantly driving exports. In September, the combined year - on - year growth of five categories of intermediate goods (plastic products, steel, aluminum, integrated circuits, and general equipment) was +21.0% (compared to +12.3% in August), driving export growth by 2.4 percentage points. [18] - **Electronic Products**: Due to the low base, the drag of electronic products on exports significantly narrowed. In September, the combined year - on - year decline of mobile phones and laptops was - 1.0% (compared to - 8.1% in August), and the drag on exports narrowed to - 0.1%, the best performance since April. [23] - **Automobiles**: The contribution of automobiles declined slightly. In September, the year - on - year growth of automobile (including chassis) export value was +10.9%, a 6.5 - percentage - point decline from August, and the driving rate of export growth dropped to 0.4%. [23] - **By Country** - **Developed Economies**: In September, the decline in exports to the US narrowed slightly, with a year - on - year decline of - 27.0%, and its share in exports rose to 10.4%. The growth rate of exports to the EU continued to rise, reaching +14.2%. [24] - **Emerging Markets**: Exports to ASEAN slowed down, with a year - on - year growth of +15.6%, a 7 - percentage - point decline from the previous month, but still at a relatively high historical level. Exports to Latin America were remarkable, with the year - on - year growth turning positive to +15.2%, the highest since May. [24] 3.2 Import: Significantly Driven by Price, with the Growth Rate Reaching a New High for the Year - **Overall Import Situation**: In September, the import amount had a year - on - year growth of 7.4%, a 6.1 - percentage - point increase from August, reaching a new high for the year. The month - on - month growth was +8.5%, significantly higher than the usual 2% in the same period. Price increases were the main driver, while the import volume of some commodities remained weak, indicating that domestic demand still needed to be boosted by wide - credit policies. [29] - **By Product Category** - **Upstream Bulk Commodities**: The decline in imports of upstream bulk commodities significantly narrowed. In September, the combined year - on - year decline of five categories of upstream bulk commodities (iron ore, copper ore, coal and lignite, crude oil, and refined oil) was - 1.6%, the best performance this year, 10.5 percentage points narrower than in August. [30] - **Intermediate Goods**: The import of intermediate goods accelerated. The combined year - on - year growth of four categories of intermediate goods (primary plastics, copper materials, diodes, and integrated circuits) was +11.6%, a 6.2 - percentage - point increase from the previous month, also at a new high for the year. [30] - **Downstream Consumer Goods**: The decline in downstream consumer goods narrowed to single - digits for the first time. The combined year - on - year decline of three categories of consumer goods (medical materials and drugs, cosmetics, and automobiles) was - 9.9% (compared to - 25.1% previously), dragging down imports by - 0.2%. [30]

Core Viewpoint - The bond market is experiencing a weak and volatile trend, with various factors influencing its performance, including macroeconomic data and policy changes [2][3][4]. Group 1: Market Trends - Since July, the equity market has been rising, leading to a correction in the bond market, with the yield spread between 30-year and 10-year government bonds reaching above the 75th percentile for 2023, indicating improved cost-effectiveness for pure bond assets [1][3]. - As of September 30, the interbank bond market showed mixed yield movements, with the 10-year yield around 1.86%, reflecting a general upward trend in bond yields since September [2]. - The bond market is under pressure due to factors such as unexpected developments in US-China negotiations and increased redemption pressures from bond funds [2]. Group 2: Positive Factors - Despite the seasonal weakness in September, there are positive indicators, including weak macro data and a shift in the central bank's reverse repurchase auction method, suggesting a supportive monetary policy stance [3]. - The reduction in new bond supply for October is expected to positively impact the bond market, with government bond net financing projected to decrease significantly compared to previous months [4]. Group 3: Investment Strategies - In the current environment of market volatility, maintaining an open mindset is recommended, as fundamental support remains strong [6]. - Analysts suggest focusing on short-term and cross-product arbitrage opportunities, as well as identifying underpriced bonds with buying support [6]. - The bond market is believed to be in a bottoming phase, with potential for improved