Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The short - term trend of treasury bond futures is bearish due to factors such as tax periods, fiscal supply, and limited policy easing. The long - term trend depends on the real estate market. If real estate policies are effective and housing prices stop falling, it will be bearish for long - term treasury bonds; if the real estate market remains sluggish, the bond market has medium - to - long - term allocation value [1][4][5][21][35][53] Summary According to Relevant Catalogs "The 'Inflection Point' Series Report Review" - The previous four reports in this series established a logical chain from policy anchors to the money market and then to the market curve. Report 1 focused on the contradiction between policy easing and weak economic fundamentals; Report 2 emphasized the reshaping of the interest rate regulation anchor; Report 3 analyzed the full - chain effects of "dual interest rate cuts"; Report 4 explored the evolution of the yield curve after dual interest rate cuts [13][15][16][18] "Liquidity and the Money Market: Disturbances Gradually Intensify, and It May Tighten Periodically" - In August, the money market was "loose but trending towards tightness with intensified fluctuations". DR007 and R007 fluctuated, and the money market was sensitive to disturbances. The short - term rise in interest rates compressed the arbitrage space and put pressure on leveraged funds, and the short - term pattern of treasury bond futures was bearish [21][23] "Monetary Policy: The Loose Tone Remains Unchanged, Pay Attention to Short - Term Interest Rate Risks" - The central bank's second - quarter monetary policy report continued the "moderate easing" tone, with more emphasis on liquidity stability and targeted support. The marginal interest rate cut was less than expected, and the bond market lacked significant short - term positives [21][28] "Real Estate: The Core of Confidence Drag, Marginal Improvement Remains to Be Seen" - Real estate is the core drag on the economy, with continuous declines in housing prices and investment. Policy support signals are obvious, but it is difficult to reverse the downward trend in the short term. If the real estate market stabilizes, it will be bearish for long - term treasury bonds; if it continues to decline, the bond market has long - term allocation value [4][21][34][35] "Risk Points: Hidden Worries Beyond Real Estate" - Consumption, investment, and exports are all restricted. Consumption recovery lacks sustainability, investment growth is weak, and external demand is under pressure. In addition, the rise in the stock market and commodity prices has led to a shift in funds from the bond market, and the supply of interest - rate products has increased [44][49][51] "Treasury Bond Futures Strategy" - In the short term, treasury bond futures are in a weak pattern due to money market disturbances, rising risk appetite, and increased supply pressure. In the long term, the trend depends on the real estate market. The current strategy should be short - term bearish, and long - term positions should be adjusted dynamically according to the real estate and consumption recovery [53]