核心观点 今日各国债期货均震荡小幅上涨。由于政策利率的锚定效应显现，市场 利率继续上行的空间受限，因此国债期货触底回升。不过短期内国债期货的 上行动能预计有所不足。从政策面来看，货币政策以结构性宽松为主，侧重 在提振消费与扶持科技创新相关领域，全面降息的可能性有所下降。从资金 偏好来看，近期股市风险偏好持续上升，赚钱效应吸引资金投入股市获取更 高收益率，购买国债的资金需求有所下降。总的来说，短期内国债期货维持 底部震荡运行。 投资咨询业务资格：证监许可【2011】1778 号 国债期货 | 日报 2025 年 8 月 26 日 国债期货 专业研究·创造价值 国债期货震荡小幅上涨 （仅供参考，不构成任何投资建议） 姓名：龙奥明 宝城期货投资咨询部 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明：本人具有中国期货 业协会授予的期货从业资格证 书，期货投资咨询资格证书， 本人承诺以勤勉的职业态度， 独立、客观地出具本报告。本 报告清晰准确地反映了本人的 研究观点。本人不会因本报告 中的具体推荐意见或观点而直 接或间接接收到任何形式的报 酬 ...

Group 1: Report's Core View - Today, all treasury bond futures fluctuated and consolidated, with slight declines. The 8 - month LPR remained unchanged, and the central bank emphasized implementing a moderately loose monetary policy with a focus on structural easing, reducing the possibility of comprehensive easing. Recently, the risk appetite in the stock market has been rising, and the stock market's profit - making effect has attracted funds, suppressing the demand for treasury bonds. However, due to the anchoring effect of policy rates, the room for market rates to rise is limited, meaning treasury bond futures have strong support. In the short term, treasury bond futures will maintain a bottom - oscillating trend [1] Group 2: Industry News - On August 22, the central bank conducted 361.2 billion yuan of reverse repurchase operations with a 7 - day term at a fixed interest rate of 1.40%, which was the same as before [3] Group 3: Related Charts - The report includes charts such as the TL2509 trend, T2509 trend, TF2509 trend, TS2509 trend, treasury bond yield - to - maturity curve, and central bank open - market operations [4][6][11]