cost-effectiveness, particularly as the fourth quarter approaches [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In September 2025, with the addition of the traditional "Golden September" peak season, the PMI slightly rebounded below the boom - bust line, but the recovery was still mild, and structural contradictions remained. The production in September drove the PMI to rise by 0.28pct, followed by the employees, while the demand and material inventory contributed less than 0.1pct. The production - new order gap widened, and the PMI increase was weaker than the average in September since 2022, falling short of the seasonality. The economic recovery foundation needs to be strengthened, and the 50 billion yuan policy - based financial instruments may be the key to "break the situation" [6][12]. - For the bond market, the PMI has been below the boom - bust line for 6 consecutive months. The market has fully anticipated the weak data. In the fourth quarter, new policy - based financial instruments will take effect. Attention should be paid to whether data such as new orders are "better than expected". The downstream construction and project expenditures may speed up in the fourth quarter, which may drive the performance of the mid - stream manufacturing industry. Attention should also be paid to whether the PMI can exceed the seasonal level and return above the boom - bust line [6][13]. 3. Summary According to the Directory I. Manufacturing PMI: Moderately Upward, Elasticity Awaits Policy Boost (1) Supply and Demand: The Supply - Demand Gap May Widen Again - New orders increased by 0.2pct month - on - month to 49.7%. The impact of high temperature and heavy rain faded, and exports showed resilience, but the intensity of demand recovery was still insufficient as the increase in September was the lowest since 2022 [2][16]. - Production increased by 1.1pct month - on - month to 51.9%, being the largest contributor to PMI improvement. The production peak season was realized, and the procurement volume and production and operation activity expectation index increased. The "production - new order" gap widened to 2.2pct, the highest since the beginning of the year, and the supply - demand differentiation intensified [2][20]. (2) Foreign Trade: New Export Orders Rebound Faster - New export orders increased by 0.6pct month - on - month to 47.8%, and imports increased by 0.1pct to 48.1%. In September, due to the Christmas product export peak season and the demand from non - US economies, exports were stable, and port freight volume remained high. The increase in new export orders in September exceeded that in August and was better than the overall new orders, showing export resilience [24]. - Imports continued the slight upward trend and were at a high level in the same period, indicating that enterprises' demand for import stocking was strong [25]. (3) Price: The Pressure of Price Decline Reappears - In September, the purchase price of raw materials and the ex - factory price decreased by 0.1pct and 0.9pct month - on - month to 53.2% and 48.2% respectively. The supply and demand of the basic raw material industry declined, dragging down the price index, while the prices of industries such as equipment manufacturing improved, showing a large industry differentiation [3][29]. (4) Inventory: Slow Destocking, Active Production, and a Sharp Increase in Product Inventory - In September, the raw material inventory index increased by 0.5pct to 48.5% due to the increase in procurement volume. However, the downstream demand destocking was slow, and the production expanded actively, resulting in a 1.4pct increase in finished product inventory to the highest level in the same period, showing the characteristic of "passive inventory accumulation" [3][31]. II. Non - Manufacturing PMI: The Construction Industry Continues to Be in Low - level Prosperity, Awaiting Policy Effect - In September, the non - manufacturing PMI was 50.0%, a month - on - month decrease of 0.3pct. The service industry PMI decreased by 0.4pct to 50.1%, and the construction industry PMI increased by 0.2pct to 49.3%, remaining below the boom - bust line [36]. - The construction industry expansion was still weak. The business activity indexes of housing construction and civil engineering construction were below 50%. The lack of new orders was the main factor restricting construction. The 50 billion yuan policy - based financial instruments may accelerate the investment rhythm in the fourth quarter and help the construction industry PMI recover [4][36]. - The service industry's prosperity declined in the off - season. After the summer vacation, tourism consumption entered the off - season. The approaching National Day holiday is expected to drive the improvement of travel service consumption [4][36].

