·········································································································[Table_Title] 研究报告 Research Report 22 Jul 2025 ```··························································································································································································································································· 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 3 期：宽松政策预期强化，驱动行情延续上行 Southeast Asia Index Tra ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall view of treasury bond futures is to oscillate. In the short - term, they will mainly oscillate and consolidate, and attention should be paid to the financial policy guidance of the Lujiazui Forum on June 18th [1][5]. 3. Summary by Related Catalogs 3.1 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 - biased - strong, and the overall view is oscillation, with the core logic being the weakening of macro - economic indicators [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 oscillation - biased - strong, the medium - term view is oscillation, and the reference view is oscillation. The core logic is that treasury bond futures continued narrow - range oscillation and consolidation yesterday. The first meeting of the China - US economic and trade consultation mechanism was held in London, UK, and the consultation result is highly uncertain. Due to the deepening of the uncertainty of tariff prospects and the marginal weakening of domestic macro - economic indicators, the main tone of moderately loose monetary policy remains unchanged. The market's expectation of future easing policies will rise, providing strong support at the bottom of treasury bond futures. However, in the short term, the effect of monetary tools may be less than that of fiscal tools, so the possibility of boosting demand through continuous interest rate cuts in the short term is not high [5].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货国债期货早报（2025 年 6 月 6 日） ◼ 品种观点参考—金融期货股指板块 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | TL2509 | 震荡 | 震荡 | 震荡偏强 | 震荡 | 关税风险上升，宏观数据走弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 专业研究·创造价值 1/2 请务必阅读文末免责条款 观点参考 品种：TL、T、TF、TS 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡 核心逻辑：昨日国债期货均震荡整理，全天冲高回落。当前关税前景不确定性扰动加深，国内宏观经 济指标边际走弱，货 ...