Group 1: Report Overview - Report date: October 12, 2025 [1] - Report title: Treasury Bond Futures Weekly Report Group 2: Core Views - Treasury bond futures contracts rose this week except for the TL contract; due to the escalation of the Sino-US trade war over the weekend, treasury bond futures may open higher across the board on Monday [4][5] - Maintain the view that the medium - term general direction is oscillating with a bearish bias [4] - The treasury bond futures market this week showed a pattern of being strong first and then weak, with short - term stability and long - term pressure, and the yield curve flattened [5][7] - The core driving factors of the overall market include liquidity differentiation, policy game, and the stock - bond seesaw effect [7] Group 3: Section Summaries 1. Weekly Focus and Market Tracking - After the holiday, the treasury bond futures showed an oscillating pattern of being strong first and then weak. Before the holiday, the central bank restarted 14 - day reverse repurchase, and market funds rates continued to rise. After the holiday, funds were generally loose, which supported the bond market sentiment. However, the market was sensitive to policy expectations and marginal tightening of liquidity [5] 2. Liquidity Monitoring and Curve Tracking - Relevant data is presented in Figure 4, but specific content is not described in the text [11] 3. Seat Analysis - The daily change in net long positions by institutional type: private funds increased by 2.25%; foreign capital increased by 2.8%; wealth management subsidiaries increased by 3.57% [12]