Report Overview - Report Date: October 19, 2025 [1] - Report Title: Treasury Bond Futures Weekly Report Report Industry Investment Rating - Not provided Core Viewpoints - Treasury bond futures contracts showed a weekly recovery, with the market bottoming out and oscillating [4][5] - Maintain the view that the medium - term trend is oscillating with a downward bias, and the current recovery has limited upside [4] Section Summaries 1. Weekly Focus and Market Tracking - The market expected a full - line opening higher of treasury bond futures on Monday due to the weekend's phased escalation of the China - US trade war, and the market recovered in the bottom - oscillating process. Institutional net long positions increased weekly [5] - Short - term contracts are in a stable price state, while long - term contracts are more volatile. The year - on - year decline in inflation continued to narrow [5] - The treasury bond futures market shows a differentiation feature of strong long - end and pressured short - end, with the yield curve flattening. Short - term varieties' trading activity declined, and long - term varieties' open interest increased. Policy games, capital - side fluctuations, and the stock - bond seesaw effect are the core driving factors [5] 2. Liquidity Monitoring and Curve Tracking - Not provided in the summary part, only the figure title and data sources are given [9] 3. Seat Analysis - Daily changes in net long positions by institutional type: private funds decreased by 2.83%, foreign capital decreased by 1.99%, and wealth management subsidiaries decreased by 1.58% [10] - Weekly changes in net long positions by institutional type: private funds increased by 11.12%, foreign capital increased by 17.05%, and wealth management subsidiaries increased by 15.27% [10]

Group 1: Report Overview - Report date: August 17, 2025 [1] - Report title: Treasury Bond Futures Weekly Report [1] - Core view: Despite the mediocre macro - data in the off - season, the stock market remains strong, treasury bond futures continue to correct, and the curve turns steeper. The net long positions of private funds increased slightly on a weekly basis, while those of wealth management subsidiaries and foreign investors decreased significantly. Maintain the view that the overall trend in the second half of the year is expected to be volatile and bearish [4] Group 2: Weekly Focus and Market Tracking - Market performance: Treasury bond futures contracts declined this week, and the curve steepened significantly. The market showed a differentiated pattern with increased volatility at the long - end and continued resilience at the short - end. Policy expectations and the game of the capital market dominated market sentiment [5][7] - Short - end market: Supported by the capital market, it fluctuated within a narrow range. The 2 - year contract (TS2509) had a small decline this week. The capital market was loose, with DR001/DR007 interest rates at a low level, and the central bank continued net investment to stabilize liquidity [7] - Long - end market: Affected by policy games, the volatility increased. The yield curve showed alternating "flattening - steepening" characteristics [7] Group 3: Liquidity Monitoring and Curve Tracking - There is relevant content about liquidity monitoring and curve tracking, but no specific details are provided in the given text [9] Group 4: Seat Analysis - Daily change in net long positions by institutional type: Private funds increased by 1.41%; foreign investors increased by 1.66%, and wealth management subsidiaries increased by 2.94% - Weekly change in net long positions by institutional type: Private funds increased by 3.84%; foreign investors decreased by 24.11%, and wealth management subsidiaries decreased by 27.72% [11]