Market Performance - Treasury futures closed higher across the board, with the 30-year main contract rising by 0.21%, the 10-year main contract up by 0.12%, the 5-year main contract increasing by 0.07%, and the 2-year main contract gaining 0.01% [1] - The yield on the 10-year China Development Bank bond "25国开15" rose by 0.75 basis points to 1.9425%, while the 10-year government bond "25附息国债11" yield increased by 0.85 basis points to 1.7980% [1] - The 30-year government bond "25超长特别国债02" yield rose by 1.2 basis points to 2.0910% [1] Funding Conditions - The central bank announced a 280 billion yuan 7-day reverse repurchase operation on September 15, with a fixed rate of 1.40% and a full bid amount of 280 billion yuan [2] - On the same day, 191.5 billion yuan of reverse repos matured, resulting in a net injection of 88.5 billion yuan [2] - The central bank also conducted a 600 billion yuan 6-month buyout reverse repo operation, following a previous 1 trillion yuan 3-month buyout operation on September 5 [2] Economic Fundamentals - August economic data showed weaker-than-expected consumption and investment, indicating a need for stronger domestic demand [3] - China's retail sales in August grew by 3.4% year-on-year, below the expected 3.8% and previous 3.7% [3] - Fixed asset investment from January to August increased by only 0.5% year-on-year, compared to expectations of 1.3% and a previous increase of 1.6% [3] Operational Recommendations - The basic data is favorable for the bond market, but strong risk appetite is pressuring long-term bond yields [4] - The market anticipates stronger policies to boost consumption, and stability in the bond market requires more significant positive signals [4] - Investors are advised to remain cautious and observe market movements, particularly regarding funding conditions and potential credit policy changes [4]

Report Information - Industry: Treasury Bond [1] - Date: September 12, 2025 [2] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Core View - In August, there were no significant changes in the bond market's fundamentals and policies, and the stock - bond seesaw was the main reason for the bond market adjustment. In September, the factors suppressing the bond market may ease, but there are still limited incremental positives. The bond market has become less sensitive to the stock market since late August, and as the fastest - growing phase of the stock market may have passed, the stock market's suppression of the bond market may further ease. From a calendar effect perspective, the bond market has performed poorly in September since 2019 due to government bond issuance peaks and the intensification of broad - credit policies. This year, supply - side disturbances are weaker than in previous years, but the risk lies in the possible further intensification of broad - credit policies, and broad - monetary policies are unlikely to be implemented. Overall, the suppression of the bond market may ease, but it still lacks a breakthrough. In the short term, this week is a period of intensive economic data release, and economic data is expected to show moderate recovery, with the main focus on the stock - bond seesaw and the expectation of central bank bond - buying [11][12]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: The strength of the A - share market suppressed long - term bonds, while loose funds supported short - term bonds. Most yields of major - term interest - rate bonds in the inter - bank market declined, with medium - and long - term yields falling by about 2bp. By 16:30, the yield of the 10 - year active treasury bond 250011 was reported at 1.8010%, down 1.4bp [8][9]. - **Funding Market**: The central bank increased its open - market operations, resulting in a stable and then looser funding situation. There were 2126 billion yuan of reverse repurchases maturing, and the central bank conducted 2920 billion yuan of reverse repurchase operations, achieving a net injection of 794 billion yuan. The inter - bank funding sentiment index remained stable and then loosened. Short - term funding rates mostly declined slightly, with the overnight weighted rate of inter - bank deposits falling 5.69bp to 1.3706%, the 7 - day rate rising 0.5bp to 1.4813%, and medium - and long - term funds remaining stable. The 1 - year AAA certificate of deposit rate remained around 1.6% [10]. 2. Industry News - **Economic Data**: In August, China's CPI was flat month - on - month and down 0.4% year - on - year due to a higher base and weak food prices. Core CPI rose 0.9% year - on - year, with the growth rate expanding for the fourth consecutive month. PPI was down 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared to the previous month, and flat month - on - month, ending eight consecutive months of decline [13]. - **Policy Statements**: The National Development and Reform Commission aims to better coordinate domestic economic work and international trade struggles, maintain policy continuity and stability, and strive to achieve the annual economic and social development goals. The Ministry of Finance plans to make full use of a more proactive fiscal policy to support employment and foreign trade, foster new growth drivers, improve people's livelihoods, and prevent and resolve risks [13][14]. 3. Data Overview - **Treasury Bond Futures**: The report provides data on the trading of various treasury bond futures contracts on September 8, including settlement prices, opening prices, closing prices, price changes, trading volumes, open interest, and position changes [6]. - **Monetary Market**: Data on the SHIBOR term structure, SHIBOR trends, and inter - bank pledged repurchase weighted rates are presented [28][30].